First Majestic Q3 Silver Output Falls 41% on San Dimas Strike

First Majestic Silver Corp. reported third-quarter 2026 production of 3.4 million silver ounces and 29,552 gold ounces, weighed down by a 12-day labor dispute at its San Dimas mine in Mexico, according to an Investing.com report. Although the operational disruption occurred, the mining company secured regulatory approval to renew its share repurchase program.

"At Santa Elena and Los Gatos, our mill and mine expansion projects continue to advance on schedule, with both expected to be completed in the near term," said Keith Neumeyer, Chief Executive, First Majestic, in a Mugglehead release.

San Dimas Labor Dispute Impacts Output

The 12-day work stoppage at the San Dimas underground mine impacted quarterly figures, causing production at the asset to decline 41% year-over-year to 859,869 silver ounces. San Dimas has historically been one of First Majestic's flagship operations in Mexico, making the strike a primary driver behind the tempered consolidated totals across its four operating underground mines.

Contrasting Performance at La Encantada

Offsetting the losses at San Dimas, the La Encantada mine delivered an operational rebound during the same three-month period. La Encantada recorded a 68% increase in silver production compared to the third quarter of 2025, yielding 967,067 ounces.

Development also continued across other core assets. Capital expenditures remain focused on advancing expansion work at the Santa Elena and Los Gatos operations to support future throughput.

Share Buyback Renewal and Prior Repurchases

Alongside the operational update, the Toronto Stock Exchange approved First Majestic's renewal of its normal course issuer bid. The authorization allows the company to purchase up to 10 million common shares, representing roughly 2% of its 493,080,912 outstanding shares, over a 12-month period beginning October 14, 2026.

Under its previous buyback program, which expired on October 13, 2026, the company repurchased 1.7 million shares at a volume-weighted average price of C$23.38.