Vancouver, British Columbia--(Newsfile Corp. - May 6, 2021) - 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, 2021. The Company has also adjusted its cost reporting to reflect cash costs and all-in sustaining cost per ounce ("AISC") on a per silver equivalent ounce ("AgEq") basis compared to previous disclosure of only payable silver ounces. 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 2021 HIGHLIGHTS

Revenues totalled $100.5 million, or 17% higher compared to Q1 2020, including a record $4.8 million from silver coins and bullion sales from the Company's online retail store

Realized average silver price of $27.13, a 56% increase compared to Q1 2020

Cash costs increased to $12.61 per AgEq ounce, compared to $8.25 in Q1 2020, primarily due to higher ore development rates and mining contractor costs at Santa Elena to increase future production and higher energy costs at San Dimas

AISC increased to $19.35 per AgEq ounce, compared to $12.23 in Q1 2020

Mine operating earnings of $28.1 million, up 33% compared to Q1 2020

Net earnings of $1.9 million, compared to net earnings of ($32.4) million in Q1 2020

Adjusted EPS of $0.03 after excluding non-cash and non-recurring items

Cash flow per share was $0.14 per share (non-GAAP)

Strong working capital position of $232.8 million and total available liquidity of $297.8 million, including $65.0 million of undrawn revolving credit facility

Declared a cash dividend payment of $0.0045 per common share for the first quarter of 2021 for shareholders of record as of the close of business on May 17, 2021 and will be distributed on or about June 4, 2021

"Strong metal sales, robust silver prices and higher-than-normal premiums for coins and bullion generated healthy revenues, earnings and cash flows during the first quarter," stated Keith Neumeyer, President and CEO. "Due to the high demand for physical coins and bullion, our online retail store generated $4.8 million in silver sales during the quarter, or approximately 5% of our $101 million in total quarterly revenues, representing a new record in its 13-year online history. Furthermore, due to the current demand, the Company is working with numerous mints and refiners to direct as much silver sales as it can through its online store as possible."

Mr. Neumeyer continued, "At the mining units, capital investments are beginning to accelerate at Santa Elena's Ermitaño project as higher development rates are reached in order to prepare the new mine for initial production in early 2022. In addition, Santa Elena is expected to realize significant annualized cost savings of approximately $8 to $10 million starting in the second quarter as a result of its new LNG power plant. At the newly acquired Jerritt Canyon Gold Mine our operations team has begun the integration process and in the coming months ahead we expect to provide our operational plan and market guidance. Finally, I'm pleased to announce that our board of directors has approved the first-ever quarterly dividend payment which will be distributed to shareholders in early June."

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Key Performance Metrics
2021-Q1 2020-Q4 Change Q1 vs Q4 2020-Q1 Change Q1 vs Q1 Operational
Ore Processed / Tonnes Milled 614,245 625,332 (2 %) 599,142 3%

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https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-first-quarter-financial-results-inaugural-dividend-payment-and-appointment-of-vp-operations


First Majestic Silver Corp NYSE:AG 07:51 16.14 USD +1.20 +8.03% 6116657 H. 16.21 L. 15.02