First Majestic reported attributable fourth-quarter production of 7.8 million silver-equivalent ounces, up 37% versus the same quarter a year earlier. Silver output alone jumped 77% to 4.2 million ounces, driven largely by 1.5 million ounces from the Los Gatos joint venture (70% interest). Gold output reached 41,417 ounces, while by-products included 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. Ore processed rose 42% year-over-year to 1.06 million tonnes, reflecting expanded throughput at San Dimas and Santa Elena as well as integration of Los Gatos operations.

Shares of First Majestic have been trading at a significant premium to peer averages and the company’s own historical valuation multiples. Investors are weighing rising operating costs, a net debt position exceeding $400 million and ongoing regulatory uncertainties in Mexico against the sharp rise in production. Analysts note that cash cost per ounce of silver equivalent has increased by 15% year-over-year to approximately $14.50, while all-in sustaining costs per ounce have widened to around $22.00, pressuring margin expansion despite record output.

For the full year 2025, First Majestic delivered 31.1 million silver-equivalent ounces, including a record 15.4 million ounces of silver, exceeding upwardly revised guidance ranges. Gold production totaled 147,433 ounces, zinc output reached 56.7 million pounds and lead production was 32.3 million pounds. The board approved a quarterly dividend increase to $0.02 per share, reflecting stronger free cash flow generation. Management forecasts modest production growth in 2026, supported by mill expansions at Santa Elena and throughput improvements at Los Gatos, alongside an $80 million exploration budget targeting high-grade discoveries at Santo Niño and Navidad.