Q3 2024 Highlights
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Higher Q3 Silver Equivalent Production: In Q3 2024, the Company produced 5.5 million AgEq ounces, a 4% increase from the previous quarter. This growth was primarily driven by increased gold production at San Dimas and Santa Elena.
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Continued Active Exploration Program: A total of 50,020 meters of drilling were completed across the company’s mines in Mexico and the Jerritt Canyon Gold Mine in Nevada. This represents a continued increase in exploration compared to Q2.
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High-Grade Gold and Silver Discovery: The Company announced the discovery of the Navidad system, a new high-grade gold and silver vein hosted system at the Santa Elena property. This discovery is adjacent to the Ermitaño mine and is a focus of current exploration efforts.
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Jerritt Canyon Mine Exploration Program Commenced: The 2024 exploration program at Jerritt Canyon began in the third quarter, with a focus on new targets on U.S. Forest Lands.
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Safety Performance: The consolidated Total Reportable Incident Frequency Rate (TRIFR) for Q3 2024 was 0.50, meeting the company’s target KPI.
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San Dimas Hydroelectric Plant at Full Capacity: The Las Truchas hydroelectric plant in Durango is back at full capacity, providing reliable, efficient, and renewable energy to the San Dimas mine.
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Conversion to Liquefied Natural Gas (LNG) at San Dimas: The Company is reviewing the replacement of diesel generators with LNG units for on-site back-up power, aiming to reduce carbon emissions by up to 25%.
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First Mint Inauguration: First Mint, the company’s minting facility, celebrated its Grand Opening in September 2024, showcasing innovative production processes and capacity for finished bullion products.
“Santa Elena continues to deliver strong performance, quarter after quarter,” said Keith Neumeyer, President & CEO. He also highlighted the operational improvements at San Dimas and the focus on meeting production guidance for the year.
Production Details Table:
| Q3 2024 | Q3 2023 | Y/Y Change | Q2 2024 | Q/Q Change | |
|---|---|---|---|---|---|
| 678,397 | 670,203 | 1% | Ore processed/tonnes milled | 674,570 | 1% |
| 5,490,416 | 6,285,790 | (13)% | Total production – Silver equivalent ounces | 5,289,439 | 4% |
| 1,967,574 | 2,461,868 | (20)% | Silver ounces produced | 2,104,181 | (6)% |
| 41,761 | 46,720 | (11)% | Gold ounces produced | 39,339 | 6% |
Quarterly Mine-by-Mine Production Table:
| Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced |
|---|---|---|---|---|---|---|---|---|---|
| Santa Elena | 259,919 | 2,856 | 68 | 3.50 | 67% | 94% | 376,203 | 27,435 | 2,685,375 |
| San Dimas | 195,279 | 2,146 | 188 | 2.12 | 89% | 95% | 1,046,340 | 12,582 | 2,110,905 |
| La Encantada | 223,200 | 2,453 | 110 | 0.01 | 69% | 90% | 545,031 | 59 | 550,042 |
| Jerritt Canyon* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,684 | 144,093 |
*Jerritt Canyon was temporarily suspended in March 2023, and production efforts in Q3 2024 resulted in 1,684 gold ounces.
– Certain amounts may not add up due to rounding differences.
– The Ag:Au ratio used for calculation was 84:1.
Santa Elena Silver/Gold Mine:
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Santa Elena produced 2,685,375 AgEq ounces in Q3 2024, representing a 4% increase. The mill processed 259,919 tonnes of ore with consistent silver and gold grades.
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Silver and gold recoveries averaged 67% and 94%, respectively, showing strong metallurgical performance.
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A total of 14,796 meters of drilling were completed on the property during the quarter.
San Dimas Silver/Gold Mine:
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San Dimas produced 2,110,905 AgEq ounces in Q3 2024 with silver and gold production figures. The mill processed 195,279 tonnes of ore with varying grades compared to the previous quarter.
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Silver and gold recoveries averaged 89% and 95%, respectively.
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Drilling efforts totaled 29,172 meters, focusing on operational improvements and increased production levels.
La Encantada Silver Mine:
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La Encantada produced 545,031 ounces of silver in Q3 2024, with improved recovery rates.
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Water inventory levels were optimized, leading to increased throughput and production rates.
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Drilling activities saw a significant increase during the quarter.
Q3 2024 Earnings and Dividend Announcement
The Company will release its Q3 2024 unaudited financial results, dividend payment details, and shareholder dates on November 7, 2024.
Gonzalo Mercado, P.Geo., the Company’s VP of Exploration and Technical Services, has reviewed and approved the technical information in this release.
About First Majestic
First Majestic is a mining company focused on silver and gold production in Mexico and the U.S. It operates several mines and offers silver products for sale to the public.
The Company aims to become a leading intermediate primary silver producer through its merger with Gatos Silver, Inc., consolidating key mining districts in Mexico.
First Mint Inauguration
First Mint, the Company’s minting facility, celebrated its Grand Opening in September 2024, showcasing innovative production processes and capacity for finished bullion products.
Cautionary Note Regarding Forward-Looking Statements
The Company’s forward-looking statements are subject to known and unknown risks and may differ from actual results. Investors should exercise caution when relying on these statements.
