The land of Arcadia. Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics. And today, a quick video as we did have earnings out from first majestic silver this morning and I wanted to just walk you through the results of what they came back with. We’re in the first quarter, the production came in at 5.2 million silver equivalent ounces. That is 2 millionoz of silver and just under 36,000oz of gold. And in line with the production guidance for the rest of 2024, quarterly revenue came at 106 million, which was lower than last year, primarily because of the shutdown from Jared Canyon proved mine operating earnings of a loss of 0.3 million, compared to a loss last year in the first quarter of 6.4 million.

Consolidated cash costs of $15 per silver equivalent ounce, all in sustaining at 21.53. And at the end of the quarter they had a cash and restricted cash balance of 229 million, with the breakdown being 102 million of cash and 127 million of restricted cash. And in the first quarter they had an average realized price of 23 72 per silver equivalent ounce, which at least as of now on track to see a boost loose there because the valley in silver in particular really began to extend at the beginning of April. So as I mentioned a little earlier, they had a mine operating earnings of $0.3 million loss during the quarter, which was a significant improvement from 2023, which comes as a result of the shutdown of Jared Canyon.

Net earnings in the quarter were a loss of 13.6 million with a loss of share and the higher cash cost. And all in sustaining costs per ounce are primarily due to a 22% decrease in silver equivalent production from San Demas, as well as the strengthening mexican peso. Although fortunately on the positive side, they have made progress in getting the water issues at Lancantada resolve. So hopefully that will continue on track and bring those costs down a little bit lower. And lastly, they did have the 0.37 per share dividend for the first quarter of 2024. So I’ll leave the link to this press release in the description field below so that you can take a read through that.

Hope you’re having a great afternoon out there and I will see you again soon..

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