MAG Silver
MAG Silver Corp. was a Canadian pure-play silver mining company (TSX: MAG) that held a 44% joint venture interest in the high-grade Juanicipio silver mine in Mexico, selling silver and gold production into global commodity markets until its September 2025 acquisition by Pan American Silver for $2.1 billion.
- Company typePublic
- Founded2003
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What MAG Silver does
MAG Silver Corp. was a Canadian mining company, incorporated in Canada and headquartered in Vancouver, that was founded in 2003 and listed on the Toronto Stock Exchange under the ticker MAG until its acquisition by Pan American Silver Corp. on September 4, 2025. The company was structured as a pure-play silver developer and producer, focused on advancing high-grade silver projects in the Americas and generating revenue from silver and gold production sold into global commodity markets via refiners and precious-metals traders.
MAG's primary economic asset was a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, with Fresnillo plc holding the remaining 56% and acting as operator. The portfolio also included 100% ownership of the Larder exploration project in Ontario and an option to earn 100% of the Deer Trail exploration project. Revenue was derived from the company's proportional share of silver and gold output from Juanicipio, making MAG a high-beta vehicle for silver price exposure, with value-proposition language indicating 70%+ of revenue was tied to silver prices and stock sensitivity of 25-35% per 10% silver-price move. The company operated with a lean 11-50 employee base typical of a holding-company structure that outsources operating activities to its joint venture partner.
MAG Silver ceased independent operations in September 2025 when it was acquired by Pan American Silver in a $2.1 billion cash-and-share transaction. The acquisition gave Pan American full economic ownership of MAG's asset base and made Pan American the world's largest primary silver producer. As of the acquisition date, MAG Silver is no longer independently traded and its assets are being integrated into Pan American's diversified Americas-focused mining portfolio.
MAG Silver firmographics
Firmographics- Name
- MAG Silver
- Legal name
- MAG Silver Corp.
- Website
- https://magsilver.com
- Company type
- Public
- Founded year
- 2003
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- MAG Silver Corp. was a Canadian pure-play silver mining company (TSX: MAG) that held a 44% joint venture interest in the high-grade Juanicipio silver mine in Mexico, selling silver and gold production into global commodity markets until its September 2025 acquisition by Pan American Silver for $2.1 billion.
- Ownership category
- akta.pro rank
MAG Silver industry classification
Industry- Product category
- Silver Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industries
- Gold Mining (IMAKAEAA), Precious Metals Minting & Bullion Products (IMAKAEAJ)
Keywords
Where MAG Silver is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Markets served
MAG Silver business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Silver and precious metals production: MAG Silver generated revenue through silver and gold mining operations, primarily from its joint venture interest in the Juanicipio mine in Mexico. The company was a pure-play silver miner with high revenue exposure to silver prices.
Distribution channels1 record
Marketing channels2 records
MAG Silver product offering
Product offeringCore offering
MAG Silver Corp. was a Canadian silver mining company whose core offering was its 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico. The company produced silver and by-product gold from this large-scale, high-grade underground mine and supplemented its producing asset with the Larder exploration project (100% interest) and an option on the Deer Trail exploration project. MAG Silver sold its share of metal production to refiners and precious metals traders on global commodity markets.
Product overview
MAG Silver Corp. was a Canadian silver mining company focused on exploration and development of silver projects in the Americas. The company's primary asset was the Juanicipio silver mine (44% joint venture interest) in Zacatecas, Mexico, which transitioned to Pan American Silver upon acquisition in September 2025. The portfolio also included the Larder and Deer Trail exploration projects.
Differentiator
Problem solved
Functional benefit
Products and services
- Juanicipio Silver Mine (44% joint venture interest) A large-scale, high-grade underground silver mine located in Zacatecas, Mexico, in which MAG Silver held a 44% joint venture interest (with Fresnillo plc holding 56%). The mine was the company's primary producing asset, generating silver doré and by-product gold for sale to refiners and precious metals traders on global markets.
- Larder Exploration Project (100% interest) An exploration-stage mineral property in which MAG Silver held 100% ownership. The project represented future growth optionality for silver and precious-metals discovery and transferred to Pan American Silver upon closing of the September 2025 acquisition.
- Deer Trail Exploration Project (option to earn 100% interest) An exploration-stage mineral property in which MAG Silver held an option to earn a 100% interest. The project added further exploration optionality to the MAG Silver portfolio and was transferred to Pan American Silver on closing of the September 2025 acquisition.
Companies that use MAG Silver
Customer profileSegments1 record
Ideal customer profiles2 records
MAG Silver technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
MAG Silver partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Vault Strategic Mining Corp.minorFormer MAG Silver geospatial and aerial survey professional Ken Kuiper was appointed to Vault Strategic's Advisory Board, bringing his MAG Silver experience to support Vault's critical mineral assets strategy.
- Pan American Silver Corp.coreMAG Silver was acquired by Pan American Silver in a $2.1 billion transaction in September 2025. The acquisition gave Pan American MAG Silver's 44% interest in the Juanicipio mine, 100% ownership of the Larder exploration project, and an option to earn a 100% interest in the Deer Trail exploration project.
Scale indicators3 records
Recent moves6 records
Expansion highlights3 records
MAG Silver competitors and assessment
Company assessmentDirect peers
- Pan American Silver Corp. Acquirer of MAG Silver and a top-tier silver producer. Operates a diversified silver and gold portfolio across the Americas, including the Juanicipio mine (via its acquisition of MAG), making it a direct comparable on asset base, geography, and silver exposure.
- Fresnillo plc: Operator and 56% JV partner at Juanicipio and the world's largest primary silver producer. Directly comparable on mining model, asset jurisdiction (Mexico), and exposure to silver-grade economics.
- First Majestic Silver Corp. Canadian-listed pure-play silver producer with operations primarily in Mexico. Closely comparable on business model, silver-tilted revenue mix, and Mexican operational footprint.
- Hecla Mining Company: Long-standing primary silver producer with mines in the Americas (including Mexico). Comparable on silver exposure, North American asset base, and publicly traded precious-metals producer profile.
- Endeavour Silver Corp. Mid-tier silver-focused miner operating multiple underground silver-gold mines in Mexico. Comparable on pure-play silver orientation, mid-cap scale, and Mexican operating jurisdiction.
- Coeur Mining, Inc. North American precious-metals producer with silver-gold operations including the Palmarejo mine in Mexico. Comparable on precious-metals exposure, Americas asset footprint, and silver-dominant revenue mix.
Emerging players
- SilverCrest Metals Inc. Growth-oriented silver-gold developer that built and brought Las Chispas into production in Mexico. Comparable as a high-grade silver-focused story in Mexico at similar lifecycle stage to MAG's earlier years.
Broad incumbents
- Newmont Corporation: World's largest gold miner with significant silver by-product exposure and Mexico operations (Peñasquito). Comparable as a large diversified precious-metals producer operating in the same geography.
- SSR Mining Inc. Diversified intermediate precious-metals producer with silver-gold mines in the Americas and elsewhere. Comparable as a multi-asset Americas-focused precious-metals operator, though broader portfolio than MAG.
Others
- Wheaton Precious Metals Corp. Largest precious-metals streaming company with significant silver streaming agreements, including on Juanicipio. Comparable as a leveraged vehicle for silver price exposure, though operating via royalty/streaming model rather than mining.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks4 records
Key highlights5 records
Customer concentration
MAG Silver social profiles
Digital presenceMAG Silver financial estimates
Financial estimateRevenue estimate
Valuation estimate
MAG Silver leadership team
Management profileNumber of profiles
Profiles4 records
MAG Silver funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MAG Silver M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MAG Silver
What does MAG Silver do?
MAG Silver Corp. was a Canadian silver mining company whose core offering was its 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico. The company produced silver and by-product gold from this large-scale, high-grade underground mine and supplemented its producing asset with the Larder exploration project (100% interest) and an option on the Deer Trail exploration project. MAG Silver sold its share of metal production to refiners and precious metals traders on global commodity markets.
Is MAG Silver a public or private company?
MAG Silver is a public company. It is classified as corporate owned and is currently acquired.
When was MAG Silver founded?
MAG Silver was founded in 2003. It employs 11 to 50 people.
Where is MAG Silver based?
MAG Silver is headquartered in Vancouver, Canada, in the North America region.
How does MAG Silver make money?
One revenue line is on record: silver and precious metals production.
Who are MAG Silver's main competitors?
Direct peers on record are Pan American Silver Corp., Fresnillo plc, First Majestic Silver Corp., Hecla Mining Company, Endeavour Silver Corp. and Coeur Mining, Inc.. SilverCrest Metals Inc. is listed as an emerging player. Broad incumbents are Newmont Corporation and SSR Mining Inc.. Wheaton Precious Metals Corp. is listed as an others.
Does MAG Silver have an API?
No public API is recorded for MAG Silver.
What industry is MAG Silver in?
MAG Silver's product category is Silver Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAEAA, Gold Mining. Its NAICS code is 212220 and its SIC code is 1040.