MAG Silver Corp., a Canadian exploration company, has reported its first-quarter financial results for 2024, showcasing impressive performance and growth. The company announced net income of $14,895 driven by income from Juanicipio of $19,244. The adjusted EBITDA for the quarter was $32,447, reflecting strong financial health.
During the first quarter of 2024, Juanicipio processed 325,683 tonnes of ore at a silver head grade of 476 g/t, resulting in silver production of 4.5 million ounces. The operation also achieved equivalent silver production of 6.4 million ounces, demonstrating robust performance in silver output.
Juanicipio’s cost performance was also noteworthy, with cash costs of $2.50 per silver ounce sold and all-in sustaining costs of $6.11 per silver ounce sold. The operation generated strong operating cash flow of $42,521 and free cash flow of $27,820 after tax payments.
Additionally, MAG published an updated technical report on Juanicipio outlining robust economics and increased mineral resources. The company also announced its 2024 production and cost guidance, expecting to produce between 14.3 million and 15.8 million silver ounces at all-in sustaining costs of $9.50 to $10.50 per silver ounce sold.
Moreover, MAG highlighted its commitment to transparency and ESG practices by preparing its 2023 sustainability report. The company’s exploration activities at Juanicipio and other projects in Utah and Ontario also showed promising results, indicating exciting developments in the future.
Overall, MAG Silver Corp.’s first-quarter financial results demonstrate a strong performance and strategic growth initiatives, positioning the company as a key player in the precious metals mining industry.
