$First Majestic Silver(AG.US)

AG pre-earnings watch 👀

First Majestic Silver has been moving with the silver rally, and with Q1 earnings coming up, this is one stock I’m watching closely.

The bull case is pretty clear: silver prices have been strong, earnings expectations have moved higher, and AG’s Q1 production update already showed it delivered 3.5M silver ounces — around 26% of its 2026 guidance midpoint.

But I’m not treating this as a guaranteed moonshot. Production was slightly lower year-on-year, so the real test is whether higher silver prices can offset any pressure from grades, costs, or margins.

For me, this is a pre-earnings trade with a catalyst — not a blind hold. If the numbers confirm the silver story, AG could still have room. If not, miners can be very dramatic very quickly.

Silver may shine, but earnings still have to do their job. ✨