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First Majestic declares inaugural quarterly dividend payment

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(Kitco News) - First Majestic Silver (AG: NYSE; FR: TSX) reported today that its total production in the first quarter was 4.5 million silver equivalent ounces, consisting of 2.9 million ounces of silver and 23,873 ounces of gold, representing a decrease of 16% and 9%, respectively, compared to the company's record setting production in the previous quarter.

The company said its revenues generated in the first quarter totaled $100.5 million compared to $86.1 million in the first quarter of 2020, primarily due to a 56% increase in average realized silver price, partially offset by a 24% decrease in silver equivalent ounces sold.

The company reported net earnings of $1.9 million (EPS of $0.01) compared to net earnings of ($32.4) million (EPS of ($0.15)) in the first quarter of 2020.  The increase in net earnings was primarily attributed to higher metal prices as well as a $22.7 million loss in the first quarter of 2020 related to mark-to-market adjustments on the company's foreign currency derivatives.

Adjusted net earnings for the quarter was $7.0 million (Adjusted EPS of $0.03) compared to $8.2 million (Adjusted EPS of $0.04) in the first quarter of 2020, after excluding non-cash and non-recurring items.

The company said that its board approved the first-ever quarterly 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.

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States and is aggressively pursuing the development of its existing mineral property assets. The company presently owns and operates the San Dimas silver/gold mine, the Santa Elena silver/gold mine, the La Encantada silver mine and the Jerritt Canyon gold mine.

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