First Majestic Reports Q2 2026 Production Results; Announces Updated 2026 Production and Cost Guidance, and Q2 Conference Call Details
Original announcement by tmx on
- Company
- First Majestic Silver Corp.
- Ticker
- AG
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Zinc, Lead, Copper
- Document categories
- Production, Other, Metallurgy
- Extracted
- 2026-09-13 10:42:06 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
First Majestic Silver Corp. announced robust Q2 2026 production, including 3.8 million silver ounces and 34,660 gold ounces, driven by strong performances at La Encantada and Santa Elena. The company raised its full-year 2026 production guidance for silver and gold, reflecting operational outperformance and advancements in mill and mine expansion projects. Capital investments for 2026 have also been increased to $318-$344 million to support growth initiatives and the restart of the Jerritt Canyon Gold Mine.
Reasoning: First Majestic reported strong Q2 2026 production results, exceeding previous guidance for several metals, and subsequently increased its full-year production guidance for silver and gold, indicating operational outperformance and progress on key expansion projects, despite minor operational disruptions and a slight increase in AISC guidance.
Positive factors
- Strong Q2 production for silver, gold, zinc, lead, and copper.
- Increased full-year production guidance for silver and gold.
- Progress on mill and mine expansion projects at Santa Elena and Los Gatos.
- Improved silver recoveries at Santa Elena and La Encantada.
- Increased capital investments for growth initiatives, including Jerritt Canyon restart.
- Permitting secured for Santo Niño and Navidad portals at Santa Elena.
- Record monthly throughputs at Santa Elena and Los Gatos mills.
Negative factors
- Labour disruptions at San Dimas and a rockfall event at Los Gatos impacted production.
- AISC guidance increased by 4% at the mid-point due to higher silver prices and a stronger Mexican Peso.
- TRIFR slightly above target KPI.
Facts used in scoring: 72
Classification and evidence
Production Guidance Increasepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: First Majestic increased its full-year 2026 production guidance for silver and gold, reflecting operational outperformance.
Evidence · text
“we are pleased to increase our production guidance for the second consecutive year”
Capital Expenditure Increasepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company increased its 2026 capital budget to $318-$344 million to support growth initiatives.
Evidence · text
“Management has increased the 2026 capital budget to a range of $318 million to $344 million to support key growth initiatives”
Recovery Improvingpositive · Story-specific tag
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Silver and gold recoveries at Santa Elena averaged 71% and 95% respectively, compared to 64% and 94% in the same period last year, due to optimized ore blending.
Evidence · text
“Silver and gold recoveries during the quarter averaged 71% and 95%, respectively, compared to 64% and 94% in the same period last year. Higher recoveries were a result of the optimized blending process.”
Recovery Improvingpositive · Story-specific tag
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Silver recovery at La Encantada was 74%, compared to 65% in Q2 2025, driven by process optimization.
Evidence · text
“Silver recovery for the quarter was 74%, compared to 65% in Q2 2025.”
Operational Disruptionnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Production at Los Gatos was impacted by a rockfall on the main ramp and unplanned equipment maintenance, while San Dimas experienced decreased production due to labour negotiations and equipment failure.
Evidence · text
“Despite labour disruptions at San Dimas and a minor rock fall event at Los Gatos”
Cost Guidance Increasenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The 2026 consolidated AISC guidance increased by 4% at the mid-point, primarily due to higher silver prices and a stronger Mexican Peso.
Evidence · text
“The Company is projecting its 2026 consolidated AISC to be $27.69 to $28.77 on a per consolidated payable AgEq ounce basis, compared with the original guidance range of $26.15 to $27.91, a 4% increase at the mid-point”
Extracted facts
Stored fact records: 10. Some facts used in scoring do not have a stored record.
Metallurgical Results (10)
Fact 1Los Gatos Silver Mine · silverRecovery: 86 %View all detailsHide details
Identity
- Project
- Los Gatos Silver Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 86 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Los Gatos (100% basis) shows strong silver production with high grades and recoveries in Q2 2026.
Positive factors
- High silver grade and recovery at Los Gatos (100% basis) for Q2 2026.
Evidence · table
“1,827,933”
Context: Los Gatos (100%)
Fact 2Los Gatos Silver Mine · goldRecovery: 49 %View all detailsHide details
Identity
- Project
- Los Gatos Silver Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 49 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Los Gatos (100% basis) contributed gold production in Q2 2026 with reported grades and recoveries.
Positive factors
- Gold production at Los Gatos (100% basis) for Q2 2026.
Evidence · table
“1,103”
Context: Los Gatos (100%)
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 49% is below the weak band (80%)
Fact 3Los Gatos Silver Mine · silverRecovery: 86 %View all detailsHide details
Identity
- Project
- Los Gatos Silver Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 86 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Los Gatos (70% basis) shows strong attributable silver production with high grades and recoveries in Q2 2026, despite minor operational disruptions.
Positive factors
- High silver grade and recovery at Los Gatos (70% basis) for Q2 2026.
Negative factors
- Production was slightly impacted by a rockfall and unplanned equipment maintenance.
Evidence · table
“1,279,553”
Context: Los Gatos (70%)
Fact 4Los Gatos Silver Mine · goldRecovery: 49 %View all detailsHide details
Identity
- Project
- Los Gatos Silver Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 49 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Los Gatos (70% basis) contributed attributable gold production in Q2 2026 with reported grades and recoveries, despite minor operational disruptions.
Positive factors
- Attributable gold production at Los Gatos (70% basis) for Q2 2026.
Negative factors
- Production was slightly impacted by a rockfall and unplanned equipment maintenance.
Evidence · table
“772”
Context: Los Gatos (70%)
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 49% is below the weak band (80%)
Fact 5Santa Elena Silver/Gold Mine · silverRecovery: 71 %View all detailsHide details
Identity
- Project
- Santa Elena Silver/Gold Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 71 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Santa Elena demonstrated strong silver production in Q2 2026, with a substantial year-over-year increase and improved recoveries due to optimized ore blending.
Positive factors
- Significant increase in silver production (38% Y/Y) at Santa Elena.
- Higher silver recoveries (71% vs 64% Y/Y) due to optimized ore blends.
Evidence · table
“422,571”
Context: Santa Elena
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 71% is below the weak band (75%)
Fact 6Santa Elena Silver/Gold Mine · goldRecovery: 95 %View all detailsHide details
Identity
- Project
- Santa Elena Silver/Gold Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 95 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: Santa Elena showed strong gold production in Q2 2026, with a year-over-year increase and improved recoveries due to optimized ore blending.
Positive factors
- Increased gold production (4% Y/Y) at Santa Elena.
- High gold recoveries (95% vs 94% Y/Y) due to optimized ore blends.
Evidence · table
“21,468”
Context: Santa Elena
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 95% is at or above the exceptional band (95%)
Fact 7San Dimas Silver/Gold Mine · silverRecovery: 88 %View all detailsHide details
Identity
- Project
- San Dimas Silver/Gold Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 88 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: San Dimas experienced a significant decrease in silver production in Q2 2026 due to operational disruptions, although grades and recoveries remained solid.
Negative factors
- Silver production decreased by 15% compared to the same period last year.
- Impacted by labour negotiations and equipment failure.
Evidence · table
“1,062,203”
Context: San Dimas
Fact 8San Dimas Silver/Gold Mine · goldRecovery: 94 %View all detailsHide details
Identity
- Project
- San Dimas Silver/Gold Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 94 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: San Dimas saw a slight decrease in gold production in Q2 2026 due to operational disruptions, despite maintaining high recoveries.
Negative factors
- Gold production decreased by 1% compared to the same period last year.
- Impacted by labour negotiations and equipment failure.
Evidence · table
“12,385”
Context: San Dimas
Fact 9La Encantada Silver Mine · silverRecovery: 74 %View all detailsHide details
Identity
- Project
- La Encantada Silver Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 74 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: La Encantada demonstrated exceptional silver production in Q2 2026, driven by substantial increases in ore processed, grades, and recoveries, reflecting successful process optimization.
Positive factors
- Significant increase in silver production (65% Y/Y) at La Encantada.
- 14% increase in ore processed, 27% increase in silver grades, and 14% improvement in silver recoveries.
Evidence · table
“1,035,497”
Context: La Encantada
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 74% is below the weak band (75%)
Fact 10La Encantada Silver Mine · goldRecovery: 90 %View all detailsHide details
Identity
- Project
- La Encantada Silver Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Recovery
- Recovery
- 90 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-08T00:00:00.000Z
Reasoning: La Encantada produced a minimal amount of gold in Q2 2026, indicating it is not a primary gold producer.
Evidence · table
“35”
Context: La Encantada
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.