Canada's First Majestic Silver Q1 revenue jumps 95% on higher metal prices

First Majestic Silver

12/05/2026 12:12

Corrects Adjusted Free Cash Flow in Key Details table to $223.5 mln from $310.6 mln

Overview

Canada silver and gold miner's Q1 revenue rose 95% yr/yr

Adjusted EPS for Q1 rose sharply yr/yr but missed analyst expectations

Company declared Q1 dividend nearly four times higher than last year

Outlook

Company expects cash costs and AISC per silver equivalent ounce to decrease in H2 2026

First Majestic continues to focus on operational efficiency and cost management

Company advancing restart of Jerritt Canyon Gold Mine in Nevada

Result Drivers

HIGHER METAL PRICES - Revenue and mine operating earnings rose mainly due to higher realized silver and gold prices

INCREASED SALES VOLUME - Higher silver ounces sold at La Encantada and increased base metal sales at Los Gatos contributed to revenue growth

RISING VARIABLE COSTS - Higher metal prices led to increased royalties, labor production bonuses, and sustaining development costs, raising per-ounce costs

Company press release: ID:nNFC29Mqn

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$476.70 mln
$522 mln (1 Analyst)
Q1 Adjusted EPS
Miss
$0.31
$0.32 (3 Analysts)
Q1 Adjusted Net Income
$151.70 mln
Q1 Adjusted Free Cash Flow
$223.5 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy"

Wall Street's median 12-month price target for First Majestic Silver Corp is C$36.00, about 11.5% above its May 11 closing price of C$32.29

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 30 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

 (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)