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- **Record Q3 Performance**: 3.9M oz silver produced, $128M EBITDA, and 22% YoY cash flow growth.
- **Tax Issue Clarification**: 13-year tax dispute deemed non-material, with active resolution efforts involving multiple governments.
- **Operational Excellence**: Mine expansions, cost reductions, and $140M in strategic metal inventory.
- **Share Buybacks**: Active repurchases in Q3, with plans to continue.

**【CEO Opening Remarks】**
- CEO addresses a 13-year tax dispute with Mexico, emphasizing it's non-material to operations and ongoing resolution efforts involve multiple governments and legal teams.
- Highlights company focus on mining efficiency, cost reduction, and investor wealth creation, rejecting analyst focus on tax issues.

**【Operational Highlights】**
- Q3 2025: Record silver production (3.9M oz), revenue, and EBITDA ($128M), with cash flow up 22% YoY to $98M.
- Operational improvements: Los Gatos mine throughput expansion to 4,000 tpd, Santa Elena cost reductions, and sub-level caving implementation at La Encantada.
- Inventory monetization: $50M in unprocessed metals held for strategic timing, with $140M in marketable securities.

**【Q&A Highlights】**
- Share buybacks: Company executed purchases in Q3, with plans to continue based on market conditions.
- Jerritt Canyon update: Management expects to release a go-forward plan by end-2025, with resource estimate updates for Navidad in Q1 2026.

First Majestic Silver (AG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AG

AG fundamentals

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