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MAG Silver (MAG) investor relations material
MAG Silver Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Record net income of $33,444 ($0.32/share) and adjusted EBITDA of $56,442, driven by strong performance at Juanicipio and higher realized metal prices year-over-year.
Shareholders approved acquisition by Pan American Silver, with transaction expected to close in H2 2025, subject to regulatory approvals.
Second and third dividends declared, totaling $39,316 paid in Q2 and $0.144/share declared for Q3, reflecting robust cash flow from Juanicipio.
All loans to Juanicipio fully repaid; $61,500 returned to the company in April 2025 as dividends and loan repayments.
Financial highlights
Sales at Juanicipio rose to $186,465, up $19,386 from Q2 2024, with gross profit of $128,622 and net income (100% basis) of $95,637.
Company net income increased to $33,444 from $21,614 year-over-year; operating income reached $33,690.
Working capital stood at $170,149, including $171,834 in cash and no long-term debt as of June 30, 2025.
Juanicipio generated operating cash flow of $110,639 and free cash flow of $92,891 in Q2 2025.
Outlook and guidance
Transaction with Pan American expected to close in H2 2025, pending regulatory and listing approvals.
Continued focus on maintaining 4,000 tpd milling rate at Juanicipio and advancing exploration at Deer Trail and Larder projects.
Future dividends expected to remain linked to cash flow from Juanicipio.
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