# AG earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/AG) · [Earnings tab](https://www.lopjlb.com/stock/AG?tab=earnings) Updated: 2026-07-20T02:15:22 Quarters analyzed: 8 ## Cross-quarter narrative Across a decade of earnings calls First Majestic Silver evolved from a growth‑focused, capex‑heavy miner grappling with delayed upgrades and price volatility (2016‑2017) to a record‑producing, cash‑rich company (2024‑2026). Early calls highlighted new projects (Plomosas, La Guitarra) and operational bottlenecks (Del Toro, La Parrilla) while emphasizing cost cuts. Political unrest, currency swings and silver price swings were persistent concerns. By 2024 the firm delivered on production guidance, integrated the Gatos acquisition and expanded its mint, while inflation and Mexican policy uncertainty resurfaced. 2025‑2026 calls show continued record output, strong margins, aggressive exploration, and a focus on expanding Santa Elena, Jerritt Canyon and Los Gatos. However, a long‑standing tax dispute, refinery financing suspension and energy‑cost exposure introduce new execution risks. Overall, production and cost trends are improving, but regulatory, fiscal and commodity risks remain recurring themes. ## Latest CallCard · Q1 First Majestic Silver posted record $477 M revenue, production above guidance and margins up 4×, while announcing new COO, Jerritt Canyon restart and multiple mine expansions on track. **Guidance:** maintained — Management expressed confidence in Q2 performance but did not raise or lower guidance. **Tone:** mgmt 0.8 · Q&A pressure 0.5 · divergence 0.3 Prepared remarks highlighted record revenue, production ahead of guidance and a 4‑fold margin increase, conveying optimism. ### Demand visibility Strong demand driven by higher metal prices and retail‑focused mint sales. Average realized silver price was $86.35, and the First Mint reported a record, retail‑driven quarter with orders increasing as metal prices rose. ### Margins / costs Margins surged to $52/oz, four times prior year levels, while cash costs remain aligned with plans. Margins rose from $13/oz a year ago to $52/oz in Q1 2026; cash cost and all‑in sustaining cost per ounce stayed on target, and cost per tonne fell to $170, the lowest in years. ### Capital allocation Robust balance sheet supports $75 M Jerritt Canyon investment and ongoing expansion projects. Treasury exceeds $1.1 B; $75 M allocated to Jerritt Canyon restart, plus capital for Santa Elena and Los Gatos mill expansions and self‑hauling truck fleet. ### Milestones - **Jerritt Canyon restart** [on_track]: Hiring Alex Thompson, $75 M investment, targeting production in H2 2027; equipment orders underway. - **Santa Elena mill expansion** [on_track]: Expanding capacity to 3,500 tpd, expected completion H2 2026. - **Los Gatos mine development** [on_track]: Aiming for 4,000 tpd; contractor added to lift mine throughput, no critical items beyond time and money. - **La Encantada self‑hauling trucks** [new]: Dozen trucks delivered, expected to reduce haulage costs and increase mill throughput. - **Exploration at San Dimas, Santa Elena, Los Gatos** [on_track]: Continued success with Navidad and Santo Niño discoveries, advancing studies toward mill feed. - **New COO Dave Howe appointment** [new]: Dave Howe joined as COO on May 4, bringing extensive Latin America mining experience. - **First Mint expansion** [on_track]: Record Q1 performance, retail‑driven growth; further expansion plans to be triggered in due course. - **Pre‑feasibility study for Jerritt Canyon** [on_track]: Study expected early 2027, supporting underground development and oxygen plant design. ### Fears / risks - **Energy cost risk**: Diesel exposure is low (5%) but potential price spikes from Middle‑East tensions could affect costs. - **Commodity price risk**: Margins depend on high silver prices; cost increases accompany price rises, creating exposure to price volatility. - **Project execution risk**: Critical path items for Jerritt Canyon (oxygen plant, underground fleet) have long lead times, risking schedule. - **Workforce risk**: Extensive hiring needed for Jerritt Canyon and other expansions; delays in staffing could impact timelines. - **Permitting risk**: Santa Elena and Los Gatos expansions require ongoing permits, which could cause delays. - **Demand risk**: Future revenue relies on sustained metal price strength and retail demand for the First Mint. ## Quarter one-liners - **2026 Q1:** First Majestic Silver posted record $477 M revenue, production above guidance and margins up 4×, while announcing new COO, Jerritt Canyon restart and multiple mine expansions on track. - **2025 Q4:** First Majestic Silver posted record Q4 2025 production, cash flow and a doubled dividend, highlighted successful Gatos integration and expansion plans, while noting refinery financing suspensions and a pending tax issue at Jerritt Canyon. - **2025 Q3:** First Majestic Silver posted record Q3 production and cash flow, reaffirmed guidance, but a long‑standing tax dispute remains unresolved, adding uncertainty. - **2025 Q2:** First Majestic delivered a record Q2 with 7.9M silver‑equivalent ounces, $268M revenue and $120M EBITDA, while noting cost pressures, ongoing project development and a strong cash position. - **2024 Q4:** First Majestic delivered record Q4 cash flow, met 2024 production guidance, highlighted strong balance sheet, ongoing Gatos integration, aggressive 2025 drilling plan and optimistic outlook despite inflation and Mexican political uncertainty. - **2018 Q2:** Management upbeat despite low silver price, raising guidance and expecting record Q3/Q4, while reallocating $19M from La Guitarra to San Dimas and noting equipment deliveries later in the year. - **2017 Q2:** Q2 results showed modest earnings, a 42‑day work stoppage at La Encantada, reduced cash costs, a $17.5M capex cut and optimism that union resolutions and upcoming roaster will boost profitability. - **2016 Q2:** First Majestic Silver reported 4.7M oz production, a $108M treasury, and a 51% boost in H2 capex while flagging 12‑18 month lag before new investment lifts output, with focus on Plomosas, La Guitarra and upgrading Del Toro and Santa Elena. ## Theme arcs - **Production growth** (improving): Record Q4 2025 and Q1 2026 outputs after years of scaling - **Cost management** (improving): Margins surged to $52/oz and cash costs stayed aligned with plans - **Capital allocation** (new): Shift to aggressive exploration and development spending post‑2024 - **Political & regulatory risk** (stable): Repeated mentions of Mexican political uncertainty and tax reassessment - **Commodity price volatility** (stable): Silver price risk cited in every call - **Integration of Gatos** (resolved): Integration moved from on‑track to delivered by Q4 2025 - **Exploration pipeline** (new): New discoveries (Navidad, Santo Niño) and expanded drilling programs - **Inflation pressure** (deteriorating): Inflation cited as cost pressure in 2024‑2026 - **Energy & diesel risk** (new): June 2025 diesel spikes and low‑percentage exposure noted in 2026 ## Fear persistence - **Political risk** [recurring]: Work stoppages and policy uncertainty mentioned repeatedly - **Currency risk** [recurring]: Peso strength/weakness affecting revenue and tax pools - **Commodity price risk** [recurring]: Silver price volatility cited as earnings uncertainty - **Inflation risk** [recurring]: General inflation pressure noted from 2024 onward - **Tax dispute** [recurring]: Long‑standing Mexican tax reassessment remains unresolved - **Integration risk** [resolved]: Gatos integration completed by late 2025 - **Execution risk** [recurring]: Delays in equipment lead‑times, permits and refinery financing - **Energy cost risk** [new]: Diesel price spikes in mid‑2025 highlighted - **Operational risk** [new]: Refinery financing suspension could impact product shipments - **Exploration risk** [recurring]: Future value of new discoveries depends on successful development ## Guidance path 2016 Q2:vague → 2017 Q2:maintained → 2018 Q2:raised → 2024 Q4:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/AG`