First Majestic Produces 5.2 Million AgEq Oz in Q1 2024 (2 mi Ag 35.9k Au)

➡ First Majestic Silver, a mining company, recently shared their first quarter production numbers. They produced 5.2 million silver equivalent ounces, including 2 million ounces of silver and around 36,000 ounces of gold. They also found a new water source at one of their sites, which will help increase their production rates. They plan to share more details and their quarterly dividend payment on May 8.

The land of Arcadia. Well hello there my friends. Chris Marcus here with you for Arcadia Economics and a quick update as we did have news out from first majestic silver today as they have released their first quarter production numbers which come in at 5. 2 million silver equivalent ounces with a breakdown of 2 millionoz of silver, 35,936oz of gold. And just want to take a quick walk through the highlights here which did include a record safety performance in that first quarter and the 5.

2 millionoz silver equivalent that I mentioned. Some news at Lankantada where they have identified and developed a water source which had been slowing things down there, although certainly a positive step as they are in the process of increasing the water inventory levels and processing rates at the plant with the expectation that they’ll be back at the targeted levels of approximately 3000 tons per day by the third quarter of this year.

And as we take a look at the individual mines we see San Dimas 2. 364 million silver equivalent ounces breaking down of 1. 16 millionoz of silver, 13,543oz of gold which are decreases of 23 and 27% which is due primarily to a decrease in ore processed and the silver and gold grades as they transitioned into the lower grade areas of the central engraven blocks. Although first majestic is anticipating an improvement in the grades and throughput throughout the year in line with the 2024 guidance plan, mill processed 178.

9 thousand tons of ore with average silver and gold grades of 220 grams per ton and 2. 45 grams per ton. Silver and gold recoveries at 92 and 96% and they had eleven drill rigs going at Sam Demas in the first quarter that completed 26,363 meters of drilling. Over at Santa Lana they had 2. 28 million silver equivalent ounces, 355,000oz of silver, 21,713oz of gold with the mill processing 224,394 tons of oreo with silver and gold head grades of 72 grams per ton and 3.

16 grams per ton. Silver and gold recoveries at 69 and 95% in the quarter and they had six drill rigs that completed 9911 meters of drilling. And as I mentioned at La and Cantada, the big news there was that they have identified a new water source and are in the process of increasing the water inventory levels which should lead to improved ore throughputs in the second quarter and reach historic levels in the third quarter.

And in the first quarter at Lancata they produced 456,000oz of silver which was a 12% decrease to the fourth quarter based on the decrease in ore process and silver recoveries. And the mill processed 185,298 tons of ore with a silver grade of 123 grams per ton and a recovery rate of 62%. So the link to this press release in the description field below. And now that the first quarter production numbers are out, next date to keep an eye on is May 8, when they will be releasing their results and announcing the quarterly dividend payment.

So just wanted to pass that along with the news out from first Majestic. Hope you’re having a great morning out there and we’ll see you a little bit later today. .

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