Mag Silver Corp

Latest Results (05.03.2026):

MAG Silver Corp. — Results for Q4 2024 and year ended December 31, 2024 (FY2024): MAG reported net income of $77,779 (reported in thousands of US$, i.e., about $77.8 million) or $0.75 per share for FY2024, driven by MAG’s 44% equity share of Juanicipio income of $92,875 (thousands). Adjusted EBITDA was $186,734 (thousands). Juanicipio generated strong operating cash flow ($356.7M) and free cash flow ($292.3M) on a 100% basis, produced 18.6 Moz silver (26.8 Moz equivalent), and delivered very low cash costs ($0.88/oz silver sold) and AISC of $5.54/oz silver sold. MAG ended FY2024 with $162.3M cash and declared an inaugural total dividend of $0.18 per share (payable April 21, 2025).

Bottom-line and EBITDA

FY2024 net income: $77,779 (thousands) or $0.75/share; adjusted EBITDA: $186,734 (thousands). MAG’s 44% equity income from Juanicipio was $92,875 (thousands), a primary contributor to profitability.

Juanicipio operating performance

Juanicipio (100% basis) processed 1,328,178 tonnes at a silver head grade of 468 g/t (712 g/t equivalent), producing 18.6M oz silver and 26.8M oz equivalent silver in 2024. Silver metallurgical recovery improved to 93% (from 87% in 2023) following commercial pyrite and gravimetric concentrate production.

Costs, margins and cash flow

Juanicipio cash cost was $0.88/oz silver sold ($8.67/eq oz) and AISC $5.54/oz silver sold ($12.03/eq oz). On a 100% basis Juanicipio reported operating cash flow of $356.7M and free cash flow of $292.3M in 2024, supporting strong margin generation.

Capital returns and dividend policy

Juanicipio returned $97.4M in interest and loan principal repayments to MAG in 2024 and paid an inaugural dividend to MAG of $26.4M (total capital return to MAG $123.8M), helping MAG finish the year with $162.3M cash. MAG declared an inaugural fixed quarterly dividend of $0.02/share plus a cash-flow linked dividend of $0.16/share (total $0.18/share) payable April 21, 2025; company intends a recurring $0.02 fixed quarterly dividend and, when silver > ~$20/oz realized, an additional cash-flow linked dividend ≈30% of cash received from Juanicipio.

Balance sheet & liquidity

MAG ended FY2024 with working capital $160.1M (cash $162.3M) and no long-term debt. Juanicipio (100%) held cash of $53.2M (MAG’s 44% share reflected in MAG’s liquidity position).

2025 production and cost guidance

Fresnillo (operator) forecasts Juanicipio 2025 silver production of 14.7–16.7M oz (13.1–14.9M payable oz) at 4,000 tpd with silver head grades 380–430 g/t and gold 1.2–1.4 g/t. 2025 cost guidance: cash cost between ($1.00) and $1.00/oz silver sold and AISC $6–$8/oz silver sold. 2025 sustaining capex estimated $70–$80M; expansionary capex $22–$28M for underground conveyor (commissioned late 2026).

Exploration and resource update

MAG published an updated NI 43‑101 Technical Report (Mar 27, 2024) showing a 33% increase in Mineral Resources vs. 2017 PEA, an inaugural Proven & Probable reserve of 15.4 Mt at 628 g/t eq silver, a 13‑year base case with average annual free cash flow > $130M at $22/oz silver, and substantial upside (only ~10% of property explored). Active drilling and expansion programs continue at Juanicipio, Deer Trail (UT) and Larder (ON).

Non‑IFRS measures and caution

Results cite non‑IFRS metrics (Adjusted EBITDA, cash cost, AISC, free cash flow, equivalent silver measures). Company discloses assumptions and reconciliations in the MD&A and financial statements; forward‑looking guidance and estimates are subject to standard mining, commodity price, currency and operational risks.