Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. MAG Silver Corp.
  6. News
  7. Summary
    MAG   CA55903Q1046

MAG SILVER CORP.

(MAG)
  Report
Delayed Toronto Stock Exchange  -  02:48 2022-09-26 pm EDT
14.95 CAD   -6.15%
09/14MAG Silver Buy Rating Reiterated by Stifel GMP as Juanicipio Nears Production; Price Target Kept at C$28.75
MT
09/13MAG Silver Provides Commissioning Update for Juanicipio Project in Mexico; National Bank Makes Production Estimate
MT
09/13MAG Silver Provides Commissioning Update for Juanicipio Project in Mexico
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

MAG Silver : 2022 Q2 Financial Statements

08/15/2022 | 07:24am EDT

MAG SILVER CORP.

Unaudited Condensed Interim Consolidated Financial

Statements (expressed in thousands of US dollars)

For the three and six months ended June 30, 2022

Dated: August 12, 2022

A copy of this report will be provided to any shareholder who requests it.

VANCOUVER OFFICE

TSX: MAG

Suite 770

604 630 1399 phone

NYSE American : MAG

800 W. Pender Street

866 630 1399 toll free

www.magsilver.com

Vancouver, BC V6C 2V6

604 681 0894 fax

info@magsilver.com

MAG SILVER CORP.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

For the three and six months ended June 30, 2022 and 2021

(In thousands of US dollars, except for shares and per share amounts - Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Note

$

$

$

$

Income from equity accounted investment in Juanicipio

8

12,347

4,820

26,109

5,452

General and administrative expenses

4

(3,282)

(3,029)

(5,552)

(5,802)

General exploration and business development

(66)

(33)

(91)

(40)

Exploration and evaluation costs written down

9

-

-

(10,471)

-

Operating income (loss)

8,999

1,758

9,995

(390)

Interest income

18

42

119

127

Foreign exchange (loss) gain

(185)

100

(204)

148

Income (loss) before income tax

8,832

1,900

9,910

(115)

Deferred income tax (expense) benefit

(1,270)

1,405

332

(242)

Income (loss) for the period

7,562

3,305

10,242

(357)

Other comprehensive (loss) income

Items that will not be reclassified subsequently to profit or loss:

Unrealized loss on equity securities

7

(1)

(101)

(59)

(3,424)

Net of deferred tax benefit

-

14

7

465

Other comprehensive (loss) income

(1)

(87)

(52)

(2,959)

Total comprehensive income (loss)

7,561

3,218

10,190

(3,316)

Basic and diluted income (loss) per share

0.08

0.03

0.10

( 0.00)

Weighted average shares outstanding

11a

Basic

98,238,658

94,884,411

98,030,207

94,857,283

Diluted

98,524,121

95,235,559

98,335,822

94,857,283

See accompanying notes to the condensed interim consolidated financial statements

2

MAG SILVER CORP.

Condensed Interim Consolidated Statements of Financial Position

As at June 30, 2022 and December 31, 2021

(In thousands of US dollars, unless otherwise stated - Unaudited)

Note

June 30, 2022

December 31, 2021

$

$

Assets

Current assets

Cash

5

44,655

56,748

Accounts receivable

6

2,620

2,097

Prepaid expenses

2,036

526

49,311

59,371

Non-current assets

Investments

7

9

1,179

Investment in Juanicipio

8

316,745

291,084

Exploration and evaluation assets

3,9

29,207

20,254

Property and equipment

10

419

484

346,380

313,001

Total assets

395,691

372,372

Liabilities

Current liabilities

Trade and other payables

1,494

1,500

Current portion of lease obligation

10

144

110

1,638

1,610

Non-current liabilities

Lease obligation

10

215

275

Deferred income taxes

2,218

2,557

Provision for reclamation

9

409

409

2,842

3,241

Total liabilities

4,480

4,851

Equity

Share capital

11

556,787

543,927

Equity reserve

18,855

18,215

Accumulated other comprehensive income

782

1,798

Deficit

(185,213)

(196,419)

Total equity

391,211

367,521

Total liabilities and equity

395,691

372,372

Commitments and contingencies

17

See accompanying notes to the condensed interim consolidated financial statements

3

MAG SILVER CORP.

Condensed Interim Consolidated Statements of Cash Flows

For the three and six months ended June 30, 2022 and 2021

(In thousands of US dollars, unless otherwise stated - Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Note

$

$

$

$

OPERATING ACTIVITIES

Income (loss) for the period

7,562

3,305

10,242

(357)

Items not involving cash:

Depreciation and amortization

10

34

39

68

68

Deferred income tax expense (benefit)

1,270

(1,405)

(332)

242

Exploration and evaluation assets written down

9

-

-

10,471

-

Income from equity accounted Investment in Juanicipio

8

(12,347)

(4,820)

(26,109)

(5,452)

Share-based payment expense

11b,c,d

708

1,485

1,205

2,678

Unrealized foreign exchange loss (gain)

201

(318)

216

(368)

Movements in non-cash working capital

Accounts receivable

(43)

114

(105)

161

Prepaid expenses

781

574

(1,509)

(624)

Trade and other payables

(3,196)

128

(841)

(168)

Net cash used in operating activities

(5,030)

(898)

(6,694)

(3,820)

INVESTING ACTIVITIES

Exploration and evaluation expenditures

3,9

(2,549)

(2,218)

(3,840)

(3,815)

Acquisition of Gatling Exploration, net of cash acquired

3

(250)

-

(2,653)

-

Investment in Juanicipio

8

(104)

(23,809)

(189)

(23,910)

Proceeds from disposition of equity securities

7

-

-

1,111

3,349

Purchase of equipment

10

(13)

-

(13)

(4)

Net cash used in investing activities

(2,916)

(26,027)

(5,584)

(24,380)

FINANCING ACTIVITIES

Issuance of common shares upon exercise of stock options

11a

32

117

32

192

Payment of lease obligation (principal)

10

(25)

(18)

(53)

(41)

Net cash provided by (used in) financing activities

7

99

(21)

151

Effect of exchange rate changes on cash

346

324

206

383

Decrease in cash during the period

(7,593)

(26,502)

(12,093)

(27,666)

Cash, beginning of period

52,248

92,844

56,748

94,008

Cash, end of period

44,655

66,342

44,655

66,342

See accompanying notes to the condensed interim consolidated financial statements

4

MAG SILVER CORP.

Condensed Interim Consolidated Statements of Changes in Equity For the three and six months ended June 30, 2022 and 2021

(In thousands of US dollars, except shares - Unaudited)

Accumulated

Common shares

other

without par value

Reserve comprehensive

Total

Shares

Amount

Equity

income (loss)

Deficit

equity

Note

$

$

$

$

$

Balance, January 1, 2021

94,813,122

496,604

16,906

10,628

(207,470)

316,668

Stock options exercised

11a,b

75,066

1,315

(330)

-

-

985

Stock options exercised cashless

11a,b

25,089

177

(177)

-

-

-

Restricted and performance share units converted

11a,c

40,131

826

(826)

-

-

-

Deferred share units converted

11a,d

159,810

1,663

(1,663)

-

-

-

Share-based payment

11b,c,d

-

-

4,305

-

-

4,305

Issued for cash

2,691,000

43,242

-

-

-

43,242

Issued for property option payment

5,223

100

-

-

-

100

Transfer of gain on disposal of equity securities

at FVOCI to deficit, net of tax

7

-

-

-

(5,026)

5,026

-

Unrealized loss on equity securities

7

-

-

-

(4,401)

-

(4,401)

Deferred tax benefit on unrealized securities loss

7

-

-

-

597

-

597

Income for the period

-

-

-

-

6,025

6,025

Balance, December 31, 2021

97,809,441

543,927

18,215

1,798

(196,419)

367,521

Stock options exercised

11a,b

3,125

39

(7)

-

-

32

Stock options exercised cashless

11a,b

16,702

165

(165)

-

-

-

Restricted and performance share units converted

11a,c

29,482

281

(281)

-

-

-

Deferred share units converted

11a,d

25,000

218

(218)

-

-

-

Shares issued on acquisition of Gatling Exploration

3,11a,b

774,643

11,212

-

-

-

11,212

Shares issued in settlement of Gatling Exploration

liability

3,11a,b

63,492

945

85

-

-

1,030

Share-based payment

11b,c,d

-

-

1,226

-

-

1,226

Transfer of gain on disposal of equity securities

at FVOCI to deficit, net of tax

7

-

-

-

(964)

964

-

Unrealized loss on equity securities

7

-

-

-

(59)

-

(59)

Deferred tax benefit on unrealized securities loss

7

-

-

-

7

-

7

Income for the period

-

-

-

-

10,242

10,242

Balance, June 30, 2022

98,721,885

556,787

18,855

782

(185,213)

391,211

Six months ended June 30, 2021

Balance, January 1, 2021

94,813,122

496,604

16,906

10,628

(207,470)

316,668

Stock options exercised

11a,b

16,386

246

(54)

-

-

192

Stock options exercised cashless

11a,b

25,089

177

(177)

-

-

-

Restricted and performance share units converted

11a,c

19,497

216

(216)

-

-

-

Deferred share units converted

11a,d

80,836

902

(902)

-

-

-

Share based payment

11b,c,d

-

-

2,678

-

-

2,678

Issued for property option payment

5,223

100

-

-

-

100

Transfer of gain on disposal of equity securities

at FVOCI to deficit, net of tax

-

-

-

(2,411)

2,411

-

Unrealized loss on equity securities

-

-

-

(3,424)

-

(3,424)

Deferred tax benefit on unrealized securities loss

-

-

-

465

-

465

Loss for the period

-

-

-

-

(357)

(357)

Balance, June 30, 2021

94,960,153

498,245

18,235

5,258

(205,416)

316,322

See accompanying notes to the condensed interim consolidated financial statements

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

MAG Silver Corp. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 11:22:20 UTC.


© Publicnow 2022
All news about MAG SILVER CORP.
09/14MAG Silver Buy Rating Reiterated by Stifel GMP as Juanicipio Nears Production; Price Ta..
MT
09/13MAG Silver Provides Commissioning Update for Juanicipio Project in Mexico; National Ban..
MT
09/13MAG Silver Provides Commissioning Update for Juanicipio Project in Mexico
MT
09/13MAG Silver Brief: Providing Juanicipio Commissioning Update
MT
09/13MAG Silver Provides Juanicipio Commissioning Update
AQ
09/13MAG Silver Corp. Provides Juanicipio Commissioning Update
CI
08/19MAG Silver Maintains Buy Rating from Stifel GMP Following Q2 Results; Price Target Redu..
MT
08/16National Bank of Canada Maintains MAG Silver's Outperform Rating, $23.50 Price Target
MT
08/15MAG Silver Loses Near 2% as Books Higher Q2 EPS Year Over Year
MT
08/15Mag Silver : Q2 Earnings Snapshot
AQ
More news
Analyst Recommendations on MAG SILVER CORP.
More recommendations
Financials (USD)
Sales 2022 34,3 M - -
Net income 2022 38,1 M - -
Net cash 2022 85,5 M - -
P/E ratio 2022 32,2x
Yield 2022 -
Capitalization 1 159 M 1 159 M -
EV / Sales 2022 31,3x
EV / Sales 2023 7,27x
Nbr of Employees 10
Free-Float 99,0%
Chart MAG SILVER CORP.
Duration : Period :
MAG Silver Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MAG SILVER CORP.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 11,74 $
Average target price 18,68 $
Spread / Average Target 59,0%
EPS Revisions
Managers and Directors
George N. Paspalas President, CEO & Non-Independent Director
Fausto di Trapani Chief Financial Officer
Peter Derek Barnes Chairman
Daniel T. MacInnis Independent Director
Jill Leversage Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
MAG SILVER CORP.-19.67%1 159
BHP GROUP LIMITED16.32%126 521
RIO TINTO PLC-4.38%86 421
GLENCORE PLC23.10%65 517
SAUDI ARABIAN MINING COMPANY (MA'ADEN)62.29%41 673
ANGLO AMERICAN PLC-11.47%35 441