(Adds analyst comment and updates shares.)
MAG Silver (MAG.TO) on Wednesday said silver and gold production from the Juanicipio mine in Mexico fell in the fourth quarter.
Silver production dropped 5.5% to 4.3-million ounces while gold production slumped 14.6% to 9,041 ounces.
Lead production increased 7.5% to 9.9-million pounds and zinc production rose 3.6% to 15.6-million pounds.
For 2025, silver production at Juanicipio is forecast to range between 14.7 million and 16.7 million ounces.
"While guidance reflects expected variability in grades and production rates due to mine sequencing, it underscores the sustainable operation we have built at Juanicipio," said chief executive George Paspalas.
MAG Silver owns 44% of Juanicipio while Fresnillo holds a 56% stake.
National Bank of Canada maintained its outperform rating and $30.25 price target on MAG following the release.
"Our thesis considers production growth at Juanicipio (44%), diversified metal production, a re-rate to producer multiples, exploration upside and M&A appeal tempered by Juanicipio JV terms, which limit profit sharing to once per year," the bank said.
The company's shares were last seen up $0.75 to $21.85 on the Toronto Stock Exchange
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