First Majestic Silver Corp. (NYSE:AG) Q4 2019 Earnings Conference Call - Final Transcript
Jan 21, 2020 • 11:00 am ET
Thank you for standing by. This is the conference operator. Welcome to the First Majestic Fourth Quarter Production and 2020 Guidance Conference Call. [Operator Instructions]
I would now like to turn the conference over to Keith Neumeyer, President and CEO. Please go ahead, sir.
Before I speak, I'm just going to pass the call over to Connie Lillico, our Corporate Secretary.
Prior to us beginning today, I'll read our disclaimer on forward-looking statements. Certain statements contained in this conference call regarding the Company and its operations constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, objectives, assumptions or expectations of future performance constitute forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements.
Such risks and uncertainties include fluctuations in precious metal prices; unpredictable results in exploration activities; uncertainties inherent in the estimation of mineral reserves and resources; fluctuations in the cost of goods and services; problems associated with exploration and mining operations; changes in legal, social or political conditions in the jurisdictions where the Company operates; lack of funding and other risk factors as discussed in the Company's filings with the Canadian security regulatory agencies.
Resources and production goals and forecasts may be based on data insufficient to support them. The Company expressly disclaims any obligation to update any forward-looking statement.
Back to you, Keith.
On our end here in Vancouver, we've got a full room of people. I'm not going to announce everyone's names but just going around the table, first off, we have Ray Polman, our CFO; we've got Andrew Poon, our VP of Finance; we've got Todd Anthony, our VP of Corporate Development; and of course myself, CEO, and you've just heard from Connie.
So let's talk about 2019 now. We had a great year 2019. Q3, Q4 were pretty substantial quarters for us. We had great success getting the HIG mill up and running at Santa Elena, which is the first HIG of its kind operating in all of Latin America. It's really improving that operation, and is still destined to improve it even further throughout 2020 and 2021. We ended the year off with a substantial amount of cash in the bank of over $169 million which is the record cash ever in the Company's history.
Recoveries, as I mentioned, at Santa Elena hit 94%, which is pretty phenomenal. One thing that we decided over the last year is that, the focus really became in 2019 our two biggest -- or our three biggest mines. So really the focus was Santa Elena, with the upgrades there. And San Dimas -- a lot of planning went into what we're going to