Business
First Majestic Silver Produces 6.3 million AgEq Oz in Q2 2023 Consisting of 2.6 million Silver Ounces and 45,022 Gold Ounces; Announces Updated 2023 Guidance and Management Update
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) ("First Majestic" or the "Company")
About this update from First Majestic Silver Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (\"First Majestic\" or the \"Company\") is pleased to announce that total production in the second quarter of 2023 reached 6.3 million silver equivalent (\"AgEq\") ounces, consisting of 2.6 million silver ounces and 45,022 gold ounces. Approximately 94% of total production, or 6.0 million AgEq ounces, was produced from the Company's three Mexican operations, the San Dimas, Santa Elena and La Encantada mines. The Company's fourth operation, the Jerritt Canyon mine in Nevada, USA, processed most of its remaining ore stockpiles and work in process (\"WIP\") inventory throughout April and May and produced 4,364 ounces of gold during its partial quarter. In the first half of 2023, the Company produced 5.2 million silver ounces and 105,616 gold ounces, or approximately 14.0 million AgEq ounces. In the second half of 2023, the Company is expecting to produce between 5.3 to 5.9 million silver ounces and 86,000 to 95,000 gold ounces, or approximately 12.4 to 13.8 million AgEq ounces, at an all-in sustaining cost (\"AISC\") range of $17.69 to $18.92 per AqEq ounce. As of April 24, 2023, all activities at the Jerritt Canyon processing plant were discontinued following the Company's previously announced temporary suspension of mining operations on March 20, 2023. Q2 2023 HIGHLIGHTS Higher Q2 Silver Production from Mexican Operations: The Company's Mexican operations produced 2.6 million silver ounces and 40,658 gold ounces, or approximately 6.0 million AqEq ounces in the quarter. Silver production increased 4% over the prior quarter primarily due to higher tonnes processed at San Dimas and slightly higher silver grades and recoveries at Santa Elena. Santa Elena's Dual-Circuit Plant Achieves Record Quarterly Recovery Rates: Metallurgical recoveries of Ermitaño's ore achieved record quarterly rates as a result of strong operational performance of the recently commissioned dual-circuit plant. Gold and silver recoveries averaged 94% and 52%, respectively, in the second quarter. 19 Drill Rigs Active: The Company completed a total of 42,285 metres of drilling across all sites in the second quarter, representing a 15% increase over the prior quarter. Throughout the quarter, up to 19 drill rigs were active consisting of eight...