# First Majestic Silver Corp
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine, along with a portfolio of development and exploration assets. Additionally, First Majestic operates its own minting facility, First Mint, LLC, offering a range of silver products for sale to the public.
## Production Highlights
### Increased Production
– Total production in Q2 2024 consisted of 2,104,181 silver ounces and 39,339 gold ounces, showing a 7% and 9% increase, respectively, compared to Q1 2024.
– Silver equivalent production for the quarter was 5.3 million ounces, a 2% increase compared to Q1.
### La Encantada Increased Production
– A water source identified in Q1 2024 led to a 28% increase in silver production at La Encantada.
– Plant ore throughput rates expected to reach approximately 3,000 tonnes per day in Q3 2024.
### Santa Elena’s Robust Production Continues
– Second-quarter production at Santa Elena totaled 2.6 million AgEq ounces, a 13% increase from Q1.
### Conversion to LNG at San Dimas
– The Company is replacing the diesel backup power generation plant with LNG at San Dimas for a more reliable and lower carbon emission power option.
### Safety Performance
– The consolidated Total Reportable Incident Frequency Rate (“TRIFR”) remained strong at 0.48 in Q2 2024.
### Sustainability Efforts
– First Majestic’s ESG ratings have shown improvement, achieving performance in the top 40% of the industry in both environmental and social categories.
### Up to 22 Active Drill Rigs
– The Company completed 47,447 meters of drilling in Mexico during Q2 2024, a 31% increase from the previous quarter.
## Quote from CEO Keith Neumeyer
“Consistent with our plans, our operations delivered a robust quarter, and we are well-positioned for a strong second half of 2024. We are extremely pleased with the production trajectory at Santa Elena, allowing us to revise our guidance upwards on the back of increased throughput and significantly higher gold grades. Additionally, production ramp up at La Encantada demonstrated that the water issues are now behind us with production in H2 expected to return to historical levels.”
## Production Details
### Quarterly Mine-by-Mine Production
#### Santa Elena
– Produced 376,947 silver ounces and 27,176 gold ounces in Q2 2024.
– Average silver and gold head grades were 69 g/t and 3.52 g/t, respectively.
– Silver and gold recoveries averaged 66% and 94%, respectively.
#### San Dimas
– Produced 1,141,906 silver ounces and 12,043 gold ounces in Q2 2024.
– Average silver and gold head grades were 210 g/t and 2.15 g/t, respectively.
– Silver and gold recoveries remained consistent at 92% and 95%, respectively.
#### La Encantada
– Produced 585,329 silver ounces, a 28% increase from Q1 2024.
– Average silver grade was 129 g/t, with a recovery rate of 60%.
## Outlook and Guidance
– Revised full-year 2024 guidance reflecting improved metal prices and production forecasts.
– Annual cash costs and AISC expectations provided for the remainder of 2024.
– Updated capital budget of $136.4 million for 2024, with a focus on sustaining activities and expansion projects.
## Conference Call Details
– A conference call and webcast will be held on Thursday, July 18, 2024, at 8:00 a.m. (PT) / 11:00 a.m. (ET) to discuss Q2 production results and updated guidance. Participants can dial in using the provided numbers or access the webcast through the First Majestic website.
## Earnings and Dividend Announcement
– Second quarter 2024 unaudited financial results and dividend payment details to be released on August 1, 2024.
## Non-GAAP Financial Measures and Cautionary Statements
– The Company utilizes certain non-standard financial measures, such as AISC and cash costs per silver equivalent ounce, to provide investors with enhanced performance evaluation.
– Forward-looking statements are subject to various risks and uncertainties, and actual results may vary from projections. Investors are advised against placing undue reliance on such statements.
For more information, visit the [source version of this press release](https://www.newsfilecorp.com/release/216951).
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*Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research and consult with a financial advisor before making investment decisions.*