Consolidated cash costs dropped 125% to a negative US$2.50 per ounce of silver and all-in sustaining costs fell 50% to $6.40/oz.
Its San Rafael mine in Mexico started commercial production in December and president and CEO Darren Blasutti said costs were expected to fall over the year as the operation ramped up.
The company's 2018 guidance is unchanged at 1.6-2Moz of silver and 7.2-8Moz AgEq, at negative cash costs of $10-$5/oz and an AISC ranging between negative $1 up to $4/oz of silver.
It also operates the Galena Complex in the US, where its AISC fell 23% to $16.75/oz of silver during the quarter.
The miner's consolidated silver production fell slightly, by 3% from the previous quarter to almost 400,000oz, but its silver-equivalent production rose 19% to 1.6Moz AgEq.
"Shareholders will be pleased with the significant reductions in our cash costs and AISC year-over-year as the benefits of San Rafael begin to be realised," president and CEO Darren Blasutti said.
The company's 52-week share price peak was C$6.11 in September.
Meanwhile among the juniors, St Augustine Gold and Copper's (TSX:SAU) C1c gain to 3c represented a 50% rise yesterday and lifted it off its 52-week low of 2c.
Its shares tumbled in 2016 and have not risen above 5c since February 2017, when it was asked by the Philippines environment department to explain why the mineral production sharing agreement for its King-king copper-gold joint venture should not be cancelled.
The Philippines then banned openpit mining 12 months ago and the company said it had taken part in two meetings, most recently in February, in a review of mining policies led by recently-appointed environment secretary Roy Cimatu.
