Vancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce the release of the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2022. 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.
THIRD QUARTER 2022 HIGHLIGHTS
Record production of 8.8 million silver equivalent ("AgEq") ounces, up 21% compared to Q3 2021. Total production consisted of 2.7 million ounces of silver and 67,072 ounces of gold
Quarterly revenues totalled $159.8 million, an increase of 28% compared to Q3 2021
Mine operating earnings of $3.3 million, or a decrease of 5% compared to Q3 2021
Operating cash flows before movements in working capital and taxes totalled $27.7 million, an increase of 23% compared to Q3 2021
Cash costs were $13.34 per AgEq ounce and All-in sustaining costs ("AISC") (see "Non-GAAP Financial Measures", below) were $17.83 per AgEq ounce representing a decrease of 5% and 11%, respectively, compared to Q3 2021
Adjusted earnings of ($22.6) million (adjusted EPS of ($0.09)) (see "Non-GAAP Financial Measures", below) after excluding non-cash and non-recuring items
At the end of the quarter, the Company had cash and cash equivalents of $148.8 million and restricted cash of $101.2 million totalling $250.0 million. During the quarter, the Company successfully received payments totalling $44.1 million which were previously held as cash bonds related to Jerritt Canyon by the Nevada Division of Environmental Protection and United States Forest Service
Declared a cash dividend payment of $0.0061 per common share for the third quarter of 2022 for shareholders of record as of the close of business on November 22, 2022, and will be distributed on or about December 2, 2022
"In the third quarter, we saw strong production and cash flows from our Mexican operations as San Dimas and Santa Elena saw significant head grade improvements," stated President and CEO, Keith Neumeyer. "The consolidated Mexican operations, which accounted for approximately 83% of our total production, generated healthy margins at a low AISC of $12.29 per AgEq ounce, or a 20% decrease from the prior quarter. At Jerritt Canyon, higher costs were the result of lower production due to the planned 14-day maintenance of the roaster. However, we continue to anticipate a strong recovery at Jerritt Canyon in the fourth quarter and into early 2023 as Smith Zone 10, West Generator and Saval II mines come online in November. The inclusion of these new production areas are expected to increase ore deliveries to 3,000 tpd and substantially reduce costs."
OPERATIONAL AND FINANCIAL HIGHLIGHTS
see & read more onVancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce the release of the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2022. 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.
THIRD QUARTER 2022 HIGHLIGHTS
Record production of 8.8 million silver equivalent ("AgEq") ounces, up 21% compared to Q3 2021. Total production consisted of 2.7 million ounces of silver and 67,072 ounces of gold
Quarterly revenues totalled $159.8 million, an increase of 28% compared to Q3 2021
Mine operating earnings of $3.3 million, or a decrease of 5% compared to Q3 2021
Operating cash flows before movements in working capital and taxes totalled $27.7 million, an increase of 23% compared to Q3 2021
Cash costs were $13.34 per AgEq ounce and All-in sustaining costs ("AISC") (see "Non-GAAP Financial Measures", below) were $17.83 per AgEq ounce representing a decrease of 5% and 11%, respectively, compared to Q3 2021
Adjusted earnings of ($22.6) million (adjusted EPS of ($0.09)) (see "Non-GAAP Financial Measures", below) after excluding non-cash and non-recuring items
At the end of the quarter, the Company had cash and cash equivalents of $148.8 million and restricted cash of $101.2 million totalling $250.0 million. During the quarter, the Company successfully received payments totalling $44.1 million which were previously held as cash bonds related to Jerritt Canyon by the Nevada Division of Environmental Protection and United States Forest Service
Declared a cash dividend payment of $0.0061 per common share for the third quarter of 2022 for shareholders of record as of the close of business on November 22, 2022, and will be distributed on or about December 2, 2022
"In the third quarter, we saw strong production and cash flows from our Mexican operations as San Dimas and Santa Elena saw significant head grade improvements," stated President and CEO, Keith Neumeyer. "The consolidated Mexican operations, which accounted for approximately 83% of our total production, generated healthy margins at a low AISC of $12.29 per AgEq ounce, or a 20% decrease from the prior quarter. At Jerritt Canyon, higher costs were the result of lower production due to the planned 14-day maintenance of the roaster. However, we continue to anticipate a strong recovery at Jerritt Canyon in the fourth quarter and into early 2023 as Smith Zone 10, West Generator and Saval II mines come online in November. The inclusion of these new production areas are expected to increase ore deliveries to 3,000 tpd and substantially reduce costs."
OPERATIONAL AND FINANCIAL HIGHLIGHTS
see & read more on https://firstmajestic.com/investors/news-releases/first-majestic-reports-third-quarter-financial-results-and-quarterly-dividend-payment-20221109 |
