Earnings call transcript: First Majestic Silver’s Q2 2025 revenue hits record

First Majestic Silver Corp reported a record revenue of $268 million for Q2 2025, marking a 94% increase year-over-year. The company’s earnings per share (EPS) fell slightly short of expectations, with pre-market trading showing a decline of 2.35% in stock price. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.19, indicating robust liquidity. Despite the dip, First Majestic remains optimistic, projecting potential revenue of $1 billion for 2025, supported by analysts’ expectations of 74% revenue growth this year.

Key Takeaways

• Record quarterly revenue of $268 million, up 94% year-over-year.
• Silver production increased by 76% to 3.7 million ounces.
• Pre-market stock price declined by 2.35% following earnings release.
• Strong cash position of $510 million, with strategic investments planned for 2026.

Company Performance

First Majestic Silver’s performance in Q2 2025 was marked by significant growth in revenue and production. The company achieved a record revenue of $268 million, driven by increased silver production and successful exploration efforts. Silver production rose to 3.7 million ounces, a 76% increase from the previous year, while silver equivalent production reached 7.9 million ounces, up 48% year-over-year. InvestingPro analysis shows the company’s impressive 33.6% revenue growth over the last twelve months, with a healthy gross profit margin of 42.13%. The company continues to leverage its strong cash position to fund exploration and potential investments, operating with a moderate debt level of just 5% of total capital.

Financial Highlights

• Revenue: $268 million, up 94% year-over-year.
• EBITDA: $120 million, a new record for the company.
• Cash flows: Approximately $115 million.
• Cash position: $510 million, the strongest in its peer group.

Earnings vs. Forecast

First Majestic’s EPS forecast was set at 0.0375, but the actual results did not meet this expectation. The revenue forecast was $272.07 million, slightly higher than the actual revenue of $268 million. The minor shortfall in revenue and EPS may have contributed to the negative market reaction.

Market Reaction

Following the earnings announcement, First Majestic’s stock price fell by 2.35% in pre-market trading, with shares priced at $8.73. The stock had previously closed at $8.94, and this decline reflects investor concerns over the slight miss in revenue and EPS forecasts. Despite today’s dip, InvestingPro data reveals the stock has delivered an impressive 67.37% return over the past year and is trading near its 52-week high of $9.48. Get access to 12 additional ProTips and comprehensive valuation metrics with an InvestingPro subscription, including exclusive insights from our detailed Pro Research Report covering First Majestic Silver.

Outlook & Guidance

First Majestic remains optimistic about its future prospects, aiming to achieve $1 billion in revenue for 2025. The company has set a production guidance of 31,000 to 32,000 silver equivalent ounces for the year. Analyst consensus from InvestingPro indicates strong growth potential, with price targets ranging from $7.50 to $12.75, and expectations of profitability this year. Strategic investments are planned for 2026, focusing on the development of the Navidad and Santo Nino projects. The company also aims to increase First Mint production to 10% of its total production.

Executive Commentary

CEO Keith Neumeyer highlighted the company’s strong financial position, stating, "Having $510,000,000 in the bank is not a too bad place to be for a company like ours." Neumeyer also expressed confidence in the company’s expansion plans, emphasizing the potential for increased production at Santa Elena. COO Steve Holmes noted the successful integration of Cerro Los Gatos and the positive synergies being realized.

Risks and Challenges

• Volatile silver and gold market conditions could affect future revenue.
• Integration of new operations, such as Cerro Los Gatos, presents operational challenges.
• Potential supply chain disruptions and increased operational costs.
• Macro-economic pressures and changing regulatory environments.

Q&A

During the earnings call, analysts inquired about the integration synergies of Cerro Los Gatos, exploration cost optimization, and the development of new ore bodies. Executives provided insights into the company’s strategic focus on reducing operational expenses and maintaining robust financial health.

Full transcript - First Majestic Silver (AG) Q2 2025:

Conference Operator: Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver twenty twenty five Q2 Financial Results Conference Call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

If you are participating through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on screen. I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of Bruce Majestic Silver. Keith, please go ahead.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Thank you for that, and welcome, everyone. Glad you were able to join us this morning early. Thank you for joining us today to discuss our second quarter financial results and updated 2025 guidance. Our second quarter results news release, MD and A and financial statements were released earlier this morning and are posted on our website. Joining me in Vancouver for our call today are David Suarez, our Chief Financial Officer Steve Holmes, our Chief Operating Officer Sameer Patel, our General Counsel and Corporate Secretary Mani Alkopadji, VP, Corporate Development and Investor Relations.

We also have Del Rey and Joel Feltzinski from our Investor Relations team. We will be prepared to remark or take questions after our presentation. Before we start, I’ll ask Samir to read out the forward looking statement disclaimer. Mr. Samir?

Thanks, Keith.

Samir Patel, General Counsel and Corporate Secretary, First Majestic Silver: Before we begin today’s call, I would like to remind you that we will be referring to certain non IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward looking statements in accordance with applicable Canadian and U. S. Securities laws. All statements that are not historical facts, such as statements regarding future estimates and plans or expectations of future performance, constitute forward looking statements that reflect the company’s current views with respect to future events. These statements are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

We encourage you to refer to the cautionary language included in our news release that was disseminated earlier this morning and the disclosure on non IFRS measures in our most recently filed management’s discussion and analysis as well as the risk factors set out in our most recently filed annual information form. As a reminder, these documents along with all of our continuous disclosure documents are available on SEDAR plus and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward looking statements made during today’s call, and the company does not intend or assume any obligation to update these forward looking statements or information other than as required by law. With that, I will turn the call back to Keith.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Thanks, Amir. I appreciate that. And before I get into the presentation, I just wanted to make a couple of quick notes. Obviously, a volatile day in the stock market. Silver and gold prices are having a down day today, which is unfortunate, but nevertheless, we’ve seen this constantly and it’s just the volatility in the market.

But also our stock is somewhat affected today by our news, such positive news. And I’ve been on record using the word record 27 times. And maybe today, I’ll be breaking that record. We’ll see. But there was some news that came out earlier, and I’m just looking at headlines.

One headline said we missed our revenue by 30%. Well, the writer of that headline or that article actually didn’t realize that we reported in Canadian dollars or U. S. Dollars, pardon me, and they’re using Canadian dollars. So I don’t know how that happened, but nevertheless.

So that headline is complete nonsense. Also we saw Reuters announcement or headline that came out this morning that said we had a loss and actually we have a gain. So again, we’re contacting these news sources and are trying to correct them. So it’s just part of the business unfortunately we have to deal with. And I would suggest people just look at our news release, that’s what the facts are.

Super record quarter, best quarter ever in the company’s history. Strong safety performance, which we’re very proud of. Silver production 3,700,000 ounces, up 76% year over year. And we do have a presentation on screen. I don’t know if there’s a number of people that are hopefully watching it.

I know some of you are dialing in and don’t have access to the screen, but we do have a PowerPoint that we do have available that we are going through to follow my presentation. So we have silver equivalent production of 7,900,000 ounces, 48% year over year. Record quarterly revenue, $268,000,000, up 94% year over year. Now that’s not too bad. We have a we’re in line with having $1,000,000,000 in revenue for 2025.

It’s a pretty exciting place to be. Record EBITDA of $120,000,000 cash flows of about 115,000,000 Record cash position and me as a CEO, I love looking at this number. I see it every Friday and $510,000,000 in the bank is not a too bad place to be for a company like ours. And that’s growing. It should get better.

It should continue to grow. Strong balance sheet, as I said, we do have the convertible, of course, but some people look at that as debt. But quite honestly, I look at that as equity. We’re paying dividends, all of you know, 1% of revenue. So as our revenue increases, our dividends also increase as a result of increased revenues.

Record spending on exploration, 255,000 meters are expected to be drilled this year. We have 28 rigs currently active. That includes Jera Canyon. We just had our team down at Jarett Canyon watching the drilling going on there, and it’s looking quite exciting. There’s a second rig arriving, I think, next week.

So that’s part of that 255,000 meters of drilling. That’s a lot of drilling. The exploration success in Abidade, Santo Nino at Santa Elena, they’re just it’s amazing those two ore bodies. And we’re just internally, we’re just putting together a bunch of work on the best way to get into those ore bodies, best way to develop them, the quickest timelines, getting that ore into the mill and the timelines around all of that. So we’ll put that information out when we’re ready to do that.

First Minute is doing very well. Very excited about that project and that’s making money, which is good. And you’ll see on this slide, we remain really the purest silver company in the business. And you look at the numbers, we’re at 55% silver. Air Cloud catching up a little bit.

They had a good quarter, 44% silver, 30 after silver max with core, 34% and Pan American’s falling a little bit behind, but has increased a little bit as a result of the Mag transaction 24%. Out of the group, this is the group that we measure ourselves against, and it’s important to us to remain 50% silver or higher, and we’ve achieved that over the last couple of quarters. So moving along into our cost structures and our production. You see we had a great first half of the year. We’re on track to hit our guidance between 31,000,032 million silver equivalent ounces for the year.

We’re seeing Gatos continually deliver, which is great to see. It’s been a great contributor to our portfolio.

Conference Operator: Is coming along nicely, which is good to see after some challenges. The last couple of quarters has been quite good.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: For San San Dimas, costs have creeped up a little bit, as you can see on the slide. We’re looking to see that hopefully come down over the next couple of quarters. But there is inflation in the system. And Q2, as most of you probably know who are listening, It tends to be a fairly big cash out drop. That’s when you got union bonuses that’s when you’ve got cash tax payments as well.

So there is tends to be heavy spend in Q2 just in the Mexican mining sector. That’s just kind of normal. So that should revert over the next couple of quarters. We’ll see as things evolve. We’ll just move along here.

Our guidance, well, this is information already that’s gone out of the market, but you can see our guidance on costs. We’re within guidance, as you can tell. And we’re quite within production guidance as well. So everything is working as scheduled and on time and as expected. So when it comes to capital, we had a pretty aggressive first half getting these exploration programs going and getting the development done.

We did front end the budget slightly. And that was just to get things really kicked off. We as a result of strong production in revenues and profits in Q4 and Q1, We did expand some of our projects and we did come out with a revised guidance earlier in July as most of you probably have seen. And that has translated into higher underground development costs, higher exploration costs. But this is all growth capital.

It’s all very nice to see, and it will have big impacts on the business over the next couple of years. So it’s great to be in a position, a strong position to be able to increase our budgets and spend this money where this money should be spent to grow the business over time. And we’re happy to be able to do that. And on our cash flows, you can see by this slide very, very strong cash flows, record cash flows that I used the word record again. Are you counting how many times I use the word record again?

I got to use it more. But record cash flows, we’re very excited about that. And I go back to the treasury game. The treasury is growing, and that’s what I look like or what I look at as being a successful business. You don’t have to be going to the public markets to raise capital.

You’re actually generating cash and that’s a pretty good place to be. Talking about some of the things that we’re doing on the CapEx side. I did I should go back and just address a couple of CapEx issues. We are looking at getting the Santa Elena up to 3,500 tonnes a day. That’s in process.

We are working on getting Navidad and Santo Nino developed, which I kind of touched on, but we’re getting pretty advanced on that. And I would look for news on both of those projects. We have there’s some pretty exciting things going on there. And Gallatos getting it up to a consistent 4,000 tonnes per day. We’re there, but consistently keeping it at those levels is one of our major goals.

However, actually changing the haulage at La Catata. We’ve bought our own fleet and we’re doing we’re going to be doing self haulage. So we’re going to see we’re hoping to see a little bump up in CapEx because we have to buy the fleet, but it will be a lower OpEx over the next couple of quarters as we start to do our own haulage there. So going back to the cash flow slide, going back and forth here a little bit, but you can see for yourself strong cash flows. Okay.

We’re going to go to our waterfall EBITDA slide. And this just gives you an idea of what our budget is compared to what actually occurred. Obviously, the depletion and amortization is a big number. I should probably pass this comment because we do get questions on this. I think I should probably divert this to David.

Why don’t

David Suarez, Chief Financial Officer, First Majestic Silver: you just Yes. Cover you, Keith. Hello, everyone. Just on Slide seven here, we’ve got the waterfall that shows the difference between net earnings or what makes up the difference between net earnings and EBITDA. You can see there a large portion of that difference is really just depletion, depreciation and amortization.

And about $44,000,000 or so, 44,600,000.0 relates to Cerro Los Gatos and really the PPA, the purchase price allocation bump that was done when we had to allocate the $1,000,000,000 that we paid for the asset to the asset. It went from a book value of a few $100,000,000 to $1,000,000,000 Obviously, that brings up the value and the depreciation as well. So we also had a strong production quarter, which across most of our sites, and that also contributed a little bit here as well. So really that noncash item making up the big difference between net earnings and EBITDA. We had some financing costs, most of which were related to non cash accretion, but we also had some interest and standby costs, which were about $3,000,000 And then we also had an income tax recovery impacting here as well, mainly related to changes in the FX rate on our tax pools in Mexico.

Anytime there’s big changes from quarter to quarter in the Mexican peso versus the U. S. Dollar, we get these fairly large adjustments on the tax side. So ending EBITDA for the quarter was $119,900,000

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Great. David, thanks. You could have explained that way better than I I’m glad you took that off.

David Suarez, Chief Financial Officer, First Majestic Silver: Thanks, Keith. Okay.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: So going to the next slide, Slide eight. Just some notable comments on the quarter. I already covered some of this stuff already during my previous verbiage, but the bonuses, of course, is always June and tax installments, of course, tend to be large at this time of year. We did have disruptions. There were some weather events in June and water had to use extra diesel.

That’s Sandemas and so on. And there was also integration costs at Los Gatos, which were one kind of onetime off cost. But you can see those details in the MD and A. They’re all there laid out. So if you want to see further details on the impacts, please have a look.

And then you see the details on the tax payments and the dividend payments and so on, on this slide. We did get upgraded by ISS, our ESG scores, which is pretty impressive. This is a big initiative that the company launched a couple of years ago and our score just continually improves every year. I know many investors don’t really pay a lot of attention to this kind of stuff, but we do have a group of investors and shareholders and institutions that really do care about these types of initiatives. And we do continually to try to improve that side of our business, which is something we take quite seriously and we’re quite proud of it.

So jumping to the next slide, Slide nine, the Gatos integration. It’s been extremely smooth. It’s got to be one of our smoothest integrations in the twenty three history twenty three year history of the company. I guess that’s probably to do with the fact that it’s a new mine. It wasn’t one of the old ancient mines we bought in the past.

We’ve had to go in and basically rebuild and take time and money to do that. But in this case, there’s no capital required. We’re actually even able to reduce the exploration programs a little bit just because they already have a ten year life of mine. So you don’t need to spend that type of capital. As long as we replace reserves at our resources that we’re mining on an annual basis, that’s really the job of the exploration team.

And they do that successfully, and we expect that they’ll continue to do that going forward. The areas like safety, security, environment, health, legal, everything is aligning. We’re actually just implemented SAP. We’ve been using SAP within First Majestic for, well, she said almost five years, I think. And getting that implemented at Gatul takes some time and that was just launched last week.

So it’s really nice to see that. That’s really going to give us an extra layer of controls over that operation and brings it into the whole supply chain and maintenance and so on, matching all the guidelines and policies and procedures within those Majestic. So we’re happy to see that. Am I missing any? Randy, you’re missing any?

That’s pretty much it. Okay. Let’s move along here. So our financial strength, it’s hard to avoid talking about having $510,000,000 in the bank. That’s not a bad place to be.

That continually grows or hopefully it will continually grow. There’s no plans on spending that money anytime soon. We’re going to continue with our current budget. Our current our budget was released in July of For the balance of the year, there will be no changes to our guidance or our budget on our spend. We are looking at some interesting investments in 2026, but we’ll discuss that at a later date when we get closer to January when we put our guidance out for 2026.

So I think that’s it for my presentation. This is the first time ever, and just so the listeners know that we’ve actually done a PowerPoint presentation. Usually, we do these formal type discussions, but we try to formalize it, and that’s why we decided to create some slides, which we’ve shown you today. So let’s open up the call for questions.

Conference Operator: Thank you, Keith. We’ll now proceed to the question and answer session. If you’re participating today through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on screen. Our first question is from Wayne Lam with TD Securities. Please go ahead.

Wayne Lam, Analyst, TD Securities: Hey, thanks guys. Good morning, everyone. I guess first question, really nice to see the smooth integration of Gatos and really the operational improvements being made across the entire portfolio. Just wondering if you’d maybe help walk through some of the synergies that you’ve kind of outlined with the integration. And then can you provide maybe a bit more detail on the improvements needed to sustain the 4,000 tonnes per day there and what the timeline would be to achieving that?

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Sure. Well, thanks, Wayne, for dialing in and listening today and appreciate your question. So I’m going to pass your question on to our Chief Operating Officer, Steve Holmes.

Steve Holmes, Chief Operating Officer, First Majestic Silver: Right. So yes, thanks for the question. And Cerro Los Gatos, we have a situation where the plant capacity is a bit higher than the mine and that’s been that way for quite a few years. So what we’re doing is we’re accelerating the mining rates and the ramp development downward in Cerro Los Gatos to basically provide a more continuous supply of ore matched with the plant’s capacity and that’ll take some time. But we put a plan together to execute on that.

And so far we’ve been pretty successful in doing that. So it’s really about making sure the mine can support the capacity of the plant. And it’s a matter of accelerating development, particularly in the ramp systems in the Northwest Zone, Central Zone and even in the Southeast Deep Zone, which is developing now, which is a big part of the future of the ramp.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Wayne, does that answer your question?

Wayne Lam, Analyst, TD Securities: Yes, I was also wondering, so that ties in with the synergies portion?

Steve Holmes, Chief Operating Officer, First Majestic Silver: Right. So on the synergies, we’ve identified many synergies, some of which come from Gatos with two First Majestic and many of which come from First Majestic to Cerro Del Gatos. Some examples, Wayne, would be for example, we’ve instituted as part of First Majestic’s operating practices, a really strong reconciliation process within Cerro del Scatos that allows us to really measure what we actually achieve versus our plan. And we’ve seen some really significant opportunities to improve over break and reduce dilution in the deposit. So we’re working on that.

On the other side, noted that Cerro Los Gatos has a robust business improvement process that’s based on lean principles that, some of which we were applying within First Majestic, but they also have some really good processes that we are applying now through the First Majestic operation. So these synergies are two way streets. We’re drawing on the best that we can see in Gatos and we’re providing the best processes and technology that come from First Majestic into Gatos. So those are just two examples.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: You mentioned the new contracts that we’re renegotiating on the exploration.

Steve Holmes, Chief Operating Officer, First Majestic Silver: Yes. So, Manny has brought up a point. We have a lot of different synergies. One of them, for example, is there were three different exploration contractors doing exploration work at Cerro Los Gatos. We have a major contractor that does most of our work in Mexico that we’re quite comfortable with that gives us very good rates on exploration work.

And we’ve integrated that contractor now into Cerro Los Gatos and saw significant savings in exploration work that was being done. So that’s one example. Another one is we’ve looked at all the major consumable contracts like bulk oils and things of this nature. And we’ve been able to utilize some of our major suppliers to integrate into Cerro Los to give Cerro Los Gatos just lower costs overall. Bulk oils is a good example.

Some of the ground control supply was another good example as well.

Wayne Lam, Analyst, TD Securities: Okay, great. Yes, it sounds like quite a few opportunities there. Maybe at Santa Elena, you guys are also starting to delineate quite a few new discoveries. Just wondering if you could provide a bit more detail on the sequencing advancement of some of those new veins. Maybe some color on when Hermetano gets mined out?

When does Santo Nino come in? Sounds like that’s pretty advanced. And then does Navidad give you that bigger step change in tonnage? And how far out would that be?

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Wayne, some of that information is not yet public. And we’ve put out news around Navidad and then Santo Nino in winter. These are three major discoveries. And I’ve mentioned to people that our geological team is suggesting that these discoveries are larger than Hermetano. Time will tell.

Our maiden discovery or maiden resource was released in our AIF earlier in the year, and it was 30,000,000 ounces at Navidad, which included I think it did include winter as well, which is Navidad.

Steve Holmes, Chief Operating Officer, First Majestic Silver: It did include

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: a portion of winter. Yes, a winter portion and then Navidad. But the drilling is continuing. And then we discovered Santo Nino, which we haven’t the resource around yet. Our whole focus is how quickly can we get these ore bodies into the mill.

We’re doing a bunch of engineering work. Steve is spending a ton of time right now with the team to try to figure out the best way to get into this and how to develop it, where to build the at is, where to build the tunnels. Once we have all that done, which hopefully will be by end of the year, maybe Q1, we will put out some guidance on that. So we’ll answer be able to answer your question at that time.

Wayne Lam, Analyst, TD Securities: Okay, perfect. Yes, sounds like a lot to come and excited to hear about those new opportunities. Thanks for taking my questions.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Okay. Thanks, Wayne.

Conference Operator: Meanwhile, I’ll pass the floor over to Mr. Daryl Ray, Investor Relations at First Majestic Silver to take us through questions submitted from the webcast.

Daryl Ray, Investor Relations, First Majestic Silver: Hi. So, okay. Yes, we’ll take a couple from the webcast. Galen, this one is likely directed towards David. David, what is your total first Majestic, what is your total debt outstanding?

What was paid in the last quarter and interest? And what are you expecting to pay in 2025 or 2026?

David Suarez, Chief Financial Officer, First Majestic Silver: Yes. Just to answer that question, it was paid in the last quarter. It’s about $3,000,000 It’s included in the financing bucket of the EBIT to EBITDA slide. It’s part of that 7,000,000 or so. We’re not looking at changing our or increasing our debt levels at First Majestic, even though we’re there, our balance sheet is very strong.

And if we had a use for that debt or a project, then we can look at it. But as Keith said, right now, our cash balance remains super strong and it’s increasing. And we’ve got internal projects lining up for which we’ll probably disclose once they’re further develop the ideas around those are further developed in early twenty twenty six. So for now, we’ve got our converts outstanding. We’re happy with that level of debt.

And at the right time, we’ll see what we do with that.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: And just a comment about debt. I know the analysts out there look at convertibles as debt, but I don’t. I look at convertibles as equity. They’re convertible into equity. Therefore, I call it equity.

But that $230,000,000 is based on the majority of the company’s debt, which

David Suarez, Chief Financial Officer, First Majestic Silver: is convertible. Super low carrying costs on those. And also, if we were to think about renewing that or what other options we have, the rates right now are super attractive as well.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Yes. And the rate on that $230,000,000 for those who aren’t aware is 0.375%, the lowest coupon done in the history of mining companies. There’s not one lower. Anything else? Okay.

Yes.

Daryl Ray, Investor Relations, First Majestic Silver: And another question probably for you Keith. Is First Mint up to full capacity? And if not, when is this likely to happen?

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: No, it’s not. And full capacity is measured by basically man hours and shifts. The equipment could produce more than it’s currently producing, but it’s limited by five man hours. So we could put a second shift on and double current capacity, if need be. The budget is to do 100,000 ounces a month.

They’re slightly behind that. The budget is not the budget, but the goal is to get up to 10% of the company’s production through the mint. We’re currently just shy of 6%. So it’s not too bad after one year of production. This is a start up business.

It’s brand There’s competition out there that we’re dealing with. And but it’s a profit center. We’re making money and we’re trying to grow it. And as I said, we’re trying to get it up to 10% of the production of the global production of the company.

Daryl Ray, Investor Relations, First Majestic Silver: Okay. That’s great. Galeen, any more on your end?

Conference Operator: We have no further analysts in the queue.

Daryl Ray, Investor Relations, First Majestic Silver: Okay. And that’s the final question from the webcast.

Conference Operator: All right. Then I’d like to hand the call back over to Keith for any closing remarks.

Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver: Well, thanks, everyone, for joining in today, and I’m sure there’ll be many people that will be listening to this online after the live presentation. I would ask that you do look at the news release, read through it. If you have further questions, please contact the company. To infofirstmincestive dot com or just dial us in and ask for either Dale or Daryl or Joel. They’ll be happy to answer any of your further questions.

Thanks again, and have a great day.

Conference Operator: This brings today’s conference call to a close. Thank you. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

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