First Majestic Silver recorded quarterly silver-equivalent output of 7.8 million ounces in Q4, a 37% increase over the same period last year. This growth was driven by a 77% surge in pure silver production, which accounted for 4.2 million ounces of the total. Contributions from the recently commissioned Los Gatos plant in Mexico added approximately 1.1 million silver-equivalent ounces, offsetting lower gold and base-metal output. The company processed 1.3 million tonnes of ore across its portfolio, achieving an average recovery rate of 85% and reducing site operating costs by 8% to $13.50 per silver-equivalent ounce.

Shares of AG are trading at a substantial premium relative to peer averages and the firm's own five-year historical multiples, reflecting investor confidence in the production ramp-up. However, rising input costs—up 14% year-on-year—and a net debt load of $580 million have raised concerns about margins and liquidity. Mexico-related regulatory uncertainties, including proposed royalty adjustments and permitting delays, have further weighed on forward guidance. Management reiterated its objective to reduce net debt by 25% in the next 12 months through free cash flow and noncore asset divestitures.