Key Highlights

● First Majestic Silver (AG) closed at $17.95 on Monday, down 5.58% from $19.01, as silver dropped and yields climbed.

● No company-specific announcement dated Monday was found; the stock moved with silver and the wider precious metals group.

● Second-quarter production was 3.8 million ounces of silver and 34,660 ounces of gold, or 7.9 million silver equivalent ounces.

● Updated 2026 guidance is 14.6 million to 15.5 million ounces of silver, with spending raised about 47% from the plan.

First Majestic Silver (NYSE:AG) closed at $17.95 on Monday, September 28, down 5.58% from $19.01 on Friday, as silver sank across the market. The Vancouver-based company operates silver and gold mines in Mexico, which makes it one of the more direct stock-market ways to own exposure to the metal.

Why Silver Sank

Spot silver fell about 4.3% to near $61.53 an ounce, according to market data, and December gold futures dropped $152.80 to $4,168.40. Long-dated bond yields kept climbing, with the 10-year at its highest since 2007 and the 30-year at its highest since 2004. Crude prices edged higher after President Trump turned down Iran's plan to reopen the Strait of Hormuz, with Brent near $105.28 a barrel and West Texas Intermediate near $92.60.

Silver has an industrial side as well as an Investment side, so investors can grow cautious about factory Demand when borrowing costs rise.

No Company News, Clear Sector Link

There was no company release, Earnings report or regulatory filing dated Monday to point to, so the cause of the move is not publicly known. Silver miners usually move by more than the metal itself because their costs are fixed in the short run, so a lower price reaches profit margins quickly.

Where the Production Comes from

In the second quarter First Majestic produced 3.8 million ounces of silver and 34,660 ounces of gold, or 7.9 million silver equivalent ounces, a measure that converts gold output into silver terms so one figure covers both metals. Los Gatos, of which it owns 70%, made about 1.28 million ounces of silver, San Dimas about 1.06 million, La Encantada about 1.04 million and Santa Elena about 423,000, along with most of the gold.

Updated 2026 guidance calls for 14.6 million to 15.5 million ounces of silver and 128,000 to 135,000 ounces of gold, with all-in sustaining costs of $27.69 to $28.77 per silver equivalent ounce. Capital spending was raised by about 47% from the original plan to $318 million to $344 million.

Market Snapshot

Monday's closing levels told the story: 7,683.69 for the S&P 500 after a 59.72-point drop, 51,481.51 for the Dow after a 347.11-point loss, and 26,820.38 for the Nasdaq Composite after a 248.34-point decline. Among silver peers, Coeur Mining (NYSE:CDE) fell 7.02% and Hecla Mining (NYSE:HL) 6.49%. Traders are still adjusting to the Federal Reserve's September 16 increase, which brought rates to 3.75% to 4.00%, and futures give a majority chance of another hike in October.

What to Watch for First Majestic

Silver's path will follow yields and the dollar. Looking ahead, traders will watch JOLTS and consumer confidence on Tuesday, PCE on Wednesday, ISM Manufacturing on Thursday and the September payrolls report on Friday. The Federal Reserve meets again on October 28.

For the company, the next catalyst is its third-quarter production report, which will show how output is tracking against the raised guidance, and how much the higher spending plan is affecting costs.