# 3rd Quarter Report Source Brief: https://evesgoldminers.com/research/source-briefs/first-majestic-silver-2025-11-04-3rd-quarter-report-54aa2f4d Original source: https://www.firstmajestic.com/_resources/financials/FSMDA-Q3-2025.pdf?v=050509 Original published: 2025-11-04 EGM generated: 2026-09-04 Company: First Majestic Silver (AG) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # 3rd Quarter Report Source: https://www.firstmajestic.com/_resources/financials/FSMDA-Q3-2025.pdf?v=050509 Published: 2025-11-04T00:00:00+00:00 Fetched: 2026-05-05T09:30:13.142+00:00 Source artifact: 54aa2f4d-d615-4c3d-b772-8b3fa35d1e3f Normalizer input: text ## Content # 3rd Quarter Report CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED) 925 West Georgia Street, Suite 1800, Vancouver, B.C., Canada V6C 3L2 Phone: 604.688.3033 | Fax: 604.639.8873| Toll Free: 1.866.529.2807 | Email: info@firstmajestic.com www.firstmajestic.com Management’s Responsibilities over Financial Reporting The condensed interim consolidated financial statements of First Majestic Silver Corp. (the “Company”) are the responsibility of the Company’s management. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board and reflect management’s best estimates and judgment based on information currently available. Management has developed and maintains a system of internal controls to ensure that the Company’s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable. The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for approval. The condensed interim consolidated financial statements have not been audited. /s/ Keith Neumeyer /s/ David Soares Keith Neumeyer David Soares, CPA, CA President & CEO Chief Financial Officer November 4, 2025 November 4, 2025 TABLE OF CONTENTS CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Condensed Interim Consolidated Statements of Earnings (Loss) ................................................................................... 1 Condensed Interim Consolidated Statements of Comprehensive Income (Loss) ......................................................... 2 Condensed Interim Consolidated Statements of Cash Flows ......................................................................................... 3 Condensed Interim Consolidated Statements of Financial Position .............................................................................. 4 Condensed Interim Consolidated Statements of Changes in Equity .............................................................................. 5 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS General Note 1. Nature of Operations ........................................................................................................................................ 6 Note 2. Basis of Presentation ......................................................................................................................................... 6 Note 3. Material Accounting Policy Information, Estimates and Judgments ................................................................ 6 Note 4. Acquisition of Gatos Silver Inc. .......................................................................................................................... 11 Statements of Earnings (Loss) Note 5. Segmented Information .................................................................................................................................... 14 Note 6. Revenues ........................................................................................................................................................... 19 Note 7. Cost of Sales ...................................................................................................................................................... 20 Note 8. General and Administrative Expenses .............................................................................................................. 21 Note 9. Mine Holding Costs ........................................................................................................................................... 21 Note 10. Investment and Other Income (Loss) .............................................................................................................. 21 Note 11. Finance Costs ................................................................................................................................................... 22 Note 12. Earnings or Loss per Share .............................................................................................................................. 22 Statements of Financial Position Note 13. Inventories....................................................................................................................................................... 23 Note 14. Other Financial Assets ..................................................................................................................................... 23 Note 15. Mining Interests .............................................................................................................................................. 24 Note 16. Property, Plant and Equipment ....................................................................................................................... 28 Note 17. Right-of-Use Assets ......................................................................................................................................... 30 Note 18. Restricted Cash ................................................................................................................................................ 31 Note 19. Trade and Other Payables ............................................................................................................................... 31 Note 20. Debt Facilities .................................................................................................................................................. 32 Note 21. Lease Liabilities................................................................................................................................................ 34 Note 22. Share Capital ................................................................................................................................................... 36 Other items Note 23. Non-Controlling Interests ................................................................................................................................ 42 Note 24. Financial Instruments and Related Risk Management ................................................................................... 43 Note 25. Supplemental Cash Flow Information ............................................................................................................. 47 Note 26. Contingencies and Other Matters ................................................................................................................... 48 Note 27. Subsequent Events .......................................................................................................................................... 52 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 Condensed Interim Consolidated Financial Statements - Unaudited (In thousands of US dollars, except share and per share amounts) The Condensed Interim Consolidated Statements of Earnings (Loss) provide a summary of the Company’s financial f performance and net earnings or loss over the reporting periods. Three Months Ended Nine Months Ended September 30, September 30, Note 2025 2024 2025 2024 Revenues 6 $285,063 $146,087 $793,234 $388,267 Mine operating costs Cost of sales 7 131,122 85,694 389,978 255,279 Depletion, depreciation and amortization 54,860 31,871 191,019 89,325 185,982 117,565 580,997 344,604 Mine operating earnings 99,081 28,522 212,237 43,663 General and administrative expenses 8 10,645 9,440 35,873 28,186 Share-based payments 4,382 2,935 13,688 10,895 Mine holding costs 9 4,400 6,153 14,692 18,173 Restructuring costs 3,556 — 3,556 — Acquisition Costs 4 — — 5,584 — Foreign exchange (gain) loss (2,749) 5,848 (14,993) 15,824 Operating earnings (loss) 78,847 4,146 153,837 (29,415) Investment and other (loss) income 10 (5,418) 528 1,421 4,086 Finance costs 11 (7,111) (6,858) (21,872) (21,277) Earnings (loss) before income taxes 66,318 (2,184) 133,386 (46,606) Income taxes Current income tax expense 27,981 11,174 64,155 16,707 Deferred income tax (recovery) expense (4,625) 13,235 (36,550) 25,094 23,356 24,409 27,605 41,801 Net earnings (loss) for the period $42,962 ($26,593) $105,781 ($88,407) Net earnings (loss) attributable to: Owners of the Company $26,978 ($26,593) $81,790 ($88,407) Non-controlling interest 23 $15,984 $— $23,991 $— Earnings (loss) per common share attributable to owners of the Company Basic 12 $0.06 ($0.09) $0.18 ($0.30) Diluted 12 $0.06 ($0.09) $0.18 ($0.30) Weighted average shares outstanding Basic 12 488,722,642 301,000,656 475,754,745 293,440,674 Diluted 12 492,697,444 301,000,656 479,815,177 293,440,674 Approved and authorized by the Board of Directors for issuance on November 4, 2025. /s/ Keith Neumeyer /s/ Colette Rustad Keith Neumeyer, Director Colette Rustad, Director The accompanying notes are an integral part of the condensed interim consolidated financial statements First Majestic Silver Corp. 2025 Third Quarter Report Page 1 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 Condensed Interim Consolidated Financial Statements - Unaudited (In thousands of US dollars, except share and per share amounts) The Condensed Interim Consolidated Statements of Comprehensive Income (Loss) provide a summary of total comprehensive earnings or loss and summarizes items recorded in other comprehensive income that may or may not be subsequently reclassified to profit or loss depending on future events. Three Months Ended Nine Months Ended Note September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) for the period $42,962 ($26,593) $105,781 ($88,407) Other comprehensive income Items that will not be subsequently reclassified to net loss: Unrealized gain on fair value of investments in marketable securities, net of tax 14(b) 56,503 5,825 86,653 8,312 Realized gain (loss) on investments in marketable securities, net of tax 14(b) 138 (7) (1,744) (576) Other comprehensive income 56,641 5,818 84,909 7,736 Total comprehensive income (loss) $99,603 ($20,775) $190,690 ($80,671) Comprehensive income (loss) attributable to: Owners of the Company $83,619 ($20,775) $166,699 ($80,671) Non-controlling interests $15,984 $— $23,991 $— The accompanying notes are an integral part of the condensed interim consolidated financial statements First Majestic Silver Corp. 2025 Third Quarter Report Page 2 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 Condensed Interim Consolidated Financial Statements - Unaudited (In thousands of US dollars) The Condensed Interim Consolidated Statements of Cash Flows provide a summary of movements in cash and cash equivalents during the reporting periods by classifying them as operating, investing or financing activities. Three Months Ended September Nine Months Ended September 30, 30, Note 2025 2024 2025 2024 Operating Activities Net earnings (loss) for the period $42,962 ($26,593) $105,781 ($88,407) Adjustments for: Depletion, depreciation and amortization 55,195 32,251 192,027 90,444 Share-based payments 2,554 2,710 10,068 9,773 Income tax expense 23,356 24,409 27,605 41,801 Finance costs 11 7,111 6,858 21,872 21,277 Unrealized loss from marketable securities and silver futures derivatives 8,326 1,180 8,770 831 Other 1,810 (1,0 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]