CA - First Majestic Silver: A Slow Start To The Year
2024-04-21 05:58:33 ET
Summary
- First Majestic Silver had a tough Q1 with declines in silver and gold production because of difficult year-over-year comparisons and mining in lower grade areas at San Dimas.
- On a positive note, the company has finally hit a water source at La Encantada & Jerritt's restart potential is looking better in a $2,350/oz gold price environment.
- In this update, we'll dig into the Q1 production figures, its FY2023 reserve update, and where the stock's updated buy zone lies.
The Q1 Earnings Season for the precious metals sector is just around the corner and one of the more recent names to release its Q1 production numbers is First Majestic Silver Corp. ( AG ). Unfortunately, the company had a tough quarter because of lapping difficult year-over-year comps, reporting silver and gold production down 22% and 41%, respectively. However, it's important to note that a large chunk of the decline in gold production was related to it placing Jerritt Canyon in care & maintenance, and both San Dimas and La Encantada should have a better H2 with higher grades and higher throughput, respectively....
First Majestic Silver: A Slow Start To The Year