Fortuna Silver Mines vs First Majestic Silver: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Fortuna Silver Mines Inc (FSM)

First Majestic Silver Corp (AG)

Q3 202622 Jun – 31 Jul 2026

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Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.

July 202622 Jun – 31 Jul 2026

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.

Latest22 Jun – 31 Jul 2026

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.