Mani Alkhafaji (First Majestic silver) – Q2 2026: Jerritt Canyon Restart & $1.25B Treasury | ML Börspodd

First Majestic Silver Corp. (NYSE: AG | TSX: AG | FSE: FMV) just reported its Q2 2026 results. In this episode, we sit down with Mani Alkhafaji, President & Chief Corporate Development Officer at First Majestic (and former GM of Jerritt Canyon), to break the quarter down in detail. Recorded July 30, 2026.

We go through the numbers, the restart plan for the Jerritt Canyon Gold Mine, why La Encantada just had its strongest quarter in years, the new construction permits at Santa Elena's Santo Niño and Navidad zones, the company's approach to M&A and capital allocation, and why we think the market still hasn't fully priced in the upside.

What we talked about:

• Q2 2026 results: $415.5M revenue (+57% YoY), $252.3M EBITDA (+110% YoY), $194.6M free cash flow (+150% YoY)
• Record treasury position of $1.25 billion
• AISC of $25.68/oz — below guidance, despite a rockfall at Los Gatos and labour disruptions at San Dimas
• Average realized silver price of $63.98/oz for the quarter
• The Jerritt Canyon Gold Mine restart — targeting production in H2 2027
• La Encantada's turnaround: silver ounces sold up 57% YoY on the newly completed haulage fleet upgrade
• New construction permits secured for the Santo Niño and Navidad portals at Santa Elena
• Portfolio optimization: the Los Gatos acquisition, and the San Martin and Del Toro divestments
• Capital allocation: a 217% YoY dividend increase and $22.7M in share buybacks

Timestamps:
00:00 Introduction
02:47 Presentation and Q2 highlights
09:45 Mexico operations update
11:57 Jerritt Canyon Gold Mine update
13:14 Future catalysts
14:20 Jerritt Canyon, further discussion
17:00 What's driving the operational growth?
18:30 What's the plan for the coming 12-18 months
20:00 Mexico taxes update
21:15 Outro

About First Majestic Silver
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States, operating four underground mines — Los Gatos, Santa Elena, San Dimas, and La Encantada — plus the Jerritt Canyon Gold Mine, currently being restarted in Nevada.
https://www.firstmajestic.com
https://x.com/FMSilverCorp

About ML Center
ML Center is an independent Swedish investment platform built by investors, active since 2022. We cover gold, silver, uranium, oil, and copper through daily content, a paid community, and this podcast — ML Börspodd, our free weekly show.
https://mlcenter.se
https://instagram.com/mlcenter.se

This content is for informational and educational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.