➡ First Majestic Silver reported their third quarter results, showing a net loss of nine cents per share. Despite this, they saw a 4% increase in production, generating $146.1 million in revenue, and holding 767,000 silver ounces in inventory. Their mine operating earnings rose to $28.5 million, a 67% increase, mainly due to improved operating earnings at Santa Elena. They also managed to reduce their cash costs and sustaining costs.

Well hello there my friends, Chris Marcus here with you for Arcadia Economics and a quick update on First Majestic Silver. As they did have their third quarter results out before the open today and just wanted to walk you through the highlights, the first note to mention earnings for the third quarter came in at a net loss of nine cents per share and adjusted for non-cash and non-recurring items came in at three cents loss per share and we will walk through how we got there although to begin here they did have increased production at 5.5 million silver equivalent ounces which was a four percent increase versus the second quarter this year they generated 146.1 in revenue versus 133.2 in the third quarter of 2023 they are currently holding 767 000 silver ounces in finished inventory with a value of 23.8 million mine operating earnings came in at 28.5 million versus 13 million in the third quarter of 2023 largely a reflection of a 67 percent increase in operating earnings at Santa Elena operating cash flow before changes in working capital and taxes was 39.8 million versus 14.1 million in the third quarter of last year and that was driven largely by the increase in mine operating earnings and they did have improved cash costs and all in sustaining costs the consolidated cash cost came from 1529 in the second quarter down to 1517 in the third quarter all in sustaining was down from 2164 in the second quarter to 2103 in the current quarter and of course in the beginning of September they did have their deal to acquire gato silver which they are expecting to close in early 2025 as i already mentioned they did have a 10 increase in revenue that was driven primarily by the higher silver price and also offset by a decrease in silver equivalent ounces sold which came from lower production at San Dimas as well as the higher inventory levels they held although a 67 increase in operating earnings at Santa Elena did help them increase their mine operating earnings from 28.5 million this quarter versus 13 million in the third quarter of last year and here you have the adjusted EBITDA normalized non-cash non-recurring items such as share-based payments or losses on marketable securities that came in at 39.8 million in the third quarter and here we see a net loss for the quarter of non-cash foreign exchange came in at 5.8 million and a non-cash deferred income tax expense of 13.2 million and as you see there the decrease in net loss primarily attributed to a 13 million increase in mine operating earnings and offset by that 20.9 million income tax expense and i mentioned that came in at an earnings per share of a nine cent loss and then for the adjusted net loss after the unrealized losses on marketable securities and the deferred income tax that brought them to the loss of three cents per share so i will leave the link to this in the description field below so you can take a look through it but did just want to pass that along and we will see you again tomorrow
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