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First Majestic Hits Record Silver Output

First Majestic Silver (TSX: AG) (NYSE: AG) recorded their highest quarter ever of silver production in Q3 2025, while silver equivalent production totaled out to 7.7 million ounces. The quarter continued to see production results bolstered by the addition of the Los Gatos Silver Mine to their portfolio earlier this year, while the rising price of silver skewed equivalent production figures, reducing equivalent ounce production results by approximately 400,000 ounces.

Using 2025 guidance metal prices, third quarter silver equivalent production would have totaled 8.1 million ounces. Year over year, reported silver equivalent production of 7.7 million ounces improved by 39% from 5.5 million equivalent ounces, which was driven by a 96% increase in attributable consolidated silver production. That growth was driven by the addition of Los Gatos, as well as a 27% production boost from San Dimas.

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What’s going on?

• Italy Advances Plans to Reverse Nuclear Energy Ban After Four Decades (theDeepDive)

• Israel and Hamas sign first phase of Gaza ceasefire plan (Globe)

• Ontario Skills Fund Favored Lobbyist Clients, Auditor Finds (theDeepDive)

• China unveils sweeping rare-earth export controls to protect ‘national security’ (FT)

• Ford Urges Carney To Hit Back US On Trump Tariffs (theDeepDive)

• Canadian Oil Enters Fourth Quarter at Strongest Level Since July (Bloomberg)

• Carney Announces $2B Auto Industry Protection Plan (theDeepDive)

• Republicans Caution White House on Inflicting Shutdown Pain (WSJ)

• Ford Faces Supply Disruption After New York Aluminum Plant Fire (theDeepDive)

• OpenAI’s Sora hit 1 million downloads in less than five days (CNBC)

What’s the latest?

• Trade Data: Statistics Canada warned it may delay September trade data if the ongoing 2025 United States federal government shutdown continues. Over 70% of Canada’s exports rely on U.S. import data, crucial for trade reports. The last similar delay occurred during the 35-day 2018 U.S. shutdown. The next trade release is scheduled for Nov. 4, with GDP reports expected to proceed on time.

• Franco-Nevada: Franco-Nevada plans to expand in Australia, hiring staff in Western Australia to partner with junior gold mine developers. Gold prices recently surpassed US$4,000 an ounce, up 54% year-to-date. CEO Paul Brink credited Donald Trump’s policies for driving the rally. Gold is now Australia’s second most valuable resource export.

• EVs: Ferrari unveiled its first fully electric vehicle powertrain and chassis while raising 2025 revenue guidance to €7.1 B (US$8.2 B). Shares plunged 15% on Milan and New York exchanges — its worst day since 2016 — after analysts expected stronger long-term growth. The new five-year plan targets 40% ICE, 40% hybrid, and 20% EV models by 2030, down from its earlier 40% EV target. Projected 2030 revenues are €9 B with EBITDA of €3.6 B and 40% margins.

• China: China imposed new export curbs on rare earths and related technologies ahead of a meeting between Donald Trump and Xi Jinping. Foreign companies must now secure special approval to export items containing rare earths from China. China controls ~70% of global rare earth mining and ~90% of processing. The move heightens trade tensions, prompting the U.S. to accelerate $520M in rare earth investments, including projects with Lynas Rare Earths and MP Materials.

• Politics: Donald Trump said his administration will use the ongoing U.S. government shutdown to cut programs popular with Democrats. He claimed this is an “opportunity” to reduce “Democrat Agencies.” Trump blamed Democrats for the shutdown and framed the cuts as political payback. He did not specify which programs would be affected.

Silver’s Finally Breaking the System

The stock market and stuff

• Torex Gold Posts Q3 Production Of 119,034 Ounces Gold Equivalent (theDeepDive)

• Cocoa Prices Plunge After Record Highs, But Volatility Expected to Continue (theDeepDive)

• Gold falls below $4,000/oz; silver surpasses $50 for first time (Reuters)

• Lundin Gold Sees Q3 Production Slip To 122,086 Ounces (theDeepDive)

In the juniors

• US Steel Sues Canadian Steelmaker Over Broken Contract (theDeepDive)

• Metallis Resources Reports Strong Progress From Mid-Season Drilling at Greyhound, Idaho (JMN)

• Scottie Resources Hits 8.37 g/t Gold Over 8.45 Metres At Blueberry Zone, Completes Bulk Sample (theDeepDive)

FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PTX Metals. The author has been compensated to cover PTX Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.