First Majestic Silver Shares Up 3.61%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 22 2026
0mins
Should l Buy AG?
Mixed options sentiment in First Majestic Silver (AG), with shares up 72c, or 3.61%, near $20.80. Options volume relatively light with 26k contracts traded and calls leading puts for a put/call ratio of 0.84, compared to a typical level near 0.41. Implied volatility (IV30) dropped 0.14 near 78.97,and above the 52wk median, suggesting an expected daily move of $1.03. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: First Majestic Silver (AG) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.
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Analyst Views on AG
Wall Street analysts forecast AG stock price to rise
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 21.860
Low
19.03
Averages
22.18
High
24.50
Current: 21.860
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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- 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.
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Silver Futures Break Key Resistance Levels, Triggering Bullish Momentum
- Surge in Technical Buying: Silver futures breaking above the $82.20 and $82.70 resistance levels have triggered momentum-driven and technical buying from leveraged accounts, pushing spot silver prices above $85 an ounce for the first time in nearly two months, with a 15% increase this month.
- Weak Chinese Demand: Despite the surge in silver prices, relatively weak Shanghai premiums indicate that Chinese demand is not the main driver behind the recent price increase, with the next key technical level expected around $91.50.
- Retail Sentiment Turns Bullish: Retail sentiment for iShares Silver Trust (SLV) on Stocktwits has turned ‘bullish’ for the first time in over a year, with message volumes remaining high, as SLV shares rose more than 5%, making it one of the top trending tickers on the platform.
- Strong Performance of Mining Stocks: Silver mining companies such as Pan American Silver Corp. (PAAS) saw shares jump nearly 4%, Hecla Mining (HL) surged over 7%, and First Majestic Silver Corp. (AG) gained more than 4%, reflecting strong market interest in silver.
See More
First Majestic Silver Reports Surge in Late-Year Revenue
- Significant Revenue Growth: First Majestic Silver reported a revenue of $471.1 million for Q4 2025, reflecting a substantial increase that highlights its strong performance during silver price rallies, likely attracting more investor interest.
- Mine Restart Plans: The company plans to restart its Jerritt Canyon gold mine by 2027, a strategic move that not only aims to boost future gold production but also enhances its competitive position in the North American market.
- Stable Performance for Hecla: Hecla Mining achieved $448.1 million in revenue for Q4 2025 with a gross margin of 53%, demonstrating that its diversified revenue sources allow it to maintain stability amid silver price fluctuations, thereby boosting investor confidence.
- Environmental Litigation Risk: Despite Hecla Mining's strong financial performance, it faces an environmental lawsuit regarding its exploration project in Montana, which could pose potential risks to its future operations and reputation.
See More
First Majestic Silver Surpasses Hecla Mining in Revenue
- Quarterly Revenue Growth: First Majestic Silver recently surpassed Hecla Mining in quarterly revenue, indicating a visibly steeper upward trajectory that may attract increased investor interest in its silver mining operations.
- Revenue Diversity Comparison: While both companies have demonstrated consistent quarter-over-quarter revenue growth, Hecla Mining boasts a more diversified revenue base with a gross margin of approximately 53%, making it more resilient during silver price fluctuations, potentially appealing more to investors.
- Strategic Development Plans: First Majestic has announced plans to restart its Jerritt Canyon gold mine by 2027, despite ongoing international arbitration regarding a Mexican tax dispute, which could enhance its gold output and overall revenue in the future.
- Market Risk Assessment: First Majestic's heavy dependence on silver prices results in greater revenue volatility, whereas Hecla Mining mitigates risk through a diversified revenue stream, suggesting that it may offer more stable returns in the long run.
See More
Silver Prices Track Best Weekly Performance Since February
- Silver Price Surge: Spot silver (XAG/USD) has surged past $80 per ounce for the first time since April 21, marking a 4% increase from last week, indicating strong bullish momentum that could trigger a new rally in the precious metals market.
- Gold Breakthrough Imminent: Spot gold (XAU/USD) has risen 5% over the past three sessions, currently priced at nearly $4,734 per ounce, with analysts suggesting that gold is on the brink of the most significant breakout since the bull run began in October 2023, potentially boosting market sentiment.
- Oil Prices Impacting Markets: Brent crude has dropped 2.5% below $100 per barrel, with market analysts noting that falling oil prices typically push up bond prices and lower yields, thereby supporting assets like gold and silver.
- Bearish ETF Sentiment: Despite the iShares Silver Trust (SLV) rising nearly 4%, retail sentiment remains bearish, with SPDR Gold Shares (GLD) only edging up 0.8%, reflecting cautious investor attitudes towards precious metals.
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
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
Silver Futures Break Key Resistance Levels, Triggering Bullish Momentum
- Surge in Technical Buying: Silver futures breaking above the $82.20 and $82.70 resistance levels have triggered momentum-driven and technical buying from leveraged accounts, pushing spot silver prices above $85 an ounce for the first time in nearly two months, with a 15% increase this month.
- Weak Chinese Demand: Despite the surge in silver prices, relatively weak Shanghai premiums indicate that Chinese demand is not the main driver behind the recent price increase, with the next key technical level expected around $91.50.
- Retail Sentiment Turns Bullish: Retail sentiment for iShares Silver Trust (SLV) on Stocktwits has turned ‘bullish’ for the first time in over a year, with message volumes remaining high, as SLV shares rose more than 5%, making it one of the top trending tickers on the platform.
- Strong Performance of Mining Stocks: Silver mining companies such as Pan American Silver Corp. (PAAS) saw shares jump nearly 4%, Hecla Mining (HL) surged over 7%, and First Majestic Silver Corp. (AG) gained more than 4%, reflecting strong market interest in silver.
See More
First Majestic Silver Reports Surge in Late-Year Revenue
- Significant Revenue Growth: First Majestic Silver reported a revenue of $471.1 million for Q4 2025, reflecting a substantial increase that highlights its strong performance during silver price rallies, likely attracting more investor interest.
- Mine Restart Plans: The company plans to restart its Jerritt Canyon gold mine by 2027, a strategic move that not only aims to boost future gold production but also enhances its competitive position in the North American market.
- Stable Performance for Hecla: Hecla Mining achieved $448.1 million in revenue for Q4 2025 with a gross margin of 53%, demonstrating that its diversified revenue sources allow it to maintain stability amid silver price fluctuations, thereby boosting investor confidence.
- Environmental Litigation Risk: Despite Hecla Mining's strong financial performance, it faces an environmental lawsuit regarding its exploration project in Montana, which could pose potential risks to its future operations and reputation.
See More
First Majestic Silver Surpasses Hecla Mining in Revenue
- Quarterly Revenue Growth: First Majestic Silver recently surpassed Hecla Mining in quarterly revenue, indicating a visibly steeper upward trajectory that may attract increased investor interest in its silver mining operations.
- Revenue Diversity Comparison: While both companies have demonstrated consistent quarter-over-quarter revenue growth, Hecla Mining boasts a more diversified revenue base with a gross margin of approximately 53%, making it more resilient during silver price fluctuations, potentially appealing more to investors.
- Strategic Development Plans: First Majestic has announced plans to restart its Jerritt Canyon gold mine by 2027, despite ongoing international arbitration regarding a Mexican tax dispute, which could enhance its gold output and overall revenue in the future.
- Market Risk Assessment: First Majestic's heavy dependence on silver prices results in greater revenue volatility, whereas Hecla Mining mitigates risk through a diversified revenue stream, suggesting that it may offer more stable returns in the long run.
See More
Silver Prices Track Best Weekly Performance Since February
- Silver Price Surge: Spot silver (XAG/USD) has surged past $80 per ounce for the first time since April 21, marking a 4% increase from last week, indicating strong bullish momentum that could trigger a new rally in the precious metals market.
- Gold Breakthrough Imminent: Spot gold (XAU/USD) has risen 5% over the past three sessions, currently priced at nearly $4,734 per ounce, with analysts suggesting that gold is on the brink of the most significant breakout since the bull run began in October 2023, potentially boosting market sentiment.
- Oil Prices Impacting Markets: Brent crude has dropped 2.5% below $100 per barrel, with market analysts noting that falling oil prices typically push up bond prices and lower yields, thereby supporting assets like gold and silver.
- Bearish ETF Sentiment: Despite the iShares Silver Trust (SLV) rising nearly 4%, retail sentiment remains bearish, with SPDR Gold Shares (GLD) only edging up 0.8%, reflecting cautious investor attitudes towards precious metals.
See More
