International News
First Majestic Produces 7.7 Million AgEq oz in Q1 2025
First Majestic is pleased to announce that total production in the first quarter of 2025 from the Company’s four producing underground mines in Mexico reached 7.7 million AgEq ounces, consisting of 3.7 million silver ounces, 36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.
Q1 2025 PRODUCTION HIGHLIGH
- Record Silver Production (+88% Y/Y): The Company produced 3.7 million silver ounces in Q1 2025 representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
- Strong Silver Equivalent Production (+49% Y/Y): The Company produced 7.7 million AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024 driven by an 88% increase in attributable consolidated silver production and a 1% increase in gold production. The significant increase resulted from the inclusion of attributable production from Cerro Los Gatos, as well as an 11% increase in production at San Dimas.
- Continued Active Exploration Program: During the first quarter, the Company completed a total of 61,219 metres of drilling across its mines in Mexico. Throughout the quarter, up to 28 drill rigs were active consisting of seven rigs at Cerro Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas, and one rig at La Encantada.
- Conversion to LNG at San Dimas: The replacement of the diesel generators used for on-site back-up power at San Dimas with LNG units is near completion, with four 1 megawatt LNG generators on site that will commence operating in Q2 2025. We expect this shift to LNG to generate substantial cost-savings and will result in a reduction in carbon emissions of up to 25%, when back-up power is required.
- Record Safety Performance Continues (-65% Y/Y): The consolidated Q1 2025 Total Reportable Incident Frequency Rate was 0.17, well below the Company’s 2025 target KPI of 0.70 and a 65% improvement compared to Q1 2024. The Lost Time Incident Frequency Rate was 0.06 compared to 0.08 from the same period last year. The Cerro Los Gatos operation finished Q1 without a reportable incident, a significant milestone in the operation’s history.
International News
Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC
The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.
The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.
The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.
The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.
Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.
However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.
Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.
With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.
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