Analyst Raises Price Target on Silver Co. With Acquisition Offer
Research Report

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Disclosures for Roth Capital Partners, MAG Silver Corp., August 12, 2025:

ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) just released its Q2 2025 financial results and they slightly exceeded Roth Capital Partners' expectations, the firm said an updated research note.

Roth raised its price target on the stock from US$22 to US$23 to align with the current value of the Pan-American Silver Corp. (PAAS-NC) offer, while maintaining its Neutral rating.

MAG's earnings per share of US$0.32 surpassed Roth's forecast of US$0.27, primarily due to lower effective tax rates at both the joint venture and corporate levels, wrote Roth Managing Director and Senior Research Analyst Joe Reagor.

"We also note that capital spending at the Juanicipio JV (joint venture) was lower than anticipated but is expected to increase in the second half of 2025," Reagor wrote.

Raising Price Target to US$23

Although the results exceeded the firm's projections, they did not directly influence its valuation of MAG. The valuation continued to be based on the mark-to-market offer from PAAS. Therefore, Roth increased its price target from US$22 to US$23, while keeping its Neutral rating unchanged.

The price target for MAG is determined by the current prorated value of PAAS's offer, Reagor noted. With PAAS's share price at US$31.64, we estimate a prorated value of US$22.65 per MAG share. We round this up to set our price target at US$23.

Factors that could cause MAG's share price to diverge from our target include, but are not limited to, dilutive transactions, variations in asset performance or metal prices, cost overruns, operational or technical challenges, and other unforeseen events, Reagor said.