Business
First Majestic Announces Financial Results for Q4 and Year End 2019
VANCOUVER, British Columbia, Feb. 19, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is pleased to
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 19, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or “First Majestic”) is pleased to announce the consolidated financial results for the Company’s fourth quarter and year ended December 31, 2019. 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. 2019 HIGHLIGHTS Total production reached 25.6 million silver equivalent ounces, a 15% increase over 2018, reaching the top end of the Company’s 2019 guidance range of 24.4 million to 26.0 million ounces. Silver production reached 13.2 million ounces of silver, a 13% increase over 2018, and inline with the Company’s guidance range of 12.8 to 13.5 million ounces. Generated record revenues of $363.9 million, representing a 21% increase from 2018. Generated a record $140.0 million of cash from operating activities. Mine operating earnings of $66.2 million compared to ($11.9) million in 2018 primarily due to higher revenues, metal prices and lower cash costs. Operating cash flows before working capital and taxes of $108.9 million or $0.54 per share. Adjusted net earnings of $7.3 million, or $0.04 per share, after excluding non-cash and unusual items. All-in sustaining costs (“AISC”) of $12.64 per payable silver ounce, representing a 15% decrease compared to 2018, beating the 2019 guidance range of $12.98 to $13.94 per ounce. Cash costs of $5.16 per payable silver ounce, representing a 26% decrease compared to 2018, below the 2019 guidance range of $5.62 to $6.18 per ounce. Successfully commissioned the new 3,000 tpd high-intensity grinding (“HIG”) mill at Santa Elena making it the only whole-ore, hard-rock mining application of this technology in Latin America. Commenced earthwork and ramp development activities at Santa Elena’s Ermitaño project in advance of initial production scheduled for early 2021. Achieved annual consolidated silver recoveries of 86%, a new Company record, due to ongoing investments in metallurgical processing and innovation. Ended 2019 with cash and cash equivalents of $169.0 million, up from $57.0 million at the end of 2018. Q4 2019 HIGHLIGHTS Produced 3.3 million ounces of silver, ...