First Majestic Silver Breaks Free Cash Flow Record In Third Quarter

FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.

First Majestic Silver (TSX: AG) (NYSE: AG) has released their third quarter financial results, which saw multiple new records set as the price of silver continues to climb. The quarter was headlined by record quarterly revenue of $285.1 million, of which 56% was attributed to silver sales, which was up 95% year over year from $146.1 million in Q3 2024.

That revenue figure follows the production of 7.65 million silver equivalent ounces in the third quarter, which was up 39% on a year over year basis. Broken out, silver production improved 96% year over year from 2.0 million ounces to a record 3.9 million ounces, while gold production amounted to 35,681 ounces. The average realized price of silver meanwhile improved 31% to $39.03 an ounce.

Mine operating earnings improved substantially on a year over year basis, climbing from $28.5 million to $99.1 million year over year. Net earnings in the third quarter meanwhile improved from a loss of $26.6 million, or $0.09 per share in Q3 2024, to net earnings of $43.0 million, or $0.06 per share in Q3 2025.

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EBITDA for the third quarter hit a record $128.6 million, up from $36.9 million last year, while adjusted EBITDA climbed to $138.6 million, up from $39.8 million.

In terms of cash flow, operating cash flows before non-cash working capital and taxes climbed from $39.8 million to $141.3 million, which amounts to $0.29 per share, while free cash flow also hit a new record, climbing to $98.8 million, up from $31.3 million in the year ago period.

First Majestic ended the quarter with a record cash and cash equivalents position of $435.8 million, up from $384.8 million at the end of the second quarter. Liquidity stood at $682.0 million, consisting of $542.4 million in working capital and $139.6 million in undrawn credit facilities, and excludes $133.4 million in restricted cash.

First Majestic declared a dividend of $0.0052 per common share for the third quarter, which is to be paid to shareholders on November 28, 2025.

Operationally, First Majestic saw cash costs per silver equivalent ounces declined 2% year over year, dropping from $15.17 an ounce to $14.83 an ounce, while all in sustaining costs dropped 1%, moving from $21.03 to $20.90 an ounce.

In terms of mine performance, San Dimas produced 2.69 million silver equivalent ounces in the third quarter, followed by Santa Elena at 2.26 million silver equivalent ounces and Los Gatos at 2.13 million silver equivalent ounces. La Encantada produced 577,803 silver equivalent ounces, for total consolidated production of 7.65 million silver equivalent ounces.

The company also saw a record quarter at their wholly owned minting facility, First Mint, which generated quarterly sales of $11.1 million, versus $2.7 million in the year ago period.

First Majestic Silver last traded at $14.64 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.

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