First Majestic Silver Sees Production Decline 16% In Q1 2022

First Majestic Silver (TSX: FM) this morning reported production results for the first quarter of 2022. The company produced a total of 2.6 million ounces of silver and 58,892 ounces of gold, equating to roughly 7.2 million silver ounce equivalents.

Production declined by 16% on a quarter over quarter basis, with the company last quarter producing 3.4 million ounces of silver and 67,411 ounces of gold, a decline of 22% and 13% respectively. On a year over year basis, production was up 59% on a combined basis due to expanded gold production, with just 23,873 ounces of gold produced in Q1 2021. Silver production however was down from 2.9 million in the same period.

The declines in Q1 production in 2022 was blamed on the ongoing pandemic, with absenteeism reportedly increasing during the months of January and February due to rising case counts throughout Mexico.

A total of 877,118 tonnes of ore was processed in the quarter, down 8% from 955,810 tonnes in Q4 2021. Head grades meanwhile came in at 109 g/t silver and 2.34 g/t gold, versus 125 g/t silver and 2.42 g/t gold in the previous quarter.

In terms of exploration, the company is said to have drilled a total of 75,224 metres in aggregate during the quarter via 29 drill rigs.

Full financial results are due to be released by the company on May 12.

First Majestic Silver last traded at $17.94 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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

First Majestic Silver To Acquire Gatos Silver In $970 Million Transaction

First Majestic Silver (TSX: AG) (NYSE: AG) is expanding its asset base in Mexico, announcing...
Thursday, September 5, 2024, 09:46:27 AM

First Majestic Posts Record Free Cash Flow Of $68.4 Million In Fourth Quarter

First Majestic Silver (TSX: AG) (NYSE: AG) saw record free cash flow in the fourth...
Thursday, February 20, 2025, 03:55:00 PM

Five Major U.S. Banks Face Billions in Losses as Surging Silver Prices Pressure Short Sellers

Silver prices have spiked significantly in October, climbing nearly 8% this month to exceed $33.60...
Sunday, October 27, 2024, 07:46:00 AM

2023 Silver Deficit Will Move Prices — With Keith Neumeyer

Joining us today on the Daily Dive is Keith Neumeyer, President & CEO of First...

Tuesday, February 7, 2023, 01:30:00 PM

First Majestic Posts Record Silver Production In First Quarter Of 2025

First Majestic Silver (TSX: AG) (NYSE: AG) this morning reported record silver production for the...
Wednesday, April 9, 2025, 04:20:00 PM