First Majestic Silver Reports 5.5 Million Ounces Silver Equivalent Production In Third Quarter

FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.

First Majestic Silver Corp. (TSX: AG) (NYSE: AG) reported total production of 5.5 million silver equivalent ounces in the third quarter of 2024, a 4% increase over the prior quarter. This figure includes 2.0 million silver ounces and 41,761 gold ounces, showing a slight improvement from the previous quarter.

The rise in output was primarily attributed to higher gold production at the company’s operations in San Dimas and Santa Elena. This improvement was a positive development amid ongoing exploration efforts that have intensified in recent months.

In Q3 2024, the company completed 50,020 meters of drilling across its Mexican and U.S. operations, with 28 active drill rigs across four sites. Most notably, the Navidad system, a high-grade gold and silver discovery at Santa Elena, saw continued drilling activities as First Majestic focused on unlocking more resources from the area.

CEO Keith Neumeyer expressed optimism about the company’s operational performance, stating, “Santa Elena continues to deliver strong performance, quarter after quarter. The continued impressive operational results at Santa Elena, along with the recent Navidad discovery, make this a truly world-class district.”

Santa Elena led the company’s production efforts, delivering 2,685,375 silver equivalent ounces, a 4% increase from Q2. The mine produced 376,203 ounces of silver and 27,435 ounces of gold. The mill at Santa Elena processed 259,919 tonnes of ore with strong silver and gold recovery rates of 67% and 94%, respectively.

The continuous optimization of the new dual-circuit plant at Santa Elena has significantly contributed to the higher recoveries and overall production. Exploration activities also saw robust progress, with nine drill rigs completing nearly 14,796 meters of drilling.

San Dimas produced 2,110,905 silver equivalent ounces in Q3, including 1,046,340 ounces of silver and 12,582 ounces of gold. Although silver production dipped by 8% compared to Q2, gold production rose by 4%, driven by increased ore processing. A total of 195,279 tonnes of ore were processed at San Dimas during the quarter. Despite slightly lower silver grades, the mill’s efficiency, with recoveries of 89% for silver and 95% for gold, helped maintain strong production levels.

In terms of exploration, San Dimas completed 29,172 meters of drilling, which is part of a larger, ongoing exploration program aimed at discovering new resources and optimizing production. The company also resolved a labor dispute in August, which had been affecting operations in previous months, and it expects even higher production levels in Q4.

La Encantada produced 545,031 ounces of silver, representing a 7% decline from the prior quarter, primarily due to a drop in silver grades. However, the mine saw a 15% improvement in silver recovery rates, jumping to 69% in Q3. The mine processed 223,200 tonnes of ore, and with increased water inventory levels, throughput rates returned to target levels.

The company expects stronger production from La Encantada in Q4, supported by higher ore throughput and improved recovery rates. This mine also completed 1,862 meters of drilling during the quarter, marking a 207% increase in drilling activity compared to Q2.

At Jerritt Canyon, located in Nevada, the company ramped up its 2024 exploration program, targeting previously unexplored areas on U.S. Forest Service lands. While Jerritt Canyon was placed on temporary suspension in March 2023, the site managed to recover 1,684 ounces of gold during Q3 through in-circuit recovery efforts. The continued exploration at Jerritt Canyon signals First Majestic’s strategic focus on developing long-term assets beyond its core Mexican operations.

As First Majestic approaches the end of 2024, it remains optimistic about achieving its revised annual production target of 21.4 to 22.6 million silver equivalent ounces. The company is set to release its full Q3 financial results on November 7, 2024, alongside its Q3 dividend announcement.


FULL DISCLOSURE: First Majestic Silver Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover First Majestic Silver Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

32 thoughts on “First Majestic Silver Reports 5.5 Million Ounces Silver Equivalent Production In Third Quarter

  • October 23, 2024 7:16 AM at 7:16 am
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    San Dimas’ gold numbers look strong. Wondering if we’ll see even better results in Q4 now that the labor dispute is resolved

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  • October 23, 2024 4:51 AM at 4:51 am
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    It’s great to see First Majestic increasing production it shows they’re really optimizing their operations

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  • October 22, 2024 12:38 PM at 12:38 pm
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    Santa Elena just keeps delivering! I’m curious to see how much more they can unlock from that site.

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  • October 21, 2024 9:49 PM at 9:49 pm
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    First Majestic is really shining this quarter…..almost as bright as my future if I invest wisely in silver!

    Reply
  • October 21, 2024 7:17 PM at 7:17 pm
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    The continuous drilling at these sites is a good sign. Hoping we get some positive news out of Jerritt Canyon soon

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  • October 21, 2024 2:22 PM at 2:22 pm
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    Production is up, but costs could be creeping higher with all these exploration activities. I’ll wait to see the financials before getting too optimistic.

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  • October 21, 2024 2:20 PM at 2:20 pm
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    Impressive to see them pushing forward with drilling, even during a tough year. Exploration is key to staying ahead.

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  • October 21, 2024 2:19 PM at 2:19 pm
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    Looking forward to Q4—if they hit those production targets, we could see a strong finish to the year

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  • October 21, 2024 2:18 PM at 2:18 pm
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    Those silver recovery rates at La Encantada are impressive—15% up in one quarter? Nice!

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  • October 21, 2024 2:15 PM at 2:15 pm
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    Solid quarter for First Majestic. Glad to see the Navidad discovery gaining traction.

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  • October 21, 2024 2:09 PM at 2:09 pm
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    Long First Majestic!

    Reply
  • October 21, 2024 2:07 PM at 2:07 pm
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    That gold from Jerritt Canyon is a nice little bonus, I heard an interview with Veteran Geo who worked Jerritt that he believed there should be more to discover at Jerritt Canyon

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  • October 21, 2024 1:53 PM at 1:53 pm
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    Silver will hit $50 this year, exciting time! keep holding! Diamond hands all the way!

    Reply
  • October 21, 2024 1:51 PM at 1:51 pm
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    Can we see $25 year?

    Reply
  • October 18, 2024 6:31 PM at 6:31 pm
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    100x Money Money!

    Reply
  • October 18, 2024 6:31 PM at 6:31 pm
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    what happened 2 all the”keefer smokes reefer” trolls?

    shes moving bay bay

    Reply
    • October 20, 2024 10:36 AM at 10:36 am
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      The trolls are just louder in a bear market.

      Reply
  • October 18, 2024 3:03 PM at 3:03 pm
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    Bonus gold from Jerritt. Be nice if they could keep finding gold like that..

    Reply
  • October 18, 2024 2:57 PM at 2:57 pm
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    Stock price is spiking! Looks like those Q3 numbers got everyone excited. Let’s see if this momentum sticks

    Reply
    • October 20, 2024 10:37 AM at 10:37 am
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      Thanks for the comment NVM.

      Agreed.

      – SCS

      Reply
  • October 18, 2024 12:40 PM at 12:40 pm
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    Good to see steady production here

    Reply
  • October 18, 2024 11:54 AM at 11:54 am
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    Beer Friday indeed! Lets GO!

    Reply
  • October 18, 2024 9:24 AM at 9:24 am
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    First Majestic is like the rockstar of silver right now. Numbers like this don’t lie.

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    • October 20, 2024 10:38 AM at 10:38 am
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      They always were the rockstar of the sector. They have over 80k shareholders.

      – SmallCapSteve

      Reply
  • October 18, 2024 6:12 AM at 6:12 am
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    Still not much actual silver, just “silver equivalent”

    Doesn’t matter if gold and silver keep ripping.

    Reply
  • October 18, 2024 4:22 AM at 4:22 am
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    Nice to see the company turning the quarter. When are they going to get Jarret Canyon running again?

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  • October 17, 2024 11:36 PM at 11:36 pm
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    This stock doesn’t run on fundamentals it runs on silver.

    You guys are bang on with this one.

    Keep it coming we’re going to 50 Bux!

    Reply
  • October 17, 2024 8:32 PM at 8:32 pm
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    Numbers sound good compared to Q2 but still down year over year.. what gives? When are we going to see some year over year growth?

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  • October 17, 2024 6:30 PM at 6:30 pm
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    Great quarter! And with silver prices rising, AG could be a strong play moving forward.

    Reply
    • October 20, 2024 10:39 AM at 10:39 am
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      Could be? Last time silver ripped, FM led the charge.

      – SmallCapSteve

      Reply
  • October 17, 2024 2:21 PM at 2:21 pm
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    Would be nice to see the numbers next to Gatos results to see what pro forma looks like. Big transaction that will make a big difference

    Reply
    • October 20, 2024 10:40 AM at 10:40 am
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      If you look at the go public price of Gatos, which was a SPAC deal, the purchase price looks like a steal.
      Was a different time then, but looks like we could be heading back there the say silver is moving these days.

      – Smallcapsteve

      Reply

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