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MAG Silver Corp.

MAG / NYSE / $18.36

March 2, 2021


Business Overview



MAG is developing one of the highest grade and largest primary silver assets in the world, as a 44%-owned JV (Minera Juanicipio S.A. de C.V.) with Fresnillo Plc. The Juanicipio Property is located in the Fresnillo Silver Trend in Mexico.


The global resource (indicated) shown in a 2017 PEA is 176 Moz Silver, 867 Koz gold, 598 Mlb lead, 1041 Mlb zinc, and 38 Mlb copper. The inferred category includes 91 Moz Ag, 562 Koz Au, 658 Mlb Pb, 1252 Mlb Zn, and 71 Mlb Cu. A 2017 PEA estimated the mine life to be 19 years at 4,000 tonnes per day.


Fresnillo is presently constructing and developing the surface and underground infrastructure on the property to support a 4,000 tonnes per day mining operation. Total capex is estimated at $395m ($174m MAG share), with approximately 39% expended to September 30, 2020. Development material from the Juanicipio Project commenced processing at the Fresnillo beneficiation plant during the quarter ended September 30, 2020. The first production stope has come online.


The Deer Trail project in Utah is on a regional fault with potential for a carbonate replacement deposits and a copper-moly porphyry. This mining-friendly jurisdiction has excellent infrastructure. The land package consists of 682 unpatented claims and 111 patented claims, as well as 2.5 km of MSHA-certified underground workings and an active mine permit.



2021 Focus



Finish underground access ramp, stope development, and underground infrastructure.


Mill procurement and construction. Much of the plant equipment is modular to facilitate installation. Commissioning is planned fr Q4 2021.


A scaling up of production.


A 6500m surface drilling program (800-1000m holes) for the Deer Trail project.



Exploration Potential



Only 5% of the property has been explored.


All historic mineralized veins in the area are oriented W to NW, but a more recent discovery is a mineralized vein (Valdecanas) is NE oriented. The company has now mapped in the surface other NE trending structures.


A north/south structure (Casantoni) shows particular promise.


The Company has identified a number of what appear to be upwelling fluid zones on the property.






The backgrounds of the management and directors are outlined on the MAG web site. The individuals have significant experience in exploration and mining, as well as in corporate finance and capital markets.






Income Statement (9 months through 09/30/20 vs. 09/30/19; USD)


Revenue: 0 vs. 0

Operating expense: 5,886,000 vs. 6,053,000

Other income (expense): 517,000 vs. 2,176,000

Equity pickup from Juanicipio: (6,890,000) vs. 496,000

Pretax income (loss): (12,259,000) vs. (3,381,000)

Comprehensive  income (loss): (8,135,000) vs. (3,987,000)

Earnings (loss) per basic and diluted common share: (0.19) vs. (0.04)

Basic weighted average number of shares outstanding: 89,899,100 vs. 86,011,675



Balance Sheet (09/30/20; USD)


Cash & equivalents: 136,045,000

Total current assets: 138,410,000

Current liabilities: 596,000

Non-current liabilities: 8,864,000

Stockholders equity: 300,958,000

Common shares outstanding: 94,582,645 (10.3% by Fresniullo PLC)

Stock options outstanding: 1,229,341 at a weighted average exercise price of C$12.99



On September 8, 2020, the Company completed a US$50M at-the-market equity program.


On April 30, 2020, the Company announced that it has closed a non-brokered private placement with Mr. Eric Sprott, through 2176423 Ontario Ltd., offering 4,528,302 common shares at a price per share of C$13.25 for gross proceeds of C$60,000,002.



Valuation Considerations



The stock has plenty of liquidity, with NYSE average daily volume of 763,950 shares and additional volume on the Canadian exchange.


The impact from COVID-19 remains an uncertainly. In addition, the Company website and SEDAR filings list a number of risks and are hereby incorporated by reference.






Executive offices: 770-800 West Pender Street, Vancouver, BC, V6C 2V6, Canada


Investor contact: Michael J. Curlook, VP Investor Relations and Communications, 866.630.1399



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