First Majestic Silver Stock Earnings Reports

First Majestic Silver reported a strong Q1 2026: production of 3.5 million oz silver (26% of 2026 midpoint guidance) and gold at 28% of midpoint guidance, record revenues of $477 million (up 95% YoY) and operating cash flow of $311 million. Management highlighted materially higher realised silver prices (average $86.35/oz vs $33.10 in Q1 2025), expanded margins (from ~$13/oz a year ago to ~$52/oz in Q1 2026), and deliberate inventory retention of ~676k oz silver and ~2.7k oz gold (inventory value $63M) to capture further upside. All-in sustaining costs rose modestly due to changes in metal ratio accounting, profit-sharing, royalties and lower cutoff grades enabling higher throughput and longer mine lives; cost per tonne remains low (~$170/t). Corporate actions: executive changes (Dave Howe named COO; Alex Thompson hired to lead Jerritt Canyon restart), a $75M restart investment at Jerritt Canyon in 2026 targeting H2 2027 production, and ambitious expansion and exploration programs (300k+ meters including 266k m across main sites plus 42k m at Jerritt). Operational initiatives include mill expansions at Santa Elena (to 3,500 tpd targeted by H2 2026), increasing Los Gatos to 4,000 tpd, and La Encantada moving to self-haul to improve throughput and costs. Balance sheet strength: treasury >$1.1B, free cash flow of $224M after a large $95M Mexican tax payment. Dividend policy increased from 1% to 2% (largest dividend to date). Management sees limited near-term inflationary pressure on inputs, low diesel exposure (~5%), and continued focus on capital allocation, drilling, and selective M&A.