Business
First Majestic Produces a New Record of 8.8 Million AgEq Ounces in the Third Quarter Consisting of 2.7 Million Silver Ounces and 67,072 Gold Ounces
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - First Majestic Silver Corp....
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Produces a New Record of 8.8 Million AgEq Ounces in the Third Quarter Consisting of 2.7 Million Silver Ounces and 67,072 Gold OuncesVancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (\"First Majestic\" or the \"Company\") announces that total production in the third quarter of 2022 from the Company's four producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached a new Company record of 8.8 million silver equivalent (\"AgEq\") ounces consisting of 2.7 million ounces of silver and 67,072 ounces of gold. In the first nine months of 2022, the Company has produced 8.1 million ounces of silver and 185,355 ounces of gold for total production of 23.7 million AgEq ounces, or approximately 71% of the Company's 2022 guidance midpoint of producing 32.6 to 34.6 million ounces. The Company's financial results for the third quarter of 2022 are scheduled to be released on Wednesday, November 9, 2022.THIRD QUARTER HIGHLIGHTSTotal Production Increased by 14% Q/Q: The Company produced a record 8.8 million AgEq ounces representing a 14% increase when compared to the previous quarter primarily due to higher gold production at San Dimas and Santa Elena. Another Production Record at Santa Elena - up 22% Q/Q: Strong metal production from the Ermitaño mine enabled Santa Elena to set another all-time new quarterly production record of 2.7 million AgEq ounces in the third quarter, representing a 22% increase compared to the prior quarter.Increasing Mine Production at Jerritt Canyon: Underground development activities continued during the quarter at the West Generator and Saval II mines in order to prepare for higher ore deliveries starting in November. These two new sources of ore feed, along with improved ore grades from the Smith Zone 10 area, are anticipated to increase gold grades and increase the amount of fresh ore feed to the plant by approximately 50% in the fourth quarter. Ermitaño Operating on 100% Liquefied Natural Gas (\"LNG\"): The Company successfully completed the transmission powerline connection from Ermitaño to Santa Elena's LNG powerplant in September enabling the mine to operate on 100% LNG power for the first time. In addition, th...