First Majestic Silver (AG) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with revenue of $285.1 million, a 95% year-over-year increase, driven by higher production, metal prices, and the integration of Los Gatos.

• Silver production reached a record 3.9 million ounces in Q3, totaling 11.3 million ounces year-to-date, with silver equivalent production at 7.7 million ounces for the quarter.

• Record cash flow from operations of $141.3 million and a record cash position of $569 million at quarter-end, with total liquidity of $682 million.

• Net earnings reached $43 million (EPS $0.06), reversing a net loss in Q3 2024; adjusted net earnings were $32.4 million (adjusted EPS $0.07).

• Management emphasized operational excellence, cost reduction, and continued growth, while downplaying ongoing tax disputes.

Financial highlights

• Q3 revenue increased by $73 million from higher production and $66 million from higher metal prices, with 56–60% of revenue from silver sales.

• EBITDA reached a record $128.6 million, with adjusted EBITDA at $138.6 million.

• Free cash flow surged to $98.8 million in Q3 2025, reflecting operational improvements and higher silver prices.

• Cash and marketable securities exceeded $700 million combined, with working capital at $542.4 million.

• All-in sustaining costs (AISC) decreased 1% year-over-year to $20.90 per AgEq ounce; consolidated cash costs decreased 2% to $14.83 per AgEq ounce.

Outlook and guidance

• On track to achieve upwardly revised 2025 guidance: 14.8–15.8 million oz silver, 135–144K oz gold, and 30.6–32.6 million AgEq oz.

• AISC guidance for 2025 is $20.02–$20.82 per AgEq oz.

• Guidance for 2026 includes increased throughput at Los Gatos and Santa Elena, with updates expected in January.

• Resource estimate updates for Navidad project expected in March next year.

• Growth capital is being reinvested in exploration and development to extend mine life and increase throughput.