First Majestic achieves multiple records in Q1, 2025
First Majestic Silver Corp. [AG-TSX, NYSE, FMV-FSE] said it produced 7.7 million silver equivalent (AgEq) ounces in the first quarter of 2025. That represented 26% of the mid-point of the company’s 2025 production guidance, including a quarterly silver production record of 3.7 million ounces, an 88% increase compared to 2.0 million silver ounces produced in the first quarter of 2024. Gold production also increased by 1.0% in the quarter to 36,469 ounces.
The company also said it generated record quarterly revenue of $243.9 million in the first quarter (57% from silver sales), representing a 130% increase compared to $106.0 million in the first quarter of 2024.
First Majestic ended the first quarter of 2025 with the highest cash and restricted cash balance in its history of $462.6 million, consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash.
Net earnings for the quarter were $6.2 million or $0.01 per share, compared to a year ago net loss of $13.6 million or $0.05 per share.
On Thursday, First Majestic shares eased 1.8% or 16 cents to $8.48. The shares trade in a 52-week range of $11.18 and $6.23.
First Majestic is focused on silver and gold production in Mexico and the U.S. The company currently owns and operates the San Dimas silver/gold mine and the La Encantada silver mine (in Mexico). It also holds a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.
In addition, the company also owns and operates its own minting facility, First Mint LLC.
Late last year, First Majestic agreed to acquire all of the outstanding shares of Gatos Silver Inc. a silver-dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.
Under the agreement, Gatos shareholders received 2.550 common shares of First Majestic for each common share of Gatos held, implying a total offer value of US$13.49 per share, or US$970 million.
First Majestic said the deal would consolidate three world-class, producing silver mining districts in Mexico under one banner: They include Cerro Los Gatos, San Dimas and Santa Elena, collectively providing for the foundation of a diversified, intermediate primary silver producer.
The deal was expected to deliver combined annual production of 30-32 million ounces of silver, equivalent, including 15-16 million ounces of silver at an all-in-sustaining cost of US$18.00 to US$20 per silver equivalent ounce.
“Our robust production for the first quarter yielded strong financial performance for the quarter,’’ said First Majestic President and CEO Keith Newmeyer. “We have hit multiple record financial metrics, including a record $110 million in cash flow from operations and the highest treasury balance in the company’s 21-year history, our balance sheet has never been stronger, and we are on track to have a stellar year.’’