# First Majestic Reports Q2 2026 Production Results; Announces Updated 2026 Production and Cost Guidance, and Q2 Conference Call Details Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b Original source: https://money.tmx.com/en/quote/AG/news/6898817469580908/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product Publisher: tmx Original announcement: 2026-07-08T20:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Strong Q2 production for silver, gold, zinc, lead, and copper. - Positive factor: Increased full-year production guidance for silver and gold. - Positive factor: Progress on mill and mine expansion projects at Santa Elena and Los Gatos. - Positive factor: Improved silver recoveries at Santa Elena and La Encantada. - Positive factor: Increased capital investments for growth initiatives, including Jerritt Canyon restart. - Positive factor: Permitting secured for Santo Niño and Navidad portals at Santa Elena. - Positive factor: Record monthly throughputs at Santa Elena and Los Gatos mills. - Negative factor: Labour disruptions at San Dimas and a rockfall event at Los Gatos impacted production. - Negative factor: AISC guidance increased by 4% at the mid-point due to higher silver prices and a stronger Mexican Peso. - Negative factor: TRIFR slightly above target KPI. Facts used in scoring: 72 ## Classification and evidence **Production Guidance Increase** Polarity: positive Story-specific tag Definition: 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 Increase** Polarity: positive Story-specific tag Definition: 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 Improving** Polarity: positive Story-specific tag Definition: 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 Improving** Polarity: positive Story-specific tag Definition: 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 Disruption** Polarity: negative Story-specific tag Definition: 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 Increase** Polarity: negative Story-specific tag Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-7) Los Gatos Silver Mine · silver #### 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 factor: High silver grade and recovery at Los Gatos \(100% basis\) for Q2 2026. Evidence · table > 1,827,933 Context: Los Gatos \(100%\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-8) Los Gatos Silver Mine · gold #### 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 factor: Gold production at Los Gatos \(100% basis\) for Q2 2026. Evidence · table > 1,103 Context: Los Gatos \(100%\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 49% is below the weak band \(80%\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-10) Los Gatos Silver Mine · silver #### 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 factor: High silver grade and recovery at Los Gatos \(70% basis\) for Q2 2026. - Negative factor: Production was slightly impacted by a rockfall and unplanned equipment maintenance. Evidence · table > 1,279,553 Context: Los Gatos \(70%\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-11) Los Gatos Silver Mine · gold #### 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 factor: Attributable gold production at Los Gatos \(70% basis\) for Q2 2026. - Negative factor: Production was slightly impacted by a rockfall and unplanned equipment maintenance. Evidence · table > 772 Context: Los Gatos \(70%\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 49% is below the weak band \(80%\) ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-13) Santa Elena Silver/Gold Mine · silver #### 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 factor: Significant increase in silver production \(38% Y/Y\) at Santa Elena. - Positive factor: 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 Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 71% is below the weak band \(75%\) ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-14) Santa Elena Silver/Gold Mine · gold #### 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 factor: Increased gold production \(4% Y/Y\) at Santa Elena. - Positive factor: 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 Recovery** Polarity: positive Definition: 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 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-16) San Dimas Silver/Gold Mine · silver #### 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 factor: Silver production decreased by 15% compared to the same period last year. - Negative factor: Impacted by labour negotiations and equipment failure. Evidence · table > 1,062,203 Context: San Dimas ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-17) San Dimas Silver/Gold Mine · gold #### 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 factor: Gold production decreased by 1% compared to the same period last year. - Negative factor: Impacted by labour negotiations and equipment failure. Evidence · table > 12,385 Context: San Dimas ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-19) La Encantada Silver Mine · silver #### 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 factor: Significant increase in silver production \(65% Y/Y\) at La Encantada. - Positive factor: 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 Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74% is below the weak band \(75%\) ### Fact 10 [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-reports-q2-2026-production-results-announces-updated-2026-product--93d80be3-1cc8-47f9-aaa0-853dc0ac366b#fact-metallurgical-facts-20) La Encantada Silver Mine · gold #### 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.