Well, hello there, my friends, Chris Marcus here with you for Arcadia Economics and a quick update as we did have some news out from First Majestic Silver before the Open as they did announce their first quarter results, which now is an entity that includes Gato Silver, so with that deal complete, we have an idea of how some more of the numbers are going to work with the combined entities. So let us begin here where they mentioned that they did have a record cash position at the end of the quarter, cash and restricted cash at 462.6 million, and they also saw their liquidity position improved to a record of 544.4 million.

As you might expect, especially following the deal, they did have record silver production, came in at a record 7.7 million ounce silver equivalent production, so obviously that is factoring in the gold and other metals, although in terms of actual silver production, that came in at 3.7 million ounces, 88% increase to the 2 million silver ounces that were produced in the first quarter of 2024 by First Majestic, and they also saw a 1% increase in gold production to 36,469 ounces. Quarterly revenue up 130% again, that was highly impacted by the deal, and they also held 620,000 silver ounces in finished good inventory as of March 31st, and they’re marking that at $21.1 million, and that was not included in revenue during the first quarter, so something there just to keep in the back of your mind.

In terms of the mine operating earnings, they had a record quarterly mine operating earning of 63.8 million, which was obviously a significant increase compared to the loss of 0.3 million in the first quarter of 2024, so again, good to see the change in direction here. Obviously last year, a bit of a turnaround year for First Majestic, and so far interesting to see how the combined entity looks, where they had 74 days of production from the Cerro Los Gatos mine that came at a time when we had an average $32-50 cents per ounce price for the quarter.

First Majestic also had record cash flow from operations at $110 million, which was compared to $12.6 million in the first quarter of last year. Pre-cash flow came in at just about $43 million after paying out $28 million in cash income taxes, and then the key one that I know a lot of people. Obviously we’re looking to net earnings for the quarter at $6.2 million, which was compared to a net loss of $13.6 million in the first quarter of 2024, so certainly encouraging to see the net income turn profitable in the quarter.

First Majestic also sold reduction in the cash cost down to $13.68 for silver equivalent ounce for the first quarter compared to $15 a year ago, and the all in sustaining cost also down to $19.24 per ounce versus $21.53 in the first quarter of 2024, and First Majestic having increased success selling more of their silver through the first mint. Last year they had sales of a million, this year up to $7.9 million, so First Majestic continuing to get more of their silver directly to the market, and I will put the link to this press release in the description field below, so if you’d like to take a look at any of the breakout and the operational earnings, but positive quarter for First Majestic.

I know the stock price is down quite a bit today, as is the case with several stocks in the mining sector that have earnings, but good to see the improved quarter from First Majestic. Obviously you can find out more at firstmajestic.com. With that said, hope you’re having a great day out there, and we will see you again tomorrow. [tr:trw].

See more of Arcadia Economics on their Public Channel and the MPN Arcadia Economics channel.