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MAG Silver Corp.

MAG Silver Corp. is a Canadian exploration and development company focused on becoming a top-tier primary silver mining company, by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Our principal focus and asset is the Juanicipio Property (44%), being developed in partnership with Fresnillo Plc (56%) and is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp. We are presently developing the underground infrastructure on the property, with the operational expertise of our joint venture partner, Fresnillo plc, to support a 4,000 tonnes per day mining operation. As well, we have an expanded exploration program in place investigating other highly prospective targets across the property. In addition, we continue to work on regaining surface access to our 100% owned Cinco de Mayo property in Mexico while we seek other high grade, district scale opportunities.

Expert Comments:

A review of the investment thesis for MAG Silver is provided in a Raymond James report.
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Brian MacArthur, Raymond James

"We are resuming coverage of MAG Silver Corp. with an Outperform rating. . .the company is one of the better options for investors looking for exposure to silver given its 44% interest in the world-class Juanicipio joint venture, which is a district scale, low cost, high grade silver development project with a strong partner and meaningful exploration potential."

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Joe Reagor, ROTH Capital Partners

"As a result of our higher gold and silver price forecasts, we are increasing our price target on MAG Silver Corp. from $23 to $25/share. We are also reiterating our Buy rating as we believe the company is poised to enter production this year and to reach cash flow positive during 2021."

Trevor Turnbull, Scotiabank

"The Juanicipio joint venture (44% MAG Silver Corp., 56% Fresnillo Plc) is on track to begin ore processing in July at Fresnillo's nearby mill; commissioning of the Juanicipio plant facility is scheduled for mid-2021. Management indicated there is no change to the aforementioned timeline for completion."

Richard Gray, Cormark Securities

"We remain bullish on MAG Silver Corp. for the relatively attractive valuation for a silver equity (1.06x net asset value) and the exposure to one of the highest quality future silver mines in Juanicipio. . .the closer Juanicipio gets to production, the higher a multiple we will be willing to apply to the shares."

Analysts say MAG Silver offers production as well as exploration upside.
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Heiko Ihle, H.C. Wainwright & Co.

"At MAG Silver Corp.'s Juanicipio to date, detailed engineering is approaching completion. . .notably, semi-autogenous grinding and ball mills, flotation cells, all associated vessels, thickeners and ancillary process equipment have also been secured at site. Additionally, underground development has reached a total of 27 km with a focus on three subvertical ramps that are located in parallel to both mineralization and the conveyor ramp towards surface."

Ryan Thompson, BMO Capital Markets

"The reserve estimate for MAG Silver Corp.'s Juanicipio, on a 100% basis, assumes 16.2 Mt containing 154 Moz silver (296 g/t), 782 Koz gold (1.5 g/t), 357 Kt lead (2.2%) and 600 Kt zinc (3.7%). . .compared to our prior assumptions, our net asset value (44% basis) increases to US$602M from US$528M previously. . .last week, the company announced it raised CA$60M via private placement."

MAG Silver complies with the Mexican government's recent order to close certain businesses.
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All key equipment needed to proceed is at the site of MAG Silver and JV partner Fresnillo's project.
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The results should expand the resource and extend the mine life of the project co-owned by MAG Silver.
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MAG Silver's two recent announcements about its project in Mexico are relayed and commented on in a ROTH Capital Partners report.
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Now, MAG Silver and Fresnillo are targeting mid-2020 for start-up.
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More Expert Comments

Experts Following This Company

Don DeMarco – National Bank Financial
Richard Gray, Analyst – Cormark Securities
Craig Hutchison, Analyst – TD Securities
headshot of Heiko Ihle
Heiko Ihle, Managing Director – H.C. Wainwright & Co., Rodman & Renshaw
headshot of James Kwantes
James Kwantes Resource Opportunities
Brian MacArthur, Analyst – UBS Securities
Kevin MacKenzie, Analyst – PI Financial
Clive Maund –
headshot of Bhakti Pavani
Bhakti Pavani – Alliance Global Partners
headshot of Gwen  Preston
Gwen Preston, Founder Resource Maven
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
Ryan Thompson – BMO Capital Markets
Trevor Turnbull, Analyst – Scotia Capital Inc.

The information provided above is from analysts, newsletters, the company and other contributors.

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