First Majestic Silver Corp. AG gained a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine with the acquisition of Gatos Silver in January 2025. This transaction strengthened the company’s position as an intermediate primary silver producer.
In fourth-quarter 2025, Los Gatos silver mine (on a 70% attributable basis) increased its total production to 2.1 million silver-equivalent (AgEq) ounces. The figure comprises a record 1.5 million silver ounces and 894 gold ounces. It also produced 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. Production at the mine increased on a sequential basis, supported by higher mobile equipment availability, which led to normalized mining rates.
First Majestic remains focused on increasing mining rates at Los Gatos and achieving increased mill throughput. By selecting a new contractor, the company plans to increase development rates and has a target to sustainably increase ore throughput to 4,000 tpd in the second half of the year.
AG is benefiting from the rise in silver prices over the past year due to strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has gained from resilient industrial demand and mounting supply deficits. Demand for electronics, electrification and solar energy now accounts for more than half of global silver demand.