First Majestic Silver Announces Financial Results for Q4 and Year End 2016

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1082-tsx/fr/29543-first-majestic-silver-announces-financial-results-for-q4-and-year-end-2016.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 22, 2017) – FIRST MAJESTIC SILVER CORP. (FRANKFURT:FMV)(TSX:FR)(NYSE:AG)(BVM:AG) (the “Company” or “First Majestic”) is pleased to announce the consolidated financial results for the Company’s fourth quarter and year ended December 31, 2016.

FULL YEAR 2016 HIGHLIGHTS

  • Produced a record 11.9 million ounces of silver, or 18.7 million silver equivalent ounces.
  • AISC of $10.79 per payable silver ounce, representing a 20% decrease compared to 2015.
  • Record revenues of $278.1 million, representing a 27% increase compared to 2015.
  • Mine operating earnings of $49.2 million, representing a 464% increase compared to 2015.
  • Earnings per share of $0.05 (basic) compared to a loss per share of ($0.84) in 2015.
  • Operating cash flows before working capital and taxes of $107.3 million or $0.67 per share.
  • Ended the year with record cash and cash equivalents of $129.0 million, up from $51.0 million in 2015.

Q4 2016 HIGHLIGHTS

  • Produced 2.8 million ounces of silver, or 4.4 million silver equivalent ounces.
  • All-in Sustaining costs (“AISC”) of $12.90 per payable silver ounce, representing a 14% increase compared to Q4 2015.
  • Revenues totaled $66.2 million, relatively unchanged compared to Q4 2015.
  • Mine operating earnings of $9.9 million, representing a 154% increase compared to Q4 2015.
  • Operating cash flows before working capital and taxes of $23.4 million or $0.14 per share (non-GAAP).

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