First Majestic Silver (US:AG) ZACKSยท2024-07-19 16:25Company Performance - First Majestic Silver Corp. reported total production of 5.3 million silver equivalent ounces in Q2 2024, comprising 2.1 million silver ounces and 39,339 gold ounces [1] - Silver production increased by 7% sequentially, while gold production rose by 9%, leading to a 2% overall increase in silver equivalent ounces from the previous quarter [1] - The Santa Elena gold mine produced 2.6 million AgEq ounces, with silver and gold production increasing by 6% and 25% respectively compared to Q1 2024 [1] - La Encantada mine saw a significant production increase of 28%, producing 5.85 million silver ounces [1] Production Challenges - San Dimas mine generated 2.1 million AgEq ounces, with silver and gold production declining by 2% and 11% respectively due to reduced fresh ore processed amid ongoing labor negotiations [2] 2024 Guidance - The company updated its 2024 outlook, projecting silver prices at $28.00 per ounce and gold prices at $2,300 per ounce for the second half of 2024 [3] - Expected silver production is revised to 8.9-9.5 million ounces, while gold production is estimated to be between 150,000 and 158,000 ounces [3] Price Performance - First Majestic shares have decreased by 9.4% over the past year, contrasting with the industry's growth of 38.5% [4] Peer Comparisons - Fortuna Mining Corp. reported a 4% increase in gold equivalent production to 116,570 ounces in Q2 2024, with a notable year-over-year increase in gold production [6] - Endeavour Silver Corp. experienced a 5% year-over-year decline in silver equivalent production, while gold production increased by 7% [6] - Hecla Mining reported a 16% year-over-year improvement in silver production, producing 4.5 million ounces in Q2 2024 [7]