First Majestic Silver Net Earnings Rise to $147.5 Million
The mining company reported a significant increase in net earnings from $6.2 million in the first quarter of 2025 to $147.5 million in the first quarter of 2026.
First Majestic Silver Corp. (AG), a precious metals miner, reported net earnings of $147.5 million for the first quarter of 2026, compared to $6.2 million in the same period the previous year. Net earnings attributable to the owners of the company were $128.1 million, or 0.26 a share, up from $2.3 million, or 0.01 a share, in the first quarter of 2025.
The company said the results were primarily driven by higher metal prices, which pushed revenues to $476.6 million. Average realized silver prices increased 161% and gold prices rose 81% compared to the first quarter of 2025. Mine operating earnings rose to $266.6 million from $63.8 million in the prior-year period.
Operational gains were noted across several sites. At La Encantada, a 50% increase in silver ounces sold and lower costs per ounce resulted in a $31.2 million increase in mine operating earnings, reversing a $0.5 million operating loss from the first quarter of 2025. Consolidated silver production for the quarter totaled 3,545,683 ounces, while gold production reached 34,341 ounces.
Cash flow from operations before changes in working capital and taxes paid rose 182% to $310.6 million, up from $110.0 million in the first quarter of 2025. EBITDA for the quarter was $306.8 million, compared to $98.8 million in the same period last year. Adjusted EBITDA, which normalizes for non-cash or non-recurring items, rose 192% to $320.8 million from $109.7 million.
These gains were partially offset by a non-cash income tax expense of $93.5 million, compared to $22.8 million in the first quarter of 2025. The company also recorded $1.1 million in restructuring costs related to workforce optimization across its sites.
First Mint, the company's Nevada-based minting facility, generated $14.5 million in revenue during the quarter. While this represents an 84% increase over the first quarter of 2025, the facility sold 173,409 ounces of silver, a 29% decrease from the 243,865 ounces sold in the prior-year period.
As of March 31, 2026, the company held $984.8 million in cash and cash equivalents. This follows a quarter in which it paid $4.1 million in dividends and $9.2 million in distributions to non-controlling interests.