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. (TSX / NYSE American: MAG) announced the completion of construction activities for the Juanicipio Project's electrical grid tie-in, with power expected to be available by the end of October 2022. The project will continue to ramp up production in Q4. Currently, the company holds $45 million in cash, with $38 million accumulated at Juanicipio as of June 30, 2022. July 2022 saw over 1 million payable ounces of silver produced and sold. MAG's President emphasizes the importance of prudent regulatory approaches for safe commissioning.
MAG Silver Corp. (MAG) reported its unaudited financial results for Q2 and H1 2022, highlighting operational achievements and net income of $7,562 or $0.08 per share. The Juanicipio project processed 154,069 tonnes of mineralized material, generating a gross profit of $37,262. Cash at June 30, 2022, was $44,655 for MAG and $37,504 for Juanicipio. With commissioning of the processing plant expected soon, production is anticipated to ramp up to 85-90% of capacity by year-end. The acquisition of Gatling Exploration enhances MAG’s portfolio.
MAG Silver Corp. reported strong Q2 production results from the Juanicipio Project, processing 154,069 tonnes of mineralized material. On a 100% basis, this resulted in 2,372,140 silver ounces and 5,609 gold ounces. MAG’s attributable share includes 1,043,742 silver ounces and 2,468 gold ounces. The company has improved cash reserves to $37M from $18M in Q1. Progress is being made on the power system tie-ins for the Juanicipio plant, with commissioning expected soon. The ramp-up to 85-90% capacity by year-end remains achievable.
On June 22, 2022, MAG Silver Corp. (MAG) held its annual general and special meeting (AGSM), where shareholders approved several key motions. All eight directors were elected, Deloitte LLP was re-appointed as auditors, and the Company's executive compensation strategy was supported. Additionally, shareholders approved the continuation and amendment of the Shareholder Rights Plan. The voting results showed strong support for these decisions, with the majority of votes cast favorably towards the nominees and plans outlined.
MAG Silver Corp. (MAG) reported its Q1 2022 financial results, showcasing a net income of $2,680 compared to a net loss of $3,662 in Q1 2021. The company's gross profit for pre-commercial production sales reached $46,221, driven by the processing of 145,484 tonnes of mineralized material yielding 2,238,810 payable silver ounces. The Juanicipio processing plant is set for full commissioning, expected to reach 85-90% capacity by year-end 2022. Additionally, MAG is advancing its acquisition of Gatling Exploration, enhancing its position in the gold sector.
MAG Silver Corp. reports significant growth in first quarter production from the Juanicipio Project. Total mineralized material processed reached 145,484 tonnes, a substantial increase from 36,395 tonnes year-over-year. The output includes 2.4 million silver ounces and 5,837 gold ounces, with MAG's attributable production being 1,056,000 silver ounces and 2,568 gold ounces. The commissioning of the Juanicipio processing plant is expected mid-2022, with plans to ramp up to 85-90% capacity by year-end.
MAG Silver Corp. reported its audited financial results for the year ended December 31, 2021, showcasing significant operational progress. The Juanicipio processing plant is set to commence commissioning in Q2 2022, delayed by regulatory approvals. For 2021, the company processed 251,907 tonnes of mineralized material, generating pre-commercial sales of $75,393 and a gross profit of $60,064. MAG increased campaign processing rates significantly, peaking at 44,963 tonnes per month in early 2022. Additionally, MAG announced a Definitive Arrangement Agreement to acquire Gatling Exploration Inc.
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.
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