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 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.
MAG Silver announced the filing of a preliminary base shelf prospectus with Canadian securities commissions and a corresponding registration statement with the U.S. SEC. This step allows MAG Silver to offer up to USD 250 million in various securities, including common shares, preferred shares, and debt securities, over a 25-month period. The terms and conditions of any offering will be determined based on market conditions at the time of sale and specified in a prospectus supplement. No securities may be sold or offers accepted until the final prospectus receipt and SEC filing are completed.
Copies of the preliminary prospectus are available on SEDAR+ and will be available on EDGAR once filed. This announcement does not constitute an offer to sell or a solicitation to buy any of these securities.
MAG Silver Corp. announced its Q1 2024 financial results, highlighting strong performance from the Juanicipio project. Key figures include a net income of $14.9M ($0.14 per share) and adjusted EBITDA of $32.4M. The Juanicipio mine processed 325,683 tonnes of ore, producing 4.5M ounces of silver and 6.4M silver equivalent ounces. Operating cash flow was $42.5M, with free cash flow at $27.8M. Mineral resources saw a 33% increase, with the new technical report showing an after-tax NPV of $1.2B. The company also acquired the Goldstake property and continued its Phase 3 drilling at the Deer Trail Project.
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