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MAG Announces Fourth Quarter and 2024 Production From Juanicipio and Provides Initial 2025 Production Guidance

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MAG Silver Corp.
MAG Silver Corp.

VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or “MAG Silver”) reports production from Juanicipio (56% / 44% Fresnillo plc (“Fresnillo”) and MAG, respectively) for the fourth quarter (“Q4”) and year ended December 31, 2024. These results demonstrate strong sustained quarter on quarter operational performance throughout 2024 and reinforce Juanicipio’s position as a world class silver asset.

  • Steady throughput: The Juanicipio plant maintained steady production with 333,612 tonnes of ore processed in Q4, consistent with Q3. All material processed in 2024 was processed through the Juanicipio plant.

  • Solid grade performance: In line with plan, silver head grade averaged 417 grams per tonne (“g/t”) during the quarter delivering a guidance beating 2024 head grade of 468g/t. Both metrics exceeded expectations, reflecting the high quality of the resource.

  • Consistent precious metal recovery: Incremental metallurgical improvements implemented in the first half of the year delivered consistently high precious metal recovery rates which were further supported by ongoing circuit optimisation efforts.

  • Robust production output: Preliminary Q4 production included 4.3 million ounces of silver and 9,041 ounces of gold. For the full year, Juanicipio produced a total of 18.6 million ounces of silver and 39,029 ounces of gold, marking a 10.5% and 6.3% year-over-year increase, respectively.

  • Guidance beat: Enhanced grades and higher recovery delivered silver production exceeding the top end of revised production guidance by 1.3 million ounces reinforcing confidence in Juanicipio’s long-term potential.

Production highlights (100% basis):

 

 

Q4 2024

Q3 2024

% Chg

Q4 2023*

% Chg

2024

2023*

% Chg

Milling

t

333,612

332,290

0.4%

346,766

-3.8%

1,328,178

1,268,757

4.7%

Head grade

 

 

 

 

 

 

 

 

 

Silver

g/t

417

481

-13.3%

467

-10.7%

468

472

-0.8%

Gold

g/t

1.15

1.32

-12.9%

1.37

-16.1%

1.25

1.27

-1.6%

Lead

%

1.49

1.58

-5.7%

1.35

10.4%

1.50

1.15

30.4%

Zinc

%

2.79

2.83

-1.4%

2.44

14.3%

2.78

2.06

35.0%

Production

 

 

 

 

 

 

 

 

 

Silver

koz

4,257

4,886

-12.9%

4,505

-5.5%

18,571

16,812

10.5%

Gold

oz

9,041

10,801

-16.3%

10,591

-14.6%

39,029

36,729

6.3%

Lead1

klb

9,881

10,656

-7.3%

9,189

7.5%

39,199

28,351

38.3%

Zinc2

klb

15,633

16,757

-6.7%

15,086

3.6%

65,891

44,754

47.2%

* Includes material processed at the Fresnillo, Saucito and Juanicipio beneficiation plants.
1 Lead recovered to lead concentrate.
2 Zinc recovered to zinc concentrate.

2025 Guidance

As reported by Fresnillo, silver production at Juanicipio is forecast to range between 14.7 million and 16.7 million ounces. This guidance is based on a throughput rate of 4,000 tonnes per operating day at head grade ranges of 380g/t to 430 g/t silver and 1.2 g/t to 1.4g/t gold. Head grades are anticipated to fluctuate due to the balancing of the three subvertical ramps and the mining of different sections of the orebody. Production is expected to be weighted toward the second and third quarters of 2025, reflecting mine sequencing and anticipated grade variability. Comprehensive cost and production guidance will be provided with the release of the Company’s operational and financial results at the end of Q1 2025.