First Majestic Reports Q2 2026 Production Results; Announces Updated 2026 Production and Cost Guidance, and Q2 Conference Call Details
First Majestic raised its 2026 production guidance by 10% for silver (14.6-15.5M oz) and 7% for gold (128K-135K oz) following Q2 results that showed 3% silver growth and 2% gold growth YoY, driven by strong performances at La Encantada and Santa Elena. The company increased its capital budget to $318-$344M, a 47% increase driven primarily by the $75M Jerritt Canyon restart program and development projects at Santa Elena including the Santo Niño and Navidad portals. Neil Beaumont was appointed as the new CFO effective July 2, 2026, succeeding David Soares; Beaumont brings 30 years of experience including roles at Canada Pension Plan Investment Board and BHP.
Key figures
- Guidance
- 2026 silver production 14.6-15.5M oz (was 13.0-14.4M oz, +10%); gold production 128,000-135,000 oz (was 116,000-129,000 oz, +7%); AISC $27.69-$28.77/AgEq oz (was $26.15-$27.91, +4% midpoint)
- Q2 gold production oz
- 34660
- Q2 lead production lbs
- 9023177
- Q2 zinc production lbs
- 16484603
- Capital budget 2026 usd
- $318-$344 million
- Del toro sale value usd
- $60 million
- Q2 silver production oz
- 3799823
- Q2 copper production lbs
- 252938
- Gold guidance increase pct
- 7%
- Capital budget increase pct
- 47%
- Silver guidance increase pct
- 10%
- Jerritt canyon restart cost usd
- $75 million
AI analysis
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