First Majestic Silver posted record Q2 2025 results with silver equivalent production up 48% year-on-year to 7.9Moz, including 3.7Moz of silver. Revenue nearly doubled to $264.2M, supported by higher sales volumes and stronger silver prices.

The company reported mine operating earnings of $49.4M, EBITDA of $119.9M, and net income of $56.6M (EPS $0.11) versus a $48.3M loss a year earlier. Adjusted net income was $18.4M. Operating cash flow rose to $114.9M, while free cash flow hit a record $77.9M despite a $30.6M tax payment.

First Majestic ended the quarter with a record cash position of $510.1M and liquidity of $583.8M. Cash costs were $15.08/AgEq oz and AISC declined 3% y/y to $21.02/AgEq oz.

The company also highlighted growing sales from its First Mint unit, share repurchases, and an ESG rating upgrade. A Q2 dividend of $0.0048 per share will be paid on or about September 15, 2025.