Business
First Majestic Produces 5.3 Million AgEq Oz in Q2 2024 Consisting of 2.1 Million Silver Ounces and 39,339 Gold Ounces; Announces Updated 2024 Production and Cost Guidance and Conference Call Details
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2024) - First Majestic Silver Corp. (NYSE...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"\nFirst Majestic Produces 5.3 Million AgEq Oz in Q2 2024 Consisting of 2.1 Million Silver Ounces and 39,339 Gold Ounces; Announces Updated 2024 Production and Cost Guidance and Conference Call DetailsVancouver, British Columbia--(Newsfile Corp. - July 18, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the \"Company\" or \"First Majestic\") announces that total production in the second quarter of 2024 from the Company's three producing mines in Mexico, the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, reached 5.3 million silver equivalent (\"AgEq\") ounces, consisting of 2.1 million silver ounces and 39,339 gold ounces. The Company's financial results for the second quarter of 2024 are scheduled to be released on Thursday, August 1, 2024.Q2 2024 HIGHLIGHTSIncreased Production: Total production in Q2 2024 consisted of 2,104,181 silver ounces and 39,339 gold ounces, representing a 7% and 9% increase, respectively, when compared to Q1 2024. Silver equivalent production for the quarter was 5.3 million ounces, representing a 2% increase compared to Q1. The silver equivalent (Silver:Gold) ratio in Q2 2024 decreased 10% to 81:1 compared to 88:1 in Q1 2024 due to the silver price outperforming the gold price. While higher silver prices positively impact revenue, the reported silver equivalent production is impacted when silver outperforms gold.La Encantada Increased Production: Since successfully identifying a water source in Q1 2024, water inventory and processing rates at La Encantada have increased significantly leading to a 28% increase in silver production through the second quarter. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day (\"tpd\") in Q3 2024.Santa Elena's Robust Production Continues: Production during the second quarter at Santa Elena totaled 2.6 million AgEq ounces, representing a 13% increase compared to Q1 and is on track to exceed the Company's original annual production guidance plan (see updated guidance section below).Conversion to Liquefied Natural Gas (\"LNG\") at San Dimas: To provide an additional, more reliable and lower carbon emission power option at San Dimas, management has launched a process at San Dimas to replace the diesel backup power generation plant with LNG. The main sou...