First Majestic raises 2026 output guidance after Q2 silver, gold gains

First Majestic Silver Corp. (NYSE: AG) reported second-quarter 2026 production of 3.8 million silver ounces and 34,660 gold ounces from its four underground mines in Mexico, and raised its full-year production and capital expenditure guidance, according to a press release issued July 8, 2026.

Silver output rose 3% year-over-year from 3.7 million ounces in Q2 2025, driven by La Encantada and Santa Elena. Gold production increased 2% from 33,865 ounces in the same period last year. La Encantada posted a 65% year-over-year increase in silver output, reaching 1,035,497 ounces, while Santa Elena set a quarterly record of 305,369 tonnes milled. San Dimas silver production fell 15% year-over-year due to labor disruptions and an equipment failure, both of which the company said have since been resolved.

The company raised its full-year 2026 consolidated silver production guidance to 14.6–15.5 million ounces, up from the original range of 13.0–14.4 million ounces. Gold guidance was increased to 128,000–135,000 ounces from 116,000–129,000 ounces. All-in sustaining cost guidance was revised to $27.69–$28.77 per silver-equivalent ounce, compared with the prior range of $26.15–$27.91, a 4% increase at the midpoint, which the company attributed to higher silver prices and a stronger Mexican peso.

Capital expenditure guidance was raised to $318 million–$344 million from $213 million–$236 million, a 47% increase. The increase reflects $75 million allocated to restarting the Jerritt Canyon Gold Mine in Nevada, targeted for production in the second half of 2027, as well as $12 million for development at Santa Elena's Santo Niño and Navidad portals.

The company also announced the appointment of Neil Beaumont as Chief Financial Officer, effective July 2, 2026, succeeding David Soares. Beaumont previously served as Chief Financial and Risk Officer at the Canada Pension Plan Investment Board and held senior roles at BHP.

First Majestic completed the sale of its Del Toro Silver Mine to Sierra Madre for up to $60 million, with $30 million received upfront and $30 million in contingent payments.

The company plans to release Q2 financial results on July 30, 2026.

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