Equity Profile

AG

First Majestic Silver Corp.

MaterialsSilver$8.1B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

First Majestic Silver Corp. is a leading silver mining company focused on the acquisition, exploration, and development of silver mines in North America....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational efficiency and ability to meet market demand.

N/A

Cost per Ounce

Understanding production costs is crucial for assessing profitability, especially in a volatile silver market.

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 leading silver mining company focused on the acquisition, exploration, and development of silver mines in North America. With a market cap of $8 billion, it plays a significant role in the materials sector, particularly as silver demand fluctuates with industrial use and investment trends.

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 earnings per share (EPS) of $0.31, slightly below the expected $0.33. The stock reacted positively, increasing by 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, given the company's recent performance and the current silver market dynamics. However, the lack of analyst estimates adds uncertainty.

Bull Case

If First Majestic can demonstrate improved silver production and lower costs, it could significantly boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if production costs rise or silver prices decline, the company may struggle to maintain profitability, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the silver production figure for Q2-2026?

This number will be crucial in determining the company's operational success and its ability to meet market demand.

What are the production costs per ounce for this quarter?

Understanding production costs will help assess the company's profitability and efficiency in a fluctuating silver market.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for improved production efficiency and cost management, which could lead to better-than-expected results this quarter.

Supporting Evidence

The recent positive stock reaction to slightly lower-than-expected EPS suggests resilience.

Options pricing indicates a limited expected move, which may not reflect the company's potential upside.

Historical performance shows that even minor beats have led to significant stock increases.

Key Risk

If production costs come in lower than expected, it could challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around production efficiency and cost management in a volatile silver market.

Bull Confirmed If

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

Bear Confirmed If

If production costs exceed $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 announcement.

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 First Majestic beats expectations, history suggests the stock could rise by an average of 9.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted response, reflecting cautious investor sentiment.

Miss

Should the company miss expectations, history indicates a potential decline of about 3.00%, which would likely raise concerns about operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the quarter.
2Details on cost management strategies and their effectiveness.
3Insights into market demand for silver and pricing trends.
4Management's outlook on future production and operational challenges.
5Any commentary on geopolitical factors affecting silver prices.

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Company Snapshot

First Majestic Silver Corp. is a leading silver mining company focused on the acquisition, exploration, and development of silver mines in North America....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational efficiency and ability to meet market demand.

N/A

Cost per Ounce

Understanding production costs is crucial for assessing profitability, especially in a volatile silver market.

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 earnings per share (EPS) of $0.31, slightly below the expected $0.33. The stock reacted positively, increasing by 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If First Majestic can demonstrate improved silver production and lower costs, it could significantly boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if production costs rise or silver prices decline, the company may struggle to maintain profitability, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the silver production figure for Q2-2026?

This number will be crucial in determining the company's operational success and its ability to meet market demand.

What are the production costs per ounce for this quarter?

Understanding production costs will help assess the company's profitability and efficiency in a fluctuating silver market.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for improved production efficiency and cost management, which could lead to better-than-expected results this quarter.

Supporting Evidence

The recent positive stock reaction to slightly lower-than-expected EPS suggests resilience.

Options pricing indicates a limited expected move, which may not reflect the company's potential upside.

Historical performance shows that even minor beats have led to significant stock increases.

Key Risk

If production costs come in lower than expected, it could challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around production efficiency and cost management in a volatile silver market.

Bull Confirmed If

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

Bear Confirmed If

If production costs exceed $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 announcement.

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 First Majestic beats expectations, history suggests the stock could rise by an average of 9.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted response, reflecting cautious investor sentiment.

Miss

Should the company miss expectations, history indicates a potential decline of about 3.00%, which would likely raise concerns about operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the quarter.
2Details on cost management strategies and their effectiveness.
3Insights into market demand for silver and pricing trends.
4Management's outlook on future production and operational challenges.
5Any commentary on geopolitical factors affecting silver prices.