In a session defined by robust sector-wide momentum, the TSX Composite Index witnessed a decisive move into the green on January 22, 2026, anchored by a resurgence in the materials sector. Leading the charge were Skeena Resources and First Majestic Silver, both of which capitalized on a potent combination of record-breaking operational updates and a macro-environment increasingly favorable to precious metals.

As silver prices climbed past $98.00 per ounce, these companies transitioned from mere speculative interests to key operational benchmarks, signaling a significant shift in investor sentiment toward high-grade Canadian and Mexican mining assets.

Latest Key Reasons for the Surge and Market Drivers

Source: Kalkine Group

The primary driver for the recent surge in Skeena Resources and First Majestic Silver is the dramatic appreciation of silver and gold spot prices. As of late January 2026, silver has experienced a "perfect storm" of demand, fueled by:

  • Industrial Electrification: Massive consumption from the solar and EV battery sectors has created a fifth consecutive year of silver supply deficits.
  • China’s Export Restrictions: The implementation of new export regulations on critical minerals in early 2026 has triggered a scramble for physical inventory in Western markets (CME Group).
  • The "January Effect": Institutional investors have executed significant strategic reallocations into the materials sector to hedge against persistent global stagflation.
  • Operational Outperformance: First Majestic recently reported record Q4 2025 production, while Skeena continues to hit high-grade drill intercepts at its KSP property (Skeena Gold + Silver).

Current Business Models

First Majestic Silver (TSX: AG)

The company operates as a pure-play silver producer with a focus on Mexico. Its business model is built on high operational leverage to silver prices. A unique differentiator is its vertically integrated "First Mint" facility, which allows the company to sell silver bullion and coins directly to consumers, capturing higher margins and providing flexibility in timing sales during price spikes.

Skeena Resources (TSX: SKE)

Skeena is a development-stage company transitioning into a producer. Its model focuses on the high-grade Eskay Creek project in the Golden Triangle of British Columbia. The strategy is to revitalize a world-class past-producing mine by utilizing open-pit methods, aiming for low-cost, high-margin production of gold and silver (Morningstar).

Financial, Operational, and Dividend Updates (company sourced)

First Majestic Silver

  • Operational: Reported record silver production of 4.2 million ounces in Q4 2025, a 77% increase year-over-year. This was bolstered by the 70% interest acquisition in the Cerro Los Gatos mine (First Majestic News Release).
  • Financial: Achieved record quarterly revenue of $285.1 million in Q3 2025, driven by an average realized silver price of $39.03 per ounce.
  • Dividend: The company has increased its dividend formula to 2% of net quarterly revenue, aligning shareholder returns directly with top-line growth (Simply Wall St).

Skeena Resources

  • Operational: Announced significant drill results from its 2024 program at the KSP Property, showcasing continued exploration success (Skeena Gold + Silver).
  • Financial: Reported unaudited cash of approximately C$105 million as of late 2025. It recently completed a C$125 million offering to fund permitting and construction at Eskay Creek (Investing.com).
  • Dividend: As a development-stage company, Skeena does not currently pay a dividend, focusing all capital on project advancement.

Latest SWOT Analysis

Source: Kalkine Group

Strengths

  • First Majestic: High leverage to silver prices; diversified Mexican asset base; physical silver inventory through its own mint.
  • Skeena: Exceptionally high-grade project; located in a Tier-1 mining jurisdiction (British Columbia); strong institutional backing.

Weaknesses

  • First Majestic: High P/E ratio relative to peers; history of operational misses in certain mines like La Encantada.
  • Skeena: Currently non-revenue generating; high capital expenditure requirements for construction.

Opportunities

  • First Majestic: Further expansion at San Dimas and Santa Elena; rising industrial demand for silver in green energy.
  • Skeena: Potential for resource expansion at the KSP property; transition to producer status by 2026-2027.

Threats

  • First Majestic: Geopolitical risks in Mexico; potential for more stringent environmental regulations.
  • Skeena: Permitting delays due to government strikes or indigenous negotiations; inflationary pressure on mining equipment and labor.

Outlook and Risks

2026 Outlook

First Majestic guidance for 2026 anticipates attributable production between 13.0 and 14.4 million ounces of silver, with a focus on mill expansions and recovery improvements (First Majestic). Skeena Resources is forecast to grow earnings by over 100% as it nears its breakeven point in late 2026, coinciding with the targeted production start at Eskay Creek (Simply Wall St).

Risks

The primary risk for both companies remains commodity price volatility. While the current trend is bullish, any stabilization in geopolitics could lead to capital outflows from precious metals. Furthermore, Skeena faces "execution risk" typical of development-stage miners, including potential cost overruns and delays in environmental permitting.

Conclusion

The green close for Skeena Resources and First Majestic Silver on January 22 reflects more than just a daily fluctuation; it marks a resurgence in the fundamental value of precious metals within the TSX. With First Majestic leveraging record production and a unique revenue-linked dividend, and Skeena moving closer to bringing one of Canada’s highest-grade mines back into production, both companies are currently at the center of the 2026 materials rally. Investors are clearly prioritizing operational execution and sector-specific catalysts as silver asserts its dual role as a monetary safe haven and an essential industrial metal.