Northwire Canada EditionThursday, November 12, 2026
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Gold 4,000.50 −0.7% Silver 52.00 +1.5% Copper 6.27 +0.5% Oil 86.53 +0.6% Palladium 1,030.00 +0.9% TIG 0.800 +0.0% RVG 0.715 −4.0% FNV 354.26 −2.4% FDY 4.30 −0.5% MAU 16.05 −3.2% VOXR 6.78 −0.6% TLO 7.04 −1.0% NICU 1.95 −5.8% VTEN 0.440 +0.0% AWM 0.025 +0.0% OR 50.79 −1.8% AUXX 5.30 −5.5% TNR 0.420 +40.0% ORCL 0.030 +0.0% ELD 47.71 −5.4% OPW 0.140 −6.7% Gold 4,000.50 −0.7% Silver 52.00 +1.5% Copper 6.27 +0.5% Oil 86.53 +0.6% Palladium 1,030.00 +0.9% TIG 0.800 +0.0% RVG 0.715 −4.0% FNV 354.26 −2.4% FDY 4.30 −0.5% MAU 16.05 −3.2% VOXR 6.78 −0.6% TLO 7.04 −1.0% NICU 1.95 −5.8% VTEN 0.440 +0.0% AWM 0.025 +0.0% OR 50.79 −1.8% AUXX 5.30 −5.5% TNR 0.420 +40.0% ORCL 0.030 +0.0% ELD 47.71 −5.4% OPW 0.140 −6.7%
Drill Results

First Majestic Reports Positive Exploration Results at Jerritt Canyon and Provides Restart Progress Update

First Majestic Advances Jerritt Canyon Restart, Silver Margins Hold Up

By The Northwire Desk — AI Analysis Nov 12, 2026 · 07:01 AG · 21.06 First Majestic Silver Corp.
Executive Summary
  • First Majestic Silver Corp. reported positive near-surface gold intercepts from its 2026 exploration program at the Jerritt Canyon Gold Mine in Nevada.
  • The company provided a progress update on the targeted restart of operations, now scheduled for the second half of 2027.
  • Key restart initiatives include underground development, processing plant upgrades (specifically the acquisition of a Vertical Roller Mill), and site infrastructure improvements.
  • The company acquired an adjacent 2,971-acre property to support mine dewatering, employee accommodation, and future permitting requirements.
  • Significant drill intercepts at the Saval open-pit target include 48.8 m at 4.24 g/t Au, 36.6 m at 5.87 g/t Au, and 21.3 m at 9.45 g/t Au.
  • Assays remain pending for a substantial number of holes, particularly from the northern targets.
  • An updated NI 43-101 technical report is expected at the end of Q1 2027.
Material Impact
  • The drill results at Saval validate the open-pit potential and support the long-term restart thesis, but the timeline shift to H2 2027 reflects execution reality rather than a transformative catalyst.
  • The market's reaction has been muted; the stock traded flat to slightly higher following the Q3 earnings release on Nov 5 ($20.84) and closed at $21.06 on Nov 11, indicating the delay and ongoing San Dimas strike are the dominant near-term narratives.
  • This is a routine operational update that confirms a delay already telegraphed by the complexity of the VRM integration and underground fleet procurement.
AG · Price
Company Overview
  • First Majestic operates four producing underground mines in Mexico: Los Gatos (70% JV), Santa Elena, San Dimas, and La Encantada.
  • The Jerritt Canyon Gold Project in Nevada is in pre-production, targeting a H2 2027 restart.
  • The company operates a fully functional First Mint facility in Nevada.
  • The Springpole Silver Stream provides exposure to a development-stage asset in Ontario.
  • The company controls a contiguous land package of over 350,000 hectares across North America.
Read the original news release →

More from First Majestic Silver Corp.

Nov 05, 2026 · 07:01

First Majestic reported third-quarter profit beats driven by higher prices, while a San Dimas strike increased all-in sustaining costs by 46% and gutted guidance.

Earnings Oct 13, 2026 · 07:01

First Majestic suspends tax arbitration and agrees to a settlement framework, though legal overhang persists until year-end.

Regulatory Oct 08, 2026 · 07:01

First Majestic’s Q3 silver output reached just 72% of year-to-date guidance, while a labour dispute at San Dimas jeopardises its 2026 production targets.

Production / Operations Sep 09, 2026 · 07:02

First Majestic’s Bonanza San Dimas veins extend mine life but do not re-rate the $14B producer.

Drill Results Aug 25, 2026 · 16:31

First Majestic’s Los Gatos NI 43-101 filing confirms no reserve changes, with execution remaining the primary focus for the project.

Resource Estimate Jul 30, 2026 · 07:01

First Majestic’s treasury swells to $1.25 billion on strong silver and gold price realizations despite sequential margin compression.

Earnings