First Majestic reports lower Q3 2026 silver and gold output

First Majestic Silver Corp. (NYSE: AG, TSX: AG) reported third-quarter 2026 production of 3.4 million silver ounces and 29,552 gold ounces from its four underground mines in Mexico, according to a company statement.

Silver production reached 72% of the company's revised 2026 guidance midpoint, down 11% from 3.86 million ounces in Q3 2025 and down 9% from Q2 2026. Gold output fell 17% year-over-year and 15% quarter-over-quarter. The company attributed the declines primarily to a labor dispute at its San Dimas mine that disrupted operations for 12 days during the quarter.

La Encantada was a notable exception, producing 967,067 silver ounces, a 68% increase compared to Q3 2025, driven by a 32% rise in silver grades and a 27% increase in ore processed.

San Dimas silver output fell 41% year-over-year to 859,869 ounces, while gold production at that mine dropped 26%. Santa Elena silver and gold production declined 11% and 12% year-over-year, respectively, due to lower grades.

The company completed approximately 78,475 meters of drilling across its Mexican mines and the Jerritt Canyon Gold Mine in Nevada during the quarter, using up to 33 drill rigs. First Majestic said preparations to restart Jerritt Canyon remain on track for the second half of 2027.

First Majestic also announced the Toronto Stock Exchange accepted its renewed normal course issuer bid, allowing the company to repurchase up to 10,000,000 common shares, representing approximately 2% of its 493,080,912 shares outstanding as of September 30, 2026. The program runs from October 14, 2026 to October 13, 2027. Under its prior program, the company repurchased 1,700,000 shares at a volume-weighted average price of CDN$23.38.

The company plans to release Q3 2026 financial results before markets open on November 5, 2026, and will host a conference call that day at 9:00 a.m. PT.

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