Northwire Canada EditionTuesday, July 28, 2026
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Production / Operations

First Majestic Produces 7.7 Million AgEq Ounces in Q3 2025 Consisting of a Record 3.9 Million Silver Ounces and 35,681 Gold Ounces

By The Northwire Desk — AI Analysis Oct 08, 2025 · 16:37 AG · 19.70 First Majestic Silver Corp.
AG · Price

Executive Summary

  • First Majestic reported record Q3 2025 production – 3.9 M silver ounces (↑96% YoY) and 7.7 M AgEq ounces (↑39% YoY), the highest quarterly silver output in company history.
  • Positive exploration results were announced from San Dimas (new high‑grade vein) and Los Gatos (significant base‑metal intercepts).
  • The company reaffirmed its share repurchase program (up to 24.5 M shares) and scheduled a Q3 earnings call for November 5, 2025.

Key Details

  • Total Q3 2025 production: 7.7 M AgEq ounces (8.1 M using guidance metal prices), comprising 3.9 M silver oz, 35,681 oz gold, 13.9 M lb zinc, 7.7 M lb lead.
  • Los Gatos (70% attributable): 2.13 M AgEq oz – 1.41 M silver oz, 727 oz gold, 13.89 M lb zinc, 7.65 M lb lead. Mill processed 213,262 t ore; head grades 236 g/t Ag, 0.22 g/t Au, 4.12% Zn, 1.89% Pb; recoveries 87% (Ag), 48% (Au), 72% (Zn), 86% (Pb).
  • Santa Elena: 2.26 M AgEq oz (‑16% YoY) – 412,669 oz silver, 20,979 oz gold; ore milled 277,858 t (↑7% YoY); grades 71 g/t Ag, 2.56 g/t Au; recoveries 65% (Ag), 92% (Au).
  • San Dimas: 2.69 M AgEq oz (+27% YoY) – 1.47 M silver oz, 13,945 oz gold; ore milled 234,156 t (+20% YoY); grades 222 g/t Ag, 2.00 g/t Au; recoveries 88% (Ag), 92% (Au).
  • La Encantada: 575,193 oz silver (+6% YoY); ore milled 271,726 t (+22% YoY); grade 100 g/t Ag; recovery 66%.
  • Drilling activity Q3 2025: 79,481 m total across 30 rigs (Los Gatos 5, Santa Elena 8, San Dimas 13, La Encantada 2, Jerritt Canyon 2). Highlights: new high‑grade silver‑gold intercept at Coronado vein (San Dimas) and significant base‑metal mineralization in South‑East Deeps, Central Deeps, North‑West Deeps (Los Gatos).
  • Safety: Consolidated TRIFR 0.61 (below 2025 target of 0.70); LTIFR 0.13 (flat YoY). Santa Elena received “Excellence in Safety” award.
  • ESG: Sustainalytics ESG risk rating improved to 30.0 (Medium risk) – first time at this level.
  • Share Repurchase Program: TSX approved notice of intention; up to 24.5 M shares (~5% of outstanding) may be bought between 2025‑10‑14 and 2026‑10‑13, max 402,698 shares per day (25% of avg daily volume). Prior NCIB (Sep 12 2024 – Sep 11 2025) repurchased 818,500 shares at VWAP CDN$7.898.
  • Upcoming events: Q3 2025 unaudited results and dividend announcement slated for 2025‑11‑05 before market open; conference call/webcast same day at 8:30 a.m. PT / 11:30 a.m. ET.

Notable Quotes

“The third quarter delivered another strong operational performance, marking the highest quarterly silver production in the Company's history… The integration of Los Gatos is nearly complete, enabling greater alignment across the portfolio.” – Keith Neumeyer, President & CEO.

Read the original news release →

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First Majestic’s cash hoard swells past $1.1B as record earnings pile up, but sliding output and rising costs hint that the silver windfall may be masking operational fatigue.

Earnings