First Majestic Silver Reports Record Q1 Earnings Driven by High Metal Prices
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy AG?
Source: Fool
First Majestic Silver's stock fell 5.00% as it crossed below the 5-day SMA, despite reporting record quarterly earnings.
The company achieved a record quarterly revenue of $476.7 million in Q1, marking a 95% year-over-year increase, and adjusted net earnings surged to $151.7 million. However, despite strong financial results, the stock price declined, indicating sector rotation as the broader market, including the Nasdaq-100 and S&P 500, showed gains.
This performance highlights First Majestic's strong market position, but the stock's decline suggests that investors may be reallocating their portfolios, potentially seeking opportunities elsewhere despite the company's robust earnings.
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Analyst Views on AG
Wall Street analysts forecast AG stock price to fall
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 23.980
Low
19.03
Averages
22.18
High
24.50
Current: 23.980
Low
19.03
Averages
22.18
High
24.50
About AG
First Majestic Silver Corp. is a mining company. The Company is focused on silver and gold production in Mexico and the United States. It owns and operates approximately 350,000 hectares of land package, which include the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and a 70% joint venture interest in the Cerro Los Gatos Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, United States. The San Dimas Silver/Gold Mine is located over 130 kilometers (km) northwest of the city of Durango, Durango State, Mexico. The Santa Elena Silver/Gold Mine is located over 150 km northeast of the city of Hermosillo, Sonora, Mexico. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon. The Cerro Los Gatos Mine is located around 120 kms south of Chihuahua City, Mexico.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
First Majestic Silver Q1 2026 Earnings Highlights
- Earnings Performance: First Majestic Silver reported a non-GAAP EPS of $0.31 for Q1 2026, aligning with market expectations, despite a 4.6% year-over-year revenue decline to $232.8 million, indicating stable profitability amidst challenges.
- Significant Cash Flow Growth: The company achieved operating cash flow of $310.6 million in Q1 2026, a remarkable 182% increase from $110 million in Q1 2025, reflecting substantial improvements in cash management and operational efficiency.
- Free Cash Flow Increase: First Majestic generated $223.5 million in free cash flow during the first quarter, up $180 million year-over-year after accounting for $95.5 million in cash income taxes, showcasing robust financial health and operational effectiveness.
- Cost Control and Production: Cash costs and All-in Sustaining Costs (AISC) per payable AgEq ounce were $20.28 and $29.76, respectively, with expectations for further reductions in the second half of the year, while silver and gold production reached 3.5 million ounces and 34,341 ounces, representing 26% and 28% of the 2026 production guidance midpoints, respectively.
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GoldHaven Resources Upsizes Financing to Support 2026 Drilling Campaign
- Upsized Financing: GoldHaven Resources announced an upsized flow-through financing of approximately $3.2 million for 2026, fully funding its expanded drilling program at the Magno Project in the Cassiar District, reflecting strong investor interest in the project.
- Polymetallic System Potential: The company plans to drill over 5,000 meters across the Magno, Kuhn, and D Zones, targeting high-grade mineralization, with historical results showing silver grades up to 2,370 g/t, enhancing the project's appeal.
- Strategic Investment Expansion: GoldHaven is also advancing its Copeçal Gold Project in Brazil, where an independent geology consultant confirmed a large-scale hydrothermal system and identified high-priority drill targets, showcasing the company's strategic diversification in discovery opportunities.
- Modern Geophysical Survey: The company has completed a modern airborne magnetic survey covering 1,741 kilometers in collaboration with Dias Airborne Limited, aimed at optimizing 2026 drill targets and further enhancing the exploration potential of the Magno project.
See More
GoldHaven Resources Upsizes Financing to Expand 2026 Drill Program
- Successful Financing: GoldHaven Resources announced that its total flow-through financing for 2026 has reached approximately $3.2 million, fully funding the expanded drilling program at its Magno Project in the Cassiar District, reflecting strong investor interest in the project.
- Drilling Program Expansion: Drilling is expected to exceed the initial 5,000 meters, focusing on the Magno, Kuhn, and D Zones, which have shown strong grades and clear geological vectors, potentially leading to significant resource discoveries.
- Diversified Project Portfolio: In addition to the Magno project, GoldHaven is advancing the Copeçal Gold Project in Brazil, where a large-scale hydrothermal system has been confirmed and high-priority drill targets identified, further enhancing the company's resource diversity.
- Modern Geophysical Survey: The 1,741 kilometers of airborne magnetic surveying conducted at Magno supports the 2026 drilling targets with a modern geological model, improving the accuracy and efficiency of resource assessment.
See More
First Majestic Silver Reports Record Q1 Earnings Driven by High Metal Prices
- Record Revenue: First Majestic Silver achieved a record quarterly revenue of $476.7 million in Q1, marking a 95% year-over-year increase, which is its fifth consecutive quarter of record revenue, demonstrating a strong market position with 66% of revenue derived from silver, the highest in its peer group.
- Significant Profitability Boost: The company's adjusted net earnings surged from $20.9 million last year to $151.7 million this quarter, while cash flow from operations skyrocketed by 182% to $310.6 million, enabling a record treasury position of $1.1 billion and enhancing financial stability.
- Rising Cost Impact: Despite a 4% and 6% decline in silver and gold production respectively, the company managed to offset these pressures with a 55% increase in all-in sustaining costs per silver ounce, showcasing resilience under challenging conditions due to high metal prices.
- Optimistic Future Outlook: First Majestic expects costs to decrease in the second half of the year and plans to invest $75 million to restart production at the Jerritt Canyon Gold Mine, positioning itself for stronger profitability if metal prices remain high, thereby solidifying its market position.
See More
First Majestic Silver Declares Quarterly Dividend
- Quarterly Dividend Announcement: First Majestic Silver has declared a quarterly dividend of $0.0171 per share, with a forward yield of 0.29%, aimed at rewarding shareholders and boosting investor confidence.
- Payment Schedule: The dividend is set to be paid on May 29, with a record date of May 20 and an ex-dividend date also on May 20, ensuring shareholders receive their returns promptly.
- Stable Financial Performance: The company recently reported a non-GAAP EPS of $0.31 and revenue of $476.7 million, indicating its ability to maintain stable financial performance amid silver price fluctuations.
- Market Reaction Analysis: Although the stock price has declined from its highs, the dividend announcement may attract income-seeking investors, potentially providing some support to the stock price.
See More
U.S. Futures Decline Ahead of Trump's Visit to China
- Futures Market Decline: Dow Jones futures fell by 0.04%, S&P 500 futures decreased by 0.07%, and Nasdaq 100 futures dropped by 0.14%, reflecting investor concerns over Trump's comments on Iran, which may impact market sentiment.
- Presidential Visit to China: Trump is set to visit Beijing on Wednesday, inviting top U.S. executives including Musk, Cook, and Fink to discuss critical issues such as trade and AI, which could have significant implications for U.S.-China relations.
- Federal Reserve Nomination: The Senate is advancing toward confirming Kevin Warsh as the next Fed chair, with markets keenly watching for his potential influence on monetary policy, especially ahead of the upcoming inflation report.
- Rising Oil Prices: Brent crude futures rose by approximately 0.55% and WTI crude futures increased by 0.63%, indicating a positive outlook on energy demand, which may also affect broader economic growth prospects.
See More
First Majestic Silver Q1 2026 Earnings Highlights
- Earnings Performance: First Majestic Silver reported a non-GAAP EPS of $0.31 for Q1 2026, aligning with market expectations, despite a 4.6% year-over-year revenue decline to $232.8 million, indicating stable profitability amidst challenges.
- Significant Cash Flow Growth: The company achieved operating cash flow of $310.6 million in Q1 2026, a remarkable 182% increase from $110 million in Q1 2025, reflecting substantial improvements in cash management and operational efficiency.
- Free Cash Flow Increase: First Majestic generated $223.5 million in free cash flow during the first quarter, up $180 million year-over-year after accounting for $95.5 million in cash income taxes, showcasing robust financial health and operational effectiveness.
- Cost Control and Production: Cash costs and All-in Sustaining Costs (AISC) per payable AgEq ounce were $20.28 and $29.76, respectively, with expectations for further reductions in the second half of the year, while silver and gold production reached 3.5 million ounces and 34,341 ounces, representing 26% and 28% of the 2026 production guidance midpoints, respectively.
See More
GoldHaven Resources Upsizes Financing to Support 2026 Drilling Campaign
- Upsized Financing: GoldHaven Resources announced an upsized flow-through financing of approximately $3.2 million for 2026, fully funding its expanded drilling program at the Magno Project in the Cassiar District, reflecting strong investor interest in the project.
- Polymetallic System Potential: The company plans to drill over 5,000 meters across the Magno, Kuhn, and D Zones, targeting high-grade mineralization, with historical results showing silver grades up to 2,370 g/t, enhancing the project's appeal.
- Strategic Investment Expansion: GoldHaven is also advancing its Copeçal Gold Project in Brazil, where an independent geology consultant confirmed a large-scale hydrothermal system and identified high-priority drill targets, showcasing the company's strategic diversification in discovery opportunities.
- Modern Geophysical Survey: The company has completed a modern airborne magnetic survey covering 1,741 kilometers in collaboration with Dias Airborne Limited, aimed at optimizing 2026 drill targets and further enhancing the exploration potential of the Magno project.
See More
GoldHaven Resources Upsizes Financing to Expand 2026 Drill Program
- Successful Financing: GoldHaven Resources announced that its total flow-through financing for 2026 has reached approximately $3.2 million, fully funding the expanded drilling program at its Magno Project in the Cassiar District, reflecting strong investor interest in the project.
- Drilling Program Expansion: Drilling is expected to exceed the initial 5,000 meters, focusing on the Magno, Kuhn, and D Zones, which have shown strong grades and clear geological vectors, potentially leading to significant resource discoveries.
- Diversified Project Portfolio: In addition to the Magno project, GoldHaven is advancing the Copeçal Gold Project in Brazil, where a large-scale hydrothermal system has been confirmed and high-priority drill targets identified, further enhancing the company's resource diversity.
- Modern Geophysical Survey: The 1,741 kilometers of airborne magnetic surveying conducted at Magno supports the 2026 drilling targets with a modern geological model, improving the accuracy and efficiency of resource assessment.
See More
First Majestic Silver Reports Record Q1 Earnings Driven by High Metal Prices
- Record Revenue: First Majestic Silver achieved a record quarterly revenue of $476.7 million in Q1, marking a 95% year-over-year increase, which is its fifth consecutive quarter of record revenue, demonstrating a strong market position with 66% of revenue derived from silver, the highest in its peer group.
- Significant Profitability Boost: The company's adjusted net earnings surged from $20.9 million last year to $151.7 million this quarter, while cash flow from operations skyrocketed by 182% to $310.6 million, enabling a record treasury position of $1.1 billion and enhancing financial stability.
- Rising Cost Impact: Despite a 4% and 6% decline in silver and gold production respectively, the company managed to offset these pressures with a 55% increase in all-in sustaining costs per silver ounce, showcasing resilience under challenging conditions due to high metal prices.
- Optimistic Future Outlook: First Majestic expects costs to decrease in the second half of the year and plans to invest $75 million to restart production at the Jerritt Canyon Gold Mine, positioning itself for stronger profitability if metal prices remain high, thereby solidifying its market position.
See More
First Majestic Silver Declares Quarterly Dividend
- Quarterly Dividend Announcement: First Majestic Silver has declared a quarterly dividend of $0.0171 per share, with a forward yield of 0.29%, aimed at rewarding shareholders and boosting investor confidence.
- Payment Schedule: The dividend is set to be paid on May 29, with a record date of May 20 and an ex-dividend date also on May 20, ensuring shareholders receive their returns promptly.
- Stable Financial Performance: The company recently reported a non-GAAP EPS of $0.31 and revenue of $476.7 million, indicating its ability to maintain stable financial performance amid silver price fluctuations.
- Market Reaction Analysis: Although the stock price has declined from its highs, the dividend announcement may attract income-seeking investors, potentially providing some support to the stock price.
See More
U.S. Futures Decline Ahead of Trump's Visit to China
- Futures Market Decline: Dow Jones futures fell by 0.04%, S&P 500 futures decreased by 0.07%, and Nasdaq 100 futures dropped by 0.14%, reflecting investor concerns over Trump's comments on Iran, which may impact market sentiment.
- Presidential Visit to China: Trump is set to visit Beijing on Wednesday, inviting top U.S. executives including Musk, Cook, and Fink to discuss critical issues such as trade and AI, which could have significant implications for U.S.-China relations.
- Federal Reserve Nomination: The Senate is advancing toward confirming Kevin Warsh as the next Fed chair, with markets keenly watching for his potential influence on monetary policy, especially ahead of the upcoming inflation report.
- Rising Oil Prices: Brent crude futures rose by approximately 0.55% and WTI crude futures increased by 0.63%, indicating a positive outlook on energy demand, which may also affect broader economic growth prospects.
See More
