First Majestic Silver Produces 7.3 Million Silver Equivalent Ounces In Q3 2021

First Majestic Silver Corp. (TSX: FR) provided this morning the production results for Q3 2021. The results highlighted producing 7.3 million silver equivalent ounces for the quarter, up from Q2 2021’s 6.4 million ounces and Q3 2020’s 5.2 million ounces.

The silver equivalent production for the quarter consists of 3.3 million silver ounces and 54,525 gold ounces produced.

The total quarterly production comes from the firm’s four producing operations: the San Dimas silver/gold mine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine, and the La Encantada silver mine. San Dimas contributed 3.4 million silver equivalent ounces to the total production for the quarter.

“The record quarter was primarily due to having a full quarter of production from the Jerritt Canyon operation in addition to continued strong production performance at San Dimas and La Encantada,” said First Majestic Silver CEO Keith Neumeyer.

The mining firm also relayed that it decided to suspend silver sales for the third time in its history due to “the relative weakness in the silver price throughout the quarter.” At quarter’s end, it held 1.4 million ounces of silver in inventory.

The company expects to release full financial results for the quarter on November 4, 2021.

First Majestic Silver last traded at $14.13 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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