FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (NYSE: AG) (TSX: AG) capped the first quarter of 2026 with a record cash position and a sharply higher dividend, as a 95% jump in revenue carried the silver producer through the strongest opening quarter in its history.
Revenue climbed to $476.7 million, up from $243.9 million a year earlier and edging past the $463.9 million record set in Q4 2025. Silver accounted for 66% of the top line, helped by an average realized silver price of $86.35 per ounce, 161% higher year over year. Realized gold prices averaged $5,018 per ounce, an 81% improvement.
Net earnings reached $128.1 million, or $0.26 per share, compared with $2.3 million a year earlier. Adjusted net earnings came in at $151.7 million, or $0.31 per share. EBITDA tripled to $306.8 million, while mine operating earnings of $266.6 million were more than four times the year ago figure.
Free cash flow totaled $223.5 million, even after $95.5 million in cash income tax payments tied largely to 2025. That pushed the treasury to a record $1,128.6 million at quarter end, a 20% increase from $937.7 million on December 31, 2025.
WATCH: First Majestic Silver: Jerritt Canyon Is BACK!
The company also held back $63.6 million in finished silver and gold bullion, with 676,637 silver ounces and 2,732 gold ounces sitting in inventory at quarter end and excluded from reported revenue.
Production landed at 3.5 million silver ounces and 34,341 gold ounces, both modestly lower year over year but tracking to 26% and 28% of the midpoints of full year guidance, respectively. Throughput rose 12% to 1.06 million tonnes milled, allowing the company to work lower marginal cut-off grades across its four producing mines.
Cash costs of $20.28 per silver equivalent ounce and AISC of $29.76 per ounce both ran higher than a year ago, though much of that reflects a tighter AgEq conversion ratio of 75:1 versus 90:1 in Q1 2025, the result of silver outperforming by-product metals. Applying last year’s ratio, both metrics would have come in 11% lower. Rising royalties, higher worker production bonuses, and a Mexican peso that averaged 14% stronger against the U.S. dollar also added pressure. Management expects per-ounce costs to ease in the second half. The AISC margin still widened sharply to $52.24 per ounce, up from $13.26 a year earlier.
First Majestic declared a Q1 dividend of $0.0171 per share, a figure that is roughly four times the year ago payment and more than double the $0.0083 declared for Q4 2025, reflecting a revised policy that targets approximately 2% of net quarterly revenue beginning January 1, 2026, up from 1% under the prior framework.
WATCH: Silver Is in a New Price Regime, and the Market Isn’t Used to It | Keith Neumeyer – First Majestic
Alongside the results, First Majestic announced that Chief Operating Officer Steve Holmes is retiring after more than 40 years in the industry, including six with the company. Dave Howe, most recently Vice President of Operations at Pan American Silver, has stepped into the role effective May 4 and will be based in Vancouver. Holmes will remain in an advisory capacity through June 30.
Separately, Alex Thompson, a 20-year industry veteran with prior roles at BHP and Tahoe Resources, has been appointed Managing Director of Jerritt Canyon Gold to lead the restart of the Nevada operation.
First Majestic is scheduled to hold a conference call at 8:30 a.m. PST / 11:30 a.m. EST.
First Majestic last traded at $32.29 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver Corp. The author has been compensated to cover First Majestic Silver Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
