FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (TSX: AG) (NYSE: AG) recorded their highest quarter ever of silver production in Q3 2025, while silver equivalent production totaled out to 7.7 million ounces. The quarter continued to see production results bolstered by the addition of the Los Gatos Silver Mine to their portfolio earlier this year, while the rising price of silver skewed equivalent production figures, reducing equivalent ounce production results by approximately 400,000 ounces.
Using 2025 guidance metal prices, third quarter silver equivalent production would have totaled 8.1 million ounces. Year over year, reported silver equivalent production of 7.7 million ounces improved by 39% from 5.5 million equivalent ounces, which was driven by a 96% increase in attributable consolidated silver production. That growth was driven by the addition of Los Gatos, as well as a 27% production boost from San Dimas.
“The third quarter delivered another strong operational performance, marking the highest quarterly silver production in the Company’s history. [..] While record silver production and higher silver prices are positively impacting economics, the higher silver price has also reduced our reported silver-equivalent production by approximately 400,000 ounces when compared to metal prices used in our guidance,” commented First Majestic CEO Keith Neumeyer on the results.
Broken out, the third quarter saw total production of 3.9 million silver ounces, nearly double the 2.0 million ounces of silver produced in Q3 2024, along with 35,681 ounces of gold, 13.9 million pounds of zinc, and 7.7 million pounds of lead.
On a site by site basis, San Dimas was the big producer this quarter, with 2.7 million silver equivalent ounces of production, followed by Santa Elena at 2.3 million silver equivalent ounces, and Los Gatos at 2.1 million attributable silver equivalent ounces. La Encantada added a further 577,803 equivalent ounces of production to the mix. San Dimas’ production benefited from a 20% year-over-year increase in mill throughput in the quarter as well as a jump in silver grades to 222 g/t.
Silver and gold production overall is said to be tracking at or above prior issued guidance, which calls for silver equivalent production of 30.6 to 32.6 million ounces across First Majestic’s portfolio at a consolidated AISC of $20.02 to $20.82 per ounce.
Outside of production, First Majestic also drilled 79,481 metres across their asset base, with 13,043 metres drilled at Los Gatos, 19,872 metres drilled at Santa Elena, 32,289 metres drilled at San Dimas, and 1,755 metres drilled at La Encantada. Jerritt Canyon meanwhile saw 12,522 metres of drilling, with exploration results here, along with results from Santa Elena, expected to be released before year end. Up to 30 drill rigs were active over the course of the quarter.
“First Majestic continues to execute on the plans we have set out for 2025. [..] The integration of Los Gatos is nearly complete, with many of our systems and internal controls now fully implemented, enabling greater alignment and synchronization across the portfolio. During the quarter, we also reported positive exploration results at both San Dimas and Los Gatos,” commented Neumeyer.
The company also indicated yesterday that it has renewed their normal course issuer bid, which enables the company to repurchase up to 24.5 million common shares through to October 13, 2026, subject to a daily maximum of 402,698 shares. Under the previous normal course issuer bid, which expired in September, the company repurchased 818,500 common shares at an average price of C$7.898 a share.
Full third quarter financial results are slated to be released before markets open on November 5, followed by a conference call at 8:30 a.m. Pacific / 11:30 a.m. Eastern.
First Majestic Silver last traded at $19.70 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver Corp. The author has been compensated to cover First Majestic Silver Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
