CORRECTED-Canada's First Majestic Silver Q1 revenue jumps 95% on higher metal prices

Overview

• Canada silver and gold miner's Q1 revenue rose 95% yr/yr

• Adjusted EPS for Q1 rose sharply yr/yr but missed analyst expectations

• Company declared Q1 dividend nearly four times higher than last year

Outlook

• Company expects cash costs and AISC per silver equivalent ounce to decrease in H2 2026

• First Majestic continues to focus on operational efficiency and cost management

• Company advancing restart of Jerritt Canyon Gold Mine in Nevada

Result Drivers

• HIGHER METAL PRICES - Revenue and mine operating earnings rose mainly due to higher realized silver and gold prices

• INCREASED SALES VOLUME - Higher silver ounces sold at La Encantada and increased base metal sales at Los Gatos contributed to revenue growth

• RISING VARIABLE COSTS - Higher metal prices led to increased royalties, labor production bonuses, and sustaining development costs, raising per-ounce costs

Company press release: ID:nNFC29Mqn

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy"

• Wall Street's median 12-month price target for First Majestic Silver Corp is C$36.00, about 11.5% above its May 11 closing price of C$32.29

• The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 30 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.