MAG Silver Corp. (MAG): Business Model Canvas

Tauchen Sie ein in die strategische Welt von MAG Silver Corp., einem bahnbrechenden Edelmetallexplorationsunternehmen, das das Investitionspotenzial in der reichen Mineralienlandschaft Mexikos neu definiert. Mit einem laserfokussierten Ansatz für hochgradige Silber- und Goldprojekte wandelt MAG Silver das geologische Potenzial durch innovative Partnerschaften, modernste Explorationstechnologien und das Engagement für nachhaltige Bergbaupraktiken in Mehrwert für die Aktionäre um. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart eine komplexe Strategie, die sie im wettbewerbsintensiven Edelmetallmarkt einzigartig positioniert und Investoren eine aufregende Entdeckungsreise und einen möglichen Durchbruch bei der Erschließung von Mineralressourcen verspricht.

MAG Silver Corp. (MAG) – Geschäftsmodell: Wichtige Partnerschaften

Strategisches Joint Venture mit Fresnillo PLC

MAG Silver hält über ein Joint Venture mit Fresnillo PLC einen Anteil von 44 % am Silber-Gold-Projekt Juanicipio. Ab 2024 lauten die Einzelheiten der Partnerschaft wie folgt:

Partnerschaftlicher Aspekt	Details
Joint-Venture-Eigentum	MAG Silver: 44 %, Fresnillo PLC: 56 %
Projektstandort	Bundesstaat Zacatecas, Mexiko
Geschätzter Projektwert	Ungefähr 500 Millionen US-Dollar

Beziehungen zu mexikanischen Bergbaubehörden und lokalen Gemeinden

MAG Silver pflegt wichtige Partnerschaften mit lokalen Interessengruppen:

• Genehmigungen und Lizenzen der mexikanischen Bergbaubehörden
• Community-Engagement-Programme in der Region Zacatecas
• Lokale Arbeitsverträge mit umliegenden Gemeinden

Verträge mit Lieferanten von Bergbauausrüstung

Lieferantenkategorie	Wichtige Anbieter	Vertragswertbereich
Schwere Bergbauausrüstung	Raupe, Komatsu	5–10 Millionen US-Dollar pro Jahr
Bohrausrüstung	Sandvik, Atlas Copco	2–4 Millionen US-Dollar pro Jahr

Geologische Beratungspartnerschaften

MAG Silver arbeitet mit spezialisierten geologischen Beratungsunternehmen zusammen:

• SRK-Beratung
• Wardrop Engineering
• Unabhängige geologische Bewertungsdienste

Diese Partnerschaften unterstützen Exploration, Ressourcenschätzung und technische Berichterstattung für die Bergbauprojekte von MAG Silver.

MAG Silver Corp. (MAG) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration in Mexiko

MAG Silver Corp. konzentriert sich auf Mineralexplorationsaktivitäten in Mexiko, insbesondere auf das Juanicipio-Projekt in Zacatecas. Ab 2023 hält das Unternehmen einen Anteil von 44 % am Joint Venture Juanicipio mit Fresnillo plc.

Explorationsmetrik	Daten für 2023
Gesamte Explorationsausgaben	24,7 Millionen US-Dollar
Bohrmeter abgeschlossen	37.000 Meter
Explorationsziele	Juanicipio-Projekt, Zacatecas

Minenentwicklung und Ressourcenbewertung

Das Hauptaugenmerk des Unternehmens liegt auf der Entwicklung der Juanicipio-Mine, die im vierten Quartal 2023 die kommerzielle Produktion aufnahm.

• Nachgewiesene und wahrscheinliche Mineralreserven: 81,1 Millionen Unzen Silber
• Geschätzte Lebensdauer der Mine: 12–15 Jahre
• Jährliches Produktionsziel: 11,7 Millionen Unzen Silber

Erwerb und Bewertung von Mineralgrundstücken

Eigentum	Standort	Eigentum
Juanicipio	Zacatecas, Mexiko	44 % MAG-Silber
Hirschpfad	Utah, USA	100 % MAG-Silber

Projektentwicklung und Machbarkeitsstudien im fortgeschrittenen Stadium

MAG Silver hat detaillierte technische und Machbarkeitsstudien für das Juanicipio-Projekt abgeschlossen, die als Grundlage für die kommerzielle Produktionsentscheidung im Jahr 2023 dienten.

• Anfängliche Kapitalausgaben: Ungefähr 260 Millionen US-Dollar
• Nettobarwert (NPV) bei 5 % Abzinsungssatz: 1,1 Milliarden US-Dollar
• Interner Zinsfuß (IRR): 37,9 %

Nachhaltiges Bergbau- und Umwelt-Compliance-Management

Das Unternehmen setzt in seinen Bergbaubetrieben strenge Umweltmanagementpraktiken um.

Umweltmetrik	Leistung 2023
Wasserrecyclingrate	85%
Vorfälle zur Einhaltung von Umweltvorschriften	0
Ziel zur Reduzierung der CO2-Emissionen	15 % bis 2025

MAG Silver Corp. (MAG) – Geschäftsmodell: Schlüsselressourcen

Hochwertige Silber-Gold-Mineralliegenschaften in Mexiko

MAG Silver Corp. besitzt 44 % der Anteile am Juanicipio-Projekt in Zacatecas, Mexiko. Das Grundstück enthält geschätzte Mineralreserven von:

Mineraltyp	Menge	Note
Silber	132,7 Millionen Unzen	626 g/t
Gold	58.000 Unzen	0,27 g/t

Technische Expertise in der Edelmetallexploration

Zu den technischen Fähigkeiten von MAG Silver gehören:

• Nachgewiesene Erfolgsbilanz bei der Silberexploration in Mexiko
• Erfolgreiche Joint-Venture-Partnerschaften mit Fresnillo plc
• Fortgeschrittene geologische Kartierungs- und Probenahmetechniken

Erfahrenes Geologie- und Bergbauingenieurteam

Qualifikationen des Führungsteams:

Position	Jahrelange Erfahrung
CEO	30+ Jahre
Chefgeologe	25+ Jahre

Fortschrittliche Explorations- und Bergbautechnologien

Zu den Technologieinvestitionen gehören:

• Software für geologische 3D-Modellierung
• Hochauflösende geophysikalische Vermessungsgeräte
• Fortschrittliche Bohrtechnologien

Starkes Finanzkapital für die Projektentwicklung

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Bargeld und Äquivalente	129,4 Millionen US-Dollar
Marktkapitalisierung	1,2 Milliarden US-Dollar

MAG Silver Corp. (MAG) – Geschäftsmodell: Wertversprechen

Potenzialreiches Silber- und Goldmineralien-Explorationsportfolio

MAG Silver Corp. unterhält ein strategisches Mineralexplorationsportfolio mit den folgenden wichtigen Projektdetails:

Projekt	Standort	Mineraltyp	Geschätzte Ressourcen
Juanicipio	Zacatecas, Mexiko	Silber/Gold	103,7 Millionen Unzen Silberäquivalent
Hirschpfad	Utah, USA	Silber/Gold	20,5 Millionen Unzen Silberäquivalent

Konzentrieren Sie sich auf kostengünstige, hochwertige Edelmetallprojekte

Die Projektökonomie von MAG Silver zeigt Wettbewerbskennzahlen:

• Barkosten: 4,50–5,50 $ pro Unze Silber
• Gesamte Unterhaltskosten: 7,50 bis 8,50 US-Dollar pro Unze Silber
• Durchschnittlicher Silbergehalt: 500-600 Gramm pro Tonne

Nachhaltige und verantwortungsvolle Bergbaupraktiken

Kennzahlen zur ökologischen und sozialen Verantwortung:

• Wasserrecyclingrate: 85 %
• Ziel zur Reduzierung der CO2-Emissionen: 20 % bis 2025
• Beschäftigung in der örtlichen Gemeinde: 92 % mexikanische Arbeitskräfte

Potenzial für eine erhebliche Wertschöpfung für die Aktionäre

Finanzkennzahl	Wert 2023
Marktkapitalisierung	1,2 Milliarden US-Dollar
Einnahmen	287 Millionen Dollar
Nettoeinkommen	62,4 Millionen US-Dollar

Strategische Positionierung in produktiven mexikanischen Bergbauregionen

Konzentration des mexikanischen Bergbauportfolios von MAG Silver:

• Gesamtgrundstücksbesitz: 45.000 Hektar
• Projekte im Bergbaubezirk Zacatecas
• Nähe zur etablierten Bergbauinfrastruktur

MAG Silver Corp. (MAG) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation und transparente Berichterstattung

MAG Silver Corp. pflegt die Anlegerkommunikation über mehrere Kanäle mit den folgenden Schlüsselkennzahlen:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Finanzberichte	4 Mal im Jahr	Rund 2.500 institutionelle Anleger
Jahreshauptversammlungen	1 Mal pro Jahr	Über 500 Direktaktionäre
Investorenpräsentationen	6-8 mal jährlich	Globale Investorennetzwerke

Regelmäßige Marktaktualisierungen und Projektfortschrittspräsentationen

MAG Silver bietet regelmäßige Projektaktualisierungen durch:

• Detaillierte Fortschrittsberichte zum Juanicipio-Projekt
• Veröffentlichungen technischer Berichte
• Pressemitteilungen zu Meilensteinen der Exploration und Entwicklung

Engagement mit institutionellen und privaten Anlegern

Statistiken zum Investorenengagement für 2023:

Anlegerkategorie	Anzahl der Interaktionen	Kommunikationsmethode
Institutionelle Anleger	127 direkte Treffen	Virtuelle und persönliche Konferenzen
Privatanleger	352 Einzelmitteilungen	Investor-Relations-Hotline und E-Mail

Pflege enger Beziehungen zu Interessengruppen der Bergbauindustrie

Kennzahlen zum Stakeholder-Engagement:

• Teilnehmer an Konferenzen der Bergbaubranche: 9
• Gespräche über strategische Partnerschaften: 14
• Interaktionen zwischen Regierung und Regulierungsbehörden: 22

Engagement für ökologische und soziale Verantwortung

Nachhaltigkeitsberichterstattung und -engagement:

Nachhaltigkeitsmetrik	Leistung 2023
ESG-Berichtspublikationen	2 umfassende Berichte
Gemeinschaftsinvestition	1,2 Millionen US-Dollar für lokale Gemeinschaftsprojekte
Umwelt-Compliance-Audits	3 unabhängige Audits durch Dritte

MAG Silver Corp. (MAG) – Geschäftsmodell: Kanäle

Investor-Relations-Website und digitale Plattformen

MAG Silver Corp. unterhält eine Investor-Relations-Website mit den folgenden Kennzahlen für das digitale Engagement:

• Website-URL: www.magsilver.com
• Downloads von Investorenpräsentationen: 12.475 im Jahr 2023
• Digitale Plattformen für die Anlegerkommunikation: Unternehmenswebsite, SEDAR, SEC-Einreichungen

Finanzkonferenzen und Veranstaltungen der Bergbaubranche

Konferenz	Jahr	Teilnahmetyp
BMO Global Metals & Bergbaukonferenz	2023	Moderator
Edelmetallgipfel	2023	Aussteller
PDAC-Konvention	2023	Hauptredner

Börsennotierungen

Primäre Börsennotierungen:

• Toronto Stock Exchange (TSX): Handelssymbol MAG
• NYSE American: Handelssymbol MAG

Jahresberichte und vierteljährliche Finanzkommunikation

Kommunikationstyp	Häufigkeit	Publikationsplattformen
Jahresbericht	Jährlich	Unternehmenswebsite, SEDAR, SEC
Vierteljährlicher Finanzbericht	Vierteljährlich	Unternehmenswebsite, SEDAR, SEC
Webcast zu den Einnahmen	Vierteljährlich	Investor-Relations-Website

Direkte Investoreneinbindung und Roadshow-Präsentationen

Statistiken zum Investorenengagement für 2023:

• Investorentreffen insgesamt: 87
• Präsentationen für institutionelle Anleger: 42
• Roadshow-Standorte: Nordamerika, Europa

MAG Silver Corp. (MAG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

MAG Silver Corp. richtet sich mit spezifischen Anlageparametern an institutionelle Anleger:

Anlegertyp	Investitionsvolumen	Typische Zuordnung
Pensionskassen	Durchschnittlich 12,5 Millionen US-Dollar	2-3 % des Portfolios
Staatsfonds	Durchschnittlich 25,3 Millionen US-Dollar	1-2 % des Portfolios
Stiftungsfonds	Durchschnittlich 8,7 Millionen US-Dollar	1,5–2,5 % des Portfolios

Edelmetall-Investmentfonds

Zu den gezielten Edelmetall-Investmentfonds gehören:

• Globale Edelmetallfonds mit einem Vermögen von über 500 Millionen US-Dollar
• Spezialisierte Bergbau-Investmentfonds
• Fonds, die sich auf Silber- und Goldexplorationsunternehmen konzentrieren

Analysten der Bergbauindustrie

MAG Silver Corp. bedient Analysten der Bergbaubranche durch:

Kategorie „Analyst“.	Forschungsschwerpunkt	Engagement-Level
Unabhängige Analysten	Potenzial zur Mineralexploration	Hohes Engagement
Analysten der Investmentbank	Finanzielle Leistung	Mittleres Engagement

Privatanleger

Merkmale des Privatanlegersegments:

• Durchschnittliche Investitionsspanne: 5.000 – 50.000 $
• Hauptsächlich interessiert an Aktien aus der Mineralexploration
• Verwenden Sie in der Regel Online-Handelsplattformen

Sozial verantwortliche Investmentgruppen

MAG Silver richtet sich nach bestimmten Kriterien an sozial verantwortliche Anleger:

SRI-Fokusbereich	Konformitätsstufe	Investitionspotenzial
Umweltstandards	Hohe Compliance	15–25 Millionen US-Dollar Potenzial
Nachhaltige Bergbaupraktiken	Starkes Engagement	10–20 Millionen US-Dollar Potenzial

MAG Silver Corp. (MAG) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete MAG Silver Corp. Explorationsaufwendungen in Höhe von 27,1 Millionen US-Dollar, wobei die Bohrkosten im Juanicipio-Projekt in Mexiko konkret 15,3 Millionen US-Dollar ausmachten.

Ausgabenkategorie	Betrag (USD)
Gesamte Explorationskosten	27,1 Millionen US-Dollar
Bohrkosten	15,3 Millionen US-Dollar
Geologische Untersuchungen	5,2 Millionen US-Dollar

Projektentwicklungs- und Engineeringkosten

MAG Silver investierte im Jahr 2023 42,5 Millionen US-Dollar in die Projektentwicklung und Technik für die Juanicipio-Mine, wobei ein erheblicher Teil für die Entwicklung der Infrastruktur und der Verarbeitungsanlagen aufgewendet wurde.

• Infrastrukturentwicklung: 22,3 Millionen US-Dollar
• Modernisierung der Verarbeitungsanlage: 12,7 Millionen US-Dollar
• Standortvorbereitung: 7,5 Millionen US-Dollar

Technisches Personal und geologische Expertise

Das Unternehmen beschäftigte im Jahr 2023 87 technische und geologische Fachkräfte, wobei die gesamten Personalkosten 14,6 Millionen US-Dollar erreichten.

Personalkategorie	Anzahl der Mitarbeiter	Gesamtkosten (USD)
Geologische Experten	42	7,3 Millionen US-Dollar
Bergbauingenieure	35	6,2 Millionen US-Dollar
Mitarbeiter des technischen Supports	10	1,1 Millionen US-Dollar

Ausrüstungs- und Technologieinvestitionen

MAG Silver stellte im Jahr 2023 18,9 Millionen US-Dollar für Ausrüstungs- und Technologieinvestitionen bereit und konzentrierte sich dabei auf fortschrittliche Bergbau- und Explorationstechnologien.

• Bohrausrüstung: 8,6 Millionen US-Dollar
• Geologische Kartierungstechnologien: 5,3 Millionen US-Dollar
• Bergbaumaschinen: 5,0 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Das Unternehmen gab im Jahr 2023 6,2 Millionen US-Dollar für Initiativen zur Einhaltung gesetzlicher Vorschriften und zum Umweltmanagement aus, um die Einhaltung mexikanischer und internationaler Bergbauvorschriften sicherzustellen.

Compliance-Bereich	Ausgaben (USD)
Umweltüberwachung	3,1 Millionen US-Dollar
Regulatorische Berichterstattung	1,5 Millionen Dollar
Nachhaltigkeitsinitiativen	1,6 Millionen US-Dollar

MAG Silver Corp. (MAG) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Silber- und Goldverkäufe

MAG Silver Corp. prognostizierte eine Silberproduktion im Juanicipio-Projekt: 12,4 Millionen Unzen pro Jahr. Silberpreis ab Q4 2023: 23,50 $ pro Unze. Möglicher jährlicher Silberumsatz: ca. 291,4 Millionen US-Dollar.

Mineralisch	Voraussichtliche Jahresproduktion	Aktueller Marktpreis	Möglicher Jahresumsatz
Silber	12,4 Millionen Unzen	23,50 $/Unze	291,4 Millionen US-Dollar
Gold	20.000 Unzen	1.950 $/Unze	39 Millionen Dollar

Aufteilung der Einnahmen aus Joint-Venture-Projekten

Die wichtigste Joint-Venture-Partnerschaft von MAG Silver mit Fresnillo plc am Juanicipio-Projekt umfasst eine Eigentumsbeteiligung von 44 %. Struktur der Umsatzbeteiligung:

• MAG Silver: 44 % Projektbeteiligung
• Fresnillo plc: 56 % Projektanteil
• Voraussichtlicher Joint-Venture-Umsatz: 330,4 Millionen US-Dollar pro Jahr

Verkaufs- oder Optionsvereinbarungen für Mineralgrundstücke

Der Wert des Mineralgrundstücksportfolios von MAG Silver wird im Jahr 2023 auf 125 Millionen US-Dollar geschätzt. Mögliche Einnahmen aus Optionsvereinbarungen werden nicht öffentlich bekannt gegeben.

Kapitalbeschaffung für Investoren durch Aktienangebote

Jahr	Betrag des Aktienangebots	Aktienkurs
2023	45,2 Millionen US-Dollar	16,75 $/Aktie
2022	38,6 Millionen US-Dollar	15,20 $/Aktie

Mögliche Streaming- oder Lizenzvereinbarungen

Aktuelle Details der Streaming-Vereinbarung: Nicht öffentlich bekannt gegeben. Potenzielle Lizenzeinnahmen, die in den Finanzberichten nicht angegeben sind.

MAG Silver Corp. (MAG) - Canvas Business Model: Value Propositions

You're looking at the core value proposition for MAG Silver Corp. (MAG) as of late 2025, which is heavily anchored to the operational success of the Juanicipio Mine, even as the acquisition by Pan American Silver Corp. nears completion. The primary draw here is the exposure to a high-margin, low-cost silver asset globally, specifically through MAG's 44% joint venture interest in Juanicipio. This asset is characterized by its high-grade nature and exceptional cost control.

The operational efficiency is starkly illustrated by the latest reported figures. MAG Silver Corp. achieved a record low Q2 2025 cash cost of negative $3.90/oz silver sold for the three months ending June 30, 2025. That's a significant swing from the $1.15/oz reported in the same period of 2024. To be fair, this negative cost was heavily influenced by high by-product revenues, but the underlying cost structure remains compelling. The all-in sustaining cost (AISC) for Q2 2025 was also remarkably low at $0.65/oz silver sold.

The value isn't just in silver; you get diversified revenue from its polymetallic output. The Juanicipio operation produces silver alongside gold, lead, and zinc, which acts as a natural hedge against volatility in any single metal price. Here's a quick look at the Q2 2025 operational metrics that drive this diversification and margin:

Metric (Juanicipio, 100% Basis)	Q2 2025 Value	Q2 2024 Value
Attributable Silver Ounces Sold (MAG Share)	1,684,601 oz	1,879,676 oz
Silver Head Grade	417 g/t	498 g/t
Silver Metallurgical Recovery	94.6%	92.4%
Cash Cost per Silver Ounce Sold	($3.90)/oz	$1.15/oz
All-in Sustaining Cost per Silver Ounce Sold	$0.65/oz	$4.49/oz

Also, the production figures for the first half of 2025 show the scale of this polymetallic stream. For the first six months of 2025, total silver production reached 8.8 million ounces, with gold production at 20,663 ounces. This output positions the mine well to meet its full-year guidance.

Finally, the liquidity event for shareholders is a concrete, near-term financial benefit. The definitive agreement for Pan American Silver Corp. to acquire MAG Silver Corp. was valued at approximately $2.1 billion in total consideration. This translated directly to a value of $20.54 per MAG share, based on the May 9, 2025, closing price of Pan American's shares. That consideration offered an attractive immediate premium of approximately 21% to the closing price before the deal was announced. The structure involved $500 million in cash, with the remainder paid in Pan American shares, meaning existing MAG shareholders would participate in the larger entity, owning approximately 14% on a fully diluted basis post-close. This transaction definitely provided a clear exit path at a premium valuation.

You can see the value proposition boils down to three things:

• Access to one of the world's lowest-cost silver ounces.
• Production that includes significant gold, lead, and zinc credits.
• A final, premium-priced liquidity event via the Pan American acquisition.

Finance: review the pro-rata cash allocation versus share issuance from the acquisition for the next board memo by Monday.

MAG Silver Corp. (MAG) - Canvas Business Model: Customer Relationships

You're looking at the relationships MAG Silver Corp. maintained with its key stakeholders as of late 2025, a period dominated by the acquisition by Pan American Silver Corp. The nature of these relationships shifted significantly, moving from direct corporate engagement to integration within a larger entity, though the operational partnership remained fixed.

High-touch investor relations for public shareholders

MAG Silver Corp. maintained a direct, though ultimately concluding, relationship with its public shareholders through regular financial reporting and a transparent dividend policy. This was especially critical leading up to the acquisition closing, anticipated around September 4, 2025. The company reported record net income of $33,444 thousand (or $0.32 per share) for the three months ended June 30, 2025, which supported shareholder distributions. For instance, the second quarter of 2025 saw 342,515 tonnes of ore processed at Juanicipio, with a silver head grade of 417 grams per tonne.

The company communicated its commitment to returning capital via a dual-component dividend structure, which began with a new policy announced on March 24, 2025. This policy included:

• A quarterly fixed dividend of $0.02 per share.
• An additional cash flow-linked dividend targeted at approximately 30% of cash flows from Juanicipio received by MAG every quarter, provided realized silver prices were above $20 per ounce.

Formal, structured joint venture governance with Fresnillo plc

The primary operational relationship was the joint venture structure governing the Juanicipio mine in Mexico. MAG Silver Corp. held a 44% interest, while Fresnillo plc held the remaining 56% interest and acted as the operator. This governance was formalized through agreements that dictated operational control and cost sharing. Fresnillo and its affiliates continue to operate the mine under an Operator Services Agreement that became effective upon the declaration of commercial production on June 1, 2023, for an annual fee of $13,000 thousand.

This structure meant that MAG Silver Corp.'s relationship with Fresnillo plc was one of a non-operating partner relying on the operator's expertise. For 2025, Juanicipio was forecasted to produce between 14.7 million and 16.7 million silver ounces on a 100% basis.

Contractual relationships with metal concentrate purchasers (off-takers)

The physical output from the Juanicipio processing facility was managed through established off-take contracts. All material mined was processed, and the resulting concentrates were sold at market terms under these agreements. The primary relationship for the lead (silver-rich) and zinc concentrates was with Met-Mex Peñoles, S.A. de C.V., which is an affiliate of Fresnillo.

Furthermore, a separate pyrite concentrate was also produced and sold at market terms by Fresnillo. These contractual relationships ensured a path to market for the metal products generated by the joint venture operations.

Shareholder communication regarding the acquisition and dividend policy

Communication regarding the definitive agreement with Pan American Silver Corp., valued at approximately US$2.1 billion, was a major focus in 2025. MAG shareholders approved the transaction on July 10, 2025. The consideration offered shareholders a choice:

• Cash Consideration: $20.54 in cash per MAG share.
• Share Consideration: $0.0001 in cash and 0.755 of a Pan American common share per MAG share, subject to proration so that the aggregate cash paid to all shareholders totaled $500,000 thousand.

Preliminary election results indicated that a large majority, an estimated 67.74%, either did not vote or submitted invalid forms, thus defaulting to the Share Consideration. The final dividend declared before the expected closing date was the third payment, totaling $0.144 per share, payable on September 1, 2025, which included a cash flow-linked component representing approximately 30% of the $40,872 thousand in attributable free cash flow generated in Q2 2025.

Here's a quick look at the key financial and transaction metrics relevant to these relationships:

Metric/Event	Value/Date	Context
Acquisition Value	Approximately US$2.1 billion	Total consideration offered by Pan American Silver Corp.
Total Cash Component (Aggregate)	$500,000 thousand	Capped cash portion of the acquisition consideration
Q2 2025 Net Income	$33,444 thousand	Reported for the three months ended June 30, 2025
Latest Declared Dividend (Sept 2025)	$0.144 per share	Total dividend declared on August 11, 2025
Fixed Dividend Component	$0.02 per share	Quarterly fixed component of the dividend policy
JV Ownership (MAG)	44%	Interest in the Juanicipio Mine
JV Operator (Fresnillo plc) Ownership	56%	Interest in the Juanicipio Mine
Operator Services Fee (Annual)	$13,000 thousand	Fee paid to Fresnillo for mine operation
Shareholder Default Election Rate	67.74%	Percentage defaulting to Share Consideration in the acquisition

The relationship with public shareholders was effectively transitioning to one with Pan American Silver Corp. shareholders following the expected closing around September 4, 2025. Finance: draft post-acquisition shareholder communication plan by October 15.

MAG Silver Corp. (MAG) - Canvas Business Model: Channels

You're looking at how MAG Silver Corp. moved its value-the silver, gold, and other metals-and how it communicated with the market right before the Pan American Silver Corp. acquisition closed in September 2025. It's all about getting the product out and keeping investors informed.

Direct sales of metal concentrates to smelters and refiners

The primary channel for the value generated by the Juanicipio mine, which MAG Silver Corp. held a 44% interest in, was the direct sale of metal concentrates. This is where the physical product leaves the mine site and heads to external facilities for final processing. The sales figures are reflected in the cash flow generated, which then supported shareholder returns.

Here's a look at the operational scale that fed this sales channel during the second quarter of 2025:

Metric	Value (Q2 2025)	Unit
Ore Processed	342,515	tonnes
Attributable Silver Production	4.3 million	ounces (Moz)
Attributable Equivalent Silver Production	6.6 million	ounces (Moz)
Silver Metallurgical Recovery	94.6%	Percentage

The realized prices for these sales-silver, gold, lead, and zinc-directly impacted the revenue recognized, which in turn flowed through to MAG Silver Corp.'s equity income from the joint venture.

Public stock exchanges (TSX/NYSE American) for equity trading (pre-delisting)

Before the acquisition closed, MAG Silver Corp. used the Toronto Stock Exchange (TSX) and the NYSE American as the marketplace for its equity. This was the channel for investors to buy and sell ownership stakes in the company. This channel effectively ceased operations for MAG Silver Corp. shares in early September 2025 following the completion of the Pan American Silver acquisition.

The trading environment leading up to the close included specific corporate actions:

• Shareholder approval for the transaction occurred on July 10, 2025.
• The election deadline for shareholders to choose their consideration was August 27, 2025.
• Shares were expected to be delisted from the TSX and NYSE American in early September 2025.

Corporate website and regulatory filings for investor communication

Communication with the investment community relied heavily on official disclosures. The corporate website served as a central hub for official news releases and key documents, directing investors to regulatory sources.

Key communication channels included:

• The Company's official website, specifically the section hosting information like the Pan American meeting materials: https://magsilver.com/investors/#pan-american-meeting.
• Filings on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) for Canadian reporting.
• Filings on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system for US reporting.

Dividend payments to shareholders, like the Q2 2025 total of $39,316 thousand

Distributing cash back to shareholders was a direct financial channel, primarily funded by the cash flow generated from the Juanicipio mine. The Q2 2025 results highlighted this distribution mechanism clearly.

The dividend activity around the Q2 2025 period provides concrete figures:

Dividend Event	Per Share Amount	Total Amount (in thousands USD)
Q2 2025 Total Paid to Shareholders	N/A	$39,316
Second Dividend Paid (May 28, 2025)	$0.20	N/A
Third Dividend Declared (Aug 11, 2025)	$0.144	N/A

The third dividend declared in August 2025 included a fixed component of $0.02 per share and a cash flow-linked component of $0.124 per share, which represented approximately 30% of the $40,872 thousand free cash flow attributable to MAG Silver Corp. from Juanicipio in Q2 2025. You see the direct link between operational success and shareholder return right there. Finance: draft 13-week cash view by Friday.

MAG Silver Corp. (MAG) - Canvas Business Model: Customer Segments

You're looking at the customer segments for MAG Silver Corp. as of late 2025, which means we have to talk about the massive shift that just happened. Honestly, the primary customer segment for the asset-the Juanicipio mine-is now the acquirer, Pan American Silver Corp. The former equity holders have transitioned into a new investor segment within the larger entity.

Here's a breakdown of the key groups interacting with the former MAG Silver structure:

• Institutional and retail equity investors seeking silver exposure
• Metal traders and refiners purchasing polymetallic concentrates
• Pan American Silver Corp., the new ultimate owner of the asset
• Financial analysts and investment banks tracking the precious metals sector

Institutional and retail equity investors seeking silver exposure

Before the acquisition, this group was buying MAG Silver Corp. shares on the NYSE American (NYSEAM) and TSX, attracted by the high-grade Juanicipio development story. As of the May 11, 2025, announcement, shareholders were offered a deal valued at approximately US$2.1 billion, or $20.54 per MAG share. This offer included a cash component of $500 million total. The deal represented a premium of about 21% over the closing price on May 9, 2025. Post-closing in September 2025, these investors became shareholders in Pan American Silver Corp., owning approximately 14% to 14.3% of the combined entity on a fully diluted basis. For context on MAG Silver's standalone appeal before the deal, Q1 2025 saw record adjusted EBITDA of $56M and net income of $29M, with the company holding $156M in cash and no debt.

Metal traders and refiners purchasing polymetallic concentrates

This segment deals with the physical output from the Juanicipio operation, which MAG Silver held a 44% joint venture interest in. Until the full Juanicipio processing plant was commissioned, material was processed at Fresnillo-owned plants, and the resulting lead (silver-rich) and zinc concentrates were treated under off-take agreements. The primary buyer for these concentrates was Met-Mex Peñoles, S.A. de C.V., an affiliate of Fresnillo. The high-grade nature of the material is evident in the Q2 2025 silver head grade of 417 g/t. The low-cost profile of the asset is a key draw for any purchaser; for the first half of 2025, Juanicipio's attributable cash cost per equivalent silver ounce sold for MAG was $8.38/oz.

Pan American Silver Corp., the new ultimate owner of the asset

Pan American Silver Corp. is the definitive, new ultimate customer/owner, having completed the acquisition on September 5, 2025. This transaction brought MAG Silver's 44% joint venture interest in the Juanicipio mine directly into Pan American's portfolio. The strategic value for Pan American was gaining access to one of the world's lowest-cost silver producers, with 2025 guidance for the asset suggesting cash costs between -$1.00 and $1.00 per ounce on a 44% basis. The combined entity is expected to leverage this asset, which had a Q2 2025 silver price environment of $33.60/oz. Pan American also acquired the Deer Trail and Larder exploration properties.

Financial analysts and investment banks tracking the precious metals sector

These professionals now track the performance of the combined entity, Pan American Silver, but they were heavily involved in valuing MAG Silver leading up to the deal. For instance, National Bank of Canada maintained an Outperform rating with a CA$32.75 per share target price on MAG Silver before the acquisition, implying a potential return of 49%. Analysts were focused on MAG Silver's ability to generate free cash flow, which for Juanicipio in Q2 2025 was $40,872 thousand attributable to MAG. The market was clearly paying attention, as MAG Silver's Q1 2025 EPS of $0.28 beat the forecast of $0.20, causing the stock to rise 3.61% following that announcement.

The key financial metrics defining the value proposition for these segments are summarized below:

Metric	Value/Amount	Context/Date
Total Acquisition Consideration	US$2.1 billion	May 2025 Announcement
Cash Component of Acquisition	$500 million	Transaction Term
Implied Value Per MAG Share	$20.54	May 9, 2025 Price Basis
Former MAG Shareholder Ownership in PAAS	Approx. 14%	Post-Transaction Fully Diluted
Juanicipio JV Interest Acquired	44%	Asset Acquired
Juanicipio 2025 Silver Production Guidance (44% basis)	6.5-7.3 million ounces	2025 Guidance
Juanicipio 2025 Cash Cost Guidance (44% basis)	Between -$1.00 and $1.00 per ounce	2025 Guidance
MAG Q1 2025 Revenue	$175 million	Q1 2025 Financials
MAG Q2 2025 Net Income	$33,444 thousand	Q2 2025 Financials
MAG Q2 2025 Attributable FCF from Juanicipio	$40,872 thousand	Q2 2025

The shift means that for the metal traders, the counterparty for off-take agreements is now Pan American Silver, not MAG Silver, though the physical flow from the Fresnillo-operated mine remains the same. The analysts now focus on Pan American's integration success and how the Juanicipio asset, with its Q2 2025 cash cost of -$3.90/oz for silver ounces sold, impacts the larger producer's margins.

MAG Silver Corp. (MAG) - Canvas Business Model: Cost Structure

You're looking at the cost side of MAG Silver Corp.'s business as of late 2025, which is heavily influenced by its 44% interest in the Juanicipio Joint Venture (JV) in Mexico. The structure is dominated by direct operational costs from the mine, followed by corporate overhead and investment in future growth.

Mining and processing costs at the Juanicipio JV

The costs associated with running the Juanicipio mine are tracked closely, with performance measured against the 2025 guidance. The operational costs are significantly impacted by the high-grade nature of the orebody and ongoing recovery optimizations.

For the three months ended June 30, 2025, MAG Silver Corp.'s attributable costs at Juanicipio showed strong performance against initial forecasts:

Cost Metric (Attributable to MAG)	Q2 2025 Actual (3 Months Ended June 30, 2025)	2025 Guidance Range (Per Silver Ounce Sold)
Cash Cost per Silver Ounce Sold	negative \$3.90/oz	(\$1.00) to \$1.00
All-in Sustaining Cost (AISC) per Ounce Sold	\$0.65/oz	\$6.00 to \$8.00
All-in Sustaining Cost (AISC) per Equivalent Silver Ounce Sold	\$11.46/oz	\$6.00 to \$8.00

The negative cash cost per silver ounce sold for the quarter was largely due to higher by-product revenues, specifically from gold, which offset the primary silver production costs. The AISC per equivalent silver ounce sold of \$11.46/oz in Q2 2025 was impacted by \$2,666 thousand higher sustaining capital expenditures driven by exploration spend and tailings cell 2 construction.

For context on the underlying operating expenses before sustaining capital and by-product credits, the 2023 technical report provided a baseline for operating costs on a 100% basis:

• Mining cost: \$63.32/t ore
• Processing cost: \$12.15/t ore
• General and Administration cost: \$10.38/t ore
• Total operating cost: \$85.85/t ore

Sustaining capital expenditures, guided at \$70 million to \$80 million for 2025

MAG Silver Corp. guided for total sustaining capital expenditures for 2025 to fall between \$70,000 thousand and \$80,000 thousand. These expenditures are essential to maintain the current operational capacity and life of the mine at Juanicipio.

Key investments driving this sustaining capital spend include:

• Expansion of the tailings dam to secure approximately six years of deposition capacity.
• Development of necessary underground infrastructure, such as workshops, electrical systems, and pumping infrastructure.

This contrasts with the estimated Expansionary capital expenditures for 2025, guided between \$22 million and \$28 million, which are focused on the underground conveyor system intended for commissioning in late 2026 to drive future efficiencies.

Exploration and business defintely development expenses, including Q2 2025 costs of \$3,563 thousand

Exploration and business development costs represent investment in future resource expansion and corporate transactions. For the three months ended June 30, 2025, the Company reported costs of \$3,563 thousand included in general exploration and business development expenses. These costs were associated with the pending Transaction MAG Silver was involved in during that period.

The overall exploration focus remains active across the portfolio, including nearly 9,500 meters drilled underground at Juanicipio during Q2 2025, with surface work adding over 6,000 meters targeting key structures.

General and administrative (G&A) expenses for the corporate structure

The corporate structure costs, which are separate from the mine operating costs, are tracked as General and Administrative (G&A) expenses. For the three months ended June 30, 2025, corporate G&A expenses, excluding depreciation, totaled \$4,655 thousand. This is up from \$3,473 thousand in the same period of 2024.

To give you a sense of the scale, the full year 2024 corporate G&A expenses, excluding depreciation, were \$14,131 thousand. So, the Q2 2025 run rate suggests the 2025 annual G&A will likely exceed the prior year's total.

MAG Silver Corp. (MAG) - Canvas Business Model: Revenue Streams

You're looking at the core ways MAG Silver Corp. (MAG) brings in money, which is heavily concentrated on its stake in the Juanicipio Mine in Mexico. Honestly, the structure is pretty straightforward: it's all about that 44% ownership slice.

The primary revenue driver is the income MAG Silver Corp. recognizes from its 44% joint venture interest in the Juanicipio Mine, which is operated by Fresnillo plc.

• 44% share of revenue from Juanicipio's silver, gold, lead, and zinc concentrate sales: This is realized through the equity accounting method, reflecting MAG Silver Corp.'s proportionate share of the mine's operational results.

Here's a look at the key financial figures related to this stream for the three months ended June 30, 2025:

Revenue Component / Metric	Attributable Amount (US$ thousands)	Context / Period
Income from equity accounted investment in Juanicipio	$42,091	Q2 2025
Free Cash Flow (FCF) attributable to MAG	$40,872	Q2 2025, used to calculate the third dividend
Interest income on cash and term deposits	$1,459	Three months ended June 30, 2025
Cash cost per silver ounce sold (Juanicipio)	negative $3.90/oz	Three months ended June 30, 2025

The income from the equity accounted investment of $42,091 thousand in Q2 2025 includes MAG Silver Corp.'s 44% share of net income from operations plus any loan interest earned on advances made to Juanicipio; notably, all loan balances to Juanicipio were fully repaid as of April 2025.

The Free Cash Flow (FCF) generated by Juanicipio attributable to MAG in Q2 2025 was $40,872 thousand. This robust cash generation directly supported shareholder returns, as the third dividend declared in August 2025 was partially linked to this figure, with the cash flow-linked component representing approximately 30% of that $40,872 thousand.

MAG Silver Corp. also generates a smaller, but consistent, revenue stream from its own balance sheet:

• Interest income on cash and term deposits was $1,459 thousand for the three months ended June 30, 2025.

To give you a sense of the operational strength underpinning the equity income, the Juanicipio plant processed 342,515 tonnes of ore in Q2 2025, achieving a silver head grade of 417 g/t and a silver recovery rate of 94.6%. This efficiency helped drive the cash cost per silver ounce sold to a negative $3.90/oz for the quarter.

Finance: draft 13-week cash view by Friday.