MAG Silver Produces 4.5Moz of Silver in 1Q25

Canada-based junior company MAG Silver reported its financial results for 1Q25, highlighting record net income and adjusted EBITDA driven by performance from the Juanicipio mine in Zacatecas.

MAG reported record net income of US$28,744 and adjusted EBITDA of US$55,750. These results were significantly influenced by income from Juanicipio, which is equity accounted, totaling US$33,864, and MAG’s attributable interest in Juanicipio's adjusted EBITDA of US$59,468.

MAG Silver processed 337,017t of ore at Juanicipio during 1Q25 at a silver head grade of 430g/t. The project achieved silver production of 4.5Moz and 6.5Moz AgEq. Juanicipio also reported a record silver recovery rate of 96%, an increase from 89% in 1Q24. This improved recovery is attributed to the commencement of commercial pyrite and gravimetric concentrate production in 2Q24 and ongoing optimizations at the processing plant.   

MAG Silver reported that Juanicipio generated strong operating cash flow of US$86,399 and free cash flow of US$77,438 during the quarter. The project continued to maintain cost performance, reporting a cash cost of negative US$0.91/oz silver sold and an all-in sustaining cost of US$2.04/oz of silver sold. During April 2025, Juanicipio returned a total of US$61,508 to MAG Silver, consisting of its second dividend payment of US$59,400 and US$2,108 in interest and loan principal repayments. All loan balances from MAG Silver to Juanicipio have now been fully repaid.