What is the latest news on AG?

The most recent updates on First Majestic Silver, as of October 23, 2026: First Majestic reaches settlement framework with Mexico over long-standing tax dispute; H.C. Wainwright lowered its price target to $25.50; Third quarter production results and share buyback renewal announced. ClearThesis tracks every filing, earnings report, analyst move and major news story on First Majestic Silver, and explains what each one means for someone who owns the stock.

When does First Majestic Silver report earnings?

First Majestic Silver's next earnings report is expected on November 5, 2026. Analysts expect earnings of $0.20 per share on revenue of $390.0 million. Whether the amount of ore processed reaches 1.1 million tonnes, which is the level needed to keep production high as silver grades naturally decline.

Did First Majestic Silver beat expectations last quarter?

In Q2 2026, reported on July 30, 2026, First Majestic Silver posted earnings of $0.21 per share against the $0.25 analysts expected, and revenue of $415.5 million against $496.0 million expected.

Clearthesis

First Majestic SilverAG

$14.85

Updated Oct 23, 2026

Quality Score

2.7

Latest First Majestic Silver updates

Follow First Majestic Silver to never miss an important update.

$14.85

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LegalPositive

Oct 13

First Majestic reaches settlement framework with Mexico over long-standing tax dispute

First Majestic has agreed to suspend its international arbitration proceedings against Mexico. This legal battle, which falls under the North American Free Trade Agreement rules, centered on a tax dispute involving its Primero subsidiary. By moving toward a settlement framework, the company is working to remove a major legal cloud that has hung over its Mexican operations for years.

This is a step forward for the company because these disputes can be expensive and make it harder to plan for the future. While the final details are not yet public, resolving this friction with the government is necessary for the company to focus on its mining operations without the threat of a massive surprise tax bill.

Source: Newsfile Corp

Analyst price updateFor the record

Oct 9

H.C. Wainwright lowered its price target to $25.50

H.C. Wainwright lowered its price target for First Majestic to $25.50, down from $27. Even with the lower target, the firm kept its buy rating on the stock. The average analyst target across all firms now sits at $24, which is still well above where the stock currently trades.

Source: H.C. Wainwright

Company newsFor the record

Oct 8

Third quarter production results and share buyback renewal announced

First Majestic reported its production numbers for the third quarter from its four underground mines in Mexico. These sites include Santa Elena, San Dimas, and the recently acquired Los Gatos mine. Tracking these numbers is vital because the company relies on these mines to generate the cash needed to fund its growth projects in the United States.

Alongside the results, the company renewed its plan to buy back its own shares. A buyback is when a company uses its cash to purchase its own stock from the market, which can help support the share price by reducing the total number of shares available.

Source: Newsfile Corp

First Majestic Silver analyst price targets

Average target$24+62%vs $14.85 today

TodayAvg price

Low $22.50High $25.50

Hold11 analysts

1Bearish

6Neutral

4Bullish

FirmRatingPrice TargetDate

H.C. Wainwright

Buy

$27→$25.50

10/9/2026

H.C. Wainwright

Buy

$27

7/31/2026

Scotiabank

Sector Perform

$23→$22.50

7/14/2026

H.C. Wainwright

Buy

$30.75→$26

7/10/2026

H.C. Wainwright

Buy

$30→$30.75

5/12/2026

H.C. Wainwright

Buy

$24.50→$30

2/20/2026

Scotiabank

Sector Perform

$12.50→$23

1/26/2026

H.C. Wainwright

Buy

$17.50→$24.50

1/16/2026

Scotiabank

Sector Perform

$9→$12.50

10/23/2025

First Majestic Silver earnings

Management has missed analyst profit targets in seven of the last eight quarters. This suggests a pattern of overpromising on what these mines can produce or how much it will cost to run them.

Earnings history

EstimateBeatMiss

First Majestic Silver past earnings results

	Expected	Actual	Surprise
EPS	$0.25	$0.21	-16.0%
Revenue	$496M	$416M	-16.2%

Key highlights

One-time tax charge hit profit: A $10.1 million one-time tax charge from a historic settlement in Mexico reduced reported earnings, though the company still earned $0.22 per share. On an adjusted basis that excludes this and other non-recurring items, the company earned $0.21 per share compared to just $0.04 a year ago.
Metals production climbing: Silver production rose 3% to 3.8 million ounces and gold production grew 2% to 34,660 ounces compared to the same time last year. These increases were led by strong performance at the La Encantada and Santa Elena mines despite minor labor and operational disruptions elsewhere.
Mining costs rising: The all-in sustaining cost, which is the total cost to produce an ounce of silver, rose 22% to $25.68. This increase was driven by a stronger Mexican peso, higher royalty payments, and more money spent on underground mine development.
Cash reserves reaching records: The company ended the quarter with $1,252.7 million in its treasury, a 34% increase from the start of the year. This growth was fueled by $194.6 million in free cash flow, which is the cash left over after paying for all operations and equipment.
Inventory build-up: The company held back 1,007,450 silver ounces and 4,730 gold ounces in its inventory rather than selling them during the quarter. This metal is worth $78.0 million at current prices and will be recorded as revenue only when it is eventually sold.
Dividend payout raised: The company declared a quarterly dividend of $0.0152 per share, which is more than three times the $0.0048 paid a year ago. Under a new policy, the company now aims to pay out 2% of its quarterly revenue to shareholders.

Our take: A strong quarter that is better than the headline revenue miss suggests. Profits jumped because the company sold silver for 90% more than it did last year, and its massive cash pile provides a deep safety net. This performance reinforces the case for the business as it successfully manages rising costs while expanding its production.

First Majestic Silver’s next earnings date

Q3 2026

NOV

Expectation
EPS	$0.20
Revenue	$390M

Metrics we are tracking

Metric

Expectations

Status

Silver Production

Maintaining production above 3.5 million ounces per quarter

3.4M silver ounces in Q3 2026

Gold Production

Staying above 30,000 ounces per quarter

29,552 ounces in Q3 2026

Ore Processed

Reaching 1.1 million tonnes per quarter

1,088,708 tonnes in Q3 2026

Share Count Growth

Keeping annual dilution below 3% of total shares

2% repurchase program in Q4 2026

Stay on top of First Majestic Silver

Follow First Majestic Silver to get the latest and most important updates.

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First Majestic SilverAG

$14.85

Updated Oct 23, 2026

Quality Score

2.7

Latest First Majestic Silver updates

Follow First Majestic Silver to never miss an important update.

$14.85

Loading…

LegalPositive

Oct 13

First Majestic reaches settlement framework with Mexico over long-standing tax dispute

Source: Newsfile Corp

Analyst price updateFor the record

Oct 9

H.C. Wainwright lowered its price target to $25.50

Source: H.C. Wainwright

Company newsFor the record

Oct 8

Third quarter production results and share buyback renewal announced

Source: Newsfile Corp

First Majestic Silver analyst price targets

Average target$24+62%vs $14.85 today

TodayAvg price

Low $22.50High $25.50

Hold11 analysts

1Bearish

6Neutral

4Bullish

FirmRatingPrice TargetDate

H.C. Wainwright

Buy

$27→$25.50

10/9/2026

H.C. Wainwright

Buy

$27

7/31/2026

Scotiabank

Sector Perform

$23→$22.50

7/14/2026

H.C. Wainwright

Buy

$30.75→$26

7/10/2026

H.C. Wainwright

Buy

$30→$30.75

5/12/2026

H.C. Wainwright

Buy

$24.50→$30

2/20/2026

Scotiabank

Sector Perform

$12.50→$23

1/26/2026

H.C. Wainwright

Buy

$17.50→$24.50

1/16/2026

Scotiabank

Sector Perform

$9→$12.50

10/23/2025

First Majestic Silver earnings

Management has missed analyst profit targets in seven of the last eight quarters. This suggests a pattern of overpromising on what these mines can produce or how much it will cost to run them.

Earnings history

EstimateBeatMiss

First Majestic Silver past earnings results

	Expected	Actual	Surprise
EPS	$0.25	$0.21	-16.0%
Revenue	$496M	$416M	-16.2%

Key highlights

One-time tax charge hit profit: A $10.1 million one-time tax charge from a historic settlement in Mexico reduced reported earnings, though the company still earned $0.22 per share. On an adjusted basis that excludes this and other non-recurring items, the company earned $0.21 per share compared to just $0.04 a year ago.
Metals production climbing: Silver production rose 3% to 3.8 million ounces and gold production grew 2% to 34,660 ounces compared to the same time last year. These increases were led by strong performance at the La Encantada and Santa Elena mines despite minor labor and operational disruptions elsewhere.
Mining costs rising: The all-in sustaining cost, which is the total cost to produce an ounce of silver, rose 22% to $25.68. This increase was driven by a stronger Mexican peso, higher royalty payments, and more money spent on underground mine development.
Cash reserves reaching records: The company ended the quarter with $1,252.7 million in its treasury, a 34% increase from the start of the year. This growth was fueled by $194.6 million in free cash flow, which is the cash left over after paying for all operations and equipment.
Inventory build-up: The company held back 1,007,450 silver ounces and 4,730 gold ounces in its inventory rather than selling them during the quarter. This metal is worth $78.0 million at current prices and will be recorded as revenue only when it is eventually sold.
Dividend payout raised: The company declared a quarterly dividend of $0.0152 per share, which is more than three times the $0.0048 paid a year ago. Under a new policy, the company now aims to pay out 2% of its quarterly revenue to shareholders.

First Majestic Silver’s next earnings date

Q3 2026

NOV

Expectation
EPS	$0.20
Revenue	$390M

Metrics we are tracking

Metric

Expectations

Status

Silver Production

Maintaining production above 3.5 million ounces per quarter

3.4M silver ounces in Q3 2026

Gold Production

Staying above 30,000 ounces per quarter

29,552 ounces in Q3 2026

Ore Processed

Reaching 1.1 million tonnes per quarter

1,088,708 tonnes in Q3 2026

Share Count Growth

Keeping annual dilution below 3% of total shares

2% repurchase program in Q4 2026

Stay on top of First Majestic Silver

Follow First Majestic Silver to get the latest and most important updates.

Follow AG