Business
First Majestic Silver Produces 7.7M Silver Eqv. Oz in the Second Quarter Consisting of 2.8M Oz Silver and 59,391 Oz Gold; Announces Updated 2022 Guidance and Conference Call Details
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - 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, 2022) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (\"First Majestic\" or the \"Company\") announces that total production in the second 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 7.7 million silver equivalent (\"AgEq\") ounces consisting of 2.8 million ounces of silver and 59,391 ounces of gold. The Company's financial results for the second quarter of 2022 are scheduled to be released on Thursday, August 4, 2022. SECOND QUARTER HIGHLIGHTS Total Production Increased by 20% Y/Y: The Company produced 7.7 million AgEq ounces representing a 20% increase when compared to the second quarter of 2021 primarily due to the acquisition of Jerritt Canyon and successful ramp up of the Ermitaño mine at Santa Elena. Record Production at Santa Elena: Strong ore production from the Ermitaño mine enabled Santa Elena to set an all-time new quarterly production record of 2.2 million AgEq ounces. The Company is now planning for higher production rates from Ermitaño in the second half of 2022 which is expected to result in a projected 28% increase in FY2022 production at Santa Elena to between 8.7 to 9.2 million AgEq ounces. Restarting West Generator and Saval II mines at Jerritt Canyon: Underground mining activities began at the West Generator mine at the end of the quarter and the Company expects to start mining activities at Saval II in October. These two new sources of ore feed, along with operational improvements at the SSX mine, are anticipated to increase the average head grade and nearly double the amount of fresh ore feed to the plant in the fourth quarter. In addition, these improvements are expected to significantly reduce all-in sustaining costs in the second half of 2022. Liquefied Natural Gas (\"LNG\") Powerplant Expansion at Santa Elena: The Company continued the construction of the LNG powerplant expansion project and powerline at Santa Elena to provide low-cost, clean energy to the Ermitaño mine and the dual-circuit project in Santa Elena. The expanded powerplant is expected to be operational in the fourth quarter following the installation of four additional LNG generators. In addition, the connection...