Sponsored by ESGold Corp

First Majestic Smashes Records

First Majestic Silver (TSX: AG) (NYSE: AG) capped 2025 with record Q4 earnings and a step-change in balance sheet strength, converting higher production and pricing into outsized cash generation.

Quarterly revenue hit a record $463.9 million, up from $172.3 million in Q4 2024, with 60% derived from silver sales. By asset, Los Gatos contributed $187.4 million of the quarterly revenue, San Dimas yielded $105.2 million, and Santa Elena with $116.8 million.

The topline jump also led to posting record mine operating earnings of $237.8 million, up from $48.2 million in Q4 2024.

You can read more on the matter here.

What’s going on?

• Trump DOJ Defends Biden EPA Pebble Veto (theDeepDive)

• Trump Mulls a North American Trade Pact Without Canada (NYT)

• US Awards $2.7B to Rebuild Domestic Uranium Enrichment (theDeepDive)

• Trump says he will decide in next 10 days if US will strike Iran (FT)

• BREAKING NEWS: Prince Andrew Arrested For Misconduct In Public Office On His Birthday (theDeepDive)

• America Imported a Record Amount Last Year Despite Seismic Trade Policy Changes (WSJ)

• Third Conservative MP Crosses Floor to Join Carney’s Liberals (theDeepDive)

• Trump’s Tariffs Send US Trade Deficit With China to 21-Year Low (Bloomberg)

• Canada-Mexico Prepares Trade MOU Ahead Of CUSMA Review (theDeepDive)

What’s the latest?

• Trade Deficit: Canada’s merchandise trade deficit narrowed to $1.3 billion in December from a revised $2.6 billion in November. Exports rose 2.6% to $65.6 billion, driven by an 18% surge in metal and non-metallic mineral products, while imports increased 0.6% to $66.9 billion, led by a 5.1% gain in motor vehicles and parts. Excluding the metals category, exports slipped 0.2%. In volume terms, both exports and imports grew 1.4%.

• Economy: Canada’s inflation rate edged down to 2.3% in January, below the 2.4% forecast, as gas prices fell 16.7% year over year and shelter inflation slowed to 1.7%, its first sub-2% reading in nearly five years. Food inflation remained elevated at 7.3%, driven partly by a 12.3% jump in restaurant prices due to base effects from last year’s tax holiday. Grocery prices rose 4.8%, easing slightly from December, while fresh fruit prices declined 3.1% month over month. The data provide the Bank of Canada an early read ahead of its March 18 rate decision.

• Markets: Canada’s TSX rose 112 points to 33,501.85, supported by energy shares as oil climbed to US$66.43 (+US$1.38). U.S. markets were mixed, with the Dow down 165 points, the S&P 500 slipping 9.69, and the Nasdaq edging up 8.92. The Canadian dollar was little changed at 73.08 cents US. Gold futures gained US$12.10 to US$5,021.60.

• Tech: West Virginia’s attorney general filed a consumer protection lawsuit accusing Apple of failing to curb storage and sharing of CSAM on iOS and iCloud. The case revives debate over Apple’s abandoned 2021 CSAM detection system, contrasting it with industry tools like Microsoft’s PhotoDNA. Critics cite prior watchdog reports and survivor lawsuits, while Apple highlights parental controls and Communication Safety features. The state seeks damages and court-ordered implementation of effective CSAM detection.

• Politics: Trump said he will decide within 10 days whether to launch military strikes on Iran, citing difficulty in securing a “meaningful deal.” Oil markets reacted, with WTI crude rising 2.42% to $66.77 and Brent gaining 2.22% to $71.91 intraday. WTI is up 6% this week and 16% year-to-date, reflecting rising geopolitical risk premiums.

Back to the Cariboo: Gold Rush History Meets Modern Discovery

The stock market and stuff

• Kinross Gold Triples Net Earnings In Q4 2025 As Prices Surge (theDeepDive)

• Equinox Gold Posts Record Production In Q4 2025, Launches First Dividend (theDeepDive)

• Figma shares climb on earnings beat, but analysts note that AI risk remains (CNBC)

• Alamos Gold Posts Record Revenue In Q4 2025 Despite Output, Costs Miss (theDeepDive)

• Ontario Accelerates Kinross’ Great Bear, First Gold Target In 2029 (theDeepDive)

In the juniors

• Scorpio Gold Drills 49.62 Metres Grading 3.14 g/t Gold, from 59.95 Metres Extending Mineralization Along Zanzibar Trend at the Manhattan District, Nevada (JMN)

• Norsemont Mining Drilling Program Update at Choquelimpie (JMN)

• Great Pacific Gold: High-Grade Vein Discovery Expands Southern Corridor at Wild Dog Project (JMN)

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