Magna Gold Corp. - MGLQF STOCK NEWS

Magna Gold Corp. (OTCQB: MGLQF) reported a tragic incident at its San Francisco Mine on February 15, 2022, resulting in the death of three employees due to a cave-in. The accident occurred at around 11:30 a.m. local time while the workers were in the fine ore storage area. The Company has activated safety protocols and is cooperating with local authorities for an investigation into the incident. Support and counseling services are being provided to the families and employees affected by this tragedy. CEO Arturo Bonillas expressed condolences to the families involved.

Magna Gold Corp. achieved its 2021 production guidance, producing 56,099 oz of gold from the San Francisco Mine in Sonora, Mexico. Q4 2021 production reached 15,499 oz, a 107% increase year-over-year. The average realized gold price for Q4 was USD$1,780 per ounce. Cash costs were USD$1,123 in Q4 and USD$1,299 for FY 2021. The company set a 2022 production target of 65,000-75,000 oz at lower cash costs of USD$1,250-1,350 per ounce. Exploration drilling at the Margarita Silver Project is ongoing.

Magna Gold Corp. (OTCQB: MGLQF) reported Q3 2021 gold production of 19,102 ounces from its San Francisco Mine in Sonora, Mexico, marking a 63% increase quarter over quarter. The estimated cash cost was $1,134 per ounce. Gold sold during the quarter totaled 18,276 ounces at an average price of $1,776 per ounce. The company maintains its full-year production guidance of 55,000 to 65,000 ounces. Magna has also mobilized exploration teams at the Margarita Silver Project, with plans to release a resource estimate by Q1 2022.

Magna Gold Corp. (OTCQB: MGLQF) announced the grant of 1,000,000 stock options to its officers and employees, exercisable at CAD $0.90 per share until September 3, 2026. The options vest immediately, with the stock's closing price at CAD $0.94 per share on September 2, 2021. The company operates in Mexico, focusing on gold and silver production, with a commitment to advancing its flagship San Francisco Mine.

Magna Gold Corp. has announced an update on its non-brokered private placement of C$10,000,000 in convertible debentures with Delbrook Capital Advisors. The debentures are convertible into common shares at a price of C$1.25 per share. Interest on the debentures is 8.5% per annum for the first 24 months, reducing to 6.5% upon delivery of the required security. The placement is pending approval from the TSX Venture Exchange and is expected to close around August 19, 2021.

Magna Gold Corp. reported a record production of 5,398 ounces of gold in June 2021, contributing to a total of 11,713 ounces produced in Q2 2021 at its San Francisco Mine in Sonora, Mexico. The strip ratio for June was 2.9, also a record. The company aims for annual production of 55,000 to 65,000 ounces. The average realized gold price for Q2 was $1,752 per ounce. The company plans to release full financial results on August 30, 2021.

Magna Gold Corp. has successfully reached full-scale commercial production at its San Francisco Mine in Sonora, Mexico, as of June 1, 2021. The company aims to produce 55,000 – 65,000 ounces of gold in 2021, achieving a production run rate of approximately 6,000 ounces per month in Q3, with expectations to exit the year at 7,500 ounces monthly. The mine's strip ratio has improved from ~8:1 to ~3:1, yielding cost efficiencies. The company reports a recovery rate enhancement to ~70% and emphasizes safety with over 3.5 million man-hours without a lost-time incident.

Magna Gold Corp. (OTCQB: MGLQF) recently announced a major milestone at its San Francisco Mine, achieving over three million man-hours without lost-time incidents since September 2018. This accomplishment reflects the company's commitment to high safety standards. Additionally, none of the mine's 11-year history has recorded an occupational hazard fatality. The company employs 238 direct staff and 681 contractors, and recently recognized all employees for their safety efforts. Magna Gold emphasizes a strong focus on health, safety, and environmental sustainability in its operations in Mexico.

Magna Gold Corp. (MGLQF) has announced a CAD$10 million private placement of secured convertible debentures to Delbrook Capital Advisors. The debentures mature in 24 months and bear a 6.5% interest rate, with a conversion price of CAD$1.25 per share, representing a 35.5% premium. Proceeds will fund exploration activities across its portfolio, including the Margarita and San Judas projects. This financing supports the company’s transition into production and aims to increase geological resources through intense exploration drilling.