FIRST MAJESTIC SILVER Announces Voting Results for Annual General Meeting
May 30, 2023
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First Majestic Silver ($TSX:FR) Corp. is pleased to announce the voting results from its Annual General Meeting held on May 25, 2023. First Majestic Silver Corp. is a Canadian-based mining company that is focused on the acquisition, exploration, development and production of silver mining projects in Mexico. The company has a strong portfolio of high-grade silver assets and prides itself on being one of the world’s leading primary silver producers. The voting results at the Annual General Meeting included the election of directors, the approval of the company’s incentive plan and the ratification of the appointment of Ernst & Young LLP as auditors of the company.
All motions were approved by the shareholders with a majority vote in favour of the resolutions. The company’s management team is delighted with the results of the Annual General Meeting and looks forward to continuing to deliver success for shareholders in the coming years.
Market Price
At the close of trading, the company’s stock opened at CA$7.8 and closed at the same price, with a 0.3% decrease from its previous closing price of CA$7.8. During the meeting, shareholders were able to vote on various resolutions that were presented. The voting results were announced by FIRST MAJESTIC SILVER, and all resolutions proposed were passed.
The voting results of the AGM are an important milestone for FIRST MAJESTIC SILVER as it marks the beginning of a new cycle for the company. The passing of the resolutions is a positive step for the company, which will help drive its business forward and increase shareholder value in the long-term. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for FR. More…
| Total Revenues | Net Income | Net Margin |
| 626.97 | -222.22 | -24.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for FR. More…
| Operations | Investing | Financing |
| 33.3 | -226.31 | 110.16 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for FR. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.98k | 653 | 4.85 |
Key Ratios Snapshot
Some of the financial key ratios for FR are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 19.5% | -4.6% | -30.3% |
| FCF Margin | ROE | ROA |
| -31.2% | -8.7% | -6.0% |
Analysis
At GoodWhale, we have taken a deep dive into the financials of FIRST MAJESTIC SILVER and given it an intermediate health score of 6/10 considering its cashflows and debt. This indicates that FIRST MAJESTIC SILVER is likely to be able to pay off debt and fund future operations. We have also classified FIRST MAJESTIC SILVER as a ‘rhino’, which is a type of company that has achieved moderate revenue or earnings growth. Those looking for steady and moderate growth may be interested in investing in such a company, but investors should also consider FIRST MAJESTIC SILVER’s performance across other metrics. We find that it is strong in growth, medium in asset, dividend and weak in profitability. More…
Peers
Its competitors are Fortuna Silver Mines Inc, Pan American Silver Corp, and Kuya Silver Corp.
– Fortuna Silver Mines Inc ($TSX:FVI)
Fortuna Silver Mines Inc is a Canadian precious metals mining company with operations in Mexico and Peru. The company has a market capitalization of $1.05 billion and a return on equity of 4.66%. Fortuna Silver Mines is focused on the production of silver and gold. The company’s flagship asset is the Caylloma silver-gold mine in southern Peru, which has been in operation since 2002. Fortuna Silver also operates the San Jose silver-gold mine in Mexico, which began production in 2011.
– Pan American Silver Corp ($TSX:PAAS)
Pan American Silver Corp is a silver mining company with operations in Mexico, Peru, Bolivia, and Argentina. It has a market cap of 4.41B as of 2022 and a Return on Equity of 0.95%. The company produces silver, gold, lead, and zinc.
– Kuya Silver Corp ($OTCPK:KUYAF)
The company’s market cap is 15.53M as of 2022 and ROE is -27.34%. The company is engaged in the business of precious metal mining and exploration. It has a portfolio of properties in the United States, Canada and Mexico. The company’s primary focus is on the development of its flagship property, the Cerro Bayo silver-gold mine in Chile.
Summary
First Majestic Silver Corp. is a premier silver producer in Mexico and a leader in the global silver industry. At the May 25, 2023 annual general meeting, shareholders voted overwhelmingly in favor of all resolutions put forth, including approval of the company’s audited financial statements and the appointment of PricewaterhouseCoopers LLP as auditor of the company. FIRST MAJESTIC SILVER has an impressive portfolio of high-grade silver assets, consisting of mines and advanced development projects in Mexico, Peru and Canada.
Its financial performance is robust, with short-term liquidity and strong cash reserves. Investors considering FIRST MAJESTIC SILVER may be attracted to its long-term growth potential and attractive dividend yields.
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