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MAG Silver (MAG) Reports Solid Production at Juanicipio

MAG Silver Corp. MAG reported that the Juanicipio Project achieved notable results in the fourth quarter of 2023, producing 4.5 million ounces of silver and 10,591 ounces of gold. This brings the total output for 2023 to 16.8 million silver ounces and 36,732 gold ounces. These figures demonstrate a robust performance, especially considering that 2023 marked the project's inaugural year and ramp-up phase.

The Juanicipio Project started commercial production on Jun 1, 2023, which marked MAG Silver’s transition from a developer to a producer. The Juanicipio Project, located in Zacatecas, Mexico, is a joint venture between MAG and Fresnillo. MAG Silver owns a 44% stake in the Juanicipio Project and Fresnillo holds the remaining 56%.

The project is situated in the Fresnillo Silver Trend in Mexico, which is one of the world's premier silver mining camps. In addition to underground mine production and processing of mineralized material, MAG Silver has an expanded exploration program in place targeting multiple highly prospective targets in the region.

MAG is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the Larder Project, located in the historically prolific Abitibi region of Canada.

In the fourth quarter, Juanicipio processed 346,766 tons of mineralized material, showcasing an increase from 322,249 tons in the third quarter. This uptick reflects MAG Silver’s continuous efforts to enhance production and optimize operational efficiency. For the entire year, Juanicipio processed a total of 1,268,756 tons of mineralized material.

Let's have a look at the performances of other players in the Mining - Silver industry during the fourth quarter.

Pan American Silver PAAS reported silver production of 4.84 million ounces and gold production was at 267.8 thousand ounces for the fourth quarter of 2023.


In 2023, Pan American’s consolidated silver production went up 11% year over year to 20.4 million ounces but fell slightly below the company’s projected range of 21.0-23.0 million ounces.

PAAS achieved consolidated gold production of 882.9 thousand ounces in 2023, which was within its earlier stated range of 870-970 thousand ounces. Gold production marked a 60% increase from 2022 levels.

Hecla Mining HL reported silver production of 2.9 million ounces in the fourth quarter of 2023 and gold production at 37,168 ounces. In 2023, silver production inched up 1% year over year to 14.3 million ounces despite the halt in operations at the Lucky Friday mine since August 2023. This was mainly aided by strong performance at Greens Creek. HL’s gold production was down 14% year over year to 151,259 ounces in 2023.

First Majestic Silver Corp. AG announced that its total production reached 6.6 million silver equivalent (AgEq) ounces in the fourth quarter of 2023. The figure consists of 2.6 million silver ounces and 46,585 gold ounces. AgEq ounces produced saw a 6% increase from the third quarter of 2023. The increased production was driven by Santa Elena's record quarterly production, somewhat offset by lower silver production at La Encantada due to persistent water scarcity.

First Majestic’s total production for 2023 came in at 26.9 million AgEq ounces, consisting of 10.3 million silver ounces and 198,921 gold ounces. The figure marked a 14% fall from the 2022 reported figure, driven by the temporary suspension of Jerritt Canyon. However, the total production came within the company’s revised guidance of 26.2-27.8 million AgEq ounces.

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Hecla Mining Company (HL) : Free Stock Analysis Report

Pan American Silver Corp. (PAAS) : Free Stock Analysis Report

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MAG Silver Corporation (MAG) : Free Stock Analysis Report

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