First Majestic Silver delivered an extraordinary performance in 2025, with its share value climbing over 205% year-to-date. This surge outpaced the broader market by nearly 12 times the S&P 500’s return, driven primarily by a more than 150% increase in silver prices during the same period. The company’s market capitalization expanded substantially, reflecting heightened investor confidence in both its production capacity and its exposure to a rapidly appreciating silver market.

In the third quarter of 2025, First Majestic reported a silver output increase of approximately 76% compared to Q3 2024, attributable to ramped-up output at its four Mexican mines and operational efficiencies post-Gatos Silver acquisition. Revenue from silver sales comprised 57% of total revenues in the first nine months of 2025, with gold contributing 33%, underscoring the company’s diversified precious-metals portfolio.

Early in 2025, First Majestic completed the US$2.1 billion acquisition of Gatos Silver, adding the high-grade Juanicipio mine to its asset base. Concurrently, the company divested non-core assets totaling over US$200 million, strengthening its balance sheet by reducing net debt by 18% year-to-date. These moves have positioned First Majestic to allocate more capital toward exploration and refining capacity enhancements.

With silver showing year-to-date gains exceeding 154% and supply constraints intensifying—particularly following global refinery bottlenecks—analysts project continued metal price appreciation into 2026. First Majestic’s guidance forecasts annual silver production of 15.3 million ounces, plus 31.2 million ounces of silver equivalent from associated gold and base-metals by-products, setting the stage for further cash-flow expansion and shareholder returns next year.