First Majestic reported attributable production of 7.8 million silver-equivalent ounces in the fourth quarter of 2025, a 37% increase from 5.7 million ounces in Q4 2024. Silver output surged 77% year-over-year to 4.2 million ounces, including 1.5 million ounces from the 70%-owned Los Gatos joint venture. Gold production totaled 41,417 ounces, while by-products contributed 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. Drill programs remained active with 57,305 metres completed across five Mexican sites, supporting positive exploration results at Santa Elena’s Santo Niño and Navidad targets and the Luna Zone on the Ermitaño property.

First Majestic is trading at a significant valuation premium relative to peer silver producers and its five-year average metrics. Investor concerns stem from rising operating costs and elevated debt following the Los Gatos acquisition, which added US$275 million of capital outlay in Q1 2025. Exposure to Mexican regulatory changes has heightened sovereign risk, with potential tax and permitting revisions under review by national authorities. Analysts note that while cash flows have strengthened on record silver volumes, higher diesel, labor and power prices have pushed all-in sustaining costs above US$25 per ounce of silver equivalent in Q4.

Full-year 2025 production reached a record 31.1 million silver-equivalent ounces, including 15.4 million ounces of silver (up 84% from 2024) and 147,433 ounces of gold. The company met or exceeded its revised guidance ranges for by-products, delivering 56.7 million pounds of zinc and 32.3 million pounds of lead. In December, First Majestic agreed to sell its Del Toro silver mine for up to US$60 million and announced a quarterly dividend increase of 10%, reflecting confidence in cash generation. Outlook initiatives include a Santa Elena mill expansion, targeted throughput improvements at Los Gatos, and a robust 100,000-metre drill program planned for 2026.