First Majestic Reports Q3 2026 Production Results, Announces Q3 Conference Call Details and Renewal of Share Repurchase Program

First Majestic Silver Corp. (AG) released a quarterly production update for the third quarter of 2026, detailing output from its four Mexican underground mines without disclosing revenue, margin, cash cost, or AISC figures. Those financial metrics are scheduled to be released with the Q3 financials on November 5, 2026.

The company reported Q3 2026 attributable production of 3,440,447 oz silver, 29,552 oz gold, 13,277,264 lb zinc, 7,839,182 lb lead, and 221,111 lb copper, with 1,088,708 tonnes milled.

Compared to Q3 2025, production declined in silver (-11%), gold (-17%), zinc (-4%), and copper (-8%), while lead increased by 2%. Versus Q2 2026, silver fell 9%, gold 15%, zinc 19%, lead 13%, and copper 13%. Ore processed rose 9% year-over-year and 5% quarter-over-quarter, indicating that the production declines were driven by grade and throughput of fresh ore rather than mill capacity.

First Majestic noted that year-to-date silver production stood at 72% of the 2026 revised guidance midpoint, and gold was at 75% of the midpoint. These figures represent year-to-date metrics rather than quarterly comparisons: YTD silver production was 10,785,953 oz against a 15.05 moz midpoint (71.7%), and YTD gold was 98,553 oz against a 131,500 oz midpoint (75.0%). Previous releases in January and April used similar construction on a single-quarter basis, but this update reflects a year-to-date stretch.

The company cited a labor dispute at San Dimas that disrupted operations for 12 days during the quarter. San Dimas silver production fell 41% year-over-year, and gold dropped 26%. Mill feed at San Dimas graded only 133 g/t Ag, compared to 185 g/t in Q2 2026 and 222 g/t in Q3 2025, as the company milled lower-grade material while fresh ore throughput was disrupted.

Offsets included La Encantada, which produced 967,067 oz silver, a 68% increase year-over-year, driven by a 32% grade increase (132 g/t vs. 100 g/t) and 27% more ore processed. Santa Elena achieved a record milling month in August with 104,000 tonnes, with throughput frequently exceeding 3,600 tpod. Recoveries at Santa Elena improved to 69% Ag and 94% Au, up from 65% and 92% previously.

First Majestic announced a renewed Normal Course Issuer Bid for up to 10,000,000 shares, representing approximately 2% of the 493,080,912 shares outstanding at September 30, 2026. The bid runs from October 14, 2026, to October 13, 2027, with a daily cap of 413,612 shares. The prior NCIB authorized 24,500,000 shares, of which only 1,700,000 were repurchased at a C$23.38 VWAP.

At Jerritt Canyon, a restart is still targeted for the second half of 2027. Metso Loesche VRM has been selected, and 5,965 m of underground rehabilitation was completed year-to-date. An additional 16,284 m was drilled in Q3, with management stating the restart is "ahead of plan in several key areas."

Q3 financial results, the Q3 dividend declaration, and record/payable dates are scheduled for November 5, 2026.

First Majestic Silver Corp. (AG) reported a production shortfall against guidance that management raised three months ago. The company disclosed the miss quantitatively, citing figures of 72% and 75%, but did not formally revise or reaffirm the numeric guidance. Management stated it remains focused on meeting its production guidance, a statement softer than a reaffirmation that leaves the range technically intact into a fourth quarter requiring a 24% quarter-over-quarter silver increase.

The quantified year-to-date gap suggests a 2026 silver guidance miss is the base case. Landing at roughly 14.5-14.8 moz would place the company just below the bottom of the 14.6-15.5 moz range, constituting a miss against the freshly raised number.

A labour dispute at San Dimas, previously described as resolved in the second-quarter release, has recurred and is now described as ongoing. The transcript notes that union bonuses and profit-sharing are contractually tied to silver prices. At the elevated price decks in the guidance, which assumed $52/oz Ag, realized prices were $86.35/oz in the first quarter and $63.98/oz in the second quarter. This linkage reopens with each negotiation, presenting a recurring, structural cost and disruption risk at the company's second-largest silver mine rather than a one-off event.

Offsetting positives include La Encantada’s 68% silver year-over-year increase, record consolidated throughput, improving recoveries at Santa Elena, a self-identified "ahead of plan" Jerritt Canyon restart, and a renewed buyback. The new buyback authorization is for 10,000,000 shares versus the prior 24,500,000, and only 1.7 million shares were bought under the prior program.

Production is falling while realized silver prices have declined, from $86.35/oz in the first quarter of 2026 to $63.98/oz in the second quarter of 2026. This creates a double squeeze on revenue and margin, with the news providing no offsetting cost data.

The stock closed at C$23.75 on October 7, 2026, the last data point available. This represents a 45.6% decline from the 52-week high of C$43.64 set on February 27, 2026, and a 21.1% drop from the August 27 high of C$30.11. The pattern of lower highs and lower lows from February to October indicates the market was already de-rating the equity, largely in line with silver prices. This release adds operationally specific negative information to that trend.

First Majestic Silver Corp. is a producing precious metals miner headquartered in Vancouver, British Columbia, listed on the NYSE and TSX under "AG" and on the Frankfurt exchange as "FMV." The company operates four producing underground mines, all located in Mexico: Los Gatos in Chihuahua, which is 70% owned through the Los Gatos Joint Venture with Dowa Metals & Mining holding the remaining 30% and First Majestic serving as operator; Santa Elena in Sonora, which is 100% owned; San Dimas in Durango, which is 100% owned; and La Encantada in Coahuila, which is 100% owned.

Development and other assets include the Jerritt Canyon Gold Mine in Elko County, Nevada, which is 100% owned and currently on care and maintenance, with first production targeted for H2 2027. The company also owns the First Mint facility in Nevada, which produces .999+ fine silver bullion and retail products, and holds a 50% stake in the Springpole silver stream in Ontario. Additionally, First Majestic maintains a portfolio of equity stakes, including roughly 25% of Sierra Madre Gold and Silver, 17% of Silver Storm, and 3% of Metalla Royalty.

The company has completed or is in progress on divestitures of past-producing, care-and-maintenance assets. The Del Toro silver mine was sold to Sierra Madre for up to US$60M, closing on June 22, 2026. The San Martin silver mine is under agreement for US$90M in staged cash payments to Flextronics, announced on July 7, 2026, with closing expected in Q4 2026.

According to the investor presentation, roughly 63% of 2026 year-to-date revenue is from silver and 92% from precious metals, making the company a leveraged silver-price vehicle with gold and base-metal credits. Infrastructure includes a 24 MW LNG facility at Santa Elena, approximately 50% hydroelectric power at San Dimas, and natural gas generation for roughly 90% of La Encantada's power. The Jerritt Canyon mine features one of only three roasters in Nevada, and a certified ISO 9001 assay laboratory operates on-site at Santa Elena.