Michael McCraeMichael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.ShareDisclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc ...

First Majestic Silver Corp. (AG) announced that it has entered into an agreement to acquire Gatos Silver, Inc. With this deal, AG will gain 70% interest in the high-quality and long-life Cerro Los Gatos underground mine. The deal implies a total equity value for Gatos at around $970 million.The Gatos Silver deal will solidify First Majestic’s position as an intermediate primary silver producer. The combined entity, with a pro forma market capitalization of around $3 billion, will have an enhanced production ...

Michael McCraeMichael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.ShareDisclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc ...

Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) ("First Majestic") and Gatos Silver, Inc. (NYSE: GATO) (TSX: GATO) ("Gatos") are pleased to announce they have entered into a definitive merger agreement (the "Definitive Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding common shares of Gatos (the "Transaction"). Gatos is a silver dominant producer with a 70% interest in the Los Gatos Joi ...

DarioGaona We're nearing the end of the Q2 earnings season for the precious metals sector and one of the more recent companies to report its results was First Majestic Silver (NYSE:AG). However, unlike most producers that saw free cash flow swing back to positive territory and enjoyed significantly higher revenue, First Majestic was an anomaly. Not only did revenue actually slide year-over-year due to having to lap production at Jerritt Canyon which has since gone into care and maintenance, but free cas ...

Michael McCraeMichael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.ShareDisclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc ...

Adam Gault First Majestic Silver Corp. (NYSE:AG) is a silver mining company that we have traded several times in the past. In our last two pieces covering First Majestic we first recommended a tactical short for double-digit returns. Then, back in the fall, we moved to neutral on the stock, as we saw subpar performance given a higher metal price situation. Here we are more than halfway into calendar 2024, and we have strong metal prices. However, shares of the stock are about where they were in the fall ...

Financial Performance - Revenues for Q2 2024 were $136.166 million, a decrease of 7.4% compared to $146.692 million in Q2 2023[8] - Mine operating earnings for Q2 2024 were $15.462 million, significantly improved from $1.138 million in Q2 2023[8] - Net loss for Q2 2024 was $48.251 million, compared to a net loss of $17.534 million in Q2 2023, reflecting a 175.5% increase in losses year-over-year[11] - Total comprehensive loss for Q2 2024 was $39.208 million, compared to a loss of $34.910 million in Q2 2023[11] - Cash generated from operating activities in Q2 2024 was $16.844 million, down from $20.379 million in Q2 2023[12] - Cash and cash equivalents at the end of Q2 2024 were $152.173 million, compared to $160.235 million at the end of Q2 2023[12] - The company reported a basic loss per share of $0.17 for Q2 2024, compared to $0.06 for Q2 2023[8] - Total mine operating costs for Q2 2024 were $120.704 million, down from $145.554 million in Q2 2023[8] - The company incurred finance costs of $7.335 million in Q2 2024, slightly up from $7.326 million in Q2 2023[12] - The company reported a net loss of $61,814 thousand for the six months ended June 30, 2024[16] - For the three months ended June 30, 2024, the consolidated revenue was $136.2 million, a decrease from $146.7 million in the same period of 2023, representing a decline of approximately 7.5%[44] - For the six months ended June 30, 2024, the consolidated revenue was $242.2 million, down from $303.6 million in the same period of 2023, reflecting a decrease of approximately 20.3%[48] Assets and Liabilities - Total assets increased to $1,987,039 thousand as of June 30, 2024, compared to $1,976,355 thousand at December 31, 2023, reflecting a growth of 0.54%[14] - Current assets rose to $341,903 thousand, up from $309,057 thousand, marking an increase of 10.6%[14] - Total liabilities decreased to $613,026 thousand from $618,235 thousand, a reduction of 0.35%[14] - Share capital increased to $1,952,580 thousand as of June 30, 2024, compared to $1,879,971 thousand at the end of 2023, representing a growth of 3.87%[16] - The accumulated deficit widened to $(674,149) thousand from $(609,876) thousand, indicating a decrease in retained earnings[16] - Equity reserves increased to $95,582 thousand from $88,025 thousand, reflecting a growth of 8.8%[16] - As of June 30, 2024, total property, plant, and equipment amounted to $980,267 thousand, an increase from $973,472 thousand at December 31, 2023[107] - Total debt facilities increased to $224.58 million as of June 30, 2024, up from $219.81 million at the end of 2023, representing a growth of approximately 2.1%[129] Operational Performance - The operating loss for the San Dimas mine in Q2 2024 was $2.5 million, a significant decrease from an operating profit of $8.9 million in Q2 2023[44] - The Santa Elena mine reported an operating profit of $26.3 million in Q2 2024, up from $7.4 million in Q2 2023, indicating a year-over-year increase of approximately 254%[44] - The Jerritt Canyon mine incurred an operating loss of $2.6 million in the first half of 2024, compared to a loss of $49.3 million in the same period of 2023, showing improvement in operational efficiency[48] - The company owns three producing mines in Mexico and has placed the Jerritt Canyon Gold Mine in Nevada on temporary suspension for optimization efforts[20] Shareholder Information - The company issued 10,600,000 shares for prospectus offerings, raising $71,154 thousand during the period[16] - The Company sold 10,600,000 common shares under the 2024 ATM program at an average price of $6.89 per share, generating gross proceeds of $73,000,000 and net proceeds of $71,154,000 during the six months ended June 30, 2024[155] - The total share-based payments expense related to stock options was $2,700,000 for the six months ended June 30, 2024, compared to $6,900,000 for the year ended December 31, 2023[159] - A total of 1,127,330 Restricted Share Units (RSUs) were awarded during the six months ended June 30, 2024, with a total expense of $400,000[162] Risk Management - The company is exposed to foreign exchange risk primarily related to Canadian dollars and Mexican pesos, which could impact net earnings[197] - A 10% change in the Canadian dollar could result in an effect of $718 on net earnings, while a similar change in the Mexican peso could impact net earnings by $11,150[198] - The company does not use long-term derivative instruments to hedge its commodity price risk for silver or gold[199] - A 10% change in silver prices could affect net earnings by $2,121, while gold prices could impact net earnings by $570, totaling $2,691[200] - The company manages liquidity risk by monitoring cash flows and matching the maturity profile of financial assets and liabilities[194] Compliance and Governance - The company has applied amendments to IFRS standards effective January 1, 2024, which did not have a material impact on the financial statements[30] - The company is currently evaluating the impact of IFRS 18 on its consolidated financial statements, which is effective for annual reporting periods beginning on or after January 1, 2027[40] - The company was in compliance with all of its debt covenants as of June 30, 2024[186]

Core Viewpoint - First Majestic Silver Corp. reported its unaudited financial results for Q2 2024, highlighting production increases but a decrease in revenues compared to the previous year due to various operational challenges and inventory levels [1][2][8]. Production and Operational Highlights - The company produced 5.3 million silver equivalent ounces, comprising 2,104,181 silver ounces and 39,339 gold ounces, marking a 7% and 9% increase respectively compared to Q1 2024 [2][13]. - The ore processed totaled 674,570 tonnes, a 15% increase from Q1 2024 but an 8% decrease from Q2 2023 [6][12]. - Cash costs were reported at $15.29 per AgEq ounce, a 2% improvement year-over-year, while all-in sustaining costs (AISC) were $21.64 per AgEq ounce, reflecting a slight increase of 1% [4][15]. Financial Performance - Quarterly revenues amounted to $136.2 million, down 7% from $146.7 million in Q2 2023, primarily due to a 15% decrease in payable AgEq ounces sold [2][8]. - Mine operating earnings improved significantly to $15.5 million from $1.1 million in Q2 2023, attributed to better performance at Santa Elena and reduced losses at Jerritt Canyon [3][9]. - The net loss for the quarter was $48.3 million, with an adjusted net loss of $20.4 million, compared to a net loss of $17.5 million in Q2 2023 [9][10]. Cash and Dividend Information - As of June 30, 2024, the company had a cash and restricted cash balance of $269.7 million, including $152.2 million in cash and cash equivalents [10]. - A cash dividend of $0.0046 per common share was declared for Q2 2024, payable on or about August 30, 2024 [16][17]. Future Outlook - Management anticipates further production improvements in H2 2024 due to planned higher ore grades and throughput rates [2][14]. - The company is also ramping up activities at First Mint, expecting to increase minting throughput by over 50% and introduce new products in the second half of 2024 [5].

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the discovery of a significant new, vein-hosted gold and silver mineralized system at its Santa Elena property in Sonora, Mexico. This new high-grade discovery, the Navidad vein system ("Navidad"), was made at depth adjacent to the Company's 100%-owned and currently producing Ermitaño mine."We are very excited about the new hi ...