Source: Streetwise Reports 08/18/2021
A Raymond James report noted that MAG Silver “is one of the better options for investors looking for exposure to silver.”
In an Aug. 12 research note, Raymond James analyst Brian MacArthur reported the results of MAG Silver Corp.’s (MAG:TSX; MAG:NYSE American) Q2/21 and provided a near-term outlook on its joint venture project Juanicipio.
In Q2/21 at Juanicipio, 44,435 tonnes were processed. Sales from processed tonnes totaled 404,518 ounces of payable silver, 709 ounces of payable gold, 133 tonnes of lead, and 209 tonnes of zinc.
Gross sales during the quarter amounted to $11.3 million ($11.3M). Subtracting Q2/21 mining and transportation costs of $2.4M, total Q2/21 gross profit from Juanicipio was $8.9M. These monies were put back into the project.
MAG is responsible for an additional $49M in Juanicipio development costs. With $66M in cash at the end of Q2/21, the company should be able to easily cover this, MacArthur wrote.
Looking forward, commissioning of the Juanicipio production plant is expected to start in Q4/21. Construction remains on schedule and on budget.
Meanwhile, MacArthur indicated, drilling, now with five rigs, continues at Juanicipio, stepout, and infill of the Valdecañas vein system primarily. However, other places slated for drilling are the Venadas and Anticipada veins and three key targets elsewhere on the property.
Raymond James rates MAG Silver’s shares Outperform, “given the high quality of the [Juanicipio] asset, a strong partner, its near-term start-up which could lead to a market rerating and the company’s financial position and excellent exploration potential,” MacArthur wrote. Raymond James’ target price on MAG is CA$28 per share. In comparison, the current share price is about CA$21.92.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: MAG Silver Corp. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of MAG Silver Corp., a company mentioned in this article.
( Companies Mentioned: MAG:TSX; MAG:NYSE American, )
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