Sunday 20th September 2020

Resource Clips

First Majestic reports $103.6M 2011 Profit, $1 per Share, 7.22M oz Silver produced, $91.2M Cash

Resource Clips - essential news on junior gold mining and junior silver miningFirst Majestic Silver Corp TSX:FR announced financial results for the company’s fourth quarter and year ending December 31, 2011. Highlights include

Cash flow of $1.55 per share, a 147% increase over 2010
Earnings of $1 per share, a 167% increase over 2010
Adjusted earnings of $0.24 per share for the quarter and $1.04 for the year
Total cash cost increased by 9% to $8.24 per silver ounce, equivalent to $368 per gold ounce based on the average annual gold-to-silver ratio
Net revenue after smelting and refining of $245.5 million, a 108% increase over 2010
Mine operating earnings of $163.3 million, a 174% increase over 2010
Net earnings after taxes of $103.6 million, a 195% increase over 2010
Cash and cash equivalents of $91.2 million, a 122% increase over 2010
Silver-only production of 7.22 million ounces, an 11% increase over 2010
2012 guidance between 8.8 million ounces and 9.3 million ounces silver-equivalent production
Fully un-hedged to silver prices and no debt
Invested US$10 million into Sprott Physical Silver Trust after year end

President/CEO Keith Neumeyer stated, “Our dedicated team of management and staff have done an outstanding job and should be congratulated for their efforts in 2011. The year marked the eighth year in a row that First Majestic has achieved record production of silver. Not only is this a great achievement, but our growth is not slowing down. As the fastest-growing and purest silver producer in the world, management’s focus and top priority remains to continually deliver shareholder value.”

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Keith Neumeyer

by Greg Klein

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