First Majestic Silver Corp. (NYSE:AG) reported on Thursday that 2025 was a "transformational" year for the company, highlighted by record-breaking silver output and the successful multi-billion dollar integration of Gatos Silver.
For the fourth quarter ended December 31, 2025, the company produced 7.8 million silver equivalent (AgEq) ounces, bringing its full-year total to 31.1 million AgEq ounces.
The year was defined by a massive 84% surge in consolidated silver production, which reached a record 15.4 million ounces.
This growth was largely fueled by the $1.31 billion acquisition of Gatos Silver, completed in early 2025, which added the high-grade Los Gatos mine to the company's Mexican portfolio.
Improved operational performance at the San Dimas and La Encantada mines also contributed to the record-setting pace.
Beyond production, the company reported significant breakthroughs at its Santa Elena mine.
Extensive drilling in 2025, totaling over 57,000 meters in the fourth quarter alone, led to the discovery of the Santo Niño and Navidad veins.
Preliminary mine planning is already underway for these sites.
Scoping studies suggest that both discoveries are highly compatible with existing infrastructure, with metallurgical tests showing gold and silver recovery rates exceeding 95%.
To accommodate this new mineralization, First Majestic has initiated a plant expansion project to increase throughput at Santa Elena to 3,500 tonnes per day by late 2026.
Bolstered by its record performance and a strong cash position of $569 million, First Majestic also announced it is doubling its quarterly dividend policy to 2% of net quarterly revenues starting in 2026.