11:21 AM EDT, 03/27/2024 (MT Newswires) -- MAG Silver ( MAG ) rose 7% on Wednesday.

The Vancouver-based silver miner released an updated technical report (TR) for its flagship Juanicipio project in Mexico.

"On a first take-basis, we would characterize the updated TR as mixed, with a number of offsetting factors netting out to an approximately equal NPV-5% (~US$1.2 Billion, 100%-basis) versus our estimates," TD Securities analyst Craig Hutchison said in a note to clients.

"Lower throughput, recoveries, and silver grades were offset by higher gold, lead, and zinc grades as well as lower operating and capital costs," Hutchison said.

"We highlight that substantial inferred resources are not included in the updated mine plan, and represent significant upside to our estimates with management noting in its presentation a potential three-to-five year mine-life extension from the inferred resources," the analyst said.

Hutchison maintained a Buy rating and $18 price target on MAG shares.

The stock rose $0.86, or 7%, to $13.10 on the Toronto Stock Exchange.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 13.10, Change: +0.86, Percent Change: +7.03