ICE Canola Lower on Crop Size and Comparable Oils

By Nate Wolf

Shares of Air Products & Chemicals fell sharply Monday after the world's largest hydrogen supplier said it was in talks with ammonia company Yara International to form a production and distribution partnership.

The collaboration would encompass two ongoing projects. First, Yara would acquire the ammonia facilities at Air Products' low-carbon energy complex in Louisiana for an estimated $8 billion to $9 billion. In turn, Air Products would supply 80% of the hydrogen to Yara to support its ammonia production under a 25-year agreement.

The second prong of the agreement would be the NEOM Green Hydrogen Project in Saudi Arabia, which is expected to begin commercial production in 2027. Air Products and Yara plan to reach an agreement in which Yara would sell the ammonia not sold by Air Products on a commission basis.

Air Products stock dropped 7.5%, making it the worst performer in the S&P 500 on the day. Monday was the stock's largest single-day decline since Feb. 5, 2024, according to Dow Jones Market Data.

The two companies explained the partnership as a way to "meet increasing demand for low-emission ammonia in the coming years." Air Products produces hydrogen and ammonia at scale, while Yara is the world's largest trader and shipper of ammonia.

Investors likely want to see the details of the agreements, though, to understand the benefits each side will realize and the risks they will assume.

Norway-traded shares of Yara closed trading up 0.9% on Monday.

Write to Nate Wolf at nate.wolf@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Tomorrow's WASDE report from the USDA is expected to show updated ending stock figures for the 2025/26 marketing year. In a survey performed by The Wall Street Journal, U.S. ending stocks of corn are expected to rise 12 million bushels to 2.17 billion bushels, while soybean stocks look to rise 19 million bushels to 309 million bushels. Surveyed analysts also forecast that wheat stocks are expected to decline 8 million bushels to 893 million bushels. Analysts say that any updates to export sales projections may be the biggest thing that the market reacts to. CBOT corn is up 0.1% in morning trade, soybeans fall 0.9%, and wheat slides 0.3%. (kirk.maltais@wsj.com)

Source: CME Group 
DECEMBER 2025 COMEX 100 GOLD FUTURES 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
072      C    GOLDMAN                                      1 
092      C    DEUTSCHE BANK                               43 
099      H    DEUTSCHE BANK AG                            17 
118      C    MACQUARIE FUTURES US                         4 
132      C    SG AMERICAS                                  3 
190      H    BMO CAPITAL MARKETS            495 
332      H    STANDARD CHARTERED B                       150 
363      C    WELLS FARGO SECURITI                         1 
363      H    WELLS FARGO SECURITI                        62 
435      H    SCOTIA CAPITAL (USA)                        51 
661      C    JP MORGAN SECURITIES                       139 
686      C    STONEX FINANCIAL INC                         1 
690      C    ABN AMRO CLR USA LLC             3 
709      C    BARCLAYS                                     4 
732      H    RBC CAP MARKETS                              4 
737      C    ADVANTAGE FUTURES                            1 
880      H    CITIGROUP                                    6 
905      C    ADM                                         11 
                            TOTAL:           498         498 
                    MONTH TO DATE:                    27,151 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 COMEX 5000 SILVER FUTURES 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
099      H    DEUTSCHE BANK AG                             4 
118      H    MACQUARIE FUTURES US                         3 
167      H    MAREX                                        1 
435      H    SCOTIA CAPITAL (USA)                         1 
555      H    BNP PARIBAS SEC CORP                         1 
624      H    BOFA SECURITIES                              6 
661      C    JP MORGAN SECURITIES                        43 
661      H    JP MORGAN SECURITIES            34 
732      C    RBC CAP MARKETS                 28 
732      H    RBC CAP MARKETS                              5 
905      C    ADM                              2 
                            TOTAL:            64          64 
                    MONTH TO DATE:                    10,259 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 PALLADIUM FUTURES NYMEX 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
118      C    MACQUARIE FUTURES US                         1 
657      H    MORGAN STANLEY                               3 
661      C    JP MORGAN SECURITIES                         4 
690      C    ABN AMRO CLR USA LLC            11           2 
880      C    CITIGROUP                                    1 
                            TOTAL:            11          11 
                    MONTH TO DATE:                       504 
 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Vancouver, British Columbia--(Newsfile Corp. - December 8, 2025) - First Majestic Silver Corp. (FSE: FMV) ("First Majestic" or the "Company") announced today the closing of its previously announced offering (the "Offering") of US$300 million aggregate principal amount of 0.125% unsecured convertible senior notes due in 2031 (the "Notes"). The Company also announced the concurrent closing of an additional US$50 million aggregate principal amount of Notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the Notes. The initial conversion rate for the Notes is 44.7227 common shares of the Company (the "Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$22.36 per Share.

The Company will use a portion of the proceeds of the Offering to complete the repurchase, in separate privately negotiated transactions, of approximately US$174.7 million aggregate principal amount of its outstanding 0.375% convertible senior notes (the "Existing Notes") due in 2027 for payment of approximately US$214.7 million in aggregate. The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

The Notes and the Shares into which the Notes are convertible, have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act and may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or the Shares into which the Notes are convertible, and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or the Shares into which the Notes are convertible in any jurisdiction in which such offer, solicitation or sale is unlawful.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.

For further information, contact info@firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to: the proposed use of proceeds of the Offering and the completion of the repurchase of the Existing Notes and the amount to be repurchased by the Company. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, readers are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved") are not statements of historical fact and may be "forward-looking statements".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the willingness of holders of Existing Notes to resell their Existing Notes to the Company, as well as those factors discussed in the section entitled "General Development of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277223