First Majestic Stock Price: Chart and Drivers

First Majestic Silver Corp. trades as NYSE: AG and TSX: AG. Yahoo Finance showed a previous close of US$15.25 on 14 October 2026, an intraday range of $15.17 to $15.85 at 2:52 p.m. EDT on 15 October, a 52-week range of $10.19 to $32.04 and an intraday market value of about US$7.8 billion (Yahoo Finance, 15 October 2026). The price follows the silver price first. Kitco showed spot silver at US$56.98 per troy ounce (bid) at 2:50 p.m. EDT on 15 October 2026 (Kitco). Output, unit costs and the dividend come next. This page gives the filed numbers behind each of them, so you can judge a quote yourself. Facts only. Not investment advice.

First Majestic stock at a glance

The table collects the basics from the company’s own releases and a market data page. Quotes move all day, so check a live source before you rely on any price.

A listing note: First Majestic reports in US dollars, but the Toronto listing quotes in Canadian dollars. A buyback price quoted in Canadian dollars (CDN$) in a release is not comparable with the NYSE quote without a currency conversion.

What moves the share price: silver, output and costs

A silver miner earns the price of the metal minus what it costs to dig, mill and sell it. Three things in the filings explain most of the swings.

• Realized silver price. This is the average price the company actually received per ounce sold. It was US$33.68 in Q2 of 2025 and US$63.98 in Q2 of 2026 (company results, 30 July 2026). The 52-week range of the shares shows how much the market has repriced that change.
• Ounces produced. More ounces at the same cost raise profit. Q3 output fell, as the next sections show.
• Cost per ounce. The industry measure is all-in sustaining cost (AISC, first set out for gold miners by the World Gold Council in 2013): the cash cost of mining plus overhead, sustaining capital and reclamation, divided by ounces. First Majestic reports it per silver-equivalent (AgEq) ounce, which converts gold and base metals into silver at fixed metal prices. The gap between the realized price and AISC is the margin.

Two side effects matter to a share price. Higher metal prices also raise some costs, because Mexican mines pay workers a profit share and pay royalties on revenue. The company said so for Q1, when AISC rose to $29.76 per AgEq ounce from $19.24 a year earlier (company release, Q1 results). The Mexican peso also matters: the company’s costs are partly in pesos, and it noted an average of 17.50 per US dollar in the first half against a guidance assumption of 18.25 (company release, 8 July 2026).

How much margin does an ounce leave?

Margin is the number that changed most between mid-2025 and mid-2026. In Q2 of 2026 the company reported an AISC margin of $40.27 per AgEq ounce, against $13.60 in Q2 of 2025. Cash costs and AISC both rose, by 20% and 22%, but the realized price rose by 90%. Part of the cost rise is a change of basis: the company converts gold to silver-equivalent at 75:1 in 2026 against 98:1 in 2025, and on the 2025 basis Q2 2026 AISC would have been $22.72, 13% lower than reported. Q1 of 2026 was richer still: a margin of $52.24 per AgEq ounce on a realized silver price of $86.35 (company release, Q1 results). The chart compares the two second quarters.

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Price, costs and margin per ounce

US$ per ounce. Price is per silver ounce; costs and margin are per silver-equivalent ounce

Latest results: Q2 financials and Q3 production

For Q2 of 2026 (three months to 30 June) First Majestic reported revenue of US$415.5 million, up 57% on Q2 of 2025, with 60% of revenue from silver. Net earnings were $109.4 million ($0.22 per share) and cash flow after capital spending, as the company defines it, was $194.6 million after $46.8 million of cash income tax (company release, 30 July 2026). Two items in that release help you read the revenue line:

• The company held back product. Silver and gold bullion inventory rose to $78.0 million, so some mined metal had not yet been sold.
• About $40 million of mark-to-market adjustments on open concentrate sales cut revenue because commodity prices were lower at the end of the quarter than earlier in it.

Q3 production followed on 8 October 2026. The four mines produced 3.4 million silver ounces and 29,552 gold ounces. That is about 9% less silver than the 3.80 million ounces in Q2 (calculated from the company’s figures). The company named a labour dispute at San Dimas, which affected operations for 12 days, as the main cause, and said silver output so far this year is 72% of the midpoint of its revised guidance (company release, 8 October 2026). Q3 financial results, with the dividend decision, are due before the market opens on 5 November 2026.

Where the silver comes from: the four mines

All production comes from four underground mines in Mexico. Figures are on an attributable basis, meaning they count only the 70% of Los Gatos that First Majestic owns. The Los Gatos joint venture came with the acquisition of Gatos Silver, which was completed on 16 January 2025 (company release, 16 January 2025).

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Silver produced by mine in Q3

Thousand ounces, attributable basis (Los Gatos at 70%)

• Los Gatos (Chihuahua): the largest silver contributor in Q3, with 1,245,178 attributable ounces at a head grade of 200 g/t silver. Grade is the amount of metal per tonne of ore, and g/t means grams per tonne. The mine also yields zinc, lead and some copper. The company is raising throughput toward 4,000 tonnes per operating day on a 100% basis.
• La Encantada: 967,067 silver ounces in Q3, up 68% on a year earlier, helped by a 32% higher grade and 27% more ore milled.
• San Dimas (Durango): 859,869 silver ounces and 10,386 gold ounces, down 41% and 26% on Q3 of 2025 after the labour dispute and lower grades. It was the cornerstone asset acquired with Primero Mining in May 2018 (company site).
• Santa Elena (Sonora): 368,333 silver ounces and 18,489 gold ounces. Its mix is gold-heavy, and it is advancing a 3,500 tonne-per-day mill expansion.

The unit costs differ a lot by mine. Los Gatos was the cheapest in Q2. On AISC, La Encantada ($26.25) and Santa Elena ($27.36) sat above the company average of $25.68; on cash cost only La Encantada did, and La Encantada had the lowest cost per tonne milled.

Source: First Majestic Q2 results release, 30 July 2026. Silver-equivalent costs mix gold and base metals into the ounce, which is why Santa Elena, a gold-heavy mine, shows a high AISC per silver-equivalent ounce. For a wider list of reserve-based silver miners, see our guide to silver mining companies’ proven and probable reserves.

Guidance, spending and the growth projects

On 8 July 2026 the company raised its 2026 production guidance for the second year running. Attributable silver is now 14.6 to 15.5 million ounces, up from 13.0 to 14.4 million, and gold is 128,000 to 135,000 ounces. Consolidated AISC is guided to $27.69 to $28.77 per AgEq ounce, up from $26.15 to $27.91, because of higher silver prices and a stronger peso (company release, 8 July 2026). The cost guidance uses fixed metal prices of $52 for silver and $3,900 for gold, which is below the realized prices in the first half. Compare any AISC figure with that stated basis.

The capital budget rose 47% to between $318 million and $344 million. The largest growth items named in the release are the Jerritt Canyon restart ($75 million this year) and development at Santa Elena. Jerritt Canyon is a gold mine in Nevada that was placed on temporary suspension in March 2023; the company says production is on track to begin in the second half of 2027 (company release, 8 October 2026). In June 2026 the company also completed the sale of the past-producing Del Toro mine to Sierra Madre for up to $60 million in total consideration.

Drilling continues at scale. In Q3 about 78,475 metres were drilled with up to 33 rigs across the Mexican mines and Jerritt Canyon. Drilling is how a miner converts inferred resources into indicated ones, which in turn feed reserves. Readers who want to understand how sites are screened before drilling can see our explainer on silver minerals and exploration trends.

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Dividend, buyback and balance sheet

The company pays a small quarterly cash dividend. It declared $0.0171 per share for Q1 and $0.0152 for Q2 of 2026, both far above a year earlier. Yahoo Finance listed a forward yield of 0.37% on 15 October 2026. Dividends are set each quarter by the board and are not fixed.

On 8 October 2026 the company announced a renewed normal course issuer bid on the Toronto exchange. Between 14 October 2026 and 13 October 2027 it may buy up to 10,000,000 shares, about 2% of those in issue, with a daily cap of 413,612 shares. Under the programme that is ending, it bought 1,700,000 shares at a volume-weighted average of CAD$23.38, against an approved ceiling of 24,500,000 (company release, 8 October 2026). A permission to buy back shares is not a commitment to do so.

The balance sheet at the end of June held US$1,252.7 million in treasury, up 34% from $937.7 million at the end of 2025. Liquidity, defined as working capital plus undrawn credit lines, was $1,035.8 million.

Silver production over the last four quarters

Attributable silver output peaked in Q4 of 2025 at 4.17 million ounces, the record quarter. The company produced a record 15.4 million silver ounces in 2025 and met its upwardly revised guidance, with revenue of $1,257.2 million, up 124% on 2024 (company results, 19 February 2026). In 2026 the first half was steadier and the third quarter was weaker. The company said in its Q1 production release that the modest fall in silver output was partly from a lower head grade, reflecting a reduced cut-off grade against Q1 2025 as metal prices rose: the cut-off grade is the lowest grade the mine treats as ore, so lowering it mills more rock at lower metal content.

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Attributable silver production by quarter

Million ounces, four producing mines in Mexico

How First Majestic compares with other silver producers

Peers report on different bases and calendars, so only the filed numbers below are comparable, and only loosely. Pan American Silver and Coeur report Q2 2026. Fresnillo, listed in London and Mexico under FRES, is shown for its first half. None of these figures is adjusted for ownership structure beyond what each company calls “attributable”.

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Silver produced in Q2 by three listed producers

Million ounces, attributable where the company reports it

Sources: First Majestic, Pan American Silver report to 30 June 2026, Coeur Q2 2026 results, Fresnillo interim results to 30 June 2026. AISC definitions differ between companies, so do not rank miners on AISC alone. Our overview of silver mining stocks covers more names, and the Mexico silver producer explainer looks at the country behind several of them.

The silver market behind the stock

Mexico mined more silver than any other country: the USGS Mineral Commodity Summaries (2026) estimates 6,300 tonnes in 2025, about 24% of the 26,000 tonnes world total (share calculated from the USGS table), ahead of Peru at 3,600 and China at 3,400. That is why Mexican mine permits, taxes, labour and security rules shape a stock like this one.

The Silver Institute’s February 2026 outlook expected a sixth straight annual market deficit in 2026, of 67 million ounces, and mine production up 1% to 820 million ounces. It noted that silver passed US$100 an ounce for the first time in January 2026 (Silver Institute, 10 February 2026). It was written before the move to the US$57 spot level seen on 15 October, so treat it as a dated view, not a current one. First Majestic’s own realized prices tell the same story: $86.35 per ounce in Q1, $63.98 in Q2.

The price gap between the company and the spot market is also worth reading. In Q4 of 2025 the company realized US$69.74 per ounce, 26% above the COMEX average of $55.20, The company also sells coins and bars through its minting arm, First Mint, which had record quarterly sales of $22.7 million (company results, 19 February 2026).

Silver price sensitivity calculator

The calculator below shows how much silver revenue per share a price move represents. It uses guided silver output and the share count from the 8 October release. It is a simple illustration and leaves out gold, zinc and lead, costs, royalties, taxes and the 30% partner share in Los Gatos.

Risks shown in the company’s own filings

The list below sticks to risks the company or its filings name, with the evidence for each.

• Labour. A dispute at San Dimas cut Q3 output; in Q2 the company also cited delayed haulage there.
• Grade. San Dimas silver grade fell from 185 g/t in Q2 to 133 g/t in Q3, and a lower cut-off grade partly reduced head grades in Q1.
• Price swings. The realized silver price fell from $86.35 in Q1 to $63.98 in Q2, and spot silver was $56.98 on 15 October. Revenue lines carry mark-to-market adjustments when prices move late in a quarter.
• Costs. AISC rose 22% on the year in Q2. For Q1 the company linked the rise to higher cash costs, worker profit shares tied to metal prices and more mine development, and the guided range for the year is higher than first set.
• Currency. A stronger peso raises the dollar cost of Mexican wages and supplies.
• Project delivery. The Jerritt Canyon restart, the Santa Elena mill expansion and the Los Gatos throughput target all depend on schedules the company still has to meet.

How to read the next results on 5 November

When the Q3 financial results appear, a short checklist helps you separate noise from change. It is a way to read a filing, not a signal to trade.

1. Compare silver ounces produced and sold with the guidance range of 14.6 to 15.5 million ounces. The company had made 10.79 million by the end of Q3 (calculated from its three quarterly figures).
2. Check AISC per AgEq ounce against the $27.69 to $28.77 guidance range and against $25.68 in Q2.
3. Look at the realized silver price and any held-back bullion inventory, which can delay revenue.
4. Read the San Dimas section for the status of the labour dispute and grades.
5. Look at capital spending against the $318 million to $344 million range and at the Jerritt Canyon schedule.
6. Read the dividend line and any buyback purchases made in the quarter.

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Checking a mining project from space

Investors who follow explorers and developers, not only producers, often want an independent look at the ground. Farmonaut turns a licence boundary into a satellite-based screen of the area, which gives exploration targets that sit ahead of any resource estimate. You can try it on a satellite mineral detection request, send a licence area through the mining query form, or contact us with questions.

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Frequently asked questions

What is the ticker for First Majestic?

The shares trade as AG on both the New York Stock Exchange and the Toronto Stock Exchange, and as FMV in Frankfurt (company release, 30 July 2026).

What was the First Majestic share price recently?

Yahoo Finance listed a previous close of US$15.25 on 14 October 2026 and an intraday range of $15.17 to $15.85 at 2:52 p.m. EDT on 15 October (the market was still open). The 52-week range was $10.19 to $32.04. Quotes change every day, so check a live source.

How much silver does First Majestic produce?

It produced a record 15.4 million silver ounces in 2025. In 2026 the quarters were 3.55 million (Q1), 3.80 million (Q2) and 3.44 million (Q3), and the guidance is 14.6 to 15.5 million ounces for the year.

Why did silver production fall in the third quarter?

The company said a labour dispute at San Dimas affected operations for 12 days and lowered grades there. San Dimas silver output was 41% lower than in Q3 of the year before, while La Encantada rose 68%.

Does First Majestic pay a dividend?

Yes. It declared US$0.0171 per share for Q1 and US$0.0152 for Q2 of 2026. The board decides each quarter, and the Q3 decision is due with the results on 5 November 2026.

Which mines does First Majestic operate?

It operates Los Gatos (70% owned), San Dimas, Santa Elena and La Encantada, all in Mexico. It is also restarting the Jerritt Canyon gold mine in Nevada, with production planned for the second half of 2027.

How does the silver price affect the stock?

Revenue depends on the realized silver price, so a higher price lifts revenue and margin unless costs rise as fast. The company’s realized price was $63.98 per ounce in Q2 against $33.68 a year earlier, and its AISC margin rose from $13.60 to $40.27 per AgEq ounce.

What does AISC mean for a silver miner?

All-in sustaining cost adds sustaining capital, overhead and reclamation to the cash cost of production. First Majestic quoted $25.68 per silver-equivalent ounce for Q2 and guides $27.69 to $28.77 for the year.

When is the next First Majestic earnings report?

The company plans to release Q3 financial results and announce its dividend before the market opens on 5 November 2026, with a call at 9:00 a.m. Pacific time.

Is First Majestic only a silver company?

No. Silver was 60% of Q2 revenue and the rest came mainly from gold, which the company produced at 34,660 ounces that quarter. Santa Elena and San Dimas both produce gold and silver.

Does First Majestic buy back its own shares?

It has a normal course issuer bid. The renewed programme allows up to 10,000,000 shares, about 2% of those in issue, between 14 October 2026 and 13 October 2027. Buying is allowed but not required.

Where can I find the company’s official numbers?

Production and financial releases are on the company website and on SEDAR+ and EDGAR. This page is information only and not investment advice.