MAG Silver Corp. - MAG STOCK NEWS

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.

MAG Silver Corp. has announced promising results from Phase 1 drilling of its Deer Trail Project in Utah. The drilling included three holes totaling 3,927 meters, successfully confirming high-grade mineralization. Notable findings include Hole DT21-02, which intercepted 0.50 m grading 426 g/t Silver and 6.5 g/t Gold, and Hole DT21-03, with 1.90 m grading 952 g/t Silver and 38.2 g/t Gold. These results validate MAG's exploration model and support the potential for large-scale mineralization. Phase 2 drilling began on August 20, 2021, targeting deeper structures.

MAG Silver Corp. reported its unaudited financial results for Q2 and H1 2021, showing significant operational progress at the Juanicipio processing plant. Key achievements include the installation of flotation cells and mills, with the plant's commissioning expected in Q4 2021. For Q2, MAG processed 44,435 tonnes yielding over 404,000 payable silver ounces, generating $8.9 million in gross profit. The company had cash reserves of $66.3 million and a working capital of $68.4 million as of June 30, 2021. Despite a net loss of $357, MAG is well-positioned for future production growth.