AG

First Majestic Silver Corp. (AG:CA) Q2 2026 Earnings Call Transcript

Vancouver, British Columbia--(Newsfile Corp. - July 30, 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 second quarter ended June 30, 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 (AG) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.

With the recent volatility in silver prices weighing on the near-term prospects of the Zacks Mining - Silver industry, stocks like AG and VZLA will likely gain from solid growth projects.

The mean of analysts' price targets for First Majestic (AG) points to a 54.3% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

First Majestic Silver remains a buy, offering high leverage to silver with improved fundamentals and a cleaner portfolio after two non-core asset sales. Recent sales of San Martin ($90M, NPV ~$77M) and Del Toro (up to $60M) convert idle assets into liquidity, supporting capex for growth projects like Santo Niño. Q1 delivered strong results: revenue up 95% YoY to $476.7M, free cash flow $224M, and record $1.13B treasury, reflecting operational leverage to silver prices.

AG has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.

First Majestic lifts its 2026 production outlook after Q2 silver output rises 3% y/y, backed by strong mine performance and higher guidance across key assets.

Vancouver, British Columbia--(Newsfile Corp. - July 8, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the second 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 3.8 million silver ("Ag") ounces, 34,660 gold ("Au") ounces, 16.5 million pounds of zinc ("Zn"), 9.0 million pounds of lead ("Pb") and 252,938 pounds of copper ("Cu"). Q2 2026 PRODUCTION HIGHLIGHTS Silver Production (+3% Y/Y): The Company produced 3.8 million silver ounces in Q2 2026 compared to 3.7 million silver ounces produced in Q2 2025, an increase of 3%.

H1 2026 turned out to be a bad one for gold mining stocks, despite a great start, because of the oil crisis that erupted in 2026. H2 2026 could be better than H1 2026 with no repeat of the big losses, but big gains will be difficult with the crisis still not fully resolved. Gold mining stocks are likely to go flattish in H2 2026, but their ability to go higher should get better longer term for multiple reasons.