First Majestic Silver Corp.: First Majestic Reports Q2 2026 Production Results; Announces Updated 2026 Production and Cost Guidance, and Q2 Conference Call Details
First Majestic Silver Corp. (AG) reported Q2 2026 production from four Mexico underground mines: 3.8 million silver ounces, 34,660 gold ounces, 16.5 million lbs zinc, 9.0 million lbs lead, and 252,938 lbs copper. Silver and gold rose Y/Y. The company also discussed mine updates, including Santa Elena permit progress and guidance updates for 2026.
How this was made
The 30-second read
Why it matters
The combination of Q2 production results, operational commentary, and an updated 2026 production and cost outlook can drive repricing versus consensus, particularly for throughput and cost-per-ounce expectations into Q3 completion of expansion projects.
Market read
Fresh quarterly production datapoints and guidance update are actionable for positioning in AG ahead of the next earnings cycle and as expansion projects move toward Q3 completion.
What to watch
The release includes detailed metal price assumptions for silver-equivalent calculations and attributable basis (Los Gatos 70%). Traders should separate operational volume strength from margin sensitivity to realized prices and cost guidance details not fully shown in the excerpt.
Background
First Majestic operates four underground mines in Mexico and is advancing mill and mine expansion projects, with Santa Elena portal permits and Los Gatos throughput milestones highlighted.
Ticker impact
First Majestic reports Q2 2026 production totals and updates 2026 production and cost guidance, citing operational drivers and project progress.
Moderately positive bias for AG on guidance-upgrade expectations, with volatility possible if investors focus on San Dimas disruptions and any cost assumptions.
The article provides fresh, company-specific production datapoints plus an explicit guidance update and project timing (mills expected completed in Q3). It also discloses operational disruptions that could affect cost and throughput, creating two-sided interpretation.
Market effects
Provides a read-through on Mexico silver and base-metal mine operating performance and expansion execution for the broader precious metals complex.
Highlights ongoing operational and permitting execution in Mexico mining, relevant to regional supply expectations.
Incremental to global silver and gold supply, but useful for traders tracking output guidance revisions in the mid-tier silver producers.
Counterpoint
Investors may discount the guidance-upgrade if disruptions (San Dimas labor issues, Los Gatos rockfall) imply higher sustaining costs or less reliable throughput into 2H 2026.
Key entities
- issuerFirst Majestic Silver Corp.
Reports Q2 2026 production results and updated 2026 production and cost guidance, plus conference call details.
- counterpartySierra Madre
Completed acquisition of First Majestic’s 100% owned past producing Del Toro Silver Mine for up to $60 million (cash and Sierra Madre shares, with contingent payments).
