MAG Silver Stock After the Delisting: Who Owns Juanicipio Now

If you are searching for MAG Silver stock, the ticker you are looking for no longer exists. MAG Silver stopped trading on NYSE American on 4 September 2025 and was delisted from the TSX a day later, after Pan American Silver completed its acquisition of the company.

The structure MAG offered has not disappeared, though. Its 44% stake in the Juanicipio silver mine in Mexico, alongside Fresnillo PLC as 56% owner and operator, now sits inside Pan American.

If you are weighing silver exposure today, that structure still matters. It shapes how a slice of Pan American’s output, costs and cash flow behaves.

This guide shows you how the Juanicipio joint venture works, what happened to the MAG listing, and how this kind of exposure compares with streaming, royalty and multi-asset alternatives. It is educational only and is not a recommendation to buy, sell or hold any security.

What happened to MAG Silver, and who owns the 44% of Juanicipio now?

You may have expected to find a small, single-mine silver company with a live share price. That company was absorbed more than a year ago.

According to the Pan American and MAG completion release and an SEC material-change filing, both dated 4 September 2025, Pan American completed a court-approved acquisition of all MAG shares. Holders received roughly US$500 million in cash plus about 60.2 million Pan American shares, valuing the deal at approximately US$2.1 billion.

Delisting dates NYSE American: trading ceased 4 September 2025. TSX: delisted 5 September 2025.

MAG became a wholly owned Pan American subsidiary and applied to cease being a reporting issuer in Canada. Former MAG shareholders now own about 14.3% of Pan American on a fully diluted basis.

The detail that often trips people up is Fresnillo’s role. Fresnillo sold its MAG shares in 2025, but it did not sell its stake in the mine itself. Its 1H 2026 interim report, published 4 August 2026, confirms it remains 56% owner and operator.

What this means for you is simple but important. If you want this exposure today, you are researching Pan American’s diversified shares, not a pure-play ticker, and that changes the risk profile you are evaluating.

Because the 44% interest now sits inside the group, your exposure runs through Pan American shares, which pair silver guidance with substantial gold output and behave more like a hybrid precious-metals holding than a pure silver position.

How the Juanicipio joint venture works: production, by-product credits and capex

With the ownership map settled, the next question is what the 44% actually earns. That starts underground.

What Juanicipio produces

Juanicipio is a high-grade underground mine in Zacatecas state, Mexico, within the Fresnillo district. Its ore comes from epithermal veins, which are mineral deposits formed by hot fluids near the surface, carrying silver, gold, zinc and lead.

Ore is processed at a flotation plant built by Fresnillo. Flotation separates valuable minerals from waste rock, here producing a silver-lead concentrate and a zinc concentrate.

• Attributable silver (44% basis): 1.74 million oz in Q2 2026; 3.49 million oz in H1 2026
• 100% basis silver: about 3.95 million oz in Q2 2026; about 7.93 million oz in H1 2026
• 2026 head grade guidance (Fresnillo): silver 320-370 g/t; gold 1.1-1.3 g/t
• Proven and probable silver reserves (100% basis): 58.3 million oz, dated 30 April 2025
• Throughput: published target of about 4,000 tonnes per operating day versus Pan American’s nominal 3,750 tonnes per day

Sources differ on throughput, and none clearly confirms the plant has permanently exceeded nameplate capacity. Fresnillo also reported lower H1 2026 attributable silver production at group level, with Juanicipio’s variation attributed to grade and planned mine sequencing.

Fresnillo’s silver output decline at group level in 2026 adds context to the lower H1 attributable figures, since the operator’s sequencing and grade decisions drive results across its wider portfolio.

Why by-product credits can push AISC below zero

All-in sustaining cost (AISC) is the total cost of producing an ounce, including the spending needed to keep a mine running. Here is how by-products change it:

1. Juanicipio produces silver alongside lead, zinc and gold.
2. Revenue from those secondary metals is counted as a credit.
3. That credit is subtracted from mining and processing costs.
4. If credits exceed attributable silver production costs, silver AISC turns negative.
5. Pan American reported attributable AISC of negative US$3.18/oz from acquisition to 31 December 2025 (2025 Annual Report).
6. Cash distributions still depend on what remains after costs, taxes and capital spending.

Read this carefully A negative AISC does not mean you receive silver for free. It is a non-GAAP accounting presentation, net of by-product credits.

Why capex makes distributions uneven

Fresnillo revised its capex estimate from US$395 million to US$440 million, citing underground work, ventilation shafts and sustaining capital. It reported US$54.4 million of Juanicipio capex in 2025.

The JV funds development, ventilation, equipment and infrastructure before distributing residual cash, and the 44% partner pays its share. No clearly labelled quarterly distribution figure was located.

The takeaway for you: production volume and distributable cash are different things. A strong silver quarter can coexist with modest cash returns in a heavy spending period.

How does a 44% minority JV compare with streamers, royalty companies and multi-asset miners?

Once you see how cash moves through the JV, the comparison with other silver structures becomes clearer. Each one trades participation for protection in a different way.

A streamer pays upfront to buy a fixed percentage of metal at a low contractual price. A royalty holder takes a percentage of revenue. The JV partner receives 44% of mine economics, net of its capex share.

The former MAG structure looked like a royalty in one respect: no operating role. But it carried cash calls and dependence on one operator that royalties avoid. The Mining Stock Report observed in April 2026 that single-asset and Mexico concentration drew valuation discounts.

That leads to the difference that matters most. A minority JV holder is a mine owner, not a royalty holder.

Where Pan American’s balance sheet fits

At 30 June 2026, Pan American reported cash, equivalents and short-term investments of US$1.8 billion, including US$97 million attributable to the 44% interest (Q2 2026 results, 12 August 2026). Total debt was US$841 million, and its revolving facility was undrawn.

Pan American ownership removes standalone listing risk but dilutes Juanicipio’s effect on group results. There is no separate MAG return policy now; you would receive Pan American’s corporate dividend and capital allocation framework.

Your decision comes down to tolerance. More upside participation comes with less capital protection.

Risks to weigh: Fresnillo, Mexico, water, silver prices and the capex cycle

The comparison points to the risk you cannot change as a 44% holder: one company runs the mine. From there, the risks move outward to country, commodity and cycle.

Honest analysis also means naming the gaps. Research through October 2026 did not find:

• A Juanicipio-specific security incident or quantified 2026 security cost
• A Juanicipio-specific water allocation disclosure
• A new SEMARNAT approval or denial for Juanicipio

The largest risks concern cash timing and dependence on one operator in one country. They sit alongside your silver price exposure, not in place of it.

Readers interested in the security dimension should see our deep-dive into Mexican mining security risks, which examines how criminal violence affects operating conditions across the industry.

What to check next when researching Juanicipio exposure

The standalone MAG structure is gone, but the 44% Juanicipio exposure persists inside Pan American with the same JV mechanics, by-product accounting and risks. Before forming a view, verify these in primary sources:

• Pan American’s latest quarterly Juanicipio production, cost and cash disclosures
• Fresnillo’s most recent operational and capex updates
• Updated reserve and resource data, since no current 2026 resource table was located
• Clear confirmation of plant throughput against nameplate capacity

This guide is educational only and offers no buy, sell or hold recommendation and no promise of returns.

This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions. Past performance does not guarantee future results. Financial projections are subject to market conditions and various risk factors.