MAG Silver Corp. (MAG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Mag Silver Corp., una compañía pionera de exploración de metales preciosos que está redefiniendo el potencial de inversión en el rico panorama mineral de México. Con un enfoque centrado en el láser en proyectos de plata y oro de alto grado, MAG Silver transforma el potencial geológico en valor de los accionistas a través de asociaciones innovadoras, tecnologías de exploración de vanguardia y un compromiso con las prácticas mineras sostenibles. Su lienzo de modelo de negocio meticulosamente elaborado revela una estrategia compleja que los posiciona únicamente en el mercado competitivo de metales preciosos, prometiendo a los inversores un emocionante viaje de descubrimiento y un posible avance en el desarrollo de recursos minerales.

Mag Silver Corp. (MAG) - Modelo de negocios: asociaciones clave

Empresa conjunta estratégica con Fresnillo plc

Mag Silver posee un 44% de interés en el proyecto Juanicipio Silver-Gold a través de una empresa conjunta con Fresnillo PLC. A partir de 2024, los detalles de la asociación son los siguientes:

Aspecto de asociación	Detalles
Propiedad de la empresa conjunta	Mag Silver: 44%, Fresnillo PLC: 56%
Ubicación del proyecto	Estado de Zacatecas, México
Valor estimado del proyecto	Aproximadamente $ 500 millones USD

Relaciones con las autoridades mineras mexicanas y las comunidades locales

Mag Silver mantiene asociaciones críticas con las partes interesadas locales:

• Permisos y licencias de autoridades mineras mexicanas
• Programas de participación comunitaria en la región de Zacatecas
• Acuerdos de empleo locales con municipios circundantes

Contratos con proveedores de equipos mineros

Categoría de proveedor	Proveedores clave	Rango de valor del contrato
Equipo minero pesado	Caterpillar, Komatsu	$ 5-10 millones anuales
Equipo de perforación	Sandvik, Atlas Copco	$ 2-4 millones anualmente

Asociaciones de consultoría geológica

Mag Silver colabora con firmas de consultoría geológica especializadas:

• Consultoría SRK
• Ingeniería de guardia
• Servicios de evaluación geológica independiente

Estas asociaciones apoyan exploración, estimación de recursos e informes técnicos Para los proyectos mineros de Mag Silver.

Mag Silver Corp. (MAG) - Modelo de negocios: actividades clave

Exploración mineral de plata y oro en México

Mag Silver Corp. se centra en las actividades de exploración mineral en México, específicamente dirigida al proyecto Juanicipio en Zacatecas. A partir de 2023, la compañía tiene un interés del 44% en la empresa conjunta de Juanicipio con Fresnillo plc.

Métrico de exploración	2023 datos
Gasto total de exploración	$ 24.7 millones
Medidores de perforación completados	37,000 metros
Objetivos de exploración	Proyecto Juanicipio, Zacatecas

Desarrollo de minas y evaluación de recursos

El enfoque principal de la compañía es el desarrollo de la mina Juanicipio, que ingresó a la producción comercial en el cuarto trimestre de 2023.

• Reservas minerales probadas y probables: 81.1 millones de onzas de plata
• Vida mina estimada: 12-15 años
• Objetivo de producción anual: 11.7 millones de onzas de plata

Adquisición y evaluación de propiedades minerales

Propiedad	Ubicación	Propiedad
Juanicipio	Zacatecas, México	44% de plata mag
Sendero de ciervos	Utah, EE. UU.	100% de plata mag

Estudios de ingeniería y factibilidad de proyectos de etapa avanzada

Mag Silver completó estudios detallados de ingeniería y viabilidad para el proyecto Juanicipio, que informó la decisión de producción comercial en 2023.

• Gasto de capital inicial: aproximadamente $ 260 millones
• Valor presente neto (VPN) a una tasa de descuento del 5%: $ 1.1 mil millones
• Tasa de rendimiento interna (TIR): 37.9%

Minería sostenible y gestión de cumplimiento ambiental

La compañía implementa rigurosas prácticas de gestión ambiental en sus operaciones mineras.

Métrica ambiental	2023 rendimiento
Tasa de reciclaje de agua	85%
Incidentes de cumplimiento ambiental	0
Objetivo de reducción de emisiones de carbono	15% para 2025

Mag Silver Corp. (MAG) - Modelo de negocios: recursos clave

Propiedades minerales de alto grado de plateado en México en México

Mag Silver Corp. posee un 44% de interés en el proyecto Juanicipio ubicado en Zacatecas, México. La propiedad contiene reservas minerales estimadas de:

Tipo mineral	Cantidad	Calificación
Plata	132.7 millones de onzas	626 g/t
Oro	58,000 onzas	0.27 g/t

Experiencia técnica en exploración de metales preciosos

Las capacidades técnicas de Mag Silver incluyen:

• Probado historial en exploración de plata mexicana
• Asociaciones de empresas conjuntas exitosas con Fresnillo PLC
• Mapeo geológico avanzado y técnicas de muestreo

Equipo experimentado de ingeniería geológica y minera

Credenciales del equipo de liderazgo:

Posición	Años de experiencia
CEO	Más de 30 años
Geólogo jefe	Más de 25 años

Tecnologías avanzadas de exploración y minería

Las inversiones tecnológicas incluyen:

• Software de modelado geológico 3D
• Equipo de encuesta geofísica de alta resolución
• Tecnologías de perforación avanzada

Fuerte capital financiero para el desarrollo de proyectos

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Efectivo y equivalentes	$ 129.4 millones
Capitalización de mercado	$ 1.2 mil millones

Mag Silver Corp. (MAG) - Modelo de negocio: propuestas de valor

Cartera de exploración mineral de plata y oro de alto potencial

Mag Silver Corp. mantiene una cartera estratégica de exploración mineral con los siguientes detalles clave del proyecto:

Proyecto	Ubicación	Tipo mineral	Recursos estimados
Juanicipio	Zacatecas, México	Plata/oro	103.7 millones de onzas de plata equivalente
Sendero de ciervos	Utah, EE. UU.	Plata/oro	20.5 millones de onzas de plata equivalente

Centrarse en proyectos de metales preciosos de bajo costo y alto grado

La economía del proyecto de Mag Silver demuestra métricas competitivas:

• Costos de efectivo: $ 4.50- $ 5.50 por onza de plata
• Costos de mantenimiento de todo: $ 7.50- $ 8.50 por onza de plata
• Grado de plata promedio: 500-600 gramos por tonelada

Prácticas mineras sostenibles y responsables

Métricas de responsabilidad ambiental y social:

• Tasa de reciclaje de agua: 85%
• Objetivo de reducción de emisiones de carbono: 20% para 2025
• Empleo de la comunidad local: 92% de la fuerza laboral mexicana

Potencial para una creación significativa de valor de los accionistas

Métrica financiera	Valor 2023
Capitalización de mercado	$ 1.2 mil millones
Ganancia	$ 287 millones
Lngresos netos	$ 62.4 millones

Posicionamiento estratégico en prolíficas regiones mineras mexicanas

Concentración de cartera minera mexicana de Mag Silver:

• Totales de propiedad de tierras: 45,000 hectáreas
• Proyectos ubicados en el distrito minero de Zacatecas
• Proximidad a la infraestructura minera establecida

Mag Silver Corp. (MAG) - Modelo de negocios: relaciones con los clientes

Comunicaciones de inversores e informes transparentes

Mag Silver Corp. mantiene las comunicaciones de los inversores a través de múltiples canales con las siguientes métricas clave:

Canal de comunicación	Frecuencia	Alcanzar
Informes financieros trimestrales	4 veces al año	Aproximadamente 2.500 inversores institucionales
Reuniones generales anuales	1 vez por año	Más de 500 accionistas directos
Presentaciones de inversores	6-8 veces anualmente	Redes de inversores globales

Actualizaciones regulares del mercado y presentaciones de progreso del proyecto

Mag Silver proporciona actualizaciones regulares de proyectos a través de:

• Informes de progreso detallados del proyecto Juanicipio
• Publicaciones de informe técnico
• Comunicados de prensa en hitos de exploración y desarrollo

Compromiso con inversores institucionales y minoristas

Estadísticas de participación del inversor para 2023:

Categoría de inversionista	Número de interacciones	Método de comunicación
Inversores institucionales	127 reuniones directas	Conferencias virtuales y en persona
Inversores minoristas	352 comunicaciones individuales	Línea directa de relaciones con inversores y correo electrónico

Mantener relaciones sólidas con las partes interesadas de la industria minera

Métricas de participación de las partes interesadas:

• Conferencias de la industria minera a la que asistieron: 9
• Discusiones de asociación estratégica: 14
• Interacciones gubernamentales y corporales regulatorias: 22

Compromiso con la responsabilidad ambiental y social

Informes de sostenibilidad y compromiso:

Métrica de sostenibilidad	2023 rendimiento
Publicaciones de informes de ESG	2 informes completos
Inversión comunitaria	$ 1.2 millones en proyectos de la comunidad local
Auditorías de cumplimiento ambiental	3 auditorías independientes de terceros

Mag Silver Corp. (MAG) - Modelo de negocios: canales

Sitio web de relaciones con los inversores y plataformas digitales

Mag Silver Corp. mantiene un sitio web de relaciones con los inversores con las siguientes métricas de participación digital:

• URL del sitio web: www.magsilver.com
• Descargas de presentación de inversores: 12,475 en 2023
• Plataformas de comunicación de inversores digitales: sitio web corporativo, Sedar, presentaciones de la SEC

Conferencias financieras y eventos de la industria minera

Conferencia	Año	Tipo de participación
BMO Global Metals & Conferencia minera	2023	Presentador
Cumbre de metales preciosos	2023	Expositor
Convención PDAC	2023	Orador principal

Listados de bolsa de valores

Listados de bolsa de valores primarios:

• Bolsa de Valores de Toronto (TSX): Símbolo de comercio Mag
• NYSE American: Símbolo de comercio mag

Informes anuales y comunicaciones financieras trimestrales

Tipo de comunicación	Frecuencia	Plataformas de publicación
Informe anual	Anualmente	Sitio web corporativo, Sedar, Sec
Informe financiero trimestral	Trimestral	Sitio web corporativo, Sedar, Sec
Transmisión web de ganancias	Trimestral	Sitio web de relaciones con los inversores

Presentaciones directas de compromiso de los inversores y roadshow

Estadísticas de participación del inversor para 2023:

• Reuniones totales de los inversores: 87
• Presentaciones de inversores institucionales: 42
• Roadshow ubicaciones: América del Norte, Europa

Mag Silver Corp. (MAG) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Mag Silver Corp. se dirige a inversores institucionales con parámetros de inversión específicos:

Tipo de inversor	Volumen de inversión	Asignación típica
Fondos de pensiones	$ 12.5 millones promedio	2-3% de la cartera
Fondos de riqueza soberana	$ 25.3 millones promedio	1-2% de cartera
Fondos de dotación	Promedio de $ 8.7 millones	1.5-2.5% de la cartera

Fondos de inversión de metales preciosos

Los fondos de inversión de metales preciosos dirigidos incluyen:

• Global Precious Metals fondos con activos superiores a $ 500 millones
• Fondos de inversión minera especializada
• Fondos centrados en compañías de exploración de plata y oro

Analistas de la industria minera

Mag Silver Corp. sirve a analistas de la industria minera a través de:

Categoría de analista	Enfoque de investigación	Nivel de compromiso
Analistas independientes	Potencial de exploración mineral	Alto compromiso
Analistas de bancos de inversión	Desempeño financiero	Compromiso medio

Inversores minoristas

Características del segmento de inversores minoristas:

• Rango de inversión promedio: $ 5,000 - $ 50,000
• Principalmente interesado en existencias de exploración mineral
• Utiliza normalmente plataformas de comercio en línea

Grupos de inversión socialmente responsables

Mag Silver se dirige a inversores socialmente responsables con criterios específicos:

Área de enfoque SRI	Nivel de cumplimiento	Potencial de inversión
Estándares ambientales	Alto cumplimiento	$ 15-25 millones de potencial
Prácticas mineras sostenibles	Fuerte compromiso	$ 10-20 millones de potencial

Mag Silver Corp. (MAG) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Mag Silver Corp. reportó gastos de exploración de $ 27.1 millones, con costos de perforación que representan específicamente $ 15.3 millones en el proyecto Juanicipio en México.

Categoría de gastos	Cantidad (USD)
Gastos de exploración total	$ 27.1 millones
Costos de perforación	$ 15.3 millones
Encuestas geológicas	$ 5.2 millones

Desarrollo de proyectos y costos de ingeniería

Mag Silver invirtió $ 42.5 millones en desarrollo e ingeniería de proyectos para la mina Juanicipio durante 2023, con una porción significativa asignada a la infraestructura y el desarrollo de las instalaciones de procesamiento.

• Desarrollo de infraestructura: $ 22.3 millones
• Actualizaciones de la instalación de procesamiento: $ 12.7 millones
• Preparación del sitio: $ 7.5 millones

Personal técnico y experiencia geológica

La compañía empleó a 87 profesionales técnicos y geológicos en 2023, con costos totales de personal que alcanzaron los $ 14.6 millones.

Categoría de personal	Número de empleados	Costo total (USD)
Expertos geológicos	42	$ 7.3 millones
Ingenieros mineros	35	$ 6.2 millones
Personal de apoyo técnico	10	$ 1.1 millones

Inversiones de equipos y tecnología

Mag Silver asignó $ 18.9 millones a inversiones de equipos y tecnología en 2023, centrándose en tecnologías avanzadas de minería y exploración.

• Equipo de perforación: $ 8.6 millones
• Tecnologías de mapeo geológico: $ 5.3 millones
• Maquinaria minera: $ 5.0 millones

Cumplimiento regulatorio y gestión ambiental

La compañía gastó $ 6.2 millones en iniciativas regulatorias de cumplimiento y gestión ambiental en 2023, asegurando el cumplimiento de las regulaciones mineras mexicanas e internacionales.

Área de cumplimiento	Gasto (USD)
Monitoreo ambiental	$ 3.1 millones
Informes regulatorios	$ 1.5 millones
Iniciativas de sostenibilidad	$ 1.6 millones

Mag Silver Corp. (MAG) - Modelo de negocios: flujos de ingresos

Posibles ventas futuras de plata y oro

Mag Silver Corp. Producción de plata proyectada en el Proyecto Juanicipio: 12.4 millones de onzas anualmente. Precio de plata a partir del cuarto trimestre 2023: $ 23.50 por onza. Ingresos anuales potenciales de plata: aproximadamente $ 291.4 millones.

Mineral	Producción anual proyectada	Precio de mercado actual	Ingresos anuales potenciales
Plata	12.4 millones de onzas	$ 23.50/oz	$ 291.4 millones
Oro	20,000 onzas	$ 1,950/oz	$ 39 millones

Expartir los ingresos del proyecto de empresa conjunta

La asociación de empresa conjunta clave de Mag Silver con Fresnillo PLC en el Proyecto Juanicipio implica una participación del 44% en la propiedad. Estructura de intercambio de ingresos:

• Mag Silver: 44% de interés del proyecto
• Fresnillo PLC: 56% de interés del proyecto
• Ingresos de empresa conjunta proyectada: $ 330.4 millones anuales

Acuerdos de venta u opción de venta de propiedades minerales

El valor de la cartera de propiedades minerales de Mag Silver estimado en $ 125 millones a partir de 2023. Los posibles ingresos del acuerdo de opción no se divulgan públicamente.

La recaudación de capital de los inversores a través de las ofertas de capital

Año	Cantidad de oferta de capital	Precio de las acciones
2023	$ 45.2 millones	$ 16.75/acción
2022	$ 38.6 millones	$ 15.20/acción

Arreglos potenciales de transmisión o regalías

Detalles del acuerdo de transmisión actual: no se divulga públicamente. Ingresos de regalías potenciales no especificados en los informes financieros.

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.