Briefing
This is First Majestic Silver Corp.'s unaudited condensed interim consolidated financial report for the three and six months ended June 30, 2025 and 2024. The report includes financial statements, management's responsibilities, and notes on operations, finance, production, and other relevant company activities. Key points: The report is unaudited and prepared in accordance with International Accounting Standard 34; First Majestic Silver Corp. reported net earnings for the three and six months ended June 30, 2025, compared to net losses in the same periods of 2024; Revenues, mine operating costs, and mine operating earnings are detailed for both periods; The financial position as of June 30, 2025, shows significant increases in assets, liabilities, and equity compared to December 31, 2024; Cash and cash equivalents increased substantially during the period; The company completed the acquisition of Gatos Silver Inc. during the reporting period; Statements include details on revenues, costs, cash flows, and changes in equity; There are notes on debt facilities, lease liabilities, and other financial instruments. 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 $56,579 ($48,251) $62,819 ($61,814)
Condensed Interim Consolidated Statements of Earnings (Loss), Page 1 · source
Cash and cash equivalents, end of period $384,753 $152,173 $384,753 $152,173
Condensed Interim Consolidated Statements of Cash Flows, Page 3 · source
Gatos Silver Inc. cash acquired, net of cash consideration paid 4 — — 159,560 —
Condensed Interim Consolidated Statements of Cash Flows, Page 3 · source
Extracted Document Text
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# 2nd Quarter Report Source: https://www.firstmajestic.com/_resources/financials/FSMDA-Q2-2025.pdf?v=050509 Published: 2025-08-13T00:00:00+00:00 Fetched: 2026-05-05T09:30:21.107+00:00 Source artifact: a78347d5-2d44-4f3b-8a6a-8466c09c4969 Normalizer input: text ## Content # 2nd Quarter Report CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 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 August 13, 2025 August 13, 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 SIX MONTHS ENDED JUNE 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 June 30, Six Months Ended June 30, Note 2025 2024 2025 2024 Revenues 6 $264,229 $136,166 $508,171 $242,180 Mine operating costs Cost of sales 7 141,139 89,096 258,856 169,585 Depletion, depreciation and amortization 73,739 31,608 136,159 57,454 214,878 120,704 395,015 227,039 Mine operating earnings 49,351 15,462 113,156 15,141 General and administrative expenses 8 12,510 9,506 25,228 18,746 Share-based payments 3,804 3,418 9,306 7,960 Mine holding costs 9 5,323 5,723 10,292 12,020 Acquisition Costs 4 — — 5,584 — Foreign exchange (gain) loss (11,768) 11,133 (12,244) 9,976 Operating earnings (loss) 39,482 (14,318) 74,990 (33,561) Investment and other income 10 6,334 3,916 6,839 3,558 Finance costs 11 (7,798) (7,335) (14,761) (14,419) Earnings (loss) before income taxes 38,018 (17,737) 67,068 (44,422) Income taxes Current income tax expense 21,087 7,879 36,174 5,533 Deferred income tax (recovery) expense (39,648) 22,635 (31,925) 11,859 (18,561) 30,514 4,249 17,392 Net earnings (loss) for the period $56,579 ($48,251) $62,819 ($61,814) Net earnings (loss) attributable to: Owners of the Company $52,548 ($48,251) $54,812 ($61,814) Non-controlling interest 23 $4,031 $— $8,007 $— Earnings (loss) per common share attributable to owners of the Company Basic 12 $0.11 ($0.17) $0.12 ($0.21) Diluted 12 $0.11 ($0.17) $0.12 ($0.21) Weighted average shares outstanding Basic 12 485,086,253 292,027,581 469,163,327 289,619,145 Diluted 12 488,580,386 292,027,581 472,629,976 289,619,145 Approved and authorized by the Board of Directors for issuance on August 13, 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 Second Quarter Report Page 1 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND SIX MONTHS ENDED JUNE 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. Note Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net earnings (loss) for the period $56,579 ($48,251) $62,819 ($61,814) 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) 15,879 9,287 30,150 2,487 Realized loss on investments in marketable securities, net of tax 14(b) (1,888) (244) (1,882) (569) Other comprehensive income 13,991 9,043 28,268 1,918 Total comprehensive income (loss) $70,570 ($39,208) $91,087 ($59,896) Comprehensive income (loss) attributable to: Owners of the Company $66,539 ($39,208) $83,080 ($59,896) Non-controlling interests $4,031 $— $8,007 $— The accompanying notes are an integral part of the condensed interim consolidated financial statements First Majestic Silver Corp. 2025 Second Quarter Report Page 2 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX MONTHS ENDED JUNE 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 June 30, Six Months Ended June 30, Note 2025 2024 2025 2024 Operating Activities Net earnings (loss) for the period $56,579 ($48,251) $62,819 ($61,814) Adjustments for: Depletion, depreciation and amortization 74,058 31,979 136,832 58,193 Share-based payments 3,000 3,162 7,514 7,063 Income tax (recovery) expense (18,561) 30,514 4,249 17,392 Finance costs 11 7,798 7,335 14,761 14,419 Unrealized (gain) loss from marketable securities and silver futures derivatives (2,717) (1,463) 444 (349) Other (5,236) 494 (1,666) 1,479 Operating cash flows before non-cash working capital and taxes 114,921 2 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]