Welcome to our dedicated page for Mag Silver news (Ticker: MAG), a resource for investors and traders seeking the latest updates and insights on Mag Silver stock.
This page provides an archive of news and corporate announcements related to MAG Silver Corp. (MAG), a former Canadian mining and exploration company focused on high-grade, district scale precious metals projects in the Americas. The company’s news flow centered on its 44% joint venture interest in the Juanicipio Mine in Mexico’s Fresnillo Silver Trend, as well as exploration activities at the Deer Trail Project in Utah and the Larder Project in Canada’s Abitibi region.
Readers can review historical operational updates from the Juanicipio Mine, including ore tonnage processed, head grades for silver, gold, lead and zinc, metallurgical recoveries, and production statistics disclosed in MAG’s production and quarterly results releases. The archive also includes exploration updates detailing drilling programs, geophysical surveys and structural interpretations at Deer Trail and Larder, illustrating how MAG advanced its project pipeline.
A significant portion of the more recent news coverage concerns the acquisition of MAG Silver Corp. by Pan American Silver Corp. News releases describe the arrangement agreement, shareholder approval, regulatory clearances, consideration structure for MAG shareholders, and the closing of the transaction. They also outline the expected and actual delisting of MAG shares from the Toronto Stock Exchange and NYSE American, and the subsequent steps toward terminating MAG’s public reporting obligations.
For investors and researchers, this news archive offers context on MAG’s operational performance, exploration strategy and corporate transformation leading up to its 2025 acquisition. It can be useful for understanding the historical development of the Juanicipio Mine and related projects that now form part of Pan American Silver’s asset base.
MAG Silver Corp. (MAG) announces the appointment of Fausto Di Trapani as Chief Financial Officer effective May 20, 2022. He will succeed Larry Taddei, who is stepping down after 12 years. Fausto brings over two decades of finance experience in the natural resources sector, having previously held senior roles at BHP Billiton, Norilsk Nickel, and Galiano Gold. MAG's President, George Paspalas, expressed confidence in Fausto's ability to enhance MAG's growth and shareholder value, particularly regarding the Juanicipio Project.
MAG Silver Corp. (TSX / NYSE American: MAG) has announced its acquisition of Gatling Exploration Inc. (TSXV: GTR) through an all-share transaction. Each Gatling shareholder will receive 0.01702627 of a MAG share per Gatling share, valuing Gatling’s shares at C$0.40, a 47.4% premium. The deal allows MAG to advance the Larder Gold Project, enhancing its portfolio in Northern Ontario. The transaction is subject to shareholder approval and is expected to close by late May 2022, with a C$3 million secured convertible bridge loan provided by MAG to Gatling.
MAG Silver Corp. reported strong fourth quarter production results from the Juanicipio Project, processing 113,950 tonnes of mineralized material, leading to total silver production of 1,632,000 ounces and gold production of 3,985 ounces for Q4 2021. MAG's attributable production was 718,080 silver ounces and 1,754 gold ounces. The Juanicipio processing plant's commissioning has been delayed by six months due to power grid tie-in approvals, with operations expected to ramp up by year-end 2022. Increased throughput at Fresnillo-owned plants helped mitigate cash flow impacts during this wait.
The Juanicipio Project, a collaboration between Fresnillo (56%) and MAG Silver (44%), is facing delays in commissioning due to a lack of approvals from the Comisión Federal de Electricidad (CFE) for connecting to the national power grid. Despite successfully managing COVID-19 challenges, the project will now be delayed by approximately six months, impacting the timeline for mill commissioning, which is now expected post-May 2022. However, both companies plan to mitigate cash flow effects by utilizing excess capacity at existing plants.
MAG Silver Corp. has successfully completed a bought deal financing of 2,691,000 common shares at US$17.15 per share, raising approximately US$46.15 million. The proceeds will fund exploration at the Juanicipio project and other initiatives including the Deer Trail project, alongside some sustaining capital requirements. The offering was led by BMO Capital Markets and Raymond James Ltd., with included shares for insiders and full exercise of the over-allotment option.
MAG Silver Corp. has announced a bought deal offering of 2,340,000 common shares at a price of US$17.15 per share, aiming for gross proceeds of approximately US$40 million. The offering is expected to close around November 29, 2021, pending regulatory approvals. Proceeds will fund exploration activities at Juanicipio and other projects, including Deer Trail, and cover certain sustaining capital requirements. An additional 15% of shares may be purchased by underwriters to cover over-allotments.
MAG Silver Corp. (MAG) reported financial results for the three and nine months ended September 30, 2021. The company achieved significant progress on the Juanicipio processing plant, which is expected to be commissioned by year-end. For Q3 2021, MAG's share from its equity investment in Minera Juanicipio resulted in a net income of $1,457, compared to a loss of $126 in the previous year. The total gross profit from processing mineralized material reached $11,207, contributing to a year-to-date gross profit of $28,289. As of September 30, 2021, MAG held cash of $31,707 and is focused on further exploration.
MAG Silver Corp. has announced a binding commitment letter with the Bank of Montreal for a fully underwritten US$40 million revolving credit facility. The closing is expected by mid-December 2021, pending customary conditions. This facility, maturing on December 31, 2024, will provide liquidity and financial flexibility for MAG's 44% share of the Juanicipio development and exploration costs. The CEO expressed optimism about the relationship with BMO and its potential to enhance the company's financial strength as they ramp up operations.
MAG Silver Corp. reported its Q3 2021 production results from the Juanicipio Project, processing 57,127 tonnes of underground development material. The quarter saw an estimated production of 667,532 silver ounces and 1,107 gold ounces, with MAG's share being 293,714 ounces of silver and 487 ounces of gold. The Juanicipio processing plant is progressing towards commissioning, expected by year-end 2021, pending connection to Mexico's National Electricity Transmission Grid. The current processing rate of development material stands at 16,000 tonnes per month at the Fresnillo plant.
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