MAG Silver
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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.
Logotype for MAG Silver Corp
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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