Briefing
This is First Majestic Silver Corp.'s unaudited condensed interim consolidated financial report for the three months ended March 31, 2025. It provides detailed financial statements, including earnings, cash flows, and financial position, as well as notes on operations, acquisitions, and other relevant financial activities. Key points: The report is unaudited and prepared in accordance with International Accounting Standard 34; First Majestic Silver Corp. reported net earnings of $6.24 million for Q1 2025, compared to a net loss of $13.56 million in Q1 2024; Revenues for Q1 2025 were $243.94 million, significantly higher than $106.01 million in Q1 2024; Cash and cash equivalents increased to $351.31 million as of March 31, 2025, up from $202.18 million at December 31, 2024; Total assets as of March 31, 2025, were $4.03 billion, with total liabilities of $1.20 billion and total equity of $2.83 billion; The company completed the acquisition of Gatos Silver Inc. during the quarter; Mine operating earnings for Q1 2025 were $63.81 million, compared to a loss in the prior year period; The financial statements include details on operating costs, mine holding costs, and acquisition costs. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.
Source Notes
The condensed interim consolidated financial statements of First Majestic Silver Corp. (the “Company”) are the responsibility of the Company’s management. The condensed...
Management’s Responsibilities over Financial Reporting · source
Net earnings (loss) for the period $6,240 ($13,563)
Condensed Interim Consolidated Statements of Earnings (Loss), Page 1 · source
Revenues 6 $243,942 $106,014
Condensed Interim Consolidated Statements of Earnings (Loss), Page 1 · source
Cash and cash equivalents, end of period $351,313 $102,069
Condensed Interim Consolidated Statements of Cash Flows, Page 3 · source
Extracted Document Text
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# 1st Quarter Report Source: https://www.firstmajestic.com/_resources/financials/FSMDA-Q1-2025.pdf?v=050509 Published: 2025-05-07T00:00:00+00:00 Fetched: 2026-05-05T09:30:28.667+00:00 Source artifact: 499e9b30-33b8-4cad-b3d0-a2f3e3da859e Normalizer input: text ## Content # 1st Quarter Report CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 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 May 7, 2025 May 7, 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 .................................................................................................................................... 15 Note 6. Revenues ........................................................................................................................................................... 18 Note 7. Cost of Sales ...................................................................................................................................................... 19 Note 8. General and Administrative Expenses .............................................................................................................. 19 Note 9. Mine Holding Costs ........................................................................................................................................... 20 Note 10. Investment and Other Income (Loss) .............................................................................................................. 20 Note 11. Finance Costs ................................................................................................................................................... 20 Note 12. Earnings or Loss per Share .............................................................................................................................. 21 Statements of Financial Position Note 13. Inventories....................................................................................................................................................... 22 Note 14. Other Financial Assets ..................................................................................................................................... 22 Note 15. Mining Interests .............................................................................................................................................. 23 Note 16. Property, Plant and Equipment ....................................................................................................................... 27 Note 17. Right-of-Use Assets ......................................................................................................................................... 29 Note 18. Restricted Cash ................................................................................................................................................ 30 Note 19. Trade and Other Payables ............................................................................................................................... 30 Note 20. Debt Facilities .................................................................................................................................................. 31 Note 21. Lease Liabilities................................................................................................................................................ 33 Note 22. Share Capital ................................................................................................................................................... 35 Other items Note 23. Non-Controlling Interests ................................................................................................................................ 41 Note 24. Financial Instruments and Related Risk Management ................................................................................... 42 Note 25. Supplemental Cash Flow Information ............................................................................................................. 46 Note 26. Contingencies and Other Matters ................................................................................................................... 47 Note 27. Subsequent Events .......................................................................................................................................... 51 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 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 March 31, Note 2025 2024 Revenues 6 $243,942 $106,014 Mine operating costs Cost of sales 7 117,717 80,489 Depletion, depreciation and amortization 62,420 25,846 180,137 106,335 Mine operating earnings (loss) 63,805 (321) General and administrative expenses 8 12,718 9,240 Share-based payments 5,502 4,542 Mine holding costs 9 4,969 6,297 Acquisition Costs 4 5,584 — Foreign exchange gain (476) (1,157) Operating earnings (loss) 35,508 (19,243) Investment and other income (loss) 10 505 (358) Finance costs 11 (6,963) (7,084) Earnings (loss) before income taxes 29,050 (26,685) Income taxes Current income tax expense (recovery) 15,087 (2,346) Deferred income tax expense (recovery) 7,723 (10,776) 22,810 (13,122) Net earnings (loss) for the period $6,240 ($13,563) Net earnings (loss) attributable to: Owners of the Company $2,263 ($13,563) Non-controlling interest 23 $3,977 $— Earnings (loss) per common share attributable to owners of the Company Basic 12 $0.01 ($0.05) Diluted 12 $0.01 ($0.05) Weighted average shares outstanding Basic 12 453,063,479 287,210,710 Diluted 12 456,411,599 287,210,710 Approved and authorized by the Board of Directors for issuance on May 7, 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 First Quarter Report Page 1 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 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. Note Three Months Ended March 31, 2025 2024 Net earnings (loss) for the period $6,240 ($13,563) Other comprehensive income (loss) Items that will not be subsequently reclassified to net loss: Unrealized gain (loss) on fair value of investments in marketable securities, net of tax 14(b) 14,271 (6,800) Realized gain (loss) on investments in marketable securities, net of tax 14(b) 6 (325) Other comprehensive income (loss) 14,277 (7,125) Total comprehensive income (loss) 20,517 (20,688) Comprehensive income (loss) attributable to: Owners of the Company $16,540 ($20,688) Non-controlling interests $3,977 $— The accompanying notes are an integral part of the condensed interim consolidated financial statements First Majestic Silver Corp. 2025 First Quarter Report Page 2 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 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 March 31, Note 2025 2024 Operating Activities Net earnings (loss) for the period $6,240 ($13,563) Adjustments for: Depletion, depreciation and amortization 62,774 26,214 Share-based payments 4,514 3,901 Income tax expense (recovery) 22,810 (13,122) Finance costs 11 6,963 7,084 Unrealized loss from marketable securities and silver futures derivatives 3,161 1,114 Other 3,570 985 Operating cash flows before non-cash working capital and taxes 110,032 12,613 Net change in non-cash working capital items 25 (26,500) 3,393 Income taxes paid (28,040) (3,572) Cash generated in operating activities 55,492 12,434 Investing Activities Expenditures on mining interests (45,840) (21,976) Acquisition of property, plant and equipment (10,515) (8,550) Deposits paid for acquisition of non-current assets (101) (466) Gatos Silver Inc. cash acquired, net of acquisition costs 4 159,560 — Acquisition of Springpole Silver Stream 15(f) (5,000) — Other 25 (2,105) 2,840 Cash provided by (used in) investing activities 95,999 (28,152) Financing Activities Proceeds from exercise of stock options 8,338 — Repayment of lease liabilities 21 (4,568) (3,895) Fina [Excerpt trimmed for readability. 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