FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver (TSX: AG) (NYSE: AG) this morning reported record silver production for the first quarter of 2025, which follows the acquisition of the Cerro Los Gatos Silver Mine in the first quarter of this year.
Production in the first quarter hit 7.7 million silver equivalent ounces, putting the company on a strong path to hit the upper end of 2025 guidance, which is calling for silver equivalent production within a range of 27.8 million to 31.2 million ounces. Broken out, production consisted of 3.7 million silver ounces, 36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.
Production in the first quarter improved by 49% on a year over year basis from 5.2 million silver equivalent ounces in the first quarter of 2024, while silver production specifically improved by 88% from 2.0 million ounces in Q1 of last year.
On a mine by mine basis, production was led by the San Dimas mine, which reported silver equivalent production of 2.6 million ounces, which was followed up by Santa Elena and Cerros Los Gatos, who both produced 2.3 million silver equivalent ounces in the first quarter for First Majestic. La Encantada meanwhile saw production of 562,990 silver equivalent ounces.
Outside of production, exploration continued across all of First Majestic’s mines in Mexico, with 28 drill rigs actively drilling. A total of 61,219 metres of drilling occurred during the quarter. First Majestic also highlighted that it had a record safety performance during the quarter, with the total reportable incident frequency rate falling to 0.17, a 65% improvement year over year.
WATCH: Inside First Majestic’s Santa Elena Silver Mine: The Operation Investors Never See! | DD-On-The-Go
“The first quarter of 2025 is paving the way for a transformational 2025 for First Majestic. [..] Operations at Cerro Los Gatos were excellent during the quarter, with the district now accounting for nearly 30% of the Company’s production portfolio. The results achieved this quarter by the Company, throughout a busy time closing the Gatos acquisition and integrating the Cerro Los Gatos operation into our portfolio, truly demonstrate the quality of the First Majestic team,” commented First Majestic CEO Keith Neumeyer on the results.
Full first quarter financial results are scheduled to be released after market close on May 7, 2025.
First Majestic last traded at $7.92 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.
