First Majestic Q1 Production Reaches 3.5M Silver Oz, 34,341 Gold Oz
First Majestic produced 3.5 million silver ounces, 34,341 gold ounces, 15.4 million pounds zinc, 8.7 million pounds lead and 262,913 pounds copper in Q1 2026, representing 26% of silver and 28% of gold guidance midpoints. Exploration drilling reached 65,970 metres and updated reserves include 90.7 million AgEq ounces.
1. Q1 Production Overview
First Majestic delivered 3.5 million ounces of silver, 34,341 ounces of gold, 15.4 million pounds of zinc, 8.7 million pounds of lead and 262,913 pounds of copper in Q1 2026, meeting 26% of silver and 28% of gold guidance midpoints. Silver output dipped 4% year-over-year and gold fell 6% due to lower cut-off grades.
2. Mine Performance and Operational Initiatives
Los Gatos produced 1.18 million silver ounces on a 70% basis with mill throughput up 17% year-over-year, while Santa Elena and La Encantada saw higher grades and recoveries. The company has begun a mill expansion at Santa Elena and is targeting 4,000 tonnes per day throughput at Los Gatos in H2 2026.
3. Exploration and Reserve Update
First Majestic completed 65,970 metres of drilling across four Mexican mines in Q1, with the Navidad vein and Santo Niño discovery boosting inferred resources by 90.7 million AgEq ounces at 268 g/t AgEq. Updated reserve estimates as of December 31, 2025 underpin growth across all operations.
4. Jerritt Canyon Restart Plan
The company commenced a restart plan for Jerritt Canyon, leveraging an expanded mineral resource base and strengthened long-term gold price assumptions. Production is targeted for the second half of 2027, driven by positive results from Mahala, Javelin and Saval zone drilling.