First Majestic Silver (US:AG) Newsfileยท2024-07-18 11:00Core Viewpoint - First Majestic Silver Corp. reported a total production of 5.3 million silver equivalent ounces in Q2 2024, with an increase in both silver and gold production compared to Q1 2024. The company also updated its production and cost guidance for the remainder of 2024, reflecting improved metal prices and operational efficiencies [2][3][15]. Production Highlights - Total production in Q2 2024 included 2.1 million silver ounces and 39,339 gold ounces, marking a 7% increase in silver and a 9% increase in gold production compared to Q1 2024 [3][4]. - The silver equivalent production for the quarter was 5.3 million ounces, a 2% increase from Q1 2024, with the silver to gold ratio decreasing to 81:1 from 88:1 due to higher silver prices [3][4]. - La Encantada Silver Mine saw a 28% increase in silver production due to improved water sourcing, while Santa Elena produced 2.6 million AgEq ounces, a 13% increase from Q1 2024 [3][4][14]. Financial Guidance - The company updated its full-year 2024 guidance, projecting silver production between 8.9 to 9.5 million ounces and gold production between 150,000 to 158,000 ounces. This reflects a slight increase in silver production and a decrease in gold production compared to previous guidance [15][19]. - The revised cash costs are expected to be between $14.25 to $14.68 per ounce, with an all-in sustaining cost (AISC) projected between $20.36 to $21.12 per payable AgEq ounce [19][21]. Operational Developments - The company is transitioning to liquefied natural gas (LNG) at the San Dimas mine to enhance power reliability and reduce carbon emissions, while maintaining cost-efficient hydroelectric power as the primary energy source [4]. - A total of 47,447 meters of drilling was completed across its mines in Q2 2024, a 31% increase from the previous quarter, with up to 22 active drill rigs [6][11]. Sustainability Efforts - First Majestic has improved its ESG ratings, achieving performance in the top 40% of the industry in both Environmental and Social categories, reflecting initiatives in carbon footprint reduction and community involvement [5][6]. Upcoming Events - The company plans to release its Q2 2024 financial results and announce the second quarter dividend payment on August 1, 2024 [26].