Silver Airways cancels more than a dozen flights at Fort Lauderdale airport. Why?
"We regret to inform you that we are ceasing operations as of today, June 11, 2025," the heavily indebted company said around midnight Wednesday, June 11 on Instagram. "Please do not go to the airport. All credit card purchases should be refundable through your credit card company or your travel agency."
The airline canceled 14 flights in and out of Fort Lauderdale that connected with airports across Florida and the Carribean.
Silver Airways shut down after no one stepped up during a June 6 auction to buy the company, allowing Connecticut-based Wexford Capital to take control of it. "In an attempt to restructure in bankruptcy, Silver entered into a transaction to sell its assets to another airline holding company, who unfortunately has determined to not continue Silver's flight operations," the airline wrote in its social media post.
Silver filed for bankruptcy protection in December with more than $100 million in debt. It was operating until Wednesday with a $5.7 million loan from Wexford, South Florida NPR affiliate WLRN reported June 6.
The airline flew entirely within Florida and the Carribean. In Florida, it connected Fort Lauderdale with Tampa, Key West and Tallahassee. It also serviced Pensacola, but not directly with Fort Lauderdale.
Silver Airways flew nonstop between Fort Lauderdale and Puerto Rico, the Bahamas, the U.S. Virgin Islands, the British Virgin Islands, and the islands of St. Maarten and St. Kitts.
More than 32,000 people flew Silver Airways in and out of the Fort Lauderdale Airport in April, the airport's latest passenger data shows, up 31% from a year prior.
Silver Airways stopped flying out of Palm Beach International Airport last September.
Chris Persaud covers transportation for The Palm Beach Post. Email news tips and ideas to cpersaud@pbpost.com.
This article originally appeared on Palm Beach Post: Silver Airways flights cancelled at Fort Lauderdale, Florida airport
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Second Quarter Production Summary Los Gatos(1) Santa Elena San Dimas La Encantada Consolidated Ore Processed / Tonnes Milled 233,480 269,830 219,198 281,296 1,003,804 Silver Ounces Produced 1,524,949 306,224 1,242,717 628,105 3,701,995 Gold Ounces Produced 706 20,637 12,472 49 33,865 Silver Equivalent Ounces Produced(2) 2,436,722(3) 2,318,618 2,464,029 632,942 7,852,311 Cash Costs per Silver Equivalent Ounce $12.44 $13.57 $15.66 $27.19 $15.08 AISC per Silver Equivalent Ounce $13.70 $18.58 $20.10 $31.94 $21.02 Total Production Cost per Tonne $91.65 $107.02 $173.88 $58.53 $104.45 All production and non-GAAP results shown in the table above are reported on an attributable basis to account for the Company's 70% ownership of the Los Gatos Silver Mine through its joint venture ownership of the mine. The metal prices that were used to calculate the silver equivalent ounces were, silver: $33.46/oz, gold: $3,270.57/oz, lead: $0.88/lb., zinc: $1.20/lb. Attributable silver equivalent ounces for Los Gatos includes 16,063,947 lbs. zinc and 9,014,545 lbs. lead (70%). The Company produced 7.9 million attributable AgEq ounces in Q2 2025 representing a 48% increase compared to 5.3 million AgEq ounces produced in Q2 2024. Furthermore, the Company reported strong quarterly silver production of 3.7 million silver ounces representing a 76% increase compared to 2.1 million silver ounces produced in Q2 2024. Total silver production in the quarter included 1.5 million ounces of attributable silver production from Los Gatos as well as a 9% increase at San Dimas compared to Q2 2024 primarily due to operational improvements. Consolidated cash cost per attributable payable AgEq ounce for the quarter was $15.08, representing a slight improvement when compared with $15.29 per ounce in the second quarter of 2024. The decrease in cash costs per AgEq ounce was primarily due to a 48% increase in AgEq ounces produced, driven by the attributable production increase of 2.4 million AgEq ounces from Los Gatos, along with a 17% increase in AgEq production at San Dimas as a result of operational efficiencies and increased plant throughput rates. The decrease was partially offset by higher contractor and energy costs at San Dimas that helped improve and support production, as well as higher maintenance costs as a result of weather-related power outages at San Dimas, La Encantada and Los Gatos in late June. AISC per attributable payable AgEq ounce in the second quarter of 2025 was $21.02, representing a 3% decrease compared to $21.64 per ounce in the second quarter of 2024. This was primarily attributable to the decrease in cash costs, partially offset by an increase in profit sharing per AgEq ounce relating to the prior year, which was paid in the quarter. Q2 2025 DIVIDEND ANNOUNCEMENT The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0048 per common share for the second quarter of 2025. The dividend will be paid to holders of record of First Majestic's common shares as of the close of business on August 29, 2025, and will be paid out on or about September 15, 2025. Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares. Note: In the case of net revenues generated from the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation. The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes. CONFERENCE CALL DETAILS The Company will host a conference call and webcast on Thursday, August 14, 2025, at 8:30 a.m. (PT) / 11:30 a.m. (ET) to provide investors and analysts with a business update, and to discuss its second quarter production and earnings results and updated 2025 guidance. To participate in the conference call, please use the following dial-in numbers: Canada & USA Toll-Free: +1-833-752-3407 Outside of Canada & USA: +1-647-846-2866 Toll-Free Germany: +49-69-1741-5718 Toll-Free UK: +44-20-3795-9972 Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the conference on time. The live webcast link of the call will be accessible directly at this link, Q2 2025 Results Conference Call, as well as on the First Majestic home page at through the "August 14, 2025 Webcast Link". A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event. A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling: USA & Canada Toll-Free: +1-855-669-9658 Outside of Canada & US: +1-412-317-88 Access Code: 1902689 The telephone replay will be available for seven days following the end of the event. ABOUT FIRST MAJESTIC First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A. First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at at some of the lowest premiums available. For further information, contact info@ visit our website at or call our toll free number 1.866.529.2807. FIRST MAJESTIC SILVER CORP. "signed" Keith Neumeyer, President & CEO Non-GAAP Financial Measures This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne, average realized silver price per ounce sold, average realized gold price per ounce sold, working capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at and EDGAR at Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the Company's dividend payment for the second quarter of 2025 and the shareholder record and payable dates in connection with such dividend payment; and anticipated future results. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward- looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. To view the source version of this press release, please visit Sign in to access your portfolio
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