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First Majestic Silver Corp. (NYSE: AG, TSX: AG, FSE: FMV) is a distinguished mining company focused on silver and gold production in North America, particularly in Mexico. The company boasts ownership of three prolific mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. First Majestic's operations extend to Northern Nevada with the Jerritt Canyon Gold Project, aligning with its aggressive development and acquisition strategy.
First Majestic's commitment to sustainable mining is reflected in its recent achievements. In Q4 2023, the company produced 6.6 million silver equivalent ounces, a 6% increase from the previous quarter, driven by remarkable production at Santa Elena. Their total 2023 production of 26.9 million AgEq ounces underscored resilience amidst challenges, notably at La Encantada due to water scarcity.
Environmentally and socially conscious, First Majestic improved its ESG score from 50.56 in 2022 to 31.0 in 2023, placing it in the top 38% of its industry peers. This was complemented by a robust safety record, with a Total Reportable Incident Frequency Rate (TRIFR) of 1.02 and Lost Time Incident Frequency Rate (LTIFR) of 0.34, marking significant improvements.
The company has also made strides in its operational infrastructure. The commissioning of its 100%-owned minting facility, First Mint, LLC, enables the production of investment-grade fine silver bullion. This initiative aims to integrate vertically into the bullion market, enhancing direct customer sales.
First Majestic's financial performance remains strong, with a cash and restricted cash balance of $229.3 million as of Q1 2024. The company continuously seeks to optimize its operations, reflected in its projected capital investments of $125.0 million for 2024, focusing on underground development, exploration, and property enhancements.
Looking ahead, First Majestic continues to prioritize exploration, with 188,500 meters of drilling planned for 2024. The company's vision of becoming a senior silver producer is supported by a solid foundation of development and the strategic expansion of its existing and new projects.
First Majestic Silver announced a ticker symbol change on the Toronto Stock Exchange (TSX) from 'FR' to 'AG', effective May 27, 2024. This change aligns their TSX symbol with their New York Stock Exchange (NYSE) symbol for better brand consistency across North American markets. Their Frankfurt Stock Exchange symbol, 'FMV', remains unchanged. Shareholders are not required to take any action; the CUSIP number and share certificates stay the same.
First Majestic Silver Corp. (NYSE: AG) announced the results of its Annual General Meeting of Shareholders held on May 23, 2024. The meeting saw 120,646,090 common shares represented, constituting 42% of the company's issued and outstanding shares. Shareholders voted in favor of all matters on the agenda. The number of directors was set at five, with the following directors elected: Keith Neumeyer, Marjorie Co, Thomas F. Fudge, Jr., Raymond L. Polman, and Colette Rustad. Deloitte LLP was reappointed as the auditor with 89.46% support. However, the Say-on-Pay advisory resolution did not pass, receiving only 49.17% votes in favor. Despite this, the company noted an increase in support for executive compensation disclosure compared to the previous year's AGM.
First Majestic Silver Corp. (NYSE: AG) is reminding shareholders to vote in the upcoming Annual General Meeting (AGM) on May 23, 2024, at 10:00 a.m. (Pacific Time) at the Sutton Place Hotel, Vancouver, BC. Shareholders of record as of March 28, 2024, can vote. The Board recommends voting FOR all resolutions. Proxy voting is available until May 21, 2024, at 10:00 a.m. (Pacific Time). For voting assistance, shareholders can contact Kingsdale Advisors.
First Majestic Silver Corp. announces financial results for Q1 2024, with 5.2 million AgEq ounces produced, $106.0 million in revenues, and a cash dividend payment of $0.0037 per share. The Company's cash balance stands at $229.3 million. Operational highlights include improvements in mine operating earnings and a focus on higher ore grades in H2 2024. AISC increased to $21.53 per AgEq ounce. The Company declared an eligible dividend for shareholders.
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