First Majestic Silver reports Q1 2026 production results

First Majestic Silver Corp. (NYSE: AG) reported first quarter 2026 production of 3.5 million ounces of silver, 34,341 ounces of gold, 15.4 million pounds of zinc, 8.7 million pounds of lead and 262,913 pounds of copper across its four underground mines in Mexico.

Silver production decreased 4% year-over-year to 3.5 million ounces compared to 3.7 million ounces in the first quarter of 2025. The company attributed the decline to lower head grades milled, reflecting a reduced cut-off grade in response to stronger metal prices. Gold production fell 6% to 34,341 ounces from 36,469 ounces in the prior year period, primarily due to lower gold grades milled.

The quarterly silver production represented 26% of the company's 2026 guidance midpoint, while gold production represented 28% of the annual guidance midpoint.

La Encantada mine showed significant improvement with silver production increasing 48% year-over-year, driven by higher grades mined from the Ojuelas zone and improved ore flow from management initiatives and a new mine development contractor.

First Majestic processed 1,059,333 tonnes of ore in the quarter, up 12% from 944,373 tonnes in the first quarter of 2025. The company operated up to 27 drill rigs during the quarter, completing approximately 65,970 meters of drilling across its properties.

The company announced it has commenced a restart plan for its Jerritt Canyon Gold Mine in Nevada, targeting production in the second half of 2027. The restart follows expanded mineral resource estimates and successful drilling results over the past two years.

First Majestic plans to release its first quarter 2026 financial results on May 12, 2026, and will host a conference call the same day at 8:30 a.m. Pacific Time to discuss production and financial results.

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