First Majestic Silver Corp. (NYSE:AG) reported first-quarter 2026 production totals of 3.5 million ounces of silver, 34,341 ounces of gold, 15.4 million pounds of zinc, 8.7 million pounds of lead, and 262,913 pounds of copper from its four underground mining operations in Mexico.
Silver output declined 4% year over year to 3.5 million ounces, compared with 3.7 million ounces in the first quarter of 2025. The company said the drop was mainly due to lower head grades processed, reflecting a reduction in cut-off grades as stronger metal prices made lower-grade material economical to mill. Gold production also fell, slipping 6% to 34,341 ounces from 36,469 ounces in the same period last year, largely because of lower gold grades.
Silver production during the quarter accounted for 26% of the midpoint of the company’s full-year 2026 guidance, while gold output represented 28% of the annual target midpoint.
Production at the La Encantada mine improved significantly, with silver output rising 48% year over year. The increase was attributed to higher-grade ore extracted from the Ojuelas zone along with improved ore flow driven by operational initiatives and the addition of a new mine development contractor.
During the quarter, First Majestic processed 1,059,333 tonnes of ore, marking a 12% increase from the 944,373 tonnes processed in the first quarter of 2025. The company operated up to 27 drill rigs during the period and completed roughly 65,970 meters of drilling across its mining properties.
The company also said it has initiated a restart plan for the Jerritt Canyon Gold Mine in Nevada, with production targeted for the second half of 2027. The restart follows expanded mineral resource estimates and encouraging drilling results over the past two years.
First Majestic plans to report its full financial results for the first quarter of 2026 on May 12, 2026, and will hold a conference call later that day at 8:30 a.m. Pacific Time to discuss production and financial performance.