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First Majestic Silver Corp. AG announced that its total production reached 5.7 million silver-equivalent (AgEq) ounces in the fourth quarter of 2024. The figure consists of 2.4 million silver ounces and 39,506 gold ounces.
AgEq ounces produced moved up 4% from the third quarter of 2024. The increase was driven by a 20% sequential rise in silver production and growth across the company’s three operating mines.
First Majestic’s Mine Performance in Q4
In the fourth quarter of 2024, the San Dimas mine produced 2,235,407 AgEq ounces, consisting of 1,191,893 ounces of silver and 12,264 ounces of gold, marking a 14% sequential increase and a 3% decrease, respectively.
The Santa Elena mine produced 2,719,702 AgEq ounces, consisting of 406,009 ounces of silver and 27,216 ounces of gold. The silver production marked an 8% increase from the third quarter of 2024, whereas the gold production was fairly flat sequentially.
Lastly, La Encantada produced 755,963 ounces of silver, up 39% from the third quarter of 2024. The upside was driven by higher silver grades and silver recovery.
AG’s Performance in 2024
Total production for 2024 came in at 21.7 million AgEq ounces, consisting of 8.4 million silver ounces and 156,542 gold ounces. The AgEq ounces produced marked a 19% fall from the 2023 actual. However, the total production came within the company’s revised guidance of 21.4-22.6 million AgEq ounces.
The Santa Elena mine produced an annual record of 10.3 million AgEq ounces in 2024, up 7% from 2023.
First Majestic Stock’s Price Performance
AG shares have gained 7.4% in the past year compared with the industry's 42.8% growth.
Image Source: Zacks Investment Research
AG’s Zacks Rank & Stocks to Consider
First Majestic currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Fortuna Mining Corp. FSM and Equinox Gold Corp. EQX. CRS sports a Zacks Rank #1 (Strong Buy) at present, and FSM and EQX carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.61 per share. Its shares skyrocketed 162.7% last year.
Fortuna Mining has an average trailing four-quarter earnings surprise of 53.6%. The Zacks Consensus Estimate for FSM’s 2024 earnings is pegged at 48 cents per share. FSM’s shares gained 26.5% last year.
Equinox Gold has an average trailing four-quarter earnings surprise of 39.2%. The Zacks Consensus Estimate for EQX’s 2024 earnings is pegged at 43 cents per share. EQX’s shares gained 9.6% last year.