08:41 AM EDT, 05/14/2024 (MT Newswires) -- MAG Silver ( MAG ) rose 2.9% at last look in premarket New York trading after the company on Tuesday said its first-quarter profit more than tripled on higher returns from its 44% stake in the Juanicipio silver mine in Mexico.

The company said it earned US$14.9 million, or US$0.14 per share, up from US$4.71 million, or US$0.05, in the year-prior quarter.

Corporate revenue was not disclosed, however the company said total sales from the Juanicipio mine, operated by Fresnillo plc, rose to US$123.69 million from US$51.48 million as production from the operation rose to 5.63-million silver-equivalent ounces from 2.8 million SEOs.

All-in sustaining costs for the mine fell to US$11.22 per SEO from US$18.29.

The company reiterated 2024 production guidance for Juanicipio of 13.2-million and 14.6-million ounces, with all-in sustaining costs of around US$10.00 per SEO.

MAG Silver ( MAG ) shares were last seen up US$0.36 to US$12.80 in premarket trading. They closed down C$0.44 to C$16.97 Monday on the Toronto Stock Exchange.