First Majestic Silver Reports Third-Quarter Financials
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First Majestic Silver Reports Third-Quarter Financials

First Majestic Silver ( (AG) ) has released its Q3 earnings. Here is a breakdown of the information First Majestic Silver presented to its investors.

First Majestic Silver Corp. is a company engaged in the production, development, exploration, and acquisition of mineral properties, focusing primarily on silver and gold production in North America. The company operates several mines in Mexico and the USA and owns its own minting facility.

In its latest earnings report, First Majestic Silver reported revenues of $146.1 million for the third quarter of 2024, an increase from the $133.2 million reported in the same period the previous year. Despite the revenue growth, the company faced a net loss of $26.6 million for the quarter, which was slightly lower than the $27.1 million net loss reported in the third quarter of 2023.

Key financial metrics highlight that mine operating earnings increased to $28.5 million, up from $13 million in the previous year. The company also reported a decrease in mine operating costs, with costs of sales dropping from $92.2 million in 2023 to $85.7 million in 2024. Capital expenditures for the quarter amounted to $34.7 million, indicating continued investment in mining operations.

Despite the net loss, First Majestic Silver demonstrated strong cash generation from operations, with cash and cash equivalents rising to $154.7 million by the end of the period. The company also successfully raised $93.9 million through a prospectus offering, strengthening its financial position for future endeavors.

Looking ahead, First Majestic Silver’s management remains focused on optimizing mining operations and exploring new opportunities to enhance resource definition and expansion, aiming to improve financial performance and shareholder value.

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