06:59 AM EDT, 08/02/2024 (MT Newswires) -- MAG Silver ( MAG ) on Friday reported an increase in second-quarter net income, driven by income from the Juanicipio mine in Mexico.

Second-quarter net income came in at $21.6 million, up from $19.4 million. Net income per share for the second quarter was $0.21.

Adjusted EBITDA in the second quarter increased to $50.4 million from $30.7 million.

Juanicipio achieved silver production and equivalent silver production of 5.0 million ounces and 7.1 million ounces, respectively.

The company processed 336,592 tonnes of ore at a silver head grade of 498 grams per tonne (g/t) at Juanicipio during the quarter, down from 377,718 tonnes at a silver head grade of 498 g/t.

MAG Silver ( MAG ) said it increased its 2024 production guidance due to continued operational outperformance in the first half of the year.

Fresnillo plc, Juanicipio's operator, said silver head grade is expected to be between 240 g/t and 460 g/t in 2024, revised from the previous guidance of 380 g/t to 420 g/t. Production at the mine is forecast at 16.3 million ounces to 17.3 million ounces of silver, up from 14.3 million ounces to 15.8 million ounces.