First Majestic Sets New Record with 3.9 Million Silver Ounces Produced in Q3 2025

Production Surges as Los Gatos Integration and Exploration Efforts Bear Fruit

First Majestic Silver Corp. (NYSE:AG; TSX:AG) has delivered a milestone third quarter in 2025, reporting total silver production of 3.9 million ounces—a 96% increase over the same period last year—driven largely by ramped-up operations at its Los Gatos Silver Mine and continued exploration success across its Mexican properties.

Total attributable silver equivalent (AgEq) production reached 7.7 million ounces, up 39% year-over-year. This growth reflects both increased consolidated silver production, particularly at Los Gatos and San Dimas, and the completion of key integration steps following the Los Gatos acquisition. Notably, Q3 marked the highest quarterly silver output in First Majestic’s history.

Q3 2025 By the Numbers: Performance Across Key Assets

Source: First Majestic Q3 2025 results. All production figures attributable to the company.

Operational Improvements Drive Output—Safety and Sustainability Noted

First Majestic’s operational momentum was matched by notable safety and ESG progress. The Total Reportable Incident Frequency Rate (TRIFR) stood at 0.61 year-to-date, well below the company’s annual target, and Santa Elena earned industry recognition for its safety performance. The company also achieved a 30.0 ESG risk rating with Sustainalytics, placing it in the Medium risk category for the first time, signaling robust environmental and social governance practices.

Production growth was primarily powered by Los Gatos (contributing 1.4 million silver ounces) and a 27% output boost at San Dimas. La Encantada saw output recover after earlier operational setbacks, and Santa Elena navigated a planned reduction in gold ore grades in line with mine development.

Exploration Success Underpins Resource Expansion

The third quarter also saw the company advance an active exploration program, completing nearly 80,000 meters of drilling across Mexico and the United States. San Dimas reported new high-grade vein discoveries, while Los Gatos drilling identified additional mineralization at multiple target zones. Santa Elena’s exploration supported resource conversion and future development planning.

The chart below summarizes quarterly silver and silver-equivalent production compared to the prior year:

Drill campaigns are ahead of plan in Nevada’s Jerritt Canyon and are expected to yield further updates by year-end, highlighting the company’s focus on both near-term production and long-term resource growth.

Share Repurchase Program Renews, Reflecting Management Confidence

In addition to operational milestones, First Majestic announced the renewal of its normal course issuer bid, allowing for the repurchase of up to 24.5 million shares—roughly 5% of outstanding stock—over the next 12 months. This follows 818,500 shares repurchased under the previous program. Management sees buybacks as an opportunity to boost shareholder value, especially if shares trade below perceived intrinsic value.

Looking Ahead: Q3 Earnings and Ongoing Developments

First Majestic plans to release its Q3 2025 financial results and dividend announcement before markets open on November 5, 2025, accompanied by an investor call later that day. The company also anticipates further exploration updates and the implementation of new mining initiatives at Los Gatos to target sustained throughput increases into 2026.

Key Takeaway

First Majestic’s record silver production, robust exploration activity, and renewed buyback initiative reflect operational discipline and management’s focus on both current output and long-term growth. Investors should monitor upcoming financial results, further resource updates, and ongoing integration at Los Gatos, which will shape the company’s outlook heading into 2026.

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