The San Dimas labour dispute is the critical near-term catalyst — monitor for resolution announcements. Full Q3 financial results due November 5 will clarify cost impacts and whether the company can salvage full-year guidance. The low utilization of the prior buyback program (7%) suggests management is not aggressively deploying capital, reducing the signal value of the renewed authorization.
Price Chart
Executive Summary
First Majestic Silver reported Q3 2026 production results showing significant year-over-year declines: silver production fell 11% to 3.44M oz and gold production fell 17% to 29,552 oz, driven largely by a labour dispute at San Dimas that impacted operations for 12 days. The company also announced a renewed share repurchase program authorizing buybacks of up to 10M shares (2% of outstanding) over the next 12 months. Production is tracking at 72% of the 2026 revised silver guidance midpoint, indicating a likely miss on full-year targets.
Key Facts
- Q3 2026 silver production of 3,440,447 oz declined 11% YoY (from 3,863,673 oz)
- Q3 2026 gold production of 29,552 oz declined 17% YoY (from 35,681 oz)
- San Dimas mine silver production fell 41% YoY due to a labour dispute impacting 12 days of operations
- Silver production reached only 72% of the 2026 revised guidance midpoint
- La Encantada was a bright spot with silver production up 68% YoY to 967,067 oz
- TSX accepted renewal of Normal Course Issuer Bid authorizing repurchase of up to 10M shares (2% of outstanding) through October 2027
- Under the prior NCIB, only 1,700,000 of 24,500,000 authorized shares were repurchased (7% utilization)
- Jerritt Canyon restart remains on track for H2 2027 production
Financial Impact
Production declines of 11-17% on key precious metals will pressure Q3 revenue and margins; the San Dimas labour disruption is ongoing and unresolved
Risk Factors
- Ongoing labour dispute at San Dimas could extend into Q4, further depressing production
- Full-year silver guidance likely missed at current 72% run rate
- Jerritt Canyon restart remains 12+ months away with no near-term revenue contribution
- Share repurchase program has limited credibility given 7% utilization of prior authorization
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-005237 |
| Document: form6k.htm | 0001062993-26-005237 |
| Document: 0001062993-26-005237-index-headers.html | 0001062993-26-005237 |
| Document: 0001062993-26-005237-index.html | 0001062993-26-005237 |
| Document: 0001062993-26-005237.txt | 0001062993-26-005237 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $16.33 | awaiting T+20 | — | $15.64 (−4.23%) |
Oct 8, 2026 19d ago | 6-K | $16.98 | awaiting T+20 | — | $15.64 (+7.89%) |
Sep 9, 2026 6w ago | 6-K | $21.18 $16.65 | ▼ −21.39% | ▼ −23.33% | $15.64 (−26.16%) |
Aug 25, 2026 9w ago | 6-K | $20.99 $18.76 | ▼ −10.62% | ▼ −10.85% | $15.64 (−25.49%) |
Aug 8, 2026 11w ago | Institutional Cluster | $18.85 $20.75 | ▲ +10.08% | ▲ +10.99% | $15.64 (−17.03%) |
Jul 30, 2026 12w ago | 6-K | $15.69 $21.74 | ▲ +38.56% | ▲ +34.59% | $15.64 (−0.32%) |
Jul 30, 2026 12w ago | 6-K | $15.69 $21.74 | ▲ +38.56% | ▲ +34.59% | $15.64 (−0.32%) |
Jul 7, 2026 16w ago | 6-K | $15.80 $17.61 | ▲ +11.46% | ▲ +8.18% | $15.64 (−1.01%) |
May 12, 2026 24w ago | 6-K | $24.21 $15.71 | ▼ −35.11% | ▼ −33.38% | $15.64 (−35.40%) |
Apr 9, 2026 28w ago | 6-K | $20.59 $21.18 | ▲ +2.87% | ▼ −4.70% | $15.64 (−24.04%) |
US Market Status
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