0001102624-16-003632.txt : 20161110 0001102624-16-003632.hdr.sgml : 20161110 20161110165405 ACCESSION NUMBER: 0001102624-16-003632 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161110 DATE AS OF CHANGE: 20161110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAG SILVER CORP CENTRAL INDEX KEY: 0001230992 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33574 FILM NUMBER: 161988802 BUSINESS ADDRESS: STREET 1: #770 - 800 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 2V6 BUSINESS PHONE: 604-630-1399 MAIL ADDRESS: STREET 1: #770 - 800 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 2V6 6-K 1 magsilver6k.htm MAG SILVER CORP. 6-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
FORM 6-K


 Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
 under the Securities Exchange Act of 1934

For: November 10, 2016
MAG Silver Corp.
(SEC File No. 0-50437)

#770 – 800 West Pender Street, Vancouver BC, V6C 2V6, CANADA
Address of Principal Executive Office

The registrant files annual reports under cover:
 
Form 20-F ☐
 
Form 40-F ☑
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
  
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
 
  
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
 
Yes ☐
No ☑
 
If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Exhibits
  
   
Unaudited Condensed Interim Consolidated Financial Statements for period ending September 30, 2016
   
Management Discussion and Analysis for period ending September 30, 2016
   
Form 52-109F2 CEO Certification of Interim Filings
   
Form 52-109F2 CFO Certification of Interim Filings
   
News Release dated November 10, 2016
 
     
Date:November 10, 2016 
MAG Silver Corp.
  
   
“George Paspalas”
  
   GEORGE PASPALAS  
   President & CEO  

 
 
 EX-99.1 2 exh99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
MAG SILVER CORP.

Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars)

For the three and nine months ended September 30, 2016

Dated: November 10, 2016
 
 
 

A copy of this report will be provided to any shareholder who requests it.


VANCOUVER OFFICE
Suite 770
800 W. Pender Street
Vancouver, BC V6C 2V6
 
604 630 1399 phone
866 630 1399 toll free
604 681-0894 fax
    
TSX: MAG
NYSE MKT: MAG
www.magsilver.com
info@magsilver.com

 

MAG SILVER CORP.
                  
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
              
                   
(In thousands of US dollars, except shares)
                  
   
Note
    
September 30, 2016
    
December 31, 2015
  
                   
ASSETS
                  
                   
CURRENT
                  
Cash
        
$
30,436
    
$
75,424
  
Term deposits
    
3
      
110,000
      
-
  
Accounts receivable
    
4
      
585
      
327
  
Marketable securities
    
5
      
24
      
279
  
Prepaid expenses
            
280
      
150
  
TOTAL CURRENT ASSETS
            
141,325
      
76,180
  
EQUIPMENT
    
6
      
50
      
38
  
INVESTMENT IN ASSOCIATE
    
7
      
37,518
      
31,240
  
EXPLORATION AND EVALUATION ASSETS
    
8
      
53,771
      
52,806
  
TOTAL ASSETS
          
$
232,664
    
$
160,264
  
                         
LIABILITIES
                        
                         
CURRENT
                        
Trade and other payables
          
$
422
    
$
957
  
COMMITMENTS
    
7,15
                  
                         
DEFERRED INCOME TAXES
    
16
      
6,459
      
5,165
  
                         
TOTAL LIABILITIES
            
6,881
      
6,122
  
                         
EQUITY
                        
                         
Share capital
    
9
                  
Authorized - unlimited common shares,
                        
without par value
                        
Issued and outstanding common shares
                        
at September 30, 2016 - 80,647,412 (Dec. 31, 2015 - 69,407,386)
            
343,183
      
262,218
  
Equity reserve
            
16,216
      
19,993
  
Accumulated other comprehensive income
            
798
      
836
  
Deficit
            
(134,414
)
    
(128,905
)
TOTAL EQUITY
            
225,783
      
154,142
  
TOTAL LIABILITIES AND EQUITY
          
$
232,664
    
$
160,264
  
                         
SUBSEQUENT EVENT
    
17
                  
 
See accompanying notes to the condensed interim consolidated financial statements.
2
 
MAG SILVER CORP.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)
  
(In US dollars except for shares and per share amounts)
              
                               
         
For the three months ended
    
 For the three months ended   
  
         
September 30
    
September 30
  
   
Note
    
2016
    
2015
    
2016
    
2015
  
EXPENSES
                              
Accounting and audit
        
$
59
    
$
52
    
$
222
    
$
206
  
Amortization
    
6
      
6
      
4
      
14
      
12
  
Filing and transfer agent fees
            
6
      
4
      
176
      
165
  
Foreign exchange (gain) loss
            
134
      
774
      
(158
)
    
1,712
  
General office expenses
            
150
      
152
      
554
      
526
  
Legal
            
175
      
40
      
270
      
149
  
Property investigation costs
            
100
      
49
      
184
      
187
  
Management compensation and consulting fees
      
429
      
336
      
1,293
      
1,141
  
Share based payment expense
    
9b,c,d
    
224
      
307
      
1,996
      
1,742
  
Shareholder relations
            
133
      
75
      
376
      
369
  
Travel
            
42
      
25
      
185
      
219
  
             
1,458
      
1,818
      
5,112
      
6,428
  
INTEREST INCOME
            
348
      
66
      
764
      
226
  
GAIN ON SALE OF MARKETABLE SECURITIES
    
5
      
-
      
-
      
1,152
      
-
  
IMPAIRMENT OF INVESTMENT
                                  
IN MARKETABLE SECURITIES
    
5
      
-
      
(17
)
    
-
      
(92
)
EQUITY PICK UP FROM ASSOCIATE
    
7
      
(376
)
    
(219
)
    
(1,019
)
    
(366
)
LOSS FOR THE PERIOD BEFORE INCOME TAX
    
$
( 1,486
)
  
$
( 1,988
)
  
$
( 4,215
)
  
$
( 6,660
)
                                         
DEFERRED INCOME TAX EXPENSE
    
16
      
(499
)
    
-
      
(1,294
)
    
-
  
LOSS FOR THE PERIOD
          
$
( 1,985
)
  
$
( 1,988
)
  
$
( 5,509
)
  
$
( 6,660
)
                                         
OTHER COMPREHENSIVE INCOME (LOSS)
                          
Items that may be reclassified subsequently to profit or loss:
          
UNREALIZED GAIN (LOSS) ON
                                  
MARKETABLE SECURITIES, NET OF TAXES
    
5
      
2
      
(34
)
    
1,114
      
(75
)
RECLASSIFICATION TO GAIN ON SALE
                          
OF MARKETABLE SECURITIES
    
5
      
-
      
-
      
(1,152
)
    
-
  
             
2
      
(34
)
    
(38
)
    
(75
)
                                         
TOTAL COMPREHENSIVE INCOME (LOSS)
    
$
( 1,983
)
  
$
( 2,022
)
  
$
( 5,547
)
  
$
( 6,735
)
                                         
BASIC AND DILUTED
                                        
LOSS PER SHARE
          
$
(0.02
)
  
$
(0.03
)
  
$
(0.07
)
  
$
(0.10
)
                                         
WEIGHTED AVERAGE NUMBER
                                        
OF SHARES OUTSTANDING - BASIC AND DILUTED
        
80,418,571
      
69,251,267
      
77,749,088
      
69,161,765
  
 
See accompanying notes to the condensed interim consolidated financial statements.
3
 
MAG SILVER CORP.            
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)
  
(In thousands of US dollars, except shares)  
                
Accumulated
              
                                 
Unrealized
    
other
              
         
Common shares
          
Currency
    
gain (loss) on
    
comprehensive
              
         
without par value
    
Equity
    
translation
    
marketable
    
income (loss)
          
Total
  
   
Note
    
Shares
    
Amount
    
Reserve
    
adjustment
    
securities
    
("AOCI")
    
Deficit
    
equity
  
Balance, January 1, 2015  
      
68,860,536
    
$
257,023
    
$
19,486
    
$
784
    
$
74
    
$
858
    
$
(112,076
)
  
$
165,291
  
Stock options exercised
    
9a,b
 
    
424,900
      
3,769
      
(1,172
)
    
-
      
-
      
-
      
-
      
2,597
  
Stock options exercised cashless
    
9a,b
 
    
121,150
      
1,418
      
(1,418
)
    
-
      
-
      
-
      
-
      
-
  
Restricted share units converted
    
9c
 
    
800
      
8
      
(8
)
    
-
      
-
      
-
      
-
      
-
  
Share based payment
    
9b,c,d
 
    
-
      
-
      
3,105
      
-
      
-
      
-
      
-
      
3,105
  
                                                                         
Unrealized loss on marketable securities
    
5
      
-
      
-
      
-
      
-
      
(22
)
    
(22
)
    
-
      
(22
)
Net loss
            
-
      
-
      
-
      
-
      
-
      
-
      
(16,829
)
    
(16,829
)
Total Comprehensive Loss
        
-
      
-
      
-
      
-
      
(22
)
    
(22
)
    
(16,829
)
    
(16,851
)
                                                                         
Balance, December 31, 2015  
      
69,407,386
    
$
262,218
    
$
19,993
    
$
784
    
$
52
    
$
836
    
$
(128,905
)
  
$
154,142
  
Stock options exercised
    
9a,b
 
    
670,605
      
6,460
      
(1,922
)
    
-
      
-
      
-
      
-
      
4,538
  
Stock options exercised cashless
    
9a,b
 
    
325,671
      
3,823
      
(3,823
)
    
-
      
-
      
-
      
-
      
-
  
Restricted share units converted
    
9c
 
    
3,000
      
28
      
(28
)
    
-
      
-
      
-
      
-
      
-
  
Share based payment
    
9b,c,d
 
    
-
      
-
      
1,996
      
-
      
-
      
-
      
-
      
1,996
  
Issued for cash
    
9a
 
    
10,240,750
      
70,654
      
-
      
-
      
-
      
-
      
-
      
70,654
  
                                                                         
Unrealized gain on marketable securities
    
5
      
-
      
-
      
-
      
-
      
1,114
      
1,114
      
-
      
1,114
  
Gain on sale of marketable securities
    
5
                                      
(1,152
)
    
(1,152
)
            
(1,152
)
Net loss
            
-
      
-
      
-
      
-
      
-
      
-
      
(5,509
)
    
(5,509
)
Total Comprehensive Loss
        
-
      
-
      
-
      
-
      
(38
)
    
(38
)
    
(5,509
)
    
(5,547
)
                                                                         
Balance, September 30, 2016  
      
80,647,412
    
$
343,183
    
$
16,216
    
$
784
    
$
14
    
$
798
    
$
(134,414
)
  
$
225,783
  
                                                                         
                                                                         
Nine Month Comparative:
                                                                        
Balance, January 1, 2015
            
68,860,536
    
$
257,023
    
$
19,486
    
$
784
    
$
74
    
$
858
    
$
(112,076
)
  
$
165,291
  
Stock options exercised
    
9a,b
 
    
319,900
      
2,633
      
(811
)
    
-
      
-
      
-
      
-
      
1,822
  
Stock options exercised cashless
    
9a,b
 
    
73,440
      
545
      
(545
)
    
-
      
-
      
-
      
-
      
-
  
Share based payment expense
    
9b,c,d
 
    
-
      
-
      
1,756
      
-
      
-
      
-
      
-
      
1,756
  
                                                                         
Unrealized loss on marketable securities
    
5
      
-
      
-
      
-
      
-
      
(75
)
    
(75
)
    
-
      
(75
)
Net loss
            
-
      
-
      
-
      
-
      
-
      
-
      
(6,660
)
    
(6,660
)
Total Comprehensive Loss
        
-
      
-
      
-
      
-
      
(75
)
    
(75
)
    
(6,660
)
    
(6,735
)
                                                                         
Balance, September 30, 2015   
      
69,253,876
    
$
260,201
    
$
19,886
    
$
784
    
$
(1
)
  
$
783
    
$
(118,736
)
  
$
162,134
  

See accompanying notes to the condensed interim consolidated financial statements.
4

MAG SILVER CORP.
                              
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
  
(In thousands of US dollars, unless otherwise stated)
                              
                               
         
For the three months ended
    
For the nine months ended
  
         
September 30
    
September 30
  
   
Note
    
2016
    
2015
    
2016
    
2015
  
                               
OPERATING ACTIVITIES
                              
Loss for the period
        
$
(1,985
)
  
$
(1,988
)
  
$
(5,509
)
  
$
(6,660
)
Items not involving cash:
                                      
Amortization
    
6
      
6
      
4
      
14
      
12
  
Deferred income tax expense
    
16
      
499
      
-
      
1,294
      
-
  
Equity pick up from Associate
    
7
      
376
      
219
      
1,019
      
366
  
Impairment of investment in marketable securities
    
5
      
-
      
17
      
-
      
92
  
Gain on sale of marketable securities
    
5
      
-
      
-
      
(1,152
)
    
-
  
Share based payment expense
    
9b,c,d
      
224
      
307
      
1,996
      
1,742
  
Unrealized foreign exchange loss (gain)
            
133
      
768
      
(165
)
    
1,708
  
                                         
Changes in operating assets and liabilities
                                        
Accounts receivable
            
(199
)
    
29
      
(259
)
    
253
  
Prepaid expenses
            
84
      
86
      
(129
)
    
22
  
Trade and other payables
            
115
      
65
      
(296
)
    
(83
)
Net cash used in operating activities
            
(747
)
    
(493
)
    
(3,187
)
    
(2,548
)
                                         
INVESTING ACTIVITIES
                                        
Investment in associate
    
7
      
(2,122
)
    
(1,771
)
    
(7,275
)
    
(4,952
)
Exploration and evaluation expenditures
    
8
      
(286
)
    
(495
)
    
(1,226
)
    
(1,287
)
Expenditures under Option to acquire Mineral interest
    
8
      
-
      
(361
)
    
-
      
(706
)
Purchase of equipment
    
6
      
(8
)
    
(2
)
    
(26
)
    
(2
)
Purchase of marketable securities
    
5
      
-
      
(20
)
    
-
      
(28
)
Net proceeds from sale of marketable securities
    
5
      
-
      
-
      
1,369
      
-
  
Purchase of term deposits
    
3
      
-
      
-
      
(110,000
)
    
-
  
Net cash used in investing activities
            
(2,416
)
    
(2,649
)
    
(117,158
)
    
(6,975
)
                                         
FINANCING ACTIVITIES
                                        
Issuance of common shares upon exercise of stock options
    
9
      
2,874
      
22
      
4,538
      
1,822
  
Issuance of common shares, net of share issue costs
    
9
      
-
      
-
      
70,654
      
-
  
Net cash from financing activities
            
2,874
      
22
      
75,192
      
1,822
  
                                         
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
      
(133
)
    
(542
)
    
165
      
(1,210
)
                                         
DECREASE IN CASH
            
(422
)
    
(3,662
)
    
(44,988
)
    
(8,911
)
CASH, BEGINNING OF PERIOD
            
30,858
      
81,031
      
75,424
      
86,280
  
CASH, END OF PERIOD
          
$
30,436
    
$
77,369
    
$
30,436
    
$
77,369
  
 
See accompanying notes to the condensed interim consolidated financial statements.
 
5

MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

1.            NATURE OF OPERATIONS

MAG Silver Corp. (the “Company” or “MAG”) was incorporated on April 21, 1999 under the Company Act of the Province of British Columbia and its shares were listed on the TSX Venture Exchange on April 21, 2000 and subsequently moved to a TSX listing on October 5, 2007.

The Company is an exploration and development company working on mineral properties in Mexico that it has either staked or acquired by way of option agreement.  The Company has not yet determined whether these mineral properties contain any economically recoverable ore reserves. The Company defers all acquisition, exploration and development costs related to the properties on which it is conducting exploration. The recoverability of these amounts is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of the interests, and future profitable production, or alternatively, upon the Company’s ability to dispose of its interests on a profitable basis.

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.

Address of registered offices of the Company:
2600 – 595 Burrard Street
Vancouver, British Columbia,
Canada V7X 1L3

Head office and principal place of business:
770 – 800 West Pender Street
Vancouver, British Columbia,
Canada V6C 2V6


2.            SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

These condensed interim consolidated financial statements (“Interim Financial Statements) are prepared under International Accounting Standards 34 Interim Financial Reporting (“IAS 34”), in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). They do not include all of the information required for full annual IFRS financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015.

The accounting policies set out below have been applied consistently by the Company and its subsidiaries to all periods presented herein.

These Interim Financial Statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments, which are stated at their fair value.
 
 
6
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
These Interim Financial Statements were authorized for issuance by the Board of Directors of the Company on November 8, 2016.

(a)           Basis of consolidation

These Interim Financial Statements include the accounts of the Company and its controlled subsidiaries. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are included in the consolidated financial results of the Company from the effective date that control is obtained up to the effective date of disposal or loss of control. The principal wholly-owned subsidiaries as at September 30, 2016 are Minera Los Lagartos, S.A. de C.V., Minera Pozo Seco S.A. de C.V., and Minera Sierra Vieja S.A. de C.V.  All intercompany balances, transactions, revenues and expenses have been eliminated upon consolidation.

These Interim Financial Statements also include the Company’s 44% interest in the Juanicipio Joint Venture (Note 7), an associate (Note 2(b)) accounted for using the equity method.

Where necessary, adjustments have been made to the financial statements of the Company’s subsidiaries and associates prior to consolidation, to conform the significant accounting policies used in their preparation to those used by the Company.

(b)           Investments in Associates

The Company conducts a portion of its business through an equity interest in associates. An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies.

The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of earnings and losses of the associate and for impairment losses after the initial recognition date. The Company's share of earnings and losses of associates are recognized in profit or loss during the period. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment.

 
7
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
Impairment

At the end of each reporting period, the Company assesses whether there is any evidence that an investment in associate is impaired. The Company has performed an assessment for impairment indicators of its investment in associate as of September 30, 2016 and noted no impairment indicators. This assessment is generally made with reference to the timing of exploration work, work programs proposed, exploration results achieved, and an assessment of the likely results to be achieved from performance of further exploration by the associate.  When there is evidence that an investment in associate is impaired, the carrying amount of such investment is compared to its recoverable amount. If the recoverable amount of an investment in associate is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period of impairment. When an impairment loss reverses in a subsequent period, the carrying amount of the investment in associate is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net earnings in the period the reversal occurs.

(c)          Significant Estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reported period. Significant estimates used in preparation of these financial statements include estimates of the net realizable value and any impairment of exploration and evaluation assets and of investment in associates, recoveries of receivable balances, provisions including closure and reclamation, share based payment expense, and income tax provisions. Actual results may differ from those estimated.

(d)           Critical judgments

The Company reviews and assesses the carrying amount of exploration and evaluation assets, and its investment in associates for impairment when facts or circumstances suggest that the carrying amount is not recoverable.  Assessing the recoverability of these amounts requires considerable professional technical judgement, and is made with reference to the timing of exploration work, work programs proposed, exploration results achieved by the Company and by others in the related area of interest, and an assessment of the likely results to be achieved from performance of further exploration (see Notes 2(b) and 2(g)).

(e)           Financial instruments

Measurement – initial recognition

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. All financial instruments are measured at fair value on initial recognition plus attributable transaction costs, except for financial assets and financial liabilities classified as fair value through profit and loss (“FVTPL”). The directly attributable transactions costs of financial assets and liabilities classified as FVTPL are expensed in the period in which they are incurred.

Classification and measurement – subsequent to initial recognition

The Company classifies financial instruments as either held-to-maturity, available-for-sale, FVTPL, loans and receivables, or other financial liabilities. Financial assets held to maturity, loans and receivables and other financial liabilities, are subsequently measured at amortized cost.  Instruments classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Available-for-sale instruments are measured at fair value with mark-to-market gains and losses recognized in other comprehensive income (“OCI”).
 
8
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
The Company has designated its cash and term deposits as FVTPL, which is measured at fair value. Accounts receivable are classified as loans and receivables, which are measured at amortized cost. Trade and other payables are classified as other liabilities, which are measured at amortized cost.

Marketable securities such as warrants, that meet the definition of a derivative are classified as FVTPL and are measured at fair value with unrealized gains and losses recognized in the statement of comprehensive loss. All of the Company’s other marketable securities have been designated as available-for-sale, and are reported at fair value. Other comprehensive income includes the gains and losses from available-for-sale securities which are not included in profit or loss until realized, and currency translation adjustments on its net investment in foreign operations.

Impairment

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets are impaired.  Financial assets are considered impaired if objective evidence indicates that a change in the market, economic or legal environment in which the Company invested has had a negative effect on the estimated future cash flows of that asset.

For available-for-sale financial assets, a significant or prolonged decline in fair value is evidence that the asset may be impaired. If such evidence exists, the cumulative loss that has been recognized in accumulated other comprehensive income (loss) is removed and recognized as an impairment of investment in the consolidated statement of loss.  The Company evaluates whether a decline in value is significant or prolonged through analysis of the facts and circumstances of the financial assets, the market price of the actively traded securities, the severity of the loss, the financial position and near-term prospects of the investment, length of time the fair value has been below costs, evidence that the carrying amount is recoverable within a reasonable period of time, management’s intent and ability to hold the financial assets for a period of time sufficient to allow for any anticipated recovery of fair value and management’s market view and outlook. If the value of the previously impaired available-for-sale asset subsequently recovers, additional unrealized gains are recorded in other comprehensive income (loss) and the previously recognized impairment is not reversed.

For financial assets measured at amortized cost, an impairment loss recognized in consolidated statement of income (loss) is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. Any reversal of impairment is recognized in consolidated statement of income (loss).
 
9
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
(f)            Cash and Term Deposits

Cash includes cash on hand, deposits held with banks, and highly liquid bank interest savings accounts, with original maturities, if applicable, of three months or less. Term deposits are comprised of guaranteed investment certificates with a term to maturity in excess of three months from date of acquisition.
(g)           Exploration and evaluation assets

The Company is in the exploration stage with respect to its activities and accordingly follows the practice of capitalizing all costs relating to the acquisition, exploration and evaluation of its mining rights and crediting all revenues received against the cost of the related interests.  Option payments made by the Company are capitalized until the decision to exercise the option is made.  If the option agreement is to exercise a purchase option in an underlying mineral property, the costs are capitalized and accounted for as an exploration and evaluation asset.  At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method based on proven and probable reserves. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties.  If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value.

Exploration and evaluation expenditures include acquisition costs of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching and sampling; and activities involved in evaluating the technical feasibility and commercial viability of extracting mineral resources. This includes the costs incurred in determining the most appropriate mining/processing methods and developing feasibility studies.

Impairment

Management reviews the carrying amount of exploration and evaluation assets for impairment when facts or circumstances suggest that the carrying amount is not recoverable. The Company has performed an assessment for impairment indicators of each property as of September 30, 2016 and noted no impairment indicators. This review is generally made with reference to the timing of exploration work, work programs proposed, exploration results achieved by the Company and by others in the related area of interest, and an assessment of the likely results to be achieved from performance of further exploration. When the results of this review indicate that indicators of impairment exist, the Company estimates the recoverable amount of the deferred exploration costs and related mining rights by reference to the potential for success of further exploration activity and/or the likely proceeds to be received from sale or assignment of the rights. When the carrying amounts of exploration and evaluation assets are estimated to exceed their recoverable amounts, an impairment loss is recorded in the statement of loss.  The cash-generating unit for assessing impairment is a geographic region and shall be no larger than the operating segment.  If conditions that gave rise to the impairment no longer exist, a reversal of impairment may be recognized in a subsequent period, with the carrying amount of the exploration and evaluation asset increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized.  A reversal of an impairment loss is recognized in profit or loss in the period the reversal occurs.
 
10
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
(h)           Equipment

Equipment is recorded at cost less accumulated amortization and impairment losses if any, and is amortized at the following annual rates:

Computer equipment                      30% declining balance
Field equipment 30% declining balance
Leasehold improvements straight line over lease term

When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of equipment, and depreciated over their respective useful lives.

(i)            Income taxes

Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values.  Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment.

(j)            Provisions

Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when:

(i) The Company has a present obligation (legal or constructive) as a result of a past event;

(ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

(iii) A reliable estimate can be made of the amount of the obligation.

Constructive obligations are obligations that derive from the Company’s actions where:

(i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the Company has indicated to other parties that it will accept certain responsibilities; and

(ii) As a result, the Company has created a valid expectation on the part of those other parties that it will discharge those responsibilities.
 
 
11
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

Provisions are reviewed at the end of each reporting period and adjusted to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. Provisions are reduced by actual expenditures for which the provision was originally recognized. Where discounting has been used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase (accretion expense) is included in profit or loss for the period.

Closure and reclamation

The Company records a provision for the present value of the estimated closure obligations, including reclamation costs, when the obligation (legal or constructive) is incurred, with a corresponding increase in the carrying value of the related assets.  The carrying value is amortized over the life of the mining asset on a units-of-production basis commencing with initial commercialization of the asset.  The liability is accreted to the actual liability on settlement through charges each period to profit or loss.

The provision for closure and reclamation is reviewed at the end of each reporting period for changes in estimates and circumstances. There was no provision recorded by the Company for closure and reclamation as at September 30, 2016 or December 31, 2015.

(k)
Functional currency and presentation currency
 
The functional currency of the parent and the functional currency of its Mexican subsidiaries and investment in associate is the United States dollar (“US$”).

Each entity within the Company determines its own functional currency, and the items included in the financial statements of each entity are measured using that functional currency. The functional currency determination involves certain judgments in evaluating the primary economic environment, and the Company reconsiders the functional currencies of each entity if there is a change in the underlying transactions, events and conditions which determine the primary economic environment.

The Company’s reporting and presentation currency is the US$.

(l)            Foreign currency transactions

Transactions incurred in currencies other than the Company’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss.
 
12
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

(m)         Loss per common share

Basic loss per share is based on the weighted average number of common shares outstanding during the period.

Diluted loss per share is computed using the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of the incremental common shares upon the assumed exercise of stock options and warrants, and upon the assumed conversion of deferred share units and units issued under the Company’s share unit plan, to the extent their inclusion is not anti-dilutive.

As at September 30, 2016, the Company had 2,571,725 (September 30, 2015: 4,377,353) common share equivalents consisting of common shares issuable upon the exercise of outstanding exercisable stock options, restricted and performance share units, and deferred share units.  These common share equivalents were not included for the purpose of calculating diluted loss per share as their effect would be anti-dilutive.

(n)           Share based payments

The fair value of share-based payment expense and other share-based payments are estimated as of the date of the grant and are recorded in profit and loss over their vesting periods except for grants to project consultants which are capitalized to the specific project.  The fair value of stock options is estimated using the Black-Scholes-Merton option valuation model.  The fair value of restricted, performance, and deferred share units, is based on the fair market value of a common share equivalent on the date of grant.  Share based payment awards with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Changes to the estimated number of awards that will eventually vest are accounted for prospectively.

(o)          Changes in Accounting Standards

The Company has reviewed new accounting pronouncements that have been issued but are not yet effective at September 30, 2016. These include:

IFRS 2 Share-based payments. On June 2016, the IASB issued amendments to IFRS 2 Share-based Payment to address certain issues related to the accounting for cash settled awards and the accounting for equity settled awards that include ‘net settlement feature’ in respect of employee withholding taxes. The amendments apply for annual periods on or after January 1, 2018 with early adoption permitted. The Company has not early adopted the amendments, and is currently evaluating their potential impact on the consolidated financial statements.

IAS 7 Statements of cash flows. On January 2016, the IASB issued amendments to IAS 7 to be applied prospectively for annual periods on or after January 1, 2017 with early adoption permitted.  The amendments require disclosure of information enabling users of financial statements to evaluate changes in liabilities arising from financing activities. The Company is currently evaluating the impact of adopting the amendments on the consolidated financial statements; however, the amendments are not expected to have a significant impact on the Company's consolidated financial statements.
 
13
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

IFRS 9 Financial Instruments.  In July 2014, the IASB issued the final version of IFRS 9 which replaced IAS 39 Financial Instruments: Recognition and Measurement. The new standard replaces the current classification and measurement criteria for financial assets and liabilities with only two classification categories: amortized cost and fair value.  The standard is effective for annual periods beginning on or after of January 1, 2018, with early adoption permitted. The Company has not early adopted this standard and is currently evaluating the impact this standard may have on its consolidated financial statements.

IAS 12 Income taxes. On January 2016, the IASB issued Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12). The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The amendments clarify that unrealized losses on debt instruments measured at fair value in the financial statements but at cost for tax purposes can give rise to deductible temporary differences.  The Company currently does not have debt instruments and the amendments are not expected to have a significant impact on the Company's consolidated financial statements.

IFRS 15 Revenue from Contracts with Customers. The final standard on revenue from contracts with customers was issued on May 8, 2014. In July 2015, the IASB determined that the revised effective date for IFRS 15 would be for annual reporting periods beginning on or after January 1, 2018, with earlier application permitted.  Entities have the full option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company’s only source of revenue in the current and prior periods is interest income from high interest savings accounts and term deposits, but the Company is currently evaluating the impact this standard may have on its consolidated financial statements once revenue from contracts with customers is generated.

IFRS 16 Leases. In January 2016, the IASB published a new accounting standard, IFRS 16 – Leases (IFRS 16) which replaces IAS 17 – Leases and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company has not early adopted this standard, and is currently evaluating the impact it is expected to have on its consolidated financial statements.


3.            TERM DEPOSITS

The Company has invested in non-redeemable bank term deposits, with a term to maturity in excess of three months from date of acquisition, as follows:
 
14
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
   
Interest
    
September 30,
    
December 31,
  
   
Rate
    
2016
    
2015
  
Term deposit with maturity of October 18, 2016
    
0.89
%
  
$
55,000
    
$
-
  
Term deposit with maturity of April  18, 2017
    
1.20
%
    
55,000
      
-
  
 
          
$
110,000
    
$
-
  
 
 
4. ACCOUNTS RECEIVABLE
 
   
September 30,
    
December 31,
  
   
2016
    
2015
  
Goods and services tax ("GST") recoverable
  
$
17
    
$
21
  
Mexican value added tax ("IVA") recoverable
    
42
      
301
  
Interest receivable
    
526
      
5
  
 
  
$
585
    
$
327
  

 
All amounts are expected to be recovered within a year.


5. MARKETABLE SECURITIES

 The Company holds investments in marketable securities designated as available-for-sale securities as follows:
 
   
September 30,
    
December 31,
  
Fair value, end of the period
  
2016
    
2015
  
Available-for-sale securities
  
$
24
    
$
279
  
 
 

During the three and nine months ended September 30, 2016, the Company recorded an unrealized gain of $2 and $1,114 respectively, in other comprehensive income (loss) (September 30, 2015: unrealized loss of $34 and $75 respectively) on marketable securities designated as available-for-sale instruments.

During the three and nine months ended September 30, 2016, the Company received proceeds of nil and $1,369 respectively (September 30, 2015: nil and nil respectively) on the sale of marketable securities, and realized a gain net of commission, of nil and $1,152 respectively (September 30, 2015: nil and nil respectively) on the sale of certain marketable securities.
 
15
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
   
September 30,
    
December 31,
  
   
2016
    
2015
  
Fair value, beginning of year
  
$
279
    
$
365
  
Purchase of marketable securities
    
-
      
28
  
Unrealized gain (loss) for the period
    
1,114
      
(22
)
Impairment for the year
    
-
      
(92
)
Sale of marketable securities
    
(1,369
)
    
-
  
Fair value, end of period
  
$
24
    
$
279
  
 
Available-for-sale financial assets are assessed at each reporting date for objective evidence of a significant or prolonged decline in fair value, requiring impairment recognition. For the nine months ended September 30, 2016, after management’s review and based on objective evidence, no impairment was recognized in the consolidated statement of loss (September 30, 2015: $92).


6. EQUIPMENT
 
Cost
  
Computer equipment
    
Field & Office equipment
    
Leasehold improvements
    
Total
  
Balance January 1, 2015
  
$
252
    
$
161
    
$
7
    
$
420
  
Additions
    
-
      
2
      
-
      
2
  
Balance December 31, 2015
    
252
      
163
      
7
      
422
  
Additions
    
26
      
-
      
-
      
26
  
Balance, September 30, 2016
  
$
278
    
$
163
    
$
7
    
$
448
  
                                 
Accumulated depreciation
  
Computer equipment
    
Field & Office equipment
    
Leasehold improvements
    
Total
  
Balance as at January 1, 2015
  
$
215
    
$
146
    
$
7
    
$
368
  
Amortization
    
11
      
5
      
-
      
16
  
Balance as at December 31, 2015
    
226
      
151
      
7
      
384
  
Amortization
    
11
      
3
      
-
      
14
  
Balance, September 30, 2016
  
$
237
    
$
154
    
$
7
    
$
398
  
                                 
Carrying amounts
  
Computer equipment
    
Field & Office equipment
    
Leasehold improvements
    
Total
  
At December 31, 2015
  
$
26
    
$
12
    
$
-
    
$
38
  
At September 30, 2016
  
$
41
    
$
9
    
$
-
    
$
50
  
 

7.           INVESTMENT IN ASSOCIATE (“MINERA JUANICIPIO S.A. DE C.V.”)

The Company acquired a 100% interest in the Juanicipio property effective July 16, 2003.  Pursuant to an agreement effective July 1, 2005 (the “Agreement”) with Industrias Peñoles, S.A. de C.V. (“Peñoles”), the Company granted Peñoles or any of its subsidiaries an option to earn a 56% interest in the Juanicipio Property in Mexico in consideration for Peñoles conducting $5,000 of exploration on the property over four years and Peñoles purchasing $1,000 of common shares of the Company in two tranches for $500 each.
 
16
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

In mid 2007, Peñoles met all of the earn-in requirements of the Agreement.  In December 2007, the Company and Peñoles created an operating company named Minera Juanicipio, S.A. de C.V. (“Minera Juanicipio”) for the purpose of holding and operating the Juanicipio Property. In 2008, MAG was notified that Peñoles had transferred its 56% interest of Minera Juanicipio to Fresnillo plc (“Fresnillo”) pursuant to a statutory merger.  Minera Juanicipio is held 56% by Fresnillo and 44% by the Company.  Fresnillo is the operator of Minera Juanicipio, and with its affiliates, beneficially owns 12% of the common shares of the Company as at September 30, 2016, as publicly reported. In December 2007, all mineral rights and surface rights relating to the Juanicipio project held by the Company and Peñoles, respectively, were ceded into Minera Juanicipio.  Minera Juanicipio is currently governed by a shareholders agreement.  All costs relating to the project and Minera Juanicipio are required to be shared by the Company and Fresnillo pro-rata based on their ownership interests in Minera Juanicipio, and if either party does not fund pro-rata, their ownership interest will be diluted in accordance with the Minera Juanicipio shareholders agreement.

The Company has recorded its investment in Minera Juanicipio using the equity basis of accounting. The cost of the investment includes the carrying value of the deferred exploration and mineral and surface rights costs incurred by the Company on the Juanicipio Property and contributed to Minera Juanicipio plus the required net cash investment to establish and maintain its 44% interest.

The Company’s investment relating to its interest in the Juanicipio property and Minera Juanicipio is detailed as follows:
 
 
   
September 30,
    
December 31,
  
   
2016
    
2015
  
Joint venture oversight expenditures incurred 100% by MAG
  
$
160
    
$
212
  
Cash contributions to Minera Juanicipio (1)
    
7,137
      
4,796
  
Total for the current period
    
7,297
      
5,008
  
Equity pick up of current loss for the period (2)
    
(1,019
)
    
(1,366
)
Balance, beginning of the period
    
31,240
      
27,598
  
Balance, end of the period
  
$
37,518
    
$
31,240
  
(1) Represents the Company's 44% share of Minera Juanicipio cash contributions for the period.
  
(2) Represents the Company's 44% share of Minera Juanicipio's loss for the period, as determined
  
    by the Company.
                
 
Summary of financial information of Minera Juanicipio (on a 100% basis reflecting adjustments made by the Company, including adjustments for differences in accounting policies):
 
17
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
   
September 30,
    
December 31,
  
   
2016
    
2015
  
             
Cash and cash equivalents
  
$
7,430
    
$
377
  
IVA and other receivables
    
1,683
      
4,442
  
Prepaids
    
283
      
18
  
Total current assets
    
9,396
      
4,837
  
Minerals, surface rights, exploration & development expenditures
    
77,392
      
67,513
  
Total assets
  
$
86,788
    
$
72,350
  
                 
Payables to Peñoles and other vendors
  
$
316
    
$
1,262
  
Total current liabilities
    
316
      
1,262
  
Provision for reclamation and remediation costs
    
335
      
360
  
Deferred income tax liability
    
7,299
      
5,793
  
Total liabilities & equity
    
7,950
      
7,415
  
Shareholders' equity
    
78,838
      
64,935
  
Total liabilities & equity
  
$
86,788
    
$
72,350
  
                 
   
September 30,
    
December 31,
  
     
2016
      
2015
  
Deferred income tax expense
  
$
1,506
    
$
2,403
  
Exchange Loss
    
811
      
702
  
Net loss
  
$
2,317
    
$
3,105
  
 
                
MAG's 44% equity pick up
  
$
1,019
    
$
1,366
  


Evaluation and exploration expenditures and initial development expenditures, capitalized directly by Minera Juanicipio for the nine months ended September 30, 2016 amounted to $9,879 (September 30, 2015: $6,775).

There are no direct operating expenses or income in Minera Juanicipio, as all mineral, surface rights, and exploration and development expenditures are capitalized.

8.
EXPLORATION AND EVALUATION ASSETS

The Company has the following exploration and evaluation assets:
 
18
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
   
Nine months ended September 30, 2016
   
Cinco de
            
   
Mayo (a)
    
Guigui (b)
    
Total
Exploration and evaluation assets
                
   Camp costs, travel & transport
  
$
73
    
$
3
    
$
76
   Geological & geophysical
    
23
      
21
      
44
   Land taxes and gov't fees
    
256
      
83
      
339
   Legal, community and other consultation costs
    
503
      
3
      
506
Total for the period
    
855
      
110
      
965
Balance, January 1, 2016
    
48,859
      
3,947
      
52,806
Balance, September 30, 2016
  
$
49,714
    
$
4,057
    
$
53,771



   
Year ended December 31, 2015
   
Cinco de
            
   
Mayo (a)
    
Guigui (b)
    
Total
Exploration and evaluation assets
                
Acquisition costs of mineral & surface rights
  
$
123
    
$
34
    
$
157
   Camp costs, travel & transport
    
167
      
81
      
248
   Drilling & drilling preparation
    
-
      
365
      
365
   Geochemical & metallurgical
    
-
      
35
      
35
   Geological & geophysical
    
54
      
159
      
213
   Land taxes and gov't fees
    
266
      
97
      
363
   Legal, community & other consultation costs
    
921
      
23
      
944
Total for the year
    
1,531
      
794
      
2,325
Balance January 1, 2015
    
47,328
      
3,153
      
50,481
Balance, December 31, 2015
  
$
48,859
    
$
3,947
    
$
52,806
 
At September 30, 2016, trade and other payables includes exploration and evaluation asset expenditures of $42 (September 30, 2015: $264), a non-cash investing activity.


(a)           Cinco de Mayo Property

Under the terms of an agreement dated February 26, 2004, the Company acquired a 100% interest in the Cinco de Mayo property (the “Cinco de Mayo Property”), subject to a 2.5% net smelter returns (“NSR”) royalty.  During the year ended December 31, 2008, the Company acquired a 100% interest in certain additional mining concessions internal to the Cinco de Mayo Property from two separate vendors, for which the Company made a one-time payment of $350.  During the year ended December 31, 2009, the Company acquired a 100% interest in certain additional mining concessions internal or adjacent to the Cinco de Mayo property from three separate vendors, for which the Company made a one-time payment of $362. During the year ended December 31, 2010, the Company entered into two option agreements to earn a 100% interest in five additional mining concessions adjacent to the Cinco de Mayo property. The Company paid $40 upon executing the option agreements, and a subsequent $180 to complete its 100% earn in on these additional auxiliary claims.
 
 
19
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

During the year ended December 31, 2009, the Company also purchased 41 surface rights in the Cinco de Mayo area for $660 from local Ejido members, who along with the Federal Agrarian Authority ratified the purchase. The Company is awaiting formal title transfer of the surface rights, as certain members of the Ejido have since challenged the purchase and prevented the Company from obtaining the surface access permission required as part of a Federal Government exploration permit process.  The Company believes this permit delay will be resolved and is working to permanently secure surface access with the Ejido.


 (b)
Guigui Property

The Guigui project is a 100% interest in a 4,500-hectare property in the Santa Eulalia Mining District of Chihuahua, Mexico, and is subject to a royalty of 2.5% of the net smelter returns obtained from the property.  The Company filed for and obtained an additional 3,800 hectare “Guiguito” concession in 2013, and the combined property now consists of roughly 8,300 hectares.


There were no write downs in the nine months ended September 30, 2016.  During the year ended December 31, 2015, the Company wrote down the Salamandra option to acquire mineral interest totaling $4,292.  A review of the past exploration results on the property failed to meet the Company’s criteria for continued exploration, and the Company determined not to earn into the Salamandra property and allowed the option to expire.


9. SHARE CAPITAL

(a)           Issued and outstanding

At September 30, 2016, there were 80,647,412 shares outstanding (December 31, 2015: 69,407,386).

On March 1, 2016, the Company closed a bought deal public offering of 8,905,000 common shares at $7.30 per share, for gross proceeds of $65,006. On March 4, 2016, the over-allotment option granted to the underwriters to purchase up to an additional 1,335,750 common shares was exercised in full for additional gross proceeds of $9,751 for total gross proceeds of $74,757.  The Company paid a commission to the underwriters of $3,497 and legal and filing costs totaled an additional $606 resulting in net proceeds of $70,654.

During the nine months ended September 30, 2016, 670,605 stock options were exercised for cash proceeds of $4,538 (September 30, 2015: 319,900 stock options were exercised for cash proceeds of $1,822).  An additional 1,125,001 stock options were exercised under a less dilutive cashless exercise provision of the plan (September 30, 2015: 220,500), whereby 325,671 shares were issued in settlement of the stock options (September 30, 2015: 73,440), and the remaining 799,330 options were cancelled (September 30, 2015: 147,060).
 
 
20
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

During the nine months ended, September 30, 2016, 3,000 restricted share units were converted into shares (September 30, 2015: nil).

During the year ended December 31, 2015, 424,900 stock options were exercised for cash proceeds of $2,597. An additional 504,785 stock options were exercised under a less dilutive cashless exercise provision of the plan, whereby 121,150 shares were issued in settlement of the stock options, and the remaining 383,635 options were cancelled.

(b)           Stock options

The Company has entered into Incentive Stock Option Agreements (“Agreements”) with officers, employees and consultants, and prior to June 24, 2014, also with directors. On June 24, 2014, the Shareholders re-approved the Company’s 8% rolling Stock Option Plan (the “Plan”).  The maximum number of common shares that may be issuable under the Plan is set at 8% of the number of issued and outstanding common shares on a non-diluted basis at any time, provided that (i) the number of common shares issued or issuable under all share compensation arrangements (including under the Share Unit Plan and Deferred Share Unit Plan – see Notes 9(c) and 9(d), respectively) shall not exceed 8% of the issued and outstanding common shares of the Company on a non-diluted basis.  Options granted under the Plan have a maximum term of 5 years.  As at September 30, 2016, there were 1,472,499 stock options outstanding under the Plan and 575,000 inducement options outstanding outside of the Plan.

The following table summarizes the Company’s option activity for the period:
 
         
Weighted
          
Weighted
   
Period ended
    
average
    
Year ended
    
average
   
September 30,
    
exercise price
    
December 31,
    
exercise price
   
2016
    
(C$/option)
    
2015
    
(C$/option)
                       
Balance outstanding, Jan. 1, 2016
    
3,843,105
    
$
8.71
      
4,361,540
    
$
8.47
Granted (1)
    
-
      
-
      
701,250
      
9.48
Expired
    
-
      
-
      
(290,000
)
    
10.02
Exercised for cash (2)
    
(670,605
)
    
8.83
      
(424,900
)
    
7.64
Exercised cashless (2)
    
(1,125,001
)
  
$
10.46
      
(504,785
)
    
7.86
                               
Balance outstanding, Sept.30, 2016
    
2,047,499
    
$
7.71
      
3,843,105
    
$
8.71
 
(1)  During the nine months ended September 30, 2016, no stock options were granted (September 30, 2015: 268,750).

(2) During the nine months ended September 30, 2016, 1,795,606 stock options were exercised (September 30, 2015: 540,400), with a weighted average market share price at the time of exercise of C$16.27 per share (September 30, 2015: C$9.71).

Stock option grants are recommended for approval to the Board of Directors by the Compensation Committee consisting of three independent members of the Board of Directors.  At the time of a stock option grant the exercise price of each option is set, and in accordance with the Plan, cannot be lower than the market value of the common shares at the date of grant.
 
21
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

During the nine months ended September 30, 2016, the Company recorded share based payment expense of $625 (September 30, 2015: $899) relating to stock options vested to employees and consultants in the period.

The following table summarizes the Company’s stock options outstanding and exercisable as at September 30, 2016:
 
         
Number
    
Number
    
Weighted average
   
Exercise
    
outstanding at
    
exercisable at
    
remaining
   
price ($C/
    
September 30,
    
September 30,
    
contractual life
   
option)
    
2016
    
2016
    
(years)
(1) 
    
5.35
      
500,000
      
500,000
      
2.04
     
5.86
      
465,000
      
465,000
      
1.71
     
9.15
      
145,000
      
145,000
      
0.84
     
9.16
      
21,666
      
-
      
3.95
     
9.28
      
385,833
      
145,833
      
4.18
(1) 
    
9.61
      
75,000
      
75,000
      
1.42
     
10.02
      
187,500
      
133,333
      
3.73
     
10.04
      
267,500
      
267,500
      
2.75
             
2,047,499
      
1,731,666
      
2.53
                               
(1) 
  
Inducement options issued outside the Company's Plan as an incentive to attract senior officers for employment.
 
(c) Restricted and performance share units

On June 24, 2014, the Shareholders approved a share unit plan (the “Share Unit Plan”) for the benefit of the Company’s employees and consultants. The Share Unit Plan provides for the issuance of common shares from treasury, in the form of Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”).  The maximum number of common shares that may be issuable under the Share Unit Plan is set at 0.75% of the number of issued and outstanding common shares on a non-diluted basis, provided that (i) the number of common shares issued or issuable under all share compensation arrangements (including under the Plan and Deferred Share Unit Plan – see Notes 9(b) and 9(d), respectively) shall not exceed 8% of the issued and outstanding common shares on a non-diluted basis.  RSUs and PSUs granted under the Share Unit Plan have a term of 5 years, unless otherwise specified by the Board.

During the nine months ended September 30, 2016, no RSUs or PSUs were granted (September 30, 2015: 19,960 RSUs and nil PSUs).

As at September 30, 2016, there were 71,438 RSUs and 81,892 PSUs issued and outstanding under the Share Unit Plan, of which 64,785 RSUs and 32,865 PSUs have vested and are convertible into common shares of the Company. In the period ended September 30, 2016, the Company recognized a share-based payment expense of $441 (September 30, 2015: $212) relating to RSUs and PSUs vesting in the period.
 
22
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
 (d) Deferred share units

On June 24, 2014, the Shareholders approved a Deferred Share Unit Plan (the “DSU Plan”) for the benefit of the Company’s non-executive directors. On June 22, 2015, the Shareholders approved an amendment to the DSU Plan to allow participation by employees.  The DSU Plan provides for the issuance of common shares from treasury, in the form of Deferred Share Units (“DSUs”).  Directors may also elect to receive all or a portion of their annual retainer and meeting fees in the form of DSUs, and employees may elect to receive all or a portion of their annual incentive in the form of DSUs.  DSUs may be settled in cash or in common shares issued from treasury, as determined by the Board at the time of the grant.  The maximum number of common shares that may be issuable under the DSU Plan is set at 0.75% of the number of issued and outstanding common shares on a non-diluted basis, provided that (i) the number of common shares issued or issuable under all share compensation arrangements (including under the Plan and the Share Unit Plan – see Notes 9(b) and 9(c), respectively) shall not exceed 8% of the issued and outstanding common shares on a non-diluted basis.

During the nine months ended September 30, 2016, 63,287 DSUs (September 30, 2015: 67,365) were granted under the Company’s DSU plan. In addition, 7,068 DSUs (September 30, 2015: 21,388) were granted to directors who elected to receive their retainer and meeting fees for the period in the form of DSUs.  The resulting cumulative DSU share-based payment expense of $930 (September 30, 2015: $631) was recognized in the period ended September 30, 2016.  Under the DSU plan, no common shares are to be issued, or cash payments made to, or in respect of a participant in the DSU Plan prior to such eligible participant’s termination date.

As at September 30, 2016, there are 370,896 DSUs issued and outstanding under the DSU Plan, all of which have vested except for 4,990 DSUs.

As at September 30, 2016, there are 1,996,725 common shares issuable under the combined share compensation arrangements referred to above (the Plan, the Share Unit Plan and the DSU Plan) representing 2.48% of the issued and outstanding common shares on a non-diluted basis, and there are 4,455,068 share based awards available for grant under these combined share compensation arrangements.


10. CAPITAL RISK MANAGEMENT

The Company’s objectives in managing its liquidity and capital are to safeguard the Company’s ability to continue as a going concern and to provide financial capacity to meet its strategic objectives. The capital structure of the Company consists of its equity (comprising of share capital, equity reserve, accumulated other comprehensive income and deficit), net of cash and term deposits.

Capital as defined above is summarized in the following table:
 
23
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
   
September 30,
    
December 31,
  
   
2016
    
2015
  
Equity
  
$
225,783
    
$
154,142
  
Cash  and term deposits
    
(140,436
)
    
(75,424
)
   
$
85,347
    
$
78,718
  
 
 
The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or dispose of assets.

In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The Company does not pay out dividends.

As at September 30, 2016, the Company does not have any long-term debt and is not subject to any externally imposed capital requirements.

The Company currently has sufficient working capital ($140,903 as at September 30, 2016) to maintain all of its properties and currently planned programs for a period in excess of the next year. In management’s opinion, the Company is able to meet its ongoing current obligations as they become due.  However, the Company may require additional capital in the future to meet its project related expenditures (see Note 15), as the Company is currently not generating cash flow from operations, and it may not therefore generate sufficient operating cash flows to meet all of its future expenditure requirements.  Future liquidity may depend upon the Company’s ability to arrange additional debt or equity financing, as the Company relies on equity financings to fund its exploration and corporate activities.


11.          FINANCIAL RISK MANAGEMENT

The Company’s operations consist of the acquisition, exploration and development of projects in the Mexican silver belt. The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. These risks may include credit risk, liquidity risk, currency risk, interest rate risk and other price risks. Where material, these risks are reviewed and monitored by the Board of Directors.

(a)           Credit risk

Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of set-off exists and also includes the fair values of contracts with individual counterparties which are recorded in the financial statements.
 
24
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)


(i)           Trade credit risk
The Company is in the exploration stage and has not yet commenced commercial production or sales. Therefore, the Company is not exposed to significant trade credit risk and overall the Company’s credit risk has not changed significantly from the prior year.

(ii)          Cash
In order to manage credit and liquidity risk the Company’s policy is to invest only in highly rated investment grade instruments backed by Canadian commercial banks.

(iii)        Mexican value added tax
As at September 30, 2016, the Company had a receivable of $42 from the Mexican government for value added tax (Note 4).  Management expects the balance to be fully recoverable within the year.

The Company’s maximum exposure to credit risk is the carrying value of its cash and term deposits, and accounts receivable, as follows:
 
   
September 30,
    
December 31,
   
2016
    
2015
Cash and term deposits
  
$
140,436
    
$
75,424
Accounts receivable (see Note 4)
    
585
      
327
 
  
$
141,021
    
$
75,751
 
(b)           Liquidity risk

The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements, its exploration and development plans, and its various optional property and other commitments (see Notes 7, 8 and 15). The annual budget is approved by the Board of Directors. The Company ensures that there are sufficient cash balances to meet its short-term business requirements.

The Company's overall liquidity risk has not changed significantly from the prior year.

(c)           Currency risk

The Company is exposed to the financial risks related to the fluctuation of foreign exchange rates, both in the Mexican Peso and Canadian dollar, relative to the US$.  The Company does not use any derivative instruments to reduce its exposure to fluctuations in foreign exchange rates.  The Company is also exposed to inflation risk in Mexico.

Exposure to currency risk

As at September 30, 2016, the Company is exposed to currency risk through the following assets and liabilities denominated in currencies other than the functional currency of the applicable entity:
 
 
25
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
 
September 30, 2016 (in 000's of US$ equivalent)
  
Mexican peso
    
Canadian dollar
  
             
Cash
  
$
144
    
$
9,651
  
Accounts receivable
    
42
      
543
  
Prepaid
    
7
      
-
  
Marketable securities
    
-
      
24
  
Accounts payable
    
(69
)
    
(220
)
Net assets exposure (US$ equivalent)
  
$
124
    
$
9,998
  

 
 
September 30, 2015 (in 000's US equivalent)
  
Mexican peso
    
Canadian dollar
  
             
Cash
  
$
156
    
$
6,794
  
Accounts receivable
    
314
      
16
  
Prepaid
    
13
      
-
  
Marketable securities
    
-
      
226
  
Option to acquire mineral interest
    
-
      
4,046
  
Accounts payable
    
(240
)
    
(111
)
Net assets exposure (US$ equivalent)
  
$
243
    
$
10,971
  
 
Mexican Peso relative to the US$

Although the majority of operating expenses in Mexico are both determined and denominated in US$, an appreciation in the Mexican Peso relative to the US$ will slightly increase the Company’s cost of operations in Mexico related to those operating costs denominated and determined in Mexican pesos. Alternatively, a depreciation in the Mexican peso relative to the US$ will decrease the Company’s cost of operations in Mexico related to those operating costs denominated and determined in Mexican pesos.

An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss to the extent that the Company holds net monetary assets in Pesos. Specifically, the Company's foreign currency exposure is comprised of peso denominated cash and value added taxes receivable, net of trade and other payables. The carrying amount of the Company’s net peso denominated monetary assets at September 30, 2016 is 2,397 pesos (September 30, 2015: 4,151 pesos).  A 10% appreciation in the peso against the US$ would result in gain at September 30, 2016 of $12 (September 30, 2015: $24), while a 10% depreciation in the peso relative to the US$ would result in an equivalent loss.

C$ relative to the US$

The Company is exposed to gains and losses from fluctuations in the C$ relative to the US$.
 
26
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

As general and administrative overheads in Canada are denominated in C$, an appreciation in the C$ relative to the US$ will increase the Company’s overhead costs as reported in US$.  Alternatively, a depreciation in the C$ relative to the US$ will decrease the Company’s overhead costs as reported in US$.

An appreciation/depreciation in the C$ against the US$ will result in a gain/loss to the extent that MAG, the parent entity, holds net monetary assets in C$.  The carrying amount of the Company’s net Canadian denominated monetary assets at September 30, 2016 is C$13,114 (September 30, 2015: C$14,641).  A 10% appreciation in the C$ against the US$ would result in gain at September 30, 2016 of $1,000 while a 10% depreciation in the C$ relative to the US$ would result in an equivalent loss.

 (d)          Interest rate risk

The Company’s interest revenue earned on cash is exposed to interest rate risk. A decrease in interest rates would result in lower relative interest income and an increase in interest rates would result in higher relative interest income.


12.          FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES

The Company’s financial instruments include cash, accounts receivable, marketable securities, and trade and other payables.  The carrying values of cash, accounts receivable, and trade and other payables reported in the consolidated statement of financial position approximate their respective fair values due to the relatively short-term nature of these instruments.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value as described below:

Level 1:  Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2: Observable inputs other than quoted prices in Level 1 such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3:  Unobservable inputs which are supported by little or no market activity.

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.  The Company’s financial assets and liabilities are categorized as follows:
 
27
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

 
   
Nine months ended September 30, 2016
  
 
  
FVTPL
    
Available for sale
    
Loans and receivables
    
Other liabilities
    
Total
  
Financial assets
                              
Cash and term deposits
  
$
140,436
      
-
      
-
      
-
    
$
140,436
  
Accounts receivables (Note 4)
    
-
      
-
      
585
      
-
      
585
  
Marketable securities (Note 5)
    
-
      
24
      
-
      
-
      
24
  
Financial liabilities
                                        
Trade and other payables
    
-
      
-
      
-
      
422
      
422
  
                                         
                                         
   
Year ended December 31, 2015
  
 
  
FVTPL
    
Available for sale
    
Loans and receivables
    
Other liabilities
    
Total
  
Financial assets
                                        
Cash
  
$
75,424
      
-
      
-
      
-
    
$
75,424
  
Accounts receivables (Note 4)
    
-
      
-
      
327
      
-
      
327
  
Marketable securities (Note 5)
    
-
      
279
      
-
      
-
      
279
  
Financial liabilities
                                        
Trade and other payables
    
-
      
-
      
-
      
957
      
957
  
 
The Company’s financial assets or liabilities as measured in accordance with the fair value hierarchy described above are:
 
   
Nine months ended September 30, 2016
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Cash and term deposits
  
$
140,436
      
-
      
-
    
$
140,436
  
Marketable securities (Note 5)(1)
    
24
      
-
      
-
      
24
  
 
  
$
140,460
    
$
-
    
$
-
    
$
140,460
  

   
Year ended December 31, 2015
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Cash
  
$
75,424
      
-
      
-
    
$
75,424
  
Marketable securities (Note 5)(1)
    
279
      
-
      
-
      
279
  
 
  
$
75,703
    
$
-
    
$
-
    
$
75,703
  
 
(1) The fair value of available-for-sale marketable securities (Note 5) is determined based on a market approach reflecting the closing price of each particular security as at the statement of financial position date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the particular security, and therefore available-for-sale securities are classified within Level 1 of the fair value hierarchy.
 
28
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)

There were no transfers between levels 1, 2 and 3 during the period ended September 30, 2016 or during year ended December 31, 2015.


13.          SEGMENTED INFORMATION

The Company operates in one operating segment, being the exploration of mineral properties in Mexico. Substantially all of the Company’s long term assets are located in Mexico and the Company’s executive and head office is located in Canada.


14.          RELATED PARTY TRANSACTIONS

The Company does not have offices or direct personnel in Mexico, but rather is party to a Field Services Agreement, whereby it has contracted administrative and exploration services in Mexico with MINERA CASCABEL S.A. de C.V. (“Cascabel”) and IMDEX Inc. (“IMDEX”).  Dr. Peter Megaw, the Company’s Chief Exploration Officer, is a principal of both IMDEX and Cascabel, and is remunerated by the Company through fees to IMDEX.  In addition to corporate executive responsibilities with MAG, Dr. Megaw is responsible for the planning, execution and assessment of the Company’s exploration programs, and he and his team developed the geologic concepts and directed the acquisition of all the Company’s projects, including the Juanicipio Project and the Cinco de Mayo Property.

 
During the period, the Company incurred expenses with Cascabel and IMDEX as follows:
      
                       
   
Three months ended Sept. 30,
    
Nine months ended Sept. 30,
 
  
2016
    
2015
    
2016
    
2015
                       
Fees related to Dr. Megaw:
                      
Exploration and marketing services
  
$
59
    
$
73
    
$
193
    
$
229
Travel and expenses
    
9
      
14
      
53
      
84
Other fees to Cascabel and IMDEX:
                              
Administration for Mexican subsidiaries
    
30
      
31
      
90
      
91
Field exploration services
    
118
      
294
      
445
      
700
 
  
$
216
    
$
412
    
$
781
    
$
1,104
 
All transactions are incurred in the normal course of business, and are negotiated on terms between the parties which are believed to represent fair market value for all services rendered.  A portion of the expenditures are incurred on the Company’s behalf, and are charged to the Company on a “cost + 10%” basis typical of industry standards. The services provided do not include drilling and assay work which are contracted out independently from Cascabel & IMDEX. Included in trade and other payables at September 30, 2016 is $147 related to these services (December 31, 2015: $356).

The Company is obligated to a 2.5% NSR royalty on the Cinco de Mayo property payable to the principals of Cascabel under the terms of an option agreement dated February 26, 2004, whereby the Company acquired a 100% interest in the property from Cascabel, and under the terms of assignment agreements entered into by Cascabel with its principals.  The Company is also obligated to a 2.5% NSR royalty to Cascabel on the Guigui mining concessions.
 
29
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
Upon the retirement of Dan MacInnis, former President & Chief Executive Officer, on October 15, 2013, the Company had entered into a consulting contract with a private company controlled by Mr. MacInnis who remains a director of the Company. As the contract was not renewed in 2016, no consulting fees were paid in the period ended September 30, 2016 (September 30, 2015: C$10) and there are no payables related to such services as at September 30, 2016 (September 30, 2015: nil).

Any amounts due to related parties arising from the above transactions are unsecured, non-interest bearing and are due upon receipt of invoices.

The immediate parent and ultimate controlling party of the consolidated group is MAG Silver Corp. (incorporated in British Columbia, Canada).

The details of the Company’s significant subsidiaries and ownership interests are as follows:

Significant subsidiaries of the Company are as follows:
      
 
 
 
MAG' effective interest
Name
Country of Incorporation
Principal Activity
2016 (%)
2015 (%)
         
Minera Los Lagartos, S.A. de C.V.
Mexico
Exploration
100%
100%
Minera Pozo Seco S.A. de C.V.
Mexico
Exploration
100%
100%
Minera Sierra Vieja S.A. de C.V.
Mexico
Exploration
100%
100%

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.

Minera Juanicipio, S.A. de C.V. (“Minera Juanicipio”), created for the purpose of holding and operating the Juanicipio Property, is held 56% by Fresnillo plc (“Fresnillo”) and 44% by the Company.  Fresnillo is the operator of Minera Juanicipio, and with its affiliates, beneficially owns 12% of the common shares of the Company as at September 30, 2016, as publicly reported.  Minera Juanicipio is currently governed by a shareholders agreement.  All costs relating to the project and Minera Juanicipio are required to be shared by the Company and Fresnillo pro-rata based on their ownership interests in Minera Juanicipio (see Note 7).

During the period, compensation of key management personnel (including directors) was as follows:
                       
   
Three months ended Sept. 30,
    
Nine months ended Sept. 30,
 
  
2016
    
2015
    
2016
    
2015
Salaries and other short term employee benefits
  
$
243
    
$
228
    
$
742
    
$
759
Share based payments (Note 9(b), (c ), and (d))
    
103
      
104
      
1,393
      
1,036
 
  
$
346
    
$
332
    
$
2,135
    
$
1,795
 
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, and consists of its Directors, the Chief Executive Officer and the Chief Financial Officer.

15.          COMMITMENTS

As at September 30, 2016, the Company’s contractual obligations and commitments are summarized as follows:

   
Office Lease
     
2016
    
32
2017
    
132
2018
    
135
2019
    
138
   
$
437

 
30
MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
As these consolidated financial statements have been prepared using the accrual basis of accounting (except for cash flow information), these commitments are not recorded as liabilities until incurred or until due under the terms of the option agreement.

The Company could be subject to various investigations, claims and legal and tax proceedings covering matters that arise in the ordinary course of business activities. Each of these matters would be subject to various uncertainties and it is possible that some matters may be resolved unfavourably to the Company.  Certain conditions may exist as of the date of the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur.  The Company is not aware of any such claims or investigations, and as such has not recorded any related provisions and does not expect such matters to result in a material impact on the results of operations, cash flows and financial position.

Other contractual obligations include a 2.5% NSR royalty under the terms of an agreement dated February 26, 2004, whereby the Company acquired a 100% interest in the Cinco de Mayo property, and a 2.5% NSR royalty on the interest in the Guigui mining concessions (Note 8).

The Company makes cash deposits to Minera Juanicipio from time to time as cash called by operator Fresnillo (Note 7). The scale and scope of the Juanicipio project could require development capital in the years ahead exceeding the Company’s on hand cash resources.  It is unlikely that the Company will generate sufficient operating cash flow to meet these ongoing obligations in the foreseeable future.  Accordingly, the Company may need to raise additional capital by issuance of equity in the future.


16. INCOME TAXES

The income taxes recognized in profit or loss is as follows:
   
For the three months ended
    
For the nine months ended
  
   
September 30,
    
September 30,
  
   
2016
    
2015
    
2016
    
2015
  
                         
Current tax expense
  
$
-
    
$
-
    
$
-
    
$
-
  
Deferred tax expense
    
499
      
-
      
1,294
      
-
  
Total income tax expense for the period
  
$
499
    
$
-
    
$
1,294
    
$
-
  
 
The Company incurred a loss before tax for the period ended September 30, 2016 of $5,509 (September 30, 2015: $6,660).  As insufficient evidence exists to support current or future realization of the tax benefits associated with this loss, the benefit of certain tax assets has not been recognized in the nine months ended September 30, 2016 and 2015.
 
31

MAG SILVER CORP.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2016
(Unaudited - expressed in thousands of US dollars unless otherwise stated)
 
The Company recorded a deferred tax expense of $1,294 for the nine month period ended September 30, 2016 (September 30, 2015: nil) related to temporary differences between the book and tax base of its Mexican non-monetary assets. The tax base of these non-monetary assets is determined in Mexican Pesos as opposed to the functional currency (US$), and changes in the exchange rate can give rise to temporary differences that result in a deferred tax liability and associated expense in accordance with IAS 12 Income Taxes. With the weakening of the Mexican Peso against the US$ from 17.34 Pesos/US$ on December 31, 2015 to 19.41 Pesos/US$ on September 30, 2016, a deferred tax expense and an associated increase of the previously recognized deferred tax liability was recognized in the nine month period ended September 30, 2016. This non-cash charge will only be realized once the Company’s exploration properties are developed and in production or on disposal of the mineral properties.
 
17.          SUBSEQUENT EVENT

Subsequent to September 30, 2016, the Company issued 21,100 common shares pursuant to the exercise of stock options between C$5.86 and C$9.28 for proceeds of C$160.

 
32
 EX-99.2 3 exh99_2.htm EXHIBIT 99.2
Exhibit 99.2






 
MAG SILVER CORP.
 
Management's Discussion & Analysis
For the three and nine months ended
September 30, 2016
 
   
Dated:  November 10, 2016
 
 
A copy of this report will be provided to any shareholder who requests it.
 
 
 
 
 
 
 
VANCOUVER OFFICE
Suite 770
800 W. Pender Street
Vancouver, BC V6C 2V6
 
604 630 1399 phone
866 630 1399 toll free
604 681-0894 fax
    
TSX: MAG
NYSE MKT: MAG
www.magsilver.com
info@magsilver.com
 
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 

The following Management's Discussion and Analysis ("MD&A") focuses on the financial condition and results of operations of MAG Silver Corp. ("MAG" or the "Company") for the three and nine months ended September 30, 2016 and 2015.  It is prepared as of November 10, 2016 and should be read in conjunction with the unaudited condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2016 and the audited annual consolidated financial statements of the Company for the year ended December 31, 2015, together with the notes thereto which are available on SEDAR and EDGAR or on the Company website at www.magsilver.com.

All dollar amounts referred to in this MD&A are expressed in thousands of United States dollars ("US$") unless otherwise stated.  The functional currency of the parent and the functional currency of its Mexican subsidiaries and investment in associate is the US$.

The common shares of the company trade on the Toronto Stock Exchange and on the NYSE MKT both under the symbol MAG.  The Company is a reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador and is a reporting "foreign issuer" in the United States of America.  The Company believes it is a Passive Foreign Investment Company ("PFIC"), as that term is defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended, and believes it will be a PFIC for the foreseeable future.  Consequently, this classification may result in adverse tax consequences for U.S. holders of the Company's common shares. For an explanation of these effects on taxation, U.S. shareholders and prospective U.S. holders of the Company's common shares are encouraged to consult their own tax advisers.

Qualified Person

Unless otherwise specifically noted herein, all scientific or technical information in this MD&A, including assay results and reserve estimates, if applicable, were based upon information prepared by or under the supervision of Dr. Peter Megaw, Ph.D., C.P.G., a certified professional geologist who is a "Qualified Person" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("National Instrument 43-101" or "NI 43-101").  Dr. Megaw is not independent as he is an officer and a paid consultant of the Company (see Related Party Transactions below).

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this MD&A, including any information relating to the Company's future oriented financial information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements").  All statements in this MD&A, other than statements of historical facts are forward-looking statements, including statements that address estimates of future production levels, expectations regarding mine production and development programs and capital costs, expected trends in mineral prices and statements that describe future plans, objectives or goals.  Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from results projected in such forward-looking statements, including, but not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk, capital cost inflation and those other risks and uncertainties identified under the heading "Risks and Uncertainties" in this MD&A and other risk factors and forward-looking statements listed in the Company's most recently filed Annual Information Form dated March 28, 2016 ("AIF").  The AIF is deemed to be incorporated by reference into this MD&A, and we direct the reader to read the AIF in conjunction with this MD&A, in order to have a better understanding of the Company's business and the associated risks facing the business.
2
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Although the Company believes the expectations expressed in such forward-looking statements are based on what the Company's management considers to be reasonable assumptions, based on the information currently available to it, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.  Assumptions have been made including, but not limited to, the Company's ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals the Company produces, the costs of operating, exploration and development expenditures, the impact on operations of the Mexican Tax Regime, and the Company's ability to obtain adequate financing.  The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect.  The forward-looking statements in this MD&A speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law.  There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.  More information about the Company including its AIF and recent financial reports is available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission's EDGAR website at www.sec.gov.

Cautionary Note to Investors Concerning Estimates of Indicated and Inferred Mineral Resources

This MD&A uses the terms "Indicated Mineral Resources" and "Inferred Mineral Resources".  MAG advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize these terms.  Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.  Under Canadian rules, estimates of Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a "Preliminary Economic Assessment" as defined under NI 43-101.  Investors are cautioned not to assume that part or all of an Inferred Resource exists, or is economically or legally mineable.
 
1.
DESCRIPTION OF BUSINESS

The Company is a Vancouver-based mineral exploration and development company that is focused on the acquisition, exploration and development of district scale projects located within the Mexican silver belt. The Company's principal assets include the Company's 44% interest in the Juanicipio joint venture (the "Juanicipio Property"), and its 100% owned Cinco de Mayo property (the "Cinco de Mayo Property"), both located in Mexico. The Company also owns a 100% interest in the Guigui property, also in Mexico.

3
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Juanicipio Property

The Company owns 44% of Minera Juanicipio S.A. de C.V. ("Minera Juanicipio"), a Mexican incorporated joint venture company, which owns the high grade Juanicipio Property, located in the Fresnillo District, Zacatecas State, Mexico.  Both exploration and development of the Juanicipio Property are being carried out by the project operator, Fresnillo plc ("Fresnillo"), which holds the remaining 56% interest in the joint venture.

The major asset associated with the Juanicipio Property is a high-grade silver-gold-lead-zinc epithermal vein deposit.  Exploration and development programs for the Juanicipio Property are designed by the Minera Juanicipio Technical Committee, and approved by the Minera Juanicipio Board of Directors.  The Company's share of costs is funded primarily through its 44% interest in Minera Juanicipio, and to a lesser extent, incurred directly by the Company to cover expenses related to parallel technical studies and analyses commissioned by the Company, as well as direct project oversight.  Minera Juanicipio is governed by a shareholders agreement and corporate by-laws, pursuant to which each shareholder is to provide funding pro rata to its interest in Minera Juanicipio, and if either party does not fund pro rata, their ownership interest will be diluted in accordance with the shareholders agreement.

Underground development commenced at the Juanicipio Property on October 28, 2013. The development program is based on recommendations made to Minera Juanicipio in a 2012 Preliminary Economic Assessment carried out by AMC Mining Consultants (Canada) Ltd. ("AMC") (see Press Release dated June 14, 2012) ("2012 PEA").  The 2012 PEA was subsequently reproduced in the same form in 2014 by Roscoe Postle Associates Inc. ("RPA") in their amended and restated NI 43-101 Technical Report documenting a 2014 updated Mineral Resource estimate, filed on SEDAR on July 3, 2014 (the "Juanicipio Technical Report") (see Press Release dated May 27, 2014).

The 2012 PEA defined Juanicipio as an economically robust, high-grade underground silver project exhibiting minimal financial or development risks that will produce an annual average of 15.1 million payable ounces of silver over the first full six years of commercial production and 10.3 million payable ounces per year over a 14.8 year total mine life.  The 2012 PEA was based on a resource estimate and model developed by Strathcona Mineral Services ("Strathcona") dated November 2011. The 2014 Juanicipio Technical Report included an updated Juanicipio resource based on in-fill drill results from a 2012-2013 drill program, and manually divided the resource into the Bonanza Grade Silver Zone ("BGS Zone") and the Deep Zone. The BGS Zone resource veins have a similar footprint as prior resource estimates (see Press Releases dated November 10, 2011 and December 19, 2011), with the higher drill density converting a significant proportion of the previous Inferred Resource into the Indicated category.  With minimal change to the BGS Zone footprint, the Juanicipio Technical Report from RPA stated that the results of the 2012 PEA remain a reasonable representation of the property's economic potential.

The economic analysis in the Juanicipio Technical Report is preliminary in nature and is based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.  There is no certainty that a Preliminary Economic Assessment will be realized.
 
Exploration results from drilling in the first quarter of 2015 on the Valdecañas Vein included four new exploration step-out holes (P1-P4) targeted approximately 100 metres below the existing Indicated and Inferred Resources reported in the Juanicipio Technical Report.  As a point of definition, the Valdecañas Vein is an en echelon system comprised of overlapping East and West Veins – the term "Valdecañas Vein" is used to refer to this en echelon system at times.  The four holes were drilled on nominal 150 metre centres over a strike length of approximately 500 metres below the en echelon overlap zone between the East and West Valdecañas Veins and include the three widest and deepest intercepts to date on the property (see Press Release dated April 23, 2015).  This new "Deep Zone" appears to be the extension of the southwest dipping West Valdecañas Vein and a similar deep continuation of the East Valdecañas Vein was announced in the current quarter ended September 30, 2016 (see "Exploration Juanicipio Property" below). The Deep Zone effectively remains open to depth and laterally along its entire strike length to the joint venture boundary in both directions.
 
4
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Cinco de Mayo Property

The Company owns 100% of the mineral concessions comprising the Cinco de Mayo Property. The property is located approximately 190 kilometres northwest of the city of Chihuahua, in northern Chihuahua State, Mexico, and covers approximately 25,113 hectares. The primary concessions of the Cinco de Mayo Property were acquired by way of an option agreement dated February 26, 2004, and the property remains subject to a 2.5% net smelter returns royalty (see Related Party Transactions below).  The project consists of four major mineralized zones: the Upper Manto silver-lead-zinc inferred resource; the Pegaso deep discovery; the non-core Pozo Seco high grade molybdenum-gold resource; and the surrounding Cinco de Mayo exploration area.

No active exploration has been undertaken on the Cinco de Mayo Property since late 2012, as the Company continues its efforts to obtain a renewed surface access agreement with the local Ejido. Although the Company believes that the matter will ultimately be resolved, the overall timeline to a resolution is not determinable at this time.

Guigui Property

The Guigui Property is a 100% interest in a 4,500-hectare property in the Santa Eulalia Mining District of Chihuahua, Mexico, home to the world's largest Carbonate Replacement Deposit ("CRD") camp.  Strong aero-magnetic anomalies were identified in late 2007 but could not be drilled because they straddled the eastern border of the original "Guigui" claim and continued into ground covered by the Juarez Mega-Claim filed by the Mexican Geological Service in mid-2007.  This adjoining part of the Juarez concession was liberated in July 2013 and the Company filed for and obtained the additional 3,800 hectare "Guiguito" concession.  The combined property now consists of roughly 8,300 hectares.  The eastern area magnetic anomalies were drilled in 2015 and encountered pre-mineralization intrusions. Further exploration on the property is currently being considered in the central and western areas of the concession package.
 
2.
HIGHLIGHTS
 
✓
The 2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released during the quarter (see Press Release August 15, 2016).  Overall results show vein widths ranging from 5 to 29 metres with the highest zinc and copper grades seen to date.  The new results show that mineralization in the Deep Zone occurs in both the East and West Valdecañas Veins and extends mineralization roughly 250 metres beneath the existing resource over a combined strike length of over 800 metres.  The Deep Zone mineralization remains open to the property boundary in both directions: 300 metres to the west and 700 metres to the east.

5
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
✓
A supplemental $1,200 budget (MAG's 44% share is $528) for follow up drilling of the latest exploration results at Valdecañas was approved by the Juanicipio Technical Committee in late April 2016, and drilling is currently in process with 6 drill rigs on the property (5 drilling from surface and 1 drilling from within the underground ramp.)  All assays pending.

✓
Advancement of the underground ramp decline at the Juanicipio Property continues to progress at rates exceeding those envisioned in the Juanicipio Technical Report.

✓
Various studies are ongoing, including baseline environmental analysis, metallurgical and geotechnical studies, detailed engineering for process plant and an assessment of the potential impact that recent exploration success at depth may have on plant sizing and ore handling alternatives.

✓
A supplemental $3,000 budget (MAG's 44% share is $1,320) was approved in August 2016 for additional underground development related to ore handling infrastructure.

✓
The Company remains well funded, with cash and term deposits totaling $140,436.  The Company believes that it is fully funded for its 44% share of Juanicipio development costs, as envisioned in the 2014 Juanicipio Technical Report.
 
3.
FINANCING ACTIVITIES
 
Financing

On March 1, 2016, the Company closed a bought deal public offering and issued 8,905,000 common shares at $7.30 per share, for gross proceeds of $65,006.  On March 4, 2016, the underwriters exercised in full an associated 15% over-allotment option, and the Company issued an additional 1,335,750 common shares for additional gross proceeds of $9,751.  Total gross proceeds were $74,757, and the Company paid commission to the underwriters of $3,497 and legal and filing costs totaled an additional $606, resulting in net proceeds of $70,654. As outlined in the public offering document, the Company intends to use the net proceeds of the offering primarily to fund development and exploration expenditures at the Juanicipio Property and for working capital and general corporate purposes.

Given the Juanicipio development progress to date, and the Company's cash and term deposits of $140,436 as at September 30, 2016, the Company believes that it has enough cash to fully fund its 44% share of development expenditures for the Juanicipio mine development, as envisioned in the Juanicipio Technical Report (see "Liquidity and Capital Resources" below).
 
6
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
4.
DEVELOPMENT AND EXPLORATION ACTIVITIES
 
Underground Development – Juanicipio Property
 
According to the Juanicipio Technical Report timeline, the first 33 months of development focuses primarily on the ramp decline advancing towards the main Valdecañas Vein of the property.  To date, the entry portal, surface explosives magazines, surface offices and associated infrastructure have been completed, and the ramp decline is currently advancing with drilling and blasting.  The ramp and ancillary passage development advance rate remains at or exceeding the levels envisioned in the Juanicipio Technical Report (115 metres per month), with the cumulative advance of the ramp now approaching 3,360 metres of the 3,500 metres needed to reach the plane of the Valdecañas en echelon veins, at which time stope access and development will begin. At current advance rates, the Company anticipates reaching the plane of the Valdecañas en echelon veins by late 2016 or early 2017. Drilling ahead of advancement indicates that, as designed, the ramp will pass through a zone of weak mineralization that lies between the two uppermost "lobes" of the BGSZ.  As well, construction of additional ventilation raises and surface installations continues.

Exploration – Juanicipio Property

Deep Drilling Program

In 2015, Fresnillo and MAG agreed to an additional 10,000 metre, 9 hole, $1,500 (MAG's 44% share was $660) 2015 and 2016 drill program to further trace the extent of the new Valdecañas Deep Zone and expand the mineralization hit in holes P1-P4 (see Press Release of April 23, 2015).  As well, a portion of the 2015 exploration budget for surface drill holes that was pending permitting was reallocated to underground drilling beneath the East Valdecañas Vein to test it at depths comparable to Holes P1-P4 drilled under the Valdecañas West Vein.  A drill station was carved out along the decline at approximately 2,000 metres down ramp.  The surface and underground drilling commenced in November 2015 and was completed in June, 2016.
 
Twelve holes, ranging in depth from 850 to over 1,200 metres were completed, and as expected with such depth, several holes required multiple attempts to reach target depths.  Assays for these holes were received and released in the current quarter (see Press Release dated August 15, 2016).  The drill results of the twelve step-out exploration holes confirm and extend the wide high-grade mineralization from the Deep Zone discovery announced April 23, 2015. The holes demonstrate continuity of high-grade, multi-stage precious and base metals mineralization now beneath both the East and the West Vein Bonanza Zones.  Mineralization is traceable over a strike length exceeding 800 metres and to a depth of 200 to 300 metres beneath the current resource estimate (see Press Release dated May 27, 2014). Mineralization widths range from approximately 5 metres to over 29 metres with the thickest intercepts occurring where the dip of the veins steepen creating thickened "dilatant zones" that remain open to depth and laterally to the joint venture boundaries: approximately 300 metres to the west and 700 metres to the east.
 
East Vein

The best intercept in the discovery and extension of the Deep Zone in the East Valdecañas Vein is in hole VM2, the deepest and eastern most hole in the East Vein.  VM2 intercepted 36.45 metres (29.85 metres true width) grading 235 g/t (6.87 ounces per ton "opt") silver, 0.50 g/t gold, 4.76% lead, 5.79% zinc, 0.99% copper; including 8.80 m (true width of 7.21 metres) carrying 475 g/t (13.86 opt) silver; 0.66 g/t gold, 1.91% lead, 5.27% zinc and 2.38% copper. Higher grade zones within the overall intercept include very high-grade lead (>40%) and high-grade silver (1,290 g/t) associated with the highest copper values (6.79%) reported to date on the property.
7
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
West Vein

P6 is the best new hole in the Deep Zone West cutting 29.90 metres (22.90 metres true width) grading 119 g/t (3.47 opt) silver, 1.13 g/t gold, 4.18% lead, 11.89% zinc and 0.27% copper; including 3.75 metres (2.87 metres true width) grading 292 g/t (8.52 opt) silver, 4.48 g/t gold, 13.24% lead, 24.92% zinc and 0.55% copper.  This hole is a 100 metre offset to Hole P3, the best hole of the previous program.

Anticipada Vein

The Drilling also resulted in the discovery of the "Anticipada Vein," a newly recognized vein of unclear geometry lying about 100 metres into the hanging wall of the East Vein.  It has been cut in five holes and swells from 1.15 metres (0.8 metres true width) in Hole VM2 to 10.40 metres (6.68 metres true width) in Hole P13 where it grades 105 g/t (3.06 opt) silver, 2.69 g/t gold, 3.59% lead, 10.79% zinc and 0.23% copper. It remains open in several directions.

Drilling results to date from the Deep Zone show the typical thickening and complementary thinning of a classic "dilatant zone" stemming from steepening and flattening of the veins (http://media3.marketwire.com/docs/Figures1-4MAG.pdf).  This geometry creates a roughly horizontally-elongated zone of greatly increased thickness that looks to have strong lateral continuity (http://media3.marketwire.com/docs/Figures1-4MAG.pdf).  On the West Vein the fattened Deep Zone appears to be at least 250 metres high, 3 to 23 metres wide and 300 metres long; remaining open 400 metres to the western property boundary.  On the East Vein the fattened Deep Zone appears to be at least 300 metres high, 2.7 to 22 metres wide and 450 metres long; remaining completely open to depth and over 700 metres to the eastern property boundary.

The Deep Zone displays strong base metal mineralization stages cut by later quartz veining stages. In some holes, swarms of barren quartz veinlets extend for tens of metres around the mineralized zones. There are significant orientation differences between the various vein stages suggesting structural complexity not seen higher in the system. The interpretation of increased structural complexity is reinforced by the geometry of the Anticipada Vein.  The narrowness of the intercepts in Holes P7 and P9 appears to indicate downward flattening of the vein. Although less well constrained, changes in vein strike may explain the widening of the vein to the east and west of the overlap zone. Notably, the overlap zone also appears to coincide with the zone of broadest skarn alteration, which exceeds 200 metres wide in Hole P12.  The highest copper values appear to fall around the edges of the skarn zone. These geologic data continue to support the concept that the overlap zone coincides with a major ore-fluid upwelling zone.

In April 2016, the Joint Venture Technical Committee approved a supplemental $1,200 budget (MAG's 44% share is $528) for additional 2016 deep and shallow in-fill drilling as well as protection and exploration holes along and ahead of the path of the decline as it approaches the Valdecañas Vein.  This supplemental drill program is for a combined 8,900 metres of surface and underground drilling, and drilling is currently in process with six rigs turning on site and all assays pending.

Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 35 years of relevant experience focused on silver and gold exploration in Mexico. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent as he is Chief Exploration Officer (CXO) and a Shareholder of MAG and is a vendor of projects, other than Juanicipio, whereby he may receive royalties. Dr. Megaw is satisfied that the results are verified based on an inspection of the core, a review of the sampling procedures, the credentials of the professionals completing the work and the visual nature of the silver and base metal sulphides within a district where he is familiar with the style and continuity of mineralization.
8
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)


Quality Assurance and Control: The samples are shipped directly in security-sealed bags to ALS-Chemex Laboratories preparation facility in Guadalajara, Jalisco, Mexico (Certification ISO 9001). Samples shipped also include intermittent standards and blanks. Pulp samples are subsequently shipped to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. Two extra pulp samples are also prepared and are analyzed (in progress) by SGS Laboratories (Certification ISO 9001) and Inspectorate Laboratories (Certification ISO 9001) (or other recognized lab). The bulk reject is subsequently sent to CIDT (Center for Investigation and Technical Development) of Peñoles in Torreon, Mexico for metallurgical testing where a fourth assay for each sample is analyzed and a calculated head grade is received on the basis of a concentrate balance. The CIDT also does a full microscopic, XRF and XRD mineralogical analysis.

Exploration – Cinco de Mayo

No active exploration is currently being undertaken on the Company's Cinco de Mayo Property, as the Company continues its efforts to obtain a renewed surface agreement with the local Ejido.

"Soil Use Change Permit" and surface access

As of 2012, exploration drilling permits in Mexico require a "Soil Use Change Permit," reflecting conversion of land from agricultural to industrial use.  In mid-2012, the Company was in the process of negotiating ordinary course surface access permissions on a portion of the Cinco de Mayo property with the Ejido Benito Juarez (the "EBJ") as the final component in the application for the required Soil Use Change Permit. Both the Upper Manto and Pegaso Zone are located on the portion of the Cinco de Mayo property where the EBJ controls the surface rights (but not the mineral rights, which belong to the Company).  The Company had a long-standing and productive working relationship with the EBJ and had previously purchased 41 specific rights relating to relevant areas of the Cinco de Mayo project area for $660 from certain EJB members.  This purchase was ratified by an official Assembly of the EBJ and registered and ratified by the Federal Agrarian Authority. The Company was awaiting formal title transfer of the surface rights, when certain members of the EBJ challenged the purchase, claiming the 41 rights purchased represented a 41/421 undivided interest in the EBJ owned surface rights, rather than rights to exclusive areas of the property. Then on November 17, 2012, at what the Company maintains was an illegally constituted Assembly, the EBJ voted to order MAG to vacate the surface of its Cinco de Mayo property (the mineral concession rights were and are not affected).

As permission of the EBJ assembly is required to obtain surface access (and ultimately a Soil Use Change Permit), MAG continues its efforts to obtain a renewed surface access agreement with the EBJ, with the intent of arriving at a settlement agreement that would be fully supported at a properly constituted Assembly.  Although there is no certainty that a new vote would produce a favourable outcome for the Company, MAG believes that the opposition group and its supporters do not represent the will of the majority of the 421 voting members of the EBJ (or of the 12,000 other citizens in the project area).

The Company remains willing to work with the EBJ and the greater community to define a comprehensive Corporate Social Responsibility Program ("CSR") to coincide with the next phases of exploration on the Upper Manto and Pegaso Zone.  MAG's objective is to ensure the EBJ and the greater community benefit from the expected successes and growth at Cinco de Mayo.
9
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)

Although the Company believes that the process will be successful, the overall timeline to a resolution is not determinable at this time. There are no contractual or statutory time limits on obtaining surface access rights under the relevant permits required for continued exploration.

The Cinco de Mayo concession package extends beyond the Upper Manto and Pegaso Zones into areas where the surface rights are not held by the EBJ; including areas of some prior drilling success.  Although these areas remain of interest, the Company has no current plans to conduct surface-based exploration in these areas.
 
5.
OUTLOOK
 
The Company continues to explore its properties in Mexico and intends to enhance its project portfolio through successful exploration and project development.  Although the Company's working capital position remains strong, the Company continues to execute its business plan prudently, with an on-going focus on high-grade, district scale potential properties.

Minera Juanicipio Outlook

The Juanicipio Technical Report provides a framework on which the Technical Committee guides the continued advancement of the project.  Although Minera Juanicipio has not formally made a "production decision," Fresnillo, the project operator, has repeatedly publicly reported that it expects that Juanicipio will be in production by 2018.  Although the Company believes this timeline laid out by the project operator is reasonable in the context of the Juanicipio Technical Report, the actual schedule to production is still under review by Minera Juanicipio, and there are no assurances when a formal development and construction decision will be made and that mine development and production will be achieved in accordance with the Juanicipio Technical Report. As well, a preliminary engineering review of the impact of the significant drill results coming from Deep Zone is underway with an objective of determining whether aspects of the BGSZ development should be modified to accommodate possible future production from this zone.

Given the width of mineralized intercepts, and potential significant strike length encountered in the 2015 and 2016 Valdecañas drill program, and resultant discovery of the deep dilatant zone contiguous with both the Valdecañas East and West veins, it is anticipated that an updated resource will be generated in early 2017.

The 2016 Minera Juanicipio development budget is $12,800 (MAG's 44% share is $5,632), and continues to be designated primarily for continued ramp advancement and associated underground infrastructure as outlined in the Juanicipio Technical Report, as well as ongoing baseline environmental analysis, and some metallurgical and geotechnical studies.  Detailed engineering for the process plant is well advanced, and a number of options are under review to consider the potential impacts the mineralized zones being discovered at depth may have on plant sizing and ore handling alternatives. Evaluation and exploration expenditures and initial development expenditures, capitalized directly by Minera Juanicipio for the nine months ended September 30, 2016 amounted to $9,879 (September 30, 2015: $6,775).  A supplemental $3,000 budget (MAG's 44% share is $1,320) was approved in the quarter ended September 30, 2016 for additional underground development with respect to ore handling infrastructure.
10
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
As noted below in Liquidity and Capital Resources, the Company believes that it has enough cash to fully fund its 44% share of cash calls for the Juanicipio mine development as envisioned in the Juanicipio Technical Report.

In addition to the $1,200 (MAG's 44% share is $528) 2016 supplemental 8,900 metre deep and shallow infill drilling currently ongoing, there is also a 2016 Minera Juanicipio exploration budget of approximately $3,200 (MAG's 44% share is $1,408), approved by the Minera Juanicipio Technical Committee for testing deep targets on the Juanicipio Vein (as opposed to the Valdecañas Vein discussed above), and for a continued search for new veins within the joint venture property.

Currently, there are 6 drill rigs on the property, 5 drilling from surface, and 1 drilling from underground.
 
Cinco de Mayo Outlook

Although the Company believes that its surface access will be restored to the Cinco de Mayo Property and that the requisite authorizations to complete its submission for the Soil Use Change Permit will be obtained in due course, the overall timeline to successful resolution is not determinable at this time, and will depend upon various factors including but not limited to: the ability of the Company to arrive at an agreement that would be fully supported by the majority of the EBJ; and, the ability of the EBJ to conduct a properly constituted Assembly meeting, with quorum, and favourable outcome.  Although all work obligations to keep the claims in good standing have been fulfilled by the Company, the Company sought and was granted a formal federal exemption for 2015 and the first half of 2016 exploration work commitments on the property. An application will be made for the second half of 2016 in early 2017.
 
6.
INVESTMENT IN ASSOCIATE
 
Minera Juanicipio

Minera Juanicipio, S.A. de C.V. ("Minera Juanicipio") is the corporate entity through which the Company holds its Investment in Associate.

   
Three months ended September 30,
    
Nine months ended September 30,
  
(In thousands of US dollars)
  
2016
    
2015
    
2016
    
2015
  
Joint venture oversight expenditures incurred 100% by MAG
  
$
76
    
$
47
    
$
160
    
$
161
  
Cash contributions to Minera Juanicipio
    
2,046
      
1,716
      
7,137
      
4,796
  
Total for the current period
    
2,122
      
1,763
      
7,297
      
4,957
  
Equity pick up of current loss for the period
    
(376
)
    
(218
)
    
(1,019
)
    
(365
)
Balance, beginning of the period
    
35,772
      
30,645
      
31,240
      
27,598
  
Balance, end of the period
  
$
37,518
    
$
32,190
    
$
37,518
    
$
32,190
  
 
During the three and nine months ended September 30, 2016, the Company incurred oversight expenditures on the Juanicipio Property of $76 and $160 respectively (September 30, 2015: $47 and $161 respectively) and made joint venture advances to Minera Juanicipio of $2,046 and $7,137 respectively (September 30, 2015: $1,716 and $4,796).

Total Juanicipio Property expenditures incurred directly by Minera Juanicipio for the three and nine months ended September 30, 2016 amounted to approximately $3,218 and $9,879, respectively (September 30, 2015: $1,960 and $6,775 respectively).
11
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
In the three and nine months ended September 30, 2016 the Company recorded a 44% equity loss from its Investment in Associate of $376 and $1,019, respectively (September 30, 2015: $219 and $366, respectively). The equity loss pick up from Minera Juanicipio is a result of the weakening of the Mexican Peso relative to the US$, and the Company's related 44% share of a foreign exchange loss and deferred tax expense.
 
7.
EXPLORATION AND EVALUATION ASSETS
 
Exploration and evaluation assets as at September 30, 2016 consist of the Company's Cinco de Mayo and Guigui properties:
 
For the three months ended
  
September 30, 2016
    
Sept 30, 2015
  
(In thousands of US dollars)
  
Cinco de Mayo
    
Guigui
    
Total
    
Total
  
Acquisition costs of mineral & surface rights
  
$
-
    
$
-
    
$
-
    
$
60
  
Camp costs, travel & transport
    
7
      
2
      
9
      
67
  
Geological & geophysical
    
7
      
10
      
17
      
75
  
Land taxes, permits and gov't fees
    
114
      
37
      
151
      
167
  
Legal, community and other consultation costs
     77      
-
      
77
      
213
  
Total for the period
    
205
      
49
      
254
      
582
  
Balance, June 30, 2016
    
49,509
      
4,008
      
53,517
      
51,275
  
Balance, September 30, 2016
  
$
49,714
    
$
4,057
    
$
53,771
    
$
51,857
  
 
For the nine months ended
  
September 30, 2016
    
Sept 30, 2015
  
(In thousands of US dollars)
  
Cinco de Mayo
    
Guigui
    
Total
    
Total
  
Acquisition costs of mineral & surface rights
  
$
-
    
$
-
    
$
-
    
$
108
  
Camp costs, travel & transport
    
73
      
3
      
76
      
168
  
Geological & geophysical
    
23
      
21
      
44
      
141
  
Land taxes, permits and gov't fees
    
256
      
83
      
339
      
362
  
Legal, community and other consultation costs
     503      
3
      
506
      
598
  
Total for the period
    
855
      
110
      
965
      
1,377
  
Balance, January 1, 2016
    
48,859
      
3,947
      
52,806
      
50,480
  
Balance, September 30, 2016
  
$
49,714
    
$
4,057
    
$
53,771
    
$
51,857
  
 
Cinco de Mayo Property

In the three and nine months ended September 30, 2016, the Company incurred exploration and evaluation expenditures of $205 and $855 (September 30, 2015: $449 and $1,099) on the Cinco de Mayo property.  In addition to land taxes of $228 (September 30, 2015: $263), the principal expenditures and main focus of work has been preparations for negotiations with the local EBJ (see '"Soil Use Change Permit" and surface access' above) which has included meetings with State and Federal authorities, and with several legal and Community Relations advisors in Mexico.
12
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Guigui Property

In the three and nine months ended September 30, 2016, the Company incurred exploration and evaluation costs of $49 and $110 (September 30, 2015: $133 and $278 respectively) on the Guigui property.  In addition to land taxes of $74 (September 30, 2015: $86), the Company is re-examining possible targets within district, in part prompted by active exploration by another company immediately to the north of the central part of MAG's holdings.


13
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
8.
REVIEW OF FINANCIAL RESULTS
 
   
Three months ended September 30,
    
Nine months ended September 30,
  
   
2016
    
2015
    
2016
    
2015
  
EXPENSES
                        
Accounting and audit
  
$
59
    
$
52
    
$
222
    
$
206
  
Amortization
    
6
      
4
      
14
      
12
  
Filing and transfer agent fees
    
6
      
4
      
176
      
165
  
Foreign exchange (gain) loss
    
134
      
774
      
(158
)
    
1,712
  
General office expenses
    
150
      
152
      
554
      
526
  
Legal
    
175
      
40
      
270
      
149
  
Property investigation costs
    
100
      
49
      
184
      
187
  
Management compensation and consulting fees
    
429
      
336
      
1,293
      
1,141
  
Share based payment expense
    
224
      
307
      
1,996
      
1,742
  
Shareholder relations
    
133
      
75
      
376
      
369
  
Travel
    
42
      
25
      
185
      
219
  
 
    
1,458
      
1,818
      
5,112
      
6,428
  
Interest Income
    
348
      
66
      
764
      
226
  
Gain on sale of marketable securities
    
-
      
-
      
1,152
      
-
  
Impairment of investment in marketable securities
    
-
      
(17
)
    
-
      
(92
)
Equity pickup from associate
    
(376
)
    
(219
)
    
(1,019
)
    
(366
)
Loss for the period before income taxes
  
$
(1,486
)
  
$
(1,988
)
  
$
(4,215
)
  
$
(6,660
)
                                 
Deferred income tax expense
    
(499
)
    
-
      
(1,294
)
    
-
  
LOSS FOR THE PERIOD
  
$
(1,985
)
  
$
(1,988
)
  
$
(5,509
)
  
$
(6,660
)

Three Months Ended September 30, 2016 vs. Three Months Ended September 30, 2015
 
The Company's net loss for the three months ended September 30, 2016 was $1,985 (September 30, 2015: $1,988).

There was a foreign exchange loss of $134 in the three months ended September 30, 2016, compared to $774 in the same period last year.  The foreign exchange loss resulted primarily from holding cash denominated in Canadian dollars ("C$"), while the US$ strengthened slightly against the C$ (from June 30, 2016 to September 30, 2016, the US$/C$ exchange rate changed from 0.7742 to 0.7624 compared to 0.8006 to 0.7493 from June 30, 2015 to September 30, 2015) resulting in an exchange loss.

Legal expense in the quarter ended September 30, 2016 increased to $175 compared to $40 in the same period last year, as the Company sought advice on various governance and other shareholder matters.  Management compensation and consulting fees in the quarter ended September 30, 2016 increased to $429 (September 30, 2015: $336), as the Company employed an additional staff member and more directors took fees in cash over deferred share units ("DSUs") as compared to the comparable prior quarter.

Although the Company granted no incentive stock options, restricted share units ("RSUs"), performance share units ("PSUs") and incentive DSUs in the quarter ended September 30, 2016 (September 30, 2015: 65,000 stock options, and no RSUs, PSUs or incentive DSUs), share based payment expense (a non-cash item) incurred in the quarter amounted to $224 (September 30, 2015: $307) relating to previously granted stock options, RSUs, PSUs and DSUs which vested in the period. The fair value of all stock option share-based payment expense is estimated using the Black-Scholes-Merton option valuation model, while the fair value of RSUs, PSUs and DSUs is based on the fair market value of a common share equivalent on the date of grant.
14
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Other expenses incurred during the quarter ended September 30, 2016 included accounting and audit of $59 (September 30, 2015: $52), amortization of $6 (September 30, 2015: $4), filing & transfer agent fees of $6 (September 30, 2015: $4), general office expenses of $150 (September 30, 2015: $152), new property investigation costs of $100 (September 30, 2015: $49), shareholder relations expenses of $133 (September 30, 2015: $75) and travel of $42 (September 30, 2015: $25), were all either comparable with the prior period's expense or the change was not significant to the overall operations during the period.

In other income and expenses during the quarter ended September 30, 2016, the Company earned interest income on its cash and term deposits of $348 (September 30, 2015: $66). The Company also recorded its 44% equity loss pick up from Minera Juanicipio as described above under 'Investment in Associate.'

The Company recorded a deferred tax expense of $499 for the quarter ended September 30, 2016 (September 30, 2015: nil) related to temporary differences between the book and tax base of its Mexican non-monetary assets. The tax base of these non-monetary assets is determined in Mexican Pesos as opposed to the functional currency (US$), and changes in the exchange rate can give rise to temporary differences that result in a deferred tax liability and associated expense.  With the weakening of the Mexican Peso against the US$ from 18.55 Pesos/US$ on June 30, 2016 to 19.41 Pesos/US$ on September 30, 2016, a deferred tax expense was recognized in the quarter.

Nine Months Ended September 30, 2016 vs. Nine Months Ended September 30, 2015

The Company's net loss for the nine months ended September 30, 2016 decreased to $5,509 from $6,660 in the comparable prior period.

A foreign exchange gain of $158 was recorded in the nine months ended September 30, 2016 compared to a $1,712 foreign exchange loss in the same period last year. The current period's foreign exchange gain resulted primarily from holding cash denominated in Canadian dollars ("C$"), while the US$ weakened against the C$ (from December 31, 2015 to September 30, 2016, the US$/C$ exchange rate changed from 0.7225 to 0.7624).  A portion of the Company's cash is used to fund Canadian dollar expenditures and is held in C$ (US$ equivalent of $9,651 as at September 30, 2016).  The C$ cash is exposed to exchange risk relative to the US$, and results in a gain or loss as the exchange rate fluctuates.

Management compensation and consulting fees in the nine months ended September 30, 2016 increased to $1,293 (September 30, 2015: $1,141), as the Company employed an additional staff member.  Share based payment expense incurred in the nine months ended September 30, 2016 amounted to $1,996 (September 30, 2015: $1,742).  The Company granted no stock options in the period ended September 30, 2016 (September 30, 2015: 268,750) and recorded $625 (September 30, 2015: $899) of share based payment expense relating to stock options vesting to employees and consultants in the period. The Company also granted no RSUs and no PSUs in the period ended September 30, 2016 (September 30, 2015: 19,960 and nil respectively) and recorded a share based payment expense of $441 (September 30, 2015: $212) relating to RSUs and PSUs vesting to employees and consultants in the period.  In the nine months ended September 30, 2016, $930 of share based payment expense (September 30, 2015: $631) was also recorded on 63,287 DSUs (September 30, 2015: 67,365) granted under the Company's DSU plan and an additional 7,068 DSUs (September 30, 2015: 21,388) granted to two directors who elected to receive their retainer and meeting fees for the period in DSUs rather than in cash.
 
15
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Other expenses incurred during the nine months ended September 30, 2016 included accounting and audit of $222 (September 30, 2015: $206), amortization of $14 (September 30, 2015: $12), filing & transfer agent fees of $176 (September 30, 2015: $165), general office expenses of $554 (September 30, 2015: $526), legal of $270 (September 30, 2015: $149), new property investigation costs of $184 (September 30, 2015: $187), shareholder relations expenses of $376 (September 30, 2015: $369) and travel of $185 (September 30, 2015: $219), were all either comparable with the prior period's expense or the change was not significant to the overall operations during the period.

In other income and expenses during the nine months ended September 30, 2016, the Company earned interest income on its cash and term deposits of $764 (September 30, 2015: $226), and realized a gain of $1,152 (September 30, 2015: nil) on the sale of marketable securities previously held for strategic reasons. The Company also recorded its 44% equity loss from Minera Juanicipio as described above in Investment in Associate.

With the weakening of the Mexican Peso against the US$ from 17.34 Pesos/US$ on December 31, 2015 to 19.41 Pesos/US$ on September 30, 2016, a deferred tax expense of $1,294 (September 30, 2015: nil) was recognized in the nine months ended September 30, 2016, for the reasons described above in the "Three months ended September 30, 2016." This non-cash charge will only be realized once the Company's exploration properties are developed and in production or on disposal of the mineral properties.
 
Other Comprehensive Income (Loss):
   
Three months ended September 30,
    
Nine months ended September 30,
  
In thousands of US dollars
  
2016
    
2015
    
2016
    
2015
  
                         
Loss for the period
  
$
( 1,985
)
  
$
( 1,988
)
  
$
( 5,509
)
  
$
( 6,660
)
                                 
OTHER COMPREHENSIVE INCOME (LOSS)
                                
Items that may be reclassified subsequently to profit or loss:
                                
Unrealized gain (loss) on marketable securities, net of taxes
    
2
      
(34
)
    
1,114
      
(75
)
Reclassification to gain on sale of marketable securities
    
-
      
-
      
(1,152
)
    
-
  
                                 
Total comprehensive income (loss)
  
$
( 1,983
)
  
$
( 2,022
)
  
$
( 5,547
)
  
$
( 6,735
)
 
In Other Comprehensive Income and Loss ("OCI") during the three and nine months ended September 30, 2016, the Company recorded an unrealized gain of $2 and $1,114, respectively, (September 30, 2015: $34 and $75 unrealized loss, respectively) on marketable securities it had strategically acquired. Upon the sale and disposition of certain marketable securities in the nine months ended September 30, 2016, $1,152 was reclassified from OCI to gain on sale of marketable securities.
 
16
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
9.
SUMMARY OF QUARTERLY RESULTS
 
The following table sets forth selected quarterly financial information for each of the last eight quarters (as determined under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS")) (expressed in US$000's except Net Loss per Share):

Quarter Ending
Revenue(1)
Net Loss(2)
Net Loss per Share
September 30, 2016
$348
$(1,985)
$(0.02)
June 30, 2016
$303
$(2,227)
$(0.03)
March 31, 2016
$113
$(1,297)
$(0.02)
December 31, 2015
$64
$(10,169)
$(0.15)
September 30, 2015
$66
$(1,988)
$(0.03)
June 30, 2015
$68
$(2,136)
$(0.03)
March 31, 2015
$92
$(2,536 )
$(0.04)
December 31, 2014
$105
$(9,303)
$(0.14)
 
Notes:
 
(1)
The Company's only source of revenue during the quarters listed above was interest earned on bank cash and term deposit balances.  The amount of interest revenue earned correlates directly to the amount of cash and term deposits on hand during the period referenced and prevailing interest rates. At this time, the Company has no operating revenues.

(2)
Net losses by quarter are often materially affected by the timing and recognition of large non-cash expenses (specifically share based payments, exploration and evaluation property write-offs, and deferred tax expense) as described in "Review of Financial Results" above.
 
10.
CASH FLOWS
 
The following table summarizes cash flow activities for the three and nine months ended September 30, 2016:

   
Three months ended September 30,
    
Nine months ended September 30,
  
(In thousands of US dollars)
  
2016
    
2015
    
2016
    
2015
  
                         
Operations
  
$
(747
)
  
$
(673
)
  
$
(2,503
)
  
$
(2,740
)
Changes in non-cash working capital
    
-
      
180
      
(684
)
    
192
  
Operating activities
    
(747
)
    
(493
)
    
(3,187
)
    
(2,548
)
                                 
Investing activities
    
(2,416
)
    
(2,649
)
    
(117,158
)
    
(6,975
)
Financing activities
    
2,874
      
22
      
75,192
      
1,822
  
                                 
Change in cash during the period
    
(289
)
    
(3,120
)
    
(45,153
)
    
(7,701
)
                                 
Effects of exchange rate changes on cash
    
(133
)
    
(542
)
    
165
      
(1,210
)
                                 
Cash, beginning of period
    
30,858
      
81,031
      
75,424
      
86,280
  
Cash, end of period
  
$
30,436
    
$
77,369
    
$
30,436
    
$
77,369
  
                                 
Term Deposits, end of period
  
$
110,000
    
$
-
    
$
110,000
    
$
-
  
 
17
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Operating Activities

During the three and nine months ended September 30, 2016, the Company used $747 and $2,503 in cash for operations respectively, compared to $673 and $2,740 respectively, in the three and nine months ended September 30, 2015.  The Company's non-cash working capital in the corresponding three and nine month periods, increased by nil and $684 respectively (September 30, 2015: decreased by $180 and $192 respectively).

Investing Activities

During the three and nine months ended September 30, 2016, the Company invested cash of $2,416 and $117,158 respectively, compared to $2,649 and $6,975 respectively in the comparable prior periods ended September 30, 2015.  The primary investment of cash in the nine months ended September 30, 2016 was the purchase of 6-month and 1year term deposits totaling $110,000 (September 30, 2015: nil). The Company also used cash to fund advances to Minera Juanicipio, which combined with MAG's Juanicipio expenditures on its own account, totaled $2,122 and $7,275 respectively, in the three and nine months ended September 30, 2016 (September 30, 2015: $1,771 and $4,952 respectively).  The Company makes cash advances to Minera Juanicipio as 'cash called' by operator Fresnillo, based on approved joint venture budgets.  In the three and nine months ended September 30, 2016, the Company also expended $286 and $1,226 respectively, (September 30, 2015: $495 and $1,287 respectively) on its other exploration and evaluation properties.

Financing Activities

During the three and nine months ended September 30, 2016, the Company's net cash from financing activities amounted to $2,874 and $75,192 respectively, compared to $22 and $1,822 respectively, in the comparable prior periods ended September 30, 2015.

As discussed in "Financing Activities" above, on March 1, 2016, the Company closed a bought deal public offering and issued 8,905,000 common shares at $7.30 per share, for gross proceeds of $65,006.  On March 4, 2016, the underwriters exercised in full an associated 15% over-allotment option, and the Company issued an additional 1,335,750 common shares for additional gross proceeds of $9,751.  Total gross proceeds were $74,757, and combined net proceeds amounted to $70,654.

In the three months ended September 30, 2016, 422,855 stock options, were exercised for cash proceeds of $2,874 (September 30, 2015: 5,000 stock options were exercised for cash proceeds of $22).  During the three months ended September 30, 2016, an additional 21,667 stock options were exercised under a less dilutive cashless exercise provision of the plan (September 30, 2015: nil), whereby 12,747 shares were issued in settlement of the stock options (September 30, 2015: nil), and the remaining 8,920 options were cancelled (September 30, 2015:  nil).

In the nine months ended September 30, 2016, 670,605 stock options, were exercised for cash proceeds of $4,538 (September 30, 2015: 319,900 stock options were exercised for cash proceeds of $1,822).  During the nine months ended September 30, 2016, an additional 1,125,001 stock options were exercised under a less dilutive cashless exercise provision of the plan (September 30, 2015: 220,500), whereby 325,671 shares were issued in settlement of the stock options (September 30, 2015: 73,440), and the remaining 799,330 options were cancelled (September 30, 2015: 147,060).
18
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
11.
FINANCIAL POSITION
 
The following table summarizes the Company's financial position as at:

( In thousands of US dollars)
  
September 30, 2016
    
September 30, 2015
  
             
Cash
  
$
30,436
    
$
77,369
  
Term deposits
    
110,000
      
-
  
Other current assets
    
889
      
889
  
Total current assets
    
141,325
      
78,258
  
Equipment
    
50
      
42
  
Investment in Associate
    
37,518
      
32,190
  
Exploration and evaluation assets
    
53,771
      
51,857
  
Option to acquire Mineral Interest
    
-
      
4,046
  
Total assets
  
$
232,664
    
$
166,393
  
                 
Total current liabilities
  
$
422
    
$
577
  
Deferred income taxes
    
6,459
      
3,682
  
Total liabilities
    
6,881
      
4,259
  
Total equity
    
225,783
      
162,134
  
Total liabilities and equity
  
$
232,664
    
$
166,393
  
 
Total current assets increased from $78,258 at September 30, 2015 to $141,325 September 30, 2016.  The increase is primarily due to the funds raised from the bought deal financing which closed in the first quarter of 2016 (as referred to above in "Financing Activities").  Cash and term deposits totaled $140,436 at September 30, 2016 compared to $77,369 at September 30, 2015.  Other current assets as at September 30, 2016 included marketable securities of $24 (September 30, 2015: $226), prepaid expenses of $280 (September 30, 2015: $333) and accounts receivable of $585 (September 30, 2015: $330).  The accounts receivable is comprised primarily of interest receivable earned on its cash and term deposits.

The increase from September 30, 2015 to September 30, 2016 in Investment in Associate from $32,190 to $37,518, and in Exploration and Evaluation assets from $51,857 to $53,771, reflects the Company's ongoing investment in the properties as discussed in "Investing Activities" above. The decrease from $4,046 to Nil of the Option to acquire Mineral Interest reflects the write off of the Salamandra option as at December 31, 2015.

Current liabilities at September 30, 2016 amounted to $422 (September 30, 2015: $577) and are attributable to accrued exploration and administrative expenses. The deferred income tax liability increased from $3,682 to $6,459 at September 30, 2016.  The increase is due to the weakening of the Mexican Peso in the period and the deferred income tax liability recorded by the Company corresponding to the deferred tax expense recognized and explained above in the three and nine months "Review of Financial Results."

The variation in total equity is due primarily to the aforementioned public offering completed during the period ended September 30, 2016.
19
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
12.
LIQUIDITY AND CAPITAL RESOURCES
 
As at September 30, 2016, the Company had working capital of $140,903 (September 30, 2015: $77,681) including cash and term deposits of $140,436 (September 30, 2015: $77,369).  The Company currently has no debt and has sufficient working capital to maintain all of its properties and currently planned programs for a period in excess of the next year.  Although the Company believes it is fully funded for its share of the Juanicipio development as envisioned under the Juanicipio Technical Report (see Funding of the Juanicipio Development below), the Company may require additional capital in the future to meet its project related expenditures.

Funding of the Juanicipio Development

The Juanicipio Technical Report estimated total project capital costs of $302,000 inclusive of capitalized operating costs (MAG's 44% share is $132,880) over 3.5 years from the start of development.  As the first 33 months of development, as envisioned under the Juanicipio Technical Report, are primarily focused on the ramp decline, the majority of the capital costs are not expected to be incurred until the latter part of the development schedule. The larger capital expenditures items associated with the mine development have not yet been approved by Minera Juanicipio, and Minera Juanicipio has not yet proposed a budget for beyond 2016.

To September 30, 2016, approximately $31,267 of the Juanicipio development has been funded by the joint venture partners (MAG's share funded to September 30, 2016 is approximately $13,757), leaving approximately $270,733 (MAG's 44% share is approximately $119,122) of remaining mine development expenditures to complete the Juanicipio mine according to the Juanicipio Technical Report. In addition, as at September 30, 2016, Minera Juanicipio had cash on hand of $7,430 to fund expenditures through 2016. Given the progress to date, and the Company's cash and term deposits on hand ($140,436 as at September 30, 2016), the Company believes that it has enough cash to fully fund its 44% share of cash calls for the Juanicipio mine development as envisioned in the Juanicipio Technical Report. Should the scale and scope of the development change, however, or should the capital required to complete the development exceed the amount envisioned in the Juanicipio Technical Report, the Company's cash resources may not be sufficient to fund its 44% share of the project development. Accordingly, the Company may need to raise significant additional capital in the future under such circumstances, and future liquidity may therefore depend upon the Company's ability to arrange debt or additional equity financings. The inability of the Company to fund its 44% share of cash calls would result in dilution of the Company's ownership interest in Minera Juanicipio, in accordance with the shareholders agreement.

The Preliminary Economic Assessment set out in the Juanicipio Technical Report is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the Preliminary Economic Assessment set out in the Juanicipio Technical Report will be realized.  As a result, there are additional risks in commencing and completing construction based upon the Juanicipio Technical Report including additional risks as to capital and operating costs, mineral recovery and financial viability. There is also no guarantee that the construction will be completed or, if completed, that production will begin or that financial results will be consistent with the Juanicipio Technical Report.
20
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Actual vs Expected Use of Proceeds – Prior Financings

In the Company's Short Form Prospectus dated July 9, 2014 and in its February 23, 2016 Prospectus Supplement to a Short Form Base Shelf Prospectus (collectively, the "Offering Documents"), the Company provided the expected use of proceeds with respect to each offering.  The table below provides a comparison of the Company's actual use of proceeds to date, as compared to the use of proceeds presented in the Offering Documents:

Intended Use of Proceeds
Expected Use of Proceeds July 9, 2014
Estimated Actual Use of Net Proceeds to date (1)
Expected Use of Proceeds February 23, 2016
Estimated Actual Use of Net Proceeds to date
 
(000s of $C)
(000s of $C)
(000s of $US)
(000s of $US)
Exploration expenditures at the Juanicipio Property
$3,000
$3,350 (2)
$5,000
$1,449
Development expenditures at the Juanicipio Property
$71,470
$13,910 (3)
$50,000
$  - (3)
Development contingency at the Juanicipio Property
$  -
$  -
$7,500
$  -
 
(1) Cash calls advanced to the Juanicipio Property are made in U.S. dollars and for the purposes of the July 9, 2014 analysis, have been converted to C$ based on the closing U.S.$/C$ exchange rate on the day the funds were advanced to Minera Juanicipio.

(2) After reviewing exploration results of four new deep exploration holes in 2015, Fresnillo and MAG agreed to an additional 10,000 metre U.S.$1,500 (MAG's 44% share is US$660) drill program to further delineate the extent of the new deep zone. This drill program was funded by the Joint Venture partners in September 2015, but was not anticipated in the 2014 offering.

(3) As the first 33 months of development focuses primarily on ramp decline, the majority of the capital expenditures are yet to be incurred, and are expected to be incurred in the latter part of the development schedule (2017-2018).
 
13.
CONTRACTUAL OBLIGATIONS
 
The following table discloses the contractual obligations of the Company (as at the date of this MD&A) for optional mineral property acquisition payments, optional exploration work and committed lease obligations for office rent and equipment. Based on exploration results, the Company will select at its discretion, only certain properties to complete option and purchase arrangements on.

 
  
Total
    
Less than 1 year
    
1-3 Years
    
3-5 Years
    
More than 5 years
  
Property Option Payments,  Exploration and Development Expenditures – Total (1)
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
 
                                        
Office Lease
    
416
      
131
      
273
      
12
      
-
  
Total Obligations
  
$
416
    
$
131
    
$
273
    
$
12
    
$
-
  
 
(1) Although the Company makes cash advances to Minera Juanicipio as cash called by operator Fresnillo (based on annual Minera Juanicipio budgets), they are not contractual obligations. The Company intends, however, to continue to fund its share of cash calls and avoid dilution of its ownership interest.
21
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Other contractual obligations include: a 2.5% NSR royalty on the Cinco de Mayo property under the terms of an agreement dated February 26, 2004, whereby the Company acquired a 100% interest in the property; and a 2.5% NSR royalty on the Guigui mining concessions.
 
The Company may provide guarantees and indemnifications in conjunction with transactions in the normal course of operations. These are recorded as liabilities when reasonable estimates of the obligations can be made.  Indemnifications that the Company has provided include an obligation to indemnify directors and officers of the Company for potential liability while acting as a director or officer of the Company, together with various expenses associated with defending and settling such suits or actions due to association with the Company.  The Company has a comprehensive director and officers liability insurance policy that could mitigate such costs if incurred.
 
14.
SHARE CAPITAL INFORMATION
 
The Company's authorized capital consists of an unlimited number of common shares without par value.  As at November 10, 2016, the following common shares, stock options, RSUs and DSUs were outstanding:

 
Number of
Exercise Price or
Remaining
 
Shares
Conversion Ratio
Life
Capital Stock
80,668,512
    
Stock Options
2,026,399
$5.35 - $10.04
0.8 to 4.1 years
Performance Share Units("PSUs")
81,892
1:1
4.1 years
Restricted Share Units("RSUs")
71,438
1:1
2.7 to 3.7 years
Deferred Share Units ("DSUs")
370,896
1:1
n/a (1)
Fully Diluted
83,219,137
    
 
 (1) To be share settled, but no common shares are to be issued in respect of a participant in the DSU Plan prior to such eligible participant's termination date.
 
15.
OTHER ITEMS
 
The Company is unaware of any undisclosed liabilities or legal actions against the Company and the Company has no legal actions or cause against any third party at this time other than the claims of the Company with respect to its purchase of 41 land rights within the Cinco de Mayo property boundaries, and the associated efforts to regain surface access with the EBJ (see '"Soil Use Change Permit" and surface access' above).  It is anticipated that the ultimate resolution to this situation will include a comprehensive CSR program to coincide with the next phases of the Company's exploration activity.

The Company is unaware of any condition of default under any debt, regulatory, exchange related or other contractual obligation.
 

22
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)

16.
TREND INFORMATION

As both the price and market for silver are volatile and difficult to predict, a significant decrease in the silver price could have an adverse material impact on the Company's operations and market value.

The nature of the Company's business is demanding of capital for property acquisition costs, exploration commitments, development and holding costs. The Company's liquidity is affected by the results of its own acquisition, exploration and development activities. The acquisition or discovery of an economic mineral deposit on one of its mineral properties may have a favourable effect on the Company's liquidity, and conversely, the failure to acquire or find one may have a negative effect. In addition, access to capital to fund exploration and development companies remains difficult in current public markets, which could limit the Company's ability to meet its objectives.

Surface rights in Mexico are often owned by local communities or "Ejidos" and there has been a recent trend in Mexico of increasing Ejido challenges to existing surface right usage agreements. The Company has already been impacted by this recent trend (see "Exploration - Cinco de Mayo" above).  Any further challenge to the access to any of the properties in which the Company has an interest may have a negative impact on the Company, as the Company may incur delays and expenses in defending such challenge and, if the challenge is successful, the Company's interest in a property could be materially adversely affected.  Also see "Risks and Uncertainties" below.

Apart from these and the risks referenced below in "Risks and Uncertainties," management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.
 
17.
RISKS AND UNCERTAINTIES
 
The Company's securities should be considered a highly speculative investment and investors are directed to carefully consider all of the information disclosed in the Company's Canadian and U.S. regulatory filings prior to making an investment in the Company, including the risk factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form ("AIF") dated March 28, 2016 available on SEDAR at www.sedar.com and www.sec.gov.

The volatile global economic environment has created market uncertainty and volatility in recent years. The Company remains financially strong and will monitor the risks and opportunities of the current environment carefully.  These macro-economic events have in the past, and may again, negatively affect the mining and minerals sectors in general.  The Company will consider its business plans and options carefully going forward.

In the normal course of business, the Company enters into transactions for the purchase of supplies and services denominated in Canadian dollars or Mexican Pesos. The Company also has cash and other monetary assets and liabilities denominated in Canadian dollars and Mexican Pesos. As a result, the Company is subject to foreign exchange risk from fluctuations in foreign exchange rates (see Note 11(c) in the unaudited condensed interim consolidated financial statements of the Company as at September 30, 2016).

23
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)

18.
OFF-BALANCE SHEET ARRANGEMENTS
 
The Company has no off-balance sheet arrangements.
 
19.
RELATED PARTY TRANSACTIONS
 
The Company does not have offices or direct personnel in Mexico, but rather is party to a Field Services Agreement, whereby it has contracted administrative and exploration services in Mexico with MINERA CASCABEL S.A. de C.V. ("Cascabel") and IMDEX Inc. ("IMDEX").  Dr. Peter Megaw, the Company's Chief Exploration Officer, is a principal of both IMDEX and Cascabel, and is remunerated by the Company through fees to IMDEX.  In addition to corporate executive responsibilities with MAG, Dr. Megaw is responsible for the planning, execution and assessment of the Company's exploration programs, and he and his team developed the geologic concepts and directed the acquisition of all the Company's projects, including the Juanicipio Project and the Cinco de Mayo Property.

During the period, the Company incurred expenses with Cascabel and IMDEX as follows:
        
                         
   
Three months ended Sept. 30,
    
Nine months ended Sept. 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
                         
Fees related to Dr. Megaw:
                        
Exploration and marketing services
  
$
59
    
$
73
    
$
193
    
$
229
  
Travel and expenses
    
9
      
14
      
53
      
84
  
Other fees to Cascabel and IMDEX:
                                
Administration for Mexican subsidiaries
    
30
      
31
      
90
      
91
  
Field exploration services
    
118
      
294
      
445
      
700
  
 
  
$
216
    
$
412
    
$
781
    
$
1,104
  
 
All transactions are incurred in the normal course of business, and are negotiated on terms between the parties which are believed to represent fair market value for all services rendered.  A portion of the expenditures are incurred on the Company's behalf, and are charged to the Company on a "cost + 10%" basis typical of industry standards. The services provided do not include drilling and assay work which are contracted out independently from Cascabel & IMDEX. Included in trade and other payables at September 30, 2016 is $147 related to these services (December 31, 2015: $356).

The Company is obligated to a 2.5% NSR royalty on the Cinco de Mayo property payable to the principals of Cascabel under the terms of an option agreement dated February 26, 2004, whereby the Company acquired a 100% interest in the property from Cascabel, and under the terms of assignment agreements entered into by Cascabel with its principals.  The Company is also obligated to a 2.5% NSR royalty to Cascabel on the Guigui mining concessions.

Upon the retirement of Dan MacInnis, former President & Chief Executive Officer, on October 15, 2013, the Company had entered into a consulting contract with a private company controlled by Mr. MacInnis who remains a director of the Company. As the contract expired on December 31, 2015 and was not renewed in 2016, no consulting fees were paid in the period ended September 30, 2016 (September 30, 2015: C$10) and there are no payables related to such services as at September 30, 2016 (September 30, 2015: nil).

Any amounts due to related parties arising from the above transactions are unsecured, non-interest bearing and are due upon receipt of invoices.
24
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
The immediate parent and ultimate controlling party of the consolidated group is MAG Silver Corp. (incorporated in British Columbia, Canada).
 
The details of the Company's significant subsidiaries and ownership interests are as follows:

Significant subsidiaries of the Company are as follows:
      
 
 
 
MAG' effective interest
Name
Country of Incorporation
Principal Activity
2016 (%)
2015 (%)
     
 
  
Minera Los Lagartos, S.A. de C.V.
Mexico
Exploration
100%
100%
Minera Pozo Seco S.A. de C.V.
Mexico
Exploration
100%
100%
Minera Sierra Vieja S.A. de C.V.
Mexico
Exploration
100%
100%
 
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.
 
Minera Juanicipio, S.A. de C.V. ("Minera Juanicipio"), created for the purpose of holding and operating the Juanicipio Property, is held 56% by Fresnillo plc ("Fresnillo") and 44% by the Company.  Fresnillo is the operator of Minera Juanicipio, and with its affiliates, beneficially owns 12% of the common shares of the Company as at September 30, 2016, as publicly reported.  Minera Juanicipio is currently governed by a shareholders agreement.  All costs relating to the project and Minera Juanicipio are required to be shared by the Company and Fresnillo pro-rata based on their ownership interests in Minera Juanicipio.

During the period, compensation of key management personnel (including directors) was as follows:
  
                         
   
Three months ended Sept. 30,
    
Nine months ended Sept. 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
Salaries and other short term employee benefits
  
$
243
    
$
228
    
$
742
    
$
759
  
Share based payments
    
103
      
104
      
1,393
      
1,036
  
 
  
$
346
    
$
332
    
$
2,135
    
$
1,795
  

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, and consists of its Directors, the Chief Executive Officer and the Chief Financial Officer.
 
20.
CRITICAL ACCOUNTING ESTIMATES
 
The preparation of financial statements in conformity with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), requires Management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period.  Management has identified (i) mineral property acquisition and exploration deferred costs, (ii) provision for reclamation and closure, (iii) deferred income tax provision and (iv) share based payments, as the main estimates for the following discussion.  Please refer to Note 2 of the Company's unaudited condensed interim consolidated financial statements as at September 30, 2016 for a description of all of the significant accounting policies.
25
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
Under IFRS, the Company defers all costs relating to the acquisition and exploration of its mineral properties ("exploration and evaluation" assets). Any revenues received from such properties are credited against the costs of the property. When commercial production commences on any of the Company's properties, any previously capitalized costs would be charged to operations using a unit-of-production method. The Company reviews when events or changes in circumstances indicate the carrying values of its properties to assess their recoverability and when the carrying value of a property exceeds the estimated net recoverable amount, provision is made for impairment in value.  IFRS also allows the reversal of impairments if conditions that gave rise to those impairments no longer exist.

The existence of uncertainties during the exploration stage and the lack of definitive empirical evidence with respect to the feasibility of successful commercial development of any exploration property do create measurement uncertainty concerning the estimate of the amount of impairment to the value of any mineral property. The Company relies on its own or independent estimates of further geological prospects of a particular property and also considers the likely proceeds from a sale or assignment of the rights before determining whether or not impairment in value has occurred.

Reclamation and closure costs have been estimated based on the Company's interpretation of current regulatory requirements, however changes in regulatory requirements and new information may result in revisions to estimates. The Company recognizes the fair value of liabilities for reclamation and closure costs in the period in which they are incurred. A corresponding increase to the carrying amount of the related assets is generally recorded and depreciated over the life of the asset.

The deferred income tax provision is based on the liability method. Deferred taxes arise from the recognition of the tax consequences of temporary differences by applying enacted or substantively enacted tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of certain assets and liabilities. The Company records only those deferred tax assets that it believes will be probable, that sufficient future taxable profit will be available to recover those assets.

Under IFRS 2 - Share-based Payments, stock options are accounted for by the fair value method of accounting.  Under this method, the Company is required to recognize a charge to the statement of loss based on an option-pricing model based on certain assumptions including dividends to be paid, historical volatility of the Company's share price, an annual risk free interest rate, forfeiture rates, and expected lives of the options.
 
21.
CHANGES IN ACCOUNTING STANDARDS
 
The Company has reviewed new accounting pronouncements that have been issued but are not yet effective at September 30, 2016. These include:

IFRS 2 Share-based payments. On June 2016, the IASB issued amendments to IFRS 2 Share-based Payment to address certain issues related to the accounting for cash settled awards and the accounting for equity settled awards that include 'net settlement feature' in respect of employee withholding taxes. The amendments apply for annual periods on or after January 1, 2018 with early adoption permitted. The Company has not early adopted the amendments, and is currently evaluating their potential impact on the consolidated financial statements.
26
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
IAS 7 Statements of cash flows. On January 2016, the IASB issued amendments to IAS 7 to be applied prospectively for annual periods on or after January 1, 2017 with early adoption permitted.  The amendments require disclosure of information enabling users of financial statements to evaluate changes in liabilities arising from financing activities. The Company is currently evaluating the impact of adopting the amendments on the consolidated financial statements; however, the amendments are not expected to have a significant impact on the Company's consolidated financial statements.

IFRS 9 Financial Instruments.  In July 2014, the IASB issued the final version of IFRS 9 which replaced IAS 39 Financial Instruments: Recognition and Measurement. The new standard replaces the current classification and measurement criteria for financial assets and liabilities with only two classification categories: amortized cost and fair value.  The standard is effective for annual periods beginning on or after of January 1, 2018, with early adoption permitted. The Company has not early adopted this standard and is currently evaluating the impact this standard may have on its consolidated financial statements.

IAS 12 Income taxes. On January 2016, the IASB issued Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12). The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The amendments clarify that unrealized losses on debt instruments measured at fair value in the financial statements but at cost for tax purposes can give rise to deductible temporary differences.  The Company currently does not have debt instruments and the amendments are not expected to have a significant impact on the Company's consolidated financial statements.

IFRS 15 Revenue from Contracts with Customers. The final standard on revenue from contracts with customers was issued on May 8, 2014. In July 2015, the IASB determined that the revised effective date for IFRS 15 would be for annual reporting periods beginning on or after January 1, 2018, with earlier application permitted.  Entities have the full option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company's only source of revenue in the current and prior periods is interest income from high interest savings accounts and term deposits, but the Company is currently evaluating the impact this standard may have on its consolidated financial statements once revenue from contracts with customers is generated.

IFRS 16 Leases. In January 2016, the IASB published a new accounting standard, IFRS 16 – Leases (IFRS 16) which replaces IAS 17 – Leases and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company has not early adopted this standard, and is currently evaluating the impact it is expected to have on its consolidated financial statements.
 
27
MAG SILVER CORP.
Management's Discussion & Analysis
For the three and nine months ended September 30, 2016
(expressed in thousands of US dollars except as otherwise noted)
 
22.
CONTROLS AND PROCEDURES
 
Disclosure Controls and Procedures
 
The Company maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports that it is required to file or submit under applicable securities laws is recorded, processed, summarized and reported in the manner specified by such laws. The Chief Executive Officer and the Chief Financial Officer have evaluated, or caused to be evaluated under their supervision, the design and effectiveness of the Company's disclosure controls and procedures as of September 30, 2016 through inquiry and review, as well as by drawing upon their own relevant experience.  The Chief Executive Officer and the Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective as at September 30, 2016.

Internal Control Over Financial Reporting

The Company also maintains a system of internal controls over financial reporting, as defined by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings in order to provide reasonable assurance that assets are safeguarded and financial information is accurate and reliable and in accordance with International Financial Reporting Standards.  The Company retains a third party specialist annually to assist in the assessment of its internal control procedures.  The Board of Directors approves the financial statements and MD&A before they are publicly filed, and ensures that management discharges its financial responsibilities. The unaudited condensed interim consolidated financial statements and MD&A for the three and nine months ended September 30, 2016 were approved by the Board on November 8, 2016.  The Board's review is accomplished principally through the Audit Committee, which is composed of independent non-executive directors. The Audit Committee meets periodically with management and auditors to review financial reporting and control matters. The Board of Directors has also appointed a compensation committee composed of non-executive directors whose recommendations are followed with regard to executive compensation. From time to time the board may also form special sub-committees, which must investigate and report to the Board on specific topics.

The Chief Executive Officer and Chief Financial Officer have evaluated, or caused to be evaluated under their supervision, the design and effectiveness of the Company's internal control over financial reporting as of September 30, 2016 and have concluded that the Company's internal control over financial reporting is effective.  There have been no changes in internal controls over financial reporting during the period ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
 
23.
SUBSEQUENT EVENTS
 
Subsequent to September 30, 2016, the Company issued 21,100 common shares pursuant to the exercise of stock options between C$5.86 and C$9.28 for proceeds of C$160.
 
24.
ADDITIONAL INFORMATION
 
Additional information on the Company is available for viewing under MAG's profile on the SEDAR website at www.sedar.com and on SEC's EDGAR website at www.sec.gov.
 
 
28
EX-99.3 4 exh99_3.htm EXHIBIT 99.3

Exhibit 99.3
 
Form 52-109F2
Certification of Interim Filings
Full Certificate

I, George Paspalas, President and Chief Executive Officer of MAG Silver Corp., certify the following:
1.
Review:  I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of MAG Silver Corp. (the “issuer”) for the interim period ended September 30, 2016.
2.
No misrepresentations:  Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.
Responsibility:  The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.
Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:
(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:
(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1
Control framework:  The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
5.2
ICFR – material weakness relating to design: N/A
 
5.3
Limitation on scope of design: N/A
 
 

6.
Reporting changes in ICFR:  The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2016 and ended on September 30, 2016 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date:  November 10, 2016                                                    
/s/ George Paspalas

_________________________________________
George Paspalas
 President and Chief Executive Officer

 EX-99.4 5 exh99_4.htm EXHIBIT 99.4

Exhibit 99.4
 
Form 52-109F2
Certification of Interim Filings
Full Certificate

I, Larry Taddei, Chief Financial Officer of MAG Silver Corp., certify the following:
1.
Review:  I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of MAG Silver Corp. (the “issuer”) for the interim period ended September 30, 2016.
2.
No misrepresentations:  Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.
Responsibility:  The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.
Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:
(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:
(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1
Control framework:  The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
5.2
ICFR – material weakness relating to design: N/A
5.3
Limitation on scope of design: N/A
 

6.
Reporting changes in ICFR:  The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2016 and ended on September 30, 2016 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date:  November 10, 2016                                
/s/ Larry Taddei

_________________________________
Larry Taddei
 Chief Financial Officer

 EX-99.5 6 exh99_5.htm EXHIBIT 99.5
 
Exhibit 99.5
 
     
MAG Silver Corp.
 
November 10, 2016
For Immediate Release
 
NR#16-10
 
MAG SILVER REPORTS THIRD QUARTER FINANCIAL RESULTS

Vancouver, B.C. MAG Silver Corp. (TSX / NYSE MKT: MAG) (“MAG” or the “Company”) announces the Company’s unaudited financial results for the three and nine months ended September 30, 2016.  For details of the September 30, 2016 unaudited condensed interim consolidated Financial Statements and Management's Discussion and Analysis, please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).

2016 THIRD QUARTER HIGHLIGHTS

·
The 2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released during the quarter (see Press Release August 15, 2016).  Overall results show vein widths ranging from 5 to 29 metres with the highest zinc and copper grades seen to date.  The new results show that mineralization in the Deep Zone occurs in both the East and West Valdecañas Veins and extends mineralization roughly 250 metres beneath the existing resource over a combined strike length of over 800 metres.  The Deep Zone mineralization remains open to the property boundary in both directions: 300 metres to the west and 700 metres to the east.

·
A supplemental $1.2 million budget (MAG’s 44% share is $528 thousand) for follow up drilling of the latest exploration results at Valdecañas was approved by the Juanicipio Technical Committee in late April 2016, and drilling is currently in process with 6 drill rigs on the property (5 drilling from surface and 1 drilling from within the underground ramp.)  All assays pending.

·
Advancement of the underground ramp decline at the Juanicipio Property continues to progress at rates exceeding those envisioned in the Juanicipio Technical Report.

·
Various studies are ongoing, including baseline environmental analysis, metallurgical and geotechnical studies, detailed engineering for process plant and an assessment of the potential impact that recent exploration success at depth may have on plant sizing and ore handling alternatives.

·
A supplemental $3.0 million budget (MAG’s 44% share is $1.3 million) was approved in August 2016 for additional underground development related to ore handling infrastructure.

·
The Company remains well funded, with cash and term deposits totaling $140.4 million.  The Company believes that it is fully funded for its 44% share of Juanicipio development costs, as envisioned in the 2014 Juanicipio Technical Report.


 
FINANCIAL RESULTS – THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016

As at September 30, 2016, the Company had working capital of $140.9 million (September 30, 2015: $77.7 million) including cash and term deposits of $140.4 million (September 30, 2015: $77.4 million).  The Company currently has no debt and has sufficient working capital to maintain all of its properties and currently planned programs for a period in excess of the next year.

In the three and nine months ended September 30, 2016, the Company expended cash to fund advances to Minera Juanicipio, which combined with MAG’s Juanicipio expenditures on its own account, totaled $2.1 million and $7.3 million respectively (September 30, 2015: $1.8 million and $4.9 million respectively).  The Company makes cash advances to Minera Juanicipio as ‘cash called’ by operator Fresnillo, based on approved joint venture budgets.  In the three and nine months ended September 30, 2016, the Company also expended $286 thousand and $1.2 million respectively (September 30, 2015: $495 thousand and $1.3 million respectively) on its other exploration and evaluation properties.

The Company’s net loss for the three and nine months ended September 30, 2016 was $2.0 million and $5.5 million respectively (September 30, 2015: $2.0 million and $6.7 million respectively) or $0.02/share and $0.07/share respectively (September 30, 2015: $0.03/share and $0.10/share respectively).  Share based payment expense (an non-cash item) incurred in the three and nine months ended September 30, 2016 amounted to $224 thousand and $2.0 million respectively (September 30, 2015: $307 thousand and $1.7 million respectively).  In other income and expenses for the three and nine months ended September 30, 2016, the Company recorded its 44% equity loss from Minera Juanicipio of $376 thousand and $1.0 million respectively (September 30, 2015: $219 thousand and $366 thousand respectively) related to a deferred tax expense and a foreign exchange loss.  MAG also recorded a non-cash deferred tax expense of $499 thousand and $1.3 million respectively, for the three and nine months ended September 30, 2016 (September 30, 2015: nil and nil) related to the weakening of the Mexican Peso against the US$.  In the nine months ended September 30, 2016, the Company also realized a gain of $1.2 million (September 30, 2015: nil) on the May 2016 sale of marketable securities previously held for strategic reasons.

About MAG Silver Corp. (www.magsilver.com )
MAG Silver Corp. is focused on advancing and exploring high-grade district scale projects located within the Fresnillo Silver Trend in Mexico. Our mission is to become one of the premier companies in the silver mining industry. Currently, we are developing the underground decline towards the high grade Valdecañas and Juanicipio silver veins in Zacatecas State, all within the joint venture between MAG Silver (44%) and Fresnillo PLC (56%). In addition, ongoing exploration continues within the Juanicipio joint venture, while the Company concurrently works on regaining surface access to our 100% owned Cinco de Mayo property in Chihuahua state.

On behalf of the Board of
MAG SILVER CORP.

"Larry Taddei"
Chief Financial Officer

For further information on behalf of MAG Silver Corp.
Contact  Michael J. Curlook, VP Investor Relations and Communications
 
Website:
Phone:
Toll free:
 www.magsilver.com
 (604) 630-1399
 (866) 630-1399
Email:
Fax:
 info@magsilver.com
 (604) 681-0894
Neither the Toronto Stock Exchange nor the NYSE MKT has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, the anticipated dates by which the ramp is expected to reach the plane of the Valdecañas en echelon vein system; the anticipated impact of the exploration drilling results; exploration drilling, exploitation activities and other future events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company’s filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.

Please Note:
Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html


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