First Majestic Reports Third Quarter Financial Results

November 2, 2017

VANCOUVER, B.C., Nov. 02, 2017 (GLOBE NEWSWIRE) — FIRST MAJESTIC SILVER CORP. (NYSE:AG) (TSX:FR) (the „Company“ or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2017. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

THIRD QUARTER 2017 HIGHLIGHTS
(compared to Second Quarter 2017)

  • Silver equivalent production increased 3% to 4.0 million ounces
  • Silver production increased 6% to 2.4 million ounces
  • Revenues increased 3% to $61.9 million
  • Mine operating earnings increased 126% to $3.2 million
  • Cash flow per share was $0.11 per share (non-GAAP), a decrease of 2% from the prior quarter
  • All-in sustaining costs (“AISC”) increased 8% to $15.73 per payable silver ounce
  • Cash costs increased 15% to $8.52 per payable silver ounce (net of by-product credits)
  • Net loss of $1.3 million (Basic loss per share of $0.01)
  • Adjusted net loss, excluding non-cash and non-recurring items, totalled $0.2 million (Adjusted loss per share of $0.00)
  • Realized average silver price of $17.11 per ounce, relatively consistent with the prior quarter
  • Healthy balance sheet with $120.8 million in cash and cash equivalents and only $34.7 million in debt facilities at the end of the quarter

“In the third quarter, we delivered higher production levels resulting in an increase in revenues and operating earnings compared to the prior quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “In addition, we successfully renegotiated our smelting and refining terms which reflected in a significant 42% savings in treatment costs in the quarter. However, lower lead production at Del Toro and La Parrilla reduced by-product credits, and along with a stronger Mexican Peso, resulted in a slightly higher AISC. We remain focused on developing our key growth projects, most importantly our roaster project, which is expected to significantly increase production levels at La Encantada beginning in the second quarter of 2018.”

Please read the complete press release under the following link: LINK