First Majestic Silver (AG) Q3 2026 earnings summary

Executive summary

• Revenue was $394.1M, up 38% YoY as realized metal prices increased; mine operating earnings reached $170.1M.

• EBITDA was $228.8M, up 78%, with a 58% margin; adjusted EBITDA was $229.4M, up 65%.

• Net earnings were $74.5M, or $0.15/share; adjusted net earnings were $92.5M, or $0.19/share.

• Operating cash flow before working capital changes and taxes was $214.3M; free cash flow was $85.5M after $73.7M in cash taxes and settlements.

• Quarter-end treasury totaled $1.23B, including $162.9M of restricted cash.

Financial highlights

• Q3 production was 3.44M silver oz and 29,552 gold oz; ore processed rose 9% YoY to 1.09M tonnes.

• Q3 cash income taxes and settlements totaled $73.7M, including $36.8M for two legacy tax reassessments.

• Attributable capital expenditures were $101.9M, up 114% YoY; $41.9M was invested in Jerritt Canyon.

• Available liquidity was $1.04B, including working capital, marketable securities and an undrawn $178M revolving credit facility; excludes $163M restricted cash.

Outlook and guidance

• San Dimas annual production and cost guidance was withdrawn pending clarity on the strike duration and a safe restart; guidance will be reassessed after operations resume.

• Jerritt Canyon restart remains targeted for H2 2027, with development, rehabilitation, engineering and restart planning progressing.

• Q3 exploration totalled 78,000 metres across Mexico operations and Jerritt Canyon; YTD totalled 238,000 metres, with ~308,000 metres planned for 2026.

• YTD AISC of $28.55/AgEq oz was within revised consolidated guidance of $27.69–$28.77/AgEq oz.