MAG Silver's Juanicipio Mine: A Beacon of Operational Excellence in 2024

MAG Silver Corp. (TSX / NYSE American: MAG) ("MAG" or "MAG Silver") has reported strong production results from the Juanicipio mine for the fourth quarter ("Q4") and the full year 2024, reinforcing its position as a world-class silver asset. The mine, a 56% / 44% joint venture between MAG and Fresnillo plc ("Fresnillo"), demonstrated exceptional operational execution throughout the year, with several noteworthy achievements.

The Juanicipio plant maintained a steady throughput of 333,612 tonnes in Q4, consistent with Q3, processing all material through the plant in 2024. This consistency, combined with impressive silver head grades of 417 g/t in Q4 and 468 g/t for the full year, resulted in total 2024 production of 18.6 million ounces of silver and 39,029 ounces of gold. The operation benefited from metallurgical improvements implemented in early 2024, leading to consistently high precious metal recovery rates.



MAG Silver's President and CEO, George Paspalas, attributed the success to the quality and resilience of the Juanicipio project and the team's execution. He emphasized that the consistently strong grades and reliable recoveries have laid the foundation for sustained performance and positioned the mine for continued value creation in the years ahead.

For 2025, production guidance is set at 14.7-16.7 million ounces of silver, based on a 4,000 tonnes per operating day throughput rate with head grades ranging between 380-430 g/t silver. The guidance reflects a strategic shift in mine sequencing and grade variability, with production expected to be weighted toward the second and third quarters of 2025. This approach prioritizes operational stability and sustainable long-term operations over short-term production maximization.

The 2024 production results solidify Juanicipio's position as a premier silver asset, with its 18.6 million ounces of silver output placing it among the world's top-tier silver operations. The sustained high grades and strong recovery rates demonstrate the asset's exceptional quality in a market where high-grade silver deposits are increasingly rare.

The outperformance against guidance by 1.3 million ounces showcases operational excellence and validates the geological model and grade continuity, reducing technical risk and supporting sustainable production planning. The 2025 guidance, while indicating lower production levels, reflects a pragmatic approach to resource management and mature operational planning, leading to more predictable production patterns and better cost management.

In conclusion, MAG Silver's Juanicipio mine has demonstrated exceptional operational execution in 2024, with strong production results and a strategic approach to mine sequencing and grade variability. The mine's position as a premier silver asset is solidified, and its long-term potential remains promising. Investors should closely monitor the mine's progress and consider its potential for value creation in the years ahead.