FIRST MAJESTIC’S AVERAGE REALIZED SILVER PRICE FOR Q4 WAS 26% HIGHER THAN THE AVERAGE SILVER PRICE!!

First Majestic Silver (AG) is UP NEARLY 10% in Thursday morning trading, after delivering record-breaking Q4 and full-year 2025 results, driven by higher production, surging silver prices, & the successful Los Gatos integration.

Q4 2025 Highlights:

Silver production: 4.2M oz (+77% Y/Y) — record quarterly high.

Silver equivalent: 7.8M oz (+37% Y/Y).

Revenue: $463.9M (+169% Y/Y), with 60% from silver at avg. realized price $69.74/oz (+127% Y/Y).
The average COMEX silver price during Q4 was $55.20/oz.
This means First Majestic’s averaged REALIZED silver price was $14.54/oz (26.3%) HIGHER than the COMEX Silver Price!!  

Net earnings: $105.2M ($0.17 EPS) vs. prior loss; adjusted $144.4M ($0.30 EPS).

Record operating cash flow: $301M ($0.61/share); free cash flow $250.4M; EBITDA $338.8M. Full-


Year 2025:

Record silver: 15.4M oz (+84% Y/Y); AgEq 31.1M oz (met/exceeded guidance).

Revenue: $1.257B (+124% Y/Y). Net earnings: $211M ($0.34 EPS) vs. prior loss.

Ended with record cash treasury: $937.7M (up from $308.3M).

The company declared a Q4 dividend of $0.0083/share (record date Feb 27, 2026; payable March 16, 2026) and plans to double the payout rate to 2% of net quarterly revenues starting Q1 2026.

If First Majestic’s Average Realized Silver Price for Q4 Was $69.74/oz, imagine what Q1 2026 will look like!!

Strong balance sheet, record metrics, & shareholder returns amid high silver prices — bullish setup for #silver miners! $AG