First Majestic Silver Corp. AG announced that its total production reached 7.7 million silver-equivalent (AgEq) ounces in the first quarter of 2025. The figure includes 3.7 million silver ounces and 36,469 gold ounces. The AgEq ounces produced marked a solid 49% year-over-year increase, attributed to an 88% surge in silver production.

In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer. Total silver production in the quarter included a contribution of 1.4 million ounces from Cerro Los Gatos.

First Majestic’s Mine Performances in Q1

In the first quarter of 2025, the San Dimas mine produced 2.6 million AgEq ounces, consisting of 1.36 million ounces of silver and 14,241 ounces of gold. Silver equivalent production increased 11% year over year, aided by a 17% increase in silver production and a 5% rise in the gold output. Increased ore tons processed, partially offset by lower metal grades, led to improved numbers in the quarter.

The Santa Elena mine produced 2.26 million AgEq ounces (flat year over year), consisting of 339,784 ounces of silver and 21,408 ounces of gold.
La Encantada produced 560,622 ounces of silver, up 23% from the first quarter of 2024. The upside was driven by 34% growth in ore processed and a 7% increase in silver recovery, somewhat offset by lower silver grades.

Cerro Los Gatos contributed 2.25 million AgEq ounces (on a 70% basis), which consisted of 1.4 million ounces of silver and 794 ounces of gold. It also contributed 12.5 million pounds of zinc and 7.5 million pounds of lead to First Majestic’s total production number.

The higher production figures, and upbeat gold and silver prices seen throughout the January- March period are expected to get reflected in AG’s upcoming results, which are set to be reported on May 7, 2025.

The Zacks Consensus Estimate for the company’s earnings for the first quarter is pegged at 13 cents, suggesting a turnaround performance from the loss of 6 cents reported in the year-ago quarter. 

AG Stock’s Price Performance

The company’s shares have declined 33.8% in the past year compared with the industry's 11% fall.

Image Source: Zacks Investment Research

First Majestic’s Zacks Rank & Stocks to Consider

AG currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are Idaho Strategic Resources IDR, Carpenter Technology Corporation CRS and DRDGOLD Limited DRD. These three companies have a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Idaho Strategic Resources has an average trailing four-quarter earnings surprise of 77.5%. The Zacks Consensus Estimate for IDR’s 2025 earnings is pegged at 78 cents per share, indicating year-over-year growth of 16.4%. Idaho Strategic’s shares soared 66% in the last year.

Carpenter Technology has an average trailing four-quarter earnings surprise of 15.7%. The Zacks Consensus Estimate for CRS 2025 earnings is pegged at $6.95 per share. Carpenter Technology shares surged 91.2% in the last year.

The Zacks Consensus Estimate for DRDGOLD’s 2025 earnings is pegged at $1.06 per share, indicating year-over-year growth of 29.8%. DRD shares jumped 57.6% in the last year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

DRDGOLD Limited (DRD) : Free Stock Analysis Report

First Majestic Silver Corp. (AG) : Free Stock Analysis Report

Idaho Strategic Resources, Inc. (IDR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research