news

First Majestic Silver reports net loss of $20.7 million in Q3, announces dividend

Kitco Media
By Vladimir Basov
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Editors Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of todays must-read news and expert opinions. Sign up here!

(Kitco News) - First Majestic Silver (TSX: FR) (NYSE: AG) announced today that its total production in Q3 2022 reached a new company record of 8.8 million silver equivalent (AgEq) ounces consisting of 2.7 million ounces of silver and 67,072 ounces of gold.

The company said that its Q3 2022 production increased by 20% compared to Q3 2021 and by 14% compared to the prior quarter primarily due to higher gold production at San Dimas and Santa Elena.

First Majestic added that revenues generated during the quarter totalled $159.8 million, representing a 28% increase when compared to the third quarter of 2021.

The company explained that the increase in revenues was primarily attributed to higher production at San Dimas and Santa Elena and partially offset by the decrease in the average price per AgEq ounce sold and lower production at Jerritt Canyon due to the maintenance shut down.

According to a press release, cash costs were $13.34 per AgEq ounce and all-in sustaining costs were $17.83 per AgEq ounce representing a decrease of 5% and 11%, respectively, compared to Q3 2021.

First Majestic also reported mine operating earnings of $3.3 million (Q3 2021 – mine operating earnings of $3.5 million) and net earnings of ($20.7) million (EPS of ($0.08)) compared to ($18.4) million (EPS of ($0.07)) in the third quarter of 2021.

The company noted that at the end of the quarter, it had cash and cash equivalents of $148.8 million and restricted cash of $101.2 million totalling $250.0 million.

Additionally, the company announced that its Board of Directors has declared a cash dividend payment in the amount of $0.0061 per common share for the third quarter of 2022. 

First Majestic is a 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.

Triple Flag says its Q3 results 'broadly in-line with expectations' as net earnings up y-o-y to $12.8 million
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

Mdi Earth Logo

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.