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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
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.
- $2.1B deal adds 44% of Juanicipio, raising silver output and lowering costs for the acquirer.MAG
M&A Announcement30 Mar 2026 - Strong earnings, lower costs, and inaugural dividend highlight robust operational performance.MAG
Q4 202430 Mar 2026 - Record earnings, strong cash flow, and $0.20/share dividends highlight robust Q1 results.MAG
Q1 202530 Mar 2026 - Director elections, strong cash flow, and strategic exploration drive future growth.MAG
AGM 20243 Feb 2026 - Q3 2024 delivered robust earnings and cash flow growth, with continued exploration focus.MAG
Q3 202417 Nov 2025 - All proposals passed, and Peter Barnes retired after leading the company’s transformation.MAG
AGM 202512 Nov 2025 - High-margin silver production, strong cash flow, and major exploration upside drive value.MAG
Corporate Presentation9 Jul 2025 - Juanicipio's high-margin production and exploration upside drive MAG Silver's strong financial outlook.MAG
Corporate Presentation13 Jun 2025 - Net income rose to $21.6M as higher silver output and prices drove record margins.MAG
Q2 202413 Jun 2025
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