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First Majestic Silver boosts production 84% in second quarter, improves annual guidance

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(Kitco News) - First Majestic Silver announced today that the company's total production in the second quarter of 2021 reached 6.4 million silver equivalent ounces (consisting of 3.3 million ounces of silver and 46,545 ounces of gold), which is 84% higher compared to the corresponding period of 2020.

The company said that quarterly production growth has been achieved primarily due to an increase in silver equivalent production from the three operating Mexican mines and the inclusion of production from the Jerritt Canyon operation effective April 30, 2021.

"The second quarter marked a major milestone for First Majestic," stated president and CEO Keith Neumeyer. "The acquisition of Jerritt Canyon not only gave us a new quarterly record in gold production, but it represents the company's first major investment outside of Mexico."

The company added that total production in 2021 is expected to increase to a range of 25.7 to 27.5 million silver equivalent ounces consisting of 13.0 to 13.8 million ounces of silver and 181,000 to 194,000 ounces of gold. This compares to the previous annual production guidance of 20.6 to 22.9 million silver equivalent ounces consisting of 12.5 to 13.9 million ounces of silver and 100,000 to 112,000 ounces of gold.

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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