MAG Silver Reaches Commercial Production at Juanicipio

MAG Silver successfully achieved commercial production at its Juanicipio production facility on June 1, slightly exceeding the expectations of various analysts. The joint venture with Fresnillo had $8.5 million in cash at the end of Q1/23, while Juanicipio is now approaching free cash flow generation. In 2024, analysts expect free cash flow to exceed $100 million. Our price target is in line with Cormark Securities' buy recommendation.

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