First Majestic Silver Net Earnings Rise to $273.4 Million
The mining company reported a 335% increase in net earnings for the first six months of 2026 compared to the prior year
First Majestic Silver Corp. (AG), a producer and explorer of silver and gold in North America, reported net earnings of $273.4 million for the six months ended June 30, 2026, compared to $62.8 million for the same period in 2025. For the second quarter of 2026, net earnings were $125.9 million, a 123% increase from the $56.6 million recorded in the second quarter of 2025,.
The company said the growth in earnings was primarily driven by higher metal prices. During the second quarter of 2026, average realized silver prices rose 90% to $63.98 per ounce, and average realized gold prices rose 40% to $4,347 per ounce, compared to the second quarter of 2025. These price increases pushed second-quarter revenues to $415.5 million, up from $264.2 million in the prior-year period.
Mine operating earnings for the second quarter of 2026 were $223.6 million, a 353% increase over the $49.4 million reported in the second quarter of 2025,. However, the company noted that higher metal prices were partially offset by increased variable costs, including royalties and production bonuses. Operating cash flows were also impacted by rising costs for energy, labor, maintenance, and contractors across all sites.
Cost trajectories shifted upward over the year. The all-in sustaining cost per silver equivalent ounce for the first six months of 2026 was $27.67, compared to $20.14 for the same period in 2025. Similarly, cash costs per silver equivalent ounce rose 33% year-to-date to $19.15.
First Majestic Silver shifted its asset portfolio during the period. On June 19, 2026, the company completed the sale of its subsidiary that owned 100% of the Del Toro Silver Mine to Sierra Madre Gold and Silver Ltd.. The company also entered into an agreement to loan $5.0 million to Sierra Madre for the development of the La Guitarra Mine, a loan that now expires on May 7, 2027.
On April 2, 2026, the company announced a restart plan for the Jerritt Canyon Gold Mine in Nevada, which had been suspended since March 20, 2023. The company attributed this decision to a new expanded mineral resource base, successful drilling results, and strengthened long-term gold price assumptions.
Total available liquidity as of June 30, 2026, was $1,035.8 million, which included $876.0 million of working capital and $159.9 million in an undrawn revolving credit facility.