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.
MAG Silver Corp. (MAG) is a prominent Canadian mining company dedicated to advancing high-grade, district-scale precious metals projects primarily within the Mexican Silver Belt. With a mission to become a leading entity in the silver mining industry, MAG Silver focuses on exploration and development activities across its 100% owned properties in Mexico, including significant silver, lead, zinc, molybdenum, and gold discoveries.
The company's flagship asset is the Juanicipio Mine located in Zacatecas, Mexico. This mine, which is 44% owned by MAG Silver and 56% by Fresnillo plc, has achieved commercial production, processing around 4,000 tonnes of ore per day. The mine generates revenue from the sale of silver, gold, lead, and zinc concentrates.
MAG Silver's Cinco de Mayo property in Chihuahua State has also shown promising results with discoveries of silver, lead, zinc, and molybdenum-gold. Additionally, the company is actively engaged in exploration programs at the Deer Trail Project in Utah and holds interests in the Larder project.
Recent news highlights include MAG Silver's preliminary 2024 guidance for the Juanicipio Mine, which supports an initial 13-year life of mine plan. The company also reported significant improvements in operating cash costs and an increase in production, reflecting a robust financial position.
MAG Silver is committed to responsible mining practices and sustainability, with detailed reconciliations of financial metrics available in their latest reports. The company's strategic partnerships and ongoing exploration efforts underscore its potential for growth and value creation in the precious metals sector.
MAG Silver reported strong Q3 2024 financial results with net income of $22,292 ($0.22 per share). The Juanicipio project processed 332,290 tonnes of ore at a silver head grade of 481 g/t, producing 4.9 million ounces of silver and 7.1 million ounces of equivalent silver. The operation achieved negative cash cost of $0.12 per silver ounce and all-in sustaining cost of $3.28 per silver ounce. Juanicipio generated operating cash flow of $109,836 and free cash flow of $96,948, returning $22,649 to MAG in interest and loan repayments. The company ended the quarter with $113,491 in cash.
MAG Silver reports strong Q3 2024 production from Juanicipio, processing 332,290 tonnes of ore. The operation achieved preliminary production of 4.9 million silver ounces and 10,801 gold ounces, with silver head grades averaging 481 g/t. The plant maintained steady production for the third consecutive quarter with 100% ore processing through the Juanicipio facility. Metal recovery rates continued to improve through operational enhancements. With ongoing operational outperformance, silver grades are expected to reach the top end of revised guidance (420g/t to 460g/t) for 2024.
MAG Silver Corp. announced its unaudited financial results for Q2 2024, reporting a net income of $21,614 ($0.21 per share) mainly because of income from Juanicipio mine amounting to $25,123. The adjusted EBITDA stood at $50,353.
The company processed 336,592 tonnes of ore at a silver head grade of 498 g/t, achieving silver production of 5.0 million ounces and equivalent silver production of 7.1 million ounces. Juanicipio showed robust cash flow with operating cash flow of $92,766 and free cash flow of $88,637.
Full-year guidance has been raised, with expected silver head grades between 420g/t to 460g/t and production estimated at 16.3 million to 17.3 million ounces. The all-in sustaining costs are expected between $8.50 and $9.25 per silver ounce, lower than previous estimates.
The company's liquidity was bolstered by $29,818 in interest and loan principal repayments from Juanicipio, bringing the total liquidity to $97,337 million.
MAG Silver Corp. (TSX / NYSE American: MAG) reports strong Q2 2024 production from Juanicipio, a joint venture with Fresnillo plc. Key highlights include:
- Processed 336,593 tonnes of ore
- Average silver head grade of 498 g/t
- Preliminary production of 5.0 million silver ounces and 9,267 gold ounces
- Commenced commercial production of pyrite concentrate
- Increased 2024 silver head grade guidance to 420-460 g/t
The Q2 performance showcases significant improvements in throughput, grades, and recovery rates compared to Q2 2023. MAG Silver's CEO, George Paspalas, expressed confidence in the company's position for continued growth and long-term success.
MAG Silver Corp. (TSX / NYSE American: MAG) has released its third annual Sustainability Report for 2023, highlighting the company's commitment to environmental, social, and governance (ESG) practices. Key achievements include:
- Development of a Climate Action Management Plan (CAMP)
- Over 110,000 hours of safety training across all sites
- Zero significant environmental incidents at Juanicipio Mine, Deer Trail Project, and Larder Project
- Positive social license at the Deer Trail Project
- 38% female representation on the Board, exceeding the 30% target
The report emphasizes MAG's focus on energy, water, and community relations at the Deer Trail and Larder projects. The company remains committed to optimizing operational efficiencies and advancing exploration initiatives while maintaining transparency with stakeholders.
MAG Silver Corp. (TSX / NYSE American: MAG) has temporarily paused exploration operations at its Deer Trail Project in central Utah due to the Silver King Fire in Piute County. All personnel are safe, and the site is secure. MAG is closely monitoring the situation and adhering to local directives. The company does not anticipate that this temporary pause will have a material impact on its business.
MAG Silver Corp. (MAG) reported the results of its Annual General and Special Meeting (AGSM) held on June 17, 2024. Shareholders approved all eight director nominees, re-appointed Deloitte LLP as auditors, and supported the executive compensation approach. Key voting results included strong shareholder support for directors, with the highest approval at 99.37% for Tim Baker and the lowest at 92.44% for Peter Barnes. The re-appointment of auditors saw a 90.73% approval rate. The executive compensation approach was backed by 97.07% of votes. Outgoing director Dan MacInnis was acknowledged for his 19 years of service.
MAG Silver announced the filing of its final base shelf prospectus with Canadian securities commissions and a corresponding registration statement with the U.S. SEC. This allows MAG Silver to offer up to $250 million in various securities, including common shares, debt securities, and warrants, over a 25-month period. While maintaining financial flexibility, the company currently has no intention to offer securities. Any future offerings will depend on market conditions and will be detailed in a prospectus supplement. The documents are available on SEDAR+ and EDGAR.
MAG Silver Corp. (MAG) announced the planned retirement of Co-Founder and Chief Exploration Officer (CXO), Dr. Peter Megaw, effective May 21, 2024. Dr. Megaw, who has played a important role in the discovery and development of the Juanicipio project and the overall growth of MAG Silver, will transition to a consulting role.
Dr. Megaw's contributions span over 20 years, including seven years on the Board and leading key acquisitions. His expertise will continue to benefit the company in his new consulting capacity, focusing on strategic guidance and advancing projects like the Deer Trail property in Utah.
On May 15, 2024, MAG Silver announced the approval of a Normal Course Issuer Bid (NCIB) by the Toronto Stock Exchange (TSX). The NCIB allows MAG to repurchase up to 8,643,374 common shares, representing about 10% of the public float as of May 8, 2024. This repurchase will be conducted via the TSX, NYSE American, and other trading systems in Canada and the U.S. from May 17, 2024, to May 16, 2025.
The company emphasizes that the NCIB is a strategic move to enhance shareholder value by repurchasing shares at attractive prices. An Automatic Share Purchase Plan (ASPP) will also be implemented to facilitate repurchases during blackout periods. MAG believes this move will benefit shareholders by increasing the proportionate interest for those who retain their shares while enhancing liquidity for sellers.
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