First Majestic Silver (NYSE:AG) reported first-quarter financial results on Tuesday. The transcript from the company's first-quarter earnings call has been provided below.
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Summary
First Majestic Silver Corp achieved record revenues of $477 million in Q1 2026, up 95% from the previous year, with silver and gold production exceeding midpoint guidance.
The company appointed Dave Howe as the new Chief Operating Officer and Alex Thompson to lead the Jarrett Canyon restart, with significant investments planned for 2026.
Operating cash flows reached $311 million, with a significant increase in shareholder dividends, reflecting improved profitability and strategic cost management.
Future strategic initiatives include expanding the Santa Elena and Los Gatos operations, with a robust exploration program of over 300,000 meters planned for the year.
Management highlighted improved margins and cost efficiencies, despite increased costs due to higher taxes and bonuses. The outlook remains positive with expectations of continued strong performance.
Full Transcript
OPERATOR
Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver Corp 2026 Q1 Financial Results Conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. If you are participating through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on your screen. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Mr. Keith Neumeyer, Chief Executive Officer of First Majestic Silver Corp. Keith, please go ahead.
Keith Neumeyer (Chief Executive Officer)
Well, thank you and welcome everyone to our Q1 highlights conference call with investors and shareholders. Thank you. Today obviously I am present. I'm in Europe right now. Manny Alcavigi, President and Chief Corporate Development Officer is in Vancouver. David Suarez, our Chief Financial Officer is also in Vancouver. David Howe, Chief Operating Officer who just was newly appointed on May 4, which we'll talk about a little bit further in the next couple of slides. But David comes with us after quite a long search for a replacement to Steve. Steve told me last summer that he would like to retire and we put an effort in place to find his replacement and we were successful in getting Dave Howe, who's a well known mining executive. So we're happy to have Dave on board. Steve will be effectively working until June 30, assisting Dave in anything that Dave might request of Steve over the next month or so. We also have Samir Patel, General Counsel and Corporate Secretary present in Vancouver and also Darryl Ray and Joel Felt about that. Joel from Investor Relations also present today. Before I go any further, I'll need to pass the call over to Samir Patel for the disclaimer.
Samir Patel (General Counsel and Corporate Secretary)
Thanks Keith. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward looking statements in accordance with applicable Canadian and U.S. securities laws. All statements that are not historical facts, such as statements regarding future estimates and plans or expectations of future performance, constitute forward looking statements that reflect the company's current views with respect to future events. These statements are necessarily based upon a number of assumptions and estimates that while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. We encourage you to refer to the cautionary language included in our news release that was disseminated early this morning and the disclosure on non IFRS measures in our most recently filed management's discussion and analysis as well as the risk factors set out in our most recently filed annual information form. As a reminder, these documents along with all of our continuous disclosure documents are available on SEDAR Plus and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward looking statements made during today's call. The company does not intend or assume any obligation to update these forward looking statements or information other than as required by law. With that, I will turn the call back to Keith.
Keith Neumeyer (Chief Executive Officer)
Okay, thanks Samir. Just a couple of things on our management changes. Steve Holmes has been with the company for six years and he's been extremely instrumental in positioning the company where it is today. Much of the improvements that the business has experienced over the last few years has been a result of Steve's efforts and we're sad to see him go. But at the same time it's time for him to retire and we wish him the best in his future travel experiences with his wife and family. So obviously we'll be staying in touch with Steve. But Dave Howe is now the new Chief Operating Officer and he brings a wealth of experience in the industry and Latin America. Held a number of key executive roles and we're really excited for him to help lead the first Majestic team to the next phase. Further description is available in today's news release if you wish to read a little bit about his history. We're also quite pleased to announce a hiring that took place on April 20th. We were able to find a great leader for the Jarrett Canyon restart. We brought on Eric 'Alex' Thompson and Alex is a seasoned and strategic mining executive with experience in building and operating mines all over the world and will be key part of the restart plan for Jarrett Canyon which we'll be excited about talking further about as developments continue. So going to slide three of the presentation, which I'm assuming some of you online have access to, you're just going back in time. If you go back over the last 20 years, Q1 is generally a kind of a soft quarter. You know, you get everyone coming back from holidays and then you gotta remobilize all the contractors and usually you could lose up to two or three weeks in Q1. It's not that unusual and we've experienced that many, many times over the life of the business. But this Q1 was exceptionally good. We didn't experience that same kind of dip and you know, we ended up, you know, producing three and a half million ounces of silver, which shows 26% of 2026 guidance, midpoint guidance. So that's pretty, pretty good being ahead of guidance. And gold Production was at 28% of midpoint guidance. So both silver and gold are above our current guidance, which is, or at least midpoint guidance, which is fantastic. To start the year off on such a positive note, the average realized Silver price is 86.35 compared to 3310 last Q1, 2025. So pretty impressive there. Revenues were record revenues of 477 million, up 95% compared to a year ago. And we did hold back some silver and gold as well. And so this was not included in revenue. We did hold back 676,000 ounces of silver. Also 2700 ounces of gold held in inventory at the end of the quarter, and the value of that inventory is $63 million. So if we'd sold it, that obviously would have improved our revenue and also improved our profitability. But we elected to hold on to it for higher prices. And, you know, we're expecting that's going to be a good strategy for us. We've really got our eyes on margins, and as the price of silver goes up, costs also go up, and we'll address that in the next couple of slides. But one thing I think the analysts or the investors should really pay attention to is actually the expanding margins, which is pretty impressive. And I've got a couple of more comments coming up on that topic. You know, we've really been focused on efficiency and keeping our costs in check and is really paying off. We've had operating cash flows in Q1 of 311 million, you know, $0.63 a share, and our silver purity is 66%. You know, that compares to 60% in Q4 of 2025. Our dividend is our largest dividend ever at 1.71 cents. For shareholders of record on May 15, the dividend is basically four times the size of last year's dividend. You know, with revenue doubling and us changing our policy, increasing our dividend from 1% to 2% effective January 1, 2026, you know, has made a big impact. And so shareholders will be getting, you know, the highest dividend that they've ever received in the company's history. So that'll be fun to see all those checks arriving in people's mailboxes going on to slide four. So the cash cost and all the sustaining cost per ounce are aligned with plans. There's really no big surprises There per ounce costs increased when compared to Q1, as it shows on this slide there. The main drivers of the increase, as we've mentioned to the analysts before, you know, it is we have changed our ratios, which has a big impact, which I'll talk about shortly. But our production cost did go up a little bit, mostly due to higher throughput, you know, because we have reduced the cutoff grades, you know, due to price. So, you know, we could mine a lot lower grade ore and still get the same ounces. But it does affect your cost, your cost to go to go up as a result of that method of mining. But it does improve life of mine as well at the same time. So it has a big benefit. And the revenues that we're getting, even though the grades are slightly lower, far outpaces the increase in cost, which is really nice to see. Other things I said, you know, the price ratio, now that had a $3 impact. You know, if we use the same price ratios we did in 2025 and 90 to 1, it would, it would. Our all sustaining costs would be basically $3 less than what we're showing in Q1 of 2026. But we did fix the ratio at 75 to 1. And due to the volatility of silver and gold, and that 75 to 1 ratio will be held throughout the quarter, or pardon me, throughout the year. Profit sharing, you know, is also up and I've got another comment later on that. But profit sharing, you know, is close to $2 an ounce. Smelting and royalties obviously go up with silver prices going up. So, you know, everyone's obviously making a little bit more money, which is great to see, important to note, notice, you know, as I said about margins, you know, the margins have increased almost four times. Our margins a year ago in Q1 were $13 an ounce. Our margins in Q1 of 2026 was $52 an ounce. So quite a game change. So, you know, any increase in costs that we're experiencing is easily taken. Taken with the increase in margins. Our cost per ton, $170, which if you look at that chart on that slide, slide four, you'll see that it's, you know, the lowest for a while. So, you know, that shows you quite clearly that we're having true, a true impact on keeping our costs in line with our expectations. And a bit of a side note, we've got calls from analysts and others, you know, about our exposure to diesel with the, you know, with the happenings that are going on in the Middle east right now. Most of you probably know that we converted three of our mines over to liquid natural gas over the last few years. And one of our mines is on the grid. So our total exposure to diesel in our cost is only 5%. So it's, we rely on diesel very little. Most of the energy is created by renewable sources. The going on to slide five. We produced $311 million in operating cash flow from the four operating minds. Each of them a notable year over year improvements in profitability. Notably La Encantada where it had a bang-up quarter. La Encantada actually profited $30 million in Q1. I don't actually remember the last time we made that much money, but it's obviously going quite well there. So it's nice to see that mine finally hitting its stride after, you know, some, you know, difficulty that it had over the last couple of years. Corporate wide this translates into 224 million in free cash flow, even accounting for a very large tax payment that was made in, in January as a result of our 2025 income taxes that, you know, just simply due to the profitability of the business. The Mexican government's paid $95 million, you know, which obviously came out of our cash flow. So the chart shows the increase in cash flow being generated. Operating discipline of course over our four minds is key cost efficiencies and obviously the increase in silver price is having a huge impact on the business. We're very flexible for future growth. The size of our treasury over 1.1 billion obviously pretty impressive. Our delta development and exploration programs are very aggressive and on track. And I've got a couple more comments later on the exploration programs. Operational expansions at both Santa Elena. Los Gatos is coming along quite nicely. I'll address that as well going forward. And we just keep pushing, you know, other permits and the development of the Santa Elena new ore bodies which we'll discuss as these topics come more relevant. And we'll be discussing those five news releases in the coming months as these developments occur. So going to slide six. So we continually have exploration success at San Dimas and Sant Helena and Los Gatos. We're expanding the Santa Elena mill. We're expanding the Los Gatos mine development. At Los Gatos our work is to mine 4,000 tons a day. We have brought in a contractor to assist in getting up to those levels. We're actually pretty close right now. The mill itself can handle that. It's not a bottleneck at the mill, it's always been a bottleneck at the mine. And that's what we're resolving by bringing on some assistance from a third party contractor which seems to be working qu we're making good progress at Santa Elena getting that mill expanded. As I think most of you know, we're expanding that mill to 3, 500 tons a day from 3,200 tons a day. And we should reach that objective by H2 2026. Exploration is just going wonderfully. Navidad and Santino Discoveries are, you know, obviously really paying off. We put out some numbers on those two ore bodies already, but we continually advance studies and work on those two orbites because we want to get them into the mill as soon as we can. So that work is underway. And as we get more information and more timelines associated with getting Santa Nino and Navidad up and running, we'll be putting more additional news out on timelines and how that's going to affect future production at Santa Elena. So always, you know, always looking for, you know, enhancing adjustments, you know, productivity. That's always a focus not just at Santa Elena, but also in all the mines. La Encantada I think most of you likely know as well, we decided about a year ago to go to self hauling. We were having challenges with the contractors that, you know, were assisting in getting ore to the mill. And after the, you know, a couple contractors, we decided just to do it ourselves. So we bought a dozen trucks which took almost a year to get delivered and they're all now on site and they're all now operational. And I would expect you're going to start to see costs come down a little bit as a result of that. But also we're already noticing increased throughput at the mill. The mill can handle it. There's no problem with that. This mill ran at 5,000 tons a day back years ago. So it's just really the mine and we're resolving that by having this truck fleet and so on. So it's in early days, but it's looking pretty good. Going to Jarrett Canyon. We're obviously very excited about the announcement of hiring Alex Thompson as a managing director. We really needed a leader there to really get a hold of this thing. Alex has 20 years experience primarily at BHP but he's really taken control of this operation and he's very well liked by the team down on site and we'll be putting obviously a bunch of new people in place to get this operation up and running. We're investing 75 million in 2026 and filling in the talent base. As I've mentioned, we are preparing a feasibility study or a pre feasibility Study, I should say. Hopefully that'll be out in early 2027. We're prepping the underground. We've got people on site right now underground, prepping the area, planning on development. The plant upgrading is not quite started yet. We're just in the order of process of ordering a bunch of different equipment. A bunch of POs have gone out and several more POs will be going out over the next two weeks as items become obviously required or we identify items that we need and some of the items are longer needed than others. And so we're trying to get all those items necessary for the underground and the plant ordered and in the system and you know, get these pieces of equipment on site as soon as possible. And we'll share updates as we, you know, progress over the next year. We are still targeting for production to commence in H2 2027 and so far we're on track. I, I did want to bring something up, you know, because we, we had a false news release that went out out of Mexico. It was regarding a collapse at Los Gatos. And I looked at the photograph myself and I read the article myself and you know, I don't know. We actually don't even know where that mine is. It was definitely not a commercial operation. It was some little hole in the side of a mountain that was probably just, you know, artisanal mining or maybe owned by a Mexican mining company or something, I have no idea. But it was definitely not a modern operation. But we did have a small collapse and There was a 10 meter section of the ramp that collapsed and we were down two and a half days. Back on, back on track. Is very normal. Was not material in any way at all. That's why we didn't say anything about it. We didn't usually say because it was just, you know, you know, things happen in mining and you know, being down for two days is, you know, nothing. So we decided not to comment on it. But I know that a number of analysts did phone the company, asked about it and asked about that story. So I just wanted to address it on this call just so everyone's clear that everything is hunky dory and there's no issues that remain. Going to slide seven. So the solid balance sheet and cash flows we are investing in our world class district scale operations. As you know, these are big, big chunky land packages and you're increasing the mining rates of Los Gatos to get that operation up to 4,000 tons a day, as we've said already. And we want to get this Santalina, obviously expansion completed as well. So a lot of focus is going on on those two operations. We have a very, very large exploration program. It's 266,000 meters of exploration over the sites this year and that does not include an additional 42,000 meters at Jarrett Canyon, which we've just recently announced with the opening or reopening news release on Jerry Canyon. So you know, we're drilling over 300,000 meters of drilling this year, which is, you know, quite a, obviously a very, very large program. So pretty exciting. We've updated our resources and reserves in March and I'm not sure if you've seen the AIF that went out in March, but it's all there for people that want to go look at it. It's on Sedar and it's also on our website, the Santa Elena. You know, we had a 90 million ounce increase which is pretty amazing. That was basically due to Sanino and Navidad Discoveries and we continue to upgrade those assets and I, I think that number is actually going to improve over the next year. Jarrah Canyon, you know, with the, including some of the underground, we kind of redeveloped that, you know, based on gold prices today. All those open pits that were being mined back in the 80s and 90s are pretty well now economic. So we're going to be, we've working on a plan to include the underground and open pit in the same mine plan, you know, obviously blending and so on. But we're now at 7.8 million ounces of gold at Jarrett Canyon which is, you know, pretty, pretty impressive compared to our prior disclosure a couple years ago. Restart still scheduled. As I said, phrase 2 and I guess that's really about it. You know, continually strengthen our cash flow balance sheet, you know, look for, you know, continued increase in our treasury. Now obviously we're quite leveraged to the price of silver, as you can see in our share of volatility over the last couple of days. But you know, that's something that we've got used to over time. So anyways, I am done with my presentation. We will now go to questions.
OPERATOR
Thank you, Keith. We will now proceed to the Q and A session. Once again, to join the question queue, you may press star then one. On your telephone keypad you will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then two. If you're participating today through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on your screen. The first question comes from Haiko Ile with HC Wainwright. Please go ahead.
Haiko Ile (Analyst at HC Wainwright)
Hi there. Thanks for taking my questions and congratulations to Alex and Dave, who I know quite well from his time back at Endeavor. Hi Keith, you focused quite a bit on the margins earlier on this call and obviously it's quite impressive what has been happening and what's been accomplished the last few quarters and I assume the answer is no. But do you think there comes a point when, if commodity prices keep rising or even staying at these levels where people are more so trying to get their piece, be it labor, governments, other stakeholders, have there been any conversations? What have you seen? I mean, you're much closer to the Pulse than I am. Maybe just a bit of color.
Keith Neumeyer (Chief Executive Officer)
Well, on the government you can never predict. Right. So there's no rumors or there's no discussions that the government is going to be changing anything. You know, you have to remember at these prices and the profitability of the Mexican miners, the government's, you know, getting a windfall. Right. On their taxes, their tax income from mining has accelerated quite dramatically. So I'm pretty sure the government's pretty happy. So I'm not sure why they'd want to kill the goose or whatever. The unions, again, the same thing. These union members, their bonuses are tied to the silver price. So we've just gone through a couple of negotiations with the national union and they're very quiet, quite happy. Obviously negotiations went very smoothly. Yeah. So there's really no issues there, but they are getting paid more. So our all in sustaining cost has increased as a result of higher taxes and higher bonuses. So that can be expected. Other things, if we go back to the last bull market, 2011, when silver hit 50, we saw the Sandvik of the world, you know, increase prices by 15 to 25%. We've not seen that. We're just in the process of signing an agreement with Sandvik and you know, we're looking, it's looking like we're going to get pretty reasonable pricing on, on this new purchase that we're being put in. We haven't seen big increases in cyanide or ammonia. You know, we don't rely on diesel that much. So no, we haven't really seen the inflation that maybe some would be expecting.
Haiko Ile (Analyst at HC Wainwright)
All right, fair enough. Moving on to Jarrett Canyon. I mean, obviously I'm excited to see the site reenter production. I don't know, we got Alex on board now, but on a grander scale. I mean, I went through your April 2nd release again this morning. And you mentioned the $75 million to spend this year, seven and a half dozens of work we're staffing. When do you think hiring for the site should really start ramping up? I assume this is second half or even fourth quarter kind of thing. And then building on all of that once Jarrett is in full operations. I don't think you'll have any issues getting workers to site given the proximity to talent. What are you seeing with the labor pool? You're probably going to take up a decent amount of the workforce in the local area, no?
Keith Neumeyer (Chief Executive Officer)
Well, I think all of it will come from the local local area and you know, maybe some of the turmoil at Newmont right now might assist. You know, hopefully. We don't know for a fact, but you know, we have a list of candidates. Pardon me, A list of positions that need to be filled. You know, it's very extensive and detailed and think I don't have the exact number in front of me, but we've hired a handful of people just in the last couple weeks for key management positions and we're looking to hire several more key people over the next week or two. Then at that point we'll start going down into the business deeper and targeting more labor intensive type individuals. And we, you know, should be, you know, well manned, you know, by, by fall and, and then, you know, having to, you know, look at adding the underground workforce and so on in, in early part of, you know, 2027. But don't forget, Jared is only 45 minutes away from town, Elko. And so it's a close. It's the closest mine to Elko. So if you, you know, rather than having to drive to one of the other neighboring mines, that it will take you an hour and a half both ways. You know, you're on the road for three hours a day, you know, working a Jarrett, you're only on the road for one and a half hours on the day. So it's a big, big difference. It's a well known site and I think the community at Elko is pretty excited about it. And you know, we're getting approached by people regularly, you know, to, you know, come on, come on. As employees.
Haiko Ile (Analyst at HC Wainwright)
Yeah. And as someone who's been on the ground, the Jared Canyon, I mean the site is just gargantuan. It's huge. So anyways, on that note, I'll get back to you. Thank you very much again.
OPERATOR
Thanks once again. If you have a question, Please press star then 1. The next question comes from Eric Windmill with Scotiabank, please go ahead.
Eric Windmill (Analyst at Scotiabank)
Oh, hi Keith and team. Thanks for taking my question. Maybe just continuing on Jarrett Canyon. So in addition to the hiring plans, any other critical path items or milestones beyond the PFS we should be looking for throughout this year into next year?
Keith Neumeyer (Chief Executive Officer)
Well, the two most critical things is the oxygen plant and the underground fleet. So we're working right now on defining all of that and you know, defining costs and defining timelines. And we're still, still a little bit early, but you know, we will be putting an order in for some of the underground fleet in the next couple of weeks which, you know, have, you know, 10 to 12 month lead times. We're just working with a group on the oxygen plant right now and I can't really give you a whole bunch of details because it's just kind of a moving, you know, moving thing. But, you know, once we know more, we'll, you know, we'll be putting more information out to the market.
Eric Windmill (Analyst at Scotiabank)
Okay, thank you. Appreciate that. Maybe just some of the other expansions you're working on, Los Gatos or Santa Elena. Any critical items there we should be keeping an eye on?
Keith Neumeyer (Chief Executive Officer)
No, no, just time and money there is nothing critical.
Eric Windmill (Analyst at Scotiabank)
Okay, appreciate that. Just one more for me if you don't mind. In terms of M&A, what are you guiding to the M&Arket? Are you happy with the size of the portfolio or any changes you want to M&Ake or assets you might look to add down the road?
Keith Neumeyer (Chief Executive Officer)
Well, we're always looking for ways to grow. You know, I can't talk too much about it, but yeah, look, we have, you know, our group, you know, continually scours the planet and looking for good silver projects and they're, you know, they're kind of a rare animal and they're hard to find and. But we continue to look.
Eric Windmill (Analyst at Scotiabank)
Okay, appreciate that. I'll hop back in the queue. But thanks very much for the detail. Cheers.
Keith Neumeyer (Chief Executive Officer)
Okay, you too. Thanks.
OPERATOR
I will now pass the floor over to Mr. Darryl Ray, Investor Relations at First Majestic Silver, to take us through questions submitted to the webcast.
Darryl Ray
Okay, thanks, Ashiya. Yep. Just, just a few here. One is just getting a general First Mint update. I'd say there are a few questions in here. What percentage of your total revenue came from First Mint business? And just talk about the first quarter. Yeah, I'm going to pass this question over to Manny.
Manny Alcavigi
Yeah, thanks, Keith. Yeah, the Mint continues to operate quite nicely. Q1 was another record for us. You know, it is very, very retail driven. So obviously when we see the metal prices are running up, the orders are coming in nicely. So we had a nice uptick throughout the quarter which was great to see. The operationally is going quite well, we're staffed quite nicely and we do have plans for further expansion. We'll be pulling the trigger on this in due course. But all in all it's going quite nicely and building on the momentum that we had from last year.
Darryl Ray
Okay. And the last one we have from the queue is just picking up on Keith, your comments and elaborating on the strategy about the lower cutoff grade and that seemingly increasing mine life.
Keith Neumeyer (Chief Executive Officer)
Just a little clarification question. Yeah, I would maybe use 20%. I should talk to our QP before I throw that number out. But that's kind of my guess is yeah, my life does increase as a result of lower cutoff grade. You know we're mine, we, we, you know, historically well, previously I should say, you know, you, you're in a underground and you're mining, you know, three, four meters of rock and you know you're leaving behind, you know, the low grade material on the walls of that tunnel because it's deemed uneconomic. So you just leave it behind. And that's just common mining practice today we can widen those mining stopes by a couple of meters and still pull all this rock out and still make money even though the grade is lower. So yes it does. So you're mining slower or you're advancing slower and you're mining wider. So that has an impact on your life of mine and it's obviously a positive impact.
Darryl Ray
And that's it from the webcast.
OPERATOR
This concludes the question and answer session. I would like to turn the conference back over to Keith for any closing remarks. Please go ahead.
Keith Neumeyer (Chief Executive Officer)
Yeah, I think I covered everything. Obviously impressive. Quarter Q2 is looking pretty darn good as well. So we hope to have another great quarter back to back. But we'll have much more things to talk about as we advance through this year. It's an exciting year with a large capital expenditure going into exploration development and mill and mine expansion. So we're pretty excited about what we're seeing in the company. And also with metal prices the way they are today, assuming they stay in these levels, you know, it's just going to be a bang-up record year again and I just wanted. Manny Alcavigi, is there anything that you would like to add before we go?
Manny Alcavigi
Nope, just be on the lookout for more updates throughout the year, but a lot of exciting stuff.
Keith Neumeyer (Chief Executive Officer)
Okay, well, very good. Well thanks everyone for joining us.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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