First Majestic Silver Corp. Q1 2026 Earnings Recap

Shares in First Majestic Silver edged up 1.9% following Q1 results that showed modest operational improvements and solid revenue growth, but the market remains cautious given cost pressures and a conservative outlook on mine grade adjustments.

Key Takeaways

• Q1 silver production reached 3.5 million ounces, representing 26% of 2026 midpoint guidance; gold came in at 28%.
• Record revenue of $477 million, nearly doubling year-over-year, driven by a sharp increase in realized silver price to $86.35/ounce (from $33.10 in Q1 2025).
• Operating cash flow totaled $311 million or $0.63 per share.
• Costs per ounce rose due to changes in mining ratios and lower cut-off grades allowing higher throughput but at higher unit costs.
• Inventory holding increased with 676,000 silver ounces and 2,700 gold ounces valued at $63 million, reflecting a strategic choice to defer sales.