AG

Shares of Avino Silver & Gold Mines Ltd. ASM have dipped 5% since reporting second-quarter 2026 results on Aug.12 as revenues lag estimates and production falls year over year despite a higher average realized silver price.  The company reported adjusted earnings of 6 cents per share for the second quarter of 2026, unchanged year over year and in line with the Zacks Consensus Estimate. Including one-time items, the company registered earnings per share of 6 cents compared with earnings of 2 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Revenues rose 23% year over year to $26.8 million but missed the consensus estimate of $31 million by 14.4%. The top-line shortfall came as silver-equivalent payable ounces sold fell 43% to 387,142 ounces, even as the average realized silver price more than doubled to $68.90 per ounce. The company recorded cash costs of $28.62 per silver-equivalent payable ounce, an 89% rise from $15.11 in the year-ago quarter. Consolidated all-in sustaining costs were $38.75 per silver-equivalent payable ounce compared with $20.93 in the second quarter of 2025.Avino Silver reported mine-operating income of $13 million, up 27% from $10.2 million in the year-ago quarter. EBITDA was $12.6 million, which was 69% higher than $7.4 million in the prior-year quarter. The company’s silver-equivalent production was 534,945 ounces in the second quarter of 2026, which marked a 17% decrease from the second quarter of 2025. Silver feed grade rose 22% to 67 grams per ton, while gold feed grade increased 30% to 0.51 grams per ton. Silver recovery fell to 69% from 85%, and copper recovery declined to 72% from 83%.Coming to the second quarter’s metal-wise detailed figures, silver production fell 6% to 267,305 ounces and copper production dropped 50% to 729,929 pounds. Gold output, however, increased 23% to 2,178 ounces.La Preciosa development production increased 59% from the first quarter, contributing 100,658 silver-equivalent ounces. This included 84,806 silver ounces and 182 gold ounces. The company ended the second quarter with $144 million in cash in hand, higher than $101.7 million at the end of 2025. Cash provided by operating activities was $13.3 million compared with $8.4 million in the year-ago quarter. The company remained debt-free, excluding operating equipment leases. The company's 2026 production guidance is 2.4 million to 2.7 million silver-equivalent ounces, while it targets more than 3 million ounces in 2027. La Preciosa has a 2026 production goal of 500 tons per day. Two drills were operating there, with 6,591 meters completed by the end of the second quarter toward a 15,000-meter exploration program. Drilling has shifted from infill work to exploration and step-out holes at high-priority targets. Avino Silver also budgeted 15,000 meters of exploration at the Avino Mine for 2026. Shares of the company have skyrocketed 87.5% over the past year compared with the industry’s 77.5% surge. Image Source: Zacks Investment Research The company currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avino Silver (ASM) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pan American Silver Corp. PAAS reported adjusted earnings of 73 cents per share for the second quarter of 2026, surging 69.8% year over year but missing the Zacks Consensus Estimate of 84 cents by 13.1%. Including one-time items, Pan American Silver reported earnings of 72 cents in the quarter compared with the year-ago quarter’s earnings of 52 cents. Pan American Silver Corp. price-consensus-eps-surprise-chart | Pan American Silver Corp. Quote Pan American Silver’s revenues improved 38.4% year over year to $1.12 billion in the quarter under review. The top line missed the Zacks Consensus Estimate of $1.16 billion. The average realized silver price in the quarter skyrocketed 115.7% year over year to $70.97 per ounce. The average realized gold price increased 33.2% year over year to $4,402 per ounce. Attributable silver production reached 6.47 million ounces, at the high end of the company’s quarterly operating outlook. Production increased 27% year over year. The increase mainly reflected 1.74 million ounces from the acquired 44% interest in Juanicipio, while Cerro Moro benefited from higher grades due to mine sequencing.Attributable gold production fell 7.2% to 165.9 thousand ounces. The figure came below the company’s quarterly operating outlook. Lower output at Shahuindo, Jacobina and El Peñon more than offset gains at Cerro Moro and the contribution from Juanicipio. Gold production came in below the company’s quarterly operating outlook.Pan American Silver reported mine-operating earnings of $457 million in the quarter compared with $273 million in the prior-year quarter. The Silver segment’s cash costs were $13.21 per ounce in the second quarter, down 9.9% from the year-ago period. The segment’s all-in sustaining costs (AISC) declined 9.5% year over year to $17.80 per ounce in the quarter. Low-AISC ounces from Juanicipio and stronger gold by-product credits at Cerro Moro helped offset higher royalties and operating costs at La Colorada, San Vicente and Huaron.The Gold segment’s cash costs were $1,585 per ounce, reflecting a 20.8% increase from the year-ago quarter. The segment’s AISC costs amounted to $1,984 per ounce in the April-June period, representing a year-over-year increase of 23.2%. The increase reflected lower-grade mining and higher haulage, maintenance, labor, consumables and ground-support costs across operations including Jacobina, Minera Florida, Timmins and Shahuindo. Cash flow from operations increased to $320 million from $294 million despite $205 million of income taxes paid. The attributable free cash flow was $344 million compared with $234 million a year earlier, including Pan American’s 44% share of Juanicipio.Pan American returned a record $300 million to shareholders during the quarter, including $224 million in share repurchases and $76 million in dividends. Cash and short-term investments totaled $1.8 billion at the quarter-end, including $97 million attributable to Juanicipio. In July, the company doubled its revolving credit facility to $1.5 billion, with a $750-million accordion feature. Pan American Silver reaffirmed its 2026 operating outlook for silver and gold production, base-metal production, segment AISC and sustaining capital. Silver production is projected at 25-27 million ounces, with silver segment AISC of $15.75-$18.25 per ounce.The company expects gold production to finish at the low end of 700-750 thousand ounces and gold segment AISC at the high end of $1,700-$1,850 per ounce. Third-quarter gold production is expected to be 3-6 thousand ounces below the low end of 178.5 to 192.0 thousand ounces. At La Colorada Skarn, the company invested $20 million of project capital in the first half of 2026 and completed the first cut of the 588 Decline in early August. Engineering for the next phase, including material handling and ventilation infrastructure, is scheduled for board consideration in the second half.At Jacobina, first-half project capital totaled $22 million as Pan American advanced plant and infrastructure improvements. The company also moved ahead with the first phase of the Timmins Camp Project, wherein the board approved a $146-million investment to extend the Bell Creek shaft and build exploration drifts. Shares of Pan American Silver have gained 51.1% in the past year compared with the industry’s growth of 77.6%. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pan American Silver Corp. PAAS is scheduled to report second-quarter 2026 results on Aug. 12, after market close. The Zacks Consensus Estimate for Pan American Silver’s second-quarter total sales is pegged at $1.16 billion, indicating a 43.2% rise from the year-ago quarter’s actual.The consensus mark for earnings has been moved down 22.2% in the past 60 days to 84 cents per share. This, however, suggests a 93.4% year-over-year upsurge from earnings of 43 cents. Image Source: Zacks Investment Research Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 7.9%, on average. The trend is shown in the chart below. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.Zacks Rank: The company currently has a Zacks Rank of 4 (Sell). You can see the complete list of today’s Zacks #1 Rank stocks here. Pan American Silver maintained a strong operational footing in the first quarter of 2026, delivering a solid performance. This offers an insight into its second-quarter performance.  Pan American Silver produced 6.4 million ounces of silver in the first quarter of 2026, reflecting strong contributions from the Juanicipio mine. The company produced 5 million ounces of silver in the first quarter of 2025.  La Colorada and Cerro Moro reported higher output due to higher grades. However, Huaron reported lower numbers due to lower silver grades. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase. The Zacks Consensus Estimate for PAAS’s second-quarter 2026 silver production is 6.5 million ounces, indicating a 27.1% year-over-year rise.It produced 169.2 thousand ounces of gold in the first quarter of 2026. The figure marks a decrease from the 182.2 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of Dolores' contribution. Production at the El Peñon mine also fell due to mine sequencing into lower-grade ore zones and a higher proportion of low-grade stockpile ore processed. The Zacks Consensus Estimate for PAAS’s second-quarter gold production is 176 thousand ounces, indicating a 1.1% year-over-year decline.  The year-over-year increase in silver output, along with higher prices, will likely translate to higher revenues in the quarter. Even though gold and silver prices have dropped since peaking in January 2026, they have remained supportive. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter. In the past year, PAAS shares have surged 64.6% compared with the industry's 79.4% growth. Image Source: Zacks Investment Research Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. First Majestic Silver (TSX:AG) just paired a second quarter earnings release with a fresh dividend declaration and an update on recent share repurchases, giving investors new information on cash returns and profitability. See our latest analysis for First Majestic Silver. That mix of higher reported profitability, a lower quarterly dividend and completed buybacks comes against a share price that has eased recently. The 30 day share price return is a 12.62% decline and the 90 day return is a 21.99% decline, even though the 1 year total shareholder return is 94.87% and the 3 year total shareholder return is about 2.6x. This points to strong longer term momentum that has paused in the short term. If you are comparing First Majestic Silver with other producers, this is a good moment to scan the market and see what stands out in the 9 top silver producer stocks For First Majestic Silver, the recent pullback comes right after stronger reported earnings, a smaller dividend and completed buybacks. Is the share price now tracking the business, or has sentiment moved further than the fundamentals justify? The most followed narrative currently places First Majestic Silver's fair value at CA$34.75 per share, compared with the recent close at CA$21.04. That gap rests on detailed assumptions about future production, margins and capital spending. Read the complete narrative. Want to see what is baked into that CA$34.75 fair value for First Majestic Silver? The narrative leans on higher margins, steady volume growth and a richer future earnings multiple. The interesting part is how those three pieces fit together over time. Result: Fair Value of CA$34.75 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the First Majestic Silver narrative also leans on higher spending and concentrated Mexican operations, so any cost overruns or local disruptions could quickly challenge those projections. Find out about the key risks to this First Majestic Silver narrative. The earlier narrative leans on discounted cash flows and analyst targets to call First Majestic Silver undervalued. The current P/E of 21.3x tells a different story. It sits above the Canadian Metals and Mining industry at 14.3x, the peer average at 20.7x, and the fair ratio of 18.6x, which suggests the market could move toward lower multiples over time. How comfortable are you paying a richer multiple when both industry and fair ratio point lower? See what the numbers say about this price — find out in our valuation breakdown. With mixed signals on valuation and sentiment, it pays to review the details yourself and decide quickly where you stand on First Majestic Silver. To see what is driving the optimistic factors already identified, review the 4 key rewards Do not stop with First Majestic Silver. Use the Simply Wall Street Screener to identify other stocks that fit your style before the next move happens. Explore potential opportunities by reviewing companies that screen as 7 high quality undervalued stocks based on their earnings and balance sheets. Strengthen your income stream by checking out stocks highlighted as 6 dividend fortresses that may offer more resilient cash payouts. Manage your risk profile by focusing on companies that appear in the 10 resilient stocks with low risk scores and help keep overall portfolio risk in check. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. First Majestic Silver has delivered a strong 160.8% total return over the past three years, yet the valuation signals are split, with the Discounted Cash Flow (DCF) intrinsic value suggesting the stock trades at a discount while market based multiples point to a richer price. Over the past three years, First Majestic Silver has returned 160.8%, which puts recent share price weakness in the context of a solid longer term run. Recent improvements in production and profitability can support the case for higher cash flows in future, while any setback in metal prices or operating performance may quickly test how much investors are willing to pay today. First Majestic Silver scores 3 out of 6 on our valuation checks. This represents a mixed picture rather than a clear bargain or clear overvaluation 3. The issue now is whether the current share price already reflects the intrinsic value suggested by the DCF, or if the market multiple premium is overstating what First Majestic Silver can justify over time. First Majestic Silver delivered 94.9% returns over the last year. See how this stacks up to the rest of the Metals and Mining industry. The Discounted Cash Flow (DCF) model values First Majestic Silver by projecting the cash it can return to shareholders and then discounting those amounts back to today. On the latest figures, the company is generating last twelve month free cash flow of about $555 million. The model assumes these cash flows continue to grow from current levels rather than shrink, which supports a higher intrinsic value than might be expected for a more mature producer. On that basis, the DCF points to an estimated intrinsic value of around CA$32 per share, compared with the current market price, which implies the stock trades at a 34.7% discount. Given that the Q2 2026 results showed higher revenues and profitability alongside a larger dividend, the current share price appears out of step with what the projected cash flows suggest the business could be worth. Overall, First Majestic Silver appears undervalued relative to the intrinsic value implied by its discounted cash flow profile. Our Discounted Cash Flow (DCF) analysis suggests First Majestic Silver is undervalued by 34.7%. Track this in your watchlist or portfolio, or discover 7 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for First Majestic Silver. The P/E ratio is a useful lens for First Majestic Silver because earnings have become a clearer reference point after the latest reported results. Right now, the stock trades on a P/E of about 21.3x. That is very close to the peer average of 20.7x, yet it sits well above the broader Metals and Mining industry average of 14.3x. The tailored fair P/E for First Majestic Silver is estimated at 18.6x, which is a little lower than where the stock currently trades. This gap indicates that investors are paying a premium relative to the earnings level implied by the fair ratio, even after factoring in the company’s current profile and risks. On this earnings multiple, First Majestic Silver stock currently appears overvalued compared with what the fair P/E would suggest. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation checks on First Majestic Silver leave off and focus on the specific future paths that would need to play out for the stock to be worth materially more or less than it is today, using scenarios around growth, margins and earnings that sit on the Community page. Rather than stopping at a single ratio or model output, they describe the future that number relies on so you can see over time whether those assumptions still hold. One of the top community narratives on First Majestic Silver: 50% undervalued Read one of the top narratives on First Majestic Silver Do you think there's more to the story for First Majestic Silver? Head over to our Community to see what others are saying! For First Majestic Silver, the Discounted Cash Flow (DCF) view points to a meaningful discount to intrinsic value, while the P/E based read suggests the stock is on the expensive side relative to its fair ratio. That split is mainly about what investors believe on future cash flows versus what they are willing to pay for current earnings and sentiment today. With the broader checks sitting in a mixed range, the key question is whether future cash generation ultimately conforms more to the optimistic intrinsic value view or the more cautious earnings multiple. That assumption is likely to drive where the valuation settles from here. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in First Majestic Silver Corp.? Here are five stocks we like better. Strong second-quarter results: Revenue increased 53% year over year to $416 million, while EBITDA rose 110% to $252 million. Production reached 3.8 million ounces of silver, and free cash flow totaled $195 million. Shareholder returns and liquidity expanded: First Majestic increased its dividend by 270% year over year and repurchased 1.2 million shares for $22 million, while ending June with $1.25 billion in treasury funds. Growth projects advanced: Development began at the Santo Niño and Navidad deposits near Santa Elena, while Jerritt Canyon remains on track to restart production in the third quarter of 2027 after a planned $75 million 2026 investment. Gold and Silver Recovery—3 Precious Metals Stocks for H2 2026 First Majestic Silver (NYSE:AG) reported higher revenue, production and cash flow in the second quarter of 2026, while advancing development work at its Mexican operations and preparing for a planned restart at the Jerritt Canyon gold mine in Nevada. Chief Executive Officer Keith Neumeyer said quarterly revenue rose 53% from a year earlier to $416 million. The company produced 3.8 million ounces of silver during the quarter, bringing first-half output to 7.3 million ounces, or roughly 50% of its revised full-year production guidance. First Majestic increased its guidance in July by about 10% from the outlook issued in January. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 Stocks Cashing In on AI While Everyone Watches NVIDIA EBITDA totaled $252 million, up 110% year over year, Neumeyer said. The company generated operating cash flow of $248 million and free cash flow of $195 million in the quarter. Neumeyer also cited cash flow of $0.50 per share. The company ended June with $1.25 billion in its treasury. First Majestic remains unhedged to gold and silver prices, Neumeyer said, adding that quarterly operating cash flow declined modestly from the first quarter because of pricing movements. → Microsoft Just Flipped the AI Spending Narrative Overnight Silver Hits $95—These 3 Miners Could Outrun the Metal Neumeyer said costs were affected by larger workforce bonuses tied to silver prices, but added that First Majestic was maintaining cost discipline. The company reported costs per ton of 107, which he said compared favorably with the prior four years. First Majestic declared a dividend that represented a 270% year-over-year increase, according to Neumeyer. It also repurchased 1.2 million shares during the quarter, spending $22 million, which Neumeyer described as the largest quarterly share-buyback expenditure in the company’s history. → Carrier Earnings Could Send the Stock to a New All-Time High On capital allocation, Neumeyer said further buybacks and dividend increases remain under consideration, but he emphasized the company’s desire to continue building its treasury. He identified two potentially significant cash requirements: a potential tax settlement in Mexico involving Primero San Dimas, which the company hopes to resolve by year-end, and capital spending associated with the Jerritt Canyon restart. In response to an analyst question on finished-goods inventory, Neumeyer said the company’s mint requires about 400,000 ounces of silver in its vaults to operate efficiently. Finished-goods silver inventory exceeded 1 million ounces at the end of the quarter, compared with slightly more than 600,000 ounces at the end of the preceding quarter. He said First Majestic held additional inventory after a sharp decline in silver prices and expected the inventory balance to fall during the current quarter. At Los Gatos, First Majestic exceeded its 4,000-tonne-per-day throughput target in June, reaching a record 4,070 tonnes per day. Neumeyer said the company was working toward sustained throughput at that level. Santa Elena was nearing 3,500 tonnes per day of throughput, with the company expecting to operate at that rate through the second half of the year. Both Santa Elena and La Encantada were performing above budget, Neumeyer said. La Encantada has begun using a company-owned truck fleet to transport ore to the mill, replacing the prior transportation approach. Neumeyer said the change was contributing to higher throughput levels at the operation. San Dimas recorded what Neumeyer characterized as a good quarter despite labor disruptions. He said workforce development rates had improved compared with the prior two years. The company received permits in Mexico for the Santo Niño and Navidad portals near Santa Elena. First Majestic has started development at Santo Niño and expected its first blast around Aug. 15, according to Chief Operating Officer David Howe. Howe said ground-control equipment had been ordered and that he did not see issues affecting development progress. Santo Niño is expected to begin contributing ore to the Santa Elena mill near the end of 2027. Navidad is expected to begin adding ore about 18 months after Santo Niño. Metallurgical testing indicates gold and silver recoveries above 95% for both Santo Niño and Navidad, according to a company representative. The company said the new deposits could extend Santa Elena’s mine life. Neumeyer said Santo Niño development was running more than a year ahead of the company’s prior schedule. First Majestic is conducting underground development, rehabilitation and drilling at Jerritt Canyon, which is currently being prepared for a return to production. The company expects production to resume in the third quarter of 2027. Neumeyer said First Majestic had budgeted $75 million for the restart in 2026 and remained within that figure. Deposits have been made for a sand-treatment system and other equipment, with additional orders expected within 30 days. The company expects to provide further details on 2027 capital needs when it releases its 2027 budget in January. Jerritt Canyon had approximately 40 employees during care and maintenance, and First Majestic needed to fill 45 additional roles for the restart. Neumeyer said about 80% of those positions had been filled. Exploration remained a central focus, with 94,000 meters drilled across the portfolio during the second quarter and 160,000 meters drilled during the first half. Neumeyer said the company continued to identify structures and ore bodies, including recent drilling results at San Dimas, while work continued at Santo Niño and Navidad. First Majestic expects to release an updated NI 43-101 technical report for Los Gatos in the next quarter or so, followed by a Santa Elena report later this year or early next year. Capital spending is expected to be weighted toward the second half of 2026, with Neumeyer citing timing effects and noting that Los Gatos development was slightly behind budget but not materially so. First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates. First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "First Majestic Silver Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2026. The full version of the quarterly financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or under the Company's profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. All amounts are in U.S. dollars unless stated otherwise. First Majestic reported steady improvements in production in the second quarter, with silver and gold production up 3% and 2%, respectively, compared to the same quarter last year. Revenues increased significantly, up 57% year-over-year to $415.5 million, driven by higher realized silver and gold prices, notwithstanding silver and gold bullion inventories increasing to $78.0 million. A continued focus on operational efficiency resulted in meaningful year-over-year margin expansion. Net earnings1 for the quarter were $109.4 million, while earnings per share ("EPS") were $0.22. The Company generated $194.6 million in free cash flow in the quarter, after paying $46.8 million in cash income taxes, leading to a record $1,252.7 million in treasury. SECOND QUARTER HIGHLIGHTS Treasury Position ($315.0 million increase from December 31, 2025): The Company ended the quarter with $1,252.7 million in treasury, representing a 34% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $159.4 million held in restricted cash, compared to $144.3 million as at December 31, 2025. Cash Flow from Operations ($133.4 million increase Y/Y): Operating cash flow before changes in working capital and taxes in the quarter were $248.3 million or $0.50 per share, a 116% increase compared to $114.9 million or $0.24 per share in the second quarter of 2025. Free Cash Flow ($116.8 million increase Y/Y): The Company generated $194.6 million in free cash flow in the second quarter of 2026 after paying $46.8 million in cash income taxes, representing a significant increase compared to $77.9 million in free cash flow in Q2 2025. Revenue ($151.3 million increase Y/Y): The Company achieved quarterly revenue of $415.5 million (with 60% of revenue from silver), representing a 57% increase compared to $264.2 million in Q2 2025. Finished Goods Inventory: The Company held 1,007,450 silver ounces and 4,730 gold ounces in finished goods inventory as at June 30, 2026, inclusive of coins and bullion, compared to 676,637 silver ounces and 2,732 gold ounces as at March 31, 2026. The fair market value of this inventory as at June 30, 2026 was $59.0 million for silver and $19.0 million for gold, which was not included in revenue during the quarter. Mine Operating Earnings ($174.3 million increase Y/Y): The Company achieved mine operating earnings of $223.6 million, a significant improvement compared to $49.4 million in the second quarter of 2025, with earnings improvements across all mine sites. Earnings Before Income Tax, Depreciation and Amortization ("EBITDA") ($132.5 million increase Y/Y): EBITDA for the quarter was $252.3 million, a 110% increase compared to $119.9 million in Q2 2025. Net Earnings1 ($56.9 million increase Y/Y): Net earnings for the quarter were $109.4 million (EPS of $0.22) compared to net earnings of $52.5 million (EPS of $0.11) in the second quarter of 2025. Adjusted net earnings were $101.6 million (adjusted EPS of $0.21), compared to adjusted net earnings of $18.4 million (adjusted EPS of $0.04) in the second quarter of 2025. Costs: Cash costs and All-in Sustaining Costs ("AISC") per attributable payable AgEq ounce for the quarter were below guidance at $18.06 and $25.68, respectively. AISC Margin ($26.67 per ounce increase Y/Y): The Company generated AISC margin, being the difference between its silver equivalent realized price and AISC, of $40.27 per AgEq ounce, a significant improvement compared to an AISC margin of $13.60 per AgEq ounce during Q2 2025. This improvement was primarily driven by higher realized prices. Second Quarter Dividend (217% increase Y/Y): The Company declared a cash dividend of $0.0152 per common share for the second quarter of 2026, nearly four times higher than in the same period last year. Purchased Common Shares: During the second quarter of 2026, the Company purchased and cancelled an aggregate of 1,200,000 common shares for US$22.7 million at an average price of CAD$26.18 per share pursuant to its current share repurchase program. OPERATIONAL AND FINANCIAL RESULTS The table below represents the Company's consolidated second quarter operational and financial highlights for the three months ended June 30, 2026 and 2025. Operational metrics calculated in the table above are reported on an attributable basis to account for the Company's 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine. The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, AISC per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, average realized Ag price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Financial Measures" at the end of this news release for further details of these measures. The table below represents the quarterly operating and cost performance results at each of the Company's four producing mines during the quarter. All production and non-GAAP results shown in the table above are reported on an attributable basis, meaning they reflect only the portion of results corresponding to the Company's 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine. These measures do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate these measures may differ from methods used by other companies with similar descriptions. Base metal production at the Los Gatos Silver Mine include 16,484,603 lbs zinc, 9,023,177 lbs lead and 252,938 lbs copper (70% attributable basis). In the second quarter, the Company generated quarterly revenue of $415.5 million, representing a 57% increase compared to $264.2 million in the second quarter of 2025. The increase in revenues was driven by a 90% higher average realized silver price, and a 40% higher average realized gold price, when compared to the second quarter of 2025, resulting in total revenues increasing by $194.2 million. Realized prices were impacted by approximately $40 million in mark-to-market adjustments on open concentrate sales, resulting from lower commodity prices at quarter-end, compared to the preceding months. Revenue growth was also driven by 57% and 22% increases in silver ounces sold at La Encantada and Santa Elena, respectively, compared to the second quarter of 2025. Total revenue for the quarter excluded 1,007,450 oz of silver and 4,730 oz of gold that were held in inventory at the end of the quarter, with a fair value of $78.0 million. The Company ended the second quarter with $1,252.7 million in cash and in treasury, representing a 34% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $159.4 million that is held in restricted cash, compared to $144.3 million as at December 31, 2025. Working capital reached a record high of $876.0 million, excluding $159.4 million in restricted cash, representing a 19% increase compared to $733.6 million as at December 31, 2025. The overall liquidity, defined as working capital plus undrawn lines of credit, of the Company as at June 30, 2026 was $1,035.8 million compared to $873.2 million as at December 31, 2025. The Company achieved mine operating earnings of $223.6 million, a significant improvement compared to mine operating earnings of $49.4 million in the second quarter of 2025. This increase was largely driven by higher metal prices compared to the second quarter of 2025, and an increase of 57% and 22% of silver ounces sold at La Encantada and Santa Elena, respectively, compared to the second quarter of 2025. EBITDA for the quarter was $252.3 million, representing a 110% increase compared to $119.9 million in the second quarter of 2025. The increase in EBITDA was primarily attributable to higher realized metal prices in the quarter compared to the second quarter of 2025. Adjusted EBITDA normalized for non-cash or non-recurring items such as unrealized losses on marketable securities, share-based payments, restructuring costs, impairment reversal and abnormal maintenance costs at Los Gatos and San Dimas for the quarter was $257.1 million, representing a 105% increase compared to $125.3 million in the second quarter of 2025. Net earnings for the quarter were $109.4 million (EPS of $0.22), up 108% compared to $54.8 million (EPS of $0.11) in the second quarter of 2025. The increase in net earnings was primarily attributed to higher realized metal prices, and impacted by a one-time current tax expense of $10.1 million relating to a historic tax dispute with the Mexican tax authority for First Majestic Plata, S.A. de C.V. with respect to a forward silver purchase agreement, which has now been settled. Adjusted net earnings, excluding non-cash or non-recurring items such as unrealized losses on marketable securities, share-based payments, tax settlements, restructuring costs, impairment reversal, abnormal maintenance costs at Los Gatos and San Dimas, and deferred income tax were $101.6 million (adjusted EPS of $0.21), compared to adjusted net earnings of $18.4 million (adjusted EPS of $0.04) in the second quarter of 2025. The Company's attributable capital expenditures in the second quarter were $60.1 million ($65.1 million on a 100% basis), representing a 7% increase compared to $56.0 million in total capital expenditures in the second quarter of 2025. Attributable capital expenditures consisted of $23.9 million in underground development (2025 - $15.2 million), $13.2 million in exploration (2025 - $17.8 million), and $18.7 million in property, plant and equipment ("PP&E") (2025 - $16.9 million). On a 100% basis, these amounts totaled $26.3 million in underground development, $14.5 million in exploration, and $20.0 million in PP&E. The Company produced 3.8 million silver ounces in Q2 2026, representing a 3% increase compared to 3.7 million silver ounces produced in Q2 2025. The increase was primarily driven by strong performances at La Encantada and Santa Elena. Gold production was 34,660 ounces in Q2 2026, a 2% increase compared to 33,864 gold ounces produced in Q2 2025, driven largely by strong production at Santa Elena. Cash costs per attributable payable AgEq ounce for the quarter were $18.06, compared to $15.08 per AgEq ounce in the second quarter of 2025. In Q2 2026, the AgEq conversion ratio to gold was 75:1, compared to 98:1 in Q2 2025. Applying the same assumptions used to calculate AgEq ounces in Q2 2025, reported cash costs per attributable AgEq ounce would have been $15.98, or 13% lower compared to current costs. AgEq ounces were also negatively impacted by temporary operational disruptions at Los Gatos following a rockfall event on the main ramp and labour disruptions at San Dimas, that are now resolved, which elevated cash costs per attributable AgEq ounce. In addition, cash costs were also impacted by the strengthening of the Mexican peso against the U.S. dollar, which on average was 11% stronger during the quarter, relative to the US dollar, compared to the second quarter of 2025. Increases in contractor, haulage, maintenance, and reagent costs, driven by higher mining activity, and operational initiatives across the Company's operations, also contributed to higher cash costs. Finally, higher metal prices contributed to higher royalty payments and production taxes. AISC per attributable payable AgEq ounce in the second quarter was $25.68, compared to $21.02 per ounce in the second quarter of 2025. This increase was primarily driven by an increase in cash costs, as well as higher worker participation costs due to higher metal prices, along with increased mine development rates yielding higher sustaining development costs and PP&E costs. Applying the same assumptions used to calculate AgEq ounces in Q2 2025, AISC per attributable AgEq ounce in Q2 2026 would have been $22.72, or 13% lower. Q2 2026 DIVIDEND ANNOUNCEMENT The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0152 per common share for the second quarter of 2026. The dividend will be paid on or about August 31, 2026, to holders of record of First Majestic's common shares as of the close of business on August 14, 2026. Under the Company's new dividend policy, the quarterly dividend per common share is targeted to equal approximately 2% of the Company's net quarterly revenues from January 1, 2026 onwards divided by the Company's then outstanding common shares. Note: In the case of net revenues generated from the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation. The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes. CONFERENCE CALL DETAILS The Company will host a conference call and webcast on Thursday, July 30, 2026, at 8:30 a.m. (PT) / 11:30 a.m. (ET) to provide investors and analysts with a business update, and to discuss the Company's second quarter production and financial results and updated 2026 guidance. To participate in the conference call, please use the following dial-in numbers: Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the conference on time. The live webcast link of the call will be accessible directly at this link, Q2 2026 Results Conference Call, as well as on the First Majestic home page at www.firstmajestic.com through the "July 30, 2026 Webcast Link". A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event. A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling: The telephone replay will be available for seven days following the end of the event. ABOUT FIRST MAJESTIC First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine, which the Company is currently in the process of re-starting. First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available. For further information, contact [email protected], visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807. FIRST MAJESTIC SILVER CORP. "signed" Keith Neumeyer, CEO Non-GAAP Financial Measures This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne, average realized silver price per ounce sold, average realized gold price per ounce sold, working capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the Company's Q2 2026 dividend payment and the shareholder record and payable dates in connection with such dividend payment; and anticipated future results. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at http://www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. 1 References to "Net Earnings", "Earnings per share", and "EPS" refer to "Net Earnings attributable to Owners of the Company", and "Earnings per common share attributable to owners of the Company", which are net of non-controlling interests, specifically the remaining 30% of the Los Gatos JV not owned by the Company. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307234

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record revenue of $416 million, up 53% year-over-year. Strong EBITDA of $252 million, up 110% from the prior year. Silver production of 3.8 million ounces in Q2, with H1 production at 50% of revised guidance. Robust exploration with 94,000 meters drilled in Q2 and 160,000 meters in H1. Strong treasury of $1.25 billion, providing financial flexibility. All-in sustaining costs impacted by inflation and large workforce bonuses tied to silver prices. Finished goods inventory increased to over 1 million ounces due to a drop in silver prices. Labor disruptions at San Dimas mine, though currently resolved. Capital spending is back-ended, with only 37% of annual guidance spent in H1. Uncertainty around tax settlement in Mexico and future capital needs for Jerritt Canyon. Here are the key highlights from the First Majestic Silver Corp (NYSE:AG) Q2 2026 earnings call, presented as summarized Q&A pairs. Warning! GuruFocus has detected 2 Warning Sign with AG. Is AG fairly valued? Test your thesis with our free DCF calculator. Q: Finished goods inventory is over 1 million ounces of silver. What is the new baseline, and where do you see this ending the year? A: (Keith Neumeyer, CEO) The mint needs about 400,000 ounces in the vault to operate. The higher inventory this quarter is due to the precipitous drop in the silver price; we didn't want to sell in the low $50 range. We expect that inventory number to drop during the quarter as prices bounce. Q: What is the current status and capital spend for the Jerritt Canyon restart? A: (Keith Neumeyer, CEO) We are on track for production in the second half of 2027. The $75 million capital estimate is well in line. Key equipment deposits have been made, and others will be ordered in the next 30 days. We will provide an updated 2027 budget in January. Of the 45 new positions needed, 80% have been filled. Q: What is the timeline for the San Dimas tax settlement in Mexico, and how does that affect capital allocation? A: (Keith Neumeyer, CEO) We hope to have the tax settlement resolved by the end of the year. Once that and the Jerritt Canyon spend are behind us, we will look at further capital allocation, including potentially increasing the dividend or continuing share buybacks. Q: What is the critical path and sequencing for the Santa Elena expansions (Santanino and Navidad)? A: (Dave Howe, COO) We don't see any issues. The first blast at Santanino is scheduled for around August 15th. All ground control items are ordered. We are on track for first ore from Santanino by the end of 2027 and from Navidad about 15 months after that. Q: What are the expected metallurgical recoveries for the Santanino and Navidad ore? A: (Keith Neumeyer, CEO) The metallurgical testing shows recoveries of 95% plus for both gold and silver, with higher silver grades. This is similar to the original Santa Elena ore body. Q: Capital spending in the first half was only 37% of the annual guidance. Is this due to projects falling behind? A: (Keith Neumeyer, CEO) The spending is very back-ended. There are no major issues, though Los Gatos is slightly behind on development. The other mines are within budget, and the variance is mostly due to timing. Q: What are your plans for your holdings in other junior mining companies like SilverStorm and Sierra Madre? A: (Keith Neumeyer, CEO) Our plan is to help those companies evolve and make substantial profits on our investments. We recently lent SilverStorm $5 million, similar to a loan we made to Sierra Madre that was repaid in Q2. We are very supportive shareholders. Q: Can you provide an update on the union situation at San Dimas? A: (Keith Neumeyer, CEO) There were some labor disruptions, but the union is now being paid well due to higher silver prices. Development rates are improving, and our new fleet of trucks is helping to achieve record throughput levels at La Parrilla. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. First Majestic Silver has delivered a strong 180.9% share price gain over the past three years, yet its valuation checks send mixed signals, with an intrinsic value estimate from a Discounted Cash Flow (DCF) model suggesting the stock trades below that estimate while market multiples point to a richer price tag. A 180.9% return over three years puts First Majestic Silver firmly in the category of stocks where investors need to ask how much of the story is already reflected in the price. Recent moves to sell non core mines and focus on core silver assets may support future cash flows, while any setbacks in executing this refocus or in the silver market backdrop could weigh on the valuation. On Simply Wall St's broader checks, First Majestic Silver screens as undervalued in 2 of 6 valuation tests, which leans more toward a stock that is not a clear bargain overall. The issue now is whether the DCF inferred discount of about 18.3% or the fuller set of valuation checks and market multiples offers the more reliable guide to what First Majestic Silver is really worth. First Majestic Silver delivered 89.8% returns over the last year. See how this stacks up to the rest of the Metals and Mining industry. The Discounted Cash Flow (DCF) approach here looks at what First Majestic Silver’s future cash flows could be worth in today’s money. On the latest twelve month numbers, the company is generating Free Cash Flow of about $448.9 million, and the 2 Stage Free Cash Flow to Equity model assumes those cash flows grow rather than shrink over the coming years before settling into a steadier phase. On those assumptions, the model arrives at an estimated intrinsic value of around CA$29.41 per share, which implies the stock trades at roughly an 18.3% discount to that figure. The recent agreement to sell the San Martin silver mine for US$90 million fits with the refocus on core assets, which helps explain why cash flow based valuations still indicate a higher value than the current share price. Overall, the DCF workup suggests First Majestic Silver stock appears undervalued relative to the cash flows currently being modeled. Our Discounted Cash Flow (DCF) analysis suggests First Majestic Silver is undervalued by 18.3%. Track this in your watchlist or portfolio, or discover 6 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for First Majestic Silver. P/E is a useful way to look at First Majestic Silver because earnings remain a key driver of how investors value metals and mining companies. The stock currently trades on a P/E of about 28.8x, compared with an industry average of roughly 14.4x and a peer average around 21.3x. This means investors are paying a much higher price for each dollar of earnings than for typical metals and mining stocks. Simply Wall St’s fair P/E estimate for First Majestic Silver is about 18.8x, which reflects what might be expected when considering its size, industry, profitability profile and risks. That is well below the current 28.8x, implying the market multiple sits meaningfully above this tailored benchmark rather than close to it. On this P/E measure, First Majestic Silver stock currently screens as overvalued relative to both its industry and the fair multiple implied by its fundamentals. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the DCF and P/E puzzle for First Majestic Silver leaves off. They spell out which paths for growth, margins and earnings would need to play out for the stock to be worth materially more or less than it is today, and they sit within the company’s Community page. Each one treats fair value as a thesis about First Majestic Silver's business that you can watch over time, rather than a one off snapshot. One of the top community narratives on First Majestic Silver: 31% undervalued Read one of the top narratives on First Majestic Silver Do you think there's more to the story for First Majestic Silver? Head over to our Community to see what others are saying! For First Majestic Silver, the Discounted Cash Flow (DCF) work suggests the stock is trading below its intrinsic value, while the P/E and other market multiples point to an overvalued profile. That split largely reflects a cash flow focused model that is more optimistic about future free cash generation, compared with comparables that embed richer growth expectations and sentiment in today’s earnings multiple. With broader valuation checks scoring weakly despite the DCF signal, the key question is whether management can convert the refocus on core assets into durable cash flows without hitting execution or market setbacks that would justify the higher multiple fading. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]