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 billionAISC of $25.68/oz — below guidance, despite a rockfall at Los Gatos and labour disruptions at San DimasAverage realized silver price of $63.98/oz for the quarterThe Jerritt Canyon Gold Mine restart — targeting production in H2 2027La Encantada's turnaround: silver ounces sold up 57% YoY on the newly completed haulage fleet upgradeNew construction permits secured for the Santo Niño and Navidad portals at Santa ElenaPortfolio optimization: the Los Gatos acquisition, and the San Martin and Del Toro divestmentsCapital allocation: a 217% YoY dividend increase and $22.7M in share buybacksTimestamps:00:00 Introduction02:47 Presentation and Q2 highlights09:45 Mexico operations update11:57 Jerritt Canyon Gold Mine update13:14 Future catalysts14:20 Jerritt Canyon, further discussion17:00 What's driving the operational growth?18:30 What's the plan for the coming 12-18 months20:00 Mexico taxes update21:15 OutroAbout First Majestic SilverFirst 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.comhttps://x.com/FMSilverCorpAbout ML CenterML 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.sehttps://instagram.com/mlcenter.seThis content is for informational and educational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.