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MAG Silver Reports First Quarter Financial Results

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Vancouver, B.C. MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG,” “MAG Silver” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/) announces the Company’s unaudited financial results for the three months ended March 31, 2022. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2022, 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 – MARCH 31, 2022 & SUBSEQUENT TO THE QUARTER END

 

OPERATIONAL – Juanicipio owned 44% by MAG Silver

  • During the first quarter of 2022 (“Q1 2022”), the 4,000 tonnes per day (“tpd”) Juanicipio processing plant was being readied for commissioning. Water commissioning commenced during the quarter and commissioning of the grinding mills will start upon connection to the national electrical power grid.
  • As reported by the operator Fresnillo, the regulatory approval to tie into the national power grid remains on track for mid-2022, with the expectation to ramp up the Juanicipio processing plant to 85-90% of nameplate capacity by year end.
  • Fresnillo is making available unused processing plant capacity at its Fresnillo and Saucito operations. Campaign processing of mineralized material from development headings and stopes continues through these nearby facilities and is expected to continue until the Juanicipio plant is commissioned.
  • For the three months ended March 31, 2022, on a 100% basis:
  • 145,484 tonnes, or an average of 48,495 tonnes per month of mineralized development and stope material were campaign processed through the Fresnillo and Saucito plants, with 2,238,810 payable silver ounces, 5,345 payable gold ounces, 1,066 tonnes of lead and 1,448 tonnes of zinc produced and sold;
  • Average silver head grade for the quarter was 597 grams per tonne (“g/t”) or 17.4 silver ounces/ton; and
  • Pre-commercial production sales (net of treatment and processing costs) totaled $64,916 for the quarter, less $18,695 in mining and transportation costs and depreciation and amortization, netting $46,221 in gross profit by Juanicipio in the quarter.
  • Campaign processing benefits include the cashflow being used to offset some of the initial and sustaining capital, and the de-risking of Juanicipio’s metallurgical performance which is expected to significantly speed up project ramp-up.
  • 54% of the tonnes in Q1 2022 were processed at Fresnillo’s Saucito plant, where the flowsheet more closely resembles that of the Juanicipio plant. It is expected these results will provide further valuable metallurgical benefits when production commences at Juanicipio.
  • Metal recoveries and concentrate grades are in line with expectations from the initial metallurgical test work conducted on Valdecañas.
  • A further 49,096 tonnes of mineralized development and stope material with a silver head grade of 668 g/t were campaign processed in April 2022 through the Fresnillo and Saucito plants.

EXPLORATION

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