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First Majestic Sets Free Cash Flow Record

First Majestic Silver (TSX: AG) (NYSE: AG) has released their third quarter financial results, which saw multiple new records set as the price of silver continues to climb. The quarter was headlined by record quarterly revenue of $285.1 million, of which 56% was attributed to silver sales, which was up 95% year over year from $146.1 million in Q3 2024.

That revenue figure follows the production of 7.65 million silver equivalent ounces in the third quarter, which was up 39% on a year over year basis. Broken out, silver production improved 96% year over year from 2.0 million ounces to a record 3.9 million ounces, while gold production amounted to 35,681 ounces. The average realized price of silver meanwhile improved 31% to $39.03 an ounce.

Mine operating earnings improved substantially on a year over year basis, climbing from $28.5 million to $99.1 million year over year. Net earnings in the third quarter meanwhile improved from a loss of $26.6 million, or $0.09 per share in Q3 2024, to net earnings of $43.0 million, or $0.06 per share in Q3 2025.

You can read more on the matter here.

What’s going on?

• Federal Cuts About To Get Underway, Ottawa Targets 40,000 Roles (theDeepDive)

• Canadian dollar hits nearly seven-month low on post-Fed momentum (Globe)

• OpenAI Deleting Evidence Case Widens After Court Orders Slack Retrieval (theDeepDive)

• Nancy Pelosi to retire from politics (FT)

• Tory MP Joins Liberals, Giving Carney Two Seats Away From Majority (theDeepDive)

• AI can be both a bubble and a breakthrough (Reuters)

• Ottawa To Scrap Oil And Gas Cap, Rewrite EV Mandate (theDeepDive)

• Senate Republicans Say No to Trump After Year of Saying Yes (WSJ)

• Breaking Down Budget 2025: Deficits, Borrowings, Investments (theDeepDive)

• Federal budget 2025: Foreigners living in Canada will get permanent residence priority, Immigration Minister says (Globe)

What’s the latest?

• Ontario Deficit: Ontario’s fall economic update projects a $13.5 billion deficit for 2025–26, down from $14.6 billion in the spring, driven by $3.2 billion higher revenue ($223.1 billion total). Real GDP growth is forecast to slow from 1.4% in 2024 to 0.8% in 2025, with unemployment rising to 7.8%. Housing starts dropped to 64,300 from 71,800 projected earlier. The province expects to balance its budget by 2027–28 with a $200 million surplus, while total debt rises to $501 billion.

• Markets: U.S. stocks fell Thursday morning, with the S&P 500 down 0.4%, the Dow Jones slipping 185 points, and the Nasdaq dropping 0.7%. DoorDash plunged 14% after warning of higher 2025 spending, while Datadog jumped 22.4% and Rockwell Automation rose 5.7% after strong earnings. Missing government data due to the record-long shutdown has left the Fed uncertain amid weakening employment and rising inflation. Markets now see a 69% chance of a December rate cut, down from 90%, as 10-year Treasury yields fell to 4.09%.

• Tech: Beijing-based Moonshot, backed by Alibaba, launched its new AI model “Kimi K2 Thinking,” claiming superior “agentic” abilities over OpenAI’s ChatGPT. The model reportedly cost $4.6 million to train and can autonomously use 200–300 tools to complete tasks. This follows Chinese firms like DeepSeek, which developed its V3 model for $5.6 million — far cheaper than OpenAI’s multi-billion-dollar models. The move highlights China’s growing competitiveness in generative AI despite U.S. chip restrictions.

• Politics: Nancy Pelosi, 85, announced she will not seek reelection in 2026, ending nearly 40 years in Congress. The first female U.S. House Speaker, she led Democrats through major legislation including the Affordable Care Act and two Trump impeachments. Under her leadership, Democrats controlled the House from 2007–2011 and 2019–2023. Reactions ranged from praise by Gov. Gavin Newsom to criticism from Donald Trump, who called her retirement “a great thing for America.”

• Tariffs: Trump warned the U.S. could become “defenceless” if the Supreme Court strikes down his global tariffs, which raised average tariffs to 17.9% — the highest since 1934. Justices appeared skeptical, but experts say Trump still has multiple legal tools to reimpose tariffs, including Sections 301, 232, and 122 of past trade laws. Section 301 allows unlimited tariffs after investigations; Section 232 permits “national security” tariffs; and Section 122 allows 15% tariffs for 150 days. Trump could even invoke the 1930 Tariff Act’s Section 338 to impose 50% duties without investigation.

Copper’s Perfect Storm Has Been Building for a Decade

The stock market and stuff

• SSR Mining Tightens To Lower-Half Guidance As Costs Rise In Q3 2025 (theDeepDive)

• Kinross Gold Sees Earnings Jump 65% In Q3 2025 Despite Output Drop, Higher Costs (theDeepDive)

• MEG shareholders vote in favour of Cenovus takeover offer (Globe)

• IAMGOLD Q3 2025: Revenue Jumps 61%, Earnings Fall On Impairment (theDeepDive)

• Cameco Narrows Sales Guidance On Breakeven Q3 2025 (theDeepDive)

In the juniors

• Sitka Drills 1.01 g/t Gold Over 107.9 Metres In Latest RC Gold Assays (theDeepDive)

• Solaris Resources Outlines US$4.6 Billion NPV For Warintza Copper Project (theDeepDive)

• Electra Battery Materials Restarts Construction At Cobalt Refinery (theDeepDive)

• Heliostar Reports US$1.0 Billion NPV For Ana Paula Underground At $3,800 Gold (theDeepDive)

FULL DISCLOSURE: Northern Superior is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Northern Superior. The author has been compensated to cover Northern Superior 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.