FNLPF - MAG Silver rises as Juanicipio mine production ramps up

2023-07-26 11:54:23 ET

MAG Silver ( NYSE: MAG ) +6.6% in Wednesday's trading after reporting Q2 production volumes from its Juanicipio mine in Mexico, after declaring commercial production earlier in the quarter .

MAG Silver ( MAG ) said Q2 production based on provisional estimates before offtake agreement adjustments totaled 5.275M silver oz, 10,639 gold oz, 3,402 metric tons of lead and 5,418 metric tons of zinc.

The Juanicipio mill ramped up to ~85% of its design capacity of 4K metric tons/day, and the company expects production will continue to increase steadily through Q3, when the plant is envisioned to be running at design capacity.

MAG Silver ( MAG ) owns a 56% stake in the Juanicipio project, while Fresnillo ( OTCPK:FNLPF ) holds 44%.

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