Q1 2026 Delivers All-Time High Revenue and Treasury—Major Profitability Jump
First Majestic Silver Corp. (NYSE: AG) posted its best quarterly performance on record in Q1 2026, with revenues skyrocketing 95% year-over-year to $476.7 million. The powerful revenue growth stemmed from surging realized silver and gold prices—up 161% and 81%, respectively—alongside disciplined operational efficiency. Despite holding back $63.6 million worth of bullion in inventory, the company grew profits much faster than costs, achieving a record treasury position of $1.13 billion (up 20% since year-end 2025).
Key Financial Metrics Point to Profound Margin Expansion
| Metric | Q1 2026 | Q1 2025 | Change (%) |
|---|---|---|---|
| Revenues ($M) | 476.7 | 243.9 | 95% |
| Mine Operating Earnings ($M) | 266.6 | 63.8 | 318% |
| Net Earnings ($M) | 128.1 | 2.3 | 5,470% |
| EBITDA ($M) | 306.8 | 98.8 | 210% |
| Free Cash Flow ($M) | 223.5 | 43.5 | 414% |
| Treasury ($M) | 1,128.6 | 937.7* | 20%* |
| Dividend per Share ($) | 0.0171 | ~0.0045 | 280% |
*Treasury change calculated from Dec 31, 2025 end balance.
Silver Outpaces, Cost Per Ounce Rises but Margins Expand Significantly
The company saw cash costs per silver equivalent ounce rise to $20.28 (from $13.68), and all-in sustaining cost (AISC) to $29.76 (from $19.24). However, due to extraordinary realized prices, AISC margin ballooned to $52.24 per ounce versus $13.26 last year—a clear sign of robust profitability in a high metal price environment.
| Production & Cost Metric | Q1 2026 | Q1 2025 | Change (%) |
|---|---|---|---|
| Silver Ounces Produced | 3,545,683 | 3,704,503 | -4% |
| Gold Ounces Produced | 34,341 | 36,469 | -6% |
| Avg. Realized Silver Price ($/oz) | 86.35 | 33.10 | 161% |
| Cash Cost per AgEq Ounce ($) | 20.28 | 13.68 | 48% |
| AISC per AgEq Ounce ($) | 29.76 | 19.24 | 55% |
| AISC Margin ($/oz) | 52.24 | 13.26 | 294% |
Operational Efficiency and Strategic Inventory Build Provide More Leverage
First Majestic boosted throughput rates by 12%, enabling more flexible mining strategies at lower cutoff grades and driving profitability across all mines. The company chose to hold back $63.6 million in precious metals inventory, giving it additional leverage should prices stay elevated or rise further.
Dividends Up Nearly Four-Fold on Record Earnings and Strong Policy Commitment
Backed by record net and adjusted earnings per share ($0.26 and $0.31, respectively), First Majestic's board declared a quarterly dividend of $0.0171—up 280% from the prior year, with the payout linked to approximately 2% of quarterly net revenues under a new policy.
Leadership Appointments Set the Stage for Continued Growth
Leadership transitions marked Q1 as veteran COO Steve Holmes retires, handing the role to Dave Howe, previously of Pan American Silver, highlighting a commitment to experienced operational management. Alex Thompson joins as Managing Director for a key U.S. asset reboot, the Jerritt Canyon Gold Mine.
Takeaway: Record-Setting Performance with Room for More Upside
First Majestic Silver’s Q1 2026 results send a message of disciplined growth and profitability: margins expanded dramatically even with higher costs, operational flexibility improved, and the company now has the most robust treasury in its history. With a new, revenue-linked dividend policy, experienced additions to management, and strategic inventory leverage, AG is positioning itself as a major beneficiary if precious metal prices remain strong. Investors may want to monitor the company’s progress on cost controls in coming quarters and whether it capitalizes on its historic treasury war chest for further growth and shareholder returns.
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