Reviewed September 2026 against First Majestic Silver investor disclosures and USGS Mineral Commodity Summaries 2026.

Try it: Run your own numbers →

First Majestic Silver’s updated full-year 2026 guidance, issued July 8, 2026, calls for 14.6 to 15.5 million ounces of silver and 128,000 to 135,000 ounces of gold across its operations in Mexico. The company did not publish a separate all-in sustaining cost (AISC) figure in ounces-of-cost terms within that release — it reported the guidance alongside a 95% year-over-year revenue increase for Q1 2026. Below is exactly what the company disclosed, what it did not, and how to pull the next update yourself before it appears anywhere else.

Table of Contents

1. First Majestic’s 2026 Production Guidance: The Actual Numbers
2. AISC Guidance: What Was Disclosed and What Wasn’t
3. How This Guidance Compares to Global Silver Supply
4. How to Track the Next Update Yourself
5. Guidance Sensitivity Calculator
6. What Moves Guidance Between Quarters
7. Where Satellite Mineral Intelligence Fits In
8. FAQs

First Majestic’s 2026 Production Guidance: The Actual Numbers

On July 8, 2026, First Majestic Silver reported its Q2 2026 production results and simultaneously announced updated full-year 2026 production and cost guidance. The revised range raised the company’s silver output forecast to 14.6–15.5 million ounces for the year, alongside 128,000–135,000 ounces of gold — both figures published in the company’s own investor release, not a third-party estimate. This is the number to cite if you searched for “first majestic silver 2026 production guidance” or any of its variants: it is a range, not a point estimate, and the company itself frames it that way because it depends on mine sequencing and grade in the second half of the year.

The guidance was accompanied by a separate data point worth noting for anyone modeling the stock rather than the metal: First Majestic’s Q1 2026 revenue grew 95% year-over-year compared to Q1 2025, according to the company’s investor release covered by Yahoo Finance. That revenue jump reflects both higher realized metal prices in the first quarter and production volume — it is not the same figure as the ounces guidance and should not be conflated with it.

Read the primary source directly rather than a paraphrase of it: First Majestic’s Q2 2026 production results and updated 2026 guidance release. That page also carries the Q2 conference call details, which is where analysts typically ask management to unpack the assumptions behind the range — worth listening to if you need more than the headline numbers.

AISC Guidance: What Was Disclosed and What Wasn’t

Here is the part that AI-generated summaries tend to get wrong by inventing a number: First Majestic’s July 8, 2026 release covers production guidance and “cost guidance” in its headline, but the publicly available materials referenced in this article do not carry a specific AISC-per-ounce figure for 2026 that we can verify and cite. If you searched “first majestic silver aisc 2026” or “first majestic silver aisc guidance 2026,” the honest answer is: the company’s cost guidance is published within the same July 8, 2026 release and accompanying investor presentation, but the exact AISC range in USD per ounce is not among the figures independently verified for this piece.

Rather than guess at a number, here is how to get the actual figure directly from the source in under five minutes:

1. Open the July 8, 2026 release and look for the “cost guidance” table, which typically breaks out AISC by consolidated total and sometimes by mine.
2. Cross-check against the Q2 2026 conference call transcript or slide deck, linked from the same investor news page, where management usually walks through the assumptions (silver price, Mexican peso exchange rate, energy costs) baked into the AISC range.
3. For the quarter-by-quarter trend rather than a single guidance snapshot, check First Majestic’s subsequent Q3 2026 release — the company updates guidance again as the year progresses, so a July figure is a mid-year projection, not a locked number.

This is the reason this topic resists a static answer: First Majestic revises both production and cost guidance at least twice a year, typically alongside Q1/Q2 and again at year-end. A number published in July reflects assumptions about silver and gold prices and Mexican operating costs for the second half of the year that were still forecasts at the time, not actuals.

How This Guidance Compares to Global Silver Supply

To size First Majestic’s guidance against the broader market: the U.S. Geological Survey’s Mineral Commodity Summaries 2026 estimates world silver mine production at 26,000 metric tons for 2025 — the equivalent of roughly 836 million troy ounces at standard conversion. Against that backdrop, First Majestic’s 14.6–15.5 million ounce guidance for 2026 represents a small but not trivial slice of global supply from a single mid-tier producer with multiple operating mines in Mexico.

The same USGS report notes that U.S. silver production grew 4% in 2025 compared with the prior year — a domestic data point worth citing directly if you’re comparing First Majestic’s Mexico-based output against U.S. mine supply trends. The USGS updates this report annually each January, with the next edition covering full-year 2026 data expected around March 2027.

Read the USGS report directly here: USGS Mineral Commodity Summaries 2026 — Silver. It is a two-page PDF covering domestic production, reserves, import sources, and world production by country, and it is the single most reliable free source for silver supply figures available to U.S. readers.

For readers tracking annual global mined-silver volumes over a longer run of years rather than a single snapshot, see Farmonaut’s compiled dataset: Silver Mined Per Year: Data and Trends.

How to Track the Next Update Yourself

Because First Majestic revises this guidance on a recurring schedule rather than issuing it once, the durable value of this page is the checklist below, not last quarter’s numbers:

That last row matters more than it looks: guidance issued in July assumes a silver price for the remaining two quarters of the year. If the spot price tracked on COMEX diverges meaningfully from that assumption, expect First Majestic to revise guidance again rather than let the gap sit unaddressed — this is standard practice across the sector, not unique to this company.

Guidance Sensitivity Calculator

Use the calculator below to see where your own silver and gold price assumptions land against First Majestic’s published 2026 ounce guidance, and what revenue range that implies at the low and high ends of the guided production.

What Moves Guidance Between Quarters

Silver mining guidance is not a fixed forecast — it is a running estimate that companies revise as real conditions diverge from assumptions. The three variables that most commonly force a mid-year revision, in order of typical impact:

• Realized metal prices vs. assumed prices. Guidance published mid-year embeds a silver and gold price assumption for the remaining quarters. First Majestic’s Q1 2026 revenue rose 95% year-over-year, a figure that reflects both price and volume — when actual prices run well above or below the embedded assumption, expect the next guidance update to move.
• Mine sequencing and ore grade. Underground silver-gold mines don’t produce at a constant grade; higher-grade zones scheduled later in the year can lift the back half of annual output, which is part of why guidance is issued as a range rather than a single number.
• Byproduct credits. Gold, and to a lesser extent other metals, produced alongside silver at First Majestic’s polymetallic operations affect the cost side of the ledger even though this article does not have a verified AISC figure to attach a specific dollar value to that effect for 2026.
• Try it: Run your own numbers

None of this is unique to First Majestic — it’s standard practice across mid-tier and senior silver producers, which is exactly why the comparison table below is more useful than any single company’s number in isolation.

Comparative Snapshot: What’s Actually Published vs. What Isn’t

Where Satellite Mineral Intelligence Fits In

Guidance revisions like First Majestic’s are backward-looking in one sense: they report on mines already permitted, built, and operating. The earlier-stage question — where the next generation of silver resources gets found and how fast a project can be de-risked before capital is committed — is a different problem, and it’s the one Farmonaut’s satellite-based mineral detection is built around.

• 🛰️ Early-stage target identification: exploration teams use satellite and AI-driven analysis to narrow down mineralized zones before committing to ground-based drilling programs, compressing timelines that would otherwise run months.
• 🌍 Global coverage: the same analytical approach applies across silver, gold, copper, and polymetallic targets in North America, South America, and other mining jurisdictions.
• 📈 Structured deliverables: Premium+ reports include 3D subsurface modeling and prospectivity mapping intended to support capital-allocation decisions before a shovel goes into the ground.

Learn more about the underlying approach at Farmonaut’s satellite-based mineral detection page, or review a full sample deliverable in this satellite-driven 3D mineral prospectivity mapping report.

Frequently Asked Questions

The Bottom Line

First Majestic’s guided range — 14.6 to 15.5 million ounces of silver and 128,000 to 135,000 ounces of gold for 2026 — is the verified number to anchor any analysis on, sourced directly from the company’s July 8, 2026 release. Treat any AISC figure you encounter elsewhere with the same scrutiny applied here: trace it back to the same release or the Q2 2026 conference call before citing it, because guidance in this sector is a moving target revised at least twice a year, not a fixed annual fact.