MAG Silver Corp. - MAG STOCK NEWS

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.

MAG Silver Corp. reported a net income of $8,227 (or $0.08 per share) for Q3 2022, a significant improvement from a net loss of $2,280 in Q3 2021. The company processed a record 180,808 tonnes of mineralized material, generating pre-commercial sales of $49,715 and a gross profit of $25,212. As of September 30, 2022, MAG held cash of $39,507. The Sustainalytics ESG risk rating improved 27% over the past year. The Juanicipio plant is expected to commence electrical commissioning soon, with a projected ramp-up to 85-90% capacity.

MAG Silver Corp. reported significant Q3 production results from its Juanicipio Project, processing 180,807 tonnes of mineralized material. The quarter yielded 2.6 million silver ounces and over 5,400 gold ounces. MAG's attributable share is 1.15 million silver ounces and 2,386 gold ounces. Milling operations are ramping up, with expected commissioning by October's end. The year-to-date silver production totals 7.4 million ounces. CEO George Paspalas highlighted the project’s strong operational performance and readiness for commercial production.