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AG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is First Majestic Silver Corp. (AG) stock moving?
The main story is the Q3 2026 report on Nov 5: revenue of $394.1M rose 38% year over year but missed the $423.0M estimate, adjusted EPS of $0.19 was in line, EBITDA rose 78%, and annual guidance was withdrawn because the San Dimas labor stoppage is still ongoing. The stock traded down that day on 18.1M shares, about 1.6x the 30-day average, and its 30-day intraday range runs from $13.93 to $16.10. Since then the picture has been mixed. HC Wainwright kept its Buy rating and trimmed its target to $25.00, a dividend of 0.01998 CAD is payable Nov 30, and Metso won an order for the Jerritt Canyon restart. On Nov 9 the stock closed at $15.87, but on Nov 10 it fell about 5.9% to $14.94 on 11.1M shares, close to the 30-day average. The news flow contains no fresh explanation for that drop. Until the San Dimas strike is resolved and new guidance is issued, near-term direction is uncertain, while the longer-term view leans constructive on the restart projects, growth and the analyst Buy rating.
News behind the analysis
- First Majestic Silver Commissions Metso for Jerritt Canyon Mine RestartFirst Majestic awarded Metso an order for dry grinding technology and auxiliary equipment for the restart of the Jerritt Canyon Gold Mine.
- HC Wainwright & Co. Maintains Buy Rating on First Majestic SilverHC Wainwright reaffirmed its Buy rating and cut its price target to $25.00 from $25.50.
- First Majestic Silver Corp. Announces Dividend PaymentA dividend of 0.01998 CAD per share is scheduled for payment on November 30, 2026.
- HC Wainwright & Co. Maintains Buy on First Majestic Silver, Lowers Price Target to $25HC Wainwright kept its Buy rating on First Majestic Silver and lowered its price target to $25.
- First Majestic Silver's San Dimas Mine Remains Disrupted As Labor Standoff Drags OnThe stock dipped on the Q3 revenue miss and the San Dimas labor strike, despite a 78% jump in EBITDA.
- First Majestic Silver Corp. Reports Q3 2026 Financial Results and Withdraws Annual GuidanceQ3 revenue rose 38% year over year to $394.1 million, but the company withdrew annual guidance because of the labor stoppage at the San Dimas mine.
- First Majestic Silver Q3 Adj. EPS $0.19, Inline, Sales $394.100M Miss $423.000M EstimateAdjusted EPS of $0.19 met expectations, while sales of $394.1M missed the $423.0M estimate.
About FIRST MAJESTIC SILVER CORP
First Majestic Silver is a Vancouver-based miner that runs four underground silver and gold mines in Mexico: Santa Elena, San Dimas, La Encantada and a 70% share of Los Gatos. It is one of the more silver-focused large miners. It also runs its own bullion mint, First Mint, and is working toward restarting the Jerritt Canyon gold mine in Nevada, which it has said could happen in the second half of 2027.
How it makes money
Most of its revenue comes from selling the silver and gold it mines. Roughly half or more of sales, by value, has typically come from silver, with gold making up most of the rest. Smaller amounts come from zinc, lead and copper by-products produced at Los Gatos, plus bullion sold directly to buyers through First Mint. Quarterly revenue in 2026 has run around $400–480 million (approximate). It pays a small quarterly dividend and has an active share buyback programme.
What usually moves AG
- Silver and gold prices
- Production volumes and ore grades at its Mexican mines
- Mining costs and royalties
- Mexican labour, tax and regulatory developments (e.g. the San Dimas labour dispute)
- Progress on the Jerritt Canyon restart and sales of mines it no longer wants