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Category: Junior: Near-term Producer
Rating: 2.00   (Potential 3 Bagger as of 05/08/2017)
Risk: Moderate
MAG Silver Corp
www: www.magsilver.com     email: info@magsilver.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
NYSEMKT:MAG 02/20/2018 USD 10.590
TSE:MAG 02/16/2018 CAD 13.4400
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Don's Summary (from last analysis - 05/08/2017)

Mag Silver has an excellent late stage project in Mexico. Their Juanicipio project is a JV with Fresnillo and they have a 44% interest. Production should begin in 2018 and it has a 15 year mine life (likely to be increased). Mag's share will be about 5 million oz of annual silver production (more the first 5 years) at close to zero cash costs. At $50 silver they will have $200 million in cash flow for 15 years. The zero costs are from offsets in gold, zinc, and lead. Juanicipio is very high grade (10 to 15 opt) and a high silver recovery rate (94%). The capex is only $300 million and Fresnillo will pay for 56% and is the operator. Mag's share of the capex is $132 million and they have $139 million in cash.

They will have zero debt and high cash flow. What are they going to do with all of that money? First, they will have a high dividend. Second, they will buy projects and become a growth stock.

They have an extensive pipeline of projects and are drilling several: Salamandra, Cinco de Mayo, Pozo Seco, Jose Manto, Mojina, and La Esperansa. The odds are very good they will build a few more mines. Mag Silver has the potential to be a very large company. Their only red flag is that they are pricey and we don't know how big they will get.

This stock has exploded to a FD market cap of $933 million. That's one of the highest valuations for a non-producer. In the near term they will need to grow through an acquisition, because they currently do not have any other advanced projects. I like it as a combination income and growth stock.

General Details

Financial 05/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $933.75M $878.97M 05/08/2017 $-54.78M
Total Assets: $177.24M $176.74M 06/30/2017 $-0.50M
Total Liabilities: $1.32M $0.47M 06/30/2017 $-0.85M
Current Assets: $139.87M $127.28M 06/30/2017 $-12.59M
Current Liabilities: $0.73M $0.47M 06/30/2017 $-0.26M
Total Debt: $0.00M $0.00M 06/30/2017 $0.00M
Cash: $139.06M $126.62M 06/30/2017 $-12.44M
Enterprise Value: $794.69M $752.35M 11/03/1993 $-42.34M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 05/08/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/08/2017 0.00%
Misc 05/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $11.250 $10.590 16:02 on 02/20/2018 $-0.66
Shares Outstanding: 81,000,000 80,770,000 06/30/2017 -230,000
Shares Fully Diluted: 83,000,000 83,000,000 05/08/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a 01/01/2017 05/08/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
05/08/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
05/08/2017 0
Initial CapEx (Outstanding): $132.00M
14.14% of Mkt.Cap
$132.00M
15.02% of Mkt.Cap
05/08/2017 $0.00M
Funding Option: n/a n/a 05/08/2017 n/a
Documentation: none PEA 05/08/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 05/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 05/08/2017 0.00M
Measured & Indicated: n/a n/a 05/08/2017 0.00M
Inferred: n/a n/a 05/08/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 05/08/2017 0.00M
Measured & Indicated: n/a n/a 05/08/2017 0.00M
Inferred: n/a n/a 05/08/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/08/2017 $0.00
Extra Operating Cost: n/a n/a 05/08/2017 $0.00
Average Grade: n/a n/a 05/08/2017 n/a
Recovery Rate: n/a n/a 05/08/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/08/2017 0.00M
Annual Production: n/a n/a 05/08/2017 n/a
Cash Cost: n/a n/a 05/08/2017 n/a
Extra Operating Cost: n/a n/a 05/08/2017 n/a
SILVER 05/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 05/08/2017 0.00M
Measured & Indicated: 55.00M 55.00M 05/08/2017 0.00M
Inferred: 80.00M 80.00M 05/08/2017 0.00M
Reserves & Resources: 135.00M 135.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 05/08/2017 0.00M
Measured & Indicated: 41.80M 41.80M 05/08/2017 0.00M
Inferred: 38.00M 38.00M 05/08/2017 0.00M
Reserves & Resources: 79.80M 79.80M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/08/2017 $0.00
Extra Operating Cost: n/a n/a 05/08/2017 $0.00
Average Grade: 300.00 g/t 300.00 g/t 05/08/2017 n/a
Recovery Rate: (CG)  95.00% (CG)  95.00% 05/08/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 100.00M 100.00M 05/08/2017 0.00M
Annual Production: 7,000,000oz. 7,000,000oz. 05/08/2017 0oz.
Cash Cost: $2 $2 05/08/2017 $0
Extra Operating Cost: $7 $7 05/08/2017 $0

Property

Last Analysis Data  (05/08/2017)
Stage Location Name Owned Type Au Ag Cu Notes
Exploration Chihuahua, Mexico Batopilas 100% n/a n/a
Exploration Chihuahua, Mexico Cinco de Mayo 100% n/a n/a
Exploration Chihuahua, Mexico Guigui 100% n/a n/a
Exploration Fresnillo, Mexico Juanicipio 44% n/a show
Large high grade JV with Fresnillo. 44% interest. $132 capex (their share). Zero cash costs projected. 4.5 million oz of production (their share).
Exploration Durango, Mexico La Esperanza 0% n/a n/a
Exploration Guanajuato, Mexico La Lorena 100% n/a n/a
Exploration Zacatecas, Mexico Lagartos 100% n/a n/a
Exploration Chihuahua, Mexico Mojina 0% n/a n/a
Exploration Zacatecas, Mexico Nuevo Mundo 100% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Exploration Chihuahua, Mexico Batopilas 100% n/a n/a
Exploration Chihuahua, Mexico Cinco de Mayo 100% n/a n/a
Exploration Chihuahua, Mexico Guigui 100% n/a n/a
Exploration Fresnillo, Mexico Juanicipio 44% n/a show
Large high grade JV with Fresnillo. 44% interest. $132 capex (their share). Zero cash costs projected. 4.5 million oz of production (their share).
Exploration Durango, Mexico La Esperanza 0% n/a n/a
Exploration Guanajuato, Mexico La Lorena 100% n/a n/a
Exploration Zacatecas, Mexico Lagartos 100% n/a n/a
Exploration Chihuahua, Mexico Mojina 0% n/a n/a
Exploration Zacatecas, Mexico Nuevo Mundo 100% n/a n/a

Profitability (by resource)

Proven &
Probable
05/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%
Measured &
Indicated
05/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.05M
Total (Silver Eq. Oz.): 55.00M 55.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.04M
Silver Eq. Oz.: 41.80M 41.80M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $210.96M $216.52M n/a $5.56M
Total Maximum Profit: $210.96M $216.52M n/a $5.56M
Max Profit / Current MCap: 0.226 0.246 n/a 0.020
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $2.54 $2.61 n/a $0.07
Total Max Profit Per Share: $2.54 $2.61 n/a $0.07
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,689.65 $1,701.34 n/a $11.69
FD Mkt. Cap / Silver Eq.: $22.34 $21.03 n/a $-1.31
FD Mkt. Cap / Per Metal
as % Spot Price:
137.81% 128.22% n/a -9.59%

Reserves &
Resources
05/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.12M
Total (Silver Eq. Oz.): 135.00M 135.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.07M
Silver Eq. Oz.: 79.80M 79.80M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $402.75M $413.36M n/a $10.61M
Total Maximum Profit: $402.75M $413.36M n/a $10.61M
Max Profit / Current MCap: 0.431 0.470 n/a 0.039
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $4.85 $4.98 n/a $0.13
Total Max Profit Per Share: $4.85 $4.98 n/a $0.13
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $885.06 $891.18 n/a $6.12
FD Mkt. Cap / Silver Eq.: $11.70 $11.01 n/a $-0.69
FD Mkt. Cap / Per Metal
as % Spot Price:
72.18% 67.16% n/a -5.02%

Future Valuation (Cash Flow & Totals)

Totals 05/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $194.03M $196.31M n/a $2.27M
Mkt. Cap: $933.75M $878.97M n/a $-54.78M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $1,500.00M $1,500M n/a $0M
FD Mkt. Cap Growth: 61% 71% n/a 10%
Annual
Production
Gold: n/a n/a n/a n/a
Silver: 7,000,000 oz. 7,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 233.44 219.74 n/a -13.70
Silver Eq. Reserves: 9.34 8.79 n/a -0.55
Gold Eq. Production: 3,334.82 3,139.18 n/a -195.64
Silver Eq. Production: 133.39 125.57 n/a -7.83
P&P
Reserves
(oz.)
Gold: n/a n/a 05/08/2017 n/a
Silver: 100.00M 100.00M 05/08/2017 n/a
Gold Eq.: 4.00M 4.00M 05/08/2017 n/a
Silver Eq.: 100.00M 100.00M 05/08/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: n/a n/a n/a n/a
Silver: 1.205 1.205 n/a n/a
Gold Eq.: 0.048 0.048 n/a n/a
Silver Eq.: 1.205 1.205 n/a n/a
Cash Flow 05/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $0.00M $0.00M n/a $0.00M
Current Multiple: 0.00 0.00 n/a 0.00
F
U
T
U
R
E
@ current prices: $30.28M $31.08M n/a $0.80M
Multiple @ current prices: 30.84 28.28 n/a -2.55
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $382.20M $382.20M n/a $0.00M
Multiple @ future prices: 2.44 2.30 n/a -0.14
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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