Monitor the May 12 earnings release for financial details and dividend announcement. The Jerritt Canyon restart represents a long-term growth opportunity, while near-term performance is mixed with declining output at key mines offset by gains at La Encantada and exploration upside.
Price Chart
Executive Summary
First Majestic Silver reported Q1 2026 production of 3.5M silver ounces and 34,341 gold ounces, below prior-year levels due to lower grades, though La Encantada output surged 48%. The company highlighted exploration success, a Jerritt Canyon restart plan, and strong safety metrics, with financial results and dividends expected May 12.
Key Facts
- Q1 2026 silver production: 3.5 million ounces (down 4% YoY), representing 26% of 2026 guidance midpoint
- Q1 2026 gold production: 34,341 ounces (down 6% YoY), representing 28% of 2026 guidance midpoint
- La Encantada silver production increased 48% YoY to 829,081 ounces due to improved ore flow and mine development
- San Dimas silver and gold production down 13% and 12% YoY respectively due to lower grades
- Company commenced restart plan for Jerritt Canyon targeting H2 2027 production
- Updated mineral resources at Santa Elena include 90.7 million AgEq ounces at 268 g/t AgEq
Financial Impact
Q1 silver production down 4% YoY, gold down 6% YoY, partially offset by significant gains at La Encantada and increased base metal output
Risk Factors
- Declining production at San Dimas and Santa Elena mines
- Lower silver and gold grades impacting recovery rates
- Execution risk on Jerritt Canyon restart timeline targeting H2 2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-001902 |
| Document: form6k.htm | 0001062993-26-001902 |
| Document: 0001062993-26-001902-index-headers.html | 0001062993-26-001902 |
| Document: 0001062993-26-001902-index.html | 0001062993-26-001902 |
| Document: 0001062993-26-001902.txt | 0001062993-26-001902 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $21.18 $18.33 | ▼ −13.46% | ▼ −12.36% | $17.68 (−16.50%) |
Aug 25, 2026 5w ago | 6-K | $20.99 $21.20 | ▲ +1.00% | ▲ +1.12% | $17.68 (−15.75%) |
Aug 8, 2026 7w ago | Institutional Cluster | $18.85 $19.57 | ▲ +3.82% | ▲ +3.87% | $17.68 (−6.18%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 7, 2026 12w ago | 6-K | $15.80 $16.93 | ▲ +7.15% | ▲ +6.29% | $17.68 (+11.93%) |
May 12, 2026 20w ago | 6-K | $24.21 $19.73 | ▼ −18.50% | ▼ −18.58% | $17.68 (−26.95%) |
Apr 9, 2026 25w ago | 6-K | $20.59 $21.05 | ▲ +2.23% | ▼ −0.95% | $17.68 (−14.11%) |
Apr 2, 2026 26w ago | 6-K | $21.84 $20.58 | ▼ −5.77% | ▼ −9.39% | $17.68 (−19.02%) |
Mar 30, 2026 26w ago | Court Ruling | $19.65 $21.26 | ▲ +8.19% | ▲ +3.89% | $17.68 (−10.00%) |
US Market Status
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