FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver Corp (TSX: AG) (NYSE: AG) (FSE: FMV) saw a dramatic improvement in topline revenues in the second quarter of 2024, as compared to Q1 2024. The company this morning posted revenues of $136.2 million for the quarter ended June 30, 2024, a 28% increase over the first quarter.
The revenue growth was attributed to improved production figures for the quarter, with First Majestic producing 5.3 million silver equivalent ounces during the quarter, consisting of 2.1 million ounces of silver and 39,339 ounces of gold, as compared to 5.2 million silver equivalent ounces in the prior quarter.
On a per ounce basis, the company reported cash costs of $15.29 per silver equivalent ounce and all in sustaining costs of $21.64 per ounce, as compared to cash costs of $15.00 per ounce and all in sustaining costs of $21.53 per ounce in Q1. The average selling price per ounce of silver meanwhile improved 17% to $27.81 per silver equivalent ounce.
The largest improvement on a quarter over quarter basis came from mine operating earnings, which was reported at $15.5 million, as compared to a loss of $0.3 million in the first quarter. Improvements were credited to an increase in earnings from Santa Elena, and a decrease in losses from Jerritt Canyon.
Operating cash flows for the quarter totaled $23.8 million before movements in working capital and taxes, as compared to $12.6 million in Q1, an 88% improvement. Free cash flow meanwhile improved from $0.9 million to $6.4 million on a quarter over quarter basis. Net loss for the quarter came in at $48.3 million, or a loss of $0.17 per share, which is partially attributable to a foreign exchange loss of $11.1 million during the period.
Cash and cash equivalents as of June 30 stood at $152.2 million, a 49% improvement over the $102.1 million reported at the end of the first quarter. A cash dividend of $0.0046 per share was declared for shareholders of record as of August 16, 2024.
First Majestic Silver Corp last traded at $8.54 on the TSX.
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.
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