First Majestic Silver Corp. Q3 2026 Earnings Recap

First Majestic’s shares slipped 0.6% after earnings, a roughly flat reaction. Revenue and EBITDA increased year over year, while investors also had to weigh rising costs, lower metal prices during the year, and a continuing labor disruption at San Dimas.

Key Takeaways

• Q3 revenue was $394 million, up 38% year over year; EBITDA was $228 million, up 78%.
• Silver production was 3.4 million ounces and gold production was 30,000 ounces. The average silver selling price was $61.52 for the quarter.
• Management cited inflation and lower cutoff grades as contributors to higher costs, while saying per-tonne costs had remained around $105–$110 over the past couple of years.
• San Dimas lost 12 days of production in Q3 due to a labor disruption that was still ongoing at the time of the call.
• Santa Elena’s plant expansion and work at Jerritt Canyon continued; the company reported about $1.2 billion in liquidity and 1.3 million shares repurchased to date.