First Majestic Delivers Record Silver Output, Cash Flow, and Dividend Amid Broad-Based Operational Strength
Historic Growth: Silver Production, Revenue, and Cash Flow All Hit Record Highs
First Majestic Silver Corp. (NYSE:AG; TSX:AG; FSE:FMV) delivered a standout quarter for Q3 2025, reporting its highest-ever quarterly silver output, revenue, operating cash flow, and free cash flow. Silver production soared to 3.86 million ounces—a 96% jump year-over-year—while quarterly revenue hit $285.1 million, nearly double that of Q3 2024. Record-setting performance was also seen in operating cash flow before changes in working capital, up to $141.3 million versus $39.8 million a year earlier, and free cash flow of $98.8 million.
Table: Q3 2025 Key Financial & Operational Metrics
| Metric | Q3 2025 | Q2 2025 | Q3 2024 | Change Y/Y (%) |
|---|---|---|---|---|
| Silver Produced (Moz) | 3.86 | 3.70 | 1.97 | +96% |
| Revenue ($M) | 285.1 | 264.2 | 146.1 | +95% |
| Operating Cash Flow ($M) | 141.3 | 114.9 | 39.8 | NM |
| Free Cash Flow ($M) | 98.8 | 77.9 | 31.3 | NM |
| Net Earnings ($M) | 43.0 | 56.6 | (26.6) | NM |
| Cash & Equivalents ($M) | 435.4 | 384.8 | 154.7 | +181% |
| Average Realized Silver Price ($/oz AgEq) | 39.03 | 34.62 | 29.84 | +31% |
Operational Improvements Underpin Profit Surge
The addition of the Los Gatos Silver Mine was a major driver, contributing 1.41 million ounces to the quarter’s silver tally. Production at the flagship San Dimas operation rose 27% from a year ago, while strong cost controls led to a decrease in both consolidated cash costs and all-in sustaining costs (AISC) per silver equivalent ounce—down to $14.83 and $20.90, respectively. Importantly, average realized silver prices were up 31%, reflecting a supportive commodity environment.
Margin Expansion and Free Cash Flow Power Growth Strategy
Operating leverage is clear: quarterly mine operating earnings rose to $99.1 million, a $70.6 million improvement from last year, with EBITDA and adjusted EBITDA also at all-time highs. The company’s cash position—now $568.8 million including restricted cash—affords significant flexibility for ongoing exploration, development, and working capital needs. Management indicated that a portion of the free cash flow will continue to be directed toward extending mine life and improving throughput, notably at Los Gatos and San Dimas.
Dividend Continues Amid Legal Backdrop in Mexico
For the third quarter, the Board of Directors declared a dividend of $0.0052 per common share, consistent with First Majestic’s policy of paying approximately 1% of net quarterly revenues to shareholders. The dividend is payable November 28, 2025, to shareholders of record as of November 14.
Meanwhile, First Majestic faces ongoing legal proceedings related to a historical Mexican tax assessment and related arbitration. Management continues to engage through all available channels, but operational and financial performance remains robust and uninterrupted.
Sustainability Performance and Industry Recognition
On the sustainability front, First Majestic achieved a 30.0 ESG risk rating with Sustainalytics, placing it in the top 40% of peers for the first time. This improvement signals tangible progress in the company’s environmental and social management practices.
Takeaway: Well-Positioned for Growth and Shareholder Returns
First Majestic’s Q3 2025 results reflect disciplined execution across its core operations and new assets, with growth translating into both financial strength and continued shareholder returns. While the company monitors the outcome of ongoing legal matters in Mexico, operational momentum, improved margins, and a record balance sheet suggest First Majestic is set for further growth in the quarters ahead.
Production by Mine – Q3 2025
| Mine | Silver Ounces | Gold Ounces | Cash Cost/oz AgEq | AISC/oz AgEq |
|---|---|---|---|---|
| Los Gatos | 1,408,467 | 727 | $12.51 | $15.36 |
| Santa Elena | 412,669 | 20,979 | $15.00 | $18.32 |
| San Dimas | 1,467,344 | 13,945 | $14.29 | $19.36 |
| La Encantada | 575,193 | 30 | $24.06 | $29.72 |
Investors seeking details or to join the upcoming conference call can access more at www.firstmajestic.com.
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