First Majestic Silver Corp. (AG) Earnings Call Transcripts

First Majestic Silver Corp.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, First Majestic Silver Corp. reported record revenues of $477 million, a 95% increase year-over-year, driven by strong silver production of 3.5 million ounces, which exceeded guidance. The company achieved operating cash flows of $311 million and a significant increase in margins, with Q1 margins rising to $52 per ounce from $13 a year ago. Management maintained a positive outlook, indicating that Q2 is expected to be strong as well, with ongoing investments in exploration and development.

Reported metrics

Guidance from management

Management maintained a positive outlook for Q2 2026, expecting continued strong performance and ongoing investments in exploration and development. They noted, "Q2 is looking pretty darn good as well."

What management said

Well, the 2 most critical things is the oxygen plant and the underground fleet. So we're working right now on defining all of that and defining costs and defining time lines. And then we're still a little bit early, but we will be putting an order in for some of the underground fleet in the next couple of weeks, which have 10- to 12-month lead times. We're just working with the group on the auction and plant right ...

Well, we're always looking for ways to grow. I can't talk too much about it. But yes, look, we have -- our group continually scours the planet and looking for good silver projects, and they're kind of a rare animal and they're hard to find. And but we continue to look. .

What analysts pressed on

Analysts expressed concerns regarding potential inflationary pressures on costs and the labor market for the Jerry Canyon restart. They inquired about the company's ability to manage rising costs and labor availability as production ramps up.

Main topics on the call

• Record Revenue Growth — First Majestic reported record revenues of $477 million, up 95% year-over-year, attributed to higher silver prices and production. Management stated, "this Q1 was exceptionally good... we ended up producing 3.5 million o...
• Increased Margins — Margins increased significantly to $52 per ounce from $13 a year ago, showcasing improved profitability despite rising costs. Management noted, "any increase in costs that we're experiencing is easily taken with the incr...
• Dividend Increase — The company announced its largest dividend ever at $0.0171 per share, four times last year's dividend, reflecting strong financial performance. Management highlighted that this change was due to "revenue doubling and us ...
• Operational Efficiency — First Majestic has focused on operational efficiencies, resulting in lower costs per ton at $170, the lowest in some time. Management emphasized, "we've had operating cash flows in Q1 of $311 million, $0.63 a share," ind...

Read the full First Majestic Silver Corp. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 20 First Majestic Silver Corp. earnings call transcripts on record, spanning January 21, 2020 to July 30, 2026. Based on this history, First Majestic Silver Corp. reports semi-annually. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

AG

Exchange

TSX

Country

CA

Sector

Materials

Industry

Metals and Mining

Calls on record

20

First call

January 21, 2020

Most recent

July 30, 2026

Reporting cadence

semi-annually