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.

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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.