First Majestic Silver (US:AG) Newsfileยท2024-08-01 11:00Core 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].