Vancouver, British Columbia--(Newsfile Corp. - February 22, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the consolidated financial results of the Company for the fourth quarter and year ended December 31, 2023. The full version of the audited annual financial statements and the management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
2023 HIGHLIGHTS
Production of 26.9 million silver equivalent ("AgEq") ounces, consisting of 10.3 million silver ounces and 198,921 gold ounces.
Annual revenues of $573.8 million, compared to $624.2 million in 2022.
Strong operating cash flows before working capital and taxes of $99.2 million, compared to $109.4 million in 2022.
Consolidated cash cost was $14.49 per AgEq ounce and All-In Sustaining Cost ("AISC") (see "Non-GAAP Financial Measures" below) was $20.16 per AgEq ounce.
Adjusted net earnings of $(23.8) million, or $(0.08) per share, after excluding non-cash or unusual items.
Realized an average silver price of $23.29 per payable AgEq ounce, representing a 4% increase compared to 2022.
The Company held 300,000 silver bullion ounces in finished goods inventory as at December 31, 2023 that has been dedicated to build an initial inventory balance for the Company's minting facility, First Mint, LLC. The fair value of this inventory at December 31, 2023 was $7.1 million.
The Company paid $5.9 million in dividends to shareholders in 2023.
At the end of the year, the Company had a cash and restricted cash balance of $251.2 million consisting of $125.6 million cash and cash equivalents and $125.6 million of restricted cash. The Company also ended the year with a strong liquidity position of $313.6 million consisting of $188.9 million in working capital and $124.6 million of available, undrawn revolving credit facility.
4th QUARTER HIGHLIGHTSsee & read more on
https://www.newsfilecorp.com/release/198913/ |
