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TICKERS: MAG

Target Price Raised on MAG Silver Due to Q4/21 Mill Commissioning, Higher Metals Prices
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MAG Silver's Q2/21 production at Juanicipio is reviewed in a ROTH Capital Partners report.

In a July 28 research note, analyst Joe Reagor reported that ROTH Capital Partners raised its target price on MAG Silver Corp. (MAG:TSX; MAG:NYSE American) to $27 per share from $26. This is because the company's new mill at Juanicipio remains on schedule for commissioning in Q4/21 and because silver prices are expected to remain high for some time. MAG is currently trading at about $19.46 per share.

The fact that the mill will be ready as planned is "a material positive as Fresnillo has been able to avoid delays in construction in 2021 despite the ongoing pandemic," Reagor wrote. Fresnillo is MAG Silver's joint venture partner on the Juanicipio project and its operator.

The analyst also reported total Q2/21 production at Juanicipio. Overall, it slightly missed ROTH's forecast, coming in at 434,885 ounces of silver and 787 ounces of gold compared to 500,000 ounces and 2,100 ounces, respectively.   

"However," Reagor wrote, "we do not consider the miss material as the company is continuing to process small amounts of development ore through Fresnillo's neighboring mill." The number of tons processed in Q2/21 at Fresnillo's mill exceeded ROTH's expectation.

Metals prices outperformed during the quarter, and continue to look strong in the near term. ROTH revised its model on MAG Silver accordingly and maintained its Buy rating on the silver producer.

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Disclosures:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: MAG Silver Corp. Click here for important disclosures about sponsor fees.  
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of MAG Silver Corp., a company mentioned in this article.

Disclosures from ROTH, MAG Silver, July 28, 2021

ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of MAG Silver Corp. stock.

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors.




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