Teck Resources Ltd Class B press release
First Majestic Reports Q4 2025 and Full Year 2025 Financial Results; Announces Quarterly Dividend Payment
NYSE - New York Stock Exchange · Copper · Molybdenum · Zinc · Lead · Canada
First Majestic Reports Q4 2025 and Full Year 2025 Financial Results; Announces Quarterly Dividend Payment
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's audited consolidated financial results for the fourth quarter and year end ended December 31, 2025. The full version of the annual financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. All amounts are in U.S. dollars unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS
Record Quarterly Silver Production (+77% Y/Y): The Company achieved record quarterly silver production by producing 4.2 million silver ounces ("oz") in Q4 2025, a 77% increase when compared to 2.4 million silver ounces produced in Q4 2024.
Record Quarterly Revenue (+169% Y/Y): For a fourth consecutive quarter, the Company achieved record quarterly revenue of $463.9 million (with 60% of revenue from silver), a 169% increase compared to $172.3 million in revenue in Q4 2024. Total revenue for the quarter excluded 463,156 oz of silver and 2,808 oz of gold that were held in inventory at the end of the quarter, with a fair value of $45.3 million.
Record Cash Flow from Operations (+$238.5 million Y/Y): Operating cash flow before changes in working capital and taxes in the quarter was a record $301.0 million or $0.61 per share, a significant increase compared to $62.4 million or $0.21 per share in the fourth quarter of 2024.
Record Earnings Before Income Tax, Depreciation and Amortization ("EBITDA") (+$276.8 million Y/Y): EBITDA for the quarter was a record $338.8 million, a significant increase compared to $62.0 million in the fourth quarter of 2024.
Net Earnings (+$118.7 million Y/Y): Net earnings for the quarter were $105.2 million (earnings per share ("EPS") of $0.17) compared to a net loss of $13.5 million (EPS of ($0.04)) in the fourth quarter of 2024. Net earnings did not include $41.9 million in unrealized gains from the Company's portfolio of marketable securities, which are included within Other Comprehensive Income.
Record Adjusted Net Earnings (+$136.8 million Y/Y): Adjusted net earnings, excluding non-cash or non-recurring items such as an impairment reversal, unrealized gains on marketable securities, a gain on debt settlement of senior convertible notes, a tax provision related to PEM, share-based payments and deferred income tax, was $144.4 million (adjusted EPS of $0.30), compared to an adjusted net earnings of $7.6 million (adjusted EPS of $0.03) in the fourth quarter of 2024.
Record Free Cash Flow (+$182.0 million Y/Y): The Company generated a quarterly record of $250.4 million in free cash flow in Q4 2025 compared to $68.4 million in free cash flow in the fourth quarter of 2024.
Record Quarter at First Mint (+$13.6 million Y/Y): First Mint, LLC, the Company's 100%-owned minting facility, generated record quarterly sales of $22.7 million compared to $9.1 million in the fourth quarter of 2024, including record monthly sales in December 2025. The average realized silver price for Q4 2025 was $69.74 per ounce, representing a 127% increase compared to $30.76 per ounce in Q4 2024 and a 26% premium to the Q4 2025 COMEX average silver price of $55.20 per ounce.
Fourth Quarter Dividend: The Company declared a cash dividend of $0.0083 per common share for the fourth quarter of 2025 for shareholders of record as of the close of business on February 27, 2026, which will be paid out on or about March 16, 2026.
2025 HIGHLIGHTS
Met Upwardly Revised Production Guidance: The Company met or exceeded both its original and July 2025 upwardly revised production guidance with full year 2025 production of 31.1 million silver equivalent oz (32.3 million AgEq oz using updated 2025 guidance assumptions for metal prices) (guidance range: 30.6 - 32.6 million AgEq oz), including 15.4 million oz of silver (guidance range: 14.8 - 15.8 million oz), 147,433 oz of gold (guidance range: 135,000 - 144,000 oz), 56.7 million lbs of zinc (guidance range: 52 - 56 million lbs) and 32.3 million lbs of lead (guidance range: 33 - 35 million lbs).
Record Annual Silver Production: The Company produced a record 15.4 million oz of silver in 2025, representing an 84% increase compared to 8.4 million ounces in 2024. The significant jump in silver production can be attributed to the acquisition of the Los Gatos Silver Mine, as well as a 19% increase in production at San Dimas and an 18% increase in production at La Encantada.
Record Treasury Position: The Company ended the year with a record $937.7 million cash in treasury, representing a significant increase compared to $308.3 million at the end of 2024, and the highest treasury position in the Company's history.
Record Annual Revenue: The Company generated record revenue of $1,257.2 million in 2025, a 124% increase compared to $560.6 million in 2024. The significant revenue growth in 2025, compared to 2024, was driven by a 47% higher average realized silver price of $41.52 per AgEq oz, increasing revenues by $399.7 million, and a 50% increase in the total number of payable AgEq oz sold.
Record Revenues and Operating Earnings at First Mint: First Mint total revenues for 2025 were a record $49.4 million, a significant increase compared to revenues of $16.0 million in 2024. First Mint's operating earnings for the year totaled $24.1 million compared to $4.8 million in 2024.
Sustainability Practices Recognized: In 2025, the Company achieved a 30.0 ESG risk rating with Sustainalytics, a leading sustainability research and ratings firm. This score places First Majestic in the Medium risk category, and in the top 40% within the precious metals industry, for the first time in the history of Sustainalytics' coverage of the Company, reflecting strong environmental and social risk management practices.
Acquisition of Gatos Silver, Inc.: On January 16, 2025, the Company completed the acquisition of Gatos Silver, Inc. adding a 70% joint venture interest in the Los Gatos underground silver mine in Chihuahua, Mexico to its portfolio of assets. The Los Gatos operation was successfully integrated into First Majestic's existing portfolio in 2025.
FOURTH QUARTER OPERATIONAL AND FINANCIAL RESULTS
The Company produced 7.8 million AgEq oz in the fourth quarter (8.9 million using 2025 guidance metal prices), a 37% increase compared to 5.7 million AgEq oz produced in the fourth quarter of 2024. This growth was primarily driven by a 77% increase in attributable consolidated silver production, including contributions from Los Gatos, as well as a 10% production increase at San Dimas.
The Company generated record quarterly revenue of $463.9 million in the fourth quarter of 2025, with 60% derived from silver sales, representing a 169% increase compared to $172.3 million of revenue generated in the fourth quarter of 2024. The significant revenue growth was primarily attributable to a 39% increase in payable AgEq ounces sold, mainly driven by: the addition of the Los Gatos Silver Mine to the Company's portfolio of operating mines, which contributed $187.4 million in revenue; a notable 10% production increase at San Dimas, which contributed $105.2 million in revenue (2024 - $56.1 million); and continued strong performance at Santa Elena, which contributed $116.8 million in revenue (2024 - $86.2 million). Revenue growth was further supported by a higher average realized silver price of $58.96 per AgEq ounce, representing a 91% increase compared to the fourth quarter of 2024.
The Company achieved record quarterly mine operating earnings of $237.8 million, a significant increase of $189.6 million compared to mine operating earnings of $48.2 million in the fourth quarter of 2024. The increase was driven by the addition of the Los Gatos Silver Mine, which contributed $106.8 million in mine operating earnings in the fourth quarter. Additionally, continued operational improvement at San Dimas resulted in a higher contribution to mine operating earnings of $40.2 million compared to earnings of $3.1 million in the fourth quarter of 2024, as well as positive contributions from Santa Elena and La Encantada. Mine operating earnings were partially offset by a higher non-cash depletion expense, primarily driven by the addition of the Los Gatos Silver Mine and increased overall production. Excluding non-cash depletion, depreciation and amortization expense, the Company generated mine operating earnings of $310.2 million.
Operating cash flow before changes in working capital and taxes paid in the quarter was a record $301.0 million or $0.61 per share, a significant increase compared to $62.4 million or $0.21 per share in the fourth quarter of 2024. This improvement was primarily driven by mine operating earnings, excluding depletion, depreciation and amortization, of $310.2 million, as a result of strong performances at San Dimas and Los Gatos.
Capital Expenditures: The Company's attributable capital expenditures in the fourth quarter were $48.2 million ($53.8 million on a 100% basis), representing a 33% increase compared to $36.1 million in total capital expenditures in the fourth quarter of 2024 driven by the addition of the Los Gatos Silver Mine, along with the Company's continued focus on growth and mine development in line with its updated 2025 guidance. Total attributable capital expenditures consisted of $21.6 million in property, plant and equipment ("PP&E") (2024 - $10.7 million), $13.5 million in underground development (2024 - $13.6 million), and $13.2 million in exploration (2024 - $11.9 million). On a 100% basis, these amounts totaled $24.1 million, $15.6 million, and $14.1 million relating to PP&E, underground development, and exploration, respectively.
Cash costs per attributable payable AgEq oz for the quarter were $16.66, a 21% increase when compared with $13.82 per oz in the fourth quarter of 2024. Despite continued operational efficiencies and the significant increase in production compared to the fourth quarter of 2024, AgEq oz were impacted by a rising commodity price environment that compressed the gold-to-silver ratio, which reduced reported AgEq oz by approximately 1.1 million oz compared to guidance assumptions, negatively impacting costs per AgEq oz.
Consolidated AISC in the quarter was $23.48 per AgEq ounce, a 15% increase from $20.34 per AgEq ounce in the fourth quarter of 2024. Applying the 2025 guidance assumptions for metal prices and the USD/MXN exchange rate, Q4 2025 AISC would have been $20.05 per AgEq ounce.
The table below represents the Company's consolidated fourth quarter operational and financial highlights for the fourth quarter.
Key Performance Metrics 2025-Q4
2025-Q3Change
Q4 vs Q3 2024-Q4Change
Q4 vs Q4
Operational (1)
Ore Processed / Tonnes Milled 1,058,276 997,0026% 745,12442%
Silver Ounces Produced 4,165,334 3,863,6738% 2,353,86577%
Gold Ounces Produced 41,417 35,68116% 39,5065%
Silver Equivalent Ounces Produced 7,845,686 7,651,0583% 5,713,28937%
Cash Costs per Silver Equivalent Ounce (2) $16.66 $14.8312% $13.8221%
All-in Sustaining Cost per Silver Equivalent Ounce (2) $23.48 $20.9012% $20.3415%
Total Production Cost per Tonne (2) $103.07 $102.531% $96.637%
Average Realized Silver Price per Silver Equivalent Ounce (2) $58.96 $39.0351% $30.8091%
Financial (in $millions)
Revenues $463.9 $285.163% $172.3169%
Mine Operating Earnings $237.8 $99.1140% $48.2NM
Net Earnings (Loss) $105.2 $43.0145% ($13.5)NM
Operating Cash Flows before Non-Cash Working Capital and Taxes $301.0 $141.3113% $62.4NM
Capital Expenditures $53.8 $52.13% $36.149%
Cash and Cash Equivalents $793.4 $435.482% $202.2NM
Restricted Cash $144.3 $133.48% $106.136%
Working Capital (2) $733.6 $542.435% $224.5NM
EBITDA (2) $338.8 $128.3163% $62.0NM
Adjusted EBITDA (2) $305.4 $125.3120% $64.8NM
Free Cash Flow (2) $250.4 $98.8153% $68.4NM
Shareholders
EPS - Basic & Diluted $0.17 $0.06183% ($0.04)NM
Adjusted EPS (2) $0.30 $0.07NM $0.03NM
NM - Not meaningful
Operational metrics calculated in the table above are reported on an attributable basis to account for the Company's 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining cost per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Financial Measures" at the end of this news release for further details of these measures.
The table below represents the quarterly operating and cost performance results at each of the Company's four producing mines and the Jerritt Canyon Gold Project during the quarter.
Fourth Quarter
Production SummaryLos Gatos (1)(4)San DimasSanta ElenaLa EncantadaJerritt Canyon (3)Consolidated
Ore Processed / Tonnes Milled226,900243,807283,721303,848-1,058,276
Silver Ounces Produced1,491,2351,315,711358,1851,000,203-4,165,334
Gold Ounces Produced (3)89415,06625,0833234241,417
Silver Equivalent Ounces Produced (3)2,091,6212,449,1622,279,3971,002,72522,7817,845,686
Cash Costs per Silver Equivalent Ounce (2) $16.12$16.25$15.97$19.72NM$16.66
All-in Sustaining Cost per Silver Equivalent Ounce (2) $18.81$21.62$19.44$25.95NM$23.48
Total Production Cost per Tonne (2)$103.74$153.97$102.65$62.11N/A$103.07
NM - Not meaningful
All production and non-GAAP results shown in the table above are reported on an attributable basis, meaning they reflect only the portion of results corresponding to the Company's 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
These measures do not have a standardized meaning under the Company's financial reporting framework and the methods used the Company to calculate these measures may differ from methods used by other companies with similar descriptions.
Jerritt Canyon was placed on temporary suspension in March 2023. In-circuit recovery efforts performed in Q4 2025 resulted in the production of 342 gold ounces or 22,781 AgEq ounces at Jerritt Canyon.
AgEq ounces for the Los Gatos Silver Mine include 14,238,927 lbs zinc, 8,108,949 lbs lead and 235,886 lbs copper (70% attributable basis).
2025 OPERATIONAL AND FINANCIAL RESULTS
During the year, the Company recognized record mine operating earnings of $450.0 million, a significant increase compared to $91.9 million in 2024. The increase was driven by a higher average realized silver price per AgEq oz compared to 2024, the addition of Los Gatos to the Company's production portfolio, which contributed $203.4 million in mine operating earnings in the year, as well as continued operational improvements at San Dimas and La Encantada.
Operating cash flow before changes in working capital and taxes in the year was a record $667.2 million or $1.39 per share, a significant increase compared to $138.6 million or $0.47 per share in 2024.
EBITDA for the year ended December 31, 2025, was a record $686.1 million, a significant improvement compared to $127.1 million in 2024. The increase in EBITDA was primarily attributable to improved mine operating earnings in 2025 as compared to 2024, along with a gain on the reversal of impairment of $20.3 million following the announcement of the proposed sale of the Company's subsidiary that owns the Del Toro Silver Mine during the year.
Adjusted EBITDA normalized for non-cash or non-recurring items such as an impairment reversal, unrealized gains on marketable securities, a gain on settlement of senior convertible notes, share-based payments, restructuring costs, acquisition costs and abnormal maintenance costs for the year ended December 31, 2025, was a record $679.1 million, a significant improvement compared to $143.8 million in 2024.
Net earnings for the year were $211.0 million (EPS of $0.34), representing a significant increase compared to a net loss of $101.9 million (EPS of ($0.34)) in 2024. The increase in net earnings was primarily driven by the $358.1 million increase in mine operating earnings, a non-cash deferred income tax recovery of $89.1 million, and an impairment reversal of $20.3 million related to the agreed upon sale of the Del Toro Silver Mine. This was partially offset by a non-cash current income tax expense of $273.1 million, and a non-cash depletion and depreciation expense of $263.4 million, primarily driven by the addition of Los Gatos and higher production at La Encantada and San Dimas. Net earnings during the year did not include $126.8 million in gains from the portfolio of marketable securities, which are included within Other Comprehensive Income.
Adjusted net earnings for the year were a record $216.0 million (Adjusted EPS of $0.46), compared to an adjusted net loss of $41.8 million (Adjusted EPS of ($0.14)) in 2024. Adjusted net earnings are normalized for non-cash or non-recurring items such as deferred income tax, an impairment reversal on the sale of the Del Toro Silver Mine, unrealized gains on marketable securities, a gain on settlement of senior convertible notes, share-based payments, a tax provision relating to PEM (Refer to Note 24 of the annual financial statements), restructuring costs, acquisition costs and abnormal maintenance costs.
The Company's attributable capital expenditures in the year were $191.7 million ($212.8 million on a 100% basis), representing a 51% increase compared to $127.3 million in 2024 driven by the addition of the Los Gatos Silver Mine, along with the Company's continued focus on growth and mine development in line with its updated 2025 guidance. Total attributable capital expenditures consisted of $82.8 million for underground development (2024 - $54.2 million), $59.5 million in PP&E (2024 - $27.2 million) and $43.8 million in exploration (2024 - $46.0 million). On a 100% basis, these amounts were $92.5 million, $67.2 million, and $47.6 million relating to underground development, PP&E and exploration, respectively. Capital expenditures also included $5.0 million related to the investment in First Mining Gold Corp. following the entering into of the Amended Springpole Stream Agreement ($4.2 million related to capital expenditures), and $1.4 million related to corporate projects.
Cash costs per AgEq ounce for the year were $15.07, a 2% increase compared to $14.80 per ounce in 2024. Applying the 2025 guidance assumptions for metal prices and the USD/MXN exchange rate, 2025 cash costs would have been $14.34 per AgEq ounce. While underlying operating performance improved in 2025, the higher cash cost per AgEq ounce was primarily influenced by the strong outperformance of silver prices relative to gold, lead, and zinc throughout 2025, which resulted in a lower AgEq conversion ratio for by-product metals. This lower AgEq ratio reduced the number of reported AgEq ounces attributed to by-product production, making cash costs per AgEq ounce appear higher despite strong performance and economic fundamentals. Additionally, higher metal prices and increasing production contributed to higher royalties and increased worker participation costs, causing an increase in cash costs. However, as a primary silver producer, this price environment is favourable and strengthens the Company's overall economics.
AISC per AgEq ounce in the year was $21.17, a slight increase compared to $21.11 in 2024. The modest increase was mainly due to the impacts on cash costs as described above. This was partially offset by a decrease in corporate G&A expenses per AgEq ounce compared to 2024, reflecting restructuring efforts implemented to optimize the workforce and reduce labour costs. Applying the 2025 guidance assumptions for metal prices and the USD/MXN exchange rate, 2025 AISC would have been $20.19 per AgEq ounce.