First Majestic Silver’s shares rose modestly by 2.7% following Q1 results that showed production and revenues largely in line with guidance, supported by strong silver prices, while margin expansion and cost pressures balanced each other out.

• Q1 silver production was 3.5 million ounces, representing 26% of 2026 midpoint guidance; gold production was 28% of midpoint guidance.
• Average realized silver price surged to $86.35 from $33.10 in Q1 2025, driving record revenues of $477 million, up 95% year over year.
• The company held back 676,000 ounces of silver and 2,700 ounces of gold in inventory valued at $63 million, foregoing near-term revenue for expected higher prices.
• Operating cash flow reached $311 million ($0.63 per share), reflecting solid cash generation despite slightly higher production costs due to lower cut-off grades and increased throughput.
• Dividend payout increased fourfold versus last year, reflecting a shift in policy from 1% to 2% of revenue and signaling confidence in cash flow stability.