First Majestic Reports Robust 2025 Production: Will the Growth Continue?

First Majestic Silver Corp. Achieves Notable Production Growth

First Majestic Silver Corp. (AG) has benefited from rising silver prices, resulting in a significant boost in silver output. In the fourth quarter of 2025, the company reported production of 7.8 million silver-equivalent (AgEq) ounces, marking a 37% increase compared to the same period last year.

This impressive growth was largely driven by the acquisition of Gatos Silver in January 2025, which gave First Majestic a 70% stake in the Cerro Los Gatos underground mine. During the fourth quarter, this asset contributed 2.09 million AgEq ounces, substantially strengthening the company’s overall production. Additionally, First Majestic’s core operations performed well, with the San Dimas mine alone yielding 2.45 million AgEq ounces in the same period.

For the entire year of 2025, AG reached its upwardly revised production target, announced in July 2025, by producing a total of 31.1 million AgEq ounces. This total included 15.4 million ounces of silver, 147,433 ounces of gold, 56.7 million pounds of zinc, and 32.3 million pounds of lead.

First Majestic’s strong presence in Mexico is supported by four active mines: Santa Elena Silver/Gold, Los Gatos Silver, San Dimas Silver/Gold, and La Encantada Silver. Despite facing significant tax challenges in Mexico, all these sites have delivered record production. In the fourth quarter, the contribution to total silver-equivalent output from Santa Elena, Los Gatos, San Dimas, and La Encantada mines was 29.1%, 26.7%, 31.2%, and 12.8%, respectively.

Performance of Key Industry Peers

Among First Majestic’s competitors, Avino Silver & Gold Mines (ASM) has reinforced its status as a prominent silver producer. In 2025, Avino generated 2,606,155 AgEq ounces, aligning with its guidance range of 2.5 to 2.8 million AgEq ounces. The company’s fourth-quarter output reached 345,298 AgEq ounces, reflecting a notable year-over-year increase.

Another peer, Pan American Silver Corp. (PAAS), reported silver production of 22.8 million ounces in 2025, an 8.5% rise from the previous year. This growth was primarily fueled by strong results from its interest in the Juanicipio mine, which was acquired in the prior year.

Stock Performance, Valuation, and Analyst Estimates

Over the past three months, shares of First Majestic have advanced 6.1%, outperforming the broader silver mining sector, which saw an 8.3% decline during the same period.

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In terms of valuation, First Majestic is currently trading at a forward price-to-earnings ratio of 25.57, which is higher than the industry average of 14.11. The company has been assigned a Value Score of D by Zacks.

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Analyst consensus estimates for First Majestic’s 2025 earnings have been trending upward over the past two months.

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Currently, First Majestic holds a Zacks Rank #1 (Strong Buy).