First Majestic Reports Record 2015 Silver Equivalent Production

First Majestic Silver Corp. (TSX:FR,NYSE:AG) put out its consolidated financial results for Q4 2015, as well as 2015 as a whole. For the full 2015 year the company reported an adjusted net loss of $14.1 million, or $0.11 per share.
Meanwhile, silver equivalent production came to 16.1 million ounces, up 5 percent from the amount seen in 2014.
Other 2015 highlights are as follows:

• Silver production of 11.1 million ounces, representing a 5% decrease compared to 2014.
• AISC of $13.43 per payable silver ounce, representing a 24% decrease compared to 2014.
• Revenues were $219.4 million representing an 11% decrease compared to 2014 despite a 14% decline in average realized silver price.
• Operating cash flows before working capital and taxes of $59.7 million or $0.46 per share.
• General and Administrative costs of $17.0 million, representing a 12% decrease compared to 2014.
• Ended the year with cash and cash equivalents of $51.0 million, up from $40.3 million in 2014.

Keith Neumeyer, president and CEO of First Majestic, commented:

In 2015, First Majestic delivered another year of record production totaling 16.1 million silver equivalent ounces representing a 5% increase from 2014. During the fourth quarter, our consolidated AISC fell to $11.28 per ounce, representing a significant reduction of 22% compared to the prior quarter, primarily due to the inclusion of our latest acquisition, the Santa Elena mine. In addition, we have experienced a nice start to 2016 with a renewed interest in precious metals pushing prices higher and coinciding with currency exchange weakness and increased volatility in the Mexican Peso. These two components, if sustained throughout 2016, will have a significant influence on the Company’s operating cash flows this year. With First Majestic now producing silver from six mines, we expect 2016 will be another record year of production.

Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.