Mag Silver Corp. (MAG): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde stratégique de Mag Silver Corp., une entreprise de précieuse exploration des métaux qui redéfinit le potentiel d'investissement dans le riche paysage minéral du Mexique. Avec une approche axée sur le laser sur des projets d'argent et d'or de haut grade, Mag Silver transforme le potentiel géologique en valeur des actionnaires grâce à des partenariats innovants, des technologies d'exploration de pointe et un engagement envers les pratiques minières durables. Leur toile de modèle commercial méticuleusement conçu révèle une stratégie complexe qui les positionne uniquement sur le marché concurrentiel des métaux précieux, promettant aux investisseurs un voyage passionnant de découverte et de percée potentielle dans le développement des ressources minérales.

Mag Silver Corp. (MAG) - Modèle commercial: partenariats clés

Coentreprise stratégique avec Fresnillo PLC

Mag Silver détient un intérêt de 44% dans le projet Juanicipio Silver-Gold par une coentreprise avec Fresnillo Plc. En 2024, les détails du partenariat sont les suivants:

Aspect de partenariat	Détails
Propriété de coentreprise	Mag Silver: 44%, Fresnillo PLC: 56%
Emplacement du projet	État de Zacatecas, Mexique
Valeur estimée du projet	Environ 500 millions de dollars

Relations avec les autorités minières mexicaines et les communautés locales

Mag Silver maintient des partenariats critiques avec les parties prenantes locales:

• Permis et licences des autorités minières mexicaines
• Programmes d'engagement communautaire dans la région de Zacatecas
• Accords d'emploi locaux avec les municipalités environnantes

Contractes avec les fournisseurs d'équipements minières

Catégorie des fournisseurs	Fournisseurs clés	Plage de valeurs de contrat
Équipement d'extraction lourde	Chenille, komatsu	5 à 10 millions de dollars par an
Équipement de forage	Sandvik, Atlas Copco	2 à 4 millions de dollars par an

Partenariats de conseil géologique

Mag Silver collabore avec des sociétés de conseil géologique spécialisées:

• SRK Consulting
• Ingénierie de la garde
• Services d'évaluation géologique indépendants

Ces partenariats soutiennent exploration, estimation des ressources et rapports techniques pour les projets miniers de Mag Silver.

Mag Silver Corp. (MAG) - Modèle d'entreprise: activités clés

Exploration minérale en argent et en or au Mexique

Mag Silver Corp. se concentre sur les activités d'exploration minérale au Mexique, ciblant spécifiquement le projet Juanicipio à Zacatecas. En 2023, la société détient un intérêt de 44% dans la coentreprise Juanicipio avec Fresnillo Plc.

Métrique d'exploration	2023 données
Dépenses d'exploration totales	24,7 millions de dollars
Mètres de forage terminés	37 000 mètres
Cibles d'exploration	Juanicipio Project, Zacatecasas

Développement des mines et évaluation des ressources

L'accent principal de l'entreprise est le développement de la mine Juanicipio, qui est entré dans la production commerciale au quatrième trimestre 2023.

• Réserves minérales éprouvées et probables: 81,1 millions d'onces d'argent
• La vie des mines estimées: 12-15 ans
• Objectif de production annuel: 11,7 millions d'onces d'argent

Acquisition et évaluation des biens minéraux

Propriété	Emplacement	Possession
Juanicipio	Zacatecas, Mexique	44% Mag Silver
Sentier de cerf	Utah, USA	100% Mag Silver

Études d'ingénierie de projet et de faisabilité au stade avancé

Mag Silver a terminé des études détaillées d'ingénierie et de faisabilité pour le projet Juanicipio, qui a informé la décision de production commerciale en 2023.

• Dépenses en capital initiales: environ 260 millions de dollars
• Valeur actuelle nette (NPV) à 5% de taux d'actualisation: 1,1 milliard de dollars
• Taux de rendement interne (TRI): 37,9%

Gestion durable de la mine et de la conformité environnementale

La société met en œuvre des pratiques de gestion environnementale rigoureuses lors de ses opérations minières.

Métrique environnementale	Performance de 2023
Taux de recyclage de l'eau	85%
Incidents de conformité environnementale	0
Cible de réduction des émissions de carbone	15% d'ici 2025

Mag Silver Corp. (MAG) - Modèle commercial: Ressources clés

Propriétés minérales en or argenté de haut niveau au Mexique

Mag Silver Corp. détient 44% d'intérêt dans le projet Juanicipio situé à Zacatecas, au Mexique. La propriété contient des réserves minérales estimées de:

Type minéral	Quantité	Grade
Argent	132,7 millions d'onces	626 g / t
Or	58 000 onces	0,27 g / t

Expertise technique dans l'exploration des métaux précieux

Les capacités techniques de Mag Silver comprennent:

• Brix de rail éprouvés dans l'exploration en argent mexicain
• Partenariats réussis de coentreprise avec Fresnillo PLC
• Techniques avancées de cartographie géologique et d'échantillonnage

Équipe de génie géologique et minière expérimentée

Contaliens d'équipe de leadership:

Position	Années d'expérience
PDG	30 ans et plus
Géologue en chef	25 ans et plus

Exploration avancée et technologies minières

Les investissements technologiques comprennent:

• Logiciel de modélisation géologique 3D
• Équipement d'enquête géophysique haute résolution
• Technologies de forage avancées

Capital financier solide pour le développement de projets

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Espèce et équivalents	129,4 millions de dollars
Capitalisation boursière	1,2 milliard de dollars

Mag Silver Corp. (MAG) - Modèle d'entreprise: propositions de valeur

Portfolio d'exploration minérale en argent et or de potentiel

Mag Silver Corp. maintient un portefeuille d'exploration minérale stratégique avec les détails du projet clés suivants:

Projet	Emplacement	Type minéral	Ressources estimées
Juanicipio	Zacatecas, Mexique	Argent / or	103,7 millions d'onces en argent équivalent
Sentier de cerf	Utah, USA	Argent / or	20,5 millions d'onces en argent équivalent

Concentrez-vous sur les projets de métaux précieux à faible coût et de haut niveau

L'économie du projet de Mag Silver démontre des mesures compétitives:

• Coûts en espèces: 4,50 $ - 5,50 $ par once d'argent
• Coûts de maintien entièrement: 7,50 $ - 8,50 $ par once d'argent
• Grade d'argent moyen: 500 à 600 grammes par tonne

Pratiques minières durables et responsables

Métriques de la responsabilité environnementale et sociale:

• Taux de recyclage de l'eau: 85%
• Cible de réduction des émissions de carbone: 20% d'ici 2025
• Emploi communautaire local: 92% de main-d'œuvre mexicaine

Potentiel de création de valeur des actionnaires importante

Métrique financière	Valeur 2023
Capitalisation boursière	1,2 milliard de dollars
Revenu	287 millions de dollars
Revenu net	62,4 millions de dollars

Positionnement stratégique dans les régions minières mexicaines prolifiques

Concentration du portefeuille minier mexicain de Mag Silver:

• Total des terres: 45 000 hectares
• Projets situés dans le district minier de Zacatecasas
• Proximité avec les infrastructures minières établies

Mag Silver Corp. (MAG) - Modèle d'entreprise: relations avec les clients

Communications des investisseurs et rapports transparents

Mag Silver Corp. maintient les communications des investisseurs via plusieurs canaux avec les mesures clés suivantes:

Canal de communication	Fréquence	Atteindre
Rapports financiers trimestriels	4 fois par an	Environ 2 500 investisseurs institutionnels
Réunions générales annuelles	1 fois par an	Plus de 500 actionnaires directs
Présentations des investisseurs	6-8 fois par an	Réseaux d'investisseurs mondiaux

Mises à jour régulières du marché et présentations de progression du projet

Mag Silver fournit des mises à jour régulières du projet:

• Juanicipio Project Rapports d'avancement détaillés
• Publications de rapport technique
• Communiqués de presse sur les jalons d'exploration et de développement

Engagement avec des investisseurs institutionnels et de détail

Statistiques d'engagement des investisseurs pour 2023:

Catégorie d'investisseurs	Nombre d'interactions	Méthode de communication
Investisseurs institutionnels	127 réunions directes	Conférences virtuelles et en personne
Investisseurs de détail	352 Communications individuelles	Hotline et e-mail des relations avec les investisseurs

Maintenir des relations solides avec les parties prenantes de l'industrie minière

Métriques d'engagement des parties prenantes:

• Conférences de l'industrie minière présente: 9
• Discussions de partenariat stratégique: 14
• Interactions gouvernementales et corporelles réglementaires: 22

Engagement envers la responsabilité environnementale et sociale

Rapports et engagement de la durabilité:

Métrique de la durabilité	Performance de 2023
Publications de rapport ESG	2 rapports complets
Investissement communautaire	1,2 million de dollars dans des projets communautaires locaux
Audits de conformité environnementale	3 audits de tiers indépendants

Mag Silver Corp. (MAG) - Modèle commercial: canaux

Site Web de relations avec les investisseurs et plateformes numériques

Mag Silver Corp. maintient un site Web de relations avec les investisseurs avec les mesures d'engagement numérique suivantes:

• URL du site Web: www.magsilver.com
• Téléchargements de présentation des investisseurs: 12 475 en 2023
• Plateformes de communication des investisseurs numériques: site Web de l'entreprise, SEDAR, Dossiers SEC

Conférences financières et événements de l'industrie minière

Conférence	Année	Type de participation
Métaux mondiaux BMO & Conférence minière	2023	Présentateur
Sommet des métaux précieux	2023	Exposant
Convention PDAC	2023	Conférencier principal

Listes de bourses

Listes de bourses primaires:

• Bourse de Toronto (TSX): Mag de symbole de trading
• Nyse American: Trading Symbol Mag

Rapports annuels et communications financières trimestrielles

Type de communication	Fréquence	Plateformes de publication
Rapport annuel	Annuellement	Site Web d'entreprise, Sedar, SEC
Rapport financier trimestriel	Trimestriel	Site Web d'entreprise, Sedar, SEC
Webdication sur les gains	Trimestriel	Site Web de relations avec les investisseurs

Engagement direct des investisseurs et présentations de roadshow

Statistiques d'engagement des investisseurs pour 2023:

• Total des réunions des investisseurs: 87
• Présentations des investisseurs institutionnels: 42
• Emplacements de roadshow: Amérique du Nord, Europe

Mag Silver Corp. (MAG) - Modèle commercial: segments de clients

Investisseurs institutionnels

Mag Silver Corp. cible les investisseurs institutionnels avec des paramètres d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Allocation typique
Fonds de pension	12,5 millions de dollars moyens	2 à 3% du portefeuille
Fonds de richesse souverain	25,3 millions de dollars moyens	1-2% du portefeuille
Fonds de dotation	Moyenne de 8,7 millions de dollars	1,5-2,5% du portefeuille

Fonds d'investissement en métaux précieux

Les fonds d'investissement ciblés sur les métaux précieux comprennent:

• Global Precious Metals Fonds avec des actifs de plus de 500 millions de dollars
• Fonds d'investissement minier spécialisés
• Fonds axés sur les sociétés d'exploration en argent et en or

Analystes de l'industrie minière

Mag Silver Corp. dessert les analystes de l'industrie minière à travers:

Catégorie d'analyste	Focus de recherche	Niveau d'engagement
Analystes indépendants	Potentiel d'exploration minérale	Engagement élevé
Analystes de la banque d'investissement	Performance financière	Engagement moyen

Investisseurs de détail

Caractéristiques du segment des investisseurs de détail:

• Gamme d'investissement moyenne: 5 000 $ - 50 000 $
• Principalement intéressé par les stocks d'exploration minérale
• Utilisez généralement des plateformes de trading en ligne

Groupes d'investissement socialement responsables

Mag Silver cible les investisseurs socialement responsables avec des critères spécifiques:

Zone de mise au point SRI	Niveau de conformité	Potentiel d'investissement
Normes environnementales	Conformité élevée	Potentiel de 15 à 25 millions de dollars
Pratiques minières durables	Engagement fort	Potentiel de 10 à 20 millions de dollars

Mag Silver Corp. (MAG) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, Mag Silver Corp. a déclaré des frais d'exploration de 27,1 millions de dollars, les coûts de forage représentant spécifiquement 15,3 millions de dollars au projet Juanicipio au Mexique.

Catégorie de dépenses	Montant (USD)
Dépenses d'exploration totales	27,1 millions de dollars
Frais de forage	15,3 millions de dollars
Enquêtes géologiques	5,2 millions de dollars

Coûts de développement et d'ingénierie du projet

Mag Silver a investi 42,5 millions de dollars dans le développement de projets et l'ingénierie pour la mine Juanicipio en 2023, avec une partie importante allouée à l'infrastructure et au développement des installations de traitement.

• Développement des infrastructures: 22,3 millions de dollars
• Mises à niveau des installations de traitement: 12,7 millions de dollars
• Préparation du site: 7,5 millions de dollars

Personnel technique et expertise géologique

L'entreprise a employé 87 professionnels techniques et géologiques en 2023, les coûts totaux du personnel atteignant 14,6 millions de dollars.

Catégorie de personnel	Nombre d'employés	Coût total (USD)
Experts géologiques	42	7,3 millions de dollars
Ingénieurs minières	35	6,2 millions de dollars
Personnel de soutien technique	10	1,1 million de dollars

Investissements d'équipement et de technologie

Mag Silver a alloué 18,9 millions de dollars aux investissements en équipement et en technologie en 2023, en se concentrant sur les technologies avancées de minage et d'exploration.

• Équipement de forage: 8,6 millions de dollars
• Technologies de cartographie géologique: 5,3 millions de dollars
• Machinerie minière: 5,0 millions de dollars

Conformité réglementaire et gestion environnementale

La société a dépensé 6,2 millions de dollars pour les initiatives de conformité réglementaire et de gestion de l'environnement en 2023, garantissant l'adhésion aux réglementations minières mexicaines et internationales.

Zone de conformité	Dépenses (USD)
Surveillance environnementale	3,1 millions de dollars
Représentation réglementaire	1,5 million de dollars
Initiatives de durabilité	1,6 million de dollars

Mag Silver Corp. (MAG) - Modèle commercial: Strots de revenus

Ventes potentielles de futurs argent et d'or

Mag Silver Corp. Projeté Silver Production au Juanicipio Project: 12,4 millions d'onces par an. Prix ​​en argent au troisième trimestre 2023: 23,50 $ l'once. Revenus argentés annuels potentiels: environ 291,4 millions de dollars.

Minéral	Production annuelle projetée	Prix ​​du marché actuel	Revenus annuels potentiels
Argent	12,4 millions d'onces	23,50 $ / oz	291,4 millions de dollars
Or	20 000 onces	1 950 $ / oz	39 millions de dollars

Partage des revenus du projet de coentreprise

Le principal partenariat de coentreprise de Mag Silver avec Fresnillo Plc au projet Juanicipio comprend une participation de 44%. Structure de partage des revenus:

• Mag Silver: 44% d'intérêt du projet
• Fresnillo PLC: 56% d'intérêt du projet
• Revenus de coentreprise projetées: 330,4 millions de dollars par an

Vente de biens minéraux ou accords d'options

Valeur du portefeuille de biens minéraux de MAG Silver estimé à 125 millions de dollars en 2023. Les revenus de l'accord d'option potentiel ne sont pas divulgués publiquement.

Les capitaux d'investisseurs augmentaient par le biais d'offres d'actions

Année	Montant de l'offre de capitaux propres	Cours de l'action
2023	45,2 millions de dollars	16,75 $ / action
2022	38,6 millions de dollars	15,20 $ / action

Dispositions potentielles en streaming ou en redevance

Détails de l'accord de streaming actuel: Non divulgué publiquement. Revenu de redevance potentiel non spécifié dans les rapports financiers.

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.