MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" "MAG Silver" or the "Company") announces the Company's unaudited financial results for the three and nine months ended September 30, 2021. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2021, please see the Company's filings on SEDAR ( www.sedar.com ) or on EDGAR ( www.sec.gov ).

All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified.

HIGHLIGHTS – SEPTEMBER 30, 2021 AND EVENTS SUBSEQUENT TO THE QUARTER END

OPERATIONAL - Minera Juanicipio S.A. de C.V. ("Minera Juanicipio") owned 44% by MAG Silver

Positive progress was achieved during the quarter ended September 30, 2021 on the construction of the 4,000 tonne per day ("tpd") Juanicipio processing plant and civil works, and the focus now turns to transitioning from construction to commissioning activities.
Pre-commissioning has commenced for key process systems as the process plant approaches mechanical completion.
As reported by the operator and 56% owner Fresnillo plc ("Fresnillo), the Juanicipio plant is expected to come in on budget and is expected to be commissioned by year end, subject to timely connection to the power grid.
A regularly updated photo gallery of construction progress at Juanicipio is available at https://magsilver.com/projects/photo-gallery/#photo-gallery .
Batch processing of mineralized material from development headings continues through the nearby Fresnillo plant at a targeted two days per month of continuous processing for a nominal expected rate of 16,000 tonnes per month (19,042 tonnes per month was averaged during Q3 2021).
For the three months ended September 30, 2021, on a 100% basis:
- 57,127 tonnes of mineralized material were batch processed through the Fresnillo plant, with 619,791 payable silver ounces, 993 payable gold ounces, 232 tonnes of lead and 312 tonnes of zinc produced and sold;
- Average silver head grade was 418 grams per tonne ("g/t") in the development material processed; and
- Pre-commercial production sales totaled $14,684 for the quarter (net of treatment and processing costs), less $3,477 in mining and transportation costs, netting $11,207 in gross profit by Minera Juanicipio in the quarter.

For the nine months ended September 30, 2021, on a 100% basis:
- 137,957 tonnes of mineralized material were batch processed through the Fresnillo plant, with 1,455,497 payable silver ounces, 2,334 payable gold ounces, 502 tonnes of lead and 719 tonnes of zinc produced and sold;
- Average silver head grade was 410 g/t in the development material processed; and
- Pre-commercial production sales of $36,025 (net of treatment and processing costs) less $7,736 in mining and transportation costs, netting $28,289 year to date gross profit in Minera Juanicipio.

Since commencing batch processing of Juanicipio mineralized material from development headings in August of 2020, a total of 209,816 tonnes of mineralized development material have been processed through the nearby Fresnillo plant:
- contributing cash-flow to offset some of the initial project capital; and
- de-risking Juanicipio's metallurgical performance, which is expected to significantly speed up project ramp-up.

Juanicipio initial project capital is estimated at $440,000 (100% basis) as of January 1, 2018, less approximately $350,738 in development expenditures incurred from then to September 30, 2021 leaving approximately $89,262 of remaining initial capital on a 100% basis (MAG's 44% estimated at $39,275) as at September 30, 2021. The cash required will be reduced by:
- Existing cash held in Minera Juanicipio as at September 30, 2021 ($34,180 on a 100% basis); and,
- Expected cashflow generated from mineralized development material being processed through the Fresnillo plant up until the Juanicipio plant is commissioned.
A further 33,663 tonnes of mineralized development material with a silver head grade of 550 g/t were processed in October 2021 thought the Fresnillo plant.

EXPLORATION

The 2021 Juanicipio exploration program is budgeted at $6,000 on a 100% basis and has been focused on continued step-out and infill drilling of the Valdecañas Vein System (including independent targeting of the Venadas Vein family and the Anticipada Vein).
Five drill rigs are presently on surface running concurrently with continued underground definition and geotechnical drilling.
Results of the Juanicipio 2020 exploration program were reported in the quarter (see Press Release dated August 5, 2021 ), and the program successfully:
- Confirms, and allows modeling with greater detail and confidence of the high-grade silver resource within the upper parts of the Valdecañas Bonanza Zone (as defined in the 2017 PEA) where the first several years of mining is expected to occur;
- Confirms, expands, and allows improved modeling of the continuous wide mineralization of the Valdecañas Deep Zone (as defined in the 2017 PEA); and
- Confirms, expands, and allows improved modeling of the ever-growing Anticipada Vein.
Deer Trail Project in Utah:
- Assays were released in Q3 2021 for the Phase I drill program (see Press Release dated September 7, 2021 ), which successfully fulfilled all three of its planned objectives by:
  - Confirming the presence of a thick section of more favorable carbonate host rocks (the predicted "Redwall Limestone" or "Redwall") below the Deer Trail mine;
  - Confirming and projecting two suspected mineralization feeder structures to depth; and
  - Intercepting high-grade mineralization related to those structures in host rocks below what was historically known.
- A follow up 5 hole/5,000 metre Phase II drill program commenced in Q3 2021 and is in process.

LIQUIDITY AND CAPITAL RESOURCES

As at September 30, 2021, MAG held cash of $31,707 while Minera Juanicipio had cash on hand of $34,180 on a 100% basis.
Estimated remaining initial project capital cost of the Juanicipio Project is $89,262 (MAG's 44% share estimated at $39,275) which is expected to be funded by MAG's cash, cash held in Minera Juanicipio and expected cash flows generated from mineralized development material processed at the Fresnillo plant.
Subsequent to the quarter end, MAG signed a commitment letter with the Bank of Montreal for a fully underwritten $40,000 revolving credit facility to provide MAG with additional liquidity should it be required.

CORPORATE

MAG continues to refresh its board, as Mr. Dale Peniuk was appointed to the board on August 3, 2021.
Subsequent to the quarter end, MAG announced that Mr. W.J. (Jim) Mallory joined the Company as Chief Sustainability Officer ("CSO").

SUSTAINABILITY AND ESG

Achieving excellence in Environmental, Social and Governance ("ESG") practices is a core component of MAG's business– it is not only the right thing to do, but also essential to the future growth and success of the Company. MAG is committed to maintaining best-in-class corporate governance practices and having a positive environmental and social impact. MAG's commitment to ‘zero harm' prioritizes the health, safety and well-being of its people and the communities in which they live and work.

At the Juanicipio project, MAG maintains regular communications with safety and sustainability staff at Fresnillo, the project operator, and is committed to promoting responsible ESG practices at Juanicipio. Additionally, MAG participates in both the Juanicipio Project board and technical committee meetings. Monthly health and safety reporting packages, and environmental and community updates are provided to MAG by Fresnillo.

At the Deer Trail Project, MAG has a robust stakeholder management program which includes ongoing engagement with local stakeholders, municipal and regional leaders, and government agencies. MAG is committed to wise environmental stewardship that fully complies with and strives to exceed all applicable laws and regulations.

JUANICIPIO PROJECT UPDATE

Processing Plant Construction, Underground Development and Commissioning

Construction of the Juanicipio 4,000 tpd processing plant continued to make good progress in the quarter ended September 30, 2021, with the focus subsequent to the quarter on transitioning from construction to commissioning activities. Pre-commissioning testing has already begun for key process plant systems as the plant approaches mechanical completion. No-load testing of the facility with progression to water testing is expected during November. The plant is expected to be commissioned by year end according to operator Fresnillo, subject to timely connection to the national electricity transmission grid of Mexico. The connection to the grid is the last step prior to feeding lower grade mineralized material through the grinding mills and mineralized material has been conveyed to the fine ore bin in preparation for processing. It has been difficult for the regulators to travel to site for the final connection due to COVID travel restrictions, but these have now been lifted and additional electrical supply protection equipment is being installed as a priority ahead of the tie-in. Fresnillo expects to obtain the authorization to connect to the power grid on schedule, which should allow full load commissioning by year end, but there is no assurance that the connection will be timely, which could result in delays to commissioning and achieving commercial production. The project operator, Fresnillo, has indicated that if there is a delay to the commissioning schedule due to the timing of the tie-in, the amount of mineralized material that was schedule to be processed through the commissioning period will be processed at the nearby Fresnillo Plant, generating comparable cash flow expected during commissioning.

A regularly updated photo gallery of construction progress at Juanicipio is available at https://magsilver.com/projects/photo-gallery/#photo-gallery .

Underground development to date at Juanicipio is now approximately 42 km (26 miles) and underground mine infrastructure is well advanced. Underground development priorities include continuing advance of the three internal spiral footwall production ramps designed to access the full strike length of the Valdecañas Vein system. Due to the poor rock quality on the western section of the upper Valdecañas Vein, cut and fill will be the chosen mining method for the higher levels in this section. A trial longhole stope has been in operation for the past six months, and this will be the preferred mining method through the main central section and eastern side of Valdecañas Vein.

The estimated initial project capital cost on a 100% basis as estimated from January 1, 2018 is $440,000 less approximately $350,738 expended since then, leaving an estimated $89,262 of remaining initial capital (MAG's 44% estimated remaining share is $39,275) as at September 30, 2021. This remaining funding requirement will be reduced by both: existing cash held in Minera Juanicipio as at September 30, 2021 ($34,180 on a 100% basis); and, expected cash flows generated from mineralized development material being processed through the Fresnillo processing plant until the Juanicipio plant is commissioned (see Underground Mine Production below).

Labour reform legislation on subcontracting and outsourcing in Mexico was published on April 23, 2021 and came into effect on September 1, 2021. With various restrictions on hiring contractors, Fresnillo, as operator, has indicated a need to internalize a portion of its contractor workforce and perform much of the development work directly rather than outsourcing it to contractors, and hence invest in equipment either not previously in the project scope or not envisaged to be required until later in the mine life, to be utilized in underground operations. As well, certain underground development expenditures related to processing development material and some small items brought forward from project investments planned in the future are considered sustaining capital by Fresnillo. The costs incurred are expected to reduce future sustaining capital costs and totaled approximately $16,637 on a 100% basis for the quarter ended September 30, 2021. These costs are included in the current Juanicipio development costs but are not considered by the operator as part of the $440,000 initial project capital.

Subsequent to the quarter end, MAG signed a binding commitment letter with the Bank of Montreal for a fully underwritten $40,000 revolving credit facility ("Facility"). The Facility will be available for general corporate purposes, further exploration of its properties, and for further investment in Minera Juanicipio. The Facility will have a maturity date of December 31, 2024 and is subject to definitive documentation and conditions to advances thereunder customary for transactions of this nature.

Underground Mine Production

As of August of 2020, mineralized development material is being batch processed, refined and sold on commercial terms at a targeted rate of 16,000 tonnes per month at the nearby Fresnillo plant. The actual amount of material processed on a monthly basis fluctuates due to the variability of mineralization encountered in the development headings from month to month. In the three and nine months ended September 30, 2021, 57,127 and 137,957 tonnes of mineralized development material respectively, were processed through the Fresnillo plant, realizing commercial and operational de-risking opportunities for the Juanicipio Project. The average silver head grade for the mineralized development material processed in the three and nine months ended September 30, 2021 was 418 g/t and 410 g/t respectively. The sales and treatment charges for tonnes processed in Q3 2021 were recorded on a provisional basis and will be adjusted in Q4 2021 based on final assay and pricing adjustments in accordance with the offtake contracts. The processing details and the resulting payable metals sold on a 100% basis for the 3 months ended September 30, 2021 are summarized in Table 1 below.

By bringing forward the start-up of the underground mine and processing mineralized development material at the Fresnillo plant in advance of commissioning the Juanicipio plant, MAG and Fresnillo expect to secure several positive outcomes for the Juanicipio Project:

generating cash-flow from production to offset some of the cash requirements of the initial project capital;
de-risking the flotation process through a better understanding of the metallurgical characteristics and response of the Juanicipio mineralization;
increased certainty around the geological block model prior to start-up of the processing plant; and
allowing for a faster and more certain ramp-up to the nameplate 4,000 tpd plant design.

Table 1: Development Material Processed at Fresnillo's Processing Plant (100% basis)

Metals	Payable Production 3 months, September 30, 2021	Average Price Per Unit ⁽¹⁾ 3 months September 30, 2021	$ Amount 3 months September 30, 2021	$ Amount 9 months September 30, 2021	$ Amount 3 months & 9 months September 30, 2020 ⁽²⁾
Silver	619,791 ounces	$23.14 per oz	$14,344	$36,492	$9,537
Gold	993 ounces	$1,772.71 per oz	1,761	4,171	1,065
Lead	232 tonnes	$1.04 per lb	529	1,087	221
Zinc	312 tonnes	$1.38 per lb	947	2,120	355
Treatment and refining and other processing charges			(2,897)	(6,699)	(1,653)
Provisional sales adjustment related to prior periods ⁽³⁾			-	(1,146)	-
Net Sales			14,684	36,025	9,525
Mining and transportation costs			(3,477)	(7,736)	(1,531)
Gross Profit			$11,207	$28,289	$7,994

⁽¹⁾ Ounces ("oz") for silver and gold and pounds ("lb") for lead and zinc.
⁽²⁾ Processing of Juanicipio mineralized development material at the Fresnillo plant commenced in August of 2020, with no prior processing.
⁽³⁾ Provisional sales for 2020 were finalized in Q1 2021 resulting in negative adjustment to net sales revenue of $1,146.

Juanicipio Exploration Update

The 2021 approved Juanicipio exploration program is currently in progress and is budgeted at $6,000 ($4,200 incurred actual to September 30, 2021) on a 100% basis and has been focused on continued step-out and infill drilling of the Valdecañas Vein System (including independent targeting of the Venadas Vein family and the Anticipada Vein). Permit applications for drilling other exploration targets on the property have been submitted or are in the process of being generated pending surface access arrangements. Meanwhile, detailed mapping and sampling of these targets is underway. All aspects of the exploration work continue to be done under strict COVID-19 protocols.

Assays for the Juanicipio 2020 drill program were released in the Q3 2021 (see Press Release dated August 5, 2021 ). A total of 33 surface holes (27,900 m) and 77 underground definition holes (11,800 m) were completed with the primary objectives of: infilling and expanding the Valdecañas Deep Zone ("Deep Zone") to optimize its planned extraction; and underground definition drilling of the upper high-grade Valdecañas Bonanza Zone ("Bonanza Zone") where test mining has already begun and the focus for the first several years of mining lies.

A complete set of tables by vein of the 2020 drilling results is available at: https://magsilver.com/site/assets/files/5810/nr-mar3-2020-table1-sdadds.pdf along with a new 3D video displaying the entire Valdecañas Vein System, available at: https://magsilver.com/site/assets/files/5810/SSMovieHQ2_3-Mar3-2019-sdsawe.mp4 .

The 2020 drilling program successfully:

Confirms, and allows modeling with greater detail and confidence of the high-grade silver resource within the upper parts of the Valdecañas Bonanza Zone where the first several years of mining will occur;
Confirms, expands, and allows improved modeling of the continuous wide mineralization of the Valdecañas Deep Zone; and,
Confirms, expands, and allows improved modeling of the ever-growing Anticipada Vein.

DEER TRAIL PROJECT UPDATE

Phase I drilling commenced in November 2020 and was completed in Q2 2021 with assays and interpretations released in the third quarter of 2021 (see Press Release September 7, 2021 ). Phase I saw the completion of three holes and 3,927 metres drilled from surface and successfully fulfilled all three of its planned objectives by:

Confirming the presence of a thick section of more favorable carbonate host rocks (the predicted "Redwall Limestone" or "Redwall") below the Deer Trail mine;
Confirming and projecting two suspected mineralization feeder structures to depth; and
Intercepting high-grade mineralization related to those structures in host rocks below what was historically known.

A follow-up Phase II drill program commenced at the Deer Trail Project on August 20, 2021, and is planned for 5,000 metres of drilling over 5 holes. Deviation/directional drilling is expected to be used in Phase II to make the drilling more efficient and accurate.

Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 38 years of relevant experience focused on ore deposit exploration worldwide. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent as he is Chief Exploration Officer and a Shareholder of MAG.

FINANCIAL RESULTS – THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

As at September 30, 2021, MAG had working capital of $33,977 (December 31, 2020: $94,513) including cash of $31,707 (December 31, 2020: $94,008) and no long-term debt. As well, as at September 30, 2021, Minera Juanicipio had cash of $34,180 (MAG's attributable 44% share of $15,039). The Company makes cash advances to Minera Juanicipio as ‘cash called' by the operator Fresnillo, based on approved budgets. In the three and nine months ended September 30, 2021, the Company funded advances to Minera Juanicipio, which combined with MAG's Juanicipio expenditures on its own account, totaled $31,884 and $55,794 respectively (September 30, 2020: $173 and $23,629 respectively).

The Company's net loss for three and nine months ended September 30, 2021 amounted to $2,280 and $2,637 respectively or $(0.02)/share and $(0.03)/share respectively (September 30, 2020: $89 and $13,690 respectively or $(0.00)/share or $(0.15)/share respectively). MAG recorded its 44% share of income from its equity investment in Juanicipio of $1,457 and $6,909 respectively for the three and nine months ended September 30, 2021 (September 30, 2020: $126 income and $3,372 loss, respectively) which included MAG's 44% share of net income from the sale of pre-production mineralized development material (see Table 2 below). Share based payment expense (a non-cash item) recorded in the three months and nine months ended September 30, 2021 amounted to $896 and $3,574 respectively (September 30, 2020: $554 and $2,262 respectively). MAG also recorded a deferred income tax expense of $1,482 and $1,724 for the three and nine months ended September 30, 2021 respectively (September 30, 2020: $1,229 deferred income tax benefit and $4,949 expense respectively), related to the devaluation of the Mexican peso during the periods.

Table 2: MAG's 44% share of income (loss) from its equity investment in Juanicipio

	Three months ended		Nine months ended
	September 30,		September 30,
	2021	2020	2021	2020
Gross Profit from processing mineralized development material (see Underground Mine Production – Juanicipio Project above)	$11,207	$ 7,994	$ 28,289	$ 7,994
Administrative expenses	(560)	Nil	(1,215)	Nil
Foreign exchange and other	(956)	95	(832)	(3,463)
Net income before tax	9,691	8,089	26,242	4,531
Income tax expense ( including deferred income tax)	(6,379)	(7,803)	(10,539)	(12,195)
Net income (loss) for the period (100% basis)	$3,312	$ 286	$ 15,703	$ (7,664 )
MAG's 44% income (loss) - equity investment in Juanicipio	$1,457	$ 126	$ 6,909	$ (3,372 )

About MAG Silver Corp. ( www.magsilver.com )

MAG Silver Corp. is a Canadian development and exploration 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. 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 developing an underground mine and constructing a 4,000 tonnes per day processing plant expected to be commissioned by the end of 2021. 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. Concurrently, MAG is executing a multi-phase exploration program at the Deer Trail 100% earn-in project in Utah.

Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of plant pre-commissioning and commissioning activities, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, timing of receipt of required permits, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG Silver's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov LEI: 254900LGL904N7F3EL14

For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, VP Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Website: www.magsilver.com Email: info@magsilver.com

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All told, silver is up nearly 35 percent since the start of 2024, outperforming gold's 32 percent gain.

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Silver price, Q4 2024.

Silver price, Q4 2024.

Chart via Trading Economics.

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Silver price in Q2

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Silver price in Q3

Silver didn’t see much upward momentum through most of the third quarter.

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This was followed on October 4 by Coeur Mining's (NYSE:CDE) agreement to acquire SilverCrest Metals (TSX:SIL,NYSE:SILV) for US$1.7 billion. The deal will create one of the world's largest silver producers, with annual output of 21 million ounces of the white metal projected by 2025.

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Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Silver reached highs not seen since 2012 this past year. What trends will drive the white metal in 2025, and will its price gains continue?

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on silver stock investing — FREE

David Morgan: Silver to US$40 in 2025, Then Blow-off Top in 2026?

David Morgan, publisher of the Morgan Report, shared his outlook for silver in 2025 and beyond, saying that the white metal may reach US$40 per ounce next year with the possibility of a blow-off top in 2026 or so.

He also discussed his ongoing concerns about central bank digital currencies, both in the US and globally.

"If you could use one word to define my purpose, the way I see it, it's 'freedom.' I like the silver and the gold, and all the stories behind them and the monetary purposes thereof," Morgan said.

"But when it gets down to it, the way the system's going, the amount of gold and silver you have is going to be pretty much meaningless if you do not fit into the social credit system like the Chinese (have)."

Watch the interview above for more from Morgan on silver, as well as gold and the overall market. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on silver stock investing — FREE

5 Best-performing Canadian Silver Stocks of 2024

Which Canadian silver stocks are the best performers so far in 2024? We break down our list of the top TSX, TSXV and CSE silver stocks to guide investors.

Silver saw strong gains in 2024, breaching US$32 per ounce in H1 and then US$34 in October.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply-and-demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on December 10, 2024, and all companies listed had market caps over C$10 million at that time.

1. Pantera Silver (TSXV:PNTR)

Company Profile

Year-to-date gain: 244.44 percent
Market cap: C$13.14 million
Share price: C$0.31

Pantera Silver is focused on its Nuevo Taxco silver-gold project near Mexico City, Mexico.

The company signed an earn-in agreement with Impact Silver (TSX:IPT,OTCQB:ISVLF) for the 1,100 hectare property in October 2020. Though limited exploration has been carried out on the property, work done by Impact in 2013 identified 21 silver-bearing veins. Of the 395 rock samples collected at that time, three contained grades of over 1,000 grams per metric ton (g/t) silver. In a 2022 drill program, Pantera highlighted assay results of up to 225 g/t silver from 1.85 meters.

On October 20, explorer and developer Pantera provided a corporate update, saying it was looking at various options to restart exploration work that had previously been paused at Nuevo Taxco. In the announcement, Pantera said it was expecting to begin work in Q3 and would be focusing on sampling and mapping the Southwest zone of the project. The company has not provided any further updates regarding exploration work at Nuevo Taxco.

The most recent news from Pantera came on December 3, when the company announced it had entered into a definitive agreement to acquire a 100 percent stake in the Rakanco project. The property is composed of three mineral claims covering an area of 17,975 hectares in Southwest Bolivia.

Shares of Pantera reached a year-to-date high of C$0.46 on October 22 alongside a surging silver price.

2. Gatos Silver (TSX:GATO)

Company Profile

Year-to-date gain: 166.86 percent
Market cap: C$1.62 billion
Share price: C$22.87

Gatos Silver is a silver-focused production and exploration company. Its flagship asset is the Cerro Los Gatos mine and district, located south of Chihuahua City, Mexico.

The site consists of 14 predominantly silver, lead and zinc mineralization zones, and is a joint venture with Dowa Metals and Mining, which holds a 30 percent stake in the operation; Gatos owns the remaining 70 percent.

On February 21, the company released its full-year results for 2023, indicating it had produced 9.2 million ounces of silver, marking a decline from 10.3 million ounces produced in 2022. However, the company said it improved operational efficiencies to offset inflationary pressures, lowering all-in sustaining costs (AISC) to the lower end of 2023 guidance.

In the release, Gatos also said it was expecting similar production totals for 2024, with guidance of 8.4 million to 9.2 million ounces of silver at an AISC of US$9.50 to US$11.50 per payable ounce. The company said it was anticipating that exploration efforts at the South-East Deeps target would further extend the life of the mine.

On July 23, Gatos reported an update on regional exploration programs, saying that drilling at the South-East Deeps zone extension had resulted in a highlight of 214 g/t silver over 3.5 meters.

Additionally, results from its ongoing drilling at the Portigueño target included a highlight of 49 g/t silver over 1.6 meters, and results from two holes testing the depth of the San Luis target produced a highlighted intercept more than 150 meters below surface of 66 g/t silver over 8.9 meters, including 111 g/t silver over 2.5 meters.

On September 5, Gatos entered into a definitive merger agreement to be acquired by First Majestic Silver (TSX:AG,NYSE:AG). The transaction values Gatos at US$970 million and is expected to be completed in early 2025.

In a Q3 production update on October 9, Gatos reported that its silver equivalent production for the period had increased 11 percent year-on-year. Additionally, through the first nine months of 2024, Gatos produced 7.1 million ounces of silver, up from 6.65 million ounces in the same period in 2023. The higher figures allowed the company to increase its 2024 guidance to 9.2 million to 9.7 million ounces of silver, up from 8.4 million to 9.2 million ounces.

The company released its Q3 financial and operating results on November 11, saying that earnings per share were up 200 percent year-on-year to C$0.14. Net income increased to C$9.9 million from C$3.3 million.

Shares of Gatos reached a year-to-date high of C$27.85 on October 29.

3. GR Silver Mining (TSXV:GRSL)

Company Profile

Year-to-date gain: 156.25 percent
Market cap: C$68.17 million
Share price: C$0.205

GR Silver Mining is a small-cap explorer and developer that is working to advance its Rosario Mining District in Sinaloa, Mexico, to production. The district consists of three core mining areas: Plomosas, San Marcial and La Trinidad.

The company’s primary focus has been the development of Plomosas and neighboring San Marcial, a 9,764 hectare land package that hosts a past-producing silver, gold, lead and zinc underground mine.

In March 2023, the company released an updated resource estimate for Plomosas showing total indicated resources of 97 million silver equivalent ounces, with additional inferred resources of 53 million silver equivalent ounces.

Shares of GR Silver saw significant gains in the first quarter alongside a rising silver price and a March 4 announcement that GR had started small bulk sampling and test mining at Plomosas.

The company provided results from the sampling program in an update on June 27. In the report, GR Silver said it had completed 280 meters of underground development and processed 15,170 metric tons (MT) of material. Silver recovery rates from the samples were between 84 and 92 percent. Assays from channel sampling produced high grades, with one sample grading 1,625 g/t silver and 14.1 g/t gold over 2.5 meters.

On July 17, GR announced that it had completed its sale of Marlin Gold Mining to a private, arm’s-length company active in Mexico. Under the terms of the agreement, GR was to receive a 0.5 percent net smelter royalty on the concessions owned by Marlin subsidiary Oro Gold and a 10 year first right of refusal on any disposition of the concessions.

Since then, the company has spent time raising funds. Its most recent news came on September 27, when GR announced it had closed an oversubscribed private placement for C$2.37 million. The company said it intends to use the proceeds for exploration activities at its Plomosas project.

GR's share price reached a year-to-date high of C$0.295 on October 23.

4. Andean Precious Metals (TSX:APM)

Company Profile

Year-to-date gain: 132.79 percent
Market cap: C$219.56 million
Share price: C$1.42

Andean Precious Metals is a silver-focused company with a pair of operating assets in the Amercias.

Its primary silver-producing operation is the San Bartolome mine in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million MT.

A September 2023 mineral reserve statement demonstrates proven and probable quantities of silver at 6.85 million ounces from 21.01 million MT of ore with an average grade of 10.15 g/t.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 MT per day cyanide heap leach and Merril-Crowe processing facility. A mineral reserve statement shows measured and indicated silver values at 11.24 million ounces from 41.81 million MT with an average grade of 8.37 g/t. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.

On November 11, the company released its Q3 operating and financial results. Andean said that during the first nine months of the year, it produced 2.98 million ounces of silver at San Bartolomé, an 11 percent reduction from 2023. However, this was offset by production at Golden Queen, which generated 395,000 ounces of silver.

The most recent news from Andean came on December 5, when it announced it had received approval to be listed on the Toronto Stock Exchange. The company said the move reflects its commitment to delivering shareholder value and will enhance Andean’s visibility and ability to broaden its investor base.

Andean shares have positive momentum all year, but saw their biggest increase alongside a surge in silver and gold prices in September and into October. The company reached its year-to-date high of C$2.10 on October 22, the same day silver saw its highest price of the year.

5. Endeavour Silver (TSX:EDR)

Company Profile

Year-to-date gain: 129.66 percent
Market cap: C$1.49 billion
Share price: C$6.04

Endeavour Silver is a silver company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the advanced-stage Terronera development project and several exploration properties.

Its primary focus for 2024 has been its Terronera project in Jalisco, Mexico, which is under construction. Once complete, the new mine will become the company’s flagship operation. According to a 2023 update to its 2021 feasibility report, Terronera will produce an estimated 4 million ounces of silver per year over a 10 year mine life.

On July 24, Endeavour announced that construction at the site had progressed, with surface construction achieving 77 percent completion. The company said it should be ready for dry commissioning during the third quarter, and that final earthworks and concrete pouring were also expected to take place during that time period.

Endeavour reported on August 19 that, following a failure that occurred at the primary ball mill trunnion on August 12, it had resumed processing at its Guanacevi mine site. However, the company noted that its processing capacity would be halved during a ramp up with temporary modifications. At the time, it stated that permanent repairs to return to regular capacity should take 16 weeks for fabrication and installation. The company estimated that silver production for the year would be 900,000 to 1.1 million ounces lower than previous guidance for that reason.

In its Q3 production results, released on October 8, Endeavour said the failure and temporary fix had reduced throughput at the mill to 565 MT per day, resulting in production of 847,717 ounces of silver, down 24 percent year-on-year. For the first nine months of the year, Endeavour produced 3.65 million ounces of silver, 15 percent lower year-on-year.

Endeavour expects Guanacevi to be back to full operation in December.

In a release on October 21, Endeavour provided a construction update from Terronera indicating that it had reached 77 percent completion. The company said it is on track to begin commissioning near the end of Q4.

Shares of Endeavour reached a year-to-date high of C$7.62 on October 29.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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First Majestic Provides Update Regarding Gatos Silver's Joint Venture with Dowa Metals & Mining Co., Ltd.

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that Gatos Silver, Inc. ("Gatos") has advised the Company that it has amended and restated its agreements (the "Amended Agreements") with Dowa Metals & Mining Co., Ltd. ("Dowa") regarding the Los Gatos Joint Venture (the "LGJV"). The Amended Agreements, which become effective on January 1, 2025, expand Gatos' management rights within the LGJV and allow for the financial statements of the LGJV to be fully consolidated. For copies of the Amended Agreements, please see the Form 8-K filed by Gatos under its EDGAR profile at www.sec.govedgar. The Amended Agreements do not affect the respective ownership interests of Gatos and Dowa in the LGJV, which remain unchanged at 70% and 30%, respectively. Concurrent with this news release, the Company has filed a material change report dated December 19, 2024 (the "December Material Change Report") under its SEDAR+ profile at www.sedarplus.com, with further details of the Amended Agreements.

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