MAG Silver (TSX: MAG) this morning posted production results for the second quarter. Results come from the Juanicipio mine in Mexico, where MAG has a 56% ownership interest.
The quarter saw a total of 4.35 million ounces of silver and 10,465 ounces of gold produced on a 100% basis, as compared to 4.47 million ounces of silver and 10,198 ounces of gold in the first quarter. Silver production was also down on a year over year basis, from 4.98 million ounces in Q2 2024, while gold production was up from 9,259 ounces.
First half production for the year totaled 8.8 million silver ounces alongside 20,663 ounces of gold, with the company stating that they are well positioned to meet full year production guidance.
Lead production in Q2 meanwhile totaled 11.55 million pounds, a 9.2% increase from 10.58 million pounds in the first quarter, while zinc production improved 21.4% from 16.89 million pounds in the first quarter to 20.51 million pounds in the second quarter.
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The quarter saw a total of 343,000 tonnes milled at the mine, a 1.6% improvement quarter over quarter. However, silver grades fell from 430 g/t to 417 g/t, while gold grades fell from 1.24 g/t to 1.21 g/t. Lead grades meanwhile improved from 1.61% to 1.71%, while zinc grades improved from 2.9% to 3.34%.
The quarter however was clouded by the announcement that an employee fatality occurred on site in July, the details for which were not provided.
Full financial results are slated to be released August 11.
MAG Silver last traded at $30.16 on the TSX.
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