First Majestic (AG) climbs as Q1 production update and Jerritt Canyon restart plan stay in focus
First Majestic Silver (AG) rose about 3% to $21.31 as investors continued to react to its April 2026 operational updates, including Q1 2026 production results and the Jerritt Canyon restart plan. The move also tracks a firmer silver tape in early trade, which typically amplifies sentiment in high-beta silver miners.
1. What’s moving the stock today
First Majestic Silver shares are higher today as the market continues to price in the company’s early-April operating catalysts: Q1 2026 production results across its Mexico underground mines and a new restart plan for the Jerritt Canyon gold asset in Nevada. Together, the updates reframed the near-term operating narrative (current production and costs) while adding a longer-dated U.S. growth option via Jerritt Canyon.
2. The concrete catalysts investors are trading
In its Q1 2026 production release, First Majestic reported quarterly output that included 3.5 million ounces of silver and 34,341 ounces of gold, alongside base-metal byproducts, from its four producing underground mines in Mexico (Santa Elena, Los Gatos via a 70% joint-venture interest, San Dimas, and La Encantada). Separately, the company announced it had commenced a restart plan for Jerritt Canyon, with $75 million of investment planned during 2026 and a targeted return to gold production in the second half of 2027, supported by an expanded mineral resource base and updated long-term gold assumptions.
3. Macro overlay: silver sensitivity can magnify moves
Silver-linked equities often show amplified moves versus the metal, and today’s bid appears consistent with a supportive precious-metals backdrop in early trading that is helping keep risk appetite intact for silver producers. Even modest improvements in the silver tape can drive outsized flows into high-beta miners when company-specific news is already drawing attention.
4. What to watch next
Traders will focus on whether First Majestic’s post-update momentum holds as investors translate production volumes and stated plans into updated cost and cash-flow expectations, particularly given the multi-quarter timeline and capital commitments at Jerritt Canyon. Next catalysts center on additional operating detail in upcoming financial reporting, plus any incremental disclosure on the pace and milestones of the 2026 Jerritt Canyon work program.