First Majestic Silver Corp. (AG) stock prices were down by 1.22% as of the market closing on October 18th, 2021. This brought the price per share down to USD$12.11. Subsequent premarket fluctuations have seen the stock rise by 5.12%, bringing it up to USD$12.73.
Improvements in Production
The third quarter of fiscal 2021 saw AG stock report total production having been up by 14%. The company produced 7.3 million silver equivalent ounces, which consisted of 3.3 million ounces of silver, representing an increase of 1%. 54,525 ounces of gold, representing an increase of 17%. These increases are comparable to the previous quarter and are largely driven by a 39% increase in gold production from the Jerritt Canyon operation in Nevada. The end of the third fiscal quarter of fiscal 2021 saw the company announce holding 1.4 million ounces of silver in inventory. This was largely driven by suppressed silver prices in the third quarter, with the resumption of silver sales expected for the fourth quarter of fiscal 2021. The company has not withheld sales of any of its gold production.
Gold and Silver Developments
AG stock continued to extract mineralized material over the course of the third quarter of fiscal 2021. This extraction resulted from the development of the Ermitano deposit at Sant Elena. As of the end of the quarter, a total of 45,271 tonnes of mineralized material grading 4.0 g/t gold and 41 g/t silver have been placed in surface stockpiles. The company expects initial batch test processing to begin over the upcoming few months at the Santa Elena processing plant.
AG Stock Builds on Success
Over the course of the third quarter of fiscal 2021 AG stock completed the structural fill for the tailings lift on TSF2 and installed roughly 25% of the new liner. Furthermore, the annual maintenance overhaul for the dual roasters was reported to be nearly completed at the end of September 2021. As a result of the company’s planned 14-day maintenance shutdown, roughly 30K tonnes of ore were added to surface stockpiles that are forecasted to be processed in the fourth quarter of fiscal 2021.
Future Outlook for AG Stock
The company is poised to capitalize on the scope of opportunities afforded to it as a result of the momentum generated over the course of the quarter. AG stock is keen to push for the resumption of normal activity in a bid to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.
