First Majestic Silver (NYSE: AG) said 2023 silver production was 10.25 million ounces, 3% less than the year prior.
Gold production was down 10% at 198,921 ounces.
The company filed its year end on Thursday.
Annual revenues totaled $573.8 million in 2023, or 8% lower compared to 2022, primarily due to the temporary suspension of mining activities at Jerritt Canyon in March 2023.
The company realized a 10% decrease in the total number of payable AgEq ounces sold, which was partially offset by an increase in payable AgEq ounces produced at Santa Elena, combined with a 4% increase in the average realized silver price.
Annual mine operating earnings increased to $25.6 million compared to $16.8 million in 2022. The improvement in mine operating earnings was primarily driven by a decrease in operating losses at Jerritt Canyon, following the temporary suspension of mining activities.
Revenues generated during the quarter totaled $136.9 million, representing a 3% increase compared to the third quarter of 2023, primarily attributable to record quarterly production at Santa Elena.
