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First Majestic Silver (AG) investor relations material
First Majestic Silver Nordic Funds & Mines Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Market outlook and industry trends
Silver and gold prices are near record highs, with silver approaching $50 and gold at $4,000, creating a favorable environment for miners.
The silver-to-gold ratio is considered unsustainable, with silver production in deficit for five consecutive years.
Global silver mining output has been flat for a decade, and new mine development faces long lead times due to permitting and regulatory hurdles.
Electrification and nuclear energy trends are driving increased industrial demand for silver, with deficits expected to persist until prices rise further.
60% of silver produced is consumed by industry, and demand has grown substantially since 2022.
Operational performance and growth
Production reached a record high in Q3, with 32 million silver-equivalent ounces expected for the year, 55% silver and 35% gold.
The Los Gatos acquisition in January 2024 added a fourth mine, increasing output by about 30% and boosting CapEx.
Ongoing mill expansions at Santa Elena and Los Gatos aim to increase throughput, with CapEx for 2026 to be detailed in January.
Four producing mines in Mexico provide operational synergies, cost savings, and flexibility in resource allocation.
Exploration efforts are focused on replacing mined ounces, with 30 drill rigs active and several recent discoveries.
Financial highlights and strategy
Cash balance exceeded $510 million as of June 30, with Q3 results showing continued growth.
Revenues for 2025 are projected to surpass $1 billion, a significant milestone.
Dividend policy is tied to 1% of total revenues, with $10 million in dividends expected this year and potential for increases.
The company is highly liquid, with strong institutional and ETF support, and recent analyst upgrades.
Acquisition strategy remains central, with ongoing evaluation of M&A opportunities to drive future growth.
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