Just noticed AG has been quietly crushing it lately - stock's sitting near its 52-week high around $27.90, up over 128% in the last three months. That's way ahead of the S&P 500's 2.8% gain and even beating other silver miners like Pan American Silver and Avino Silver.

What's interesting is the production numbers from their latest quarter. AG pulled 7.8 million silver-equivalent ounces in Q4 2025, with silver production jumping 77% year-over-year. They hit 15.4 million silver ounces for the full year, which is solid. Plus they've got solid cash flow - $250 million in the last quarter and nearly $800 million in cash on the balance sheet. That's the kind of liquidity you want to see from a mining company.

The thing that caught my eye though is the valuation. Trading at 68X forward P/E while the industry average sits around 21X. That's steep compared to peers. But the silver story does look strong - industrial demand for electronics and solar is pushing over half of global silver demand now, and prices have been resilient with all the geopolitical noise.

AG also grabbed a 70% stake in the Cerro Los Gatos mine through the Gatos Silver acquisition, which adds to their production capacity. They're running four mines in Mexico and production's been hitting records across all sites. The momentum's there, but that valuation premium is definitely something to think about before jumping in.