First Majestic Reports Q3 2026 Production Results, Announces Q3 Conference Call Details and Renewal of Share Repurchase Program
Key Highlights
- ➤Q3 silver production 3.4 million ounces, down 11% year-over-year
- ➤San Dimas production fell 41% silver and 26% gold amid labour dispute
- ➤La Encantada silver production rose 68% year-over-year to 967,067 ounces
- ➤Jerritt Canyon restart remains on track for H2 2027 production
- ➤Share repurchase renewed for up to 10 million shares, approximately 2% outstanding
Expert Statements
Keith Neumeyer, CEO of First Majestic Silver Corp.
“First Majestic remains focused on meeting its production guidance and, with a focus on controlling costs, looks forward to delivering enhanced profitability to investors through the rest of the year.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“Despite labour disruptions at San Dimas impacting operations and production, our team is working diligently to resolve the situation and return to normal operations as quickly as possible.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“At Santa Elena and Los Gatos, our mill and mine expansion projects continue to advance on schedule, with both expected to be completed in the near term.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“Meanwhile, La Encantada delivered another strong quarter of production.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“At Jerritt Canyon, the restart is progressing well and is ahead of plan in several key areas.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“We are accelerating recruitment efforts and site preparation activities as we work toward bringing this asset back into production and positioning it to make a meaningful contribution to the Company's future financial performance.”
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the third quarter of 2026 from the Company's four producing underground mines in Mexico, namely, the Santa Elena Silver/Gold Mine ("Santa Elena"), the Los Gatos Silver Mine ("Los Gatos") (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the San Dimas Silver/Gold Mine ("San Dimas"), and the La Encantada Silver Mine ("La Encantada") reached 3.4 million silver ("Ag") ounces, 29,552 gold ("Au") ounces, 13.3 million pounds of zinc ("Zn"), 7.8 million pounds of lead ("Pb") and 221,111 pounds of copper ("Cu").
Q3 2026 PRODUCTION HIGHLIGHTS * Silver Production (72% of guidance midpoint): The Company produced 3.4 million silver ounces in the quarter, reaching 72% of the 2026 revised guidance midpoint. The lower production was mostly driven by a labour dispute at San Dimas, which impacted the operations by 12 days in Q3 2026. * Silver Sales: The Company sold 3.5 million silver ounces in the quarter, on an attributable basis (4.0 million silver ounces on a 100% basis for Los Gatos), compared to 3.4 million ounces in the second quarter of 2026 (3.9 million on a 100% basis). * Gold Production (75% of guidance midpoint): The Company produced 29,552 gold ounces in Q3 2026, aligned to the Company's revised 2026 guidance, despite the labour disruptions at San Dimas. * Gold Sales: The Company sold 31,934 gold ounces in the quarter, compared to 32,681 ounces in the second quarter of 2026. * Continued Active Exploration: During the third quarter, the Company completed a total of approximately 78,475 metres ("m") of drilling across its mines in Mexico and the Jerritt Canyon Gold Mine in Nevada, USA ("Jerritt Canyon"). During the quarter, up to 33 drill rigs were active consisting of six rigs at Los Gatos, eight rigs at Santa Elena, 13 rigs at San Dimas, two rigs at La Encantada and four rigs at Jerritt Canyon. * Safety Performance: The consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.61, while the Lost Time Incident Frequency Rate ("LTIFR") was 0.10, maintaining First Majestic as a leader amongst its peer group. * Sustainability Efforts: The Company received an aggregate score of 50 across multiple environmental, social and corporate governance topics in S&P Global's annual Corporate Sustainability Assessment published at the end of September. This score places the Company in the top 17% of mining companies globally.
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