Northwire Canada EditionFriday, July 17, 2026
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LUN 33.59 −2.5% NTR 94.27 −1.8% LALI 0.055 −8.3% SCD 0.170 +0.0% HWY 0.370 +0.0% FCI 0.385 +1.3% GGAU 0.180 −5.3% KIRO 0.650 +1.6% LBNK 0.430 +0.0% BARU 0.040 +0.0% VCU 1.09 −4.4% NOBL 0.095 −5.0% SHL 0.355 +0.0% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.55 +1.8% LUN 33.59 −2.5% NTR 94.27 −1.8% LALI 0.055 −8.3% SCD 0.170 +0.0% HWY 0.370 +0.0% FCI 0.385 +1.3% GGAU 0.180 −5.3% KIRO 0.650 +1.6% LBNK 0.430 +0.0% BARU 0.040 +0.0% VCU 1.09 −4.4% NOBL 0.095 −5.0% SHL 0.355 +0.0% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.55 +1.8%
Earnings Material +

First Majestic Reports Q4 2025 and Full Year 2025 Financial Results; Announces Quarterly Dividend Payment

Gatos Integration and Euphoric Silver Prices Drive Record Cash Flow Amidst Rising Cost Guidance

By The Northwire Desk — AI Analysis Feb 19, 2026 · 07:01 AG · 30.98 First Majestic Silver Corp.
Executive Summary

The most recent news release (February 19, 2026) reports audited financial and operational results for Q4 and Full Year 2025. The company achieved record annual revenue of $1.257 billion and record annual free cash flow (FCF) of $470.6 million. Q4 2025 alone generated $250.4 million in FCF, significantly driven by a realized silver price of $58.96 per ounce. Production for the year totaled 31.06 million silver equivalent (AgEq) ounces, meeting the upper end of the upwardly revised guidance. Consequently, the company increased its quarterly dividend policy from 1% to 2% of net quarterly revenues.

Material Impact

The news is Material - Positive. The transformation of First Majestic from a loss-making entity in early 2024 to a company generating nearly $500 million in annual FCF is undeniable. - Strategic Pivot: The acquisition of Gatos Silver (completed Jan 2025) has been the primary catalyst, contributing high-margin production that stabilized the portfolio. - Financial Strength: A cash position of $793.4 million provides a massive buffer for future expansion or debt retirement. - Dividend Signal: Doubling the dividend payout ratio indicates management's confidence in the sustainability of the current production profile, though it tethers the yield directly to volatile metal prices. - Cost Concerns: While production met targets, the All-In Sustaining Cost (AISC) for 2025 was $21.17 per AgEq oz. However, the previously released 2026 guidance (Jan 15, 2026) forecasts a significant jump in AISC to a range of $26.15 - $27.91, suggesting substantial inflationary pressure or lower-grade feed in the coming year.

AG · Price
Company Overview

First Majestic is a primary silver producer with a portfolio centered in Mexico. Its flagship asset is now the 70% interest in the Cerro Los Gatos mine in Chihuahua, acquired via Gatos Silver Inc. Other core producing assets include San Dimas (Durango), Santa Elena (Sonora), and La Encantada (Coahuila). The company also owns a minting facility, First Mint, LLC, in Nevada, allowing it to capture retail premiums on a portion of its silver production.

Read the original news release →

More from First Majestic Silver Corp.

Jul 08, 2026 · 16:31

First Majestic raised its silver guidance by 10% following a first-half production beat, despite a 4% increase in all-in sustaining costs driven by Jerritt Canyon capital expenditures.

Production / Operations Jul 07, 2026 · 16:37

First Majestic sells the San Martin project for $90 million to streamline its portfolio and focus on core operations.

M&A / Property Jun 25, 2026 · 16:16

First Majestic’s Santa Elena portal permits advance mine life extension despite cost creep and price pullback tempering near-term upside.

Drill Results Jun 22, 2026 · 07:01

First Majestic monetizes Del Toro for up to $60m to streamline its portfolio ahead of the Jerritt Canyon restart and Santa Elena expansion.

Financings May 14, 2026 · 05:30

Year Six of the Silver Deficit Meets a Newly Funded Critical-Metals Drill Program in British Columbia

Financings May 12, 2026 · 07:01

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