Second Quarter Financial Results and Quarterly Dividend Vancouver, British Columbia--(Newsfile Corp. - August 16, 2021) - First Majestic Silver Corp. (NYSE: AG) (FSE: FMV) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2021. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
SECOND QUARTER 2021 HIGHLIGHTS
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Revenues reached a new Company record of $154.1 million following the inclusion of approximately two months of production from the Jerritt Canyon mine in Nevada and robust production from the Mexican operations
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Average realized silver price per ounce of $27.32, a 1% increase compared to Q1 2021
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Cash costs increased to $13.89 per AgEq ounce, compared to $12.61 in Q1 2021, primarily due to higher ore development and the addition of the Jerritt Canyon operation
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AISC were relatively unchanged at $19.42 per AgEq ounce, compared to $19.35 in Q1 2021
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Mine operating earnings of $29.4 million, compared to $28.1 million in Q1 2021
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Net earnings of $15.6 million (EPS of $0.06), compared to $1.9 million (EPS of $0.01) in Q1 2021
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Adjusted EPS of $0.05 after excluding non-cash and non-recurring items, compared to $0.03 in Q1 2021 (non-GAAP)
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Cash flow per share was $0.21 per share (non-GAAP), compared to $0.14 per share in Q1 2021
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Cash and cash equivalents as of June 30, 2021 was $227.1 million. In addition, the Company has a strong working capital position of $276.3 million and total available liquidity of $316.3 million, including $40.0 million of available undrawn revolving credit facility
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Declared a cash dividend payment of $0.006 per common share for the second quarter of 2021 for shareholders of record as of the close of business on August 26, 2021, and will be distributed on or about September 16, 2021
"Improved production rates and higher metal prices during the quarter generated record revenues for the business," stated Keith Neumeyer, President & CEO. "As a result of the higher revenues, our quarterly dividend increased by approximately 33% when compared to the prior quarterly payment. The mining units generated $29.4 million in mine operating earnings due to strong production and higher realized metal prices. At Jerritt Canyon, operational improvements are being achieved although AISC are expected to be higher than normal in the third quarter due to a $12.3 million lift on the tailing impoundment that is currently being constructed. Once completed, costs at Jerritt Canyon are expected to return to normal levels."
https://www.newsfilecorp.com/release/93301/First-Majestic-Reports-Second-Quarter-Financial-Results-and-Quarterly-Dividend-Payment