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First Majestic reports record silver equivalent production in 2022

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(Kitco News) - First Majestic Silver (TSX: FR) (NYSE: AG) reported today that its total production for the full year of 2022 reached a new company record of 31.3 million silver equivalent ounces, consisting of 10.5 million silver ounces and 248,394 gold ounces, or a 16% increase compared to 2021.

First Majestic said that its silver production in 2022 reached 10.5 million ounces (compared to 12.8 million ounces in 2021) which missed the lower end of the company’s revised guidance range of between 11.2 to 11.9 million ounces of silver primarily due to lower than expected silver grades at San Dimas and prioritizing higher gold grade ores from the Ermitaño mine at Santa Elena.

According to a press release, gold production in 2022 reached a new company record of 248,394 ounces (compared to 192,353 in 2021) but slightly missed the lower end of the company’s revised guidance range of between 256,000 to 273,000 ounces primarily due to lower than expected gold grades at Jerritt Canyon.

In 2023, the company is expecting to increase production to a new company record of between 33.2 to 37.1 million silver equivalent ounces, consisting of 10.0 to 11.1 million ounces of silver and 277,000 to 310,000 ounces of gold, with an all-in sustaining cost guidance of between $18.47 to $19.72 per silver equivalent ounce.

Based on the midpoint of the guidance range, the company expects silver equivalent ounces to increase 12% when compared to 2022.

In 2023, the company expects significant improvements at Jerritt Canyon where gold production is projected to nearly double along with lower all-in sustaining costs when compared to 2022.

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company presently owns and operates the San Dimas silver/gold mine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine.


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