- First Majestic Silver Corp. (FR) released unaudited interim consolidated financial results for its Q2 2022
- Total production was 7.7 million AgEq ounces, up 2 per cent compared to Q2 2021
- Total production consisted of 2.8 million ounces of silver and 59,391 ounces of gold
- Quarterly revenues totalled $159.4 million, an increase of 3 per cent compared to Q2 2021
- Mine operating earnings were $11.6 million, a decrease of 61 per cent compared to Q2 2021
- Operating cash flows before movements in working capital and taxes totalled $33.0 million, a decrease of 36 per cent compared to Q2 2021
- First Majestic Silver Corp. (FR) was up 10.44 per cent, trading at $10.47 at 4:30 pm ET
First Majestic Silver Corp. (FR) released unaudited interim consolidated financial results for Q2 2022.
For the quarter ended June 30, 2022, the company realized an average silver price of $23.93 per silver equivalent (AgEq) ounce.
Total production was 7.7 million AgEq ounces, up 2 per cent compared to Q2 2021. Total production consisted of 2.8 million ounces of silver and 59,391 ounces of gold.
Quarterly revenues totalled $159.4 million, an increase of 3 per cent compared to Q2 2021. The company withheld approximately 0.2 million ounces of silver in inventory at the end of the quarter. Had the company sold the withheld inventory, it would have generated approximately $5.2 million in additional revenue.
Mine operating earnings were $11.6 million, or a decrease of 61 per cent compared to Q2 2021, while operating cash flows before movements in working capital and taxes totalled $33.0 million, a reduction of 36 per cent compared to Q2 2021.
The company’s President and CEO, Keith Neumeyer, noted that throughout Q2, the silver price continued to experience significant volatility, declining approximately 20 per cent from $25 to $20.
“As a result of this weakness, the company refocused and successfully reduced its 2022 capital investments without impacting its strong growth in projected production. In Mexico, our three operations generated healthy profit margins as approximately 80% of our total production came in at a low AISC cost of $15.34 per ounce. In addition, we expect consolidated AISC to continue to trend lower throughout the next two quarters as production ramps up at Santa Elena and Jerritt Canyon, as well as other inflationary cost saving measures are achieved.”
First Majestic (FR) is a publicly traded mining company focused on silver and gold production in Mexico and the United States.
First Majestic Silver Corp. (FR) was up 10.44 per cent, trading at $10.47 at 4:30 pm ET.
