First Majestic Production Results
First Majestic Silver Corp (Symbol: AG) has disclosed impressive production results for the first quarter of 2024, with total production reaching 5.2 million silver equivalent ounces.
First Majestic Production Results Market Response
Despite this positive news, the company’s stock is experiencing fluctuations in today’s trading session, opening higher than its previous closing value. At the time of this publication, the current value of First Majestic Silver Corp. is as follows:
– Symbol: AG
– Company Name: First Majestic Silver Corp.
– Last Price: $6.835
– Change: -$0.01
– % Change: -0.07%
– Market Time: 12:18 PM EDT
– Volume: 5.51M
– Avg Vol (3 month): 9.08M
– Market Cap: $1.97B
Financial Results Announcement
The company is set to release its financial results for the first quarter of 2024 on Wednesday, May 8, 2024. This announcement is anticipated to provide further insights into First Majestic Silver’s financial performance and operational achievements during the quarter.
Q1 2024 Highlights
During the first quarter of 2024, First Majestic Silver achieved several notable milestones:
Record Safety Performance: The company reported a consolidated Total Reportable Incident Frequency Rate (TRIFR) of 0.48 and a Lost Time Incident Frequency Rate (LTIFR) of 0.08, representing significant improvements compared to the prior quarter. La Encantada Silver Mine was awarded the Silver Helmet Award for outstanding health and safety leadership.
Total Production: First Majestic Silver produced 5.2 million silver equivalent ounces, meeting its production targets for the quarter. This includes 2.0 million ounces of silver and 35,936 ounces of gold.
Operational Updates: The company provided updates on its mining operations, including progress at La Encantada Silver Mine in increasing water inventory levels and processing rates, aiming for a return to targeted throughput levels by Q3 2024.
ESG Performance: First Majestic Silver received a commendable score in the 2023 S&P Global Corporate Sustainability Assessment, demonstrating its commitment to environmental, social, and governance (ESG) principles.
Drilling Activities: The company completed a total of 36,274 meters of drilling across its mines in Mexico during the quarter, reflecting a significant increase compared to previous quarters.
CEO Statement on First Majestic Production Results
Keith Neumeyer, President & CEO of First Majestic Silver Corp, expressed satisfaction with the company’s performance in Q1 2024, highlighting strong safety and production achievements. Neumeyer emphasized the company’s commitment to maintaining safety standards while delivering on production targets across its mining operations.
Operational Updates by Mine
First Majestic Silver provided detailed operational updates for its three producing mines:
San Dimas Silver/Gold Mine: Despite a decrease in silver and gold production compared to the prior quarter, management anticipates improvements in grades and throughput throughout the year, aligning with the company’s 2024 guidance plan.
Santa Elena Silver/Gold Mine: Silver and gold production at Santa Elena remain on track with the company’s guidance plan for 2024, reflecting consistent operational performance.
La Encantada Silver Mine: Limited water supply impacted production during the quarter; however, recent drilling efforts have identified a significant water resource, with plans to increase processing rates by Q3 2024.
Earnings and Dividend Announcement
First Majestic Silver Corp is scheduled to release its unaudited financial results for Q1 2024 on May 8, 2024. Additionally, details regarding the company’s first quarter dividend payment will be announced concurrently.
In conclusion, First Majestic Silver Corp’s strong production results for Q1 2024 underscore its operational resilience amidst market fluctuations. With ongoing efforts to optimize production and maintain safety standards, the company remains well-positioned to capitalize on opportunities in the silver and gold markets. Investors await the upcoming financial results announcement for further insights into the company’s performance and future outlook.
