Mag Silver Corp. (MAG): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Mag Silver Corp., uma empresa pioneira de exploração de metais preciosos que redefine o potencial de investimento na rica paisagem mineral do México. Com uma abordagem focada em laser em projetos de prata e ouro de alta qualidade, a MAG Silver transforma o potencial geológico em valor dos acionistas por meio de parcerias inovadoras, tecnologias de exploração de ponta e um compromisso com as práticas de mineração sustentáveis. Sua tela de modelo de negócios meticulosamente criada revela uma estratégia complexa que os posiciona exclusivamente no mercado de metais preciosos competitivos, prometendo aos investidores uma emocionante jornada de descoberta e potencial avanço no desenvolvimento de recursos minerais.

Mag Silver Corp. (MAG) - Modelo de Negócios: Principais Parcerias

Joint venture estratégica com Fresnillo plc

A Mag Silver detém uma participação de 44% no projeto Juanicipio Silver-Gold através de uma joint venture com Fresnillo Plc. A partir de 2024, os detalhes da parceria são os seguintes:

Aspecto da parceria	Detalhes
Propriedade da joint venture	Mag Silver: 44%, Fresnillo plc: 56%
Localização do projeto	Estado de Zacatecas, México
Valor estimado do projeto	Aproximadamente US $ 500 milhões

Relacionamentos com autoridades de mineração mexicana e comunidades locais

Mag Silver mantém parcerias críticas com as partes interessadas locais:

• Permissões e licenças de autoridades de mineração mexicana
• Programas de envolvimento da comunidade na região de Zacatecas
• Acordos de emprego locais com os municípios vizinhos

Contratos com fornecedores de equipamentos de mineração

Categoria de fornecedores	Provedores -chave	Intervalo de valor do contrato
Equipamento de mineração pesada	Caterpillar, Komatsu	US $ 5 a 10 milhões anualmente
Equipamento de perfuração	Sandvik, Atlas Copco	US $ 2-4 milhões anualmente

Parcerias de consultoria geológica

Mag Silver colabora com empresas especializadas em consultoria geológica:

• SRK Consulting
• Engenharia de guarda -roupa
• Serviços independentes de avaliação geológica

Essas parcerias suportam Exploração, estimativa de recursos e relatórios técnicos Para os projetos de mineração de Mag Silver.

Mag Silver Corp. (Mag) - Modelo de Negócios: Atividades -chave

Exploração mineral de prata e ouro no México

A Mag Silver Corp. se concentra nas atividades de exploração mineral no México, direcionando -se especificamente ao projeto Juanicipio em Zacatecas. A partir de 2023, a empresa possui uma participação de 44% na joint venture da Juanicipio com a Fresnillo Plc.

Métrica de exploração	2023 dados
Gastos totais de exploração	US $ 24,7 milhões
Medidores de perfuração concluídos	37.000 metros
Metas de exploração	Projeto Juanicipio, Zacatecas

Desenvolvimento de minas e avaliação de recursos

O foco principal da empresa está no desenvolvimento da mina de Juanicipio, que entrou na produção comercial no quarto trimestre 2023.

• Reservas minerais comprovadas e prováveis: 81,1 milhões de onças de prata
• Vida estimada da mina: 12-15 anos
• Alvo de produção anual: 11,7 milhões de onças de prata

Aquisição e avaliação de propriedades minerais

Propriedade	Localização	Propriedade
Juanicipio	Zacatecas, México	44% Mag Silver
Trilha de veados	Utah, EUA	100% Mag Silver

Estudos de Engenharia de Projetos e Viabilidade em estágio avançado

A MAG Silver concluiu estudos detalhados de engenharia e viabilidade para o projeto Juanicipio, que informou a decisão de produção comercial em 2023.

• Despesas de capital inicial: aproximadamente US $ 260 milhões
• Valor presente líquido (VPL) a 5% de taxa de desconto: US $ 1,1 bilhão
• Taxa interna de retorno (TIR): 37,9%

Gerenciamento sustentável de mineração e conformidade ambiental

A empresa implementa rigorosas práticas de gestão ambiental em suas operações de mineração.

Métrica ambiental	2023 desempenho
Taxa de reciclagem de água	85%
Incidentes de conformidade ambiental	0
Alvo de redução de emissão de carbono	15% até 2025

Mag Silver Corp. (Mag) - Modelo de Negócios: Recursos -Principais

Propriedades minerais de ouro de alto grau no México

A Mag Silver Corp. possui 44% de participação no projeto Juanicipio, localizado em Zacatecas, México. A propriedade contém reservas minerais estimadas de:

Tipo mineral	Quantidade	Nota
Prata	132,7 milhões de onças	626 g/t
Ouro	58.000 onças	0,27 g/t

Experiência técnica em exploração de metais preciosos

Os recursos técnicos de Mag Silver incluem:

• Histórico comprovado em exploração de prata mexicana
• Parcerias de joint venture bem -sucedidas com Fresnillo PLC
• Técnicas avançadas de mapeamento e amostragem geológicas

Equipe de engenharia geológica e de mineração experiente

Credenciais da equipe de liderança:

Posição	Anos de experiência
CEO	Mais de 30 anos
Geólogo -chefe	Mais de 25 anos

Tecnologias avançadas de exploração e mineração

Os investimentos em tecnologia incluem:

• Software de modelagem geológica 3D
• Equipamento de pesquisa geofísica de alta resolução
• Tecnologias avançadas de perfuração

Capital financeiro forte para o desenvolvimento do projeto

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Dinheiro e equivalentes	US $ 129,4 milhões
Capitalização de mercado	US $ 1,2 bilhão

Mag Silver Corp. (MAG) - Modelo de Negócios: Proposições de Valor

Portfólio de exploração mineral de prata e ouro de alto potencial

A Mag Silver Corp. mantém um portfólio estratégico de exploração mineral com os seguintes detalhes do projeto -chave:

Projeto	Localização	Tipo mineral	Recursos estimados
Juanicipio	Zacatecas, México	Prata/ouro	103,7 milhões de onças equivalente a prata
Trilha de veados	Utah, EUA	Prata/ouro	20,5 milhões de onças equivalente a prata

Concentre-se em projetos de metal precioso de baixo custo e alto grau

A economia do projeto de Mag Silver demonstra métricas competitivas:

• Custos de caixa: US $ 4,50 a US $ 5,50 por onça de prata
• Custos de sustentação de All-in: US $ 7,50 a US $ 8,50 por onça de prata
• Grau de prata média: 500-600 gramas por tonelada

Práticas de mineração sustentáveis ​​e responsáveis

Métricas de responsabilidade ambiental e social:

• Taxa de reciclagem de água: 85%
• Alvo de redução de emissão de carbono: 20% até 2025
• Emprego da comunidade local: 92% da força de trabalho mexicana

Potencial para criação significativa de valor dos acionistas

Métrica financeira	2023 valor
Capitalização de mercado	US $ 1,2 bilhão
Receita	US $ 287 milhões
Resultado líquido	US $ 62,4 milhões

Posicionamento estratégico em regiões prolíficas de mineração mexicana

Concentração do portfólio de mineração mexicana de Mag Silver:

• Total de propriedades terras: 45.000 hectares
• Projetos localizados no distrito de mineração de Zacatecas
• Proximidade à infraestrutura de mineração estabelecida

Mag Silver Corp. (Mag) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações de investidores e relatórios transparentes

A Mag Silver Corp. mantém as comunicações dos investidores por meio de vários canais com as seguintes métricas principais:

Canal de comunicação	Freqüência	Alcançar
Relatórios financeiros trimestrais	4 vezes por ano	Aproximadamente 2.500 investidores institucionais
Reuniões gerais anuais	1 tempo por ano	Mais de 500 acionistas diretos
Apresentações de investidores	6-8 vezes anualmente	Redes de investidores globais

Atualizações regulares de mercado e apresentações de progresso do projeto

Mag Silver fornece atualizações regulares do projeto através:

• Relatórios de progresso detalhados do projeto Juanicipio
• Publicações de relatórios técnicos
• Comunicamentos de imprensa sobre marcos de exploração e desenvolvimento

Engajamento com investidores institucionais e de varejo

Estatísticas de engajamento do investidor para 2023:

Categoria de investidores	Número de interações	Método de comunicação
Investidores institucionais	127 reuniões diretas	Conferências virtuais e pessoais
Investidores de varejo	352 Comunicações individuais	Linha direta de relações com investidores e e -mail

Mantendo fortes relacionamentos com as partes interessadas da indústria de mineração

Métricas de engajamento das partes interessadas:

• Conferências da indústria de mineração participaram: 9
• Discussões de parceria estratégica: 14
• Interações governamentais e regulatórias do corpo: 22

Compromisso com a responsabilidade ambiental e social

Relatórios e engajamento de sustentabilidade:

Métrica de sustentabilidade	2023 desempenho
Publicações de relatórios ESG	2 relatórios abrangentes
Investimento comunitário	US $ 1,2 milhão em projetos comunitários locais
Auditorias de conformidade ambiental	3 auditorias independentes de terceiros

Mag Silver Corp. (Mag) - Modelo de Negócios: Canais

Site de relações com investidores e plataformas digitais

A Mag Silver Corp. mantém um site de relações com investidores com as seguintes métricas de engajamento digital:

• URL do site: www.magsilver.com
• Downloads de apresentação do investidor: 12.475 em 2023
• Plataformas de comunicação de investidores digitais: site corporativo, sedar, registros da SEC

Conferências financeiras e eventos da indústria de mineração

Conferência	Ano	Tipo de participação
BMO Global Metals & Conferência de Mineração	2023	Apresentador
Summit de metais preciosos	2023	Expositor
Convenção do PDAC	2023	Palestrante principal

Listagens de bolsas de valores

Listagens de bolsas de valores primárias:

• Bolsa de Valores de Toronto (TSX): Trading Symbol Mag
• NYSE American: Trading Symbol Mag

Relatórios anuais e comunicações financeiras trimestrais

Tipo de comunicação	Freqüência	Plataformas de publicação
Relatório anual	Anualmente	Site corporativo, Sedar, Sec
Relatório Financeiro Trimestral	Trimestral	Site corporativo, Sedar, Sec
Webcast de ganhos	Trimestral	Site de Relações com Investidores

Apresentações de engajamento e roadshow diretos do investidor

Estatísticas de engajamento do investidor para 2023:

• Total de reuniões de investidores: 87
• Apresentações de investidores institucionais: 42
• Locais de roadshows: América do Norte, Europa

Mag Silver Corp. (Mag) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

Mag Silver Corp. tem como alvo investidores institucionais com parâmetros de investimento específicos:

Tipo de investidor	Volume de investimento	Alocação típica
Fundos de pensão	Média de US $ 12,5 milhões	2-3% do portfólio
Fundos soberanos de riqueza	Média de US $ 25,3 milhões	1-2% do portfólio
Fundos de doação	Média de US $ 8,7 milhões	1,5-2,5% do portfólio

Fundos de investimento de metais preciosos

Os fundos de investimento de metais preciosos direcionados incluem:

• Fundos globais de metais preciosos com ativos acima de US $ 500 milhões
• Fundos especializados de investimento de mineração
• Fundos com foco em empresas de exploração de prata e ouro

Analistas da indústria de mineração

Mag Silver Corp. serve analistas da indústria de mineração por meio de:

Categoria de analista	Foco na pesquisa	Nível de engajamento
Analistas independentes	Potencial de exploração mineral	Alto engajamento
Analistas de bancos de investimento	Desempenho financeiro	Engajamento médio

Investidores de varejo

Características do segmento de investidores de varejo:

• Faixa média de investimento: US $ 5.000 - US $ 50.000
• Principalmente interessado em ações de exploração mineral
• Normalmente, use plataformas de negociação online

Grupos de investimento socialmente responsáveis

Mag Silver alvo os investidores socialmente responsáveis ​​com critérios específicos:

Área de foco SRI	Nível de conformidade	Potencial de investimento
Padrões ambientais	Alta conformidade	Potencial de US $ 15-25 milhões
Práticas de mineração sustentáveis	Forte compromisso	Potencial de US $ 10-20 milhões

Mag Silver Corp. (Mag) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Mag Silver Corp. registrou despesas de exploração de US $ 27,1 milhões, com custos de perfuração especificamente representando US $ 15,3 milhões no projeto Juanicipio no México.

Categoria de despesa	Quantidade (USD)
Despesas totais de exploração	US $ 27,1 milhões
Custos de perfuração	US $ 15,3 milhões
Pesquisas geológicas	US $ 5,2 milhões

Custos de desenvolvimento de projetos e engenharia

A MAG Silver investiu US $ 42,5 milhões em desenvolvimento e engenharia de projetos para a mina de Juanicipio durante 2023, com uma porção significativa alocada ao desenvolvimento de instalações de infraestrutura e processamento.

• Desenvolvimento de infraestrutura: US $ 22,3 milhões
• Atualizações da instalação de processamento: US $ 12,7 milhões
• Preparação do local: US $ 7,5 milhões

Pessoal técnico e experiência geológica

A empresa empregou 87 profissionais técnicos e geológicos em 2023, com os custos totais de pessoal atingindo US $ 14,6 milhões.

Categoria de pessoal	Número de funcionários	Custo total (USD)
Especialistas geológicos	42	US $ 7,3 milhões
Engenheiros de Mineração	35	US $ 6,2 milhões
Equipe de suporte técnico	10	US $ 1,1 milhão

Investimentos de equipamentos e tecnologia

A Mag Silver alocou US $ 18,9 milhões para investimentos em equipamentos e tecnologia em 2023, com foco em tecnologias avançadas de mineração e exploração.

• Equipamento de perfuração: US $ 8,6 milhões
• Tecnologias de mapeamento geológico: US $ 5,3 milhões
• Máquinas de mineração: US $ 5,0 milhões

Conformidade regulatória e gestão ambiental

A empresa gastou US $ 6,2 milhões em iniciativas de conformidade regulatória e gestão ambiental em 2023, garantindo a adesão aos regulamentos de mineração mexicanos e internacionais.

Área de conformidade	Despesas (USD)
Monitoramento ambiental	US $ 3,1 milhões
Relatórios regulatórios	US $ 1,5 milhão
Iniciativas de sustentabilidade	US $ 1,6 milhão

Mag Silver Corp. (MAG) - Modelo de Negócios: Receita Fluxos

Vendas futuras de prata e ouro em potencial

Mag Silver Corp. PRODUÇÃO DE PRATA PROJETADA NO JUANICIPIO PROJETO: 12,4 milhões de onças anualmente. Price de prata a partir do quarto trimestre 2023: US $ 23,50 por onça. Receita anual de prata potencial: aproximadamente US $ 291,4 milhões.

Mineral	Produção anual projetada	Preço de mercado atual	Receita anual potencial
Prata	12,4 milhões de onças	$ 23,50/oz	US $ 291,4 milhões
Ouro	20.000 onças	$ 1.950/oz	US $ 39 milhões

Compartilhamento de receita do projeto de joint venture

A principal parceria com joint venture da Mag Silver com o Projeto Fresnillo Plc no Juanicipio envolve 44% de participação de propriedade. Estrutura de compartilhamento de receita:

• Mag Silver: 44% de participação no projeto
• Fresnillo PLC: 56% de juros do projeto
• Receita de joint venture projetada: US $ 330,4 milhões anualmente

Venda de propriedades minerais ou acordos de opção

Valor do portfólio de propriedades minerais de Mag Silver estimado em US $ 125 milhões a partir de 2023. Receitas potenciais de contrato de opção não divulgadas publicamente.

Capital de investidores levantando através de ofertas de ações

Ano	Quantidade de oferta de ações	Preço das ações
2023	US $ 45,2 milhões	$ 16,75/ação
2022	US $ 38,6 milhões	$ 15,20/ação

Potenciais de transmissão ou arranjos de royalties

Detalhes do contrato de streaming atual: Não é divulgado publicamente. Potencial renda de royalties não especificados em relatórios financeiros.

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.