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First Majestic Silver ( (AG) 2q15 results

First Majestic ( (AG) reported this morning, the NR is on this link.

Once you've read it, you may be wondering why managed to return yet another loss. Once you've checked out the financials, you may wonder why working cap is still negative, despite FR having raised net U$23m in a placement during the quarter. So to give a best quick-answer, I've got it down to one chart instead of the usual dozen or so. 

This shows the average price of silver in the given quarters, as per the London Fix. It also shows the total expenses incurred by in each quarter for its silver equivalent ounces (i.e. silver plus the other metals at the correct proportions, as filed by What we see is that despite growth in production and despite all the promises that Keith Neumeyer has thrown at us over 2013 and 2014 and now 2015, is incapable of cutting its costs profile. The result is a meeting of lines and the company is now a loss-maker.

And really, that's all you need to know about the company. Can't cut costs to save its life, and that can be taken quite literally if silver continues its downward trend. But of course, nobody will care today because the metal has popped 50c/oz thanks to the China deval news and style beats substance every time.

So it goes.