Business
First Majestic Silver Announces Financial Results for Q2 2024, Increased Silver Inventory, and Quarterly Dividend Payment
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic")
About this update from First Majestic Silver Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the \"Company\" or \"First Majestic\") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2024. The full version of the financial statements and the accompanying management's 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/edgar. All amounts are in U.S. dollars unless stated otherwise. SECOND QUARTER HIGHLIGHTS Production of 5.3 million silver equivalent (\"AgEq\") ounces, consisting of 2,104,181 silver (\"Ag\") ounces and 39,339 gold (\"Au\") ounces, a 7% and 9% increase, respectively, when compared to Q1 2024. Management anticipates further improvements in the second half (\"H2\") of the year due to planned higher ore grades and throughput rates. Quarterly revenues of $136.2 million, compared to $146.7 million in Q2 2023. The 7% decrease in revenue was driven by a 15% decrease in the total number of payable AgEq ounces sold due to higher silver inventory levels held at quarter end, lower production levels at San Dimas and La Encantada, and the temporary suspension of mining activities at Jerritt Canyon in March 2023, partially offset by increased production at Santa Elena and an increase in the average realized silver price. The Company held 712,539 silver ounces in finished goods inventory as of June 30, 2024, inclusive of coins and bullion. The fair value of this inventory, which is not included in Q2 revenues, as of June 30, 2024 was $20.9 million. Improved mine operating earnings of $15.5 million compared to $1.1 million in Q2 2023. The year over year increase in mine operating earnings was primarily attributed to an increase in operating earnings from Santa Elena and a decrease in operating losses from Jerritt Canyon, partially offset by higher operating costs at San Dimas and La Encantada. Operating cash flows before movements in working capital and taxes amounted to $23.8 million. Consolidated cash costs of $15.29 per AgEq ounce and all-in sustaining costs (\"AISC\") of $21.64 per AgEq ounce represented an improvement of 2% and a slight increase of 1%, respectively, compared to Q2 2023. Management continues to unde...