First Majestic Silver Corporation, Reports Q3-2011 Financial Results

Dear PGM CAPITAL Blog reader,
This morning, Wednesday November 9, 2011, Vancouver Canada based, First Majestic Silver Corporation, (NYSE: AG), (TSX: FR), (ISIN: CA32076V1031) reported its Q3-2011 earnings report for which you receive here below the highlights.

Highlights:

  • Cash Flow per share (non-IFRS) of CAD 0.38 representing a 122% increase from Q3 2010
  • Earnings per share (basic) amounted to CAD 0.27 representing a 146% increase from Q3 2010
  • Adjusted earnings per share (non-IFRS) amounted to CAD 0.30
  • Gross Revenue of CAD 61.4 million showing an 88% increase from Q3 2010
  • Net Earnings after Taxes amounted to CAD 27.8 million, a 176% increase from Q3 2010
  • Mine Operating Earnings of CAD 42.5 million showing an increase of 168% from Q3 2010
  • Total Cash Cost was CAD 8.39 per ounce, up 19% compared to Q3 2010
  • Silver ounces produced decreased by 6% to 1,708,865 compared to 1,823,370 ounces in Q3 2010
  • Fully un-hedged to silver prices as treasury exceeds CAD 106 million

By mid September 2010, we have placed First Majestic Corporation on our watch list, and currently have a STRONG BUY Rating on the stock.

Please receive here below an all tine chart of the company.

Last be but not least, before following any investing advice, always take your investment horizon and risk tolerance into consideration and keep in mind that the price of Commodities, Precious metals as well as the stocks of their producers can be very volatile and that sharp corrections might happen in the short term.

Yours sincerely

Eric Panneflek
Chairman

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