First Majestic Sees Q2 Production & Profits Dive Following Jerritt Canyon Mine Closure

First Majestic Silver (TSX: FR) has seen silver equivalent ounces produced decline by 17% in the second quarter of 2023 versus that of the first quarter.

The decline in silver equivalent production is a result of gold ounces produced declining 26% to 45,022 ounces, a result of the halting of production at Jerritt Canyon. Silver production meanwhile improved 4% on a quarter over quarter basis, with 2,633,411 ounces produced.

Consolidated cash costs per silver equivalent ounce came in at $15.58, while all-in sustaining costs amounted to $21.52 per ounce. The average realized price per equivalent ounce meanwhile came in at $24.95.

READ: First Majestic Suspends Mining At Jerritt Canyon Gold Mine

Revenues for the three month period ended June 30 totaled out at $146.7 million, which represents a decline of 7% from the first quarter. Mine operating earnings meanwhile came in at $1.1 million, with the company posting an overall net loss of $17.5 million for the three month period.

Cash and cash equivalents as of quarter ended amounted to $306.3 million, of which $146.1 million is restricted cash. The company also announced a cash dividend of $0.0051 per common share for shareholders of record as of August 16, 2023.

First Majestic last traded at $7.94 on the TSX.

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