First Majestic Reports High-Grade Drill Results and Expands Exploration Footprint at San Dimas

First Majestic Silver Corp. (AG) announced 2026 drill results from its San Dimas operation on September 9, 2026. The company reported that approximately 89,000 meters of a planned 117,000-meter program had been completed year-to-date. The release covered four specific areas: the Sinaloa-Elia vein complex, the Coronado-Carmen Escobosa complex, the new Convención vein target, and the El Cristo mine area.

The company highlighted several significant intercepts, all reported as true widths. These included ELI26X-08 with 2.04 meters at 1,377 g/t Ag and 21.38 g/t Au (2,980 g/t AgEq); ELI26X-10 with 0.88 meters at 2,604 g/t Ag and 43.08 g/t Au (5,835 g/t AgEq); and ELI25X-58 with 1.75 meters at 1,070 g/t Ag and 24.51 g/t Au (2,908 g/t AgEq). Additional intercepts featured LUZ26X-02 with 1.30 meters at 2,625 g/t Ag and 58.25 g/t Au (6,994 g/t AgEq), LUZ26X-03 with 1.69 meters at 1,895 g/t Ag and 28.91 g/t Au (4,063 g/t AgEq), COR26X-06 with 4.22 meters at 246 g/t Ag and 2.94 g/t Au (466 g/t AgEq), and SJE26X-08 with 2.57 meters at 251 g/t Ag and 2.56 g/t Au (433 g/t AgEq).

The reported data utilized a cut-off grade of 171 g/t AgEq and a minimum composite length of 0.7 meters true width, allowing for up to 1 meter of internal dilution below the cut-off. The release consisted of company-authored promotional copy, presenting selected significant results rather than a resource update.

First Majestic Silver Corp. (AG) is a large, diversified silver-gold producer with four operating mines, a strong balance sheet, and a market cap near US$14.1 billion. The company’s San Dimas mine is one of its operating assets. Recent reports indicate near-mine resource conversion and resource addition at the site, rather than a new grassroots discovery.

These intercepts support mine life and future resource conversion, but the release contains no updated Mineral Resource or Mineral Reserve estimate, no production guidance change, and no mine-plan change. The stock has already re-rated massively over the last year, rising from $12.68 to a high of $43.64, driven mainly by silver and gold prices and strong earnings. At $28.62, the market is pricing strong cash flow and commodity exposure, not an exploration discovery.

First Majestic Silver Corp. is a Vancouver-based primary silver producer with significant gold byproduct operations, managing four underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (a 70% joint venture with Dowa Metals), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine. The company also owns the Jerritt Canyon gold project in Nevada, which is scheduled to restart with a $75 million capital program targeting production in the second half of 2027, alongside the First Mint facility.

Financially, the company reported 2025 revenue of $1,265.2 million, net income of $164.9 million, operating cash flow of $526.0 million, year-end cash of $793.4 million, and total assets of $4,694.9 million. For the first half of 2026, revenue reached $892 million, with second-quarter free cash flow of $195 million and treasury holdings of $1.25 billion as of Q2 2026.

Looking ahead, First Majestic Silver Corp. has issued 2026 guidance for 14.6 to 15.5 million ounces of silver, 128,000 to 135,000 ounces of gold, and an all-in sustaining cost (AISC) of $27.69 to $28.77 per AgEq ounce. The company’s resource base includes Measured and Indicated reserves of 86.6 million tonnes containing approximately 145.3 million ounces of silver and 5.24 million ounces of gold, plus base metals, as well as Inferred resources of 77.9 million tonnes containing significant additional silver and gold. Based on 493 million shares and a latest close of $28.62, the company’s market capitalization is near US$14.1 billion.