Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the fourth quarter of 2023 from the Company's three producing mines in Mexico, namely the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine reached 6.6 million silver equivalent ("AgEq") ounces, consisting of 2.6 million silver ounces and 46,585 gold ounces. Total production for the full year of 2023 consisted of 26.9 million AgEq ounces, aligned to the Company's 2023 revised guidance of between 26.2 to 27.8 million AgEq ounces, consisting of 10.3 million silver ounces and 198,921 gold ounces.
Q4 2023 HIGHLIGHTS
Total Production Increased by 6% Q/Q: Total production reached 6.6 million AgEq ounces in Q4, representing a 6% increase when compared to 6.3 million AgEq ounces produced in the previous quarter. The higher production is related to record quarterly production at Santa Elena of 3.0 million AgEq ounces, partially offset by lower silver production at La Encantada due to the ongoing limited water availability.
Record production at Santa Elena - up 13% Q/Q: Santa Elena achieved a new quarterly production record in Q4. Strong metal recoveries and grades from Ermitaño enabled Santa Elena to produce 3.0 million AgEq ounces in the fourth quarter, representing a 13% increase compared to the prior quarter.
Safety: The 2023 consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 1.02 and the Lost Time Incident Frequency Rate ("LTIFR") was 0.34, an improvement of 16% and 33% compared to prior year, respectively.
Environmental, Social and Governance ("ESG"): First Majestic's ESG score with Sustainalytics has improved from 50.56 in 2022 to 31.0 by the end of 2023, putting the Company in the top 38% of its industry peers.
16 Active Drill Rigs: The Company completed a total of 32,881 metres ("m") of drilling across its mines in Mexico during the fourth quarter. Throughout the quarter, up to sixteen drill rigs were active consisting of twelve rigs at San Dimas, and four rigs at Santa Elena.
FY 2023 HIGHLIGHTS
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