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MAG Silver Reports First Quarter Financial Results
MAGMAG Silver (MAG) GlobeNewswire·2025-05-08 10:55

Corporate Highlights - MAG Silver Corp. appointed John Armstrong to the Board effective January 31, 2025, as part of its Board refreshment strategy [3] - The company reported record net income of 28,744(or28,744 (or 0.28 per share) for Q1 2025, driven by strong performance from the Juanicipio project [5][28] - MAG declared its second dividend of 0.20pershare,payableonMay28,2025,reflectingacashflowlinkedcomponentfromJuanicipio[5]FinancialPerformance−ForQ12025,MAGreportedsalesof0.20 per share, payable on May 28, 2025, reflecting a cash flow linked component from Juanicipio [5] Financial Performance - For Q1 2025, MAG reported sales of 175,235, a significant increase from 123,689inQ12024,attributedtoa37123,689 in Q1 2024, attributed to a 37% rise in realized metal prices [20] - Gross profit for Q1 2025 was 120,990, compared to 64,864inQ12024,indicatingimprovedprofitability[20]−Thecompany’scashoperatingmarginincreasedfrom7064,864 in Q1 2024, indicating improved profitability [20] - The company’s cash operating margin increased from 70% to 81% due to favorable commodity price movements and reduced operating costs [22] Operational Highlights - Juanicipio processed 337,017 tonnes of ore with a silver head grade of 430 g/t, achieving a record silver recovery of 96% [5][12][13] - The project generated strong operating cash flow of 86,399 and free cash flow of 77,438duringQ12025[41]−TotalcashcostsforJuanicipiowerereportedasnegative77,438 during Q1 2025 [41] - Total cash costs for Juanicipio were reported as negative 3,641, with a cash cost per silver ounce sold of negative 0.91[15][17]ExplorationActivities−InQ12025,MAGconducted6,992metresofundergroundinfilldrillingatJuanicipio,withplansforfurtherdrillingin2025[6]−TheDeerTrailProjectinUtahcompletedsixpilotholestotaling1,783metres,aimedatassessingfeasibilityforfuturedrilling[6]−TheLarderProjectinOntarioissettobegina25,000metresdrillcampaigninQ22025,followingadetailedgeologicalsynthesisofdatacollectedin2024[6]ProductionMetrics−Juanicipioachievedsilverproductionof4.5millionouncesandequivalentsilverproductionof6.5millionouncesinQ12025[5]−Thetotalmaterialminedincreasedby70.91 [15][17] Exploration Activities - In Q1 2025, MAG conducted 6,992 metres of underground infill drilling at Juanicipio, with plans for further drilling in 2025 [6] - The Deer Trail Project in Utah completed six pilot holes totaling 1,783 metres, aimed at assessing feasibility for future drilling [6] - The Larder Project in Ontario is set to begin a 25,000 metres drill campaign in Q2 2025, following a detailed geological synthesis of data collected in 2024 [6] Production Metrics - Juanicipio achieved silver production of 4.5 million ounces and equivalent silver production of 6.5 million ounces in Q1 2025 [5] - The total material mined increased by 7% to 347,467 tonnes compared to Q1 2024, reflecting operational ramp-up [11] - The all-in sustaining cost per silver ounce sold decreased to 2.04 in Q1 2025 from $6.11 in Q1 2024, driven by lower costs and higher by-product revenues [18]