The massive revenue and earnings beat driven by surging silver and gold prices, combined with record cash position and the Jerritt Canyon restart catalyst, strongly supports the stock. Monitor for continued silver price strength and execution on the Jerritt Canyon restart timeline (H2 2027). The elevated cash costs and AISC due to the AgEq conversion ratio are accounting artifacts that do not reflect underlying margin expansion — the AISC margin more than tripled YoY to $52.24/oz.
Price Chart
Executive Summary
First Majestic Silver Corp. reported a record-breaking Q1 2026, with revenue surging 95% YoY to $476.7M and net earnings attributable to owners skyrocketing to $128.1M ($0.26 EPS) from $2.3M ($0.01 EPS) a year ago, driven by a 161% increase in the average realized silver price to $86.35/oz and an 81% increase in gold price to $5,018/oz. The company generated $236.5M in operating cash flow and ended the quarter with a record $984.8M in cash and cash equivalents, while also announcing a restart plan for the Jerritt Canyon Gold Mine targeting production in H2 2027.
Key Facts
- Revenue of $476.7M in Q1 2026, up 95% from $243.9M in Q1 2025
- Net earnings attributable to owners of $128.1M ($0.26 EPS) vs $2.3M ($0.01 EPS) in Q1 2025
- Average realized silver price of $86.35/oz, up 161% YoY; average realized gold price of $5,018/oz, up 81% YoY
- Mine operating earnings of $266.6M, up 318% from $63.8M in Q1 2025
- Record cash and cash equivalents of $984.8M, up 24% from $793.4M at Dec 31, 2025
- Operating cash flow before working capital and taxes of $310.6M, up 182% from $110.0M in Q1 2025
- Silver production of 3.5M oz (26% of 2026 guidance midpoint) and gold production of 34,341 oz (28% of guidance midpoint)
- Cash costs per AgEq ounce of $20.28, up 48% YoY; AISC per AgEq ounce of $29.76, up 55% YoY, primarily due to lower AgEq ounces from unfavorable metal price conversion ratios
- AISC margin of $52.24/AgEq oz, a significant improvement from $13.26/AgEq oz in Q1 2025
- Jerritt Canyon restart plan announced on April 2, 2026, targeting production in H2 2027
- Dividend of $0.0171 per share declared on May 11, 2026
Financial Impact
Revenue increased by $232.7M YoY, net earnings attributable to owners increased by $125.8M YoY, operating cash flow before working capital and taxes increased by $200.6M YoY
Risk Factors
- Commodity price volatility — silver and gold prices could decline from current elevated levels
- Ongoing Mexican tax disputes with SAT, including a final adverse ruling on the 2012 reassessment and potential total exposure of $323M for 2010-2019
- Execution risk on Jerritt Canyon restart and cost overruns
- Mexican peso strengthening against USD (14% stronger YoY) increasing cost base
- Political and regulatory risks in Mexico, including mining law amendments and judicial reform
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-033867 |
| Document: ag-2026q1mdaxex992.htm | 0001628280-26-033867 |
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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