First Majestic Silver Corp. AG announced that its silver production reached 3.8 million ounces in the second quarter of 2026, marking a year-over-year increase of 3%. The upside was driven by solid performances at the La Encantada and Santa Elena mines. The company’s gold production also increased 2% year over year to 34,660 ounces.
First Majestic also produced 16.5 million pounds of zinc, 9 million pounds of lead and 252,938 pounds of copper.
First Majestic’s Mine Performances in Q2
In the second quarter of 2026, the San Dimas mine produced 1.06 million ounces of silver, marking a 15% decrease from the second quarter of 2025. The mine’s gold production fell 1% year-over-year to 12,385 ounces. The downside was led by a delay in mine haulage.
The Santa Elena mine produced 422,571 ounces of silver (up 38% year over year) and 21,468 ounces of gold, which increased 4% year over year.
La Encantada produced 1.03 million ounces of silver, up 65% from the second quarter of 2025. The upside was driven by 14% growth in ore processed and a 27% increase in silver grades.
Los Gatos contributed 1.28 million ounces of silver and 772 ounces of gold. It also contributed 16.4 million pounds of zinc, 9 million pounds of lead and 235,886 pounds of copper to First Majestic’s total production number.
First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company completed 12,495 meters of surface drilling using two reverse circulation rigs, alongside about 320 meters of underground drilling with a single diamond rig during the second quarter.
AG’s Updates 2026 Guidance
First Majestic expects gold production of 72,000-76,000 at the Santa Elena mine, marking an increase of 10% at the mid-point from the previous guidance. The upside will be driven by higher gold grades and slightly increased gold recoveries. The mine’s silver output is projected between 1.4 million and 1.5 million ounces, revised to be near the upper limit of the company's initial forecast.
The company’s Los Gatos mine is expected to produce 5.1-5.5 million ounces of silver in 2026, marking a 5% increase at the mid-point from the previous guidance. In contrast, the La Encantada mine’s silver guidance is expected to increase 19% at the midpoint from the previous guidance to 3.4-3.6 million.
San Dimas’s production is expected to increase 13% at the mid-point from the prior guidance to 4.6-4.9 million ounces of silver for 2026. The upside will be driven by higher throughput rates.
Driven by the strong first-half performance, the company hiked its production outlook for 2026. It expects the total silver production to be 14.6-15.5 million ounces, marking a 10% increase from the previous guidance of 13-14.4 million ounces. Total gold production for 2026 is expected to be 128,000-135,000 ounces, up 7% at the mid-point from the previous forecast.
First Majestic’s Peer Performance in Q4
Endeavour Silver Corp. EXK produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year in the quarter.
AG Stock’s Price Performance
The company’s shares have skyrocketed 87.8% in the past year compared with the industry's 72.5% surge.
First Majestic’s Zacks Rank & Stocks to Consider
AG currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Albemarle Corporation ALB and Avino Silver & Gold Mines Ltd. ASM. ALB sports a Zacks Rank #1 (Strong Buy) at present, and ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 124% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 62.7% in a year.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
First Majestic Silver Corp. (AG): Free Stock Analysis Report
Albemarle Corporation (ALB): Free Stock Analysis Report
Endeavour Silver Corporation (EXK): Free Stock Analysis Report
Avino Silver (ASM): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).