First Majestic Reports Q4 2025 and Full Year 2025 Financial Results; Announces Quarterly Dividend Payment
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-Q3
Change
Q4 vs Q3
2024-Q4
Change
Q4 vs Q4
Operational
(1)
Ore Processed / Tonnes Milled
1,058,276
997,002
6%
745,124
42%
Silver Ounces Produced
4,165,334
3,863,673
8%
2,353,865
77%
Gold Ounces Produced
41,417
35,681
16%
39,506
5%
Silver Equivalent Ounces Produced
7,845,686
7,651,058
3%
5,713,289
37%
Cash Costs per Silver Equivalent Ounce
(2)
$16.66
$14.83
12%
$13.82
21%
All-in Sustaining Cost per Silver Equivalent Ounce
(2)
$23.48
$20.90
12%
$20.34
15%
Total Production Cost per Tonne
(2)
$103.07
$102.53
1%
$96.63
7%
Average Realized Silver Price per Silver Equivalent Ounce
(2)
$58.96
$39.03
51%
$30.80
91%
Financial (in $millions)
Revenues
$463.9
$285.1
63%
$172.3
169%
Mine Operating Earnings
$237.8
$99.1
140%
$48.2
NM
Net Earnings (Loss)
$105.2
$43.0
145%
($13.5)
NM
Operating Cash Flows before Non-Cash Working Capital and
Taxes
$301.0
$141.3
113%
$62.4
NM
Capital Expenditures
$53.8
$52.1
3%
$36.1
49%
Cash and Cash Equivalents
$793.4
$435.4
82%
$202.2
NM
Restricted Cash
$144.3
$133.4
8%
$106.1
36%
Working Capital
(2)
$733.6
$542.4
35%
$224.5
NM
EBITDA
(2)
$338.8
$128.3
163%
$62.0
NM
Adjusted EBITDA
(2)
$305.4
$125.3
120%
$64.8
NM
Free Cash Flow
(2)
$250.4
$98.8
153%
$68.4
NM
Shareholders
EPS - Basic & Diluted
$0.17
$0.06
183%
($0.04)
NM
Adjusted EPS
(2)
$0.30
$0.07
NM
$0.03
NM
Key Performance Metrics
2025-Q4
2025-Q3
Change
Q4 vs Q3
2024-Q4
Change
Q4 vs Q4
NM - Not meaningful
1
.
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.
2
.
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 Summary
Los Gatos (1)(4)
San Dimas
Santa Elena
La Encantada
Jerritt Canyon (3)
Consolidated
Ore Processed / Tonnes Milled
226,900
243,807
283,721
303,848
-
1,058,276
Silver Ounces Produced
1,491,235
1,315,711
358,185
1,000,203
-
4,165,334
Gold Ounces Produced
(3)
894
15,066
25,083
32
342
41,417
Silver Equivalent Ounces Produced
(3)
2,091,621
2,449,162
2,279,397
1,002,725
22,781
7,845,686
Cash Costs per Silver Equivalent Ounce
(2)
$16.12
$16.25
$15.97
$19.72
NM
$16.66
All-in Sustaining Cost per Silver
Equivalent Ounce
(2)
$18.81
$21.62
$19.44
$25.95
NM
$23.48
Total Production Cost per Tonne
(2)
$103.74
$153.97
$102.65
$62.11
N/A
$103.07
NM - Not meaningful
1
.
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.
2
.
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.
3
.
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.
4
.
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.
The table below represents the Company's consolidated 2025 annual operational and financial
highlights.
Key Performance Metrics
2025
2024
2023
Change
'25 vs '24
Operational
Ore Processed / Tonnes Milled
4,003,457
2,686,742
2,901,972
49%
Silver Ounces Produced
15,435,506
8,400,796
10,250,755
84%
Gold Ounces Produced
147,433
156,542
198,921
(6%)
Silver Equivalent ("AgEq") Ounces Produced
31,060,764
21,655,427
26,874,417
43%
Cash Costs per Silver Equivalent Ounce
(1)
$15.07
$14.80
$14.49
2%
All-in Sustaining Cost per Silver Equivalent Ounce
(1)
$21.17
$21.11
$20.16
0%
Total Production Cost per Tonne
(1)
$102.02
$111.03
$127.16
(8%)
Average Realized Silver Price per Ounce
(1)
$41.52
$28.26
$23.29
47%
Financial (in $millions)
Revenues
$1,257.2
$560.6
$573.8
124%
Mine Operating Earnings
$450.0
$91.9
$25.6
NM
Earnings before Income Taxes
$395.0
($26.5)
($195.9)
NM
Net Earnings
$211.0
($101.9)
($135.1)
NM
Operating Cash Flows before Working Capital and Taxes
$667.2
$138.6
$99.2
NM
Cash and Cash Equivalents
$793.4
$202.2
$125.6
NM
Working Capital
(1)
$733.6
$224.5
$188.9
NM
EBITDA
(1)
$686.1
$127.1
($41.8)
NM
Adjusted EBITDA
(1)
$679.1
$143.8
$144.3
NM
Free Cash Flow
(1)
$470.6
$107.1
($9.0)
NM
Shareholders
EPS - Basic & Diluted
$0.34
($0.34)
($0.48)
NM
Adjusted EPS
(1)
$0.46
($0.14)
($0.08)
NM
NM - Not meaningful
1
.
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 annual operating and cost performance results at each of the Company's
producing mines and the Jerritt Canyon Gold Project for 2025.
Annual Production Summary
Los Gatos (3)
San Dimas
Santa Elena
La Encantada
Jerritt Canyon
(2)
Consolidated
Ore Processed / Tonnes Milled
867,467
928,352
1,101,613
1,106,025
-
4,003,457
Silver Ounces Produced
5,869,370
5,385,150
1,416,862
2,764,123
-
15,435,506
Gold Ounces Produced
3,121
55,724
88,107
137
342
147,433
Silver Equivalent Ounces Produced
8,906,267
10,240,773
9,114,483
2,776,460
22,781
31,060,764
Cash Costs per Silver Equivalent Ounce
(1)
$12.91
$14.97
$14.36
$23.61
NM
$15.07
All-in Sustaining Cost per Silver Equivalent Ounce
(1)
$15.15
$19.62
$17.96
$29.26
NM
$21.17
Total Production Cost per Tonne
(1)
$94.34
$159.29
$104.73
$57.26
N/A
$102.02
NM - Not meaningful
1
.
See "Non-GAAP Financial Measures" at the end of this news release for further details of these measures.
2
.
On March 20, 2023, management made the decision to temporarily suspend all mining activities at Jerritt Canyon effective immediately. As of
April 24, 2023, all activities at the Jerritt Canyon processing plant were suspended. In-circuit recovery efforts performed during 2025
resulted in production of 342 gold ounces from Jerritt Canyon.
3
.
All production and non-GAAP results shown 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.
Q4 2025 DIVIDEND ANNOUNCEMENT
The Company is pleased to announce that its Board of Directors has declared a cash dividend in the
amount of $0.0083 per common share for the fourth quarter of 2025. The dividend will be paid to holders
of record of First Majestic's common shares as of the close of business on February 27, 2026, and will
be paid out on or about March 16, 2026.
Under the Company's dividend policy, for 2025, the quarterly dividend per common share was targeted
to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then
outstanding common shares.
Note:
In the case of net revenues generated from the Los Gatos Silver
Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the
mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company,
is used for the purposes of the Company's quarterly dividend calculation
.
In January 2026, the Company announced that it is increasing its dividend per common share from 1%
to 2% of net quarterly revenues earned, effective from January 1, 2026, onwards. The first payment at
this increased dividend level is expected to be made in June 2026 when the Company pays its dividend
for Q1 2026 in respect of revenue earned from January 1, 2026, onwards.
The amount and distribution dates of future dividends remain at the discretion of the Board of Directors.
This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to
shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident
withholding taxes.
RESIGNATION OF DIRECTOR
The Company also announces that effective February 8, 2026, Daniel Muñiz Quintanilla resigned as a
director of the Company. The Company would like to thank Mr. Muñiz Quintanilla for his support and
wishes him the best in his future endeavours.
CONFERENCE CALL DETAILS
The Company will host a conference call and webcast on
Thursday, February 19, 2026, at 8:30 a.m.
(PT) / 11:30 a.m. (ET)
to provide investors and analysts with a business update, and to discuss the
Company's fourth quarter production and financial results, and its 2026 guidance.
To participate in the conference call, please use the following dial-in numbers or the Web Phone link,
and request to join the First Majestic Silver call:
Canada & USA Toll-Free:
+1-833-752-3407
Outside of Canada & USA:
+1-647-846-2866
Web Phone:
Click Here
Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the
conference on time.
The live webcast link of the call will be accessible directly at this link,
Q4 2025 Results Conference Call
,
as well as on the First Majestic home page at
www.firstmajestic.com
through the "February 19, 2026
Webcast Link". A webcast archive will be available approximately one hour after the end of the event and
will be accessible for three months through the same link as the live event.
A recording of the conference call will be available for telephone replay approximately one hour after the
end of the event by calling:
USA & Canada Toll-Free:
+1-855-669-9658
Outside of Canada & US:
+1-412-317-0088
Access Code:
2656428
The telephone replay will be available for seven days following the end of the event.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and
the United States. The Company presently owns and operates four producing underground mines in
Mexico:
the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine
(the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine),
and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets,
including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion
of its silver production for sale to the public. Bars, ingots, coins and medallions are available for
purchase online at
www.firstmint.com
, at some of the lowest premiums available.
For further information, contact
, visit our website at
www.firstmajestic.com
or call
our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, CEO
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized
measures under the Company's financial reporting framework. These measures include cash costs per
silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced,
cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne,
average realized silver price per ounce sold, average realized gold price per ounce sold, working
capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company
believes that these measures, together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying performance of the Company. These