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Sep 30
First Majestic Q3 2025 Earnings Report
First Majestic reported record silver production, revenue, and cash flow in Q3 2025, driven by strong output from Los Gatos and San Dimas.
Key Takeaways
In Q3 2025, First Majestic achieved record silver production of 3.86 million ounces and revenue of $285.1 million, supported by a 31% increase in average realized silver price. The addition of the Los Gatos mine and operational gains at San Dimas boosted mine operating earnings to $99.1 million and EBITDA to $128.6 million.
Generated $285.1 million in quarterly revenue, a 95% year-over-year increase.
Achieved record silver production of 3.86 million ounces, including 1.4 million from Los Gatos.
Posted $99.1 million in mine operating earnings and $128.6 million in EBITDA.
Ended the quarter with $435.4 million in cash and $98.8 million in free cash flow.
First Majestic
First Majestic
First Majestic Revenue by Segment
Revenue by Segment
Los Gatos Revenue
CapyFin.comSan Dimas Revenue
CapyFin.comSanta Elena Revenue
CapyFin.comFirst Mint Revenue
CapyFin.com Forward Guidance
First Majestic plans to continue investing in mine development and exploration while maintaining strong cash flow and liquidity into Q4 2025.
Positive Outlook
- Strong liquidity of $682 million, including a record $435.4 million in cash.
- Sustained improvements at San Dimas and integration of Los Gatos mine.
- Free cash flow increased to a quarterly record of $98.8 million.
- Adjusted EBITDA up 248% year-over-year.
- Improved cost efficiency with lower AISC and cash costs.
Challenges Ahead
- Strengthening Mexican peso increased operating costs.
- Higher maintenance and energy expenses impacted margins.
- Non-cash depletion and depreciation rose to $54.9 million.
- Gold production declined 15% year-over-year.
- AgEq conversion was reduced due to lower gold-to-silver price ratio.