Highlights

  • First Majestic Silver nearly doubled Q3 FY25 revenue year-on-year, supported by higher production and the Los Gatos mine consolidation
  • The company reported a return in profitability in Q3 FY25, posting net earnings of USD 43.0 million versus a loss a year earlier
  • The company completed a USD 350 million convertible senior notes offering to support balance sheet flexibility
  • FY2025 guidance points to a significant rise in silver-equivalent output alongside continued investment in development and exploration.

First Majestic Silver Corp (NYSE:AG) is a precious metals miner focused on producing silver and gold in Mexico and the United States. The company controls approximately 350,000 hectares of mineral concessions and operates the San Dimas, Santa Elena, and La Encantada mines, while also holding a 70% interest in the Cerro Los Gatos Silver Mine.

For the third quarter of fiscal year 2025 (Q3 FY25), the company reported revenues of USD 285.1 million compared with USD 146.1 million in Q3 FY24, a 95.1% increase driven by higher silver production volumes, the consolidation of the Los Gatos Mine, and elevated metal prices versus the prior year.

Net earnings for the period were USD 43.0 million versus a loss of USD 26.6 million a year earlier, reflecting improvements in mine operating earnings, higher production, reduced unit costs, favourable foreign‑exchange movements, and increased fair‑value gains on financial assets.

Cash and cash equivalents were USD 435.4 million versus USD 202.2 million, an increase of 115.3%, supported by operating cash flows from higher production and improved profitability, together with net cash received from the Gatos Silver acquisition. Cash generated in operating activities was USD 112.5 million versus USD 41.0 million, up 174.2%, as higher revenues, margin expansion, and better working capital performance increased cash generation capacity.

Recent Business Update

The company recently completed a USD 350 million offering of convertible senior notes. This comprised USD 300 million in 0.125% unsecured convertible senior notes due 2031 and an additional USD 50 million issued through full exercise of the over‑allotment option. The notes are convertible at an initial rate of 44.7227 shares per USD 1,000 principal amount, corresponding to a conversion price owf approximately USD 22.36 per share

Company Outlook

For FY2025, First Majestic’s outlook indicates consolidated silver‑equivalent production of 30.6–32.6 million ounces, implying an increase of about 82% over 2024, with contributions from Los Gatos, San Dimas, Santa Elena and La Encantada. Cost performance is guided with all‑in sustaining costs of USD 20.02–20.82 per ounce, while capital investment is projected at USD 193 million, mainly for development and exploration, including a 255,000‑metre drilling program. The company plans for higher output, cost efficiencies, and portfolio expansion throughout FY2025.

Stock Information

AG gained about 10.93% over the past week and rose roughly 47.73% over the last three months. The stock is trading within its 52-week range of USD 5.09 to USD 17.37, and is currently about 8.23% below its 52-week high.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 12, 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined: -

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