Northwire Canada EditionThursday, July 23, 2026
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PAT 0.250 +0.0% CCM 0.520 +0.0% SGN 0.245 −3.9% CNC 1.48 +0.7% PHNM 0.325 +0.0% LIO 0.150 −6.2% RIO 2.69 −3.6% KG 0.160 +3.2% GEN 0.065 +0.0% ECU 1.63 +8.0% ALTA 0.170 −2.9% CLCH 1.15 +10.6% SCOT 2.05 −2.8% VCT 0.060 +0.0% BOL 0.080 +6.7% MCM 0.300 +0.0% PAT 0.250 +0.0% CCM 0.520 +0.0% SGN 0.245 −3.9% CNC 1.48 +0.7% PHNM 0.325 +0.0% LIO 0.150 −6.2% RIO 2.69 −3.6% KG 0.160 +3.2% GEN 0.065 +0.0% ECU 1.63 +8.0% ALTA 0.170 −2.9% CLCH 1.15 +10.6% SCOT 2.05 −2.8% VCT 0.060 +0.0% BOL 0.080 +6.7% MCM 0.300 +0.0%
Production / Operations

First Majestic Reports 2025 Production and 2026 Outlook; Increases Dividend

First Majestic Doubles Dividend on Record 2025 Production but 2026 Guidance Reveals Significant Cost Inflation Risks

By The Northwire Desk — AI Analysis Jan 15, 2026 · 07:02 AG · 27.54 First Majestic Silver Corp.
Executive Summary

The most recent news release (January 15, 2026) reports record production for Q4 and Full Year (FY) 2025, alongside an increased quarterly dividend and 2026 guidance. For FY 2025, First Majestic produced 31.06 million Silver Equivalent (AgEq) ounces, a massive increase from 2024, primarily driven by the integration of the Los Gatos acquisition. Q4 production reached 7.85 million AgEq ounces. The company doubled its dividend policy from 1% to 2% of net quarterly revenues. For 2026, the company expects production of 13.0 to 14.4 million ounces of silver (down slightly from 15.4 million in 2025) and significantly higher costs, with AISC guided at $26.15 to $27.91 per AgEq ounce. Concurrent news includes the definitive agreement to sell the non-core Del Toro mine for up to $60 million, mostly through contingent payments.

Material Impact
  • Production Performance: The 2025 production of 31.06 million AgEq ounces met the high end of the revised guidance (30.6-32.6M) issued in July 2025. This confirms the successful integration of the Los Gatos asset, which now accounts for a significant portion of the portfolio.
  • Dividend Policy: Doubling the dividend to 2% of net quarterly revenue is a bold signal of cash flow confidence. However, because it is tied to revenue rather than net income, the company remains obligated to pay even if profit margins are squeezed by the rising costs noted in the 2026 guidance.
  • Cost Inflation Warning: The 2026 AISC guidance of $26.15 - $27.91 is a drastic increase from the 2025 average (~$20.00). While the company uses very high metal price assumptions for 2026 (Silver at $52/oz, Gold at $3,900/oz), the underlying cash cost increase suggests significant operational or inflationary pressure in Mexico.
  • Asset Rationalization: The sale of Del Toro for $60 million (mostly contingent on Sierra Madre Gold & Silver's success) removes a care-and-maintenance liability from the balance sheet while providing some upside through share ownership and milestone payments.
AG · Price
Company Overview

First Majestic is a primary silver producer with a concentrated focus on Mexico. Following the January 2025 acquisition of Gatos Silver, the company’s flagship is the 70%-owned Cerro Los Gatos mine, which provides long-life, high-grade silver, zinc, and lead production. Secondary core assets include San Dimas and Santa Elena. The Jerritt Canyon asset in Nevada remains in temporary suspension with exploration ongoing to determine if a restart is viable.

Read the original news release →

More from First Majestic Silver Corp.

Jul 08, 2026 · 16:31

First Majestic raised its silver guidance by 10% following a first-half production beat, despite a 4% increase in all-in sustaining costs driven by Jerritt Canyon capital expenditures.

Production / Operations Jul 07, 2026 · 16:37

First Majestic sells the San Martin project for $90 million to streamline its portfolio and focus on core operations.

M&A / Property Jun 25, 2026 · 16:16

First Majestic’s Santa Elena portal permits advance mine life extension despite cost creep and price pullback tempering near-term upside.

Drill Results Jun 22, 2026 · 07:01

First Majestic monetizes Del Toro for up to $60m to streamline its portfolio ahead of the Jerritt Canyon restart and Santa Elena expansion.

Financings May 14, 2026 · 05:30

Year Six of the Silver Deficit Meets a Newly Funded Critical-Metals Drill Program in British Columbia

Financings May 12, 2026 · 07:01

First Majestic’s cash hoard swells past $1.1B as record earnings pile up, but sliding output and rising costs hint that the silver windfall may be masking operational fatigue.

Earnings