MAG Silver Corp. (MAG): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the business of MAG Silver Corp. now that the Pan American Silver acquisition has closed, and frankly, the whole model centers on one thing: their 44% stake in the Juanicipio Mine. To be clear, this isn't just about ownership; it's about performance, evidenced by their stunning Q2 2025 result: a negative cash cost of negative $3.90/oz of silver sold, which flowed down to $40,872 thousand in attributable Free Cash Flow that same quarter. We need to look past the corporate change and see the nine building blocks that drive this high-margin reality, from managing the joint venture with Fresnillo plc to selling those metal concentrates-check out the full canvas below to see the mechanics.

MAG Silver Corp. (MAG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that defined MAG Silver Corp.'s structure right up to its acquisition by Pan American Silver Corp. in late 2025. These partnerships, especially the joint venture structure and the final change of control, are central to understanding the company's value proposition.

Fresnillo plc: Operator and Joint Venture Partner

The primary operational relationship for MAG Silver Corp. was its joint venture with Fresnillo plc over the Juanicipio Mine in Zacatecas, Mexico. Fresnillo plc is the designated operator of the mine, holding the majority stake. MAG Silver Corp. held a 44% joint venture interest in Minera Juanicipio, S.A. de C.V., while Fresnillo plc held the remaining 56% interest. This structure meant that all costs related to the project were shared pro-rata based on these ownership interests.

The Juanicipio Mine is a high-grade silver-gold-zinc-lead epithermal vein system situated on the Fresnillo Silver Trend. The processing facility achieved nameplate production capacity in 2023. For the first quarter of 2025, Juanicipio produced 4.5 million ounces of silver, along with gold, lead, and zinc by-products. The All-in Sustaining Cost (AISC) for that quarter was reported at $10.64 per ounce of silver equivalent. MAG Silver Corp.'s attributable interest in Juanicipio adjusted EBITDA for the second quarter of 2025 was $63,221 (in thousands of US$).

Pan American Silver Corp.: Strategic Acquirer

The most significant partnership event of late 2025 was the definitive agreement for Pan American Silver Corp. to acquire all outstanding common shares of MAG Silver Corp. The total consideration for this strategic consolidation was approximately $2.1 billion. The transaction officially closed on September 4, 2025.

The consideration package for MAG Silver Corp. shareholders was structured as follows:

This acquisition transferred MAG Silver Corp.'s 44% joint venture interest in Juanicipio to Pan American Silver Corp. Pan American Silver projects that with a full contribution from Juanicipio, its silver production could reach ~25 million ounces in 2026.

Off-take Partners and Realized Pricing

The revenue realization process for the concentrates produced at Juanicipio is governed by offtake contracts. Sales and treatment charges are initially recorded on a provisional basis and subsequently adjusted based on final assay results and metal pricing adjustments as stipulated in these contracts. This mechanism directly impacts the realized cash costs.

For the three months ending June 30, 2025, the cash cost per silver ounce sold was negative ($3.90)/oz, and the cash cost per equivalent silver ounce sold was $8.38/oz. This compares to negative ($0.91)/oz and $8.50/oz, respectively, for the first quarter of 2025.

The realized metal prices for the year ended December 31, 2024, which set a recent benchmark for contract adjustments, were:

• Silver: $28.78/oz
• Gold: $2,430.76/oz
• Lead: $0.92/lb
• Zinc: $1.28/lb

Mexican Government and Regulatory Bodies

Operating in Mexico requires navigating the regulatory framework for mining concessions and approvals. The Pan American Silver Corp. acquisition was contingent upon customary closing conditions, which included clearance under Mexican anti-trust laws. Specifically, the Federal Economic Competition Commission (COFECE) provided the necessary backing to close the transaction on September 4, 2025.

The operational continuity of the Juanicipio project relies on maintaining the required mineral property claims. It's worth noting the broader regulatory context, as historical data indicates that no new mining concessions had been approved since the current administration took over in 2018, with slow permitting affecting development projects.

MAG Silver Corp. was also subject to specific royalty obligations related to its other Mexican assets, including a 2.5% NSR royalty on the Cinco de Mayo property.

MAG Silver Corp. (MAG) - Canvas Business Model: Key Activities

You're looking at the core actions MAG Silver Corp. took to generate value, especially right before the September 2025 acquisition by Pan American Silver Corp. These activities were the engine driving the transaction.

High-grade polymetallic underground mining at Juanicipio

The primary activity was managing and overseeing the high-grade, world-class polymetallic production from the Juanicipio Mine in Mexico. MAG Silver held a 44% joint venture interest in this operation, which was managed by Fresnillo plc, the 56% operator.

The operational performance in the first half of 2025 was strong, supporting the company's valuation leading into the merger:

The cost structure was exceptionally competitive, which was a key driver for Pan American Silver's interest. For instance, in Q1 2025, the cash cost was reported as negative $0.91 per silver ounce sold.

Exploration and development of Deer Trail and Larder projects

MAG Silver was actively advancing its two key exploration-stage assets in North America, using cash flow from Juanicipio to fund this growth pipeline. This involved systematic drilling and geological modeling.

• Larder Project (Ontario, Canada): Drilling extended the Cheminis and Bear zones to depths of 900 metres and 1,200 metres, respectively, validating the theory of increased grade with depth.
• Deer Trail Project (Utah, U.S.A.): Exploration outlined the scale of the hydrothermal system, including an intersection of a high-grade silver-lead-zinc extension measuring 2.76 metres grading 151 g/t silver.
• Geological synthesis at Deer Trail identified 8 major targets for the 2025/2026 drilling program.
• In the previous year (2024), MAG completed drilling totaling 41,000 meters at the Larder project.

Joint Venture (JV) management and oversight of Fresnillo's operations

Managing the partnership with Fresnillo plc was a critical ongoing activity, ensuring operational alignment and capital management for the 44% stake. This involved financial oversight and ensuring capital deployment was appropriate for the asset's ramp-up phase.

• MAG Silver's attributable income from the equity-accounted investment in Juanicipio for Q1 2025 was $33,864 (in thousands).
• MAG declared a total dividend of $0.20 per share in May 2025, with a variable component linked to cash flow from Juanicipio.
• All loan balances advanced to the Juanicipio project were fully repaid by April 2025, with a total return of $61,508 (in thousands) received in April 2025 (dividend plus loan repayments).

Corporate transition and integration planning with Pan American Silver

This activity became paramount in the second half of 2025, shifting from pure operational focus to corporate restructuring following the acquisition. The transaction closed on September 5, 2025.

Pan American Silver is actively working to terminate MAG Silver's status as a reporting issuer under Canadian securities laws, which removes public reporting requirements and associated costs.

MAG Silver Corp. (MAG) - Canvas Business Model: Key Resources

Key Resources represent the essential assets MAG Silver Corp. uses to deliver its value proposition, primarily centered on its interest in the Juanicipio Mine.

The core asset is the ownership stake in the operating mine, which provides immediate, high-grade production cash flow.

• 44% joint venture interest in the world-class Juanicipio Mine, Zacatecas, Mexico.
• The mine is operated by Fresnillo plc, which holds the remaining 56% interest.
• The operation targets a nameplate capacity of 4,000 tonnes per operating day (tpd).

The value of this resource is quantified by its high-grade nature and recent production metrics from the first half of 2025.

Financial liquidity is maintained through cash reserves and cash flow generated from the joint venture.

• Cash and cash equivalents of $171,834 thousand as of June 30, 2025.
• MAG Silver's attributable share of Juanicipio's cash balance was $83,717 thousand as at June 30, 2025.
• MAG Silver reported record net income of $33,444 thousand for the three months ended June 30, 2025.
• The company declared a third dividend of $0.144 per share in August 2025.

The human capital supporting the asset management and strategic direction is a critical, non-quantifiable resource.

• Experienced technical and corporate management team, including George Paspalas, President and CEO.
• The team manages the 44% non-operating interest, leveraging Fresnillo plc's operational expertise.
• The team is executing multi-phase exploration programs at Juanicipio, Deer Trail, and Larder projects.

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:

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:

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:

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:

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:

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:

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:

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.