Northwire Canada EditionThursday, October 29, 2026
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Gold 4,031.40 −0.5% Silver 52.22 −2.7% Copper 6.59 −1.2% Oil 102.00 −0.8% Palladium 1,003.50 −1.0% CAD 2.34 −2.5% NGEX 21.53 −1.3% CG 28.52 −3.7% PPX 0.220 −8.3% CS 11.77 −2.1% EMO 0.295 +0.0% IPT 0.225 +0.0% TECK 89.22 +1.3% SLG 5.95 +0.8% FT 0.095 +2.7% SGQ 0.330 +6.5% AUAU 0.440 +6.0% FVL 0.830 −2.4% AYA 34.15 −3.3% SNAG 0.210 −2.3% GLDC 0.300 −3.2% Gold 4,031.40 −0.5% Silver 52.22 −2.7% Copper 6.59 −1.2% Oil 102.00 −0.8% Palladium 1,003.50 −1.0% CAD 2.34 −2.5% NGEX 21.53 −1.3% CG 28.52 −3.7% PPX 0.220 −8.3% CS 11.77 −2.1% EMO 0.295 +0.0% IPT 0.225 +0.0% TECK 89.22 +1.3% SLG 5.95 +0.8% FT 0.095 +2.7% SGQ 0.330 +6.5% AUAU 0.440 +6.0% FVL 0.830 −2.4% AYA 34.15 −3.3% SNAG 0.210 −2.3% GLDC 0.300 −3.2%
Earnings Material +

First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment

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

By The Northwire Desk — AI Analysis Jul 30, 2026 · 07:01 AG · 21.41 First Majestic Silver Corp.
Executive Summary

First Majestic Silver Corp. (AG) reported second-quarter 2026 financial results, posting revenue of $415.5 million, a 57% increase year-over-year. Net earnings reached $109.4 million, or $0.22 per share, representing a 108% year-over-year rise. EBITDA climbed 110% to $252.3 million, while free cash flow surged 150% to $194.6 million. The company concluded the quarter with a record treasury balance of $1,252.7 million.

Production volumes saw modest year-over-year growth, with silver output reaching 3.80 million ounces and gold production totaling 34,660 ounces. All-in sustaining costs (AISC) per silver-equivalent ounce rose 22% to $25.68, up from $21.02 in the prior year period. Consequently, the AISC margin per ounce increased 196% year-over-year to $40.27.

The company declared a quarterly dividend of $0.0152 per share, marking a 217% increase from the previous year. Additionally, First Majestic executed share buybacks totaling $22.7 million for 1.2 million shares.

Material Impact

First Majestic Silver Corp. (AG) reported second-quarter 2026 results that highlight significant operating leverage amid elevated metal prices, with revenue, earnings, and cash flow all growing by triple digits year-over-year. The company holds a record $1.25 billion in its treasury and has initiated share buybacks, underscoring its financial strength.

The production figures and updated guidance were pre-released on July 8, 2026. The market had already absorbed the raised guidance and higher capital expenditure requirements at that time, sending shares down from approximately $23.33 to $22.37. Since then, the stock has consolidated within a $21.41 to $24.33 range. Today’s full financial report provides granular details that confirm the narrative established during the pre-release. Additionally, a 217% year-over-year increase in dividends serves as a positive signal of return, though the policy change was announced months prior.

A primary concern regarding the results is the sequential trend. Revenue fell 12.8% from the record $476.7 million reported in the first quarter of 2026, net earnings declined by 14.6%, and free cash flow dropped by 20.1%. This decline coincides with a drop in the realized silver price from an eye-watering $86.35 per ounce in Q1 to $63.98 per ounce in Q2, a decrease of 26%. This performance demonstrates the company's extreme sensitivity to metal prices, which remains a core risk.

AG · Price
Company Overview

First Majestic Silver Corp. (AG) is a producing silver and gold miner operating four underground mines in Mexico. Its flagship assets include the high-grade gold-silver San Dimas mine and the Los Gatos mine, in which it holds a 70% ownership stake, producing silver, zinc, lead, and gold. The company is also advancing a major growth project with the restart of the Jerritt Canyon Gold mine in Nevada, USA, targeting initial production in the second half of 2027. Additionally, First Majestic operates a vertically integrated minting arm, First Mint, which sells bullion directly to retail investors.

Read the original news release →

More from First Majestic Silver Corp.

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 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