First Majestic Produces 2.0 Million Silver Ounces, 35,936 Gold Ounces In Q1

First Majestic Silver (TSX: FR) reported this morning that its first quarter production results amounted to a total of 5.2 million ounces of silver equivalent ounces. The figure, while marking a decline on a quarter over quarter basis, is inline with production guidance provided for 2024.

The production figure consists of 2.0 million silver ounces, and 35,936 gold ounces that were produced during the quarter, a decline from the 2.6 million silver ounces and 46,585 gold ounces, or 6.6 million silver equivalent ounces, that were produced in the fourth quarter.

On a mine by mine basis, San Dimas reported production of 2.4 million silver equivalent ounces, Santa Elena produced 2.3 million silver equivalent ounces, La Encantada produced 459,110 silver equivalent ounces, and finally Jerritt Canyon produced 57,559 silver equivalent ounces.

Current guidance is calling for 2024 production of 21.1 to 23.5 million silver equivalent ounces, at an all in sustaining cost between $18.62 and $19.90 an ounce.

Outside of production data, First Majestic revealed it has secured a new water source for the La Encantada Mine, which is expected to enable plant throughput rates to return to 3,000 tpd by the third quarter. Exploration is also active, with 17 rigs drilling a total of 36,274 metres during the quarter.

“Q1 represented a strong start to 2024 from a safety and production stance, with continued strong production from Santa Elena and an encouraging outlook for La Encantada. [..] Santa Elena continues to exceed our expectations with another quarter of robust production. At La Encantada, our teams have been working diligently on sourcing additional water since June last year, and we are thrilled to have identified a new water source that is expected to put the operation back to budgeted throughput and production rates by Q3,” commented CEO Keith Neumeyer.

Full financial results are slated to be released on May 8.

First Majestic Silver last traded at $10.31 on the TSX.

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