Silver Prices Rally, Stocks Down 5%... $500 Million Market Cap Vanished in a Day for Silver Mining Stocks

First Majestic Silver Corp. (NYSE: AG) closed at $16.40 on the New York Stock Exchange, down 5.26% from the prior session, roughly ₩23,000. Trading volume was about 4.76 million shares, and market capitalization fell to approximately $8.098 billion (around ₩11 trillion), erasing about $400 million—or roughly ₩500 billion—in value in a single day.

In its Q1 2026 results, the company reported production of 3.5 million ounces of silver and 34,000 ounces of gold from its four Mexican mines, in line with annual guidance. A marked improvement in quarterly free cash flow enabled First Majestic to raise its quarterly dividend to nearly four times last year’s level. Alongside its 2025 full-year results and 2026 outlook, the company announced record annual silver production of 15.4 million ounces, provided 2026 production and cost guidance, and reaffirmed its dividend-growth strategy and updated management appointments. (Source: firstmajestic.com)

Headquartered in Canada, First Majestic Silver is a mid-tier silver mining company that produces silver, gold, zinc, lead and copper from four underground Mexican mines—Santa Elena, San Dimas, La Encantada and Los Gatos—as well as the Jerritt Canyon asset in Nevada, USA. A classic “silver theme” play, the company has expanded aggressively through Mexican silver acquisitions since the 2000s. It has recently resumed exploration at its Nevada holdings and continues to grow reserves and production capacity at its core Mexican operations. (Source: firstmajestic.com)