• Juanicipio

JUANICIPIO PROJECT
Municipio Fresnillo Zacatecas, Mexico

 

(expressed in thousands of US dollars except as otherwise noted)

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier silver dominant precious metals company by exploring and advancing high-grade, district scale projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo plc (“Fresnillo”) (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where the operator is currently developing an underground mine and constructing a 4,000 tonnes per day (“tpd”) processing plant. Underground mine production of mineralized development material commenced in Q3 2020. The mine was brought into commercial production in January 2022 and the plant is expected to commence electrical commissioning in the coming weeks. An expanded exploration program is in place at Juanicipio targeting multiple highly prospective targets. MAG is also executing a multi-phase exploration program at the Deer Trail 100% earn-in Project in Utah and has recently commenced exploration drilling at the Larder Project located in the historically prolific Abitibi region of Canada.

HISTORY AND BACKGROUND

MAG owns 44% of Minera Juanicipio, S.A. de C.V., (“Minera Juanicipio”), a company incorporated under the laws of Mexico, which owns the high-grade silver Juanicipio Project located in the Fresnillo District, Zacatecas State, Mexico. Fresnillo is the project operator and holds the remaining 56%. On December 27, 2021, for various business reasons, the Company and Fresnillo incorporated Equipos Chaparral, S.A. de C.V. (“Equipos Chaparral”) in the same ownership proportions as Minera Juanicipio for the purpose of holding the Juanicipio plant and mining equipment to be leased to Minera Juanicipio.  As MAG has a 44% interest in each of Minera Juanicipio and Equipos Chaparral, the two are collectively referred to herein as “Juanicipio”.

Since August of 2020, mineralized development material and more recently stope material from the underground mine is being processed at Fresnillo’s nearby processing plants.  This processing was originally targeted at an average nominal rate of 16,000 tonnes per month but has since increased to an average of 48,000 tonnes per month in the three months ended March 31, 2022, an average of 51,000 tonnes per month in the three months ended June 30, 2022 and 60,000 tonnes per month for the three months ended September 30, 2022. This processing at the Fresnillo plants is expected to continue until the Juanicipio plant is fully commissioned (see ‘Underground Mine Production– Juanicipio Project’ below).

The mineralization on the Juanicipio Project consists of high-grade silver-gold-lead-zinc epithermal vein deposits.  The principal vein, the Valdecañas Vein, has dilatant zones (bulges) at its east and west extremes and several en echelon vein splays and cross-veins – the term “Valdecañas Vein” is used to refer to this combined vein system.  In addition, exploration continues both on the Valdecañas Vein system and on other prospective targets within the Juanicipio mining concession (see ‘Juanicipio Project’ below for a detailed current project update).

Development and production from, and exploration of the Juanicipio Project are all being carried out by the project operator, Fresnillo, with MAG being represented in all Juanicipio board, technical committee and ad-hoc meetings.  Construction and commissioning of the processing plant is under the guidance of an Engineering, Procurement and Construction Management contract entered into with an affiliate of Fresnillo.  MAG’s share of project costs is currently being funded by cash flow from underground mine production, by cash calls through its 44% interest in Juanicipio and, to a lesser extent, incurred directly by MAG to cover expenses related to its own commissioned technical studies and analyses, as well as direct project oversight. Juanicipio is governed by a shareholders’ agreement and corporate by-laws, pursuant to which each shareholder is to provide funding pro-rata to its ownership interest.

Total Juanicipio Project expenditures incurred and capitalized by Juanicipio (on a 100% basis) for Q3 2022 amounted to approximately $36,063 (nine months ended September 30, 2022: $115,237).  Of the total expenditures, $27,013 (nine months ended September 30, 2022: $92,279) are development expenditures, $2,047 are exploration expenditures (nine months ended September 30, 2022: $5,668), $5,728 are sustaining capital expenditures (nine months ended September 30, 2022: $13,329) and the remaining $1,275 is capitalized shareholder loan interest (nine months ended September 30, 2022: $3,961). Gross profit (sales less cost of sales including depreciation and amortization) from processing Juanicipio mineralized development and stope material at the Fresnillo plants for the three and nine months ended September 30, 2022 totaled $25,212 and $108,695, respectively (three and nine months ended September 30, 2021: $11,207 and $28,289, respectively) on a 100% basis (see ‘Underground Mine Production – Juanicipio Project’ below).

UNDERGROUND MINE PRODUCTION

Mineralized material from the Juanicipio Project is being campaign processed at the nearby Saucito and Fresnillo plants (both 100% owned by Fresnillo), with metals being refined and sold on commercial terms under long term off-take agreements. During the quarter ended September 30, 2022, approximately 70% of the total tonnage processed was through the Saucito plant.  The Saucito plant flowsheet better resembles that of the Juanicipio flowsheet and will provide further valuable metallurgical benefits as production commences at Juanicipio. The resulting concentrates are treated in Torreón, Coahuila, Mexico.    

In the three months ended September 30, 2022, a total of 180,808 tonnes of mineralized development and stope material were processed through the Fresnillo plants.  The resulting payable metals sold and processing details are summarized in the following table. The sales and treatment charges for tonnes processed in Q3 2022 were recorded on a provisional basis and will be adjusted in Q4 2022 based on final assay and pricing adjustments in accordance with the offtake contracts.

Mineralized Material Processed at Fresnillo’s Processing Plants (100% basis)

Three Months Ended September 30, 2022 (180,808 tonnes processed)

Q3 2021 Amount
$

Payable Metals

Quantity

Average Per Unit
$

Amount
$

Silver

2,425,256 ounces

18.36 per oz

     44,518

14,344

Gold

4,901 ounces

1,677 per oz

8,219

      1,761

Lead

1,347 tonnes

0.87 per lb.

 2,578

  529

Zinc

2,038 tonnes

1.45 per lb.

 6,511

  947

Treatment and refining charges (“TCRCs”) and other processing costs

 (12,111)

(2,897)

Net Sales

           49,715

          14,684

Mining and transportation costs

 (18,127)

      (3,477)

Depreciation and amortization

 (6,376) (1)

Gross Profit

        25,212

11,207

(1) The underground mine is now in stopes with mineralized and development material being processed through Fresnillo’s plants and refined and sold. The mine was effectively readied for its intended use on January 1, 2022. 

In the nine months ended September 30, 2022, a total of 480,360 tonnes of mineralized development and stope material were processed through the Fresnillo plants.  The resulting payable metals sold and processing details are summarized in the following table.

Mineralized Material Processed at Fresnillo’s Processing Plants (100% basis)

Nine Months Ended September 30, 2022 (480,360 tonnes processed)

Nine Months Ended September 30, 2021      Amount
$

Payable Metals

Quantity

Average Per Unit
$

Amount
$

Silver

6,871,692 ounces

21.46 per oz

     147,488

36,492

Gold

15,364 ounces

1,816 per oz

27,897

      4,171

Lead

3,429 tonnes

0.95 per lb.

 7,196

  1,087

Zinc

5,085 tonnes

1.64 per lb.

 18,422

  2,120

TCRCs and other processing costs

 (31,148)

(6,699)

Provisional sales adjustment related to 2020 sales (1) 

-

(1,146)

Net Sales

169,855

36,025

Mining and transportation costs

 (46,108)

      (7,736)

Depreciation and amortization

 (15,052) (2)

Gross Profit

108,695

28,289

(1)  Provisional sales for 2020 were finalized in Q1 2021 resulting in negative adjustment to net sales of $1,146.
(2) The underground mine is now in stopes with mineralized and development material being processed through Fresnillo’s plants and refined and sold. The mine was effectively readied for its intended use on January 1, 2022. 

The average silver head grade for the mineralized development and initial stope material processed in the three and nine months ended September 30, 2022 was 513 g/t and 556 g/t, respectively (three and nine months ended September 30, 2021 was 418 g/t and 410 g/t, respectively). This increased grade reflects more stoped vein material being processed. Metal recovery and concentrate grades are in line with expectations from the initial metallurgical test work conducted on Valdecañas mineralized materials.

The decrease in 2022 net sales quarter‐on‐quarter ($49,715 in the current quarter compared to $55,224 in the second quarter) was a function of a 13% reduction in realized blended metal prices partially offset by a 10% increase in blended metal volumes.  The higher metal volume was driven predominantly by 17% higher tonnes processed, partially offset by 10% lower silver head grade.

From August 2020 to September 30, 2022, a total of 804,126 tonnes of mineralized material have been processed at the two Fresnillo processing plants.  By bringing forward the start-up of the underground mine and processing mineralized development and stope material at the Fresnillo plants in advance of commissioning the Juanicipio plant, MAG and Fresnillo expect to secure several positive outcomes for the Juanicipio Project:

  • generating cash-flow from production to offset some of the cash requirements of the initial and sustaining capital;
  • realizing commercial and operational de-risking opportunities;
  • de-risking the flotation process and reagent mix through a better understanding of the metallurgical characteristics and response of the Juanicipio mineralization;
  • increasing certainty around the geological block model prior to start-up of the processing plant; and
  • allowing a faster and more certain ramp-up to the nameplate 4,000 tpd plant design.

PROCESSING PLANT CONSTRUCTION AND COMMISSIONING

The Juanicipio Project team delivered the 4,000 tpd processing plant for commissioning in the fourth quarter of 2021.  However, according to the operator Fresnillo and as previously reported, the state-owned electrical company (Comisión Federal de Electricidad (“CFE”)), notified Fresnillo late in December 2021 that the regulatory approval to complete the tie-in to the national power grid could not yet be granted and that the Juanicipio plant commissioning timeline was therefore extended. Fresnillo has engaged closely with the CFE and ‘El Centro Nacional de Control de Energía’ (“CENACE”), the state energy regulator, to do all that it can to expedite the necessary approvals and comply with requirements to complete the tie-in to the national power grid. As reported more recently by the operator Fresnillo, commencement of electrical commissioning of the plant is expected to occur in the coming weeks. (see Outlook below).  The connection to the grid and electrical commissioning is the last step prior to feeding lower grade mineralized material through the grinding mills and mineralized material has been conveyed to the fine ore bin and stockpiled in preparation for this processing.

In the interim, stoping and mine development at Juanicipio continues. In order to minimize any potential adverse economic effect of the revised commissioning timeline, Fresnillo indicated it will continue to make available unused plant capacity at its Saucito and Fresnillo operations to process mineralized material produced at Juanicipio during this period. The effect on cash flow generation from Juanicipio has therefore been mitigated while the power connection approvals have been pending.

UNDERGROUND DEVELOPMENT

As discussed above, the mineralized material encountered in underground development and from initial stopes at Juanicipio, is being processed at the nearby Fresnillo owned processing plants (see Underground Mine Production above).

Once in full production, mineralized material from mining will be hauled to an underground crushing station and crushed underground.  The crushed mineralized material will be trucked to the flotation plant until the conveyor is completed, which is expected to be in Q4 2022. When the conveyor is completed, the crushed mineralized material will be conveyed directly from the underground crushing station to the process plant area via a third ramp to the surface - the underground conveyor ramp.  The conveyor ramp is over 90% complete and is being driven both from the surface and from the underground crushing chamber. This ramp will also provide access to the entire Valdecañas underground mining infrastructure and serve as a fresh air entry for the ventilation system. As well, the long-term mine ventilation system is nearing completion. The #1 and #2 ventilation shafts have been commissioned and are ventilating some of the lower areas of the mine.

Total underground development to date is approximately 56km (35 miles), including 3.3 km (2.1 miles) completed during the three months ended September 30, 2022. Underground mine infrastructure is well advanced and development continues to focus on:

  • advancing the three internal spiral footwall ramps to be used to further access the full strike length of the Valdecañas Vein System;
  • making additional cross-cuts through the vein and establishing the initial mining stopes.
  • finalizing construction of the underground crushing system, underground warehouse, fuel storage and pumping station;
  • advancing the underground conveyor ramp to and from the surface processing facility from both faces; and
  • integrating additional ventilation and other associated underground infrastructure.

Due to the poor rock quality on the western section of the upper Valdecañas Vein, cut and fill will be the chosen mining method for the higher levels in this section. A trial longhole stope has been in operation for the past year, and this will be the preferred mining method through the main central section and eastern side of Valdecañas Vein, and ultimately the west side as well once ground conditions improve with depth.

Labour reform legislation on subcontracting and outsourcing in Mexico was published on April 23, 2021 and came into effect on September 1, 2021.  With various restrictions on hiring contractors, Fresnillo, as operator, has indicated a need to internalize a significant portion of its contractor workforce and perform much of the development work directly rather than outsourcing it to contractors, and hence invest in equipment either not previously in the project scope or not envisaged to be required until later in the mine life, to be utilized in underground operations. As well, certain underground development expenditures related to processing development material and some small items brought forward from project investments planned in the future are now considered sustaining capital by Fresnillo.  The costs incurred are expected to reduce future sustaining capital costs and totaled approximately $13,328 on a 100% basis in the nine months ended September 30, 2022. These costs are included in the current Juanicipio development costs but are not considered by the operator as part of the initial project capital.

PROJECT CAPITAL (“CAPEX”)

The Juanicipio Project initial capital cost (“capex”) on a 100% basis, as estimated from January 1, 2018, was expected to be $440,000 and represented the initial pre-production capital estimate to get the project to production and positive cash flow. With the plant ready to commence electrical commissioning (expected in the coming weeks– see ‘Processing Plant Construction – Juanicipio Project’ above), final construction costs are now expected to wind down.  Meanwhile, the amount of mineralized development and stope material being processed at the two Fresnillo plants since Q4 2021 has been significantly higher than the original targeted rate of 16,000 tonnes per month, and most recently averaged 60,000 tonnes per month in Q3 2022. Mineralized material from stopes is now being processed as well.  The expected cash flow from this ongoing campaign processing, along with the cash held by Juanicipio at September 30, 2022 of $18,176 on a 100% basis, are expected to substantially fund any remaining capital requirements as the Juanicipio process plant is commissioned (a cash call has not been needed since mid-December 2021 which was $21,000 on a 100% basis).  Should there be additional funding requirements related to further commissioning delays (see Risks and Uncertainties below) or for additional sustaining capital to be funded prior to attaining commercial production in excess of the cash flow generated, there may still be further cash calls required from Fresnillo and MAG (see Liquidity and Capital Resources below).

OUTLOOK

With the delay in connecting the Juanicipio plant to the national power grid, Fresnillo, as operator, reports that commissioning of the Juanicipio processing plant is expected to come in on budget and the plant is expected to ramp up to 85-90% of the nameplate 4,000 tpd capacity within months of commissioning. Fresnillo does not expect the power connection delay to have any negative impact on the Juanicipio plant’s planned 2023 production.  An Operator Services agreement has been finalized which will become effective upon the declaration of commercial production, whereby Fresnillo and its affiliates will continue to operate the mine. Until the Juanicipio processing plant is commissioned, mineralized development material and stope material from Juanicipio will continue to be processed at the Fresnillo and Saucito processing plants (both 100% owned by Fresnillo), with the lead (silver-rich) and zinc concentrates treated at market terms under off-take agreements with Met-Mex Peñoles, S.A. de C.V. (a Fresnillo affiliate) in Torreón, Mexico. 

According to Fresnillo, the Juanicipio development is expected to create approximately 1,720 jobs once at full production, with potential to scale-up operations in the future beyond 4,000 tpd.

EXPLORATION – Juanicipio Project

Most of the Juanicipio concession remains unexplored with many untested targets still to be pursued within the property.  Drilling in recent years has been primarily designed to both convert the Inferred Mineral Resources included in the Deep Zone into Indicated Mineral Resources and to further trace mineralization to depth.

2022 Exploration Program

The planned expenditures for the 2022 Exploration Program total $7,000 on a 100% basis, for drilling programs designed to expand and convert the Inferred Mineral Resources included in the Deep Zone into Indicated Mineral Resources and to explore other parts of the Juanicipio concession.  Drilling is in progress with 5 surface rigs as well as an additional underground rig. The drilling is focused on infilling the Valdecañas Vein System including Anticipada, Pre-Anticipada and the Venadas structures. 

In mid-January 2022, drilling began on the first hole on the Los Tajos (formerly: Cesantoni Kaolinite Pits target (“Los Tajos”)). Los Tajos lies in the northwestern corner of the Juanicipio concession, roughly 6 km west of the Valdecañas Vein and related underground infrastructure. Thousands of tonnes of mixed kaolinite-illite clays have been mined over the last 25 years by the Cesantoni Ceramics Company from a series of pits developed along the strong northeast-trending Los Tajos structure. This orientation is almost orthogonal to the northwest-trending veins that dominate the district, but is roughly parallel to the high-grade Venadas Vein family that cuts the NW-trending Valdecañas Vein.

Initial planning as laid out by project operator, Fresnillo, is to drill 5 core holes totaling 6,000 m. Drilling is being done with a highly portable rig to minimize surface disturbance. The program is progressing well and the Company expects to release assays once the initial program is concluded and requisite QAQC has been finalized. 

COVID-19 – Juanicipio Project

The Juanicipio Project operator, Fresnillo, continues to closely monitor the spread of the COVID-19 virus and has implemented a range of safety measures in accordance with the World Health Organization and Mexican Government guidelines.

As previously reported, the consequences of COVID-19 have had an impact on the commissioning timetable for the Juanicipio processing plant. Further impacts of this pandemic could create or include significant COVID-19 specific costs, further delays in plant commissioning, volatility in the prices for silver and other metals, further restrictions or temporary closures, additional travel restraints, supply chain disruptions and workforce interruptions, including loss of life.  Depending on the duration and extent of the impact of COVID-19, this could materially impact the Company’s financial performance, cash flows and financial position, and could result in material changes to the costs and time for the completion of development at Juanicipio.  The total amount that the Company is required to finance in order to maintain its proportionate ownership in the project may increase from these and other consequences of the COVID-19 outbreak. 

KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)

September 30, 2022 & subsequent to quarter end 

  • MAG reported net income of $8,227 or $0.08 per share for the three months ended September 30, 2022 (net loss of $2,280 or ($0.02) per share for the three months ended September 30, 2021).
  • As at September 30, 2022, MAG held cash of $39,507 and Juanicipio had cash on hand of $18,176.
  • The Sustainalytics ESG risk rating for MAG improved 27% to 33.5 from 46.0, over the last twelve months. Since the initiation of Sustainalytics coverage of MAG in April 2019 the overall score has improved by 46%.

OPERATIONAL HIGHLIGHTS (on a 100% basis unless otherwise noted)

  • Fresnillo continues to make available unused processing plant capacity at its nearby Saucito and Fresnillo operations. Campaign processing of mineralized material from development headings and stopes at Juanicipio continues through these nearby facilities and is expected to continue until the Juanicipio plant is commissioned.
  • For the three months ended September 30, 2022:
    • A record 180,808 tonnes of mineralized development and stope material were campaign processed through the Fresnillo and Saucito plants, with 2,425,256 payable silver ounces, 4,901 payable gold ounces, 1,347 payable lead tonnes and 2,038 payable zinc tonnes produced and sold;
    • Average silver head grade for the quarter was 513 grams per tonne (“g/t”); and
    • Pre-commercial production sales (net of treatment and processing costs) totaled $49,715 for the quarter, less $18,127 in mining and transportation costs and $6,376 in depreciation and amortization charges, netting $25,212 in gross profit by Juanicipio. 
  • For the nine months ended September 30, 2022:
    • 480,360 tonnes of mineralized development and stope material were campaign processed through the Fresnillo and Saucito plants, with 6,871,962 payable silver ounces, 15,364 payable gold ounces, 3,429 payable lead tonnes and 5,085 payable zinc tonnes produced and sold;
    • Average silver head grade for the nine months was 556 g/t; and
    • Pre-commercial production sales (net of treatment and processing costs) totaled $169,855, less $46,108 in mining and transportation costs, and $15,052 in depreciation and amortization, netting $108,695 in gross profit by Juanicipio. 
  • As reported by the operator Fresnillo, electrical commissioning of the processing plant is expected in the coming weeks.
  • At the end of the quarter, Juanicipio held cash balances of $18,176 down from $37,504 at the end of Q2 impacted by lower margins as a result of lower metal prices and ongoing capital expenditures.
  • Campaign processing benefits include the cash flow being used to offset some of the initial and sustaining capital and the de-risking of Juanicipio’s metallurgical performance, which is expected to significantly speed up project ramp-up.
  • Approximately 70% of the tonnes in the third quarter 2022 were processed at Fresnillo’s Saucito plant, where the flowsheet more closely resembles that of the Juanicipio plant. It is expected these results will provide further valuable metallurgical benefits when milling production commences at Juanicipio.
  • Metal recovery and concentrate grades are in line with expectations from the initial metallurgical test work conducted on Valdecañas.

CORPORATE

  • On October 5, 2022, MAG published its inaugural Sustainability Report underscoring MAG’s fundamental commitment to transparency with its stakeholders while providing a comprehensive overview of the Company's Environmental, Social and Governance (“ESG”) commitments, practices, and performance for the 2021 year.

EXPLORATION

  • Results of the Juanicipio 2021 exploration program (23 surface-based drill holes totaling 29,421 metres (“m”)) were reported on May 13, 2022, and highlights include:
    • 21 holes cut the Valdecañas Vein System, with most directed at the Valdecañas Vein Deep Zone plus coincidental intercepts of the Anticipada (13), Pre-Anticipada (8) and various other hangingwall and footwall veins;
    • Most intercepts are comparable to previously drilled neighboring holes with no major deviations from grade and thickness expectations; and,
    • Channel sampling of the advancing development headings and test stopes in the Valdecañas Vein Bonanza Zone shows that the grade distribution in the vein is very close to that shown by both surface and underground drilling, which adds substantial confidence in the width and grade continuity indicated by the surface drilling for the balance of the vein.
  • With the completion of the 2021 exploration drill program, the intercept density on the Valdecañas Vein Deep Zone is now approaching that on the Bonanza Zone and confirms the continuity of mineralization in the Valdecañas Vein to depth.
  • The Juanicipio 2022 exploration program is currently in process ($5,669 expended on a 100% basis for the nine months ended September 30, 2022) with five drill rigs on surface running concurrently with continued underground definition and geotechnical drilling, and one rig testing the new “Los Tajos” (formerly: Cesantoni) (as defined herein) target in the northwest part of the Juanicipio concession.
  • Deer Trail Project, Utah:
    • A 5,000 m Phase II drill program commenced in Q3 2021 and is in process with one drill and all assays pending.
  • Larder Project, Ontario:
    • MAG has initiated a comprehensive data review and drilling campaign on the recently acquired Larder Project. The drilling program is focused below and lateral to previously identified mineralization.
  • During the nine months ended September 30, 2022, the Company recorded a write down of $10,471 on its option earn-in project on a prospective land claim package in the Black Hills of South Dakota.

LIQUIDITY AND CAPITAL RESOURCES (on a 100% basis unless otherwise noted)

  • The expected cash flow from the ongoing campaign processing until the Juanicipio plant is commissioned, along with the cash held by Juanicipio at September 30, 2022 are projected to substantially fund remaining capital requirements at Juanicipio (a cash call has not been needed since mid-December 2021 which was $21,000 on a 100% basis). 

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