MAG Silver ( (MAG) ) has released its Q3 earnings. Here is a breakdown of the information MAG Silver presented to its investors.
MAG Silver Corp. is a Canadian mining and exploration company focused on advancing high-grade, district-scale precious metals projects, particularly silver, in the Americas. The company has a 44% interest in the Juanicipio Mine in Mexico, operated by Fresnillo plc.
In its third-quarter 2024 financial results, MAG Silver reported a net income of $22.3 million, or $0.22 per share, driven largely by its stake in the Juanicipio Mine, which contributed $25.6 million. The company also recorded an adjusted EBITDA of $55.7 million, reflecting strong operational performance and favorable market conditions.
The Juanicipio Mine processed over 332,000 tonnes of ore with a silver head grade of 481 grams per tonne, achieving silver production of 4.9 million ounces. The mine reported robust cash flows, with an operating cash flow of $109.8 million and a free cash flow of $96.9 million. MAG Silver also strengthened its financial position with significant interest and loan repayments, enhancing its cash reserves to $113.5 million.
In addition to its financial performance, MAG Silver continues to progress its exploration activities. The company has ongoing programs in the Deer Trail Project in Utah and the Larder Project in Ontario, targeting promising mineral zones for future development.
Looking forward, MAG Silver remains committed to maintaining strong operational performance at Juanicipio and advancing its exploration projects, with management expressing confidence in achieving its strategic objectives and navigating the challenges of the mining sector.
