First Majestic reported attributable fourth-quarter production of 7.8 million silver-equivalent ounces, a 37 percent increase year-over-year driven by a 77 percent surge in silver output to 4.2 million ounces. The Los Gatos joint venture contributed 1.5 million silver ounces, while consolidated gold production totaled 41,417 ounces and by-product metals added 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. Year-over-year gains were supported by improved recoveries at San Dimas and full integration of Los Gatos following the January 2025 acquisition.

Shares of First Majestic are trading at a significant premium relative to peer valuations and historical levels, reflecting strong operational momentum but raising concerns over rising unit costs, elevated debt levels and geopolitical risk in Mexico. Analysts highlight that cash costs and all‐in sustaining costs per silver-equivalent ounce have increased due to lower by-product conversion ratios in a high-silver-price environment, while net debt stands at approximately $550 million following the Los Gatos acquisition and Del Toro sale agreement.

For full-year 2025, First Majestic achieved record consolidated silver production of 15.4 million ounces (up 84 percent) and 31.1 million silver-equivalent ounces (up 43 percent), exceeding upwardly revised guidance. Exploration drilling totaled 212,000 metres across Mexico and the U.S., yielding new high-grade discoveries at Santo Niño and Navidad with preliminary mine planning underway. The company also received safety accolades, maintained a TRIFR of 0.55, and announced a 2026 dividend increase. Management projects further throughput gains from a planned Santa Elena mill expansion and improved recoveries at Los Gatos, targeting a 10 percent increase in silver-equivalent production next year.