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Silver Mining Co.’s Q2/23 Production a Beat Research Report

Analyst Certification I, Chris Thompson, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosure PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

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General Disclosure The affiliates of PI Financial Corp. are PI Financial (US) Corp., PI Financial Services Corp., and PI Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of PI Financial Corp. PI Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.pifinancial.com (Research: Research and Conflict Disclosure).

Source: Chris Thompson (7/28/23)

Unexpectedly, it came in 77% higher than PI Financial’s forecast, noted one of the broker-dealer’s reports.

MAG Silver Corp.’s (MAG:TSX; MAG:NYSE American) joint venture project in Zacatecas, Mexico performed well in Q2/23, from production to ramp-up, reported PI Financial analyst Chris Thompson in a July 26 research note.

We are impressed with the delivery of Q2/23 operating results significantly ahead of our conservative expectations, Thompson wrote. We are also impressed by the advanced speed of ramp-up at Juanicipio.

Stock Offering 29% Return

Thompson noted the current potential return for investors in this British Columbia-based producer is significant, at 29%. This is reflected in the difference between PI’s target price on the company, CA19.15 per share, and the company’s current price, about CA14.82 per share.

Q2/23 production at MAG and Fresnillo’s Juanicipio project was 6,942 ounces of silver equivalent (6.942 Koz Ag eq), reported Thompson. This was 77% higher than PI’s projection of 3.926 Koz of Ag eq. The amount also represents about 39% of PI’s estimate of MAG’s full-year 2023 production of about 18 Koz of Ag eq.

Thompson also highlighted that throughput in Q2/23 reached 85% of the Juanicipio mill’s 4,000-tons-per-day nameplate capacity. MAG’s target for when Juanicipio will reach 100% has been Q3/23, but PI’s has been Q4/23. PI, though, adjusted its expectation to align with MAG’s after the producer announced Q2/23 results.

We now see our estimates as potentially conservative, Thompson wrote.

Ore processing during Q2/23 was done at the Saucito and Fresnillo as well as Juanicipio plants. Looking forward, Thompson indicated, PI expects processing to rise at Juanicipio as it decreases at the other two.

What To Watch For

In terms of possible MAG stock catalysts in the near term, updates are anticipated from Juanicipio as the ramp-up there continues, wrote Thompson.

Important Disclosures:

  • MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US4,000 and US5,000.
  • Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  • The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for PI Financial, MAG Silver Corp., July 26, 2023

Analyst Certification I, Chris Thompson, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosure PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

General Disclosure The affiliates of PI Financial Corp. are PI Financial (US) Corp., PI Financial Services Corp., and PI Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of PI Financial Corp. PI Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.pifinancial.com (Research: Research and Conflict Disclosure).

Management expects the resource in the new report to be 30-50% larger than the one reflected in the prior version, noted a Zacks Small-Cap Research report.

Recently, Liberty Gold Corp. released impressive drill results from its Black Pine gold project in southeastern Idaho, noted a PI Financial research note.

What led to this were higher quarter-over-quarter mill throughput and greater-than-estimated mill feed grades, noted a Canaccord Genuity report.

This property, in a historic New Mexico mining district, showed gold, silver and copper mineralization in three prospective veins, noted a Research Capital Corp. report.

What Is The Button Cell In Watches?

Have you ever wondered what the watch battery looks like? This is quite curious because the item is small in size, so its battery must also be different from common batteries.

Instead of using long cylindrical batteries like those for TV remotes or other electronic devices, button cells are smaller and have a flat, rounded shape.

This type of battery typically has a diameter between 0.197 and 0.984 in and a height that falls between 0.039 and 0.236 in. It is also because of this shape that people often call it a button cell or coin cell.

Typically, this type of battery can provide between 1 and 5 volts. It can work well for one year if used under normal conditions and properly stored. The materials commonly used to make them are silver, Alkaline, zinc-air, lithium, and so on.

Button cells have low discharge and long storage capacity, so they won’t fall into complete discharging even if you don’t use them for a long time. In addition to watches, this battery is also used for small electronic devices such as computers.

Due to this small size, it is extremely dangerous for children. It can lead to severe burns inside the intestines and stomach or even death if swallowed.

Do All Watches Use the Same Battery?

The answer is NO.

Many people often assume that all models use the same battery. If that’s the case, choosing a battery for a watch is no longer difficult!

But, of course, things won’t be that easy. This is understandable because the manufacturing process, texture, and design of the models are different.

First, consider the issue of size. There are over ten different watch face sizes you can choose from. And obviously, the smallest size one cannot share the same battery with the largest size watch face.

Even with the same diameter size, the thickness of the batteries can be different. It will be selected to fit the thickness of the face.

In case you hold two batteries of the same size and thickness, it is impossible to confirm that they are the same. As mentioned above, many materials are used to make batteries, and chemical reactions can occur if the right type of battery is not selected with the material of the watch.

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This is not very common, but some countries have standard regulations on the type of battery used, like the United States. As a result, some models require replacement batteries if sold in these countries.

Watch Battery Replacement Sizes Chart

Type Of Watch Battery

What types of button cells are the most common? Contrary to what people will assume that all watches use the same battery, button cells are much more than that.

The batteries are made with an interior consisting of chemicals. These substances will create certain chemical reactions to create energy, and the battery cell transmits this energy to the watch’s engine to work smoothly.

  • Silver-oxide batteries: This is the most common type and is often used for watches, cameras, calculators, etc. This type is capable of maintaining voltage stability gradually during use.
  • Alkaline: If you are looking for a battery for children’s toys, Alkaline batteries are suitable. Its price is also relatively much cheaper than other types.
  • Lithium can last for ten years before the chemicals inside run out. This one costs more than others because it can work well in a wider temperature range than other types.
  • Zinc-air: Zinc-air is often used in tests or experiments because it has a short life and dries quickly after a few weeks.

Mercury-oxide: The current it generates is relatively stable. However, it is not popular because it is banned in some regions and countries.

How To Determine Battery Size For Your Watch

Is there a way to find the right battery size for your watch at home? Based on the most common watch battery size, you can do a few things to determine the most suitable button batteries.

  • Step 1: Read the pin code in the back. Most items will note the pin code on the back to make it easier to choose a replacement button cell.
  • Step 2: If you can’t find the information on the back, look up the user manual that came with your item when you bought it, it will have detailed information on this one.
  • Step 3: Have you lost the user manual? Search for more information on the brand’s website or any review posts.
  • Step 4: If all of the above methods do not apply, the last way is to remove the back of it and see the type of battery inside. This method is recommended only for experienced workers.

Battery Size Chart

For a more general overview of it, you can take a look at the watch battery sizes chart below. This table is for reference only and provides you with an overview of them

How To Replace The Watch Battery

To assess the difficulty level, replacing a mechanical battery cell is one of the easiest tasks to perform. It only takes a short time, about 5 to 10 minutes, and you can do it.

During the battery replacement process, you can also take advantage of the time to clean the machines inside to clear the dust and make them work more smoothly.

Now, jump into the step-by-step guidelines to know-how!

What You Need To Prepare

  • New coin battery
  • Screwdrivers
  • Glue tack
  • Coin
  • Zip
  • Tweezer
  • Clean, dry cloth, brush

You may be wondering why you need tweezers? Removing the battery seems quite easy, even if its size is small; however, we cannot confirm this when inserting it.

Tweezers will become extremely useful in this case. With extremely small batteries, it will be easier to put them in the right place when using tweezers.

Step 1: Remove The Back Panel

  • Screw-down (screw-off) back: This design may initially feel a bit confusing. Because it doesn’t have any hints on how to remove it.

You can also use a thumb tack or glue tack. Prepare a piece large enough based on your watch size. They can be easily found in craft stores.

  • Screw-on back: Screw-on back is different from basic, and it is quite popular with models that have been around for some time. With this type of back, you have to have a screwdriver of the right size.
  • Snap-on back: With the snap-on back, you’ll need to find a small hole or dent on the back of the watch face. This indent is designed so that you can easily remove this panel. If you can’t find the hole, clean the backside as dirt may have covered it.

Once you’ve found it, you’ll need a sharp tool like a screwdriver or a knife to pry it open. This tool is used as a lever, and you won’t need too much force.

  • Swatch back: The Swatch back will also have a recess on the back, but that’s different from the snap-on one. You can imagine it like a small round lid, and the top has a large and quite deep indentation.

With this type, you can use a coin or a flat screwdriver with a large edge to open it. Place it on the slot and rotate it slightly counterclockwise until opening the back.

Step 2: Take Out The Back Gasket

The rubber gasket will not appear on all watches and if yours does, remove it before replacing the coin battery. You can use a screwdriver to remove it, but be careful to do it gently to avoid breaking or tearing it.

It’s just a thin rubber pad that sits between the back of the movement and the internals. It has the role of preventing dirt and foreign particles from entering the inside of the watch and, at the same time, balancing the internal pressure.

Step 3: Remove The Old Battery

Now you can see the inner movement and battery surface. But don’t rush! Keep in mind the way the battery is placed inside to ensure you put a new one back in the right place.

Again, check the internals of the machine. Make sure you choose the right type of battery to avoid the watch not working or damaging.

Some models will have a battery holder; just use a screwdriver to lift your battery slightly. In case you have trouble getting the battery, try tweezers.

After removing the battery, use a clean cloth to wipe away dirt in the battery slot. This helps extend the battery life and ensures contact for it to work smoothly.

Step 4: Replace With The New One

Based on the watch battery replacement chart, you have had a new suitable battery. Start to Install it according to the position you observed when you opened the back.

Try to place it, so it fits in and does not wobble. For small batteries, it’s easier to use tweezers to complete this step.

Step 5: Check To Ensure Your Watch Is Working Well

Flip the watch face over and see whether the hands are working. If not, you may have installed it wrong and repositioned it. If you have replaced many batteries but your item still doesn’t work, it’s advisable to bring it to the store for further inspection.

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