FIRST QUARTER HIGHLIGHTS
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Document Money Place: The Firm ended the quarter with the best money and restricted money steadiness in its historical past of $462.6 million consisting of $351.3 million in money and money equivalents and $111.3 million in restricted money. The Firm’s liquidity place has additional improved to a report $544.4 million, consisting of $404.8 million of working capital and $139.6 million of undrawn revolving credit score facility, and excluding $111.3 million held in restricted money.
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Document Silver Manufacturing (+88% Y/Y): The Firm produced 7.7 million silver equal (“AgEq”) ounces in Q1 2025 representing 26% of the mid-point of the Firm’s 2025 manufacturing steerage, together with a quarterly silver manufacturing report of three.7 million silver ounces, an 88% improve when in comparison with 2.0 million silver ounces produced in Q1 2024. Gold manufacturing additionally elevated by 1% to 36,469 ounces.
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Document Quarterly Income (+130% Y/Y): The Firm generated report quarterly income of $243.9 million within the first quarter (57% from silver gross sales), representing a 130% improve in comparison with $106.0 million within the first quarter of 2024.
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Held Stock: The Firm held 620,043 silver ounces in completed items stock as at March 31, 2025, inclusive of cash and bullion. The honest worth of this stock as at March 31, 2025 was $21.1 million, which was not included in income throughout the first quarter.
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Document Mine Working Earnings (+$64.1 million Y/Y): The Firm achieved report quarterly mine working earnings of $63.8 million, representing a major improve in comparison with a mine working lack of $0.3 million within the first quarter of 2024. The rise was primarily as a consequence of a 64% improve in payable AgEq ounces bought, together with 74 days of manufacturing from Cerro Los Gatos, in addition to a 37% improve within the common realized silver worth, which was $32.50 per ounce throughout the quarter.
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Document Money Circulate from Operations (+$97.4 million Y/Y): Working money movement earlier than adjustments in working capital and taxes within the quarter was a report $110.0 million, representing a major improve in comparison with $12.6 million within the first quarter of 2024.
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Robust Free Money Circulate (+$42.6 million Y/Y): Free money movement for the quarter totaled $43.5 million after paying $28.0 million in money earnings taxes primarily associated to the sturdy efficiency of Santa Elena in 2024 and unfavorable working capital adjustment of $26.5 million. This represented a major improve in comparison with $0.9 million of free money movement within the first quarter of 2024.
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Document Earnings Earlier than Revenue Tax, Depreciation and Amortization1 (“EBITDA”) (+$92.2 million Y/Y): EBITDA for the quarter was $98.8 million, representing a major improve in comparison with $6.6 million within the first quarter of 2024.
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Web Earnings (+$19.8 million Y/Y): Web earnings for the quarter had been $6.2 million (EPS of $0.01) in comparison with a web lack of $13.6 million (EPS of ($0.05)) within the first quarter of 2024, representing a 146% improve year-over-year. Adjusted web earnings, normalized for non-cash or non-recurring gadgets similar to share-based funds, unrealized losses on marketable securities, acquisition prices and deferred earnings tax, had been $20.9 million (EPS of $0.05) in comparison with an adjusted web lack of $18.4 million (EPS of ($0.06)) within the first quarter of 2024.
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Decreased Money Prices (-9% Y/Y): Consolidated money prices of $13.68 per AgEq ounce for the quarter represented a 9% discount from $15.00 per AgEq ounce within the first quarter of 2024, and 6% beneath the mid-point of the Firm’s 2025 value steerage.
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Improved All-In Sustaining Value (“AISC”) (-11% Y/Y): Consolidated AISC within the first quarter was $19.24 per AgEq ounce, representing an 11% enchancment from $21.53 per AgEq ounce within the first quarter of 2024, and seven% beneath the mid-point of 2025 value steerage.
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Continued success at First Mint (+$6.9 million Y/Y): First Mint, LLC, the Firm’s 100%-owned minting facility, generated quarterly gross sales of $7.9 million in comparison with $1.0 million within the first quarter of 2024.
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Accomplished Closing Springpole Stream Fee: On the finish of the quarter, the Firm paid $5 million in money to First Mining Gold Corp. (“First Mining”), representing the ultimate fee due by the Firm to First Mining in reference to the silver stream that the Firm has over First Mining’s Springpole gold challenge situated in Ontario, Canada. In consideration of accelerating the timing of this ultimate fee and making the ultimate fee in money (versus a mixture of money and shares, as initially required below the settlement governing the stream), First Mining agreed to increase the Firm’s unique warrants that had been granted to the Firm on July 20, 2020 to March 31, 2028, and to amend the train worth of the warrants to CAD$0.20.
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Bought Widespread Shares: The Firm bought and cancelled an mixture of 262,500 widespread shares at a median worth of CAD$8.20 per share by way of the amenities of the TSX pursuant to its regular course issuer bid throughout the three months ended March 31, 2025. In April, the Firm additional bought and cancelled a further 331,000 widespread shares below its regular course issuer bid at a median worth of CAD$8.00 per share.
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First Quarter Dividend: The Firm declared a money dividend of $0.0045 per widespread share for the primary quarter of 2025 for shareholders of report as of the shut of enterprise on Might 16, 2025, to be paid out on or about Might 30, 2025 (Be aware: Underneath the Firm’s dividend coverage, the quarterly dividend per widespread share is focused to equal roughly 1% of the Firm’s web quarterly revenues divided by the Firm’s then excellent widespread shares. Within the case of web revenues generated from the Cerro Los Gatos Silver Mine (the Firm holds a 70% curiosity within the Los Gatos Joint Enterprise that owns and operates the mine), 70% of the online income from such mine, being the income that’s attributable to the Firm, is used for the needs of the Firm’s quarterly dividend calculation.)
OPERATIONAL AND FINANCIAL HIGHLIGHTS
| Key Efficiency Metrics | 2025-Q1 | 2024-This autumn | Change Q1 vs This autumn | 2024-Q1 | Change Q1 vs Q1 | |||||||||||
| Operational(1) | ||||||||||||||||
| Ore Processed / Tonnes Milled | 944,373 | 745,124 | 27% | 588,651 | 60% | |||||||||||
| Silver Ounces Produced | 3,704,503 | 2,353,865 | 57% | 1,975,176 | 88% | |||||||||||
| Gold Ounces Produced | 36,469 | 39,506 | (8%) | 35,936 | 1% | |||||||||||
| Silver Equal Ounces Produced | 7,711,709 | 5,713,289 | 35% | 5,162,283 | 49% | |||||||||||
| Money Prices per Silver Equal Ounce(2) | $ | 13.68 | $ | 13.82 | (1%) | $ | 15.00 | (9%) | ||||||||
| All-in Sustaining Value per Silver Equal Ounce(2) | $ | 19.24 | $ | 20.34 | (5%) | $ | 21.53 | (11%) | ||||||||
| Complete Manufacturing Value per Tonne(2) | $ | 97.71 | $ | 96.63 | 1% | $ | 128.23 | (24%) | ||||||||
| Common Realized Silver Worth per Silver Equal Ounce(2) | $ | 32.50 | $ | 29.84 | 9% | $ | 23.72 | 37% | ||||||||
| Monetary (in $thousands and thousands) | ||||||||||||||||
| Revenues | $ | 243.9 | $ | 172.3 | 42% | $ | 106.0 | 130% | ||||||||
| Mine Working Earnings | $ | 63.8 | $ | 48.2 | 32% | ($0.3 | ) | NM | ||||||||
| Web (Loss) Earnings | $ | 6.2 | ($13.5 | ) | 146% | ($13.6 | ) | 146% | ||||||||
| Working Money Flows earlier than Non-Money Working Capital and Taxes | $ | 110.0 | $ | 62.4 | 76% | $ | 12.6 | NM | ||||||||
| Capital Expenditures | $ | 51.0 | $ | 36.1 | 41% | $ | 28.2 | 81% | ||||||||
| Money and Money Equivalents | $ | 351.3 | $ | 202.2 | 74% | $ | 102.1 | NM | ||||||||
| Restricted Money | $ | 111.3 | $ | 106.1 | 5% | $ | 127.2 | (13%) | ||||||||
| Working Capital(2) | $ | 404.8 | $ | 224.5 | 80% | $ | 159.6 | 154% | ||||||||
| Earnings earlier than Curiosity, Tax, Depreciation and Amortization (“EBITDA”)(2) | $ | 98.8 | $ | 62.0 | 59% | $ | 6.6 | NM | ||||||||
| Adjusted EBITDA(2) | $ | 109.7 | $ | 64.8 | 69% | $ | 12.0 | NM | ||||||||
| Free Money Circulate(2) | $ | 43.5 | $ | 68.4 | (36%) | $ | 0.9 | NM | ||||||||
| Shareholders | ||||||||||||||||
| (Loss) Earnings per Share (“EPS”) – Fundamental | $ | 0.01 | ($0.04 | ) | 125% | ($0.05 | ) | 120% | ||||||||
| Adjusted EPS(1) | $ | 0.05 | $ | 0.03 | 67% | ($0.06 | ) | 178% | ||||||||
| NM – Not significant (1) Operational metrics calculated within the desk above are reported on an attributable foundation to account for the 70% possession of the Cerro Los Gatos mine. (2) The Firm experiences sure non-GAAP measures which embody money prices per AgEq ounce produced, money prices per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining value per Au ounce produced, complete manufacturing value per tonne, common realized silver worth per AgEq ounce bought, common realized Au worth per ounce bought, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free money movement. These measures are broadly used within the mining business as a benchmark for efficiency, however would not have a standardized which means below the Firm’s monetary reporting framework and the strategies utilized by the Firm to calculate such measures could differ from strategies utilized by different corporations with related descriptions. See “Non- GAAP Measures” on the finish of this information launch for additional particulars of those measures. |
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FIRST QUARTER FINANCIAL RESULTS
The Firm generated report quarterly income of $243.9 million within the first quarter of 2025 with 57% derived from silver gross sales, a 130% improve in comparison with $106.0 million of income generated in the identical interval within the prior yr. This was primarily attributable to a 64% improve in payable AgEq ounces bought, pushed by the addition of the Cerro Los Gatos Silver Mine to the Firm’s portfolio of manufacturing mines in Mexico on January 16, 2025, which contributed $90.5 million in income, together with improved manufacturing at San Dimas, which contributed $60.0 million in income. Additional, the common realized silver worth elevated to $32.50 per ounce, representing a 37% improve in comparison with the primary quarter of 2024.
On the finish of the quarter, the Firm reported the best money and restricted money steadiness in its historical past of $462.6 million consisting of $351.3 million in money and money equivalents and $111.3 million in restricted money. This represents a rise of fifty% in comparison with $308.3 million on the finish of the fourth quarter of 2024 consisting of $202.2 million in money and money equivalents and $106.1 million in restricted money. Moreover, working capital reached a report excessive of $404.8 million, representing an 80% improve in comparison with $224.5 million within the fourth quarter of 2024.
Mine working earnings for the quarter elevated considerably to a report $63.8 million in comparison with a lack of $0.3 million within the first quarter of 2024. The rise in mine working earnings was primarily attributed to the addition of the Cerro Los Gatos Silver Mine, which has contributed $27.6 million in mine working earnings for the reason that Firm acquired the mine on January 16, 2025. Moreover, the sturdy efficiency at San Dimas and Santa Elena elevated mine working earnings by a further $14.7 million and $13.9 million, respectively, in comparison with the primary quarter of 2024.
Working money movement earlier than adjustments in working capital and taxes within the quarter was a report $110.0 million, representing a major improve in comparison with $12.6 million within the first quarter of 2024. This was primarily pushed by a $64.1 million improve in mine working earnings in comparison with the primary quarter of 2024, ensuing from the addition of the Cerro Los Gatos Silver Mine in addition to sturdy performances at San Dimas and Santa Elena.
EBITDA for the quarter was a report $98.8 million, representing a major improve in comparison with $6.6 million within the first quarter of 2024. The rise in EBITDA was primarily attributable to a rise in mine working earnings.
Adjusted EBITDA normalized for non-cash or non-recurring gadgets similar to share-based funds, unrealized losses on marketable securities and acquisition prices for the quarter ended March 31, 2025 was $109.7 million, representing a major improve in comparison with $12.0 million within the first quarter of 2024.
The Firm reported web earnings for the quarter of $6.2 million (EPS of $0.01) in comparison with a web lack of $13.6 million (EPS of ($0.05)) within the first quarter of 2024. The rise in web earnings was primarily attributed to the upper mine working earnings in comparison with the primary quarter of 2024. This was partially offset by a non-cash depletion expense of $62.4 million (EPS of (0.16)), in comparison with $25.8 million (EPS of (0.09)) within the first quarter of 2024, a non-cash deferred earnings tax expense of $7.7 million (EPS of ($0.02)), in comparison with a non-cash deferred earnings tax restoration of $10.8 million (EPS $0.04) within the first quarter of 2024, in addition to $5.6 million (EPS of (0.01)) in acquisition prices incurred because of the Firm’s acquisition of Gatos Silver, Inc. On January 16, 2025.
Adjusted web earnings normalized for non-cash or non-recurring gadgets similar to share-based funds, unrealized losses on marketable securities, acquisition prices and deferred earnings tax for the quarter ended March 31, 2025 was $20.9 million (adjusted EPS of $0.05), representing a 213% improve in comparison with adjusted web lack of $18.4 million (adjusted EPS of ($0.06)) within the first quarter of 2024.
The Firm’s complete capital expenditures within the first quarter had been $51.0 million, representing an 81% improve in comparison with $28.2 million within the first quarter of 2024, as capital expenditures at Cerro Los Gatos had been included for the primary time. Complete capital expenditures primarily consisted of $23.1 million for underground improvement (2024 – $13.3 million), $15.5 million in exploration (2024 – $9.9 million), and $8.2 million in property, plant and gear (“PP&E”) (2024 – $5.0 million).
FIRST QUARTER OPERATIONAL RESULTS
The desk beneath represents the quarterly working and value efficiency outcomes at every of the Firm’s 4 producing mines throughout the quarter.
| First Quarter Manufacturing Abstract | Cerro Los Gatos(1) | Santa Elena | San Dimas | La Encantada | Consolidated |
| Ore Processed / Tonnes Milled | 193,825 | 270,203 | 231,190 | 249,155 | 944,373 |
| Silver Ounces Produced | 1,444,719 | 339,784 | 1,359,378 | 560,622 | 3,704,503 |
| Gold Ounces Produced | 794 | 21,408 | 14,241 | 26 | 36,469 |
| Silver Equal Ounces Produced(2) | 2,252,258(3) | 2,259,772 | 2,636,689 | 562,990 | 7,711,709 |
| Money Prices per Silver Equal Ounce | $10.82 | $12.92 | $13.82 | $26.03 | $13.68 |
| AISC per Silver Equal Ounce | $13.07 | $15.46 | $17.57 | $31.68 | $19.24 |
| Complete Manufacturing Value per Tonne | $84.46 | $94.28 | $156.10 | $57.56 | $97.71 |
| (1) Cerro Los Gatos manufacturing was from January 16, 2025 to March 31, 2025 (74 days). All manufacturing and non-GAAP outcomes proven within the desk above are reported on an attributable foundation to account for the Firm’s 70% possession of the Cerro Los Gatos mine by way of its three way partnership possession of the mine. (2) The metallic costs that had been used to calculate the silver equal ounces had been, silver: $31.91/oz, gold: $2,862/oz, lead: $0.89/lb., zinc: $1.29/lb. (3) Attributable silver equal ounces for Cerro Los Gatos consists of 12,492,869 lbs. zinc and seven,487,065 lbs. lead (70%). |
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The Firm produced 7.7 million attributable AgEq ounces in Q1 2025 representing a 49% improve when in comparison with 5.2 million AgEq ounces produced in Q1 2024.
Moreover, the Firm reported report quarterly silver manufacturing of three.7 million silver ounces representing an 88% improve when in comparison with 2.0 million silver ounces produced in Q1 2024. Complete silver manufacturing within the quarter included 1.4 million ounces of attributable silver manufacturing from Cerro Los Gatos in addition to a notable 17% (0.2 million ounce) improve at San Dimas primarily as a consequence of operational enhancements.
Consolidated money value per AgEq ounce for the quarter was $13.68, representing a 9% enchancment in comparison with $15.00 per ounce in Q1 2024, and 6% beneath the mid-point of the Firm’s 2025 value steerage. The lower in money prices was primarily as a consequence of a rise in attributable manufacturing of two.5 million AgEq ounces throughout the quarter following the acquisition of Cerro Los Gatos on January 16, 2025 together with an 11% improve in AgEq manufacturing at San Dimas because of operational efficiencies and a rise in mine and plant throughput charges.
Total, value effectivity initiatives, together with the weakening Mexico peso relative to the US greenback, which averaged 20% decrease in comparison with the primary quarter of 2024, contributed to additional reductions in working and administrative prices per AgEq ounce in comparison with the primary quarter of 2024.
Consolidated AISC per AgEq ounce within the first quarter was $19.24, representing an 11% enchancment in comparison with $21.53 per AgEq ounce in Q1 2024, and seven% beneath the mid-point of 2025 value steerage. The decreased AISC was primarily attributable to decrease money prices, together with a 51% lower in sustaining improvement prices per AgEq ounce in comparison with the primary quarter of 2024. This was partially offset by a 24% improve in sustaining PP&E funding in comparison with the primary quarter of 2024.
Q1 2025 DIVIDEND ANNOUNCEMENT
The Firm is happy to announce that its Board of Administrators has declared a money dividend within the quantity of $0.0045 per widespread share for the primary quarter of 2025. The dividend will likely be paid to holders of report of First Majestic’s widespread shares as of the shut of enterprise on Might 16, 2025, and will likely be paid out on or about Might 30, 2025.
Underneath the Firm’s dividend coverage, the quarterly dividend per widespread share is focused to equal roughly 1% of the Firm’s web quarterly revenues divided by the Firm’s then excellent widespread shares. Be aware: Within the case of web revenues generated from the Cerro Los Gatos Silver Mine (the Firm holds a 70% curiosity within the Los Gatos Joint Enterprise that owns and operates the mine), 70% of the online income from such mine, being the income that’s attributable to the Firm, is used for the needs of the Firm’s quarterly dividend calculation.
The quantity and distribution dates of future dividends stay on the discretion of the Board of Administrators. This dividend qualifies as an “eligible dividend” for Canadian earnings tax functions. Dividends paid to shareholders outdoors Canada (non-resident buyers) could also be topic to Canadian non-resident withholding taxes.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining firm centered on silver and gold manufacturing in Mexico and the USA. The Firm presently owns and operates 4 producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Firm holds a 70% curiosity within the Los Gatos Joint Enterprise that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, in addition to a portfolio of improvement and exploration property, together with the Jerritt Canyon Gold challenge situated in northeastern Nevada, U.S.A.
First Majestic is proud to personal and function its personal minting facility, First Mint, LLC, and to supply a portion of its silver manufacturing on the market to the general public. Bars, ingots, cash and medallions can be found for buy on-line at www.firstmint.com, at among the lowest premiums accessible.
“signed”
Keith Neumeyer, President & CEO
Non-GAAP Monetary Measures
This information launch consists of reference to sure monetary measures which aren’t standardized measures below the Firm’s monetary reporting framework. These measures embody money prices per silver equal ounce produced, all-in sustaining value (or “AISC”) per silver equal ounce produced, money prices per gold ounce produced, AISC per gold ounce produced, complete manufacturing value per tonne, common realized silver worth per ounce bought, common realized gold worth per ounce bought, working capital, adjusted web earnings and EPS, EBITDA, adjusted EBITDA, and free money movement. The Firm believes that these measures, along with measures decided in accordance with IFRS, present buyers with an improved potential to guage the underlying efficiency of the Firm. These measures are broadly used within the mining business as a benchmark for efficiency however would not have any standardized which means prescribed below IFRS, and subsequently they is probably not similar to related measures disclosed by different corporations. The information is meant to supply extra info and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. For an entire description of how the Firm calculates such measures and a reconciliation of sure measures to GAAP phrases please see “Non-GAAP Measures” within the Firm’s most up-to-date administration dialogue and evaluation filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
Cautionary Be aware Relating to Ahead Wanting Statements
This information launch accommodates “forward-looking info” and “forward-looking statements” below relevant Canadian and U.S. securities legal guidelines (collectively, “forward-looking statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which are primarily based on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in gentle of administration’s expertise and notion of historic tendencies, present circumstances and anticipated future developments. Ahead-looking statements on this information launch embody, however will not be restricted to, statements with respect to: the timing for the Firm’s dividend fee for the primary quarter of 2025 and the shareholder report and payable dates in reference to such dividend fee; and anticipated future outcomes. Assumptions could show to be incorrect and precise outcomes could differ materially from these anticipated. As such, buyers are cautioned to not place undue reliance upon forward-looking statements as there will be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. All statements apart from statements of historic truth could also be forward-looking statements. Statements regarding confirmed and possible mineral reserves and mineral useful resource estimates might also be deemed to represent forward- wanting statements to the extent that they contain estimates of the mineralization that will likely be encountered as and if the property is developed, and within the case of measured and indicated mineral assets or confirmed and possible mineral reserves, such statements replicate the conclusion primarily based on sure assumptions that the mineral deposit will be economically exploited. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims or future occasions or efficiency (usually, however not at all times, utilizing phrases or phrases similar to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate”, “could”, “will”, “challenge”, “predict”, “forecast”, “potential”, “goal”, “intend”, “may”, “may”, “ought to”, “imagine” and related expressions) will not be statements of historic truth and could also be “forward-looking statements”.
Precise outcomes could differ from forward-looking statements. Ahead-looking statements are topic to recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes to materially differ from these expressed or implied by such forward-looking statements, together with however not restricted to: the length and results of the coronavirus and COVID-19, and some other pandemics on our operations and workforce, and the consequences on world economies and society; basic financial circumstances together with inflation dangers; precise outcomes of exploration actions; conclusions of financial evaluations; adjustments in challenge parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, gear or processes relative to specs and expectations; accidents; labour relations; relations with native communities; adjustments in nationwide or native governments; adjustments in relevant laws or software thereof; delays in acquiring approvals or financing or within the completion of improvement or development actions; change charge fluctuations; necessities for added capital; authorities regulation; environmental dangers; reclamation bills; outcomes of pending litigation; limitations on insurance coverage protection in addition to these elements mentioned within the part entitled “Description of the Enterprise – Threat Elements” within the Firm’s most up-to-date Annual Info Type for the yr ended December 31, 2024 filed with the Canadian securities regulatory authorities below the Firm’s SEDAR+ profile at www.sedarplus.ca, and within the Firm’s Annual Report on Type 40-F for the yr ended December 31, 2024 filed with the USA Securities and Trade Fee on EDGAR at www.sec.gov/edgar. Though First Majestic has tried to establish essential elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed.
The Firm believes that the expectations mirrored in these forward-looking statements are affordable, however no assurance will be on condition that these expectations will show to be right and such forward-looking statements included herein shouldn’t be unduly relied upon. These statements converse solely as of the date hereof. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.
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1 The Firm experiences sure non-GAAP measures which embody EBITDA. These measures are broadly used within the mining business as a benchmark for efficiency, however would not have a standardized which means below the Firm’s monetary reporting framework and the strategies utilized by the Firm to calculate such measures could differ from strategies utilized by different corporations with related descriptions. See “Non- GAAP Measures” on the finish of this information launch for additional particulars of those measures.
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