Production surpasses our estimates. Compared to the prior year period, second quarter silver and gold production increased 80% and 92%, respectively, to 1,073,724 ounces and 11,166 ounces, versus our estimates of 1,054,376 ounces and 7,943 ounces. Year-over-year comparisons reflect 2020 COVID-related production impacts. During the quarter, Endeavour sold 1,120,266 ounces of silver and 9,810 ounces of gold. Payable silver and gold ounces produced during the quarter amounted to 1,062,267 and 10,955 ounces, respectively. Gold production exceeded our estimates at all three mines due to higher throughput, grades, and recoveries. Silver production also surpassed our estimate driven by strong performance at Guanacevi. Compared to the first quarter of 2021, second quarter silver and gold production increased 2.4% and 0.5%, respectively. Full year 2021 and 2022 estimates. We forecast 2021 EPS of $0.06 and EBITDA of $52.5 million, largely unchanged from our prior forecast. The wildcard for the second half is El Compas where reserves are only sufficient to... Read More >>
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Endeavour Silver - Strong 2Q Production Results; On Track to Meet or Exceed Guidance
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First Majestic Announces Commencement of Bullion Sales from First Mint
First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the completed commissioning and commencement of bullion sales from its 100% owned and operated minting facility, First Mint, LLC ("First Mint"). Located in the State of Nevada, United States, First Mint vertically integrates a manufacturing plant for investment-grade fine silver bullion into the First Majestic portfolio.
In line with First Majestic's commitment to environmental and community stewardship, First Mint operates state-of-the-art machines that require less electricity and do not release gas emissions compared to traditional minting processes. The eco-friendly and high efficiency production line allows the mint to produce over 10% of the Company's current silver production coming from the Mexican operations. Plans are currently underway to expand the operation by adding additional equipment and personnel as required.
The inaugural production run of bullion bars will be commemorated and sold as collectibles, complete with certificates of authenticity and exclusive packaging. These limited edition "First Strike" products will include 1,000 one-kilogram bars, 2,500 ten-ounce bars, and 5,000 five-ounce bars. As production ramps up, investors can expect the mint to provide a steady supply of cast bars and one-ounce silver rounds, with additional capacity to service third party projects. Additionally, First Majestic products will remain available for sale alongside First Mint branded items. Investors are encouraged to visit www.firstmint.com to enjoy a refreshed and streamlined shopping experience.
The mint is currently seeking ISO 9001 certification, allowing for its silver to be Individual Retirement Account ("IRA") eligible. Along with this certification comes a quality commitment: First Mint will fully guarantee the weight, purity, and content of its bullion products.
Lastly, the Shareholder Benefits program will continue. Shareholders with at least 100 shares of First Majestic qualify for savings of $0.50 per ounce from our posted price.
For more information about First Mint, contact us at info@firstmint.com.
ABOUT THE COMPANY
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada.
First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll-free number: 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: (i) the Company's plans to expand the operations at First Mint through additional equipment and personnel; (ii) sales by First Mint of the inaugural production run of bullion bars; (iii) the supply of cast bars and silver rounds as production increases at First Mint; (iv) third party projects undertaken by First Mint; and (v) timing for First Mint to receive ISO 9001:2015 certification.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics or epidemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2022 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2022 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203038
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Silvercorp Offer for OreCorp Lapsed
Trading Symbol:
TSX: SVM
NYSE AMERICAN: SVM
Silvercorp Metals Inc. (" Silvercorp " or the " Company ") (TSX: SVM) (NYSE American: SVM) announced today that, further to its off-market takeover bid (the " Offer ") for all of the ordinary shares in OreCorp Limited (" OreCorp ") (ASX:ORR), Silvercorp did not satisfy the 50.1% minimum acceptance condition prior to the close of the Offer on March 22, 2024 and elected not to exercise its "right to match" a competing offer for OreCorp. Silvercorp will remain entitled to payment of a break fee of approximately AUD$2.8 million in certain circumstances, as set out in the BID.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com .
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian and US securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, statements regarding the break fee, global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada ; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and U.S. securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorpmetals.com .
View original content to download multimedia: https://www.prnewswire.com/news-releases/silvercorp-offer-for-orecorp-lapsed-302098784.html
SOURCE Silvercorp Metals Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/25/c0671.html
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MAG Silver Provides Notice of Updated Juanicipio Technical Report
MAG Silver Corp. (TSX NYSE American: MAG) (" MAG ", or the "Company ") announces that it will release results from its updated Juanicipio Technical Report (the " Report ") on Wednesday, March 27, 2024. A conference call will be held to discuss the results of the Report on Wednesday, March 27, 2024 at 8:15 a.m. Eastern Time.
Conference call dial-in numbers:
Canada / USA toll-free: | +1-800-319-4610 |
International: | +1-604-638-5340 |
A live webcast will also be available at:
http://services.choruscall.ca/links/magsilver202403.html
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG Silver is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day (tpd) Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG Silver is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
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 or "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, " forward-looking statements "). All statements in this release, other than statements of historical facts are forward looking statements, including statements regarding the expected release date of the updated Juanicipio Technical Report. 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 the forward-looking statements identified herein include, but are not limited to, risks related to the control of Juanicipio cashflows and operations through a joint venture in which the Company is a non-operator; there being no guarantee of the surface rights for the Juanicipio property or in the Company's ability to obtain and maintain all necessary licences and permits that may be required to carry out its business activities at the Juanicipio Mine; risks related to maintaining a positive relationship with the communities in which the Company operates; risks related to the Company's decision to participate in the processing and production of the Juanicipio Mine; risks related to the limited operating history at Juanicipio; geotechnical risks associated with the operation of the Juanicipio Mine and related civil structures; labour risks; changes in applicable laws; risks to title, challenge to title or potential title disputes at Juanicipio; continued availability of capital and financing; and general economic, market or business conditions; political risk; currency risk; capital cost inflation and those other risks disclosed in MAG Silver's filings with the Securities Exchange Commission and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein. 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.sedarplus.ca and www.sec.gov .
For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email: info@magsilver.com
News Provided by GlobeNewswire via QuoteMedia
Fortuna to present at the Gold Forum Europe 2024 in Zürich, Switzerland
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that it will be attending Gold Forum Europe 2024 which is being held at the Park Hyatt in Zürich, Switzerland, from April 8 to 10, 2024.
Jorge A. Ganoza, President, Chief Executive Officer, and co-founder of Fortuna, will be presenting on Tuesday, April 9 at 2:30 p.m. Central European Time in Ballroom 3.
About Gold Forum Europe
Gold Forum Europe is Europe's only independent investment event serving the precious metals sector. The Gold Forum offers an unparalleled representation of private and publicly traded precious metal equities spanning all stages of production, development, and exploration.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
Carlos Baca
Vice President, Investor Relations
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
http://ml.globenewswire.com/Resource/Download/ace8ef79-52ac-43a4-ad19-10ad01efa552
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Peter Krauth: Silver's Time Will Come, Why Price Hasn't Moved (Yet)
Peter Krauth, editor of Silver Stock Investor, provided his latest thoughts on the silver market, honing in on his theory for why the metal's price hasn't risen in the face of substantial deficits for the last several years.
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, he acknowledged investors' frustration with the metal's price — despite four years of consecutive supply shortfalls, it has largely gone sideways.
"You've got three aspects to this," Krauth explained. "You've got industrial ... supply — this goes to users that make solar panels, that do electronics, all sorts of things like that. You've got the investment side of it, so people who are actually buying physical coins and silver. And then you've got sort of this area where, when there is oversupply in a given year, that gets shunted into the inventories of things like the futures exchanges, exchange-traded funds (ETFs), for example."
Continuing, he said silver is being drained out of these inventories, which he referred to as secondary inventories.
"Here's my take," Krauth said. "I believe that you have numerous industrial consumers buying long futures contracts and/or buying silver ETFs, and then asking for delivery. When the futures contracts mature, they can stand for delivery."
He noted that the registered silver — metal that is available for delivery — has declined by about 70 percent over the last three or four years. And in his view, it won't be too long before there's no more of this silver out there.
"If I had to guess, I would say maybe a year, 18 months, two years max," Krauth said on the sidelines of the event. "At some point, there will be no more secondary silver available — someone's going to stand for delivery on a futures contract, and they will be told, 'Sorry, we can't deliver, we're going to have to ... pay you out cash.'"
He believes that's when the the entire sector will finally "wake up in a big way."
Watch the interview above for more from Krauth on silver supply, demand, prices and stocks. You can also click here for the Investing News Network's full PDAC 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.
MAG Silver Reports 2023 Annual Financial Results
MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the "Company") announces the Company's consolidated financial results for the year ended December 31, 2023. For details of the audited consolidated financial statements of the Company for the year ended December 31, 2023 ("2023 Financial Statements") and management's discussion and analysis for the year ended December 31, 2023 ("2023 MD&A"), please see the Company's filings on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at ( www.sedarplus.ca ) or on the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") at ( www.sec.gov ).
All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified (C$ refers to Canadian dollars).
KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)
- MAG reported net income of $48,659 ($0.47 per share) driven by income from Juanicipio (equity accounted) of $65,099 and Adjusted EBITDA 1 of $97,480 for the year ended December 31, 2023.
- MAG reported net income of $15,694 ($0.15 per share) driven by income from Juanicipio (equity accounted) of $21,069 and Adjusted EBITDA 1 of $29,787 for the three months ended December 31, 2023.
- A total of 346,766 tonnes of mineralized material at a silver head grade of 467 grams per tonne ("g/t") was processed at Juanicipio during the fourth quarter. Milling performance for 2023 totalled 1,268,757 tonnes at a head grade of 472 g/t.
- Juanicipio achieved silver production of 4.5 million ounces during the fourth quarter. Silver production for 2023 totalled 16.8 million ounces.
- Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter was processed through the Saucito plant.
- Juanicipio delivered robust cost performance with cash cost 2 of $3.76 per silver ounce sold and all-in sustaining cost 2 of $9.17 per silver ounce sold in the fourth quarter.
- Juanicipio generated strong operating cash flow of $84,038 and free cash flow 2 of $61,993 in the fourth quarter. Operating cash flow and free cash flow 2 for 2023 totalled $145,064 and $60,814, respectively.
- At the end of the year, Juanicipio held cash balances of $42,913, representing an increase of $41,811 over 2022, driven by strong operating cash flows.
- Juanicipio returned a total of $18,765 in interest and loan principal repayments to MAG during the fourth quarter. Interest and loan principal repayments returned to MAG during 2023 totalled $33,354.
- MAG concluded a $40,000 senior secured revolving credit facility (the "Credit Facility") with the Bank of Montreal on October 4, 2023.
- Effective June 20, 2023, MAG was included in the NYSE Arca Gold Miners Index which is tracked by the VanEck Vectors Gold Miners ETF.
CORPORATE
- In September the Company published its second annual sustainability report underscoring its commitment to transparency with its stakeholders while providing a comprehensive overview of the Company's environmental, social and governance ("ESG") commitments, practices and performance for the 2022 year. The 2022 sustainability report is supported by the MAG Silver 2022 ESG Data Table which discloses MAG's historical ESG performance data.
- During early 2024, as part of the Company's longer term succession planning, Dr. Lex Lambeck was promoted to the position of Vice President, Exploration. Lex has been the project manager for the Deer Trail Project in Utah since it was acquired by MAG in 2019, led by Dr. Peter Megaw. Lex's leadership was instrumental in the application of the "Hub and Spoke" thesis at Deer Trail as well as the Carissa discovery demonstrating his strong skills in generative exploration in district scale settings which will be invaluable in overseeing the Company's portfolio of exploration properties, including exploration at Juanicipio.
- Marc Turcotte, with his almost 10 years experience at MAG as Vice President, Corporate Development, was promoted to the position of Chief Development Officer. In this broader executive role, Marc will leverage his proven track record in identifying unique situations to zero-in-on and assess inorganic growth opportunities aligned with the Company's commitment to continued Tier-1 growth and expansion. Marc was the architect of the consolidation of the Deer Trail project in Utah as well as the catalyst behind the acquisition of Gatling Exploration which brought the Larder project into MAG's portfolio of high quality, high impact exploration properties.
- Tom Peregoodoff was appointed to the Board of Directors of MAG effective January 1, 2024. Mr. Peregoodoff will fill the vacancy to be created by the planned retirement in June 2024 of Dan MacInnis, who does not plan to seek re-election at the Company's 2024 annual general meeting of shareholders. Tom brings with him over 30 years of industry knowledge and leadership and has extensive experience in all aspects and stages of the global mining business, specializing in mineral exploration.
EXPLORATION
- Juanicipio:
- Infill drilling at Juanicipio continued in 2023, with one rig on surface and one underground with the goal of upgrading and expanding the Valdecañas Vein System at depth and further defining areas to be mined in the near to mid-term.
- During 2023, 13,273 metres (three months ended December 31, 2023: nil metres) and 22,015 metres (three months ended December 31, 2023: 6,686 metres), were drilled from surface and underground respectively. Drilling for the year, both surface and underground, was infill in nature and continues to confirm defined mineralization.
- Deer Trail Project, Utah:
- Results from the 12,157 metres in surface-based Phase 2 drilling on the Deer Trail Carbonate Replacement Deposit project were reported on January 17, 2023 and August 3, 2023 (see news releases dated January 17, 2023 and August 3, 2023 available under the Company's SEDAR+ profile at www.sedarplus.ca ).
- On May 29, 2023 MAG started a Phase 3 drilling program focused on up to three porphyry "hub" targets thought to be the source of the manto, skarn and epithermal mineralization and extensive alteration throughout the project area including that at the Deer Trail and Carissa zones. An early onset of winter snowfall impacted the commencement of the third porphyry "hub" target which is expected to be drilled next season and drilling has shifted to offset the Carissa discovery and test other high-potential targets.
- During 2023, 5,525 metres (three months ended December 31, 2023: 1,609 metres) were drilled at high elevation with final results and interpretation pending.
- Larder Project, Ontario:
- On July 12, 2023 drilling resumed at the Larder Project to test additional targets by the end of the year on the Cheminis and Bear areas. During 2023 17,504 metres were drilled at Swansea, Cheminis and Bear.
- Cheminis Success: The magnetotellurics survey carried out in the summer of 2023 enabled modelling of the south volcanic gold zone at Cheminis and is proving to be applicable elsewhere across the property. Drilling in three successive Cheminis drillholes (GAT-23-019, 020A, and 021B, see Table 1 below) intersected grades of 1.1 to 20.3 g/t gold over core lengths of 0.6 - 11.1 metres demonstrating continuity. This also extended the gold-hosting mine sequence down to 700 metres below surface, more than 370 metres below the deepest workings in this portion of the Cadillac-Larder Break. Incorporating these results into the model should enhance predictability in follow-up drilling.
- Bear Success: Increased predictability has led to continued success and further definition of the North Bear zone, especially in hole GAT-23-022NA (see Table 1 below) which cut 5.1 metres grading 4.6 g/t gold (including a high-grade zone of 1.4 metre grading 16.2 g/t gold). These intercepts extend gold mineralization to 650 metres below surface, and it remains open in all directions.
Table 1: 2023 Larder Drillholes Highlights
Hole ID | From (m) | To (m) | Length (m) 1 | Gold (g/t) | Lithology | Target/Zone |
GAT-23-019 | 767.00 | 776.50 | 9.50 | 2.1 | Mafic Volcanics | South Cheminis Mine Sequence Zone |
Including | 767.40 | 768.80 | 1.40 | 5.1 | South Volcanics | South Cheminis Mine Sequence Zone |
Including | 767.80 | 768.00 | 0.30 | 11.0 | South Volcanics | South Cheminis Mine Sequence Zone |
and | 945.00 | 955.00 | 10.00 | 1.1 | Green Komatiites | North Cheminis Zone |
Including | 946.00 | 949.50 | 3.50 | 2.1 | Green Komatiites | North Cheminis Zone |
GAT-23-020A | 605.30 | 605.90 | 0.60 | 9.4 | Quartz Vein & South Volcanics | South Cheminis Zone |
and | 672.90 | 678.80 | 5.90 | 3.5 | Komatiite-Syenite Contact | North Cheminis Zone |
Including | 676.30 | 678.80 | 2.50 | 6.3 | Komatiite-Syenite Contact | North Cheminis Zone |
Including | 678.30 | 678.80 | 0.50 | 20.3 | Green Komatiite-Syenite Contact | North Cheminis Zone |
GAT-23-021B | 757.40 | 768.50 | 11.10 | 3.2 | Brecciated South Volcanics with Graphite | South Cheminis Mine Sequence Zone |
Including | 766.00 | 768.00 | 2.00 | 10.2 | South Volcanics | South Cheminis Mine Sequence Zone |
GAT-23-022NA | 784.60 | 785.50 | 0.90 | 6.0 | Green Komatiites | North Bear Zone |
and | 789.50 | 794.60 | 5.10 | 4.6 | Green Komatiite with Graphite | North Bear Zone |
Including | 790.30 | 791.70 | 1.40 | 16.2 | Quartz Vein with Graphite | North Bear Zone |
Including | 791.20 | 793.70 | 0.50 | 33.8 | Quartz Vein with Graphite | North Bear Zone |
and | 939.50 | 940.20 | 0.70 | 5.7 | South Volcanics | South Bear Zone |
JUANICIPIO RESULTS
All results of Juanicipio in this section are on a 100% basis, unless otherwise noted.
Operating Performance
The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the years ended December 31, 2023 and 2022, unless otherwise noted.
Key mine performance data of Juanicipio (100% basis) | Year ended | |||
December 31, | December 31, | |||
2023 | 2022 | |||
Metres developed (m) | 14,864 | 12,999 | ||
Material mined (t) | 1,097,289 | 792,693 | ||
Material processed (t) | 1,268,757 | 646,148 | ||
Silver head grade (g/t) | 472 | 520 | ||
Gold head grade (g/t) | 1.27 | 1.39 | ||
Lead head grade (%) | 1.14 | % | 0.90 | % |
Zinc head grade (%) | 2.05 | % | 1.72 | % |
Silver payable ounces (koz) | 15,318 | 8,697 | ||
Gold payable ounces (koz) | 31.73 | 20.27 | ||
Lead payable pounds (klb) | 25,862 | 9,892 | ||
Zinc payable pounds (klb) | 36,881 | 14,898 | ||
During the year ended December 31, 2023 a total of 1,097,289 tonnes of mineralized material were mined. This represents an increase of 38% over 2022. Increases in mined tonnages at Juanicipio have been driven by the operational ramp up of the milling facility.
During the year ended December 31, 2023 a total of 1,268,757 tonnes of mineralized material were processed through the Juanicipio, Saucito and Fresnillo plants. This represents an increase of 96% over 2022. The increase in milled tonnage has been driven by the Juanicipio mill commissioning and operational ramp up. As reported by the operator, Fresnillo, the Juanicipio processing facility achieved nameplate capacity of 4,000 tpd during September 2023 with silver recovery consistently above 88%. Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter of 2023 was processed through the Saucito plant.
The average silver head grade for the mineralized material processed in the year ended December 31, 2023 was 472 g/t (year ended December 31, 2022: 520 g/t).
The following table provides a summary of the total cash costs (1) and all-in-sustaining costs ("AISC") (1) of Juanicipio for the years ended December 31, 2023, and 2022.
Key mine performance data of Juanicipio (100% basis) | Year ended | |||
December 31, | December 31, | |||
2023 | 2022 | |||
Total operating cash costs (1) | 88,080 | 40,522 | ||
Operating cash cost per silver ounce sold ($/oz) (1) | 5.75 | 4.66 | ||
Total cash costs (1) | 93,025 | 40,871 | ||
Cash cost per silver ounce sold ($/oz) (1) | 6.07 | 4.70 | ||
All-in sustaining costs (1) | 158,151 | 83,463 | ||
All-in sustaining cost per silver ounce sold ($/oz) (1) | 10.32 | 9.60 |
(1) Total operating cash costs, operating cash cost per ounce, total cash costs, cash cost per ounce, all-in sustaining costs, and all-in sustaining cost per ounce are non-IFRS measures, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca for a detailed reconciliation of these measures to the 2023 Financial Statements.
Financial Results
The following table presents excerpts of the financial results of Juanicipio for the years ended December 31, 2023 and 2022 (MAG's share of income from its equity accounted investment in Juanicipio).
Year ended | ||||
December 31, | December 31, | |||
2023 | 2022 | |||
$ | $ | |||
Sales | 442,288 | 215,736 | ||
Cost of sales: | ||||
Production cost | (171,830 | ) | (61,985 | ) |
Depreciation and amortization | (68,475 | ) | (20,913 | ) |
Gross profit | 201,983 | 132,838 | ||
Consulting and administrative expenses | (18,768 | ) | (8,436 | ) |
Extraordinary mining and other duties | (4,945 | ) | (349 | ) |
Interest expense | (18,524 | ) | (2,298 | ) |
Exchange losses and other | (2,937 | ) | (5,160 | ) |
Net income before tax | 156,809 | 116,595 | ||
Income tax expense | (27,381 | ) | (26,348 | ) |
Net income (100% basis) | 129,428 | 90,247 | ||
MAG's 44% portion of net income | 56,948 | 39,709 | ||
Interest on Juanicipio loans - MAG's 44% | 8,150 | 1,058 | ||
MAG's 44% equity income | 65,099 | 40,767 | ||
Sales increased by $226,552 during the year ended December 31, 2023, mainly due to 84% higher metal volumes and 5% higher realized metal prices.
Offsetting higher sales was higher depreciation ($47,561) as the Juanicipio mill achieved commercial production and commenced depreciating the processing facility and associated equipment, and higher production cost ($109,845) which was driven by higher sales and operational ramp-up in mining and processing, including $44,027 in inventory movements as commissioning stockpiles were drawn down.
Other expenses increased by $28,932 mainly as a result of higher extraordinary mining and other duties ($4,596) related to higher precious metal revenues from the sale of concentrates, higher consulting and administrative expenses ($10,332) as an operator services agreement became effective upon initiation of commercial production whereby Fresnillo and its affiliates continue to operate the mine, and higher interest incurred on shareholder loans ($16,227) which were completely expensed during 2023, whereas being only partly expensed with the rest capitalized to construction in progress during 2022.
Taxes increased by $1,033 impacted by deferred tax charges associated with fixed assets as well as higher taxable profits generated during the period.
Mineralized Material Processed at Juanicipio, Saucito and Fresnillo Plants (100% basis)
Year Ended December 31, 2023 (1,268,757 tonnes processed) | Year Ended December 31, 2022 Amount $ | |||||
Payable Metals | Quantity | Average Price $ | Amount $ | |||
Silver | 15,317,765 ounces | 23.66 per oz | 362,457 | 188,722 | ||
Gold | 31,735 ounces | 1,978.07 per oz | 62,774 | 36,958 | ||
Lead | 11,731 tonnes | 0.96 per lb. | 24,746 | 9,380 | ||
Zinc | 16,729 tonnes | 1.15 per lb. | 42,496 | 23,398 | ||
Treatment, refining, and other processing costs ( 2 ) | (50,185 | ) | (42,722 | ) | ||
Sales | 442,288 | 215,736 | ||||
Production cost | (171,830 | ) | (61,985 | ) | ||
Depreciation and amortization (1) | (68,475 | ) | (20,913 | ) | ||
Gross Profit | 201,983 | 132,838 |
(1) The underground mine was considered readied for its intended use on January 1, 2022, whereas the Juanicipio processing facility started commissioning and ramp-up activities in January 2023, achieving commercial production status on June 1, 2023.
(2) Includes toll milling costs from processing mineralized material at the Saucito and Fresnillo plants.
Sales and treatment charges are recorded on a provisional basis and are adjusted based on final assay and pricing adjustments in accordance with the offtake contracts.
MAG FINANCIAL RESULTS – YEAR ENDED DECEMBER 31, 2023
As at December 31, 2023, MAG had working capital of $67,262 (December 31, 2022: $29,232) including cash of $68,707 (December 31, 2022: $29,955) and no long-term debt. As well, as at December 31, 2023, Juanicipio had working capital of $86,336 including cash of $42,913 (MAG's attributable share is 44%).
The Company's net income for the year ended December 31, 2023 amounted to $48,659 (December 31, 2022: $17,644) or $0.47/share (December 31, 2022: $0.18/share). MAG recorded its 44% income from equity accounted investment in Juanicipio of $65,099 (December 31, 2022: $40,767) which included MAG's 44% share of net income from operations as well as loan interest earned on loans advanced to Juanicipio (see above for MAG's share of income from its equity accounted investment in Juanicipio).
December 31, | December 31, | |||
2023 | 2022 | |||
$ | $ | |||
Income from equity accounted investment in Juanicipio | 65,099 | 40,767 | ||
General and administrative expenses | (13,594 | ) | (12,352 | ) |
General exploration and business development | (736 | ) | (193 | ) |
Exploration and evaluation assets written down | - | (10,471 | ) | |
Operating Income | 50,769 | 17,751 | ||
Interest income | 2,594 | 630 | ||
Other income | 1,017 | - | ||
Foreign exchange loss | (144 | ) | (366 | ) |
Income before income tax | 54,236 | 18,015 | ||
Deferred income tax expense | (5,577 | ) | (371 | ) |
Net income | 48,659 | 17,644 | ||
NON-IFRS MEASURES
The following table provides a reconciliation of operating cash cost and cash cost per silver ounce of Juanicipio to production cost of Juanicipio on a 100% basis (the nearest IFRS measure) as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$, except per ounce amounts) | 2023 | 2022 | ||
Production cost as reported | 171,830 | 61,985 | ||
Depreciation on inventory movements | (3,919 | ) | 5,551 | |
Adjusted production cost | 167,911 | 67,536 | ||
Treatment, refining, and other processing costs | 50,185 | 42,722 | ||
By-product revenues (2) | (130,016 | ) | (69,736 | ) |
Total operating cash costs (1) | 88,080 | 40,522 | ||
Extraordinary mining and other duties | 4,945 | 349 | ||
Total cash costs (1) | 93,025 | 40,871 | ||
Silver ounces sold | 15,317,765 | 8,697,372 | ||
Operating cash cost per silver ounce sold ($/ounce) | 5.75 | 4.66 | ||
Cash cost per silver ounce sold ($/ounce) | 6.07 | 4.70 |
(1) As Q3 2023 represented the first full quarter of commercial production, information presented for total operating cash costs and total cash costs together with their associated per unit values are not directly comparable.
(2) By-product revenues relates to the sale of other metals contained in the lead and zinc concentrates produced and delivered, namely gold, lead, and zinc.
The following table provides a reconciliation of AISC of Juanicipio to production cost and various operating expenses of Juanicipio on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$, except per ounce amounts) | 2023 | 2022 | ||
Total cash costs | 93,025 | 40,871 | ||
General and administrative expenses | 18,768 | 8,436 | ||
Exploration | 7,575 | 7,824 | ||
Sustaining capital expenditures | 37,728 | 25,268 | ||
Sustaining lease payments | 856 | 854 | ||
Interest on lease liabilities | (48 | ) | (23 | ) |
Accretion on closure and reclamation costs | 247 | 232 | ||
All-in sustaining costs (1) | 158,151 | 83,463 | ||
Silver ounces sold | 15,317,765 | 8,697,372 | ||
All-in sustaining cost per silver ounce sold ($/ounce) | 10.32 | 9.60 | ||
Average realized price per silver ounce sold ($/ounce) | 23.66 | 21.70 | ||
All-in sustaining margin ($/ounce) | 13.34 | 12.10 | ||
All-in sustaining margin | 204,306 | 105,259 |
(1) As Q3 2023 represented the first full quarter of commercial production, information presented for all-in sustaining costs and all-in sustaining margin together with their associated per unit values are not directly comparable.
For the year ended December 31, 2023 the Company incurred corporate general and administrative expenses of $13,242 (year ended December 31, 2022: $12,216), which exclude depreciation expense.
The Company's attributable silver ounces sold for the year ended December 31, 2023 were 6,739,817 (year ended December 31, 2022: 3,826,844), resulting in additional AISC for the Company of $1.96/oz (year ended December 31, 2022: $3.19/oz), in addition to Juanicipio's AISC presented in the above table.
The following table provides a reconciliation of Earnings before interest, tax, depreciation and amortization ("EBITDA") and Adjusted EBITDA attributable to the Company based on its economic interest in Juanicipio to net income (the nearest IFRS measure) of the Company per the 2023 Financial Statements. All adjustments are shown net of estimated income tax.
Year ended December 31, | ||||
(in thousands of US$) | 2023 | 2022 | ||
Net income after tax | 48,659 | 17,644 | ||
Add back (deduct): | ||||
Taxes | 5,577 | 371 | ||
Depreciation and depletion | 352 | 136 | ||
Finance costs (income and expenses) | (3,467 | ) | (264 | ) |
EBITDA (1) | 51,121 | 17,887 | ||
Add back (deduct): | ||||
Adjustment for non-cash share-based compensation | 2,894 | 3,250 | ||
Exploration property write-down | - | 10,471 | ||
Share of net earnings related to Juanicipio | (65,099 | ) | (40,767 | ) |
MAG attributable interest in Junicipio Adjusted EBITDA | 108,564 | 65,403 | ||
Adjusted EBITDA (1) | 97,480 | 56,244 |
(1) As Q3 2023 represents the first full quarter of commercial production, information presented for EBITDA and Adjusted EBITDA is not directly comparable.
The following table provides a reconciliation of free cash flow of Juanicipio to its cash flow from operating activities on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements.
Year ended December 31, | ||||
(in thousands of US$) | 2023 | 2022 | ||
Cash flow from operating activities | 145,064 | 129,261 | ||
Less: | ||||
Cash flow used in investing activities | (83,393 | ) | (155,758 | ) |
Sustaining lease payments | (856 | ) | (854 | ) |
Juanicipio free cash flow (1) | 60,814 | (27,351 | ) |
(1) As Q3 2023 represents the first full quarter of commercial production, comparative information presented for free cash flow of Juanicipio is not directly comparable.
Qualified Persons: All scientific or technical information in this press release including assay results referred to, and mineral resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., CPG, MAG's Chief Exploration Officer and Gary Methven, P.Eng., Vice President, Technical Services; both are "Qualified Persons" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects .
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
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.
Certain information contained in this release, including any information relating to MAG's future oriented financial information, are "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as "forward-looking statements"), including the "safe harbour" provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to:
- statements that address achieving the nameplate 4,000 tpd milling rate at Juanicipio;
- statements that address our expectations regarding exploration and drilling;
- statements regarding production expectations and nameplate;
- statements regarding the additional information from future drill programs;
- estimated future exploration and development operations and corresponding expenditures and other expenses for specific operations;
- the expected capital, sustaining capital and working capital requirements at Juanicipio, including the potential for additional cash calls;
- expected upside from additional exploration;
- expected results from Deer Trail Project Phase 3 drilling;
- expected results from the Larder Project at the Cheminis zone;
- expected capital requirements and sources of funding; and
- other future events or developments.
When used in this release, any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, assumptions or future events of performance (often but not always using words or phrases such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "strategy", "goals", "objectives", "project", "potential" or variations thereof or stating that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions), as they relate to the Company or management, are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions.
Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this release include, among others: MAG's ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals produced, the costs of operating, exploration and development expenditures, the impact on operations of the Mexican tax and legal regimes, MAG's ability to obtain adequate financing, outbreaks or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally.
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. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including amongst others: commodities prices; changes in expected mineral production performance; unexpected increases in capital costs or cost overruns; exploitation and exploration results; continued availability of capital and financing; general economic, market or business conditions; risks relating to the Company's business operations; risks relating to the financing of the Company's business operations; risks related to the Company's ability to comply with restrictive covenants and maintain financial covenants pursuant to the terms of the Credit Facility; the expected use of the Credit Facility; risks relating to the development of Juanicipio and the minority interest investment in the same; risks relating to the Company's property titles; risks related to receipt of required regulatory approvals; pandemic risks; supply chain constraints and general costs escalation in the current inflationary environment heightened by the invasion of Ukraine by Russia and the events relating to the Israel-Hamas war; risks relating to the Company's financial and other instruments; operational risk; environmental risk; political risk; currency risk; market risk; capital cost inflation risk; risk relating to construction delays; the risk that data is incomplete or inaccurate; the risks relating to the limitations and assumptions within drilling, engineering and socio-economic studies relied upon in preparing economic assessments and estimates, including the 2017 PEA; as well as those risks more particularly described under the heading "Risk Factors" in the Company's Annual Information Form dated March 27, 2023 available under the Company's profile on SEDAR+ at www.sedarplus.ca .
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on 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.sedarplus.ca and www.sec.gov .
LEI: 254900LGL904N7F3EL14
1 Adjusted EBITDA is a non-IFRS measure, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca , for a detailed reconciliation of these measures to the 2023 Financial Statements.
2 Total cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce and free cash flow are non-IFRS measures, please see below ‘ Non-IFRS Measures ' section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca , for a detailed reconciliation of these measures to the 2023 Financial Statements.
For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email:info@magsilver.com
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