Equity Profile

AG

First Majestic Silver Corp.

MaterialsSilver$8.4B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, operating primarily in Mexico....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational efficiency and ability to generate revenue from its mining activities.

N/A

Silver Prices

Fluctuations in silver prices directly impact revenue and profitability, making it crucial to monitor.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AG Q2-2026 Earnings Preview

Context

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, operating primarily in Mexico. As a player in the materials sector, its performance is closely tied to silver prices and demand, making it a key player in the precious metals market.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-92.25%

Avg Stock Reaction

-1.42%

Last Quarter Recap

In Q1 2026, First Majestic reported an EPS of $0.31, slightly missing the estimate of $0.33. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic as the company has shown some resilience despite recent earnings misses. The focus will be on production levels and cost management.

Bull Case

If silver prices rise significantly and production exceeds expectations, the company could see strong revenue growth and improved margins.

Bear Case

Conversely, if silver prices decline or production costs increase unexpectedly, the company may struggle to maintain profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported silver production for Q2-2026?

Production levels are critical for revenue generation, and any significant changes could impact market sentiment.

How have silver prices affected the company's cost structure?

Understanding the relationship between silver prices and operational costs will help investors assess profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the impact of rising silver prices on First Majestic's profitability this quarter.

Supporting Evidence

Options are pricing a 3.17% move, suggesting limited expectations for volatility.

The company's recent production increases may not be fully reflected in current market sentiment.

Key Risk

If silver prices rise significantly above $25 per ounce, it could dramatically alter profitability expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around production efficiency and cost management in relation to silver price fluctuations.

Bull Confirmed If

A silver production increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If production costs rise above $15 per ounce, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.17%

Historical Avg

±7.1%

Pricing cheap

The options market is pricing in a modest move, suggesting that traders expect limited volatility around the earnings report.

Options are pricing ±3.2% while AG has averaged ±7.1% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

71.2%

Calls (1.9M)P/C Ratio: 0.55Puts (843K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If the company beats expectations, history suggests a potential stock increase of around 9.65%, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors await further guidance.

Miss

A miss could lead to a decline in stock value, with historical data suggesting an average drop of around 3%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the upcoming quarters.
2Management's commentary on cost management strategies.
3Insights into how current silver prices are affecting margins.
4Details on any operational challenges faced during the quarter.
5Future guidance on expected silver prices and production levels.

See the full picture

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Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, operating primarily in Mexico....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational efficiency and ability to generate revenue from its mining activities.

N/A

Silver Prices

Fluctuations in silver prices directly impact revenue and profitability, making it crucial to monitor.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AG Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-92.25%

Avg Stock Reaction

-1.42%

Last Quarter Recap

In Q1 2026, First Majestic reported an EPS of $0.31, slightly missing the estimate of $0.33. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic as the company has shown some resilience despite recent earnings misses. The focus will be on production levels and cost management.

Bull Case

If silver prices rise significantly and production exceeds expectations, the company could see strong revenue growth and improved margins.

Bear Case

Conversely, if silver prices decline or production costs increase unexpectedly, the company may struggle to maintain profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported silver production for Q2-2026?

Production levels are critical for revenue generation, and any significant changes could impact market sentiment.

How have silver prices affected the company's cost structure?

Understanding the relationship between silver prices and operational costs will help investors assess profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the impact of rising silver prices on First Majestic's profitability this quarter.

Supporting Evidence

Options are pricing a 3.17% move, suggesting limited expectations for volatility.

The company's recent production increases may not be fully reflected in current market sentiment.

Key Risk

If silver prices rise significantly above $25 per ounce, it could dramatically alter profitability expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around production efficiency and cost management in relation to silver price fluctuations.

Bull Confirmed If

A silver production increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If production costs rise above $15 per ounce, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.17%

Historical Avg

±7.1%

Pricing cheap

The options market is pricing in a modest move, suggesting that traders expect limited volatility around the earnings report.

Options are pricing ±3.2% while AG has averaged ±7.1% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

71.2%

Calls (1.9M)P/C Ratio: 0.55Puts (843K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If the company beats expectations, history suggests a potential stock increase of around 9.65%, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors await further guidance.

Miss

A miss could lead to a decline in stock value, with historical data suggesting an average drop of around 3%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the upcoming quarters.
2Management's commentary on cost management strategies.
3Insights into how current silver prices are affecting margins.
4Details on any operational challenges faced during the quarter.
5Future guidance on expected silver prices and production levels.