First Majestic Produces 5.2 Million AgEq Oz in Q1 2024

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first quarter of 2024 from the Company's three producing mines in Mexico, the San Dimas SilverGold Mine, the Santa Elena SilverGold Mine and the La Encantada Silver Mine, reached 5.2 million silver equivalent ("AgEq") ounces, consisting of 2.0 million silver ounces and 35,936 gold ounces. The Company's financial results for the first quarter of 2024 are scheduled to be released on Wednesday, May 8, 2024.

Q1 2024 HIGHLIGHTS

  • Record safety performance: In Q1 2024, the consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.48 and the Lost Time Incident Frequency Rate ("LTIFR") was 0.08, an improvement of 53% and 79% compared to the prior quarter, respectively. In support of ongoing strong safety performance and culture, the Company's Silver Helmet Award was issued to the La Encantada Silver Mine for exceptional health and safety leadership.

  • Total Production: The Company produced 5.2 million AgEq ounces consisting of 2.0 million ounces of silver and 35,936 ounces of gold, aligned to its 2024 guidance production plan.

  • La Encantada: During March, the Company successfully identified and developed a significant new water source and is in the process of increasing water inventory levels and processing rates at the plant. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day ("tpd") by Q3 2024.

  • Santa Elena continues strong production: Produced 2.3 million AgEq ounces, on track with the 2024 guidance production plan.

  • ESG Performance: Received 2023 S&P Global Corporate Sustainability Assessment score, which placed First Majestic above the average performance for the Metals & Mining industry.

  • 17 Active Drill Rigs: The Company completed a total of 36,274 metres of drilling across its mines in Mexico during the first quarter, representing an increase of 10% and 15% over Q4 and Q3 2023, respectively. Throughout the quarter, up to seventeen drill rigs were active consisting of eleven rigs at San Dimas, and six rigs at Santa Elena.

"Q1 represented a strong start to 2024 from a safety and production stance, with continued strong production from Santa Elena and an encouraging outlook for La Encantada," said Keith Neumeyer, President & CEO. "I am proud of the safety performance that we are achieving across our operations while delivering on our production plans. Santa Elena continues to exceed our expectations with another quarter of robust production. At La Encantada, our teams have been working diligently on sourcing additional water since June last year, and we are thrilled to have identified a new water source that is expected to put the operation back to budgeted throughput and production rates by Q3."

Production Details Table:

Q1Q1Q/Q
Q4Q/Q
20242023ChangeConsolidated Production Results2023Change
588,651845,868(30)%Ore processed/tonnes milled652,731(10)%
5,162,2837,627,105(32)%Total production - Silver equivalent ounces6,640,550(22)%
1,975,1762,543,059(22)%Silver ounces produced2,612,416(24)%
35,93660,594(41)%Gold ounces produced46,585(23)%

 

Quarterly Mine-by-Mine Production Table:

MineOre
Processed
Tonnes
per Day
Ag Grade
(g/t)
Au Grade
(g/t)
Ag
Recovery
Au
Recovery
Ag Oz ProducedAu Oz
Produced
AgEq Oz
Produced
San Dimas178,9571,9672202.4592%96%1,163,79213,5432,364,875
Santa Elena224,3942,466723.1669%95%355,20521,7132,280,739
La Encantada185,2982,0361230.0162%90%456,17933459,110
Jerritt Canyon*N/AN/AN/AN/AN/AN/AN/A64757,559

 

*Jerritt Canyon was placed on temporary suspension in March 2023, in-circuit recovery efforts performed in Q1 2024 resulted in production of 647 gold ounces.
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
- The Ag:Au ratio used in the calculation of silver equivalent ounces was 88.7:1

San Dimas Silver/Gold Mine:

  • San Dimas produced 2,364,875 AgEq ounces during the quarter consisting of 1,163,792 ounces of silver and 13,543 ounces of gold. Silver and gold production decreased by 23% and 27%, respectively, when compared to the prior quarter primarily due to a decrease in ore processed and silver and gold grades. These reductions were caused by the transition into lower grade areas of the Central and Graben blocks. Management anticipates improvement in grades and throughput throughout the year and consistent with the Company's 2024 guidance plan.

  • The mill processed a total of 178,957 tonnes of ore with average silver and gold grades of 220 g/t and 2.45 g/t, respectively.

  • Silver and gold recoveries during the quarter averaged 92% and 96%, respectively.

  • The Central Block and Sinaloa Graben areas contributed approximately 84% and 16%, respectively, of the total production during the quarter.

  • During the quarter, a total of eleven drill rigs, consisting of two surface rigs and nine underground rigs, completed 26,363 metres of drilling on the property, representing a 6% increase when compared to the prior quarter.

Santa Elena Silver/Gold Mine:

  • Santa Elena produced 2,280,739 AgEq ounces, consisting of 355,205 ounces of silver and 21,713 ounces of gold. Silver and gold production is tracking to the Company's 2024 guidance production plan.

  • The mill processed a total of 224,394 tonnes of ore, containing average silver and gold head grades of 72 g/t and 3.16 g/t, respectively.

  • Silver and gold recoveries averaged 69% and 95%, respectively, during the quarter.

  • During the quarter, six drill rigs, consisting of four surface rigs and two underground rigs, completed 9,911 metres of drilling on the property, representing a 25% increase when compared to the prior quarter.

La Encantada Silver Mine:

  • Throughout Q1 2024, and as reflected in the Company's 2024 guidance, La Encantada was impacted by limited water supply to the mill, mainly driven by severe drought conditions in 2023 which impacted the existing water wells in the area. Since June 2023, the Company drilled a total of five exploration and production holes in an effort to source additional water. The most recent hole (G11) has identified a significant water resource, and the Company is in the process of increasing water inventory levels and processing rates at the plant. First Majestic anticipates improved ore throughput rates in Q2 and reaching historic levels in Q3.

  • During the quarter, La Encantada produced 456,179 ounces of silver, representing a 12% decrease compared to the prior quarter primarily due to a decrease in ore processed and silver recovery.

  • The mill processed a total of 185,298 tonnes of ore with an average silver grade of 123 g/t and silver recovery of 62%, representing a 11% increase and 12% decrease, respectively. Stope production from the new Beca Zone has contributed 26,910 tonnes with average silver grades of 106 g/t.

Q1 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company is planning to release its first quarter 2024 unaudited financial results and announce details regarding its first quarter dividend payment on May 8, 2024.

Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.

First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.

For further information, contact info@firstmajestic.com visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward‐looking information" and "forward‐looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this press release include, but are not limited to, statements with respect to: increasing water inventory and processing rates; improvement in grades and throughout rates; timing for the release of the Company's Q1 2024 unaudited financial results; timing for the payment of the Company's next quarterly dividend. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: the duration and effects of the COVID‐19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; availability of sufficient water for operating purposes; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business ‐ Risk Factors" in the Company's most recent AIF, available on SEDAR+ at www.sedarplus.ca, and Form 40‐F available on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205559

News Provided by Newsfile via QuoteMedia

FR:CA,AG
The Conversation (0)

Silver Tiger Intersects 1.0 Metre of 12,851.5 G/T Silver Equivalent Within 16.0 Metres of 875.6 G/T Silver Equivalent in the Tigre Vein and Keel Zone

Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update on the first 95 drill holes for the Company's ongoing Pre-Feasibility Study ("PFS") drilling program on the Stockwork deposit on its El Tigre Project in Sonora, Mexico. These new results are highlighting the high-grade mineralization beneath the floor of the 2023 PEA Open Pit in the Keel Zone and expansion of the PEA Starter Pit to the north

Drill hole ET-24-568 cut 16.0 metres grading 875.6 g/t silver equivalent or 11.67 g/t gold equivalent from 155.0 to 171.0 metres, consisting of 409.9 g/t silver and 6.21 g/t gold and INCLUDING 1.0 metres grading 12,851.5 g/t silver equivalent or 171.35 g/t gold equivalent from 161.0 to 162.0 metres consisting of 6,034.0 g/t silver and 90.90 g/t gold and in the Keel Zone (Figures 1 & 2). The hole passed through the El Tigre vein located some 15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Fortuna's Yaramoko Mine reaches one-million-ounce gold pour milestone

Fortuna's Yaramoko Mine reaches one-million-ounce gold pour milestone

Fortuna Silver Mines Inc. (TSX: FVI) (NYSE: FSM) is pleased to report that the Yaramoko Mine located in Burkina Faso reached the one-million-ounce gold pour milestone on May 19, 2024. Yaramoko started production on May 16, 2016 and Fortuna acquired the mine on July 2, 2021 (refer to Fortuna news release dated July 2, 2021 ).

As of December 31, 2023, Yaramoko has a remaining mine life of two years with Proven and Probable Mineral Reserves of 0.9 Mt at a grade of 7.90 g/t Au and containing 219 koz Au, in addition to Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, of 0.5 Mt at a grade of 2.87 g/t Au and containing 43 koz Au, and Inferred Mineral Resources, exclusive of Mineral Reserves, of 0.16 Mt at a grade of 3.52 g/t Au and containing 18 koz Au (refer to Fortuna news release dated February 15, 2024, " Fortuna reports updated Mineral Reserves and Mineral Resources "). The mine's exploration budget for 2024 is US$6.1 million, which includes 41,450 meters of drilling (refer to Fortuna news release dated January 18, 2024 ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Impact Silver Announces Closing of an Oversubscribed C$7.1 Million First Tranche Non-Brokered Private Placement Financing

Impact Silver Announces Closing of an Oversubscribed C$7.1 Million First Tranche Non-Brokered Private Placement Financing

IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement financing originally announced of up to C$6,200,000 on April 30th, 2024 and subsequently increased up to C$8,200,000 on May 13th, 2024 (the "Offering"). The Offering is being completed pursuant to the listed issuer financing exemption ("LIFE") of National Instrument 45-106 Prospectus Exemptions ("NI 45-106") and other private placement exemptions under NI 45-106.

Under the first tranche the Company has received gross proceeds of C$2,936,587 from the issuance of 10,487,812 LIFE units (the "LIFE Units") at C$0.28 per LIFE Unit and gross proceeds of C$4,192,071 from the issuance of 15,526,190 units (the "Standard Units") at C$0.27 per Standard Unit for aggregate gross proceeds of C$7,128,659. The second tranche of the Offering is anticipated to close on or before May 28th, 2024.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Dolly Varden Silver Commences 2024 Drilling Program with Discovery-Focused Exploration Targets

Dolly Varden Silver Commences 2024 Drilling Program with Discovery-Focused Exploration Targets

Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (FSE: DVQ1) (the "Company" or "Dolly Varden") is pleased to announce that the 2024 Exploration Drill Program has started at its 100% owned Kitsault Valley Project. Three drill rigs have been mobilized and are testing exploration targets at Moose Vein, Chance Vein and the North Star Deposit step out. Objectives of the initial targets include testing for new discoveries and following up from high-grade silver mineralization encountered in the 2023 drilling program.

Drill meterage in the 2024 drill program will be split approximately evenly between the Dolly Varden Property and the Homestake Ridge Property, with an overall project split of one third each to the Homestake Silver deposit, to the Wolf deposit area and to project wide exploration targets with discovery potential.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

MAG Silver Announces Planned Retirement of CXO

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the " Company ") announces the planned retirement of Co-Founder and Chief Exploration Officer (" CXO "), Dr. Peter Megaw, effective May 21, 2024. Peter has been an integral part of MAG Silver's success, applying over 45 years of relevant experience to our silver and gold exploration efforts, with the past ten years dedicated to serving as MAG's CXO.

Peter's retirement marks the culmination of over 20 years of dedicated service to MAG. Under his leadership, Juanicipio, one of the world's leading silver deposits, was discovered, financed, developed and is now in operation. Beyond the discovery of Juanicipio, as Co-Founder, Peter played an integral role in the development of the Company including its IPO, seven years of service on the Board, its acquisition of strategic exploration properties in prolific jurisdictions and its growth into the substantial silver producer it is today. Peter will continue as a consultant to the Company following his retirement from executive duties at MAG.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Eastern Metals

Successful $1M Placement to Accelerate Exploration

Proceeds to be used to underpin upcoming programs at the Arunta Project, Northern Territory and Cobar Project, New South Wales

Eastern Metals Ltd (ASX:EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has received firm commitments from professional and sophisticated investors to raise $1,000,000 (before costs) in a placement through the issue of 31.25 million new fully paid ordinary shares (“Shares”) at an issue price of $0.032 per Share (“the Placement”).

Keep reading...Show less

Latest Press Releases

Related News

×