Business
First Majestic Announces Financial Results for Q4 2022, FY2022 & Quarterly Dividend Payment
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - FIRST MAJESTIC SILVER CORP. ...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Announces Financial Results for Q4 2022, FY2022 & Quarterly Dividend PaymentVancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the \"Company\" or \"First Majestic\") is pleased to announce the consolidated financial results for the Company's fourth quarter and year ended December 31, 2022. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.2022 HIGHLIGHTS Record production of 31.3 million silver equivalent (\"AgEq\") ounces, consisting of 10.5 million silver ounces and 248,394 gold ounces, or a 16% increase compared to 2021. Record annual revenues of $624.2 million, representing a 7% increase compared to 2021.Operating cash flows before working capital and taxes of $109.4 million, a decrease of 38% compared to 2021 due to inflation and elevated costs at Jerritt Canyon. Consolidated cash costs were $14.39 per AgEq ounce and All-In Sustaining Costs (\"AISC\") (see \"Non-GAAP Financial Measures\", below) were $19.74 per AgEq ounce. Excluding Jerritt Canyon, cash costs and AISC for the three Mexican operations were $11.13 and $14.42 per AgEq ounce, respectively.Adjusted net earnings of ($55.4) million, or ($0.21) per share, after excluding non-cash or unusual items.Realized an average silver price of $22.49 per payable AgEq ounce, representing an 11% decrease compared to 2021. The Company paid $6.9 million in dividends to shareholders in 2022. Ended the year with cash and cash equivalents of $151.4 million, excluding $125.2 million held in restricted cash. The Company also ended the year with strong working capital of $202.9 million.Q4 2022 HIGHLIGHTSTotal production of 7.6 million AgEq ounces, a decrease of 14% compared to an all-time record Q3 2022, consisting of 2.4 million ounces of silver and 63,039 ounces of gold. Quarterly revenues totalled $148.2 million, a decrease of 7% compared to Q3 2022.Operating cash flows before working capital and taxes of $13.4 million, a decrease of 52% compared to Q3 2022.Consolidated cash costs were $15.36 per AgEq ounce and AISC were $20.69 per AgEq ounce. Excluding Jerritt Canyon, cash costs and AISC for the...