Canada · Delayed Price · Currency is CAD First Majestic Silver Earnings Call Transcripts
Fiscal Year 2026
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The presentation highlighted a bullish outlook on silver, ongoing supply deficits, and ambitious growth plans, including increased production guidance, major exploration investments, and a unique vertically integrated mint operation. Strong liquidity and enhanced dividends support future expansion.
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Q2 2026 saw revenue up 53% year-over-year to $416 million, with EBITDA up 110% and strong cash flow. Production and exploration are on track, with major projects advancing ahead of schedule and a robust treasury of $1.25 billion.
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Q1 saw record revenue and cash flow, with both silver and gold production exceeding guidance. Margins and dividends reached all-time highs, while expansions and aggressive exploration continue to drive growth. Management transitions and the Jerritt Canyon restart are progressing smoothly.
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Strong silver and gold prices, operational expansions, and strategic asset management drive robust performance and outlook. Major investments in exploration and the Jerritt Canyon restart, along with a unique minting facility, support growth and shareholder returns.
Fiscal Year 2025
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Record revenue and cash flow were achieved in 2025, with silver production and realized prices exceeding guidance. Major asset integration, plant expansions, and increased dividends highlight strong operational and financial momentum.
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Record Q3 results with all-time highs in silver production, revenue, and EBITDA, supported by strong liquidity and successful integration of Los Gatos. Management downplays the long-standing tax dispute, focusing on operational excellence and continued growth.
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Silver and gold prices are driving strong financial and operational results, with record production and a major acquisition boosting output by 30%. The in-house mint and ongoing mill expansions support growth, while robust cash flow, cost control, and new discoveries position the business for continued success.
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Record revenue and EBITDA were achieved, driven by strong silver production and smooth integration of Cerro Los Gatos. Cash position reached $510 million, with robust exploration and development spending supporting future growth.
Fiscal Year 2024
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Record Q4 cash flow and strong 2024 production were achieved, with a robust cash position and continued growth initiatives. The Gatos acquisition expands the asset base, while 2025 guidance targets higher output and aggressive exploration. Integration and cost synergies are key near-term priorities.
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The merger creates a leading intermediate silver producer with three world-class mining districts, diversified production, and a stronger financial base. Gatos shareholders receive a premium and exposure to a multi-asset platform, while operational synergies and enhanced liquidity are expected.
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H2 2024 guidance includes increased CapEx and exploration, with strong production growth expected, especially at La Encantada and San Dimas. Strategic focus is on ramping up exploration, advancing First Mint, and addressing operational challenges at San Dimas and Jerritt Canyon.