Liberty and Finance: Mani Alkhafaji: Silver Becomes "Critical" As Shortage Continues 02-20-2026

Liberty and Finance: Feb 20th, 2026 Mani Alkhafaji: Silver Becomes "Critical" As Shortage Continues; Dunagun Kaiser welcomes Mani Alkhafaji of First Majestic Silver to discuss the company’s record-breaking 2025 performance and the current state of the precious metals market. Alkhafaji highlights that silver recently found a consolidated base near $80 per ounce following a volatile period where prices briefly surged toward $120. The discussion emphasizes a persistent structural physical deficit in the silver market, noting that while industrial demand from solar and battery sectors continues to rise, global supply has remained flat for a decade. To capitalize on these fundamentals, First Majestic has achieved vertical integration by opening its own mint in Las Vegas, allowing the company to sell a portion of its production at a premium over the Comex spot price. Additionally, the company reported over $1.3 billion in revenue for 2025 and announced a doubling of its dividend to 2% of the top line. Looking ahead to 2026, the company plans an extensive 266-kilometer drilling program and remains focused on its status as one of the world's purest silver producers.