MAG Silver Corp. is a Canadian mining and exploration company focused on advancing high-grade precious metals projects in the Americas. It holds a 44% joint venture interest in the Juanicipio Mine in Mexico, which operates at a capacity of 4,000 tonnes per day and is considered one of the top silver mining operations globally.

For the year ended December 31, 2024, MAG Silver reported net income of $77,779, or $0.75 per share, representing an increase from $48,659 and $0.47 per share in 2023. The income is primarily driven by the company’s interest in the Juanicipio Mine, which contributed $92,875 to MAG’s equity income from its joint venture, compared to $65,099 in the previous year.

MAG’s revenue for 2024 was $627,366, a 42% increase from $442,288 in 2023. Adjusted EBITDA for the year totaled $186,734, up from $97,613 in 2023. The company declared an inaugural total dividend of $0.18 per share, which includes a fixed dividend of $0.02 and a cash flow-linked dividend of $0.16 payable on April 21, 2025.

The Juanicipio Mine processed 1,328,178 tonnes of ore in 2024, a 5% increase from the 1,268,757 tonnes processed in 2023. The average silver head grade for ore processed in 2024 was 468 grams per tonne, slightly down from 472 grams per tonne in 2023. Silver production for 2024 reached 18.6 million ounces, with total equivalent silver production accounting for 26.8 million ounces.

Cash costs per silver ounce sold were $0.88 in 2024, a notable decline from $6.07 in 2023. All-in sustaining costs per silver ounce sold fell to $5.54 from $10.32 a year prior. The company reported free cash flow from Juanicipio of $292,349, significantly up from $60,814 in 2023.

MAG’s working capital as of December 31, 2024, was $160,113, compared to $67,262 one year earlier, aided by a cash position of $162,347, increased from $68,707 in 2023. No long-term debt was recorded on the balance sheet.

Production costs amounted to $153,521 for 2024, a decrease from $171,830 in 2023. Administrative expenses totaled $14,319, down from $18,768 in the previous year. The gross profit rose to $382,648, compared to $201,983 in 2023, resulting in a gross profit margin of 61% in 2024, up from 46% in the prior year.

Guidance for silver production in 2025 estimates between 14.7 million and 16.7 million ounces. The cash cost is expected to range from $1.00 to $1.00 per silver ounce sold, while all-in sustaining costs are projected to be between $6.00 and $8.00 per silver ounce sold.