Production / Operations

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 →

First Majestic Reports Q1 2026 Production Results

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