MAG Silver is a Canadian mining company whose core asset is a 44% non-operating interest in the Juanicipio Mine in the Fresnillo District of Zacatecas, Mexico. Fresnillo, the Mexican precious metals major, holds the remaining 56% and operates the mine. Juanicipio produces lead, zinc, and pyrite concentrates, each containing payable silver, gold, and base metals. Silver is the primary value driver, with lead concentrate serving as the main vehicle for silver and gold recovery. Concentrates are sold to Met-Mex, a Fresnillo affiliate, under offtake agreements at benchmark market terms, with payment based on gross metal value less treatment charges and other deductions. MAG Silver's economics are almost entirely driven by its 44% share of Juanicipio's cash flows, making it highly leveraged to silver prices and Fresnillo's operational execution. As a passive minority partner, MAG Silver has no direct control over production, costs, or capital allocation at Juanicipio. Beyond Juanicipio, MAG Silver holds two early-stage exploration projects — Deer Trail in Utah and Larder in Ontario — but neither is material to current financial results. MAG Silver's corporate overhead is concentrated at its Vancouver head office.