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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MAG Silver
MAG Silver (MAG) investor relations material
MAG Silver has been acquired by Pan American Silver Corp
MAG Silver Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Entered a definitive agreement for acquisition by Pan American Silver, with shareholder approval and expected closing in H2 2025.
Reported record Q2 2025 net income of $33,444 ($0.32/share) and adjusted EBITDA of $56,442, driven by strong performance at Juanicipio.
Returned $61,500 from Juanicipio, fully repaying all loan balances; paid $39,316 in dividends and declared a third dividend of $0.144/share.
Financial highlights
Net income for Q2 2025 was $33,444, up from $21,614 in Q2 2024; EPS rose to $0.32 from $0.21.
Adjusted EBITDA reached $56,442, with MAG's attributable interest in Juanicipio adjusted EBITDA at $63,221.
Working capital stood at $170,149, including $171,834 in cash and no long-term debt as of June 30, 2025.
Juanicipio sales increased to $186,465, with gross profit rising to $128,622, and cash operating margin improving to 80%.
Outlook and guidance
Transaction with Pan American expected to close in H2 2025, pending regulatory approvals.
Continued focus on maintaining nameplate 4,000 tpd milling rate at Juanicipio and advancing exploration at Deer Trail and Larder projects.
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Latest events from MAG Silver
- Juanicipio’s ramp-up supported $97.5M adjusted EBITDA and $48.7M net income in 2023.MAG
Q4 2023 - All agenda items were approved, with board changes and strategic milestones highlighted.MAGAGM 2025
- Strong earnings, lower costs, and inaugural dividend highlight robust operational performance.MAGQ4 2024
- Q3 2024 delivered robust earnings and cash flow growth, with continued exploration focus.MAGQ3 2024
- High-margin silver production, strong cash flow, and major exploration upside drive value.MAGCorporate Presentation
- Juanicipio's high-margin production and exploration upside drive MAG Silver's strong financial outlook.MAGCorporate Presentation
- Director elections, strong cash flow, and strategic exploration drive future growth.MAGAGM 2024
- A $2.1B acquisition adds a 44% stake in a premier silver mine, raising output and lowering costs.MAGM&A Announcement
- Record earnings, strong cash flow, and $0.20/share dividends highlight robust Q1 results.MAGQ1 2025
MAG Silver
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Frequently asked questions
MAG Silver Corp is a Canadian mining company focused on the exploration and development of high-grade silver and gold projects. Its primary asset is the Juanicipio Project in Mexico, a joint venture with Fresnillo plc, which includes underground mining and processing facilities targeting silver-rich mineralization. MAG Silver's operations center on advancing its assets from exploration to production while emphasizing responsible mining practices. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the TSX and the NYSE.