First Majestic Silver

AG

Market cap $9.76B

Silver crossed deep into record territory this year, and the stocks levered to it have finally started catching up.

TSM, QGEN and AG recently raised dividends as inflation, rising Treasury yields and oil prices fuel market volatility and economic concerns.

Silver is having a structural moment. The metal pushed to $118.45/oz in January 2026 before settling near the $80 handle that several banks pencilled in as a base case, and Deutsche Bank and other strategists are now modelling a path into the $90 to $100 range as central bank diversification, industrial demand from solar and solid-state batteries, and an ongoing supply-demand deficit collide.

First Majestic Silver is upgraded to Hold after a significant price drop, with long-term macro tailwinds supporting long-term repricing potential. AG posted a strong quarter: 95% revenue growth, 182% higher operating cash flow, and $223.5M in FCF, while maintaining a robust balance sheet with nearly $1B in cash. Operationally, AG announced advancing with the Jerritt Canyon restart plan ($75M investment for H2 2027), with their well-timed Gatos acquisition and the capital allocation reflecting discipline.

First Majestic Silver Corp. (AG:CA) Q1 2026 Earnings Call Transcript

First Majestic Silver NYSE: AG reported what Chief Executive Officer Keith Neumeyer described as an “exceptionally good” first quarter, with production ahead of the midpoint of guidance and record revenue driven by higher realized silver prices and stronger margins.

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2026. The full version of the quarterly financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or under the Company's profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

First Majestic Silver recently surpassed Hecla Mining in quarterly revenue, showing a visibly steeper upward trajectory over the tracked periods. Both companies have demonstrated consistent quarter-over-quarter revenue growth in recent quarters, with sequential increases accelerating noticeably in the most recent periods.

AG heads into Q1 earnings with strong silver prices and Gatos Silver gains, but lower production and rising costs may weigh on results.

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