Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drilling results from its 2024 exploration program at the San Dimas Silver/Gold Mine located in Durango State, Mexico. The drill program was designed to test new silver and gold mineral targets, add Mineral Resources, and convert Mineral Resources to Mineral Reserves."We are very pleased with the positive exploration ...

Core Insights - The article emphasizes the importance of identifying undervalued growth stocks rather than following market trends blindly, which often leads to buying at peak prices [1] Group 1: NovaGold Resources (NG) - NovaGold Resources is a Canadian gold mining company with four sites in Alaska, recently electing ten directors to guide its future direction [3] - The company reported $118 million in its treasury for Q1 2024, providing significant investment flexibility [3] - Technical analysis indicates that NG is breaking through long-standing resistance, suggesting it is a massively undervalued growth stock [3] Group 2: SSR Mining (SSRM) - SSR Mining, another Canadian mining company, experienced a significant price drop in February 2024, creating buying opportunities [5] - The stock has established a bottom at $610 and has shown steady recovery, currently trading between $720 and $750 [5] - The recent election of ten directors indicates a united front, likely leading to decisive actions in investments and mining projects [5] Group 3: First Majestic Silver Corporation (AG) - First Majestic Silver Corporation has fluctuated between $6 and $24 since 2009 and is currently priced around $9 [6] - The company has a history of rapid price increases, with notable jumps from $5 to $23 in 2010 and from $4 to $23 in 2016 [6] - With a cash position of $102 million, AG is well-positioned to capitalize on the anticipated bull market in precious metals [7]

Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the release of its 2023 Annual Report (the "Report") titled "20 Years. The Silver Evolution". The Report encompasses the Company's vision and mission, its values, its commitment to achieving its goals, and its 20-year evolution to becoming one of the world's largest silver producers."It is with great pleasure that we release ou ...

Vancouver, British Columbia--(Newsfile Corp. - May 24, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that effective as of market open Monday, May 27, 2024, First Majestic's stock ticker symbol on the Toronto Stock Exchange (the "TSX") will change from "FR" to "AG".As a result of this change, "AG" will now be the ticker symbol for First Majestic's common shares listed in Canada on the TSX, and in the United States on the New Yo ...

[Condensed Interim Consolidated Financial Statements](index=4&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Condensed Interim Consolidated Statements of Earnings (Loss)](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Earnings%20(Loss)) The company reported a significant decrease in revenue to $106.0 million in Q1 2024 from $157.0 million in Q1 2023, primarily due to the suspension of the Jerritt Canyon mine. The net loss for the period narrowed to $13.6 million from $100.7 million year-over-year, largely because the prior year's results included a substantial $125.2 million impairment charge on the Jerritt Canyon asset Q1 2024 vs Q1 2023 Earnings Summary | Metric | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $106,014 | $156,952 | -32.5% | | **Mine operating loss** | ($321) | ($6,423) | Improved | | **Operating loss** | ($19,243) | ($144,224) | Improved | | **Net loss for the period** | ($13,563) | ($100,660) | Improved | | **Loss per common share (Basic & Diluted)** | ($0.05) | ($0.37) | Improved | - The significant improvement in net loss year-over-year is primarily attributed to the absence of a major impairment charge in Q1 2024. In Q1 2023, the company recorded a **$125.2 million impairment** of a non-current asset related to the Jerritt Canyon mine[8](index=8&type=chunk) [Condensed Interim Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company's total comprehensive loss for Q1 2024 was $20.7 million, which was greater than the net loss of $13.6 million. This difference was driven by a $7.1 million other comprehensive loss, primarily from unrealized losses on investments in marketable securities Q1 2024 vs Q1 2023 Comprehensive Loss Summary | Metric | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | **Net loss for the period** | ($13,563) | ($100,660) | | **Other comprehensive (loss) income** | ($7,125) | $2,479 | | **Total comprehensive loss** | ($20,688) | ($98,181) | [Condensed Interim Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, the company generated $12.4 million in cash from operating activities, a significant turnaround from the $4.7 million used in Q1 2023. However, cash used in investing activities was $28.2 million, and cash used in financing activities was $7.7 million, resulting in a net decrease in cash and cash equivalents of $23.4 million for the quarter Q1 2024 vs Q1 2023 Cash Flow Summary | Activity | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | **Cash generated by (used in) operating activities** | $12,434 | ($4,670) | | **Cash (used in) investing activities** | ($28,152) | ($52,297) | | **Cash (used in) provided by financing activities** | ($7,678) | $8,430 | | **Decrease in cash and cash equivalents** | ($23,396) | ($48,537) | | **Cash and cash equivalents, end of the period** | $102,069 | $104,774 | [Condensed Interim Consolidated Statements of Financial Position](index=7&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2024, the company's financial position remained stable with total assets of $1.96 billion and total liabilities of $615.8 million. Total equity decreased slightly to $1.34 billion from $1.36 billion at the end of 2023. Cash and cash equivalents stood at $102.1 million Financial Position Summary | Metric | March 31, 2024 (in thousands USD) | December 31, 2023 (in thousands USD) | | :--- | :--- | :--- | | **Total current assets** | $279,413 | $309,057 | | **Total assets** | $1,955,708 | $1,976,355 | | **Total current liabilities** | $119,862 | $120,138 | | **Total liabilities** | $615,754 | $618,235 | | **Total equity** | $1,339,954 | $1,358,120 | [Condensed Interim Consolidated Statements of Changes in Equity](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by $18.2 million during Q1 2024, from $1.358 billion to $1.340 billion. The decline was primarily driven by the net loss of $13.6 million and an other comprehensive loss of $7.1 million, partially offset by share-based payments Q1 2024 Equity Movement | Description | Amount (in thousands USD) | | :--- | :--- | | **Balance at December 31, 2023** | $1,358,120 | | Net loss for the period | ($13,563) | | Other comprehensive loss | ($7,125) | | Share-based payments | $3,901 | | Dividend declared and paid | ($1,379) | | **Balance at March 31, 2024** | $1,339,954 | [Notes to Condensed Interim Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [General](index=9&type=section&id=General) This section outlines the company's core business, the basis of financial statement preparation, and key accounting policies. First Majestic is focused on silver and gold production in North America, with three producing mines in Mexico. The financial statements are prepared in accordance with IAS 34 and IFRS, and the accounting policies are consistent with the 2023 annual report [Note 1. Nature of Operations](index=9&type=section&id=Note%201.%20Nature%20of%20Operations) The company's core business involves the production, development, exploration, and acquisition of silver and gold mineral properties in North America, operating three mines in Mexico - The company's business involves the production, development, exploration, and acquisition of mineral properties, with a focus on silver and gold in North America[19](index=19&type=chunk) - First Majestic owns three producing mines in Mexico: San Dimas, Santa Elena, and La Encantada. The Jerritt Canyon Gold Mine in Nevada, USA, was placed on temporary suspension in March 2023[19](index=19&type=chunk) [Note 2. Basis of Presentation](index=9&type=section&id=Note%202.%20Basis%20of%20Presentation) The interim financial statements are prepared in accordance with IAS 34 and presented in thousands of United States dollars - The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting"[21](index=21&type=chunk) - All financial data is presented in thousands of United States dollars unless otherwise specified[22](index=22&type=chunk) [Note 3. Material Accounting Policy Information, Estimates and Judgments](index=9&type=section&id=Note%203.%20Material%20Accounting%20Policy%20Information,%20Estimates%20and%20Judgments) Accounting policies and estimates remain consistent with the prior year's annual report, with no material impact from new IFRS standards adopted in 2024 - The accounting policies, critical judgments, and estimates applied are consistent with those disclosed in the audited consolidated financial statements for the year ended December 31, 2023[26](index=26&type=chunk) - The adoption of new and amended IFRS standards effective January 1, 2024, did not have a material impact on the company's financial statements[28](index=28&type=chunk) [Statements of Earnings (Loss) Details](index=13&type=section&id=Statements%20of%20Earnings%20(Loss)%20Details) This section provides detailed breakdowns of key items from the income statement. It highlights that the Santa Elena mine was the largest contributor to mine operating earnings in Q1 2024. Revenue was primarily driven by gold (57%) and silver (43%). Mine holding costs increased significantly due to the suspension of the Jerritt Canyon mine [Note 4. Segmented Information](index=13&type=section&id=Note%204.%20Segmented%20Information) This note details the financial performance of the company's operating segments, highlighting the addition of First Mint LLC and significant customer concentration Q1 2024 vs Q1 2023 Segment Performance (Mine Operating Earnings/Loss) | Segment | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | San Dimas | ($7,718) | $8,861 | | Santa Elena | $15,604 | $12,918 | | La Encantada | ($5,902) | $2,364 | | Jerritt Canyon | ($1,585) | ($31,332) | | **Total Mine Operating Loss** | **($321)** | **($6,423)** | - As of January 1, 2024, the company has added First Mint LLC as a significant operating segment, which includes the bullion store and minting facility in Nevada[39](index=39&type=chunk) - In Q1 2024, two customers accounted for **99% of sales revenue**, with one major metal broker accounting for **94% of total revenue**[43](index=43&type=chunk) [Note 5. Revenues](index=16&type=section&id=Note%205.%20Revenues) This note provides a breakdown of revenue by metal, showing gold as the primary contributor in Q1 2024 Q1 2024 vs Q1 2023 Revenue Breakdown by Metal | Metal | Q1 2024 Revenue (in thousands USD) | % of Total | Q1 2023 Revenue (in thousands USD) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Silver | $45,627 | 43% | $61,065 | 39% | | Gold | $60,932 | 57% | $96,537 | 61% | | **Gross Revenue** | **$106,559** | **100%** | **$157,602** | **100%** | [Note 6. Cost of Sales](index=18&type=section&id=Note%206.%20Cost%20of%20Sales) This note details the components of cost of sales, noting the absence of Jerritt Canyon standby costs in Q1 2024 Q1 2024 vs Q1 2023 Cost of Sales Breakdown | Component | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | Labour costs | $40,844 | $66,245 | | Consumables and materials | $19,453 | $29,715 | | Energy | $8,966 | $13,916 | | **Total Cost of Sales** | **$80,489** | **$123,868** | - Q1 2023 cost of sales included **$5.1 million** in one-time standby costs related to the temporary suspension of the Jerritt Canyon mine. No such costs were incurred in Q1 2024[56](index=56&type=chunk) [Note 7. General and Administrative Expenses](index=18&type=section&id=Note%207.%20General%20and%20Administrative%20Expenses) This note provides a breakdown of general and administrative expenses, including corporate administration and salaries Q1 2024 vs Q1 2023 G&A Expenses | Component | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | Corporate administration | $2,278 | $2,030 | | Salaries and benefits | $4,447 | $4,023 | | Audit, legal and professional fees | $1,833 | $1,674 | | **Total G&A** | **$9,240** | **$8,448** | [Note 8. Mine Holding Costs](index=19&type=section&id=Note%208.%20Mine%20Holding%20Costs) This note details the mine holding costs, with Jerritt Canyon contributing significantly due to its temporary suspension Q1 2024 vs Q1 2023 Mine Holding Costs | Mine | Q1 2024 (in thousands USD) | Q1 2023 (in thousands USD) | | :--- | :--- | :--- | | Jerritt Canyon | $4,370 | $— | | Santa Elena | $1,082 | $775 | | Del Toro | $638 | $656 | | San Martin | $207 | $639 | | **Total** | **$6,297** | **$3,789** | [Note 9. Investment and Other Income (Loss)](index=19&type=section&id=Note%209.%20Investment%20and%20Other%20Income%20(Loss)) This note explains the shift from investment income to a loss, primarily due to silver futures derivatives - The company recorded an investment and other loss of **$0.4 million** in Q1 2024, compared to an income of **$3.2 million** in Q1 2023. The change was primarily due to a loss from silver futures derivatives in 2024 versus a gain in 2023[61](index=61&type=chunk) [Note 10. Finance Costs](index=19&type=section&id=Note%2010.%20Finance%20Costs) This note details the increase in finance costs, mainly driven by higher debt-related expenses - Finance costs increased to **$7.1 million** in Q1 2024 from **$5.6 million** in Q1 2023, mainly due to higher costs related to debt facilities and accretion of decommissioning liabilities[62](index=62&type=chunk) [Note 11. Earnings or Loss per Share](index=20&type=section&id=Note%2011.%20Earnings%20or%20Loss%20per%20Share) This note provides the calculation of basic and diluted loss per share for the period Loss Per Share Calculation | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss for the period (in thousands USD) | ($13,563) | ($100,660) | | Weighted average shares outstanding - basic | 287,210,710 | 274,220,112 | | **Loss per share - basic and diluted** | **($0.05)** | **($0.37)** | [Statements of Financial Position Details](index=20&type=section&id=Statements%20of%20Financial%20Position%20Details) This section details the components of the company's balance sheet. Key items include mining interests of $1.0 billion and property, plant, and equipment of $400.3 million. Debt facilities stood at $222.0 million, primarily consisting of convertible debentures. The notes also detail the divestiture of two mines in 2023 and the significant impairment charge taken on the Jerritt Canyon asset in Q1 2023 [Note 12. Inventories](index=20&type=section&id=Note%2012.%20Inventories) This note provides a detailed breakdown of the company's inventory categories, including materials, silver coins, and finished goods Inventory Breakdown | Category | March 31, 2024 (in thousands USD) | December 31, 2023 (in thousands USD) | | :--- | :--- | :--- | | Materials and supplies | $38,399 | $39,204 | | Silver coins and bullion | $8,497 | $8,360 | | Stockpile | $7,418 | $5,055 | | Finished goods - doré | $6,980 | $3,529 | | Work-in-process | $6,394 | $7,542 | | **Total** | **$67,688** | **$63,690** | [Note 14. Divestitures](index=21&type=section&id=Note%2014.%20Divestitures) This note details the company's divestiture of the La Guitarra and La Parrilla silver mines in 2023 - On March 29, 2023, the company completed the sale of the La Guitarra Silver Mine to Sierra Madre Gold and Silver Ltd., recording a loss on disposition of **$1.4 million**[72](index=72&type=chunk) - On August 14, 2023, the company completed the sale of the La Parrilla Silver Mine to Silver Storm Mining Ltd., recording a loss on disposition of **$1.6 million**[76](index=76&type=chunk) [Note 18. Impairment of Non-Current Asset](index=30&type=section&id=Note%2018.%20Impairment%20of%20Non-Current%20Asset) This note explains the significant impairment charge recognized in Q1 2023 related to the Jerritt Canyon mine suspension - Following the temporary suspension of operations at the Jerritt Canyon Gold mine on March 20, 2023, the company recognized an impairment charge of **$125.2 million** during Q1 2023[109](index=109&type=chunk)[113](index=113&type=chunk) - No impairment or impairment reversal was recognized during the three months ended March 31, 2024[113](index=113&type=chunk) [Note 21. Debt Facilities](index=34&type=section&id=Note%2021.%20Debt%20Facilities) This note details the company's debt structure, primarily consisting of convertible debentures and a revolving credit facility Debt Facilities as of March 31, 2024 | Facility | Balance (in thousands USD) | | :--- | :--- | | Convertible Debentures | $201,549 | | Revolving Credit Facility | $20,422 | | **Total** | **$221,971** | - The company has **$230 million** of unsecured senior convertible debentures maturing in January 2027, with an interest rate of **0.375% per annum**[122](index=122&type=chunk) - The company's senior secured revolving credit facility has a limit of **$175.0 million** and matures in June 2026. As of March 31, 2024, the undrawn portion was **$124.6 million**[131](index=131&type=chunk)[135](index=135&type=chunk) [Note 23. Share Capital](index=39&type=section&id=Note%2023.%20Share%20Capital) This note outlines changes in share capital, including ATM program sales and dividend declarations - During Q1 2023, the company sold **1.7 million common shares** under its ATM program for net proceeds of **$14.4 million**. No shares were sold under the program in Q1 2024[145](index=145&type=chunk) - A quarterly dividend of **$0.0048 per common share** was declared on February 21, 2024[164](index=164&type=chunk) [Other Items](index=44&type=section&id=Other%20Items) This final section covers financial risk management, supplemental cash flow data, significant legal and tax contingencies, and events that occurred after the reporting period. The company faces material contingencies related to tax reassessments from Mexico's tax authority (SAT), which it is disputing through domestic and international channels. Subsequent to the quarter-end, the company raised $28.5 million through its ATM program [Note 24. Financial Instruments and Related Risk Management](index=44&type=section&id=Note%2024.%20Financial%20Instruments%20and%20Related%20Risk%20Management) This note describes the company's exposure to various financial risks, including credit, liquidity, currency, commodity price, and interest rate risks - The company is exposed to various financial risks, including credit risk, liquidity risk, currency risk (primarily Canadian dollar and Mexican peso), commodity price risk (silver and gold), and interest rate risk[179](index=179&type=chunk) Net Financial Exposure to Foreign Currencies (March 31, 2024) | Currency | Net Assets (Liabilities) Exposure (in thousands USD) | Effect of +/- 10% Change in Currency (in thousands USD) | | :--- | :--- | :--- | | Canadian Dollar | $6,523 | $652 | | Mexican Peso | $118,797 | $11,880 | [Note 26. Contingencies and Other Matters](index=50&type=section&id=Note%2026.%20Contingencies%20and%20Other%20Matters) This note details significant tax disputes with Mexico's SAT, including the APA nullification and VAT refund denials, which the company is vigorously disputing - The company is in a significant dispute with Mexico's tax authority (SAT) regarding the retroactive nullification of an Advance Pricing Agreement (APA) for its San Dimas Mine, with reassessments totaling hundreds of millions of dollars[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - The company has initiated arbitration claims against Mexico under NAFTA for both the APA dispute and the denial of VAT refunds. No liability has been recognized as the company believes its tax filings were compliant[211](index=211&type=chunk)[217](index=217&type=chunk)[219](index=219&type=chunk) - The SAT has also issued significant tax reassessments for other operations, including La Encantada, San Martin, La Parrilla, and Del Toro, which the company is vigorously disputing[221](index=221&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) [Note 27. Subsequent Events](index=55&type=section&id=Note%2027.%20Subsequent%20Events) This note reports events occurring after the reporting period, including a dividend declaration and further share sales under the ATM program - On May 7, 2024, the Board of Directors declared a quarterly dividend of **$0.0037 per share**[230](index=230&type=chunk) - Subsequent to March 31, 2024, the company sold **4,000,000 common shares** under its ATM program at an average price of **$7.13 per share**, for gross proceeds of **$28.5 million**[231](index=231&type=chunk)

Key PointsSilver's surge defies expectations, with prices up 17% year-to-date, reaching $28.09 per ounce.Geopolitical tensions in Europe and the Middle East contribute to rapid increases in both silver and gold prices.Amidst the instability, iShares Silver Trust, First Majestic, MAG Silver Corp. and Silvercorp Metals Inc. offer investors exposure to the silver market, poised to benefit from the ongoing price rally.5 stocks we like better than First Majestic SilverSilver has surged impressively, defying expe ...

Investors are looking for a safe haven in precious metals, and that helped silver stocks this week.The silver market was one of the big winners on the stock market this week after silver prices hit a multiyear high. Not only did silver have a good week, but gold was up as tensions in the Middle East and concerns about inflation heated up.According to data provided by S&P Global Market Intelligence, First Majestic Silver (AG 3.27%) led the way, rising as much as 24.1% this week; Fortuna Silver Mines (FSM 4.0 ...

First Majestic Silver Corp (AG) reported an adjusted loss per share of 3 cents in fourth-quarter 2023, which beat the Zacks Consensus Estimate of a loss of 4 cents. The company had reported a loss of 7 cents per share in the year-ago quarter. Including one-time items, AG delivered earnings of 4 cents per share in the reported quarter against a loss per share of 6 cents in the year-earlier quarter.First Majestic’s revenues decreased 7.6% year over year to $137 million in the quarter under review. The average ...

Financial Performance - Revenues for 2023 were $573,801, a decrease of 8.1% from $624,221 in 2022[37]. - Net loss for the year was $135,112, compared to a loss of $114,276 in 2022, indicating a worsening financial performance[37]. - The company reported a total comprehensive loss of $154,410 in 2023, compared to a loss of $123,815 in 2022[39]. - The total cost of sales for 2023 was $423.5 million, compared to $471.7 million in 2022, reflecting a decrease of about 10.2%[194]. - The Company reported a total capital expenditure of $141.0 million in 2023, down from $229.5 million in 2022, which is a reduction of about 38.5%[194]. - The San Dimas mine generated revenue of $243.0 million in 2023, up from $228.7 million in 2022, marking an increase of approximately 6.0%[194]. - The Santa Elena mine's revenue increased to $224.4 million in 2023 from $190.2 million in 2022, representing a growth of about 18.0%[194]. - The Jerritt Canyon mine reported a revenue drop to $40.5 million in 2023 from $130.2 million in 2022, a decline of approximately 68.9%[194]. - The Company sold 290,432 silver ounces in 2023 at an average price of $26.60 per ounce, compared to 444,576 ounces at $26.20 per ounce in 2022[194]. - In 2023, the company's gross revenue from silver was $243,682 thousand, accounting for 42% of total revenue, while gold revenue was $332,703 thousand, making up 58%[199]. Assets and Liabilities - Total assets decreased to $1,976,355 in 2023 from $2,110,009 in 2022, a decline of 6.3%[43]. - Cash and cash equivalents at the end of 2023 were $125,581, down from $151,438 in 2022, representing a decrease of 17.1%[43]. - Total liabilities decreased to $618,235 in 2023 from $698,711 in 2022, a reduction of 11.5%[43]. - As of December 31, 2023, total equity increased to $1,358,120, compared to $1,411,298 as of December 31, 2022, reflecting a net loss for the period of $135,112[45]. - The company reported a total of $406,294 thousand in mining assets for 2023, down from $451,335 thousand in 2022, representing a decrease of about 10%[197]. - The Santa Elena mine's total assets increased to $363,460 thousand in 2023 from $295,489 thousand in 2022, reflecting a growth of approximately 22.9%[197]. Internal Controls and Audit - The Company's internal control over financial reporting was assessed as effective as of December 31, 2023[6]. - Deloitte LLP expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2023[10]. - The audit was conducted in accordance with PCAOB standards, ensuring reasonable assurance about the financial statements being free of material misstatement[12]. - The audit included evaluating management's assessment of impairment indicators and the in-situ value of reserves and resources[19]. - The audit procedures involved assessing management's controls over the evaluation of income tax filing positions and disclosures[24]. Tax Matters - The Company has an ongoing tax dispute with the Mexican Tax Authorities, with potential incremental income tax liability estimated at approximately $314.2 million for the years 2010-2019[21]. - The Company has not recognized a tax liability related to the Primero tax dispute with the SAT[21]. - Current income tax is based on taxable earnings for the year, with tax rates and laws applied as of the date of the financial position statement[143]. - Deferred tax assets are recognized for deductible temporary differences only if the realization of the related tax benefit is probable[146]. - The Company reassesses recognized and unrecognized income tax assets at the end of each reporting period, considering future taxable income expectations[150]. Impairment and Restructuring - The Company recognized an impairment charge due to the recoverable amount of the Jerritt Canyon Gold Mine being lower than its carrying value[16]. - The Company identified an indicator of impairment following the temporary suspension of operations at Jerritt Canyon, leading to a reassessment of the recoverable amounts of its mining interests[134]. - The fair value of the cash-generating unit (CGU) at Jerritt Canyon was estimated using the market approach, benchmarking against recent transactions for comparable companies[135]. - The company incurred restructuring costs of $6,883 in 2023, indicating ongoing adjustments to its operational strategy[37]. Share Capital and Equity - Share capital increased to $1,879,971 in 2023 from $1,781,280 in 2022, reflecting a growth of 5.5%[43]. - The weighted average shares outstanding increased to 282,331,106 in 2023 from 263,122,252 in 2022, an increase of 7.3%[37]. - The balance of shares outstanding increased to 287,146,715 as of December 31, 2023, up from 272,577,979 in 2022[45]. - The company issued 13,919,634 shares through prospectus offerings, raising $92,092 in 2023[45]. - The company declared and paid dividends totaling $5,868 in 2023, compared to $6,867 in 2022[45]. Exploration and Mining Operations - The Jerritt Canyon Gold Mine in Nevada has been placed on temporary suspension since March 20, 2023, to focus on exploration and optimization[49]. - The company focuses its exploration efforts on mineral deposits near existing operations, ensuring significant potential for economic ore body development[96]. - Management assesses the economic recoverability of exploration costs based on geological information and existing permits[101]. - Exploration and evaluation expenditures are capitalized upon acquisition of mineral rights and are subject to impairment analysis[94].

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List due to significant downward revisions in earnings estimates over the last 60 days [1] Group 1: Company Summaries - Anglo American plc (NGLOY) is a mining company with a 21% downward revision in the Zacks Consensus Estimate for its current year earnings [1] - FMC Corporation (FMC) is an agricultural sciences company that has seen a 7.3% downward revision in the Zacks Consensus Estimate for its current year earnings [1] - First Majestic Silver Corp. (AG) is a mining company with a 25% downward revision in the Zacks Consensus Estimate for its current year earnings [1]