Mag Silver Stock Price, News & Analysis

MAG Silver Corp. (MAG) announced its Q1 2023 production results from the Juanicipio Project, where it owns 44%. In March 2023, the project achieved a milestone by producing and selling its first commercial lead and zinc concentrates. A total of 222,023 tonnes of mineralized material were processed, yielding approximately 2.25 million silver ounces and 6,047 gold ounces. The Juanicipio mill reached an average processing rate of 2,476 tonnes per day, with high grades introduced, significantly improving recovery rates. The company is focused on achieving commercial production at full capacity of 4,000 tonnes per day, aiming for consistent and improved operational performance. Full financial results are expected on May 10, 2023.

MAG Silver Corp. (NYSE American: MAG) has announced the commencement of concentrate production at the Juanicipio Mine, following the shipment of its first commercial lead and zinc concentrates in late March 2023. The construction phase is substantially complete, and the process plant has successfully entered commissioning. During March, milling rates averaged 60% of design capacity, processing up to 2,476 tonnes per day, with peaks reaching 3,900 tonnes. Recovery rates for silver from lower-grade commissioning material averaged 84%, slightly above expectations. The Company anticipates these rates will improve as operations ramp up. MAG aims for Juanicipio to become a significant contributor to its cash flow and the regional economy.

On March 27, 2023, MAG Silver Corp. announced its audited financial results for the year ended December 31, 2022. The company reported a net income of $17,644, translating to $0.18 per share, an increase from $6,025 ($0.06 per share) in 2021. The Juanicipio Project connected to the national grid in December 2022 and began commissioning in January 2023, producing its first lead concentrate in March 2023. The company reported a significant increase in gross profit to $132,838 attributed to pre-commercial production. MAG also improved its ESG risk rating by 27% over the past year. However, cash balances decreased from $18,972 to $1,102, primarily due to capital expenditures.

MAG Silver Corp. has successfully completed a bought deal private placement, issuing 969,450 common flow-through shares at C$23.75 each, raising total gross proceeds of C$23,024,437.50. These funds will be allocated to Canadian exploration expenses for the Larder Project in Ontario, with a deadline to incur and renounce these expenditures by December 31, 2024. The placement was led by BMO Capital Markets and Raymond James Ltd. and includes a 5% commission to underwriters. The shares are subject to a four-month hold period and are not registered for sale in the U.S.

MAG Silver Corp. announced it has completed a bought deal public offering, issuing 2,905,000 common shares at US$14.65 per share, raising gross proceeds of US$42,558,250. The funds will support exploration at the Juanicipio Project, along with other projects like Deer Trail, and cover sustaining capital requirements. The offering was led by BMO Capital Markets and Raymond James Ltd., involving several underwriters. The common shares were offered across Canada and the U.S., with relevant documents available on SEDAR and the SEC.

MAG Silver Corp. (TSX/NYSE American: MAG) has announced a bought deal private placement and public offering of common shares to raise approximately $60 million. The public offering involves 2,735,000 common shares at $14.65 each, generating gross proceeds of about $40 million, with an option for underwriters to purchase an additional 15%. Concurrently, a flow-through private placement of 843,000 shares at C$23.75 each aims to raise C$20 million. Proceeds will fund exploration at the Juanicipio project and other corporate needs. The public offering is expected to close around February 7, 2023, pending regulatory approvals.

MAG Silver Corp. reported strong production figures from the Juanicipio Project for Q4 2022 and the full year. During Q4, 165,786 tonnes of mineralized material were processed with an average silver head grade of 415 g/t, resulting in 1,861 koz of silver and 5,380 gold ounces. For the entire year, the company processed 646,148 tonnes at an average grade of 520 g/t, with total production reaching 9,250 koz of silver and 22,253 gold ounces. The Juanicipio plant is ramping up and on track to reach full capacity of 4,000 tonnes per day by mid-to-late 2023. This positions MAG as a potential top-tier silver producer.

MAG Silver Corp. (MAG) reported significant findings from its Phase 2 drilling program on the Deer Trail Carbonate Replacement Deposit in Utah. The highlight is the Carissa zone, where Discovery Hole DT22-09 intersected 273.8 meters of sulfide lacing with an average of 12 g/t Silver, 0.2% Copper, and 0.3% Lead plus Zinc. The results indicate extensive mineralization and alteration, suggesting a strong mineralized system. Additional drilling continues, with assays pending for two more holes. The company aims to leverage these discoveries along with its Juanicipio processing plant operations in Mexico to enhance shareholder value in 2023.

MAG Silver Corp. has completed the electrical connection to the national power grid for its Juanicipio Project, marking a significant milestone in its operational ramp-up. The testing, conducted with Fresnillo Plc, confirmed the compatibility of new substation equipment with existing infrastructure. With the facility now energized, commissioning is set to proceed with low-grade stockpiles, aiming for full capacity by Q2 2023. MAG anticipates transitioning to high-grade mineral processing post-commissioning, bolstering its position as a leading silver producer.