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First Majestic's Silver Production Decreases 11% Y/Y in Q3
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Key Takeaways
First Majestic produced 3.4M ounces of silver in Q3'26, down 11% y/y.
San Dimas silver output fell 41%, while La Encantada production rose 68% on higher ore volumes and grades.
First Majestic remains on track to begin production at Jerritt Canyon in H2'27.
First Majestic Silver Corp. (AG - Free Report) announced that its silver production reached 3.4 million ounces in the third quarter of 2026, marking a year-over-year decrease of 11%. The downside was caused by a labor dispute at San Dimas during the quarter. The company’s gold production also fell 17% to 29,552 ounces.
First Majestic produced 13.23 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper.
First Majestic’s Mine Performances in Q3
In the third quarter of 2026, the San Dimas mine produced 859,869 ounces of silver, marking a 41% decrease from the third quarter of 2025. The mine’s gold production fell 26% to 10,386 ounces.
The Santa Elena mine produced 368,333 ounces of silver (down 11% year over year) and 18,489 ounces of gold, which fell 12%. La Encantada produced 967,067 ounces of silver, up 68% from the third quarter of 2025. The upside was driven by 32% growth in ore processed and a 27% increase in silver grades.
Los Gatos contributed 1.25 million ounces of silver and 625 ounces of gold. It also contributed 13.28 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper to First Majestic’s total production number.
First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company is on track to begin production at the mine from the second half of 2027.
AG’s Peer Performance in Q3
Endeavour Silver Corp. (EXK - Free Report) produced 2.1 million ounces of silver in the third quarter of 2026. This reflected a 19% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 39% to 10,126 ounces. The company’s silver-equivalent ounces production was 3.6 million in the quarter.
Fortuna Mining Corp. (FSM - Free Report) produced 69,665 gold-equivalent ounces (GEO) from ongoing operations in the third quarter of 2026, bringing the total first-nine-month production to 214,754 GEOs. Fortuna Mining remains on track to achieve its 2026 production target of 281,000-305,000 GEO. However, the third-quarter figure marked a 3.9% decrease from the year-ago quarter.
First Majestic Stock’s Price Performance
The company’s shares have gained 23.4% in the past year compared with the industry's 10.4% rise.
Image Source: Zacks Investment Research
AG’s Zacks Rank & Stock to Consider
First Majestic currently carries a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2027 earnings is pegged at $13.28 per share, indicating a year-over-year increase of 23.4%. CRS shares have jumped 59.4% in a year. It delivered an average trailing four-quarter earnings surprise of 8.4%.
View the Zacks #1 Rank List
Image: Bigstock
First Majestic's Silver Production Decreases 11% Y/Y in Q3
Key Takeaways
First Majestic Silver Corp. (AG - Free Report) announced that its silver production reached 3.4 million ounces in the third quarter of 2026, marking a year-over-year decrease of 11%. The downside was caused by a labor dispute at San Dimas during the quarter. The company’s gold production also fell 17% to 29,552 ounces.
First Majestic produced 13.23 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper.
First Majestic’s Mine Performances in Q3
In the third quarter of 2026, the San Dimas mine produced 859,869 ounces of silver, marking a 41% decrease from the third quarter of 2025. The mine’s gold production fell 26% to 10,386 ounces.
The Santa Elena mine produced 368,333 ounces of silver (down 11% year over year) and 18,489 ounces of gold, which fell 12%.
La Encantada produced 967,067 ounces of silver, up 68% from the third quarter of 2025. The upside was driven by 32% growth in ore processed and a 27% increase in silver grades.
Los Gatos contributed 1.25 million ounces of silver and 625 ounces of gold. It also contributed 13.28 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper to First Majestic’s total production number.
First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company is on track to begin production at the mine from the second half of 2027.
AG’s Peer Performance in Q3
Endeavour Silver Corp. (EXK - Free Report) produced 2.1 million ounces of silver in the third quarter of 2026. This reflected a 19% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 39% to 10,126 ounces. The company’s silver-equivalent ounces production was 3.6 million in the quarter.
Fortuna Mining Corp. (FSM - Free Report) produced 69,665 gold-equivalent ounces (GEO) from ongoing operations in the third quarter of 2026, bringing the total first-nine-month production to 214,754 GEOs. Fortuna Mining remains on track to achieve its 2026 production target of 281,000-305,000 GEO. However, the third-quarter figure marked a 3.9% decrease from the year-ago quarter.
First Majestic Stock’s Price Performance
The company’s shares have gained 23.4% in the past year compared with the industry's 10.4% rise.
AG’s Zacks Rank & Stock to Consider
First Majestic currently carries a Zacks Rank #4 (Sell).
A better-ranked stock from the basic materials space is Carpenter Technology Corporation (CRS - Free Report) . CRS has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2027 earnings is pegged at $13.28 per share, indicating a year-over-year increase of 23.4%. CRS shares have jumped 59.4% in a year. It delivered an average trailing four-quarter earnings surprise of 8.4%.