Business
First Majestic Silver Reports First Quarter Financial Results and Quarterly Dividend Payment
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased to
About this update from First Majestic Silver Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 4, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the \"Company\" or \"First Majestic\") is pleased to announce the unaudited interim consolidated financial results of the Company for the first quarter ended March 31, 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.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise. FIRST QUARTER 2023 HIGHLIGHTS Production of 7.6 million silver equivalent (\"AgEq\") ounces, consisting of 2.5 million silver ounces and 60,594 gold ounces, up 1% compared to the previous quarter and up 6% compared to Q1 2022. Quarterly revenues totalled $157.0 million; up 6% compared to the previous quarter and unchanged compared to Q1 2022. Operating cash flows before non-cash working capital and taxes totalled $21.9 million, compared to $35.3 million in Q1 2022. Consolidated cash costs were $15.16 per AgEq ounce and All-In Sustaining Costs (\"AISC\") (see \"Non-GAAP Financial Measures\", below) were $20.90 per AgEq ounce. Excluding Jerritt Canyon, cash costs for the three Mexican operations were $11.85 per AgEq ounce and AISC were $15.38 per AgEq ounce. Adjusted net earnings of $0.9 million (adjusted EPS of $0.00) (See \"Non-GAAP Financial Measures\", below) after excluding non-cash and non-recurring items. At the end of the quarter, the Company had a cash and restricted cash balance of $235.9 million consisting of $104.8 million of cash and cash equivalents and $131.1 million of restricted cash. Declared a cash dividend payment of $0.0057 per common share for the first quarter of 2023 for shareholders of record as of the close of business on May 18, 2023, which will be distributed on or about June 9, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS Key Performance Metrics 2023-Q1 2022-Q4 ChangeQ1 vs Q4 2022-Q1 Change Q1 vs Q1 Operational Ore Processed / Tonnes Milled 845,868 851,564 (1%) 877,118 (4%) Silver Ounces Produced &nb...