First Majestic Silver Records 15.44M Ounces Production and Completes $970M Gatos Mine Deal
Silver’s addition to the U.S. Critical Minerals List in November 2025 and China’s January export ban lifted prices from under $30 to over $121 per ounce. First Majestic Silver yielded 15.44 million ounces in 2025 and paid $970 million for a 70% Los Gatos mine stake, with silver driving 58% of its revenue.
1. Market Catalysts and Price Surge
The U.S. Geological Survey added silver to the Critical Minerals List in November 2025 and China imposed a full export ban in January 2026, driving silver prices from under $30 to above $121 per ounce and highlighting a multi-year structural supply deficit.
2. 2025 Production Performance
First Majestic Silver achieved 15.44 million ounces of silver production in 2025, finishing near the top of its guidance and reinforcing its status as one of the sector’s largest primary producers.
3. Gatos Silver Acquisition
In late 2025, the company closed a $970 million acquisition of Gatos Silver, acquiring a 70% interest in Mexico’s Los Gatos mine to boost high-grade silver output and resource scale.
4. Pure-Play Revenue Positioning
Silver accounts for 58% of First Majestic’s revenue, making it a pure-play beneficiary of rising industrial demand and constrained global supply, positioning the firm for potential margin expansion.