MAG Silver (MAG) investor relations material

Executive summary

• Record net income of $33,444 ($0.32/share) and adjusted EBITDA of $56,442, driven by strong performance at Juanicipio and higher realized metal prices year-over-year.

• Shareholders approved acquisition by Pan American Silver, with transaction expected to close in H2 2025, subject to regulatory approvals.

• Second and third dividends declared, totaling $39,316 paid in Q2 and $0.144/share declared for Q3, reflecting robust cash flow from Juanicipio.

• All loans to Juanicipio fully repaid; $61,500 returned to the company in April 2025 as dividends and loan repayments.

Financial highlights

• Sales at Juanicipio rose to $186,465, up $19,386 from Q2 2024, with gross profit of $128,622 and net income (100% basis) of $95,637.

• Company net income increased to $33,444 from $21,614 year-over-year; operating income reached $33,690.

• Working capital stood at $170,149, including $171,834 in cash and no long-term debt as of June 30, 2025.

• Juanicipio generated operating cash flow of $110,639 and free cash flow of $92,891 in Q2 2025.

Outlook and guidance

• Transaction with Pan American expected to close in H2 2025, pending regulatory and listing approvals.

• Continued focus on maintaining 4,000 tpd milling rate at Juanicipio and advancing exploration at Deer Trail and Larder projects.

• Future dividends expected to remain linked to cash flow from Juanicipio.