First Majestic's Q3 Silver-Equivalent Production Jumps 39% Y/Y

First Majestic Silver Corp. AG announced that its total production reached 7.7 million silver-equivalent (AgEq) ounces in the third quarter of 2025. The figure includes a record 3.9 million silver ounces and 35,681 gold ounces. It also includes 13.9 million pounds of zinc and 7.7 million pounds of lead. The AgEq ounces produced marked a solid 39% year-over-year increase, attributed to a 96% surge in silver production.

In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer. Total silver production in the third quarter included a contribution of 1.4 million ounces from Los Gatos.

First Majestic’s Mine Performances in Q3

In the third quarter of 2025, the San Dimas mine produced 2.69 million AgEq ounces, consisting of 1.47 million ounces of silver and 13,945 ounces of gold. Silver equivalent production increased 27% year over year, aided by a 40% increase in silver production and an 11% rise in gold output. 

The Santa Elena mine produced 2.26 million AgEq ounces (down 16% year over year), consisting of 412,669 ounces of silver and 20,979 ounces of gold.

La Encantada produced 575,193 ounces of silver, up 6% from the third quarter of 2024. The upside was driven by 22% growth in ore processed, somewhat offset by lower silver grades and a 5% fall in silver recovery.

Los Gatos contributed 2.13 million AgEq ounces (on a 70% basis), which consisted of 1.41 million ounces of silver and 727 ounces of gold. It also contributed 13.89 million pounds of zinc and 7.65 million pounds of lead to First Majestic’s total production number.

AG’s Other Q3 Updates

First Majestic has started its 2025 drilling program at the Jerritt Canyon mine during the third quarter of 2025. The company has completed 12,522 meters of drilling on two surface drill rigs and expects to have full drilling results by year-end.

First Majestic’s Peer Performance in Q3

Endeavour Silver Corp. EXK produced 3.04 million AgEq in the third quarter of 2025. This reflected an 88% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Consolidated silver production was up 102% year over year to 1,77 million ounces. Excluding production from Kolpa, consolidated silver production in the third quarter was up 34% year over year. EXK’s total gold production in the quarter fell 22% year over year to 7,286 ounces.

AG Stock’s Price Performance

The company’s shares have risen 115.5% in the past year compared with the industry's 77.7% growth.

First Majestic’s Zacks Rank & Stocks to Consider

First Majestic currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are DRDGOLD Limited DRD and The Mosaic Company MOS. DRD sports a Zacks Rank #1 (Strong Buy) while MOS has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

The consensus estimate for DRDGOLD’s 2025 earnings is pegged at $1.62 per share. The estimate indicates year-over-year growth of 13.3%. DRDGOLD’s shares have surged 175% in a year.

The Zacks Consensus Estimate for The Mosaic Company’s 2025 earnings is pegged at $3.17 per share, indicating year-over-year growth of 60.1%. The Mosaic Company’s shares jumped 31.5% last year. 

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