By Robb M. Stewart
First Majestic Silver’s shares fell sharply after the precious metals miner logged a wider loss for the third quarter with lower production and costs for restructuring and other items.
In morning trading, the shares were 14% lower at C$6.22 in Toronto, widening the drop so far this year to 45%. On the New York Stock Exchange, the stock was 15% weaker at $4.43, for a year-to-date decline of 47%.
First Majestic’s net loss widened to $27.1 million, or 9 cents a share, in the recent quarter, from a year-earlier loss of $20.7 million, or 8 cents. The change was driven by the restructuring costs, additional mine holding costs primarily related to the temporary suspension of its Jerritt Canyon operation, and a $1.6 million one-time loss on the sale of its mining interest following the disposal of La Parrilla.
On an adjusted basis, the per-share loss narrowed to 4 cents.
Revenue for the three-month period was down 17% at $133.2 million.
Production of silver and gold was down on last year, with silver-equivalent output totaling 6.3 million ounces against 8.8 million in the same period of 2022. However, the production cost per ton was 7% lower than last year, and the company’s average realized price per silver equivalent ounce was up 14%.
Write to Robb M. Stewart at [email protected]
Read the full article here
