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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:

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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Joe Reagor, ROTH Capital Partners

"MAG Silver Corp. announced Q1/21 consolidated production of 462,321 oz silver and 697 oz gold (100% basis). The silver production was roughly in line with our expectations. . .additionally, the company's joint venture partner Fresnillo announced that the processing plant construction remains on track for commissioning by Q4/21."

Ryan Thompson, BMO Capital Markets

"Q1/21 production (100% basis) at MAG Silver Corp.'s Juanicipio was 462 Koz silver and 697 oz gold, or 203.4 Koz/307 oz attributable to MAG. . .commissioning of the company's Juanicipio plant remains on track for Q4/21. MAG noted that construction of the plant is making good progress."

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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Cosmos Chiu, CIBC World Markets

"As of April 13, 2021, we initiate coverage of MAG Silver Corp. with a Neutral rating. . .when the Juanicipio mill is up and running, the company's 44% share of the asset should catapult it into a substantial producer with about 7.8 Moz silver production per year (for the first five years). . .Our analysis shows that MAG Silver’s metal composition consists of ~56% from silver, which is one of the highest in our coverage universe. As a result, a 20% increase in the silver price increases cash flow by 26% and NAV by 19%."

Clive Maund,

"With gold and silver really strong this morning. . .MAG Silver Corp. is rated an Immediate Buy as it is at a great entry point and looks set to take off higher."

MAG Silver's joint venture project Juanicipio produced 230,000 ounces of silver during the quarter ended Dec. 31, 2020.
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Chris Thompson, PI Financial

"The reported Q4/20 production of 230 Koz silver and 443 oz gold at MAG Silver Corp.'s Juanicipio would provide about $4.2M in net revenue to the joint venture (JV), based on our assumed toll milling and treatment charges and refining charges terms. . .the company expects to process about 16 Kt/month until the Juanicipio mill is online."

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Joe Reagor, ROTH Capital Partners

"We are increasing our price target on MAG Silver Corp. from $25 to $26 and reiterating our Buy rating due to higher silver price forecasts moving forward. . .on Jan. 27, 2021, the company announced that its Juanicipio joint venture processed 30,397 t of precommercial ore resulting in the production of 230 Koz silver and 443 oz gold during Q4/20 (100% basis)."

Also during the quarter, MAG Silver announces an earn-in project in Utah and establishes an at-the-market equity program.
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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
Richard Gray, Analyst – Cormark Securities
Craig Hutchison, Analyst – TD Securities
headshot of Heiko Ihle
Heiko Ihle, Managing Director – H.C. Wainwright & Co., Rodman & Renshaw
Brian MacArthur, Analyst – Raymond James
Clive Maund –
headshot of Gwen  Preston
Gwen Preston, Founder Resource Maven
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
Stephen Soock – Stifel
Ryan Thompson – BMO Capital Markets
Chris Thompson, Mining Analyst – PI Financial
Trevor Turnbull, Analyst – Scotia Capital Inc.

Company News

4/28/2021 – MAG Silver Reports First Quarter Production From Juanicipio

3/31/2021 – MAG Silver Reports 2020 Annual Results

3/31/2021 – MAG Silver Announces the Appointment of Tim Baker as a Director

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

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