First Majestic Silver Delivers Strong Q2 Output and Raises 2026 Guidance

1. Sierra Madre Gold and Silver Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of First Majestic Silver Corp. and Sierra Madre Gold and Silver Ltd. 
3. Jordan Nova wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE) has reported another quarter of operational strength that positions the company well within the current precious metals environment. Silver and gold prices continue to draw investor attention due to ongoing economic uncertainty and rising industrial demand for silver.

The company stands out because of its focused portfolio of producing assets in Mexico, combined with a clear plan to restart a major U.S. operation. This combination gives retail investors exposure to both near-term cash flow and longer-term growth potential.

First Majestic operates four underground mines that deliver silver and gold, along with meaningful by-product credits from zinc, lead, and copper. The diversified output helps stabilize revenue when individual metal prices fluctuate.

In the second quarter, the company produced 3.8 million ounces of silver, 34,660 ounces of gold, 16.5 million pounds of zinc, 9 million pounds of lead, and 252,938 pounds of copper. Silver output rose 3 percent, and gold output rose 2 percent compared with the same period in 2025. Q2 2026 production results also highlighted record monthly mill throughput at two sites and continued progress on expansion projects expected to finish in the third quarter.

Key Investor Takeaways

• Production exceeded original guidance, prompting the company to raise full-year 2026 estimates across multiple operations.
• Expansion projects at Santa Elena and Los Gatos remain on schedule, supporting higher future throughput.
• The recent sale of the Del Toro mine to Sierra Madre Gold and Silver Ltd. (SM:TSX.V; SMDRF:OTCQX) for up to CA$60 million strengthens the balance sheet and allows focus on core assets.
• Strong safety metrics and lower carbon intensity were achieved despite record production levels.
• A new CFO with extensive global experience joined the leadership team in July 2026.
• Restart work at the Jerritt Canyon gold mine in Nevada is advancing toward production in the second half of 2027.

Management also secured permits and additional funding for the Santo Nio and Navidad targets, where recent infill drilling returned multiple high-grade silver-gold intercepts. These developments add near-term exploration upside within the existing mine footprint.

The broader precious metals market continues to offer support. Silver benefits from growing demand in electric vehicles, solar panels, and data centers. Experts cited by Yahoo Finance see silver potentially exceeding US$80 per ounce by the end of 2026 and reaching US$100 per ounce by 2030. Gold prices have remained structurally supported by central bank buying and geopolitical factors, according to S&P Global.

Industry forecasts from the World Bank point to a 17 percent rise in global metals prices for 2026, marking the first broad-based increase since 2022. Brian Taylor of Recycling Today said this environment favors established producers with expansion plans already underway.

Perspectives and Valuation

Experts have responded positively to the company's asset optimization moves. Peter Krauth of The Silver Stock Investor highlighted the strategic value of unlocking non-core assets while maintaining holdings. Recent rating changes tracked by Marketbeat include an upgrade to Moderate Buy from ATB Cormark and a Buy rating from H.C. Wainwright, although the latter lowered its price target to CA$26.00.

First Majestic will host an investor conference call and webcast on July 30, 2026. The live webcast can be accessed here.

The company also appointed Neil Beaumont as CFO on July 2, 2026. Beaumont brings more than 30 years of experience, including a prior role as CFO of the Canada Pension Plan Investment Board and senior positions at major mining companies across three continents.

Share Structure and Upcoming Catalysts

First Majestic Silver Corp. has a market cap of CA$11.01 billion and 493.03 million shares outstanding. The 52-week trading range stands at CA$10.69 to CA$43.69. ¹Institutions hold 54.65 percent of shares, management and insiders own 1.18 percent, and retail investors hold the remaining 44.17 percent.

Rehabilitation and development work at the Jerritt Canyon gold mine in Nevada continues, with 3,380 meters already completed and purchase orders placed for underground equipment. Production is targeted for the second half of 2027, adding a fifth producing asset to the portfolio.

Common Questions from Investors

Q: How much did First Majestic raise its 2026 production guidance?
A: Silver guidance increased at Los Gatos by 5 percent, San Dimas by 13 percent, and La Encantada by 19 percent, while Santa Elena gold guidance rose 10 percent.

Q: What was the total consideration for the Del Toro sale?
A: Up to CA$60 million, including CA$30 million upfront in cash and shares plus up to CA$30 million in contingent payments.

Q: When is the Jerritt Canyon restart expected?
A: Production is planned for the second half of 2027 after ongoing rehabilitation and infrastructure work.

First Majestic continues to execute on its core strategy of optimizing operating mines, advancing high-grade targets, and preparing a U.S. asset for restart while maintaining a strong safety record. Retail investors can monitor upcoming quarterly results and the progress of expansion projects for further updates on operational momentum.