--- title: "First Majestic Cashes In Big On Soaring Gold And Silver Prices" type: "News" locale: "en" url: "https://longbridge.com/en/news/286140546.md" description: "First Majestic Silver Corp. (NYSE:AG) reported a 95% revenue surge to $476.7 million in Q1 2026, driven by soaring silver and gold prices. Adjusted earnings rose to $0.31/share. Silver production was 3.5 million ounces, while gold production fell to 34,341 ounces. Cash costs per silver-equivalent ounce increased to $20.28. Mine operating earnings improved to $266.6 million, and free cash flow reached $223.5 million. The company raised its quarterly dividend to $0.0171 per share. AG shares were down 1.40% at $23.25 at publication." datetime: "2026-05-12T17:57:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286140546.md) - [en](https://longbridge.com/en/news/286140546.md) - [zh-HK](https://longbridge.com/zh-HK/news/286140546.md) --- # First Majestic Cashes In Big On Soaring Gold And Silver Prices **First Majestic Silver Corp. ( AG )** shares traded lower Tuesday after the company reported first-quarter 2026 results, with silver and gold production tracking toward full-year guidance. Revenue surged 95% year over year to $476.7 million, driven by higher realized silver and gold prices, while holding back $63.6 million in bullion inventory. The company said revenue growth was supported by a 161% increase in realized silver prices and an 81% rise in realized gold prices, along with stronger sales volumes from key mines including La Encantada, Santa Elena and Los Gatos. The quarter also included $63.6 million in silver and gold held in inventory. ## Production And Costs Silver production totaled 3.5 million ounces, down slightly from 3.7 million ounces a year earlier and representing 26% of the midpoint of the company's 2026 guidance. Gold production fell to 34,341 ounces from 36,469 ounces in the prior-year quarter, accounting for 28% of the midpoint of full-year guidance. Cash costs per attributable silver-equivalent ounce increased to $20.28 from $13.68 a year earlier, primarily due to lower reported silver-equivalent production. The company said the decline in silver-equivalent ounces reflected stronger silver prices relative to other metals, reducing the silver-equivalent conversion ratio to 75:1 from 90:1 in the first quarter of 2025. All-in sustaining costs per silver-equivalent ounce rose to $29.76 from $19.24 a year earlier, mainly due to higher cash costs, worker participation payments and sustaining development expenses tied to elevated mine development activity. ## Profitability And Cash Flow Improve Mine operating earnings climbed to $266.6 million from $63.8 million a year earlier, supported by higher metal prices and improved operating leverage, particularly at La Encantada. Adjusted EBITDA increased 192% year over year to $320.8 million, while adjusted earnings rose to 31 cents per share from 5 cents per share in the prior-year quarter. Free cash flow totaled $223.5 million, despite $95.5 million in tax payments, while operating cash flow before working capital and taxes rose 182% year over year to $310.6 million. Treasury holdings increased 20% quarter over quarter to a record $1.13 billion, up from $937.7 million at the end of 2025, including $143.8 million in restricted cash. The company also raised its quarterly dividend nearly four times to $0.0171 per share. **AG Price Action:** First Majestic Silver ( AG ) shares were down 1.40% at $23.25 at the time of publication on Tuesday, according to Benzinga Pro data. _Photo via Shutterstock_ ### Related Stocks - [SIL.US](https://longbridge.com/en/quote/SIL.US.md) - [SIVR.US](https://longbridge.com/en/quote/SIVR.US.md) - [PSLV.US](https://longbridge.com/en/quote/PSLV.US.md) - [AGQ.US](https://longbridge.com/en/quote/AGQ.US.md) - [SLVP.US](https://longbridge.com/en/quote/SLVP.US.md) - [SLVR.US](https://longbridge.com/en/quote/SLVR.US.md) - [AG.US](https://longbridge.com/en/quote/AG.US.md) ## Related News & Research - [Silver prices slide: can the metal recover from rising rate fears?](https://longbridge.com/en/news/286857225.md) - [Here's How Much $1000 Invested In iShares Silver Trust 5 Years Ago Would Be Worth Today](https://longbridge.com/en/news/286824667.md) - [Americas Gold and Silver Q1 revenue rises on higher silver production](https://longbridge.com/en/news/286471695.md) - [Avino's Q1 revenue doubles to record on surge in realized silver prices](https://longbridge.com/en/news/286320151.md) - [Silver Holds Decline on Inflation Worries](https://longbridge.com/en/news/286689337.md)