First Majestic: A Much Better Year Ahead

Nov. 28, 2022 3:33 AM ETFirst Majestic Silver Corp. (AG), FR:CA10 Comments
Taylor Dart profile picture
Taylor Dart


  • First Majestic released its Q3 results earlier this month, reporting quarterly production of ~2.74 million ounces of silver and ~67,100 ounces of gold.
  • This translated to a sharp increase in gold production year-over-year, offset by a ~17% increase in silver production as mining shifted to the more gold-rich Ermitano Mine at Santa Elena.
  • While costs at Santa Elena came in at more attractive levels, Jerritt Canyon disappointed on costs & will need a better year to regain investor confidence in this asset.
  • Given the increased mine production at Ermitano and Jerritt Canyon in 2023, I expect a better year for costs, but I continue to see far more attractive ways to play the sector than First Majestic.
Jumbo Drill Posing at Underground Mine.

Juan Jose Napuri

The Q3 Earnings Season for the precious metals sector has come to a close, and while it wasn't the best quarter, there's reason to be optimistic. This is because precious metals prices have firmed up a little, and several stocks sold off but immediately

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Taylor Dart profile picture
"A bull market is when you check your stocks every day to see how much they went up. A bear market is when you don't bother to look anymore."- John Hammerslough - Disclosure: I am not a financial advisor. All articles are my opinion - they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading or investing.

Disclosure: I/we have a beneficial long position in the shares of AEM, IAUX, SAND either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Disclaimer: Taylor Dart is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Taylor Dart expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing. Given the volatility in the precious metals sector, position sizing is critical, so when buying small-cap precious metals stocks, position sizes should be limited to 5% or less of one's portfolio.

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