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 BMO Capital Markets report discusses MAG Silver's financial position and the Juanicipio joint venture.
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H.C. Wainwright & Co. raises its target price on MAG Silver.
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A TD Securities report discusses MAG Silver's financial and operational update.
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A National Bank of Canada Financial Services report explains why it considers MAG Silver Corp.'s capex of the Juanicipio project fully funded.
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A Cormark Securities report discusses the milestone that could drive MAG Silver Corp.'s multiple higher.
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Peter Krauth, Gold Resource Investor

"MAG Silver Corp.'s exploration [budget] for 2021 is $6M on a 100% basis, to be spent evenly on infill drilling of the Valdecanas vein system plus three principal target areas elsewhere on joint venture ground. At the Deer Trail project in Utah, phase one drilling started in November 2020 and is to be completed in Q2/21; assays and interpretation are pending."

A Scotiabank report recommends MAG Silver "as a near-term emerging producer with projected AISC (all-in sustaining costs) of half those the operating peer group."
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Heiko Ihle, H.C. Wainwright & Co.

"MAG Silver Corp. expects to finalize its phase one drill program at Deer Trail during Q2/21 with about 70% of this program already complete. In turn, phase two at Deer Trail is expected to be planned based on the interpretation and incorporation of incoming core and draft lab results relative to the district scale model."

Richard Gray, Cormark Securities

"MAG Silver Corp. and its joint venture partner Fresnillo continue to advance construction on the Juanicipio plant with mill commissioning still targeted for Q4/21. . .mechanical installation of the major processing equipment is nearly complete, and the construction is focused on completing the building envelope along with pipework and electrical/instrumentation installation."

Craig Hutchison, TD Securities

"Over Q1/21, MAG Silver Corp.'s Juanicipio joint venture processed 36.4 Kt ore grading 458 g/t Ag through the Fresnillo plant, with grades coming in 40% higher than the 2020 average silver grade of 328 g/t. In the quarter, 431 Koz silver, 631 oz gold, 137 t lead and 199 t zinc were sold, generating a gross profit of $8.2M (100% basis)."

Trevor Turnbull, Scotiabank

"MAG Silver Corp. reported its share of the Juanicipio joint venture (MAG 44% / Fresnillo 56%) precommercial production profit was about $3.6M in Q1/21. . .we now learn silver grades were 458 g/t, 40% higher than in 2020. Gold grades and base metals were also the highest to date."

Ryan Thompson, BMO Capital Markets

"We think MAG Silver Corp. has enough cash to get Juanicipio across the finish line. . .the March 31, 2021 cash balance (at the parent company plus MAG's share of cash in the joint venture) was largely in line with our expectations. The company expects to reach 40–50% of the nameplate 4 Ktpd capacity by 2021E, in line with prior guidance."

Q1/21 production and processing numbers from MAG Silver and Fresnillo's joint venture project in Mexico are reviewed in a BMO Capital Markets report.
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A CIBC World Markets initiation report states that MAG Silver Corp. offers attractive silver exposure as "its metal composition consists of ~56% from silver, which is one of the highest in our coverage universe."
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More Expert Comments

Experts Following This Company

headshot of Cosmos Chiu
Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
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 Peter Krauth
Peter Krauth, Pres – Gold Resource Investor
Clive Maund –
headshot of Gwen  Preston
Gwen Preston, Founder Resource Maven
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
Stephen Soock – Stifel
Chris Thompson, Mining Analyst – PI Financial
Ryan Thompson – BMO Capital Markets
Trevor Turnbull, Analyst – Scotia Capital Inc.

Company News

7/28/2021 – MAG Silver Reports Second Quarter Juanicipio Underground Mine Production

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

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