MAG:TSX; MAG:NYSE American

MAG Silver Corp.

MAG Silver Corp. is a growth-oriented Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, precious metals projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where the operator is currently advancing underground mine development and commissioning a 4,000 tonnes per day processing plant. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the recently acquired Larder Project, located in the historically prolific Abitibi region of Canada.

MAG:TSX MAG:NYSEAmerican

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JV Returns First Cash to Partners

Research Report

Kevin O'Halloran (11/14/2023)

This payment follows the Mexican silver mining operation transitioning to sole use of its own new processing plant and reaching nameplate production capacity, noted a BMO Capital Markets report.

Tags: GoldBase MetalsSilver

High Cost of Sales Offset Co.'s Robust Production in Q3/23

Research Report

Chris Thompson (11/14/2023)

This led the Canadian silver miner to significantly miss expected earnings per share in the quarter, noted a PI Financial report.

Tags: GoldBase MetalsSilver

Transition to Silver Producer Fuels Co.'s 3Q Earnings

Streetwise Reports (11/13/2023)

MAG Silver Corp. releases its third-quarter earnings figures as its new Juanicipio processing plant in Mexico hits production and nameplate capacity, helping the company make the full transition to being a producer.

Tags: Silver

Q3/23 Production at Silver Mine a Beat, Analyst Says

Research Report

Chris Thompson (10/27/2023)

This is impressive given that ore processing was shifted to entirely the new plant at the Mexico project during the quarter, noted a PI Financial report.

Tags: GoldBase MetalsSilver

New Plant at Mexico Mine Reaches Capacity

Research Report

Kevin O'Halloran (10/27/2023)

This marks a milestone achieved at this silver-gold-lead-zinc project in the world's premier silver mining camp, noted a BMO Capital Markets report.

Tags: GoldBase MetalsSilver

Silver Producer Achieves Full Capacity at Mexico Plant

Streetwise Reports (10/26/2023)

This company's new processing plant at its silver project in Mexico has achieved full capacity. See why one analyst said the company is "our pick for a quality silver name."

Tags: Silver

Expert Comments:

SADIF Investment Analytics (11/27/23) "MAG Silver Corp.'s likelihood to outperform the market, as measured by the Outperformance StockMark, is well above average with a rating of 93/100. . .we believe the company to be an above average long-term investment."

Stephen Soock, Stifel (11/27/23) "MAG Silver Corp.'s Juanicipio mine shows extremely well, with impressive ramp and underground maintenance shop infrastructure showing Fresnillo has set it up to be a generational asset. . .the mine infrastructure is of a caliber we have not seen before anywhere else."

Kevin O'Halloran, BMO Capital Markets (11/27/23) "The site visit to MAG Silver Corp.'s Juanicipio highlighted the impressive infrastructure at the mine, which has clearly been built for a long and productive mine life. . .at the plant, room has been left for potential future expansion, including a possible copper recovery circuit for later in the mine life."

Craig Hutchison, TD Cowen (11/23/23) "On Nov. 22, we attended an analyst site visit of MAG Silver Corp. (44%) and Fresnillo's (56%) Juanicipio mine. . .overall, we came away with a positive view of the asset and the ongoing optimization work to achieve full design operating rates."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/17/23) "I have been overweighting silver companies with good balance sheets and cash flow; one of my favorites is MAG."

	Cosmos Chiu, CIBC World Markets (11/13/23) "Infill drilling at MAG Silver Corp.'s Juanicipio continued in Q3/23, with the goal of upgrading and expanding the Valdecañas vein system at depth and further defining areas to be mined in the near to midterm. During Q3/23, 3.35m (year to date [YTD] 13.3m) and 4.87m (YTD 15.3m) were drilled from surface and underground, respectively."

More Expert Comments

	Joe Reagor, ROTH Capital Partners (11/13/23) "We believe MAG Silver Corp. remains significantly undervalued by the market. . .we are reiterating our Buy rating."

Kevin O'Halloran, BMO Capital Markets (11/10/23) "Juanicipio began returning cash to MAG Silver Corp. and Fresnillo during Q3/23, with $11.3M of loan repayments (principal and interest) to MAG. We expect capital returns from the joint venture to accelerate in the coming quarters."

Chris Thompson, PI Financial (11/10/23) "Following the announcement of commercial production at MAG Silver Corp.'s 44%-owned Juanicipio mine in Mexico at the end of Q2/23 we are impressed with consecutive quarters of strong operating results from the project. . .the company ended Q3/23 with cash and cash equivalents of about $59M."

	Joe Reagor, ROTH Capital Partners (10/26/23) "MAG Silver Corp.'s Juanicipio mill reached its targeted production rate of 4 Ktpd in September 2023. We view this as a major milestone for the joint venture and MAG."

Chris Thompson, PI Financial (10/25/23) "Following the announcement of commercial production at MAG Silver Corp.'s 44%-owned Juanicipio mine in Mexico at Q2/23E, we are impressed with the delivery of Q3/23 operating results. . .the company delivered Q3/23 production of 4.782 Moz Ag, significantly ahead of our expectation at 4.159 Moz Ag."

Kevin O'Halloran, BMO Capital Markets (10/25/23) "MAG Silver Corp.'s Juanicipio processing plant reached nameplate 4 Ktpd capacity during September, meeting management guidance of achieving nameplate by Q3/23E. Now that the plant has ramped up, the focus will be on optimization."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/13/23) "MAG Silver Corp. is an excellent low-cost silver buy during this year's tax loss season."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/29/23) "MAG Silver Corp. will be generating free cash flow."

Chris Thompson, PI Financial (9/11/23) "MAG Silver Corp. posted strong Q2/23 production results, confirming Juanicipio's value potential. . .we anticipate cost and production guidance in Q1/24, which we see providing a better grasp of Juanicipio's near-term economics."

Chris Thompson, PI Financial (9/5/23) "We remain impressed by the exploration potential offered at MAG Silver Corp.'s Deer Trail and in the company's systematic approach to unlocking that potential. We note that phase three drilling is underway, targeting an inferred intrusive porphyry center at Deer Trail."

Peter Krauth, MoneyShow (9/4/23) "MAG Silver Corp. is one name I like that has had some more exploration success at Deer Trail, Utah. . .three new zones discovered from stepouts help confirm the hub-and-spoke thesis at Deer Trail thanks to different mineralization styles. Phase 3 drilling is in progress to chase the porphyry center."

	Joe Reagor, ROTH Capital Partners (8/9/23) "We continue to believe that MAG Silver Corp. is in the early stages of a rerating as a significant silver producer. Thus, we are maintaining our Buy rating."

	Cosmos Chiu, CIBC World Markets (8/8/23) "MAG Silver Corp. reported Q2/23 earnings per share of $0.19, slightly ahead of consensus at $0.17 and our estimate of $0.16, on the back of lower tax expenses. . .the company ended Q2/23 with a solid cash balance of $52.6M and no long-term debt."

Chris Thompson, PI Financial (8/3/23) "We view today's drill results from MAG Silver Corp. as positive, closing the loop on phase two drilling at Deer Trail. Drilling continues to identify long widths of polymetallic Ag-Au-Cu-Pb-Zn mineralization, adding three new zones to the Carissa zone discovery."

Stephen Soock, Stifel (8/3/23) "With MAG Silver Corp.'s 44%-owned Juanicipio plant now rapidly advancing towards achieving the 4,000 nameplate capacity, exploration and drilling activities at its 100%-owned properties will be a driver for further growth. Today's drill results from Deer Trail highlight extensive, high grade, polymetallic mineralization at depth, and we remain optimistic about the prospects of the company defining multiple high-grade carbonate replacement deposits on the property through its science-based approach to exploration."

Lucas Pamatat, Canaccord Genuity (7/26/23) "MAG Silver Corp.'s Q2/23 production results significantly exceeded our estimates, driven by higher mill throughput (up about 70% quarter over quarter) and higher mill feed grades. Ramp-up of the Juanicipio mill is progressing well."

Chris Thompson, PI Financial (7/26/23) "We are impressed with MAG Silver Corp.'s delivery of Q2/23 operating results significantly ahead of our conservative expectations. . .we are also impressed by the advanced speed of ramp-up at Juanicipio."

Ben Pirie, Atrium Research (7/4/23) "MAG Silver Corp. announced that it has achieved commercial production at Juanicipio on June 1, 2023. The Juanicipio mill is operating at 85% of its 4 Ktpd capacity."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/29/23) "MAG is a high-grade silver play with a good balance sheet."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/20/23) "MAG Silver Corp. is a high-quality silver play. I am picking up shares."

Chris Thompson, PI Financial (6/5/23) "MAG Silver Corp. has announced commercial production at its 44%-owned Juanicipio mine. . .we are encouraged by the company's ability to achieve commercial production ahead of expectations, with nameplate capacity of 4 Ktpd now anticipated in Q3/23, ahead of our Q4/23 assumption."

SADIF Investment Analytics (5/31/23) "MAG Silver Corp. has strong financials and reasonable corporate governance. In terms of risk, the company is safe. . .overall, we expect MAG to be an average long-term investment that is prone to perform long term."

Michael Fairbairn, Canaccord Genuity (5/10/23) "MAG Silver Corp. finished Q1/23 with no debt and a cash balance of $54.6M (excluding any attributable cash from the Juanicipio joint venture). . .with the plant now in the commissioning and ramp-up phase, management expects final project capital costs to wind down and associated free cash flow generation to increase as Juanicipio approaches nameplate capacity of about 4 Ktpd (mid- to late 2023)."

Chris Thompson, PI Financial (4/26/23) "MAG Silver Corp.'s Q1/23 production was generally in line with expectations. We are encouraged with extended periods of elevated processing rates (3.9 Ktpd). . .Juanicipio produced 2.25 Moz Ag and 6 Koz Au, in line with our estimates of about 2.4 Moz Ag and beating our Au estimate of 5 Koz (on a 100% basis)."

SADIF Investment Analytics (3/31/23) "MAG Silver Corp.'s stock has been upgraded to Above Average from Average. . .we expect the company to be an above average, long-term investment that is likely to deliver long-term returns."

	Cosmos Chiu, CIBC World Markets (3/27/23) "At MAG Silver Corp.'s joint venture project Juanicipio, first lead concentrate was produced during March 2023, and the mill is expected to deliver its first commercial shipment of concentrate in the coming weeks. The operator, Fresnillo, now expects the Juanicipio processing plant to ramp up to nameplate capacity of 4 Ktpd in mid- to late 2023."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (3/10/23) "On the buy side, I picked up some MAG Silver Corp. at around $11. If you look at the history in the past two to three years, $11 is always a good place to buy."

	Heiko Ihle, H.C. Wainwright & Co. (2/7/23) "MAG Silver Corp. is one of our Top Picks for 2023. . .we believe that the recent power connection [at Juanicipio] represents the company's final step toward becoming a Tier 1 silver producer in Mexico that enjoys a favorable cost curve. In turn, MAG expects to reach a nameplate capacity of 4 Ktpd in mid- to late 2023."

Ben Pirie, Atrium Research (2/3/23) "MAG Silver Corp. announced a US$40M bought deal and a CA$20M bought deal flowthrough private placement led by BMO Capital Markets and Raymond James. The proceeds will be used to fund exploration at Juanicipio and MAG's other projects, including Deer Trail, and certain development costs at Juanicipio."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (2/1/23) "I am immediately buying back one of my favorites, MAG Silver Corp. I sold a lot at YE22 at $16– 17. . .this week I am buying it back in the $13.5 area, after the $14.65 bought deal last week!"

Michael Fairbairn, Canaccord Genuity (1/25/23) "The key driver for MAG Silver Corp. remains the Juanicipio plant's ramp to 4 Ktpd by mid- to late 2023. . .our estimates forecast [production of] 3.8 Ktpd in Q3/23 and 4 Ktpd in Q4/23."

Chris Thompson, PI Financial (1/25/23) "In Q4/22 MAG Silver Corp.'s Juanicipio produced 1.8 Moz Ag and 5.4 Koz Au. . .MAG's 44% share totaled about 0.8 Moz Ag. . .we anticipate a gradual quarter-over-quarter ramp this year and an annual production of about 23.7 Moz Ag eq (i.e.,) double 2022's production."

Chris Thompson, PI Financial (1/17/23) "MAG Silver Corp. released results from phase two drilling, six holes, from the Deer Trail project. . .we view today's results as technically significant for a number of reasons but specifically, the identification of long widths of polymetallic Ag-Au-Cu-Pb-Zn mineralization manifesting themselves as potential feeder structures."

Jefferson Research (1/12/23) "MAG Silver Corp. is showing strong operating efficiency and balance sheet quality. . .the ability of the company to earn a profit is in part the result of how rapidly it converts its collection of assets into revenues and the resulting percentage available in earnings and cash flow after expenses have been paid. . .the balance sheet shows the ability of MAG Silver to pay its bills and fund future growth."

Capital Cube (1/5/23) "MAG Silver Corp. has current assets of $44.12M. . .the company has enough money to finance their operations for a year and do not need to raise capital in the immediate future. MAG has a strong working capital position."

	Joe Reagor, ROTH Capital Partners (12/29/22) "The tie-in of MAG Silver Corp. and joint venture partner Fresnillo's Juanicipio mill was complete with all additional testing completed as well. With the mill now fully energized, commissioning has begun, and Fresnillo has guided to achieving nameplate capacity by Q2/23. . .we see the beginning of mill commissioning as a significant milestone for MAG."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/29/22) "MAG Silver Corp. has been a great performer in the past years, and it just announced electricity was connected at the mill."

Ryan Thompson, BMO Capital Markets (12/23/22) "MAG Silver Corp. has set a strong environmental, social and governance tone, led by the company's chief sustainability officer and several board of directors committees. . .key items which we we're encouraged by include MAG's preference for local hiring, diversity targets and tracking of greenhouse gas emissions to align with the Task Force on Climate-related Financial Disclosures standards."

Jefferson Research (12/15/22) "MAG Silver Corp. is showing strong operating efficiency. . .the balance sheet rating for the company strengthened from weak to strong in Q3/22."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/14/22) "MAG Silver Corp. reported nice profits, and the mill will connect to electricity 'in the coming weeks.' The company has been the best performing silver stock in the past weeks, jumping 50% from the low; I like MAG a lot and continue to hold."

Chris Thompson, PI Financial (10/26/22) "Power for final commissioning at MAG Silver Corp.'s Juanicipio and start of operations should be available by the end of October 2022. Final commissioning of the electrical system is expected to commence shortly followed by production ramp-up to 85–90% of nameplate 4 Ktpd capacity by year-end."

Stephen Soock, Stifel (8/18/22) "MAG Silver Corp. posted positive earnings per share of $0.08 in Q2/22 despite Juanicipio (44% MAG) being precommercial. The joint venture generated $19.2M in cash in the quarter from processing 154 Kt at 781 g/t Ag eq at nearby Fresnillo processing facilities."

	Joe Reagor, ROTH Capital Partners (7/27/22) "MAG Silver Corp. stated that significant progress had been made by the utility company in preparation of the tie-in; as a result, the company anticipates connecting the mill to the electrical grid in 'the coming weeks.' We believe completing the mill tie-in should serve as a significant positive catalyst for MAG."

Chris Thompson, PI Financial (6/20/22) "While we expect the primary use of cash flows from MAG Silver Corp.'s Juanicpio will be a handsome shareholder returns program (being a compelling argument in its own right to acquire the company's shares at an attractive valuation at these levels), we see MAG having much more to offer with a promising exploration pipeline in the works. Particular emphasis was made at PDAC to display the potential offered through their recently acquired Larder Lake project."

Chris Thompson, PI Financial (4/27/22) "MAG Silver Corp. reported Q1/22 production generally in line with our estimates. . .Juanicipio produced 2.4 Moz Ag and 5.8 Koz Au, slightly ahead of our estimates of 2.3 Moz Ag and 5.2 Koz Au (on a 100% basis). . .both throughput and grades were ahead of our estimates."

Chris Thompson, PI Financial (2/7/22) "We continue to see potential for a doubling of plant capacity at MAG Silver Corp.'s Juanicipio, given the scale of the deposit defined outside of current reserves. We now model an expansion to 8 Ktpd occurring in five years' time (2027E). . .we still see the company offering a modest about 3% free cash flow yield for 2022E."

	Peter Krauth, Gold Resource Investor (2/2/22) "MAG Silver Corp. reported Q4/22 production at Juanicipio: 113,950 tons of mineralized material were processed, representing about 45% of all material processed for 2021. The company's 44% share of production was 718,080 oz silver and 1,754 oz gold. . .MAG is oversold and attractive at current levels."

Ryan Thompson, BMO Capital Markets (1/27/22) "Q4/21 was the strongest production quarter on record since MAG Silver Corp.'s Juanicipio operation began sending ore to the Fresnillo plant six quarters ago. On a 100% basis, the operation produced 1.6 Moz silver (718 Koz attributable to MAG), higher than our estimate of 1.1 Moz (100% basis). . .material processed in Q4/21 represented 45% of annual production."

	Chen Lin, What Is Chen Buying? What Is Chen Selling? (1/24/22) "MAG Silver Corp. is trading back to the $14–15 area; that is the area where there was strong support recently. Personally, I believe it is a good area to accumulate some shares, if you like silver."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/29/21) "MAG Silver Corp. had some delays in mill commissioning; I don't like the delay, but they can still process the material in the nearby mill. I used the opportunity to add some positions."

Experts Following This Company

	Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
Don DeMarco – National Bank Financial
Nicolas Dion, Analyst – Cormark Securities
Michael Fairbairn, Analyst – Canaccord Genuity
Garrett Goggin – Stansberry Research
Ovais Habib, Analyst – Scotia Capital Inc.
Kieron Hodgson – Panmure Gordon & Co.
Craig Hutchison, Analyst – TD Securities
	Heiko Ihle, Managing Director – H.C. Wainwright & Co.
	Chen Lin – What Is Chen Buying? What Is Chen Selling?
Brian MacArthur, Analyst – Raymond James
Kevin O'Halloran – BMO Capital Markets
Lucas Pamatat – Canaccord Genuity
	Joe Reagor, Analyst – ROTH Capital Partners
Stephen Soock – Stifel
Chris Thompson, Mining Analyst – PI Financial
Ryan Thompson – BMO Capital Markets

Company News

10/25/2023 – MAG Announces Third Quarter Production From Juanicipio

9/18/2023 – MAG Silver Publishes Second Annual Sustainability Report

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