MAG Silver Corp.'s (MAG:TSX; MAG:NYSE American) Q2/25 production results for its Juanicipio joint venture project with operator Fresnillo Plc (FNLPF:OTCMKTS; FRES:LSE) were mixed when compared to ROTH Capital Partners' estimates, reported Joe Reagor, managing director and senior research analyst, in a July 23 research note.
ROTH raised its price target on MAG based to reflect the current prorated value of Pan American Silver Corp.'s (PAAS:TSX; PAAS:NASDAQ) offer for it.
"Our earnings per share estimate increased slightly, which makes it an overall positive quarter, in our opinion," Reagor wrote.
New Target Price Reached
ROTH's new target price on MAG Silver is US$22 per share, previously US$21, Reagor noted. At the time of the analyst's report, the Canadian mining company was trading at about US$22.13 per share, slightly higher than ROTH's revised target on it.
The investment bank maintained its Neutral rating on MAG.
As for other stock details at the time, MAG had 103.46 million shares outstanding, a market cap of US$2.25 billion and a 52-week range of US$11.75–22.31 per share.
Throughput, Grades Are Key
During Q2/25, Juanicipio produced more silver, lead and zinc than ROTH had estimated but less gold, noted Reagor. He compared actual production figures for each metal to ROTH's forecasts.
Silver production was 4,300,000 ounces (4.3 Moz) versus 4.2 Moz. This slight beat was due to higher-than-expected throughput.
Lead production was 11,500,000 pounds (11.5 Mlb) versus 10.1 Mlb. Zinc production was 20.5 Mlb versus 15.3 Mlb. These two metals exceeded forecasts thanks to higher-than-anticipated grades.
Gold production was 10,465 ounces versus 11,100 ounces. Lower-than-expected grades were to blame for the miss.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan American Silver Corp.
- MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Roth Capital Partners, MAG Silver Corp., July 23, 2025
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis.
Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of July 23, 2025 Rating Count Percent Count Percent Buy [B] 372 77.34 112 30.11 Neutral [N] 90 18.71 9 10.00 Sell [S] 0 0.00 0 0 Under Review [UR] 19 3.95 1 5.26 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.
