First Majestic Silver (AG) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $477 million, up 95% year-over-year, driven by higher silver and gold prices and increased production volumes.

• Silver production reached 3.5 million ounces (26% of 2026 guidance midpoint); gold production was 34,000 ounces (28% of guidance midpoint), both above midpoint guidance.

• EBITDA rose 192% to $307 million, with a 64% EBITDA margin; operating cash flow hit a record $311 million.

• Major management changes include the appointment of a new COO and a new leader for the Jerritt Canyon restart.

• Declared a Q1-26 cash dividend of $0.0171 per share, up 280% year-over-year, under a new policy targeting 2% of net quarterly revenues.

Financial highlights

• Mine operating earnings were $266.6 million, up 318% year-over-year.

• Average realized silver price was $86.35/oz, up from $33.10/oz in Q1 2025.

• Free cash flow for Q1-26 was $224 million after a $95.5 million tax payment.

• Record treasury position of $1.13 billion and available liquidity of $983 million as of March 31, 2026.

• Working capital stood at $843.1 million, more than doubling year-over-year.

Outlook and guidance

• On track to meet or exceed 2026 production guidance for both silver and gold, with Q1 output representing 26% and 28% of annual guidance midpoints.

• Jerritt Canyon restart targeted for H2 2027, with feasibility work and hiring ramping up.

• Santa Elena mill expansion to 3,500 tpd expected by H2 2026.

• Approximately 266,000 meters of exploration planned for 2026 across multiple sites.

• Cash costs and AISC per AgEq ounce expected to decrease in the second half of the year.