First Majestic's Silver Production Decreases 11% Y/Y in Q3
First Majestic Silver Corp. reported Q3 2026 silver production of 3.4M ounces, down 11% year-over-year, due to a labor dispute at San Dimas. Gold production fell 17% to 29,552 ounces. La Encantada saw a 68% increase in silver output. The company plans to start production at Jerritt Canyon in H2 2027. Shares have risen 23.4% over the past year, outperforming the industry's 10.4% gain.
How this was made
The 30-second read
Why it matters
The decline in silver output may lead to a near-term dip in the stock, though growth at La Encantada and future Jerritt Canyon production could mitigate the impact.
Market read
The new production data provides fresh insight into AG's short-term earnings outlook, relevant for traders monitoring junior precious metals stocks.
What to watch
Higher ore grades at La Encantada and upcoming Jerritt Canyon production may offset short-term declines.
Background
First Majestic Silver Corp. (NYSE: AG) disclosed its Q3 2026 production figures, highlighting a labor dispute at the San Dimas mine.
Ticker impact
First Majestic Silver Corp. reported Q3 2026 production, with silver output down 11% YoY and a 41% drop at San Dimas mine.
downward pressure as the market prices in weaker output
The 11% YoY drop in silver production and labor dispute at a key mine are fresh negative fundamentals.
Market effects
Silver miners may see modest price pressure as production guidance weakens.
US-listed junior miners could face broader sentiment drag.
Limited; impact confined to precious metals sector.
Counterpoint
If the labor dispute resolves quickly, production could rebound, offering upside.
Key entities
- companyFirst Majestic Silver Corp.
US-listed silver miner reporting Q3 production numbers.
