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MAG Silver

MAG Silver Corp is a Canadian mining company. It is focused on advancing high-grade, district-scale precious metals projects in the Americas. The Company's principal asset is in the Juanicipio Mine located in Zacatecas, Mexico, which achieved commercial production of around 4,000 tonnes per day. The company has also Interest in the Larder project. Also, MAG has an expanded exploration program targeting multiple prospective targets at both Juanicipio and the Deer Trail 100% earn-in project in Utah. The Juanicipio Mine recognizes revenue for silver, gold, lead, and zinc from concentrate sales.

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New Silver Producer Looks at Buying Back Shares

Source: Joe Reagor 05/16/2024

If these cash distributions continue, as expected, the company may consider paying a dividend by year-end 2024, noted Roth MKM.

Joint Venture Partner Paid $17.5 Million in Cash in Q1/24

Earnings

Cash From Tier 1 Asset Flows to Silver Producer

Source: Joe Reagor 04/30/2024

Cash flow from this Mexican operation should provide the next catalyst for this Canadian silver producer, noted a ROTH Capital Markets report.

Q1/24 Production from JV Mine in Line

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Source: Joe Reagor 03/29/2024

The figures in totality equate to a US$1.48 billion after-tax net present value at current spot prices, noted a ROTH MKM report.

Technical Report Confirms Strong Economics of Mine

Source: Kevin O&#39;Halloran 03/20/2024

Mag Silver&#39;s fourth-quarter earnings per share beat the estimates of BMO Capital Markets analyst Kevin O&#39;Halloran, according to a March 19 research note.

Silver Stock&#39;s Q4 Earnings Beat Estimate

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Source: <a href="https://www.streetwisereports.com/article/2024/05/22/new-silver-producer-looks-at-buying-back-shares.html?utm_medium=feed">Streetwise Reports 05/22/2024</a>
MAG Silver Corp. (AMEX:MAG) announced its intention to make a normal course issuer bid (NCIB) to possibly purchase for cancellation up to more than 8.6 million common shares in the company, or about 10% of the public float.
The silver producer said the Toronto Stock Exchange has accepted notice for the NCIB, in which a company can repurchase shares over a period of time when the stock is favorably priced.
In the United States, MAG said repurchases would be subject to a limit of more than 5.1 million common shares, or 5% of the public float as of May 8.
&quot;MAG believes that when a disconnect exists between the share price and the intrinsic value of the business, an NCIB can increase shareholder value and per share growth&quot; the company said in a release. &quot;Further, the company believes that current market conditions provide opportunities for the company to acquire common shares at attractive prices.&quot;
Having the option to repurchase common shares opportunistically could be an effective use of its cash resources and in the best interests of the company and its shareholders, the company noted.
&quot;It would both enhance liquidity for shareholders seeking to sell and provide an increase in the proportionate interests of shareholders wishing to maintain their positions&quot; MAG said in the release.
<h2>The Catalyst: An Emerging Silver Producer</h2>
MAG is an emerging silver producer with its Tier 1 Juanicipio mine in Mexico and announced its first quarter 2024 financials last week.
The Juanicipio joint venture (JV), which the company owns 44% interest in, returned more than US$17.5 million in interest and loan principal repayments to MAG during the first quarter of 2024, the company said.
<blockquote class="callOut left">&quot;We believe cash distributions are likely to increase in the quarters ahead, allowing MAG to consider paying a dividend by year-end 2024&quot; continued Reagor, who reiterated his Buy rating on the stock and increased the price target from US$14 to US$14.50 per share.</blockquote>
&quot;We view this as a significant development as this allowed the company to report an increase in its cash balance despite spending (US)$5.1 million on exploration at other projects and acquiring the Goldstake project for (US)$3.8 million&quot; wrote Roth MKM analyst Joe Reagor in an updated research note.
&quot;We believe cash distributions are likely to increase in the quarters ahead, allowing MAG to consider paying a dividend by year-end 2024&quot; continued Reagor, who reiterated his Buy rating on the stock and increased the price target from US$14 to US$14.50 per share.
For the quarter, the company reported net income of US$14.9 million, or US$0.14 per share, driven by (equity accounted) income from Juanicipio of US$19.24 million and adjusted EBITDA of US$32.45 million.
&quot;On a 100% basis, the Juanicipio JV reported (US)$123.7 million in revenue, beating our (US)$115.8 million estimate&quot; Reagor wrote. &quot;The JV revenue beat was driven by higher payability on metal sales. As a result, we increased our long-term payability assumptions.&quot;
<h2>A Productive First Quarter</h2>
The mine had a productive first quarter, processing more than 325,000 metric tons of ore, with a notable daily milling rate of 4,387 tons despite undergoing a routine maintenance shutdown. The silver head grade was 476 grams per tonne (g/t), with an equivalent silver head grade if 713 g/t.
Juanicipio achieved silver production and equivalent silver production of 4.5 million ounces (Moz) and 6.4 Moz, respectively, during the quarter, highlighting the mine&#39;s potential for sustained high-grade output.
An updated National Instrument 43-101 compliant report for the mine, released last month, found mineral resources grew 33% from the original PEA to 17 million tonnes (Mt) at grades of 310 g/t Ag, 1.86 g/t gold (Au), 2.89% lead (Pb), and 5.32% zinc (Zn), the company said. Inferred mineral resources increased by 16% to 14.1 Mt at grades of 236 g/t Ag, 1.06 g/t Au, 2.41% Pb, and 6.12% Zn.
Almost as soon as MAG released the technical report, silver prices began breaking out. Ron Struthers of Struthers Resource Stock Report recommended MAG shares to take advantage of the sector increases, saying Juanicipio &quot;will be a real cash cow&quot; for the company.
BMO Capital Markets analyst Kevin O&#39;Halloran said he was encouraged by the &quot;accelerating pace of cash distributions from the Juanicipio JV, and we expect the market will react positively to a growing track record of capital returns.&quot;
O&#39;Halloran rated the stock Outperform with a CA$24 per share target price.
&quot;We expect the cash flow to be steady now that the operation is at steady state&quot; noted Stifel analyst Stephen Soock, who rated the stock a Buy with a CA$20.50 per share target.
<h2>Preliminary Base Shelf Prospectus Filed</h2>
Also last week, MAG announced it had filed a preliminary short form base shelf prospectus with securities commissions in all of the provinces and territories of Canada, and a corresponding registration statement will be filed with the U.S. Securities and Exchange Commission.
On issuance of a receipt for the final prospectus and the filing with the SEC, the company will be permitted to offer up to US$250 million of common shares, preferred shares, debt securities, subscription receipts, units, and warrants.
<h2>Ownership and Share Structure</h2>
Institutions own 70% of MAG, and 30% is retail, according to the company.
Top institutional shareholders include Juanicipio operator Fresnillo Plc. with 9%, BlackRock Investment Management (UK) Ltd. with 10.8%, Van Eck Associates Corp. with 9%, First Eagle Investment Management LLC with 6.2%, and Sprott Asset Management LP with 3%, the company said.
MAG Silver has a market cap of US$1.43 billion. It has 102.97 million shares outstanding, according to Reuters. It trades in a 52-week range of US$13.47 and US$8.20.
Important Disclosures:
<ol>
<li>MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

Scotiabank analyst Ovais Habib maintains MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Sector Outperform and raises the price target from $13.5 to $14.5.

Scotiabank Maintains Sector Outperform on MAG Silver, Raises Price Target to $14.5

Source: <a href="https://www.streetwisereports.com/article/2024/05/16/joint-venture-partner-paid-17-5-million-in-cash-in-q1-24.html?utm_medium=feed">Joe Reagor 05/16/2024</a>
If these cash distributions continue, as expected, the company may consider paying a dividend by year-end 2024, noted Roth MKM.
MAG Silver Corp.&#39;s (AMEX:MAG) Q1/24 financial results were in line with the estimates of Roth MKM, its managing director Joe Reagor reported in a May 14 research note. Due to Roth slightly adjusting some estimates in its model on the silver producer, the target price rose to US$14.50 per share from US$14.
&quot;Earnings per share of US$0.14 was in line with our estimate&quot; Reagor wrote. &quot;We continue to believe MAG is in the process of receiving a rerating from the market as it generates positive cash flow.&quot;
At the time of the report, the Canadian mining company&#39;s share price was about US$12.44, noted Reagor. From here, the return to the new target is 17%.
Roth still considers MAG a Buy.
<h2>Dividend Paying Potential</h2>
Reagor highlighted that in Q1/24, MAG received US$17.5 million (US$17.5M) in cash from its Juanicipio joint venture (JV) project in Mexico, &quot;a significant development.&quot;
This amount allowed the Canadian miner to report a cash balance increase during the quarter despite having spent US$5.1M on exploration work at its other projects and US$3.8M on acquiring the Goldstake property.
&quot;We believe cash distributions are likely to increase in the quarters ahead, allowing MAG to consider paying a dividend by year-end 2024&quot; commented Reagor.
<h2>Other Key Points</h2>
Reagor reported that Juanicipio generated US$123.7M in revenue in Q1/24, beating Roth&#39;s estimate of US$115.8M.
The JV revenue beat resulted from higher metal sales revenue, but the latter, in turn, was partially offset by greater consulting costs, the analyst explained.
Important Disclosures:
<ol>
<li>Mag Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Disclosures for Roth MKM, Mag Silver Corp., May 14, 2024
Regulation Analyst Certification (&quot;Reg AC&quot;): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis. A Research Analyst and/or a member of the Analyst&#39;s household own(s) debt or equity securities of MAG Silver Corp..
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC

CIBC analyst Cosmos Chiu maintains MAG Silver (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#TSX">MAG</a>) with a Neutral and raises the price target from C$17.5 to C$22.

TSX:MAG

CIBC Maintains Neutral on MAG Silver, Raises Price Target to C$22

Source: <a href="https://www.streetwisereports.com/article/2024/05/15/cash-from-tier-1-asset-flows-to-silver-producer.html?utm_medium=feed">Streetwise Reports 05/15/2024</a>
As MAG Silver Corp. (AMEX:MAG) emerges as a producer with its Tier 1 Juanicipio mine in Mexico and output is beating estimates, analysts are paying attention and predicting good things for shareholders.
The Juanicipio joint venture (JV), which the company owns 44% interest in, returned more than US$17.5 million in interest and loan principal repayments to MAG during the first quarter of 2024, the company said while announcing its highlights and financials for the quarter on Tuesday.
&quot;We view this as a significant development as this allowed the company to report an increase in its cash balance despite spending (US)$5.1 million on exploration at other projects and acquiring the Goldstake project for (US)$3.8 million&quot; wrote Roth MKM analyst Joe Reagor in an updated research note.
&quot;We believe cash distributions are likely to increase in the quarters ahead, allowing MAG to consider paying a dividend by year-end 2024&quot; continued Reagor, who reiterated his Buy rating on the stock and increased the price target from US$14 to US$14.50 per share.
For the quarter, the company reported net income of US$14.9 million, or US$0.14 per share, driven by (equity accounted) income from Juanicipio of US$19.24 million and adjusted EBITDA of US$32.45 million.
&quot;On a 100% basis, the Juanicipio JV reported (US)$123.7 million in revenue, beating our (US)$115.8 million estimate&quot; Reagor wrote. &quot;The JV revenue beat was driven by higher payability on metal sales. As a result, we increased our long-term payability assumptions.&quot;
<h2>The Catalyst: Steady Cash Flow</h2>
The company reported strong operating cost performance at Juanicipio, with cash costs and all-in sustaining costs (AISC) of US$8.66 per ounce silver (Ag) and US$11.22 per ounce Ag Eq (silver equivalent), beating BMO Capital Markets analyst Kevin O&#39;Halloran&#39;s expectations of US$11.25 per ounce Ag and US$13.07 per ounce Ag Eq.
<blockquote class="callOut left">&quot;We believe cash distributions are likely to increase in the quarters ahead, allowing MAG to consider paying a dividend by year-end 2024&quot; continued Reagor.</blockquote>
&quot;We are encouraged by the accelerating pace of cash distributions from the Juanicipio JV, and we expect the market will react positively to a growing track record of capital returns&quot; wrote O&#39;Halloran, who rated the stock Outperform with a CA$24 per share target price.
MAG said it had cash totaling US$74.7 million as of March 31, 2024, compared to USA$68.7 million on December 31, 2023.
Analyst Stephen Soock of Stifel in April predicted US$16 million would be returned in principal and loan interest from the JV, and that the company would have US$77 in cash at the end of the first quarter, nearly spot on to the amounts reported by MAG.
&quot;We expect the cash flow to be steady now that the operation is at steady state and look forward to MAG returning capital to shareholders starting in Q3 this year&quot; Soock wrote. He rated the stock a Buy with a CA$20.50 per share target.
&quot;The company wants to establish (US)$100 (million) in cash on their balance sheet (achieved late in Q2) to fund three years of exploration and corporate overhead before distributing profits to shareholders&quot; Soock wrote.
<h2>A Productive First Quarter</h2>
The mine had a productive first quarter, processing more than 325,000 metric tons of ore, with a notable daily milling rate of 4,387 tons despite undergoing a routine maintenance shutdown. The silver head grade was 476 grams per tonne (g/t), with an equivalent silver head grade if 713 g/t.
Juanicipio achieved silver production and equivalent silver production of 4.5 million ounces (Moz) and 6.4 Moz, respectively, during the quarter, highlighting the mine&#39;s potential for sustained high-grade output.
The mine also delivered robust cost performance with a cash cost of US$2.50 per silver ounce sold and an AISC of $6.11 per silver ounce sold, MAG noted.
Juanicipio is in the Bonanza zone of the Valdeca&ntilde;as vein system in the Zacatecas state of Mexico. A preliminary economic assessment (PEA) in 2017 estimated a 19-year mine life.
The updated National Instrument 43-101 compliant report for the mine, released last month, found mineral resources grew 33% from the original PEA to 17 million tonnes (Mt) at grades of 310 g/t Ag, 1.86 g/t gold (Au), 2.89% lead (Pb), and 5.32% zinc (Zn), the company said. Inferred mineral resources increased by 16% to 14.1 Mt at grades of 236 g/t Ag, 1.06 g/t Au, 2.41% Pb, and 6.12% Zn.
<h2>A &#39;Real Cash Cow&#39; for Company</h2>
Almost as soon as MAG released the technical report, silver prices began breaking out. As of Tuesday, spot silver per ounce was up 19.28% since the beginning of the year, USA Today reported.
Ron Struthers of Struthers Resource Stock Report typically follows gold, but predicted the move in the market and recommended MAG shares to take advantage of the sector increases, saying Juanicipio &quot;will be a real cash cow&quot; for the company.
&quot;A mine does not get much better than this one, and I don&#39;t think the stock is reflecting this fact&quot; Struthers wrote on April 3 as the precious metal&#39;s price was rising.
According to FX Empire, there could be more volatility in the silver market as investors anticipate the release of April Consumer Price Index data on Wednesday.
&quot;If the CPI shows that inflation is cooling more than expected, or if employment figures show further weakening in the job market, silver could see an increase in value as the likelihood of an earlier interest rate cut becomes more feasible&quot; the website noted. 
<h2>Ownership and Share Structure</h2>
Institutions own 70% of MAG, and 30% is retail, according to the company.
Top institutional shareholders include Juanicipio operator Fresnillo Plc. with 9%, BlackRock Investment Management (UK) Ltd. with 10.8%, Van Eck Associates Corp. with 9%, First Eagle Investment Management LLC with 6.2%, and Sprott Asset Management LP with 3%, the company said.
MAG Silver has a market cap of US$1.33 billion. It has 102.97 million shares outstanding, according to Reuters. It trades in a 52-week range of US$13.39 and US$8.20.
Important Disclosures:
<ol>
<li>MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Buy and maintains $17 price target.

Reiteration

HC Wainwright & Co. Reiterates Buy on MAG Silver, Maintains $17 Price Target

Stifel analyst Stephen Soock maintains MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Buy and raises the price target from $20.25 to $20.5.

Stifel Maintains Buy on MAG Silver, Raises Price Target to $20.5

MAG Silver Corp. (NYSE:<a href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>) ("MAG", or the "Company") today announced that it has filed a preliminary short form base shelf prospectus (the "Preliminary Shelf Prospectus") with the securities commissions in all of the provinces and territories of Canada. A corresponding registration statement on Form F-10 will be filed with the United States Securities and Exchange Commission (the "SEC") under the United States Securities Act of 1933, as amended and the U.S./Canada Multijurisdictional Disclosure System (the "Registration Statement") at the time of filing of the final short form base shelf prospectus (the "Final Shelf Prospectus" and, together with the Preliminary Shelf Prospectus, the "Prospectus").
Upon the issuance of a receipt for the Final Shelf Prospectus and the filing of the Registration Statement with the SEC, the Company will be permitted to offer up to U.S.$250 million of common shares, preferred shares, debt securities, subscription receipts, units and warrants or any combination thereof (collectively, the "Securities") during the 25-month period that the Prospectus is effective. The specific terms of any offering of Securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement.

Offerings

Mag Silver Files Base Shelf Prospectus; Will Be Permitted To Offer Up To $250M Of Securities During The 25-Month Period That The Prospectus Is Effective

MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) reported quarterly earnings of $0.14 per share which beat the analyst consensus estimate of $0.13 by 7.69 percent. This is a 180 percent increase over earnings of $0.05 per share from the same period last year. The company reported $827.00 thousand in sales this quarter. This is a 46.63 percent increase over sales of $564.00 thousand the same period last year.

Earnings Beats

MAG Silver Q1 EPS $0.14 Beats $0.13 Estimate, Sales $827.00K Up From $564.00K YoY

Source: <a href="https://www.streetwisereports.com/article/2024/04/30/q1-24-production-from-jv-mine-in-line.html?utm_medium=feed">Joe Reagor 04/30/2024</a>
Cash flow from this Mexican operation should provide the next catalyst for this Canadian silver producer, noted a ROTH Capital Markets report.
MAG Silver Corp. (AMEX:MAG)&nbsp;reported Q1/24 production results from its joint venture (JV) mine in Juanicipio that met the expectations of ROTH Capital Markets, analyst Joe Reagor reported in an April 24 company update.
&quot;Production rates are normalizing, and recovery rates are improving&quot; Reagor wrote.
<h2>Target, Rating the Same</h2>
ROTH maintained its US$14 per share target price on the Canadian silver producer, trading at about US$12.13 per share at the time of the report, noted Reagor. The return to target from here implies a 15% return for investors.
Reagor reported that ROTH recently made several changes to its model on MAG, but they did not affect the firm&#39;s existing target price. These revisions included updates of Q1/24 production and average metal prices and adjustments to ROTH&#39;s gold and silver price forecasts.
MAG, based in British Columbia, remains a Buy.
<h2>Numbers at a Glance</h2>
Reagor provided Juanicipio&#39;s Q1/24 production numbers for each of the various metals and compared them to ROTH&#39;s estimates.
Overall, during the year&#39;s first quarter, the JV produced 4,400,000 ounces (4.4 Moz) of silver versus ROTH&#39;s 3.9 Moz estimate and 9,927 ounces of gold compared to ROTH&#39;s expected 13,000 ounces. Production of lead was 8,700,000 pounds (8.7 Mlb), below ROTH&#39;s 9.1 Mlb forecast, and zinc came in at 14.7 Mlb, above ROTH&#39;s 14.6 Mlb projection.
These numbers did not impact ROTH&#39;s Q1/24 earnings per share estimate on MAG, Reagor pointed out, because the &quot;higher silver and zinc production offset lower gold and lead production.&quot;
Also of note, according to the analyst, mill recovery rates were better in Q1/24 than in Q4/23.
<h2>Potential Catalyst</h2>
Reagor purported that throughout the rest of 2024 investors will be watching the cash flow moving from Juanicipio to MAG Silver as it could result in a catalyst for the miner later this year.
&quot;If MAG can demonstrate consistent cash flow from the JV then the company could look to pay dividends or institute share buybacks&quot; wrote the analyst.
Important Disclosures:
<ol>
<li>Mag Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Disclosures for Roth MKM, Mag Silver Corp., April 24, 2024
Regulation Analyst Certification (&quot;Reg AC&quot;): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis. A Research Analyst and/or a member of the Analyst&#39;s household own(s) debt or equity securities of MAG Silver Corp.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC.

WIIM

MAG Silver shares are trading higher after HC Wainwright maintained a Buy rating on the stock and raised its price target from $16 to $17.

HC Wainwright &amp; Co. analyst Heiko Ihle maintains MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Buy and raises the price target from $16 to $17.

HC Wainwright & Co. Maintains Buy on MAG Silver, Raises Price Target to $17

MAG Silver Announces That Juanicipio Processed 325,684 Tonnes Of Ore In Q1

Gold closes out another week at all-time highs above $2,300 per ounce. Demand remains high after a March jobs report came in <a href="https://www.benzinga.com/etfs/specialty-etfs/24/04/38108835/us-labor-market-heats-up-in-march-payrolls-grow-by-303-000-highest-in-10-months-dampen-rate-c">hotter than predicted</a>.
The bullion exhibited an impressive resilience this week, diverging from its typical sensitivity to interest rate concerns. 
Gold marked its sixth week of gains in the past seven, rallying by 4% despite warnings from multiple Fed speakers that rate cuts might not materialize as swiftly as anticipated by the market.
Gold also showcased a notable 1.5% gain for the session, underscoring its impressive strength and resilience despite traditional macro headwinds for precious metals.
As the price of gold surges to unprecedented heights, mining stocks are experiencing a bullish wave not witnessed in quite some time.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has notched eight positive sessions out of the past nine, surging to peaks last seen in May 2023. 
Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) — the world&#8217;s biggest gold miner and the GDX&#8217;s heavyweight — has surged over 10% this week, showcasing the most robust performance among S&amp;P 500 stocks and its best week in 13 months. 
Chart: Newmont Notches Top-Performing Week Since March 2023
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1024x495.png" alt="" class="wp-image-280143" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">This Week&#8217;s Top-Performing S&amp;P 500 Stocks</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company Name</td>
<td>Price Change % (5D)</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>10.67%</td>
</tr>
<tr>
<td>Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>)</td>
<td>8.99%</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>8.31%</td>
</tr>
<tr>
<td>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>)</td>
<td>7.70%</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>7.70%</td>
</tr>
<tr>
<td>Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) </td>
<td>6.97%</td>
</tr>
<tr>
<td>Western Digital Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NYSE">WDC</a>)</td>
<td>6.84%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">This Week&#8217;s Top Performing Gold And Silver Mining Stocks </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company Name</td>
<td>Price Change % (5D)</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>32.57%</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>29.18%</td>
</tr>
<tr>
<td>Fortuna Silver Mines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>)</td>
<td>26.01%</td>
</tr>
<tr>
<td>Calibre Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXB#NYSE">CXB</a>)</td>
<td>18.56%</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)</td>
<td>16.55%</td>
</tr>
<tr>
<td>MAG Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>)</td>
<td>14.70%</td>
</tr>
<tr>
<td>Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)</td>
<td>14.66%</td>
</tr>
<tr>
<td>Emerald Resources NL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>)</td>
<td>13.65%</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>13.49%</td>
</tr>
<tr>
<td>Aya Gold &amp; Silver Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYA#NYSE">AYA</a>)</td>
<td>12.95%</td>
</tr>
</tbody>
</table>
</figure>
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Source: <a href="https://www.streetwisereports.com/article/2024/03/29/technical-report-confirms-strong-economics-of-mine.html?utm_medium=feed">Joe Reagor 03/29/2024</a>
The figures in totality equate to a US$1.48 billion after-tax net present value at current spot prices, noted a ROTH MKM report.
MAG Silver Corp. (AMEX:MAG) released an updated technical report on Juanicipio, its joint venture project in Mexico with Fresnillo, which &quot;confirms robust economics&quot; reported Roth MKM analyst Joe Reagor in a March 27 research note. However, some differences between estimates in the report and in Roth&#39;s model led the investment bank to lower its target price on the Canadian silver producer to US$14 per share from US$15.50.
That said, Reagor wrote, &quot;We are maintaining our Buy rating as we continue to believe MAG is undervalued by the market. Additionally, we continue to believe the market significantly undervalues the potential for new discoveries on the project.&quot;
In comparison to the new target, noted the analyst, MAG&#39;s current price is $9.01 per share, and this implies a 55% return for investors.
<h2>Overall Strong Economics</h2>
Reagor highlighted that the newly outlined economics of Juanicipio overall are favorable.
&quot;The technical report showed a robust net present value of US$1.2 billion ($1.2B) after tax on base case prices, or US$1.48B at current spot prices&quot; he wrote.
The report noted an increase in the size of the existing resource at Juanicipio, and it included a maiden mineral reserve estimate, both positives, noted Reagor. These updates led to Roth adding four years to its mine life estimate for this project.
<h2>Reasons for Target Price Reduction</h2>
Where the technical report diverges from Roth&#39;s model is in its lower estimates for sustaining capital and for metal recoveries, Reagor pointed out. Accounting for these differences led to Roth lowering its target price on MAG.
Specifically, the report estimates sustaining capital over the mine life, of 13 years, to be US$413 million. As well as being higher than Roth&#39;s forecast, this figure represents a &quot;significant&quot; increase over the amount in the previous preliminary economic assessment.
&quot;We had estimated inflation would increase these costs but not to the extent in the technical report&quot; he wrote.
Regarding recoveries, the report&#39;s estimate for gold recovery is higher than Roth&#39;s forecast, but its projected recovery rates for silver, lead, and zinc are lower.
&quot;We note management described these estimates as conservative as they were based on initial startup data&quot; added Reagor.
Important Disclosures:
<ol>
<li>Mag Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Disclosures for Roth MKM, Mag Silver Corp., March 27, 2024
Regulation Analyst Certification (&quot;Reg AC&quot;): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis. A Research Analyst and/or a member of the Analyst&#39;s household own(s) debt or equity securities of MAG Silver Corp..
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and Page 4 of 5 MAG SILVER CORP. Company Note - March 27, 2024 facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC.

HC Wainwright &amp; Co. analyst Heiko Ihle maintains MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Buy and lowers the price target from $19.5 to $16.

HC Wainwright & Co. Maintains Buy on MAG Silver, Lowers Price Target to $16

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