Business
First Majestic Reports Second Quarter Financial Results and Quarterly Dividend Payment
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - First Majestic Silver Corp. ...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Reports Second Quarter Financial Results and Quarterly Dividend PaymentVancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the \"Company\" or \"First Majestic\") is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2023. 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 or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.Q2 2023 HIGHLIGHTS Production of 6.3 million silver equivalent (\"AgEq\") ounces, consisting of 2.6 million silver ounces and 45,022 gold ounces, or a decrease of 17% compared to the previous quarter.Quarterly revenues totalled $146.7 million, a decrease of 7% compared to the previous quarter.Operating cash flows before non-cash working capital and taxes totalled $26.9 million, up 23% compared to $21.9 million in the previous quarter. Consolidated cash costs were $15.58 per AgEq ounce and All-In Sustaining Costs (\"AISC\") (see \"Non-GAAP Financial Measures\", below) were $21.52 per AgEq ounce. Excluding Jerritt Canyon, cash costs for the three Mexican operations were $13.44 per AgEq ounce compared to $11.85 in the previous quarter. Adjusted net earnings of ($5.5) million (adjusted EPS of ($0.02)) (See \"Non-GAAP Financial Measures\", below) after excluding non-cash and non-recurring items. Sold 87,657 ounces of silver bullion, or approximately 3.3% of the Company's silver production, on First Majestic's online bullion store at an average silver price of $27.30 per ounce for total proceeds of $2.4 million. At the end of the quarter, the Company had a cash and restricted cash balance of $306.3 million consisting of $160.2 million of cash and cash equivalents and $146.1 million of restricted cash.Declared a cash dividend payment of $0.0051 per common share for the second quarter of 2023 for shareholders of record as of the close of business on August 16, 2023, which will be distributed on or about August 31, 2023.OPERATIONAL AND FINANCIAL HIGHLIGHTSKey Performance Metrics 2023-Q22023-Q1ChangeQ2 vs Q12022-Q2Change Q2 vs Q2Operational Ore Processed / Tonnes Milled 733,1...