First Majestic Silver (AG): AISC, Guidance, Peer Table

Reviewed September 2026 against USGS Mineral Commodity Summaries, the Silver Institute’s World Silver Survey, and Yahoo Finance market data.

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Silver spot traded at $61.12 per troy ounce on September 30, 2026, per Kitco — down from a 2026 peak of $121.79/oz on January 29, 2026, and above the year’s $64.20/oz low recorded in August 2026 by Yahoo Finance Commodities. First Majestic Silver (NYSE: AG) posted a 62.9% one-year return through 2026 YTD, according to Yahoo Finance — trailing peer Endeavour Silver (NYSE: EXK), which returned 198.51% over the same window. Neither figure is investment advice; both are checkable today at the links above.

This page exists to answer the specific questions investors type into a search bar before buying or selling AG: what is the stock’s actual AISC, what did the company guide for 2026 production, how has NYSE: AG traded against its peers, and where do you go to verify any of it next quarter. We’ll cover each in turn, with a comparison table and a calculator built around the Silver Institute’s published 2025 supply deficit.

Why First Majestic (NYSE: AG) Trades the Way It Does

First Majestic Silver Corp. trades on the NYSE under the ticker AG as a pure-play silver miner with operations concentrated in Mexico. Because it doesn’t hedge its silver output the way a diversified major would, its share price moves in close correlation with spot silver — which is exactly why the 62.9% one-year return cited above needs to be read against the metal’s own path: up to $121.79/oz in late January, down to $64.20/oz by August, and back to $61.12/oz by late September, all in the same year, per Kitco and Yahoo Finance Commodities. A pure-play miner amplifies that round trip in both directions.

That’s the core fact an AI-generated summary can hand you. What it can’t hand you is a way to check whether AG’s own cost structure and guidance justify the multiple it trades at relative to peers like Endeavour Silver — or a live method for pulling the next quarter’s numbers yourself. That’s the rest of this page.

First Majestic AISC and 2026 Production Guidance

Two numbers investors search for by name — “first majestic silver aisc 2026” and “first majestic silver 2026 production guidance” — are figures the company publishes itself in quarterly filings, and they are not in the research base compiled for this article. Rather than invent an AISC-per-ounce figure or a specific ounces-guided number, here is exactly where to pull the current, filed figures:

• All-in sustaining cost (AISC): First Majestic reports AISC per ounce of silver equivalent in each quarterly earnings release and MD&A, filed with SEC EDGAR (sec.gov) under ticker AG. Search EDGAR’s full-text search for “First Majestic” and open the most recent 6-K or 40-F to get the AISC guided for the current fiscal year alongside the trailing-quarter actual.
• Production guidance (ounces): The same quarterly investor presentations and earnings releases state full-year silver-equivalent ounce guidance, typically reaffirmed or revised each quarter. These are the primary source for “first majestic silver 2026 production guidance silver ounces” and the related guidance queries — the company’s own numbers, not a third-party estimate.
• Cadence: Guidance updates land on the investor relations page and in EDGAR filings each quarter; the fastest way to get the current figure is to check EDGAR directly rather than rely on any cached summary, including this one.

Why not publish a number here instead? Because AISC and ounce guidance change every quarter, and a figure printed on this page would go stale before the next filing — while a fabricated placeholder would be actively wrong. The durable version of this section is the method above: go to EDGAR, search AG, open the latest filing, read the AISC and guidance lines under Operating Highlights or Outlook.

What we can source for you concretely: silver’s own price band for 2026 so far. The metal ran from $64.20/oz in August up toward its January peak of $121.79/oz and sat at $61.12/oz on September 30, 2026 (Kitco). Since First Majestic doesn’t meaningfully hedge, its realized price per ounce sold tracks that band closely — which is the mechanical link between the AISC figure you’ll find on EDGAR and the margin the market is pricing into AG shares today.

NYSE: AG Stock Performance and Peer Comparison

For the direct query “first majestic silver stock” and “nyse: ag”: First Majestic trades on the New York Stock Exchange under ticker AG, and its one-year return through 2026 YTD stands at 62.9%, per Yahoo Finance’s quote page for the ticker. That is a real, checkable number, not an estimate — and it is worth comparing against a direct peer rather than reading in isolation.

Endeavour Silver (NYSE: EXK), another pure-play Mexico-and-Americas silver producer, returned 198.51% over the same 2026 YTD window, also per Yahoo Finance. That’s a gap of over 135 percentage points between two companies mining the same metal in overlapping jurisdictions — the kind of divergence that comes down to company-specific factors (production growth, AISC trend, project pipeline, share count) rather than the silver price alone, since both stocks were exposed to the identical $64.20–$121.79/oz band. This is precisely the comparison an AI Overview answering “best silver mining stocks” cannot make for you, because it requires holding two tickers’ return data side by side and asking why they diverged — the table in the next section does that.

On a broader NYSE mining-equities index for silver specifically, no aggregate 2026 YTD performance figure was available in the sources compiled for this article — the Silver Institute and USGS track physical production and consumption, not an index of mining-stock returns. If you need a market-cap-weighted silver-miner index return, the practical method is to pull index fund or ETF factsheets (funds tracking silver miners publish trailing-return tables updated monthly) rather than rely on a single-company figure standing in for the sector.

Silver Market Fundamentals: Supply, Demand, and the Deficit

The reason silver miners as a group had a strong 2026 despite a sharp mid-year pullback traces to a physical market imbalance, not just sentiment. Global silver mine production totaled 26,000 metric tons in 2025, per USGS Mineral Commodity Summaries 2025. Mexico led all producing countries at 6,300 metric tons in 2025 — the jurisdiction where First Majestic runs the bulk of its mines. U.S. mine production came to 1,100 metric tons over the same year, a small fraction of the global total and a useful baseline if you’re comparing domestic supply to import-dependent industrial demand.

Against that 26,000-metric-ton supply, the Silver Institute’s World Silver Survey 2026 put global silver consumption at 1.13 billion troy ounces in 2025, producing a supply deficit of 40.3 million ounces for the year. The Silver Institute’s own forecast puts the 2026 deficit at 46.3 million ounces — a widening gap, not a one-year anomaly. That’s the fundamental case industrial buyers and investors point to when discussing “silver mining stocks performance 2026”: a market where consumption has now outpaced mine supply for multiple consecutive years, per the Institute’s own survey data.

None of this guarantees any individual stock’s return — Endeavour and First Majestic sit in the identical deficit environment and returned 198.51% and 62.9% respectively, proof that the macro deficit story explains sector tailwinds, not company-specific stock-picking.

Overview of First Majestic Silver Corp.

First Majestic Silver Corp. is a Vancouver-headquartered producer whose operating mines sit primarily in Mexico, the country that led global silver production at 6,300 metric tons in 2025 per USGS. The company holds a portfolio of producing mines alongside exploration-stage projects, a structure that gives it exposure to near-term output plus optionality on reserve growth. Its concentration in a single country is a double-edged trait: Mexico’s established mining infrastructure and skilled labor pool support reliable output, but it also means Mexican regulatory or labor developments carry outsized weight in the company’s cost base compared with a geographically diversified peer.

As a name investors track for silver mining and ore trends broadly, First Majestic’s relevance comes from being one of the few large-cap, pure-play silver producers listed on the NYSE — most diversified miners produce silver as a byproduct of gold, copper, or zinc operations, which mutes their sensitivity to the metal’s own price swings. That’s the structural reason AG moves harder, in both directions, than a diversified major when silver itself swings from $121.79/oz to $64.20/oz inside a single year.

Silver Price and Mining Stock Comparison Table

The table below holds the figures an AI summary would give you as separate sentences, side by side, so you can compare them in one look — the comparison itself is the value, not any single cell.

Figures above are sourced and dated as shown; none are estimates. Not financial advice.

Deficit Exposure Calculator

The Silver Institute’s 2025 deficit (40.3 million oz) and 2026 forecast deficit (46.3 million oz) are global aggregate figures — this tool lets you scale that deficit down to a hypothetical ounce position so you can see what a shortfall of that size implies at different price points, using the spot range already cited above as your inputs.

Assumptions: this tool multiplies your ounce input by the price you enter — it does not fetch live prices, so re-enter the current spot from Kitco before relying on the output. It compares your position mechanically against the Silver Institute’s published global deficit figures and does not model AISC, premiums, storage costs, or any individual mining company’s balance sheet.

Challenges & Opportunities for Silver Miners

Key Risks

• Price volatility within the year itself: silver swung from $64.20/oz to $121.79/oz inside 2026 (Yahoo Finance Commodities, Trading Economics) — a range wide enough to change a miner’s margin from thin to strong within a single fiscal year.
• Single-country concentration: First Majestic’s Mexico-heavy footprint means Mexican mining policy or labor conditions carry more weight for AG than for a geographically diversified peer.
• Peer divergence within the same macro backdrop: EXK’s 198.51% return against AG’s 62.9% over the identical 2026 YTD window shows the sector tailwind from the deficit does not translate evenly across companies.
• Guidance and cost data go stale fast: AISC and production guidance are quarterly figures — treat any number older than the most recent 6-K or 40-F on EDGAR as provisional.

Structural Opportunities

• A persistent, published deficit: the Silver Institute’s own 40.3-million-ounce 2025 deficit, forecast to widen to 46.3 million ounces in 2026, is a demand-side tailwind documented by the industry’s own survey, not a promotional claim.
• Leading producer jurisdiction: Mexico’s 6,300 metric tons in 2025 kept it the world’s top silver-producing country per USGS, reinforcing the case for miners with an established Mexican footprint.
• Operational transparency tools: satellite monitoring, blockchain-based traceability, and carbon footprinting platforms give investors a way to independently verify a miner’s operational and ESG claims rather than rely solely on company-reported figures.

Technology and Monitoring in Silver Mining

Independent verification matters more for a single-metal miner than a diversified one, because there’s no other commodity segment to offset a bad quarter. Three categories of tooling let outside parties check a miner’s operational claims rather than take a press release at face value:

• Satellite monitoring: multispectral imaging tracks mine-site activity, tailings management, and land disturbance over time, giving a third-party view of whether stated production activity matches ground conditions.
• Blockchain traceability: supply-chain traceability tools record custody of mined material from site to buyer, which is the kind of documentation increasingly requested by ESG-focused funds. See Farmonaut’s traceability platform.
• Fleet and resource management: satellite-driven fleet management tools track vehicle and equipment utilization at remote sites, a proxy for whether stated production tempo lines up with logistics activity.

None of these tools replace a 10-K or 6-K filing. They exist to cross-check the operational story a miner tells against independently observable activity — useful due diligence for anyone weighing a stock like AG or EXK beyond the headline return figures in the table above.

How Farmonaut’s Satellite Solutions Support Mining & Investment Due Diligence

Farmonaut provides satellite-based monitoring, traceability, and fleet-management tools that mining operators and outside analysts use to independently check operational activity at mine sites, including in Mexico where First Majestic and Endeavour Silver both run producing assets. Specific capabilities:

• Operational monitoring: remote imaging of active mine sites to track disturbance, expansion, and tailings footprint over time.
• Sustainability reporting: the Carbon Footprinting dashboard tracks emissions data relevant to ESG-focused mining investors.
• Supply chain integrity: Product Traceability tools document custody of mined material from extraction through sale.
• Resource logistics: Fleet Management for tracking vehicles and equipment across remote, multi-site mining operations.
• Financing verification: remote verification services supporting loan and insurance underwriting by reducing fraud risk in asset-backed lending.
• API access: the Farmonaut Mining API and Developer Docs let analysts and third-party platforms pull satellite data directly into their own due-diligence workflows.

How to Verify These Numbers Yourself

Every figure on this page carries a shelf life. Here is the exact refresh path for each, so you can pull a fresher number than the one printed here:

That table is the durable spine of this page: the specific 2026 figures above will age, but the method for replacing them with this quarter’s or this year’s actual numbers does not.

FAQ

Conclusion

First Majestic (NYSE: AG) returned 62.9% over the 2026 YTD window while silver itself swung from $64.20/oz to $121.79/oz and settled at $61.12/oz by September 30, 2026 — a return that trailed peer Endeavour Silver’s 198.51% over the identical window, evidence that the sector-wide deficit tailwind (40.3 million ounces in 2025, forecast 46.3 million in 2026 per the Silver Institute) doesn’t translate evenly across individual miners. The company’s exact AISC and 2026 ounce guidance sit in its EDGAR filings, refreshed every quarter — check there directly rather than rely on a cached figure from any source, including this one. That’s the honest state of the data: some numbers are firm and sourced above, one pair is genuinely not published in aggregate form anywhere but the company’s own filings, and the path to both is laid out so you can pull them yourself before making any investment decision.

Further reading:

• silver price

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