First Majestic Reports Q2 2026 Production Results; Announces Updated 2026 Production and Cost Guidance, and Q2 Conference Call Details

First Majestic Silver Corp. (AG) reported second-quarter 2026 production of 3.80 million ounces of silver, a 3% increase year-over-year, alongside 34,660 ounces of gold, up 2% from the prior year period, plus strong base-metal volumes.

Following the results, management raised its full-year attributable consolidated production guidance. Silver output is now projected at 14.6–15.5 million ounces, representing a 10% increase at the midpoint compared to the original forecast. Gold guidance was lifted to 128,000–135,000 ounces, a 7% increase.

Cost guidance was also adjusted upward. Cash cost guidance was raised to $19.27–$19.85 per AgEq ounce, compared to the previous range of $18.64–$19.62. All-in sustaining costs (AISC) guidance increased to $27.69–$28.77 per AgEq ounce, up from the prior $26.15–$27.91 range.

The capital expenditure budget grew significantly to $318–$344 million, up from the original $213–$236 million, to absorb the $75 million Jerritt Canyon restart program announced in April. Additionally, Neil Beaumont was appointed chief financial officer, effective July 2. First Majestic will release its Q2 financial results on July 30.

First Majestic Silver Corp. (AG) raised its production guidance by double digits, a move that validates the strong performance in the first half of the year. The midpoint of the new guidance implies that second-half production will largely maintain the first-half run-rate. However, a simultaneous increase in the all-in sustaining cost (AISC) and cash-cost guidance offsets some of the enthusiasm, as costs are tracking above original estimates.

The surge in capital expenditure merely formalizes the restart of the Jerritt Canyon mine, which had already been well-telegraphed. The market likely anticipated a guidance lift, given that first-quarter production accounted for 26% of the original silver target, suggesting the raise may already be partially priced in. Nonetheless, a 10% increase in silver volume represents a material positive for a producer that is already generating record free cash flow at elevated silver prices. Additionally, the company announced a change in its chief financial officer as a routine management update.

First Majestic Silver Corp. is a senior silver producer operating four underground mines in Mexico: Los Gatos, a 70% joint venture; Santa Elena; San Dimas; and La Encantada. The company also holds a major gold restart project at Jerritt Canyon in Nevada and maintains a silver stream on the Springpole project in Canada. First Majestic produces significant quantities of by-product gold, zinc, lead, and copper, with silver accounting for approximately 66% of revenue year-to-date in 2026.