Northwire Canada EditionTuesday, July 14, 2026
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WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8% WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8%
Production / Operations Routine −

First Majestic Reports Q1 2026 Production Results

Production miss on guidance tempers Q1 momentum as silver output lags expectations

By The Northwire Desk — AI Analysis Apr 09, 2026 · 07:01 AG · 28.91 First Majestic Silver Corp.
Executive Summary
  • First Majestic reported consolidated Q1 2026 production of 3.55 M oz Ag and 34,341 oz Au – both below the midpoint of its 2026 guidance (Silver ≈ 26% of guidance, Gold ≈ 28%).
  • Production shortfall is attributed to lower head grades across the portfolio.
  • La Encantada mine delivered a 48% YoY increase in silver output, partially offsetting the overall miss.
  • Drilling activity continued (~66 km total), with positive results at Jerritt Canyon and updated reserve/resource estimates (effective 31‑Dec‑2025).
  • The company outlined a restart plan for Jerritt Canyon targeting production in H2 2027, including ~42 km of drilling planned for 2026.
  • Safety metrics remained flat YoY (TRIFR 0.61, LTIFR 0.06).
  • Forward‑looking items: unaudited Q1 2026 financial results and dividend announcement slated for May 12 2026; conference call scheduled the same day.
Material Impact
  • Guidance miss: Production below guidance is a negative catalyst but the shortfall is modest (≈ 25% of the silver target). The market had already priced in a strong start to 2026 after the 2025 record year, so this result is a routine disappointment rather than a structural issue.
  • Positive offsets: La Encantada’s 48% YoY growth and continued drilling success at Jerritt Canyon provide upside potential that may mitigate near‑term concerns.
  • Capital program: The announced $75 M restart plan for Jerritt Canyon is already known (announced on 2026‑04‑02) and therefore does not add new material information.
  • Overall assessment: The news is routine negative – it confirms a modest production shortfall without altering the longer‑term growth narrative.
AG · Price
Company Overview

First Majestic Silver Corp. is a Mexico‑focused precious metals producer with four underground mines: Los Gatos (70% JV), Santa Elena, San Dimas, and La Encantada. The flagship asset is the Los Gatos mine, acquired in 2025, contributing ~30% of total production and driving recent growth. The company also holds a strategic interest in the Jerritt Canyon gold‑silver project (Nevada), slated for restart in H2 2027.

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