11:17 AM EDT, 10/23/2024 (MT Newswires) -- (Adds analyst comment.)

MAG Silver (MAG.TO, MAG) reported on Wednesday higher third-quarter metal production from its Juanicipio mine joint venture in Mexico.

Silver production rose to 4.9-million ounces from 4.8-million ounces in last year's third quarter while gold production jumped to 10,801 ounces from 9,434 ounces.

Lead output climbed to 10.7-million pounds from 8.5-million pounds and zinc output increased to 16.8-million pounds from 12.7-million pounds.

"Strong production numbers, coupled with consistent operational improvements validate the quality of this world-class asset and we are excited about the growth and long-term success that lies ahead," said George Paspalas, MAG Silver's ( MAG ) chief executive

MAG Silver ( MAG ) owns a 44% stake in Juanicipio while Fresnillo owns 56%.

National Bank of Canada maintained its outperform rating and $29.25 price target on the company following the news.

MAG shares were last seen down $0.72 to $23.91 on the Toronto Stock Exchange

Price: 23.92, Change: -0.71, Percent Change: -2.88