FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (TSX: AG) (NYSE: AG) has delivered a strong start to 2026, reporting first quarter production results that have the company tracking ahead of its annual targets. Total output for the period reached 3.5 million silver ounces and 34,341 gold ounces, representing approximately 26% and 28% of the company’s full-year guidance, respectively.
The quarterly performance was anchored by a massive turnaround at La Encantada, where silver production surged 48% to 829,054 ounces. Management attributed the gains to improved ore flow and the successful integration of a new mining contractor, moving the asset back toward high-efficiency production levels.
Elsewhere, Los Gatos was the leader in silver production at 1,183,089 ounces, followed by San Dimas at 1,177,686 ounces. Santa Elena meanwhile produced 355,827 ounces of silver. As for gold, Santa Elena was the leader at 21,117 ounces, followed by San Dimas at 12,541 ounces.
READ: First Majestic Boosts Silver Reserves 16% As Exploration Outpaces Production
The company’s silver and gold production was supplemented by a sharp increase in base metals. Zinc production jumped 23% to 15.4 million pounds, while lead and copper output increased by 11% and 13%.
“The momentum we built at the end of last year has carried strongly into 2026. Q1 production is tracking well against our 2026 guidance, with all operations performing at or above plan, positioning First Majestic favourably in the current metal price environment. Several key initiatives are underway, including the Santa Elena mill expansion, increased throughput and recovery improvements at Los Gatos, and another robust exploration program across our portfolio,” commented Keith Neumeyer, CEO of First Majestic.
READ: First Majestic Aims To Restart Production At Jerritt Canyon In H2 2027
Operational momentum is being further bolstered by the ongoing restart plan for the Jerritt Canyon Gold Mine in Nevada. The company remains focused on bringing the asset back into full production as announced last week, a move expected to significantly scale gold output and diversify the portfolio’s geographic footprint.
Efforts towards the re-opening of the Smith-SSX underground mines at Jerritt Canyon are expected to begin in the current quarter, with commercial production slated for H2 2027.
Exploration activity also accelerated during the quarter, with 65,888 metres of drilling completed across the company’s Mexican properties. Up to 27 rigs were active during the first quarter, including 13 rigs as San Dimas, seven at Santa Elena, and five at Los Gatos. That exploration pace follows the company boosting measured and indicated resources by over 50% in their latest reserves and resources update to over 652.8 million silver equivalent ounces.
Full financial results are slated to be released on May 12, with a conference call scheduled for 8:30 a.m. (PT) / 11:30 a.m. (ET).
First Majestic Silver last traded at $28.91 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.
