Additionally, full year 2021 production reached a new Company record of 26.9 million silver equivalent ounces, consisting of 12.8 million silver ounces and 192,353 gold ounces, or a 32% increase over 2020.
The Company is also pleased to announce its 2022 guidance of producing between 32.2 to 35.8 million silver equivalent ounces, consisting of 12.2 to 13.5 million ounces of silver and 258,000 to 288,000 ounces of gold, with AISC cost guidance of between
Q4 2021 HIGHLIGHTS
Total production reached 8.6 million silver equivalent ounces, representing a 17% increase over the prior quarter. Silver production reached 3.4 million ounces, representing a 2% increase over the prior quarter and the Company's third highest quarterly silver production. Gold production reached 67,411 ounces, representing a 24% increase from the prior quarter and the Company's highest quarterly gold production.
San Dimas produced a record 4.0 million silver equivalent ounces, consisting of 2.2 million ounces of silver and 23,795 ounces of gold, representing a 17% increase in total production from the prior quarter and the highest quarterly production since acquiring the mine in 2018.
In November, the Company began test batching surface stockpiles from Ermitano at the
At the end of the fourth quarter, 21 exploration drill rigs were active across the Company's mines consisting of seven rigs at San Dimas, nine rigs at
FY 2021 HIGHLIGHTS
Silver production in 2021 reached 12.8 million ounces (compared to 11.6 million ounces in 2020) which slightly missed the lower end of the Company's revised guidance range of producing between 13.0 to 13.8 million ounces of silver.
Gold production in 2021 reached 192,353 ounces (compared to 100,081 in 2020) achieving the higher end of the Company's revised guidance range of producing between 181,000 to 194,000 ounces. This strong performance was primarily due to the processing of Ermitano ore at the
Successfully completed the acquisition of the
After six years since its initial discovery, the Company successfully began underground ore production from the Ermitano mine near
Successfully converted
Sold a record 349,278 ounces of silver bullion, or approximately 3% of the Company's silver production, on First Majestic's online bullion store at an average silver price of
'First Majestic ended the year with its strongest production quarter in the Company's 20-year history,' said
Total ore processed during the quarter at the Company's mines amounted to 955,810 tonnes, representing a 1% increase compared to the previous quarter. The slight increase in tonnes processed was primarily due to
Consolidated silver and gold grades in the quarter averaged 125 g/t and 2.42 g/t, respectively, compared to 122 g/t and 2.00 g/t, respectively, in the previous quarter. The increase in consolidated silver and gold grades were primarily due to processing higher grade ore within the Jessica vein at San Dimas and the introduction of Ermitano's ore into the
Consolidated silver and gold recoveries averaged 88% and 91%, respectively, during the quarter. The Company continues to work towards optimizing the metallurgical recoveries of Ermitano's ore which achieved 61% for silver and 91% for gold during the fourth quarter. The Company plans to modify the
ABOUT THE COMPANY
First Majestic is a publicly traded mining company focused on silver and gold production in
Contact:
Tel: 1.866.529.2807
Email: info@firstmajestic.com
Web: www.firstmajestic.com
Cautionary Note Regarding Forward Looking Statements
This press release contains 'forward looking information' and 'forward-looking statements' under applicable Canadian and
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics or public health crises on our operations and workforce, and the effects on global economies and society, actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; fluctuations in costs; labour relations; availability and performance of contractors; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation including appeals of judgments; resolutions of claims and arbitration proceedings; negotiations and regulatory proceedings; limitations on insurance coverage as well as those factors discussed in the section entitled 'Description of the Business - Risk Factors' in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the
The Company believes that the expectations reflected in these forward looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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