AG — First Majestic Silver Corp.

Summary of First Majestic Silver Q3 2025 Earnings Call

1. Key Financial Results and Metrics

• Record Silver Production: 3.9 million ounces in Q3, totaling 11.3 million ounces year-to-date.
• Record Revenue: Achieved record revenues during the quarter, with cash flow reaching $140 million.
• Cash Position: Over $560 million in cash on hand.
• Operating Cash Flow: Another record at $98 million.
• EBITDA: Reached $128 million.
• Marketable Securities: Valued at $140 million as of September 30, contributing significantly to liquidity.

2. Strategic Updates and Business Highlights

• Los Gatos Acquisition: Integration is progressing well, with plans to increase throughput to 4,000 tons per day.
• Santa Elena Exploration: Two major discoveries (Navidad and Santo Niño) expected to extend the mine's life.
• San Dimas Operations: Production and cost improvements noted, with operations now within budget.
• La Encantada Mine: Transitioning to self-haulage to reduce costs, expected to be fully operational by Q1 2026.
• Dividend Policy: Maintained, with potential for increases depending on future performance.

3. Forward Guidance and Outlook

• Production Guidance: On track to meet 2025 guidance of over 30 million silver equivalent ounces.
• Future Updates: Additional guidance on budgeting and production increases expected in January 2026.
• Exploration Plans: Updates on Jerritt Canyon and resource estimates for Navidad anticipated by early 2026.

4. Bad News, Challenges, or Points of Concern

• Tax Dispute: Ongoing tax reassessment issue with the Mexican government, persisting for 13 years. Management downplayed its material impact but acknowledged it as a point of focus for analysts.
• Market Perception: Criticism of analysts' focus on the tax issue rather than strong operational performance, indicating potential miscommunication or misunderstanding in the market.

5. Notable Q&A Insights

• Share Buyback: Management confirmed recent share buybacks, indicating confidence in the company's valuation.
• Tax Issue Clarification: Management refrained from discussing the tax dispute in detail during the call, emphasizing their focus on operational performance instead.

Overall, First Majestic Silver reported a strong quarter with record production and financial metrics while managing ongoing challenges related to a long-standing tax dispute. The company remains optimistic about future growth and operational improvements.