MAG Silver (MAG) 40-F 27 Mar 24 2023 FY Annual report (Canada) Financial data

Document And Entity Information

Document And Entity Information - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0001230992
Entity Registrant Name	MAG SILVER CORP.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Entity File Number	001-33574
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	800 West Pender Street, Suite 770
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 2V6
City Area Code	604
Local Phone Number	630-1399
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	MAG
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding		102,972,650
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Deloitte LLP
Auditor Location	Vancouver, British Columbia, Canada
Auditor Firm ID	1208
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	850 Library Avenue, Suite 204
Entity Address, City or Town	Newark
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19711
City Area Code	302
Local Phone Number	738-6680
Contact Personnel Name	Puglisi & Associates

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Income from equity accounted investment in Juanicipio	$ 65,099	$ 40,767
General and administrative expenses	(13,594)	(12,352)
General exploration and business development	(736)	(193)
Exploration and evaluation assets written down	0	(10,471)
Operating income	50,769	17,751
Interest income	2,594	630
Other income	1,017	0
Foreign exchange loss	(144)	(366)
Income before income tax	54,236	18,015
Deferred income tax expense	(5,577)	(371)
Net income	48,659	17,644
Other comprehensive income
Unrealized loss on equity securities	(3)	(57)
Deferred tax benefit	0	7
Total comprehensive income	$ 48,656	$ 17,594
Basic earnings per share (in dollars per share)	$ 0.47	$ 0.18
Diluted earnings per share (in dollars per share)	$ 0.47	$ 0.18
Weighted average number of shares outstanding
Basic (in shares)	102,486,986	98,420,906
Diluted (in shares)	102,631,964	98,557,615

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 68,707	$ 29,955
Accounts receivable	1,559	708
Prepaid expenses	1,787	1,232
Total current assets	72,053	31,895
Investment in Juanicipio	394,622	338,316
Exploration and evaluation assets	52,637	37,259
Deferred financing fees	909	0
Property and equipment	301	348
Investments	8	11
Total non-current assets	448,477	375,934
Total assets	520,530	407,829
Liabilities
Trade and other payables	2,668	2,542
Current portion of lease obligation	154	121
Flow-through share premium liability	1,969	0
Total current liabilities	4,791	2,663
Lease obligation	0	140
Deferred income taxes	8,498	2,921
Provision for reclamation	484	409
Total liabilities	13,773	6,133
Equity
Share capital	614,364	559,933
Equity reserve	20,764	18,790
Accumulated other comprehensive income	781	784
Deficit	(129,152)	(177,811)
Total equity	506,757	401,696
Total liabilities and equity	$ 520,530	$ 407,829

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 48,659	$ 17,644
Items not involving cash:
Amortization of flow-through premium liability	(1,017)	0
Depreciation and amortization	352	136
Deferred income tax expense	5,577	371
Exploration and evaluation assets written down	0	10,471
Amortization of deferred financing fees	84	0
Income from equity accounted investment in Juanicipio	(65,099)	(40,767)
Share-based payment expense	3,279	3,250
Unrealized foreign exchange loss (gain)	71	(232)
Accounts receivable	(340)	243
Prepaid expenses	(555)	(705)
Trade and other payables	44	871
Net cash used in operating activities	(8,945)	(8,718)
INVESTMENT ACTIVITIES
Exploration and evaluation expenditures	(15,220)	(12,018)
Acquisition of Gatling Exploration, net of cash acquired	0	(2,653)
Investment in Juanicipio	(25,376)	(8,864)
Receipt of principal on loans to Juanicpio	25,714	0
Receipt of interest on loans to Juanicipio	7,639	3,564
Proceeds from disposition of equity securities	0	1,111
Purchase of equipment	0	(35)
Net cash used in investing activities	(7,243)	(18,895)
FINANCING ACTIVITIES
Deferred financing fees (credit facility)	(993)	0
Issuance of common shares upon exercise of stock options	307	1,037
Issuance of common shares, net of share issue costs	39,750	0
Issuance of flow-through shares, net of share issue costs	15,998	0
Payment of lease obligation (principal)	(107)	(109)
Net cash from financing activities	54,955	928
Effect of exchange rate changes on cash	(15)	(108)
Increase (decrease) in cash during the year	38,752	(26,793)
Cash, beginning of year	29,955	56,748
Cash, end of year	$ 68,707	$ 29,955

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Issued capital [member]	Reserve of equity [member]	Accumulated other comprehensive income [member]	Retained earnings [member]	Total
Balance (in shares) at Dec. 31, 2021	97,809,441
Balance at Dec. 31, 2021	$ 543,927	$ 18,215	$ 1,798	$ (196,419)	$ 367,521
Statement Line Items [Line Items]
Stock options exercised (in shares)	100,678
Stock options exercised	$ 1,399	(362)	0	0	1,037
Stock options exercised cashless (in shares)	24,247
Stock options exercised cashless	$ 432	(432)	0	0	0
Restricted and performance share units converted (in shares)	98,012
Restricted and performance share units converted	$ 1,147	(1,147)	0	0	0
Deferred share units converted (in shares)	86,295
Deferred share units converted	$ 871	(871)	0	0	0
Shares issued on acquisition of Gatling Exploration (in shares)	774,643
Shares issued on acquisition of Gatling Exploration	$ 11,212	0	0	0	11,212
Shares issued on settlement of Gatling Exploration liability (in shares)	63,492
Shares issued on settlement of Gatling Exploration liability	$ 945	85	0	0	1,030
Share-based payment	0	3,302	0	0	3,302
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax	0	0	(964)	964	0
Other comprehensive income loss	0	0	(50)	0	(50)
Net income	$ 0	0	0	17,644	17,644
Balance (in shares) at Dec. 31, 2022	98,956,808
Balance at Dec. 31, 2022	$ 559,933	18,790	784	(177,811)	401,696
Statement Line Items [Line Items]
Stock options exercised (in shares)	28,787
Stock options exercised	$ 397	(90)	0	0	307
Restricted and performance share units converted (in shares)	112,605
Restricted and performance share units converted	$ 1,215	(1,215)	0	0	0
Share-based payment	0	3,279	0	0	3,279
Other comprehensive income loss	0		(3)	0	(3)
Net income	$ 0			48,659	48,659
Shares issued for cash, net of flow-through share premium liability (in shares)	3,874,450
Shares issued for cash, net of flow-through share premium liability	$ 56,761	0	0	0	56,761
Share issue costs	$ (3,942)	0	0	0	(3,942)
Balance (in shares) at Dec. 31, 2023	102,972,650
Balance at Dec. 31, 2023	$ 614,364	$ 20,764	$ 781	$ (129,152)	$ 506,757

Note 1 - Nature of Operations

Note 1 - Nature of Operations	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of nature of operations [text block]	1. NATURE OF OPERATIONS MAG Silver Corp. (the “Company” or “MAG”) is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is the ultimate parent company of its consolidated group, was incorporated on April 21, 1999, The Company’s principal asset is a 44% interest in the Juanicipio Mine (Note 9 4,000 June 1, 2023. Address of registered office of the Company: 3500 1133 Vancouver, British Columbia, Canada V6E 4E5 Head office and principal place of business: 770 800 Vancouver, British Columbia, Canada V6C 2V6

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of basis of preparation of financial statements [text block]	2. BASIS OF PRESENTATION (a) Statement of compliance These audited consolidated financial statements are prepared in accordance These audited consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments, which are stated at their fair value. These audited consolidated financial statements were authorized for issuance by the Board of Directors of the Company on March 18, 2024. (b) Principles of consolidation These audited consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries and controlled entities are included in the consolidated financial results of the Company from the effective date that control is obtained up to the effective date of disposal or loss of control. The principal wholly-owned subsidiary as at December 31, 2023 December 31, 2022 These audited consolidated financial statements also include the Company’s 44% interest in each of Minera Juanicipio, S.A. de C.V. (“Minera Juanicipio”) and Equipos Chaparral, S.A. de C.V. (“Equipos Chaparral”) (Note 9, 3 Where necessary, adjustments have been made to the financial statements of the Company’s subsidiaries and associates prior to consolidation, to conform with the accounting policies used in their preparation to those used by the Company.

Note 3 - Material Accounting Po

Note 3 - Material Accounting Policy Information	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of material accounting policy information [text block]	3. MATERIAL ACCOUNTING POLICY INFORMATION The accounting policies applied in the preparation of these audited consolidated financial statements have been applied consistently for all years presented except as disclosed in Note 4 The significant judgements the Company made in applying its accounting policies and the key sources of estimation uncertainty arising in the preparation of these consolidated financial statements are discussed in Note 5. (a) Foreign currencies (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, foreign currency denominated monetary assets and liabilities are translated using the period end foreign exchange rate whereas non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value in a foreign currency are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the consolidated statements of income and comprehensive income. (ii) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and its associates, including the Juanicipio Mine, is the United States dollar (“US$”). The Company’s reporting and presentation currency is the US$. (b) Inventories Inventories at Juanicipio include production inventory, and materials and supplies inventory. All inventories at Juanicipio are measured at the lower of cost and net realizable value. Cost is determined using the weighted average cost method and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and estimated costs necessary to make the sale. (i) Production inventories Production inventory consists of stockpiled ore, work-in-process, and concentrate. The cost of production inventories includes: ● operating costs, which include employee costs, material costs and contractor expenses which are directly attributable to the extraction and processing of mineralized material; ● amortization of property, plant and equipment used in the extraction and processing of mineralized material; and ● related production overheads. The assumptions used in the valuation of inventories include estimates of the amount of recoverable metal in the stockpile and an assumption of the metal prices expected to be realized when the metal is recovered. (ii) Materials and supplies inventory An allowance for obsolete and slow-moving inventories is determined by reference to specific items of inventory based on usage profile. A regular review is undertaken to determine the extent of such an allowance. (c) Investments in associates The Company conducts the majority of its business through an equity interest in associates. An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement, and includes the Company’s 44% interest in each of Minera Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., both Mexican incorporated companies (Note 9, not The Company accounts for its investment in associates using the equity method. The Company aggregates its disclosures required under IFRS for interests in associates effectively involved in advancing the same business objective. Under the equity method, the Company’s investments in associates are initially recognized at cost and subsequently increased or decreased to reflect additional contributions or distributions and to recognize the Company's share of earnings and losses of the associate and for impairment losses after the initial recognition date. The Company's share of earnings and losses of associates are recognized in the consolidated statements of income and comprehensive income during the year. Intercompany interest on loans from the Company to its associates is recorded against its share of income from equity accounted investment, rather than as a separate line item in the consolidated statements of income and comprehensive income. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. Impairment At the end of each reporting year, the Company assesses whether there is objective evidence that an investment in associate is impaired. The Company has performed an assessment for impairment indicators of its investments in associates as of December 31, 2023 no not not (d) Exploration and evaluation assets With respect to its exploration activities, the Company follows the practice of capitalizing all costs relating to the acquisition, exploration and evaluation of its mining rights. Option payments made by the Company are capitalized until the decision to exercise the option is made. If the option agreement is to exercise a purchase option in an underlying mineral property, the costs are capitalized and accounted for as an exploration and evaluation asset. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method (“UOP”). If no no Exploration and evaluation expenditures include acquisition costs of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching and sampling; all costs incurred to obtain permits and other licenses required to conduct such activities, including legal, community, strategic and consulting fees; and activities involved in evaluating the technical feasibility and commercial viability of extracting mineral resources. This includes the costs incurred in determining the most appropriate mining/processing methods and developing feasibility studies. Expenditures incurred on a prospective property prior to the Company obtaining the right to explore it, are expensed in the year in which they are incurred. When the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the underlying project enters the development phase and exploration and evaluation assets are reclassified to mine development costs. Key considerations in concluding a project has entered development phase include, but are not Impairment Management reviews the carrying amount of exploration and evaluation assets for impairment when facts or circumstances suggest that the carrying amount is not no may not not (e) Property, plant and equipment and mine development costs Property, plant and equipment are recorded at cost less accumulated amortization and impairment losses. When parts of an item of equipment have different useful lives, they are accounted for as separate equipment items (major components). Amortization is based on the depreciable amount, which is the cost of the asset, less its expected residual value. Amortization of the 44% The mine entered commercial production in January 2022 June 2023. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset straight-line over the earlier of the end of the lease term or useful life of the asset Amortization methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. (f) Provisions Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when: (i) The Company has a present obligation (legal or constructive) as a result of a past event; (ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) A reliable estimate can be made of the amount of the obligation. Constructive obligations are obligations that derive from the Company’s actions where: (i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the Company has indicated to other parties that it will accept certain responsibilities; and (ii) As a result, the Company has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions are reviewed at the end of each reporting year and adjusted to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting year. If it is no Closure and reclamation A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting year when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalized where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognized in the statement of financial position by adjusting the mine closure cost liability and the related asset originally recognized. Decommissioning assets depreciate over the estimated production period of the mining and processing facilities. The depreciation and amortization charge is recognized in the consolidated statements of income and comprehensive income as part of production costs. (g) Income taxes Income tax is comprised of current and deferred tax. Income tax is recognized in the consolidated statements of income and comprehensive income except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current tax is the expected tax payable on taxable income for the year of each entity in the consolidated group, using tax rates enacted or substantively enacted, at the end of the reporting year. Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values. Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment. (h) Financial instruments Financial assets Financial assets are classified as either financial assets at fair value through the consolidated statements of income and comprehensive income (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or amortized cost. The Company determines the classification of financial assets at initial recognition. (i) Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of income and comprehensive income. Equity instruments that are held for trading and all equity derivative instruments are classified as FVTPL. (ii) Financial assets at FVTOCI Equity instruments that are designated at FVTOCI are initially recorded at fair value plus transaction costs with all subsequent changes in fair value recognized in other comprehensive income (loss). For investments in equity instruments that are not not (iii) Financial assets at amortized cost Financial assets are classified at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the assets’ contractual cash flows are comprised solely of payments of principal and interest. The Company’s loans to Mineria Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., and accounts receivable are recorded at amortized cost as they meet the required criteria. A provision is recorded based on the expected credit losses for the financial asset and reflects changes in the expected credit losses at each reporting year (see impairment below). Impairment IFRS 9 Financial liabilities Financial liabilities are initially recorded at fair value and subsequently measured at amortized cost, unless they are required to be measured at FVTPL (such as derivatives) or the Company has elected to measure at FVTPL. The Company’s financial liabilities include trade and other payables which are classified at amortized cost. (i) Debt Debt is initially recorded at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statements of income and comprehensive income over the period of the debt using the effective interest method. (j) Share capital The Company records proceeds from share issuances net of issue costs. The Company records proceeds from the exercise of stock options as share capital in the amount for which the option enabled the holder to purchase a share in the Company. Share capital issued for non-monetary consideration is recorded at the fair value of the non-monetary consideration received, or at the fair value of the shares issued if the fair value of the non-monetary consideration cannot be measured reliably, on the date of issue. (k) Share-based compensation The fair value of equity-settled share-based compensation awards are estimated as of the date of the grant and recorded as share-based compensation expense in the consolidated statements of income and comprehensive income over their vesting periods, with a corresponding increase in equity. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. Market price performance conditions are included in the fair value estimate on the grant date with no The fair value of stock options is estimated using the Black-Scholes option valuation model. The fair value of restricted and deferred share units, is based on the fair market value of a common share equivalent on the date of grant. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model and the fair value of performance share units with non-market performance conditions is based on the fair market value of a common share equivalent on the date of grant. (l) Revenue The Juanicipio Mine recognizes revenue for silver, gold, lead and zinc from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material is received at the customer’s plant, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. The Juanicipio revenues are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market for changes in price differences each year prior to final settlement. The Juanicipio Mine also adjusts estimated metal quantities used in computing provisional revenues based on new information and assay data from the smelter/refinery as it is received (if any). MAG only includes in the transaction price the amount which is not 15th (m) Income per common share Basic income per share is based on the weighted average number of common shares outstanding during the year. Diluted income per share is computed using the weighted average number of common and potential common shares outstanding during the year. Common equivalent shares consist of the incremental common shares upon the assumed exercise of stock options and warrants, and upon the assumed conversion of deferred share units and units issued under the Company’s share unit plan, to the extent their inclusion is not (n) Asset acquisitions Upon the acquisition of an asset or a group of assets and liabilities that does not not

Note 4 - Changes in Accounting

Note 4 - Changes in Accounting Standards	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Changes in accounting standards [text block]	4. CHANGES IN ACCOUNTING STANDARDS (a) Accounting standards adopted during the year During 2023, ● Amendments to IAS 12, Income Taxes January 1, 2023) not not December 31, 2023 ● Amendments to IAS 12, International Tax Reform Pillar Two Model Rules. 12 Income taxes 12, International Tax Reform Pillar Two Model Rules January 1, 2023). not not (b) Accounting standards and amendments issued but not The Company has not not ● Amendments to IAS 1, 1, not twelve twelve October 2022 twelve not January 1, 2024. not

Note 5 - Significant Accounting

Note 5 - Significant Accounting Judgements and Estimates	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of accounting judgements and estimates [text block]	5. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES (a) Significant judgements In preparing the consolidated financial statements, the Company makes judgments when applying its accounting policies. The judgments that have the most significant effect on the amounts recognized in the consolidated financial statements are outlined below. (i) Equity investments In the normal course of operations, the Company may not ● The purpose and design of the investee entity. ● The ability to exercise power, through substantive rights, over the activities of the investee entity that significantly affect its returns. ● The size of the company’s equity ownership and voting rights, including potential voting rights. ● The size and dispersion of other voting interests, including the existence of voting blocks. ● Other investments in or relationships with the investee entity including, but not ● Other relevant and pertinent factors. If the Company determines that it controls an investee entity, it consolidates the investee entity’s financial statements as further described in Note 3. 3. 3. (ii) Impairment of non-current assets Non-current assets are tested for impairment at the end of each reporting year if, in management’s judgement, there is an indicator of impairment. Management applies significant judgment in assessing whether indicators of impairment exist that would necessitate impairment testing. Internal and external factors, such as (i) changes in quantity of the recoverable resources and reserves; (ii) changes in metal prices, capital and operating costs and interest rates; and (iii) market capitalization of the Company compared to its net assets, are evaluated by management in determining whether there are any indicators of impairment. If there are indicators, management performs an impairment test on the major assets in this category. In addition, the application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment in determining whether it is probable that future economic benefits are likely, either from future exploitation or sale or where activities have not may As at December 31, 2023 December 31, 2022, not (iii) Commercial production The determination of the date on which a mine enters the commercial production stage is a significant judgement as capitalization of certain costs ceases and the recording of expenses commences. In determining commercial production and when the mine and processing facility are available for use in the manner intended by management, the following factors are considered: ● Operational commissioning of major mine and plant components is complete; ● Intended operating results are being achieved consistently for a period of time (i.e. consistent level of throughput, sustained plant recovery levels, etc); ● There are indicators that these operating results will be continued; and ● Other factors are present, including one Declaration of commercial production at Juanicipio The Juanicipio mine and related mining infrastructure achieved commercial production on January 1, 2022. June 1, 2023. With the declaration of commercial production, Juanicipio began depreciating all assets related to processing and associated facilities. In addition, the Company commenced depreciating exploration expenditures at Juanicipio that were capitalized in accordance with the Company’s accounting policies as well as project oversight expenditures incurred by MAG (Note 9 (b) Significant estimates The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates are based on management’s knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may 12 (i) Revenue Revenue recorded at the Juanicipio Mine, which is reflected as a component in the Company’s consolidated statements of income and comprehensive income from its equity accounted investment in Juanicipio, is based on estimated metal quantities reflecting assay data and on provisional prices which will be trued up for final price and quantity in a later period. (ii) Provision for reclamation Management assesses the closure and reclamation obligations on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs required based on the existing laws and regulations in the jurisdiction the Company operates in, the timing of these expenditures, and the impact of changes in the inflation and discount rates. The actual future expenditures may (iii) Contingent liabilities The Company is subject to various tax, legal and other disputes, the outcomes of which cannot be assessed with a high degree of certainty. A liability is recognized where, based on the Company’s legal views and advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. By their nature, these provisions will only be resolved when one (iv) Fair value measurement: share-based compensation The Company uses valuation techniques (Note 3 The fair value of stock options is estimated using the Black-Scholes option valuation model, and related required estimates, judgements, and assumptions include stock options expected life, expected volatility, expected risk‐free rate, and expected forfeiture rate. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model, projecting the performance of the Company and, if applicable, the relevant market index against which the Company’s performance is compared. In assessing the vesting of performance share units awarded with market price conditions the Company may

Note 6 - Acquisition of Gatling

Note 6 - Acquisition of Gatling Exploration Inc.	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of business combinations [text block]	6. ACQUISITION OF GATLING EXPLORATION INC. On March 11, 2022, May 20, 2022, MAG issued a total of 774,643 common shares to the shareholders of Gatling in connection with the Transaction. The Company also issued 43,675 replacement stock options and 53,508 replacement warrants (Note 11 The Company has determined that the Transaction did not 3, Business Combinations The purchase price allocation requires management to estimate the relative fair value of identifiable assets acquired and liabilities assumed. The following tables summarize the fair value of the consideration given and the relative fair values of identified assets and liabilities recognized as a result of the Transaction. Total shares issued on close: 774,643 $ MAG share price – C$ 18.54 USD exchange rate 0.7807 MAG share price – US$ 14.47 Value of shares on close of Transaction 11,212 Value of convertible note receivable 2,392 Value of replacement options and warrants 85 Transaction costs 350 Value of consideration paid 14,039 Identified assets acquired and liabilities assumed $ Assets Cash and cash equivalents 89 Receivables, prepaids and deposits 115 Exploration and evaluation assets 15,187 Total Assets 15,391 Liabilities Accounts payable and accrued liabilities 1,315 Lease liabilities 37 Total Liabilities 1,352 Net assets acquired 14,039

Note 7 - General and Administra

Note 7 - General and Administrative Expenses	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of expenses [text block]	7. GENERAL AND ADMINISTRATIVE EXPENSES For the year ended December 31 December 31 2023 2022 $ $ Accounting and audit 751 606 Compensation and consulting fees 4,985 4,648 Depreciation and amortization 352 136 Filing and transfer agent fees 354 335 Amortization of deferred financing fees 84 - General office expenses 847 530 Insurance 1,466 2,024 Juanicipio oversight costs 687 - Legal 433 244 Share-based compensation expense (see Note 11) 2,894 3,250 Shareholder relations 445 419 Travel 296 160 13,594 12,352

Note 8 - Accounts Receivable

Note 8 - Accounts Receivable	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of trade and other receivables [text block]	8. ACCOUNTS RECEIVABLE December 31, December 31, 2023 2022 $ $ Receivable from Minera Juanicipio (Notes 9 & 17) 855 323 Value added tax (“IVA” and “GST”) 700 382 Other receivables 4 3 1,559 708

Note 9 - Investment in Juanicip

Note 9 - Investment in Juanicipio	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of interests in associates [text block]	9. INVESTMENT IN JUANICIPIO Minera Juanicipio was created for the purpose of holding the Juanicipio property, and is held 56% by Fresnillo plc (“Fresnillo”) and 44% by the Company. On December 27, 2021, Juanicipio is governed by a shareholders’ agreement and by corporate by-laws. All costs relating to Juanicipio are required to be shared by the Company and Fresnillo pro-rata based on their ownership interests in Juanicipio, and if either party does not Fresnillo is the operator of Juanicipio, and with its affiliates, beneficially owns 9,314,877 common shares of the Company as at December 31, 2023, The Company has recorded its Investment in Juanicipio using the equity method of accounting. The recorded value of the investment includes the carrying value of the deferred exploration, mineral and surface rights, Juanicipio costs incurred by the Company, the required net cash investments to establish and maintain its 44% 44% Changes during the year of the Company’s investment relating to its interest in Juanicipio are detailed as follows: December 31, December 31, 2023 2022 $ $ Balance, beginning of year 338,316 291,084 Juanicipio oversight expenditures incurred 100% by MAG 384 719 Amortization of Juanicipio's oversight expenditures incurred 100% by MAG (305 ) - Cash contributions and advances to Juanicipio (3) 24,992 8,140 Loan repayments from Juanicipio (2) (25,714 ) - Total for the period (642 ) 8,859 Income from equity accounted Investment in Juanicipio 65,099 40,767 Interest earned, net of recontributions, reclassified to accounts receivable (1) (8,150 ) (2,394 ) Balance, end of year 394,622 338,316 ( 1 December 31, 2023, December 31, 2022: December 31, 2022: ( 2 December 31, 2023, December 31, 2022: nil ( 3 December 31, 2023, December 31, 2022: A summary of financial information of Juanicipio (on a 100% Juanicipio Statements of Income For the year ended December 31, December 31, 2023 2022 $ $ Sales 442,288 215,736 Cost of sales: Production cost 171,830 61,985 Depreciation and amortization 68,475 20,913 Cost of sales 240,305 82,898 Gross profit 201,983 132,838 Consulting and administrative expenses (18,768 ) (8,436 ) Extraordinary mining and other duties (4,945 ) (349 ) 178,270 124,053 Exchange losses and other (2,937 ) (5,160 ) Interest expense (18,524 ) (2,298 ) Income tax expense (27,381 ) (26,348 ) Net income 129,428 90,247 MAG's 44% portion of net income 56,948 39,709 Interest on Juanicipio loans - MAG's 44% 8,150 1,058 MAG's 44% equity income 65,099 40,767 Juanicipio Statements of Financial Position December 31, December 31, 2023 2022 $ $ Assets Current assets Cash and cash equivalents 42,913 1,102 Value added tax and other receivables 3,162 13,945 Income tax receivable 3,758 - Concentrate sales receivable 56,532 24,098 Inventories Stockpiles 2,417 26,020 Metal concentrates 2,361 - Materials and supplies 18,414 10,081 Prepaids and other assets 5,501 7,756 135,058 83,002 Non-current assets Right-of-use assets 1,590 1,336 Mineral interests, plant and equipment 794,512 779,735 Deferred tax assets 24,336 11,259 820,438 792,330 Total assets 955,496 875,332 Liabilities Current liabilities Payables 22,167 34,678 Interest and other payables to shareholders 12,160 13,460 Taxes payable 14,395 36,259 48,722 84,397 Non-current liabilities Lease obligation 1,597 1,329 Provisions Reserves for retirement and pension 112 29 Reclamation and closure 3,605 3,073 Deferred tax liabilities 9,439 22,242 14,753 26,673 Total liabilities 63,475 111,070 Equity Shareholders' equity including shareholder advances 892,021 764,262 Total equity 892,021 764,262 Total liabilities and equity 955,496 875,332 Juanicipio Statements of Cash Flows For the year ended December 31, December 31, 2023 2022 $ $ Operating activities Net income 129,428 90,247 Items not involving cash Depreciation 68,475 20,913 Deferred income tax expense and special mining duty 27,381 26,348 Interest incurred on loans 18,524 2,298 Write-off of fixed asset - 3,676 Other 3,304 3,711 Income tax and special mining duty payments (83,875 ) (11,570 ) Change in other operating working capital (18,172 ) (6,361 ) Net cash from operating activities 145,064 129,261 Investing activities Capital expenditures including plant, mine development and exploration (84,881 ) (156,040 ) Other 1,487 282 Net cash used in investing activities (83,393 ) (155,758 ) Financing activities Loans and other capital provided by shareholders 56,800 18,500 Repayments of loans to shareholders (58,441 ) 255 Interest paid to shareholders (17,409 ) (9,460 ) Payment of lease obligations (856 ) (854 ) Net cash (used in) from financing activities (19,906 ) 8,440 Effect of exchange rate changes on cash and cash equivalents 46 186 Increase (decrease) in cash and cash equivalents during the year 41,811 (17,870 ) Cash and cash equivalents, beginning of year 1,102 18,972 Cash and cash equivalents, end of year 42,913 1,102

Note 10 - Exploration and Evalu

Note 10 - Exploration and Evaluation Assets	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of exploration and evaluation assets [text block]	10. EXPLORATION AND EVALUATION ASSETS a) In 2018, $150 2020 2021, 2022 2023. 100% 2028 December 31, 2023, December 31, 2023, 100% b) During the year ended December 31, 2022, 6 December 31, 2023, c) In 2017, not $150 May 2022 December 31, 2022. During the year ended December 31, 2023, December 31, December 31, 2023 2022 $ $ Deer Trail Option and other payments 275 210 Total acquisition costs 275 210 Geochemical 590 422 Camp and site costs 875 713 Drilling 3,959 6,255 Geological consulting 1,185 964 Geophysical 120 325 Land taxes and government fees 213 232 Legal, community and other consultation costs 343 303 Travel 190 167 Total for the year 7,750 9,591 Balance, beginning of year 19,565 9,974 Total Deer Trail Project cost 27,315 19,565 Larder project Acquisition (Note 6) - 15,187 Option and other payments - 19 Total acquisition costs - 15,206 Geochemical 1,117 112 Camp and site costs 772 127 Drilling 2,402 1,232 Geological consulting 1,764 450 Geophysical 1,074 314 Land taxes and government fees 43 19 Legal, community and other consultation costs 347 176 Travel 109 58 Total for the year 7,628 17,694 Balance, beginning of year 17,694 - Total Larder Project cost 25,322 17,694 Black Hills Geochemical - 5 Camp and site costs - 1 Geological consulting - 127 Geophysical - 3 Land taxes and government fees - 7 Legal, community and other consultation costs - 46 Travel - 2 Total for the year - 191 Balance, beginning of year 10,280 Less: Amounts written off - (10,471 ) Total Black Hills Project cost - - Total Exploration and Evaluation Assets 52,637 37,259

Note 11 - Share Capital

Note 11 - Share Capital	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of share capital, reserves and other equity interest [text block]	11. SHARE CAPITAL a) Public Offerings On February 7, 2023, On February 16, 2023, C$23,024 C$23.75 12 The aggregate gross proceeds from the combined bought deal public offering and bought deal private placement amounted to $59,691. The Company paid commissions to underwriters of $3,010 and legal and filing fees totalling $932 yielding net proceeds of $55,749. b) Stock options The Company may June 26, 2023, may 11 not 5% The following table summarizes the Company’s stock options activity, excluding the Gatling replacement options (Note 6 December 31, 2023. Stock options activity Weighted average exercise price (C$/option) Outstanding, January 1, 2022 988,727 16.77 Granted 230,089 18.86 Exercised for cash (100,678 ) 13.79 Exercised cashless (105,344 ) 16.52 Outstanding, December 31, 2022 1,012,794 17.56 Granted 236,928 16.42 Expired (20,000 ) 19.41 Forfeited (13,564 ) 18.35 Exercised for cash (28,787 ) 14.34 Outstanding, December 31, 2023 1,187,371 17.37 During the year ended December 31, 2023, December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: The following table summarizes the Company’s stock options, excluding the Gatling replacement options (Note 6 December 31, 2023. Exercise price Number Number Weighted avg. remaining (C$/option) Outstanding Exercisable contractual life (years) 13.46 209,432 209,432 0.28 14.98 239,333 239,333 1.16 16.09 6,021 - 4.25 16.43 223,039 - 4.25 17.02 100,000 33,333 3.38 20.20 110,998 37,794 3.27 21.26 50,000 33,333 2.92 21.29 9,191 3,063 3.27 21.57 189,357 189,357 1.94 23.53 50,000 33,333 2.05 13.46 - 23.53 1,187,371 778,978 2.24 The Company determined the fair value of the options using the Black-Scholes option pricing model with the following weighted average assumptions: December 31, December 31, 2023 2022 Risk-free interest rate 3.53 % 2.58 % Expected volatility 57 % 61 % Expected dividend yield nil nil Expected life (years) 3 3 In 2022, 6 December 31, 2023: Exercise price Number Number Weighted average remaining (C$/option) outstanding exercisable contractual life (years) 21.40 1,706 1,706 0.55 21.68 - 21.93 9,986 9,986 0.62 25.80 4,264 4,264 0.05 21.40 - 25.80 15,956 15,956 0.46 (c) Restricted and performance share units On June 26, 2023, may 11 not 5% may not The following table summarizes the Company’s RSUs activity for the year ended December 31, 2023. RSU activity Weighted average fair value (C$/RSU) Outstanding, January 1, 2022 24,109 18.44 Granted 84,644 18.71 Exercised (7,694 ) 13.79 Outstanding, December 31, 2022 101,059 18.47 Granted 56,425 16.42 Forfeited (4,244 ) 17.07 Exercised (54,985 ) 17.19 Outstanding, December 31, 2023 98,255 17.82 During the year ended December 31, 2023, December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: December 31, 2022: The following table summarizes the Company’s PSUs activity for the year ended December 31, 2023. PSU activity Weighted average fair value (C$/PSU) Outstanding, January 1, 2022 240,765 14.61 Granted 87,375 20.30 Forfeited (6,567 ) 16.65 Exercised (90,318 ) 11.53 Outstanding, December 31, 2022 231,255 17.91 Granted 156,861 16.42 Forfeited (43,047 ) 19.71 Exercised (57,620 ) 13.17 - - Outstanding, December 31, 2023 287,449 17.78 During the year ended December 31, 2023, December 31, 2022: December 31, 2022: December 31, 2022: five December 31, 2022: three December 31, 2022: three (d) Deferred share units On June 26, 2023, may may may The following table summarizes the Company’s DSUs activity for the year ended December 31, 2023. DSU activity Weighted average fair value (C$/DSU) Outstanding, January 1, 2022 469,373 14.15 Granted 37,037 18.49 Exercised (86,295 ) 12.84 - - Outstanding, December 31, 2022 420,115 14.80 Granted 78,474 14.81 Outstanding, December 31, 2023 498,589 14.80 During the year ended December 31, 2023, December 31, 2022: December 31, 2022: (e) Replacement warrants In 2022, 53,508 6 (f) Diluted earnings per share December 31, December 31, 2023 2022 Net earnings 48,656 17,594 Basic weighted average number of shares outstanding 102,486,986 98,420,906 Effect of dilutive common share equivalents: Stock options 51,971 96,894 Restricted and performance share units 93,007 39,815 Diluted weighted average number of shares outstanding 102,631,964 98,557,615 Diluted earnings per share $ 0.47 $ 0.18 As of December 31, 2023, December 31, 2022: December 31, 2022: December 31, 2022:

Note 12 - Flow-through Premium

Note 12 - Flow-through Premium Liability	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Flow-through Premium liability Explanatory [text block]	12. FLOW-THROUGH PREMIUM LIABILITY As at December 31, 2023, December 31, 2022: nil February 16, 2023 ( 11 January 25, 2023, Shares issued Flow-through share price $ Premium per flow through share price $ Flow-through premium liability $ February 2023 Financing 969,450 17.67 3.08 2,986 The following table is a continuity of the flow-through share funding and expenditures along with the corresponding impact on the flow-through share premium liability: Flow-through funding and expenditures Flow-through premium liability $ $ Balance at January 1, 2023 - - Flow-through funds raised 17,133 2,986 Flow-through eligible expenditures (5,835 ) (1,017 ) Balance at December 31, 2023 11,298 1,969 The Company renounced the entirety of tax deductions from incurred and not December 31, 2023 ( 20

Note 13 - Debt Facility

Note 13 - Debt Facility	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of detailed information about borrowings [text block]	13. DEBT FACILITY In October 2023 may August 4, 2026, no December 31, 2023, As of December 31, 2023, not December 31, 2023.

Note 14 - Capital Risk Manageme

Note 14 - Capital Risk Management	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of objectives, policies and processes for managing capital [text block]	14. CAPITAL RISK MANAGEMENT The Company’s objectives in managing its liquidity and capital are to safeguard the Company’s ability to continue as a going concern and to provide financial capacity to meet its strategic objectives. The capital structure of the Company consists of its equity (comprised of share capital, equity reserve, accumulated other comprehensive income and deficit), its undrawn Credit Facility (see Note 13 December 31, December 31, 2023 2022 $ $ Equity 506,757 401,696 Lease obligation 154 261 Cash (68,707 ) (29,955 ) Investments (8 ) (11 ) Total 438,196 371,991 The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may As at December 31, 2023, not not

Note 15 - Financial Risk Manage

Note 15 - Financial Risk Management	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of financial risk management [text block]	15. FINANCIAL RISK MANAGEMENT The Company’s operations consist of the acquisition, exploration and advancement of mineral projects in the Americas. The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. These risks may (a) Market risk The Company conducts the majority of its business through its equity interest in its associates, Juanicipio (Note 9 not not December 31, 2023. (b) Credit risk Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of set-off exists and also includes the fair values of contracts with individual counterparties which are recorded in the financial statements. (i) Trade credit risk Juanicipio, in which the Company has a 44% interest, has revenue from its operations as described in Note 9. not (ii) Cash In order to manage credit and liquidity risk, the Company’s practice is to invest only in highly rated investment grade instruments backed by Canadian commercial banks, and in the case of its Mexican and US operations, the Company maintains minimal cash in its US and Mexican subsidiaries. The Company’s maximum exposure to credit risk is the carrying value of its cash, accounts receivable and loans receivable from Juanicipio which is classified as an Investment in Juanicipio in the audited consolidated statements of financial position, as follows: December 31, December 31, 2023 2022 $ $ Cash 68,707 29,955 Accounts receivable (Note 8) 1,559 708 Juanicipio loans (Notes 9 & 18) 94,414 104,653 164,680 135,316 (c) Liquidity risk The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements, its exploration and mineral projects advancement plans, and its various optional property and other commitments (Notes 9, 10 18 To increase its flexibility with regards to access to capital, on October 4, 2023 13 The Company estimates it has the ability to fund the next 12 not December 31, 2022. may (d) Currency risk The Company is exposed to the financial risks related to the fluctuation of foreign exchange rates, both in the Mexican peso and C$, relative to the US$. The Company does not Exposure to currency risk As at December 31, 2023, Mexican peso Canadian dollar (in US$ equivalent) $ $ Cash 8 2,187 Accounts receivable 120 651 Prepaid expenses - 986 Investments - 8 Accounts payable (95 ) (2,466 ) Lease obligations - (154 ) Net (liabilities) assets exposure 33 1,212 Mexican peso relative to the US$ Although the majority of operating expenses in Mexico are both determined and denominated in US$, an appreciation in the Mexican peso relative to the US$ will increase the Company’s cost of operations in Mexico (reported in US$) related to those operating costs denominated and determined in Mexican pesos. Alternatively, a depreciation in the Mexican peso relative to the US$ will decrease the Company’s cost of operations in Mexico (reported in US$) related to those operating costs denominated and determined in Mexican pesos. An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss before tax and deferred tax to the extent that the Company holds net monetary assets (liabilities) in pesos. Specifically, the Company's foreign currency exposure is comprised of peso denominated cash, prepaids and value added taxes receivable, net of trade and other payables. The carrying amount of the Company’s net peso denominated monetary assets at December 31, 2023 December 31, 2022: Mexican peso relative to the US$ - Investment in Juanicipio The Company conducts the majority of its business through its equity interest in its associates (Note 9 An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss before tax and deferred taxes (Note 9 December 31, 2023 December 31, 2022: December 31, 2023 December 31, 2022: 44% December 31, 2022: 10% C$ relative to the US$ The Company is exposed to gains and losses from fluctuations in the C$ relative to the US$. As general and administrative overheads in Canada are predominantly denominated in C$, an appreciation in the C$ relative to the US$ will increase the Company’s overhead costs as reported in US$. Alternatively, a depreciation in the C$ relative to the US$ will decrease the Company’s overhead costs as reported in US$. An appreciation/depreciation in the C$ against the US$ will result in a gain/loss to the extent that MAG, the parent entity, and the Larder Project holds net monetary assets (liabilities) in C$. The carrying amount of the Company’s net Canadian denominated monetary assets at December 31, 2023 C$1.4 December 31, 2022: C$1.1 (e) Interest rate risk The Company’s interest income earned on cash is exposed to interest rate risk. A decrease in interest rates would result in lower relative interest income and an increase in interest rates would result in higher relative interest income. The Company long-term credit facility is based on variable interest rate, where it will bear interest on a sliding scale of SOFR or the Lender’s Base Rate on US Dollar commercial loans plus an applicable margin on a sliding scale of between 200 and 400 basis points based on the Company’s leverage ratio. As of December 31, 2023, not

Note 16 - Financial Instruments

Note 16 - Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of fair value of financial instruments [text block]	16. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES The Company’s financial instruments include cash, accounts receivable, investments, and trade and other payables. The carrying values of cash, accounts receivable, and trade and other payables reported in the consolidated statement of financial position approximate their respective fair values due to the relatively short-term nature of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three Level 1: Level 2: 1 not Level 3: no The Company’s financial assets or liabilities as measured in accordance with the fair value hierarchy described above are: As at December 31, 2023 Level 1 Level 2 Level 3 Total $ $ $ $ Investments 8 - - 8 As at December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Investments 11 - - 11 There were no 1, 2 3 December 31, 2023 December 31, 2022.

Note 17 - Segmented Information

Note 17 - Segmented Information	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of operating segments [text block]	17. SEGMENTED INFORMATION The Company operates in one operating segment, being the exploration and advancement of mineral projects in North America. The Company’s principal asset, its 44% ownership in the Juanicipio Mine, is located in Mexico, and the Company also has other exploration properties in North America. The Company’s executive and head office is located in Canada.

Note 18 - Related Party Transac

Note 18 - Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of related party [text block]	18. RELATED PARTY TRANSACTIONS The Company does not During the year, the Company incurred expenses with Cascabel and IMDEX as follows: December 31, December 31, 2023 2022 $ $ Fees related to Dr. Megaw: Exploration and marketing services 393 372 Travel and expenses 39 30 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 55 54 Field exploration services 180 165 Share-based payments (Note 11) 443 456 1,110 1,077 All transactions are incurred in the normal course of business and are negotiated on arm’s length terms between the parties for all services rendered. A portion of the expenditures are incurred on the Company’s behalf and are charged to the Company on a “cost + 10%” not Any amounts due to related parties arising from the above transactions are unsecured, non-interest bearing and are due upon receipt of invoices. The details of the Company’s significant subsidiary and controlling ownership interests are as follows: Name Country of Incorporation Principal Asset MAG’s Effective interest 2023 (%) 2022 (%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 100% 100% Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not As at December 31, 2023, 1 6 January 2022, January 2023, December 31, 2023 December 31, 2022: During the year ended December 31, 2023 2022, For the year ended December 31, December 31, 2023 2022 $ $ Salaries and other short term employee benefits 1,949 2,075 Severance paid to a former executive - 382 Share-based compensation (non-cash) (Note 8) 2,532 1,774 4,481 4,231 Key management personnel

Note 19 - Commitments and Conti

Note 19 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of commitments [text block]	19. COMMITMENTS AND CONTINGENCIES The following table discloses the contractual obligations of the Company and its subsidiaries as at December 31, 2023 Less than 1 More than 5 Total year 1-3 Years 3-5 Years years $ $ $ $ $ Minera Juanicipio (1) - - - - - Consulting contract commitments 857 307 550 - - Total Obligations and Commitments 857 307 550 - - 1. According to the operator, Fresnillo, contractual commitments including project development and for continuing operations and purchase orders issued for project capital, sustaining capital, and continuing operations total $13,779 ( December 31, 2022: December 31, 2023. The concessions associated with the Larder Project are all in good standing with various underlying obligations or royalties ranging from nil The Company is obligated to a 2.5% NSR royalty on the Cinco de Mayo property. The Company could be subject to various investigations, claims and legal and tax proceedings covering matters that arise in the ordinary course of business activities. Each of these matters would be subject to various uncertainties and it is possible that some matters may may may one not not not

Note 20 - Income Taxes

Note 20 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of income tax [text block]	20. INCOME TAXES The income taxes recognized in the consolidated statements of income and comprehensive income are as follows: For the year ended December 31, December 31, 2023 2022 $ $ Deferred tax expense (5,577 ) (371 ) Total income tax expense (5,577 ) (371 ) The provision for income taxes reported differs from the amounts computed by applying statutory Canadian federal and provincial tax rates to the loss before tax provision due to the following: For the year ended December 31, December 31, 2023 2022 $ $ Income for the year before income taxes 54,236 18,015 Statutory tax rate 27 % 27 % Income tax (expense) computed at statutory rates (14,644 ) (4,864 ) Share issuance costs 1,050 - Share based compensation (762 ) (878 ) Mexican inflationary adjustments 788 2,429 Differing effective tax rate on loss in foreign jurisdiction (1,904 ) (1,156 ) Equity accounted earnings from Investment in Juanicipio 22,398 13,060 Withholding tax on planned foreign earnings repatriation (6,123 ) (2,921 ) Flow-through shares obligations (3,814 ) - Unrecognized deferred tax assets (21,072 ) (7,239 ) Impact of foreign exchange and other 17,055 1,198 Other 1,451 - Total income tax (expense) benefit (5,577 ) (371 ) The approximate tax effect of each item that gives rise to the Company’s unrecognized and recognized deferred tax assets and liabilities as at December 31, 2023 2022 December 31, December 31, 2023 2022 $ $ Deferred income tax assets Non-capital losses 3,232 3,993 3,232 3,993 Deferred income tax liabilities Property and equipment (819 ) (826 ) Investment in Juanicipio (6,123 ) (5,880 ) Financing costs (26 ) - Investments (137 ) (208 ) Exploration and evaluation assets (4,625 ) - (11,730 ) (6,914 ) Net deferred income tax liability (8,498 ) (2,921 ) The Company's movement of net deferred tax liabilities is described below: December 31, December 31, 2023 2022 $ $ At January 1 (2,921 ) (2,557 ) Deferred income tax (expense) benefit through income statement (5,577 ) (371 ) Deferred income tax benefit through OCI - 7 At December 31 (8,498 ) (2,921 ) The Company has the following deductible temporary differences for which no December 31, December 31, 2023 expiry dates 2022 $ $ Non-capital losses 163,349 2024 2043 118,353 Exploration and evaluation assets 16,559 no expiry 15,915 Financing fees 5,109 2044 2046 3,242 Other 3,002 no expiry 1,141 Total 188,019 138,651 At December 31, 2023, December 31, 2022: 2026 2043, None At December 31, 2023, December 31, 2022: 2023 2032, None At December 31, 2023, December 31, 2022:

Note 21 - Subsequent Events

Note 21 - Subsequent Events	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of non-adjusting events after reporting period [text block]	21. SUBSEQUENT EVENTS On December 7, 2023 C$5,000. March second March 2024.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Discloure of Significant Accounting Policies
Description of accounting policy for foreign currency translation [text block]	(a) Foreign currencies (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, foreign currency denominated monetary assets and liabilities are translated using the period end foreign exchange rate whereas non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value in a foreign currency are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the consolidated statements of income and comprehensive income. (ii) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and its associates, including the Juanicipio Mine, is the United States dollar (“US$”). The Company’s reporting and presentation currency is the US$.
Description of accounting policy for measuring inventories [text block]	(b) Inventories Inventories at Juanicipio include production inventory, and materials and supplies inventory. All inventories at Juanicipio are measured at the lower of cost and net realizable value. Cost is determined using the weighted average cost method and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and estimated costs necessary to make the sale. (i) Production inventories Production inventory consists of stockpiled ore, work-in-process, and concentrate. The cost of production inventories includes: ● operating costs, which include employee costs, material costs and contractor expenses which are directly attributable to the extraction and processing of mineralized material; ● amortization of property, plant and equipment used in the extraction and processing of mineralized material; and ● related production overheads. The assumptions used in the valuation of inventories include estimates of the amount of recoverable metal in the stockpile and an assumption of the metal prices expected to be realized when the metal is recovered. (ii) Materials and supplies inventory An allowance for obsolete and slow-moving inventories is determined by reference to specific items of inventory based on usage profile. A regular review is undertaken to determine the extent of such an allowance.
Description of accounting policy for investment in associates [text block]	(c) Investments in associates The Company conducts the majority of its business through an equity interest in associates. An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement, and includes the Company’s 44% interest in each of Minera Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., both Mexican incorporated companies (Note 9, not The Company accounts for its investment in associates using the equity method. The Company aggregates its disclosures required under IFRS for interests in associates effectively involved in advancing the same business objective. Under the equity method, the Company’s investments in associates are initially recognized at cost and subsequently increased or decreased to reflect additional contributions or distributions and to recognize the Company's share of earnings and losses of the associate and for impairment losses after the initial recognition date. The Company's share of earnings and losses of associates are recognized in the consolidated statements of income and comprehensive income during the year. Intercompany interest on loans from the Company to its associates is recorded against its share of income from equity accounted investment, rather than as a separate line item in the consolidated statements of income and comprehensive income. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. Impairment At the end of each reporting year, the Company assesses whether there is objective evidence that an investment in associate is impaired. The Company has performed an assessment for impairment indicators of its investments in associates as of December 31, 2023 no not not
Description of accounting policy for exploration and evaluation expenditures [text block]	(d) Exploration and evaluation assets With respect to its exploration activities, the Company follows the practice of capitalizing all costs relating to the acquisition, exploration and evaluation of its mining rights. Option payments made by the Company are capitalized until the decision to exercise the option is made. If the option agreement is to exercise a purchase option in an underlying mineral property, the costs are capitalized and accounted for as an exploration and evaluation asset. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method (“UOP”). If no no Exploration and evaluation expenditures include acquisition costs of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching and sampling; all costs incurred to obtain permits and other licenses required to conduct such activities, including legal, community, strategic and consulting fees; and activities involved in evaluating the technical feasibility and commercial viability of extracting mineral resources. This includes the costs incurred in determining the most appropriate mining/processing methods and developing feasibility studies. Expenditures incurred on a prospective property prior to the Company obtaining the right to explore it, are expensed in the year in which they are incurred. When the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the underlying project enters the development phase and exploration and evaluation assets are reclassified to mine development costs. Key considerations in concluding a project has entered development phase include, but are not Impairment Management reviews the carrying amount of exploration and evaluation assets for impairment when facts or circumstances suggest that the carrying amount is not no may not not
Description of accounting policy for property, plant and equipment [text block]	(e) Property, plant and equipment and mine development costs Property, plant and equipment are recorded at cost less accumulated amortization and impairment losses. When parts of an item of equipment have different useful lives, they are accounted for as separate equipment items (major components). Amortization is based on the depreciable amount, which is the cost of the asset, less its expected residual value. Amortization of the 44% The mine entered commercial production in January 2022 June 2023. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset straight-line over the earlier of the end of the lease term or useful life of the asset Amortization methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate.
Description of accounting policy for provisions [text block]	(f) Provisions Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when: (i) The Company has a present obligation (legal or constructive) as a result of a past event; (ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) A reliable estimate can be made of the amount of the obligation. Constructive obligations are obligations that derive from the Company’s actions where: (i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the Company has indicated to other parties that it will accept certain responsibilities; and (ii) As a result, the Company has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions are reviewed at the end of each reporting year and adjusted to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting year. If it is no Closure and reclamation A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting year when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalized where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognized in the statement of financial position by adjusting the mine closure cost liability and the related asset originally recognized. Decommissioning assets depreciate over the estimated production period of the mining and processing facilities. The depreciation and amortization charge is recognized in the consolidated statements of income and comprehensive income as part of production costs.
Description of accounting policy for deferred income tax [text block]	(g) Income taxes Income tax is comprised of current and deferred tax. Income tax is recognized in the consolidated statements of income and comprehensive income except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current tax is the expected tax payable on taxable income for the year of each entity in the consolidated group, using tax rates enacted or substantively enacted, at the end of the reporting year. Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values. Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment.
Description of accounting policy for financial instruments [text block]	(h) Financial instruments Financial assets Financial assets are classified as either financial assets at fair value through the consolidated statements of income and comprehensive income (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or amortized cost. The Company determines the classification of financial assets at initial recognition. (i) Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of income and comprehensive income. Equity instruments that are held for trading and all equity derivative instruments are classified as FVTPL. (ii) Financial assets at FVTOCI Equity instruments that are designated at FVTOCI are initially recorded at fair value plus transaction costs with all subsequent changes in fair value recognized in other comprehensive income (loss). For investments in equity instruments that are not not (iii) Financial assets at amortized cost Financial assets are classified at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the assets’ contractual cash flows are comprised solely of payments of principal and interest. The Company’s loans to Mineria Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., and accounts receivable are recorded at amortized cost as they meet the required criteria. A provision is recorded based on the expected credit losses for the financial asset and reflects changes in the expected credit losses at each reporting year (see impairment below). Impairment IFRS 9 Financial liabilities Financial liabilities are initially recorded at fair value and subsequently measured at amortized cost, unless they are required to be measured at FVTPL (such as derivatives) or the Company has elected to measure at FVTPL. The Company’s financial liabilities include trade and other payables which are classified at amortized cost.
Description of accounting policy for debt [text block]	(i) Debt Debt is initially recorded at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statements of income and comprehensive income over the period of the debt using the effective interest method.
Description of accounting policy for share issuances [text block]	(j) Share capital The Company records proceeds from share issuances net of issue costs. The Company records proceeds from the exercise of stock options as share capital in the amount for which the option enabled the holder to purchase a share in the Company. Share capital issued for non-monetary consideration is recorded at the fair value of the non-monetary consideration received, or at the fair value of the shares issued if the fair value of the non-monetary consideration cannot be measured reliably, on the date of issue.
Description of accounting policy for share-based payment transactions [text block]	(k) Share-based compensation The fair value of equity-settled share-based compensation awards are estimated as of the date of the grant and recorded as share-based compensation expense in the consolidated statements of income and comprehensive income over their vesting periods, with a corresponding increase in equity. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. Market price performance conditions are included in the fair value estimate on the grant date with no The fair value of stock options is estimated using the Black-Scholes option valuation model. The fair value of restricted and deferred share units, is based on the fair market value of a common share equivalent on the date of grant. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model and the fair value of performance share units with non-market performance conditions is based on the fair market value of a common share equivalent on the date of grant.
Description of accounting policy for recognition of revenue [text block]	(l) Revenue The Juanicipio Mine recognizes revenue for silver, gold, lead and zinc from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material is received at the customer’s plant, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. The Juanicipio revenues are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market for changes in price differences each year prior to final settlement. The Juanicipio Mine also adjusts estimated metal quantities used in computing provisional revenues based on new information and assay data from the smelter/refinery as it is received (if any). MAG only includes in the transaction price the amount which is not 15th
Description of accounting policy for earnings per share [text block]	(m) Income per common share Basic income per share is based on the weighted average number of common shares outstanding during the year. Diluted income per share is computed using the weighted average number of common and potential common shares outstanding during the year. Common equivalent shares consist of the incremental common shares upon the assumed exercise of stock options and warrants, and upon the assumed conversion of deferred share units and units issued under the Company’s share unit plan, to the extent their inclusion is not
Description of accounting policy for asset acquisitions [text block]	(n) Asset acquisitions Upon the acquisition of an asset or a group of assets and liabilities that does not not

Note 3 - Material Accounting _2

Note 3 - Material Accounting Policy Information (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of detailed information about property, plant and equipment [text block]	Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset straight-line over the earlier of the end of the lease term or useful life of the asset

Note 6 - Acquisition of Gatli_2

Note 6 - Acquisition of Gatling Exploration Inc. (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of detailed information about asset acquisition [text block]	Total shares issued on close: 774,643 $ MAG share price – C$ 18.54 USD exchange rate 0.7807 MAG share price – US$ 14.47 Value of shares on close of Transaction 11,212 Value of convertible note receivable 2,392 Value of replacement options and warrants 85 Transaction costs 350 Value of consideration paid 14,039 Identified assets acquired and liabilities assumed $ Assets Cash and cash equivalents 89 Receivables, prepaids and deposits 115 Exploration and evaluation assets 15,187 Total Assets 15,391 Liabilities Accounts payable and accrued liabilities 1,315 Lease liabilities 37 Total Liabilities 1,352 Net assets acquired 14,039

Note 7 - General and Administ_2

Note 7 - General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of general and administrative expense [text block]	For the year ended December 31 December 31 2023 2022 $ $ Accounting and audit 751 606 Compensation and consulting fees 4,985 4,648 Depreciation and amortization 352 136 Filing and transfer agent fees 354 335 Amortization of deferred financing fees 84 - General office expenses 847 530 Insurance 1,466 2,024 Juanicipio oversight costs 687 - Legal 433 244 Share-based compensation expense (see Note 11) 2,894 3,250 Shareholder relations 445 419 Travel 296 160 13,594 12,352

Note 8 - Accounts Receivable (T

Note 8 - Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Components of trade and other receivables [text block]	December 31, December 31, 2023 2022 $ $ Receivable from Minera Juanicipio (Notes 9 & 17) 855 323 Value added tax (“IVA” and “GST”) 700 382 Other receivables 4 3 1,559 708

Note 9 - Investment in Juanic_2

Note 9 - Investment in Juanicipio (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of carrying amount of investments in associates [text block]	December 31, December 31, 2023 2022 $ $ Balance, beginning of year 338,316 291,084 Juanicipio oversight expenditures incurred 100% by MAG 384 719 Amortization of Juanicipio's oversight expenditures incurred 100% by MAG (305 ) - Cash contributions and advances to Juanicipio (3) 24,992 8,140 Loan repayments from Juanicipio (2) (25,714 ) - Total for the period (642 ) 8,859 Income from equity accounted Investment in Juanicipio 65,099 40,767 Interest earned, net of recontributions, reclassified to accounts receivable (1) (8,150 ) (2,394 ) Balance, end of year 394,622 338,316
Disclosure of associate operations [text block]	For the year ended December 31, December 31, 2023 2022 $ $ Sales 442,288 215,736 Cost of sales: Production cost 171,830 61,985 Depreciation and amortization 68,475 20,913 Cost of sales 240,305 82,898 Gross profit 201,983 132,838 Consulting and administrative expenses (18,768 ) (8,436 ) Extraordinary mining and other duties (4,945 ) (349 ) 178,270 124,053 Exchange losses and other (2,937 ) (5,160 ) Interest expense (18,524 ) (2,298 ) Income tax expense (27,381 ) (26,348 ) Net income 129,428 90,247 MAG's 44% portion of net income 56,948 39,709 Interest on Juanicipio loans - MAG's 44% 8,150 1,058 MAG's 44% equity income 65,099 40,767
Disclosure of financial information of investments in associates [text block]	December 31, December 31, 2023 2022 $ $ Assets Current assets Cash and cash equivalents 42,913 1,102 Value added tax and other receivables 3,162 13,945 Income tax receivable 3,758 - Concentrate sales receivable 56,532 24,098 Inventories Stockpiles 2,417 26,020 Metal concentrates 2,361 - Materials and supplies 18,414 10,081 Prepaids and other assets 5,501 7,756 135,058 83,002 Non-current assets Right-of-use assets 1,590 1,336 Mineral interests, plant and equipment 794,512 779,735 Deferred tax assets 24,336 11,259 820,438 792,330 Total assets 955,496 875,332 Liabilities Current liabilities Payables 22,167 34,678 Interest and other payables to shareholders 12,160 13,460 Taxes payable 14,395 36,259 48,722 84,397 Non-current liabilities Lease obligation 1,597 1,329 Provisions Reserves for retirement and pension 112 29 Reclamation and closure 3,605 3,073 Deferred tax liabilities 9,439 22,242 14,753 26,673 Total liabilities 63,475 111,070 Equity Shareholders' equity including shareholder advances 892,021 764,262 Total equity 892,021 764,262 Total liabilities and equity 955,496 875,332
Disclosure of associate cash flow statements [text block]	For the year ended December 31, December 31, 2023 2022 $ $ Operating activities Net income 129,428 90,247 Items not involving cash Depreciation 68,475 20,913 Deferred income tax expense and special mining duty 27,381 26,348 Interest incurred on loans 18,524 2,298 Write-off of fixed asset - 3,676 Other 3,304 3,711 Income tax and special mining duty payments (83,875 ) (11,570 ) Change in other operating working capital (18,172 ) (6,361 ) Net cash from operating activities 145,064 129,261 Investing activities Capital expenditures including plant, mine development and exploration (84,881 ) (156,040 ) Other 1,487 282 Net cash used in investing activities (83,393 ) (155,758 ) Financing activities Loans and other capital provided by shareholders 56,800 18,500 Repayments of loans to shareholders (58,441 ) 255 Interest paid to shareholders (17,409 ) (9,460 ) Payment of lease obligations (856 ) (854 ) Net cash (used in) from financing activities (19,906 ) 8,440 Effect of exchange rate changes on cash and cash equivalents 46 186 Increase (decrease) in cash and cash equivalents during the year 41,811 (17,870 ) Cash and cash equivalents, beginning of year 1,102 18,972 Cash and cash equivalents, end of year 42,913 1,102

Note 10 - Exploration and Eva_2

Note 10 - Exploration and Evaluation Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of the components of exploration and evaluation assets [text block]	December 31, December 31, 2023 2022 $ $ Deer Trail Option and other payments 275 210 Total acquisition costs 275 210 Geochemical 590 422 Camp and site costs 875 713 Drilling 3,959 6,255 Geological consulting 1,185 964 Geophysical 120 325 Land taxes and government fees 213 232 Legal, community and other consultation costs 343 303 Travel 190 167 Total for the year 7,750 9,591 Balance, beginning of year 19,565 9,974 Total Deer Trail Project cost 27,315 19,565 Larder project Acquisition (Note 6) - 15,187 Option and other payments - 19 Total acquisition costs - 15,206 Geochemical 1,117 112 Camp and site costs 772 127 Drilling 2,402 1,232 Geological consulting 1,764 450 Geophysical 1,074 314 Land taxes and government fees 43 19 Legal, community and other consultation costs 347 176 Travel 109 58 Total for the year 7,628 17,694 Balance, beginning of year 17,694 - Total Larder Project cost 25,322 17,694 Black Hills Geochemical - 5 Camp and site costs - 1 Geological consulting - 127 Geophysical - 3 Land taxes and government fees - 7 Legal, community and other consultation costs - 46 Travel - 2 Total for the year - 191 Balance, beginning of year 10,280 Less: Amounts written off - (10,471 ) Total Black Hills Project cost - - Total Exploration and Evaluation Assets 52,637 37,259

Note 11 - Share Capital (Tables

Note 11 - Share Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of number and weighted average exercise prices of share options [text block]	Stock options activity Weighted average exercise price (C$/option) Outstanding, January 1, 2022 988,727 16.77 Granted 230,089 18.86 Exercised for cash (100,678 ) 13.79 Exercised cashless (105,344 ) 16.52 Outstanding, December 31, 2022 1,012,794 17.56 Granted 236,928 16.42 Expired (20,000 ) 19.41 Forfeited (13,564 ) 18.35 Exercised for cash (28,787 ) 14.34 Outstanding, December 31, 2023 1,187,371 17.37
Disclosure of range of exercise prices of outstanding share options [text block]	Exercise price Number Number Weighted avg. remaining (C$/option) Outstanding Exercisable contractual life (years) 13.46 209,432 209,432 0.28 14.98 239,333 239,333 1.16 16.09 6,021 - 4.25 16.43 223,039 - 4.25 17.02 100,000 33,333 3.38 20.20 110,998 37,794 3.27 21.26 50,000 33,333 2.92 21.29 9,191 3,063 3.27 21.57 189,357 189,357 1.94 23.53 50,000 33,333 2.05 13.46 - 23.53 1,187,371 778,978 2.24 Exercise price Number Number Weighted average remaining (C$/option) outstanding exercisable contractual life (years) 21.40 1,706 1,706 0.55 21.68 - 21.93 9,986 9,986 0.62 25.80 4,264 4,264 0.05 21.40 - 25.80 15,956 15,956 0.46
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]	December 31, December 31, 2023 2022 Risk-free interest rate 3.53 % 2.58 % Expected volatility 57 % 61 % Expected dividend yield nil nil Expected life (years) 3 3
Disclosure of other equity instruments [text block]	RSU activity Weighted average fair value (C$/RSU) Outstanding, January 1, 2022 24,109 18.44 Granted 84,644 18.71 Exercised (7,694 ) 13.79 Outstanding, December 31, 2022 101,059 18.47 Granted 56,425 16.42 Forfeited (4,244 ) 17.07 Exercised (54,985 ) 17.19 Outstanding, December 31, 2023 98,255 17.82 PSU activity Weighted average fair value (C$/PSU) Outstanding, January 1, 2022 240,765 14.61 Granted 87,375 20.30 Forfeited (6,567 ) 16.65 Exercised (90,318 ) 11.53 Outstanding, December 31, 2022 231,255 17.91 Granted 156,861 16.42 Forfeited (43,047 ) 19.71 Exercised (57,620 ) 13.17 - - Outstanding, December 31, 2023 287,449 17.78 DSU activity Weighted average fair value (C$/DSU) Outstanding, January 1, 2022 469,373 14.15 Granted 37,037 18.49 Exercised (86,295 ) 12.84 - - Outstanding, December 31, 2022 420,115 14.80 Granted 78,474 14.81 Outstanding, December 31, 2023 498,589 14.80
Disclosure of earnings per share [text block]	December 31, December 31, 2023 2022 Net earnings 48,656 17,594 Basic weighted average number of shares outstanding 102,486,986 98,420,906 Effect of dilutive common share equivalents: Stock options 51,971 96,894 Restricted and performance share units 93,007 39,815 Diluted weighted average number of shares outstanding 102,631,964 98,557,615 Diluted earnings per share $ 0.47 $ 0.18

Note 12 - Flow-through Premiu_2

Note 12 - Flow-through Premium Liability (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure Flow-through Premium liability [text block]	Shares issued Flow-through share price $ Premium per flow through share price $ Flow-through premium liability $ February 2023 Financing 969,450 17.67 3.08 2,986
Disclosure of Flow-through Activity [text block]	Flow-through funding and expenditures Flow-through premium liability $ $ Balance at January 1, 2023 - - Flow-through funds raised 17,133 2,986 Flow-through eligible expenditures (5,835 ) (1,017 ) Balance at December 31, 2023 11,298 1,969

Note 14 - Capital Risk Manage_2

Note 14 - Capital Risk Management (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of capital risk management [text block]	December 31, December 31, 2023 2022 $ $ Equity 506,757 401,696 Lease obligation 154 261 Cash (68,707 ) (29,955 ) Investments (8 ) (11 ) Total 438,196 371,991

Note 15 - Financial Risk Mana_2

Note 15 - Financial Risk Management (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of credit risk exposure [text block]	December 31, December 31, 2023 2022 $ $ Cash 68,707 29,955 Accounts receivable (Note 8) 1,559 708 Juanicipio loans (Notes 9 & 18) 94,414 104,653 164,680 135,316
Disclosure of market risk [text block]	Mexican peso Canadian dollar (in US$ equivalent) $ $ Cash 8 2,187 Accounts receivable 120 651 Prepaid expenses - 986 Investments - 8 Accounts payable (95 ) (2,466 ) Lease obligations - (154 ) Net (liabilities) assets exposure 33 1,212

Note 16 - Financial Instrumen_2

Note 16 - Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of fair value measurement of assets [text block]	As at December 31, 2023 Level 1 Level 2 Level 3 Total $ $ $ $ Investments 8 - - 8 As at December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Investments 11 - - 11

Note 18 - Related Party Trans_2

Note 18 - Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of expenses Incurred for related parties [text block]	December 31, December 31, 2023 2022 $ $ Fees related to Dr. Megaw: Exploration and marketing services 393 372 Travel and expenses 39 30 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 55 54 Field exploration services 180 165 Share-based payments (Note 11) 443 456 1,110 1,077
Disclosure of subsidiaries [text block]	Name Country of Incorporation Principal Asset MAG’s Effective interest 2023 (%) 2022 (%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 100% 100%
Disclosure of information about key management personnel [text block]	For the year ended December 31, December 31, 2023 2022 $ $ Salaries and other short term employee benefits 1,949 2,075 Severance paid to a former executive - 382 Share-based compensation (non-cash) (Note 8) 2,532 1,774 4,481 4,231

Note 19 - Commitments and Con_2

Note 19 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Disclosure of contractual obligation [text block]	Less than 1 More than 5 Total year 1-3 Years 3-5 Years years $ $ $ $ $ Minera Juanicipio (1) - - - - - Consulting contract commitments 857 307 550 - - Total Obligations and Commitments 857 307 550 - -

Note 20 - Income Taxes (Tables)

Note 20 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Statement Line Items [Line Items]
Description of income taxes recognized in profit or loss [text block]	For the year ended December 31, December 31, 2023 2022 $ $ Deferred tax expense (5,577 ) (371 ) Total income tax expense (5,577 ) (371 )
Disclosure of income tax expense recovery differences explanatory [text block]	For the year ended December 31, December 31, 2023 2022 $ $ Income for the year before income taxes 54,236 18,015 Statutory tax rate 27 % 27 % Income tax (expense) computed at statutory rates (14,644 ) (4,864 ) Share issuance costs 1,050 - Share based compensation (762 ) (878 ) Mexican inflationary adjustments 788 2,429 Differing effective tax rate on loss in foreign jurisdiction (1,904 ) (1,156 ) Equity accounted earnings from Investment in Juanicipio 22,398 13,060 Withholding tax on planned foreign earnings repatriation (6,123 ) (2,921 ) Flow-through shares obligations (3,814 ) - Unrecognized deferred tax assets (21,072 ) (7,239 ) Impact of foreign exchange and other 17,055 1,198 Other 1,451 - Total income tax (expense) benefit (5,577 ) (371 )
Disclosure of temporary difference, unused tax losses and unused tax credits [text block]	December 31, December 31, 2023 2022 $ $ Deferred income tax assets Non-capital losses 3,232 3,993 3,232 3,993 Deferred income tax liabilities Property and equipment (819 ) (826 ) Investment in Juanicipio (6,123 ) (5,880 ) Financing costs (26 ) - Investments (137 ) (208 ) Exploration and evaluation assets (4,625 ) - (11,730 ) (6,914 ) Net deferred income tax liability (8,498 ) (2,921 )
Disclosure of deferred taxes [text block]	December 31, December 31, 2023 2022 $ $ At January 1 (2,921 ) (2,557 ) Deferred income tax (expense) benefit through income statement (5,577 ) (371 ) Deferred income tax benefit through OCI - 7 At December 31 (8,498 ) (2,921 )
Disclosure of deductible temporary differences and unused tax credits for which no deferred tax assets explanatory [text block]	December 31, December 31, 2023 expiry dates 2022 $ $ Non-capital losses 163,349 2024 2043 118,353 Exploration and evaluation assets 16,559 no expiry 15,915 Financing fees 5,109 2044 2046 3,242 Other 3,002 no expiry 1,141 Total 188,019 138,651

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	Dec. 31, 2023
Juanicipio Joint Venture [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual)	Dec. 31, 2023
Juanicipio Joint Venture [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%

Note 3 - Material Accounting _3

Note 3 - Material Accounting Policy Information (Details Textual)	Dec. 31, 2023
Juanicipio Joint Venture [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%

Note 3 - Material Accounting _4

Note 3 - Material Accounting Policy Information - Amortization and Impairment (Details)	Dec. 31, 2023
Buildings [member]
Statement Line Items [Line Items]
Amortization Percentage	4%
Office and computer equipment [member]
Statement Line Items [Line Items]
Amortization Percentage	30%
Mining assets [member]
Statement Line Items [Line Items]
Amortization Percentage	30%

Note 5 - Significant Accounti_2

Note 5 - Significant Accounting Judgements and Estimates (Details Textual)	12 Months Ended
	Dec. 31, 2023 T
Statement Line Items [Line Items]
Mining production, operating rate	85%
Mining production, quantity per day (US Ton)	4,000
Mining production, recovery rate	88%

Note 6 - Acquisition of Gatli_3

Note 6 - Acquisition of Gatling Exploration Inc. (Details Textual) - Gatling Exploration Inc. [member] $ in Millions	May 20, 2022 CAD ($) shares
Statement Line Items [Line Items]
Issue of convertible instruments | $	$ 3
Percentage of voting equity interests acquired	100%
Asset acquisition, share exchange ratio	0.0170627
Asset acquisition, shares issued (in shares)	774,643
Asset acquisition, replacement stock options issued (in shares)	43,675
Asset acquisition, replacement warrants issued (in shares)	53,508
Asset acquisition, shares, liabilities Settled (in shares)	63,492

Note 6 - Acquisition of Gatli_4

Note 6 - Acquisition of Gatling Exploration Inc. - Fair Value of Consideration and Assets and Liabilities Recognized (Details) - May 20, 2022 - Gatling Exploration Inc. [member] $ / shares in Units, $ in Thousands	USD ($) $ / shares shares	$ / shares
Statement Line Items [Line Items]
Asset acquisition, shares issued (in shares) | shares	774,643
MAG share price – C$ (in CAD per share) | (per share)	$ 14.47	$ 18.54
USD exchange rate	0.7807
Value of shares on close of Transaction	$ 11,212
Value of convertible note receivable	2,392
Value of replacement options and warrants	85
Transaction costs	350
Total consideration transferred, acquisition-date fair value	14,039
Identified assets acquired and liabilities assumed
Cash and cash equivalents	89
Receivables, prepaids and deposits	115
Exploration and evaluation assets	15,187
Total Assets	15,391
Accounts payable and accrued liabilities	1,315
Lease liabilities	37
Total Liabilities	1,352
Net assets acquired	$ 14,039

Note 7 - General and Administ_3

Note 7 - General and Administrative Expenses - General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Accounting and audit	$ 751	$ 606
Compensation and consulting fees	4,985	4,648
Depreciation and amortization	352	136
Filing and transfer agent fees	354	335
Amortization of deferred financing fees	84	0
General office expenses	847	530
Insurance	1,466	2,024
Juanicipio oversight costs	687	0
Legal	433	244
Share-based compensation expense (see Note 11)	2,894	3,250
Shareholder relations	445	419
Travel	296	160
General and administrative expense	$ 13,594	$ 12,352

Note 8 - Accounts Receivable -

Note 8 - Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Receivable from Minera Juanicipio (Notes 9 & 17)	$ 855	$ 323
Value added tax (“IVA” and “GST”)	700	382
Other receivables	4	3
Current trade receivables	$ 1,559	$ 708

Note 9 - Investment in Juanic_3

Note 9 - Investment in Juanicipio (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Interest received	$ 7,639	$ 3,564
Juanicipio property [member]
Statement Line Items [Line Items]
Interest earned from loans to joint venture	$ 8,150	2,394
Juanicipio property [member] | Fresnillo PLC [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate	56%
Minera Juanicipio, S.A. de C.V. [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%
Minera Juanicipio, S.A. de C.V. [member] | Fresnillo PLC [member]
Statement Line Items [Line Items]
Number of shares in entity held by entity (in shares)	9,314,877
Juanicipio Entities [member]
Statement Line Items [Line Items]
Interest received	$ 7,639	3,564
Loan converted to shareholder capital	7,251	0
Cash contributions made in the form of loans	24,992	22,726
Cash contributions made in the form of equity	$ 2,276	$ 8,140

Note 9 - Investment in Juanic_4

Note 9 - Investment in Juanicipio - Investment Relating to Interests in Juancipio Property and Minera Juancipio (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Balance, beginning of year		$ 338,316	$ 291,084
Juanicipio oversight expenditures incurred 100% by MAG		384	719
Amortization of Juanicipio's oversight expenditures incurred 100% by MAG		(305)	0
Cash contributions and advances to Juanicipio (3)	[1]	24,992	8,140
Loan repayments from Juanicipio (2)	[2]	(25,714)	0
Total for the period		(642)	8,859
Income from equity accounted Investment in Juanicipio	[2]	65,099	40,767
Interest earned, net of recontributions, reclassified to accounts receivable (1)	[3]	(8,150)	(2,394)
Balance, end of year		$ 394,622	$ 338,316
[1]Of the $24,992 cash contributions and advances made to Juanicipio during the year ended December 31, 2023, $22,726 was in the form of loans whereas $2,276 was in the form of equity ( December 31, 2022: $8,140 in the form of loans).[2]During the year ended December 31, 2023, a $7,251 loan to Juanicipio was converted into equity ( December 31, 2022: nil).[3]A portion of the Investment in Juanicipio is in the form of interest bearing shareholder loans. For the year ended December 31, 2023, the Company earned interest, net of recontributions, amounting to $8,150 (year ended December 31, 2022: $2,394) while $7,639 of interest payments were received from Juanicipio ( December 31, 2022: $3,564).

Note 9 - Investment in Juanic_5

Note 9 - Investment in Juanicipio - Operations of Associate (Details) - Juanicipio [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Sales	$ 442,288	$ 215,736
Production cost	171,830	61,985
Depreciation and amortization	68,475	20,913
Cost of sales	240,305	82,898
Gross profit	201,983	132,838
Consulting and administrative expenses	(18,768)	(8,436)
Extraordinary mining and other duties	(4,945)	(349)
Equity method investment, summarized financial information, income statement, operating income (expenses)	178,270	124,053
Exchange losses and other	(2,937)	(5,160)
Interest expense	(18,524)	(2,298)
Income tax expense	(27,381)	(26,348)
Net income	129,428	90,247
MAG's 44% portion of net income	56,948	39,709
Interest on Juanicipio loans - MAG's 44%	8,150	1,058
MAG's 44% equity income	$ 65,099	$ 40,767

Note 9 - Investment in Juanic_6

Note 9 - Investment in Juanicipio - Associate's Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Cash and cash equivalents	$ 68,707	$ 29,955	$ 56,748
Accounts receivable (Note 8)	1,559	708
Prepaids and other assets	1,787	1,232
Total current assets	72,053	31,895
Deferred tax assets	3,232	3,993
Total non-current assets	448,477	375,934
Total assets	520,530	407,829
Payables	2,668	2,542
Total current liabilities	4,791	2,663
Lease obligation	154	261
Deferred tax liabilities	8,498	2,921	2,557
Total liabilities	13,773	6,133
Equity	506,757	401,696	367,521
Total liabilities and equity	520,530	407,829
Juanicipio [member]
Statement Line Items [Line Items]
Cash and cash equivalents	42,913	1,102	$ 18,972
Value added tax and other receivables	3,162	13,945
Income tax receivable	3,758	0
Accounts receivable (Note 8)	56,532	24,098
Stockpiles	2,417	26,020
Metal concentrates	2,361	0
Materials and supplies	18,414	10,081
Prepaids and other assets	5,501	7,756
Total current assets	135,058	83,002
Right-of-use assets	1,590	1,336
Mineral interests, plant and equipment	794,512	779,735
Deferred tax assets	24,336	11,259
Total non-current assets	820,438	792,330
Total assets	955,496	875,332
Payables	22,167	34,678
Interest and other payables to shareholders	12,160	13,460
Taxes payable	14,395	36,259
Total current liabilities	48,722	84,397
Lease obligation	1,597	1,329
Reserves for retirement and pension	112	29
Reclamation and closure	3,605	3,073
Deferred tax liabilities	9,439	22,242
Total non-current liabilities	14,753	26,673
Total liabilities	63,475	111,070
Shareholders' equity including shareholder advances	892,021	764,262
Equity	892,021	764,262
Total liabilities and equity	$ 955,496	$ 875,332

Note 9 - Investment in Juanic_7

Note 9 - Investment in Juanicipio - Cash Flow of Associate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Net income	$ 48,659	$ 17,644
Deferred income tax expense and special mining duty	5,577	371
Net cash used in operating activities	(8,945)	(8,718)
Capital expenditures including plant, mine development and exploration	(15,220)	(12,018)
Net cash used in investing activities	(7,243)	(18,895)
Payment of lease obligations	(107)	(109)
Net cash from financing activities	54,955	928
Effect of exchange rate changes on cash	(15)	(108)
Increase (decrease) in cash during the year	38,752	(26,793)
Cash, beginning of year	29,955	56,748
Cash, end of year	68,707	29,955
Juanicipio [member]
Statement Line Items [Line Items]
Net income	129,428	90,247
Depreciation	68,475	20,913
Deferred income tax expense and special mining duty	27,381	26,348
Interest incurred on loans	18,524	2,298
Write-off of fixed asset	0	3,676
Other	3,304	3,711
Income tax and special mining duty payments	(83,875)	(11,570)
Change in other operating working capital	(18,172)	(6,361)
Net cash used in operating activities	145,064	129,261
Capital expenditures including plant, mine development and exploration	(84,881)	(156,040)
Other	1,487	282
Net cash used in investing activities	(83,393)	(155,758)
Loans and other capital provided by shareholders	56,800	18,500
Repayments of loans to shareholders	(58,441)	255
Interest paid to shareholders	(17,409)	(9,460)
Payment of lease obligations	(856)	(854)
Net cash from financing activities	(19,906)	8,440
Effect of exchange rate changes on cash	46	186
Increase (decrease) in cash during the year	41,811	(17,870)
Cash, beginning of year	1,102	18,972
Cash, end of year	$ 42,913	$ 1,102

Note 10 - Exploration and Eva_3

Note 10 - Exploration and Evaluation Assets (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Statement Line Items [Line Items]
Total provision for decommissioning, restoration and rehabilitation costs		$ 484	$ 409
Prospective land claim package [member]
Statement Line Items [Line Items]
Percentage of interest acquirable						100%
Option payments to earn right, title and interest to property during option period	$ 150	200	200	$ 150	$ 150
Option payments commitment during earn-in option agreement period		$ 1,150
Earn in option agreement period (Year)		6 years
Cumulative eligible exploration expenditures		$ 30,000
Exploration expenditures		$ 27,008
Net Smelter Returns Royalty Percentage		2%
Larder Project in Ontario [Member]
Statement Line Items [Line Items]
Percentage of interest acquirable		100%
Exploration and evaluation expenditures costs		$ 10,116
Drilling costs		$ 3,634
Black Hills of South Dakota [member]
Statement Line Items [Line Items]
Percentage of interest acquirable		100%
Net write-downs (reversals of write-downs) of property, plant and equipment			$ 10,471

Note 10 - Exploration and Eva_4

Note 10 - Exploration and Evaluation Assets - Components of Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Balance, beginning of year	$ 37,259
Total Project cost	52,637	$ 37,259
Deer Trail [member]
Statement Line Items [Line Items]
Option and other payments	275	210
Total acquisition costs	275	210
Geochemical	590	422
Camp and site costs	875	713
Drilling	3,959	6,255
Geological consulting	1,185	964
Geophysical	120	325
Land taxes and government fees	213	232
Legal, community and other consultation costs	343	303
Travel	190	167
Total for the year	7,750	9,591
Balance, beginning of year	19,565	9,974
Total Project cost	27,315	19,565
Larder Project in Ontario [Member]
Statement Line Items [Line Items]
Option and other payments	0	19
Total acquisition costs	0	15,206
Geochemical	1,117	112
Camp and site costs	772	127
Drilling	2,402	1,232
Geological consulting	1,764	450
Geophysical	1,074	314
Land taxes and government fees	43	19
Legal, community and other consultation costs	347	176
Travel	109	58
Total for the year	7,628	17,694
Balance, beginning of year	17,694	0
Total Project cost	25,322	17,694
Acquisition (Note 6)	0	15,187
Black Hills of South Dakota [member]
Statement Line Items [Line Items]
Geochemical	0	5
Camp and site costs	0	1
Geological consulting	0	127
Geophysical	0	3
Land taxes and government fees	0	7
Legal, community and other consultation costs	0	46
Travel	0	2
Total for the year	0	191
Balance, beginning of year	0	10,280
Total Project cost	0	0
Less: Amounts written off	$ 0	$ (10,471)

Note 11 - Share Capital (Detail

Note 11 - Share Capital (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands								12 Months Ended
	Jun. 26, 2023	Feb. 16, 2023 USD ($) $ / shares shares	Feb. 16, 2023 USD ($) $ / shares shares	Feb. 16, 2023 CAD ($)	Feb. 07, 2023 USD ($) $ / shares shares	May 20, 2022 shares	Jun. 15, 2017	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Feb. 16, 2023 $ / shares
Statement Line Items [Line Items]
Proceeds from issue of flow through shares								$ 15,998	$ 0
Flow-through share premium liability		$ 2,986	$ 2,986					$ 1,969	$ 0
Proceeds from issuing shares		59,691
Proceeds from issuing shares, net of related cost		55,749
Stock options issuance limitations, maximum percentage of allowed issuable common shares								5%
Option life, share options granted								3	3
Expense from share-based payment transactions with employees and consultants								$ 1,124	$ 1,393
Number of share options granted in share-based payment arrangement								236,928	230,089
Number of share options expired in share-based payment arrangement								20,000
Restricted and performance Units issuance limitations, maximum percentage of allowed issuable common shares								1.50%
Life of restricted share units and performance share units (Year)								5 years
Number of common shares issuable from a restricted share unit (in shares) | shares								1
Total expense from share-based payment transactions								$ 2,894	$ 3,250
Deferred Units issuance limitations, maximum percentage of allowed issuable common shares								1%
Stock option awards [member]
Statement Line Items [Line Items]
Number of instruments that are antidilutive in period presented								748,541	627,008
Restricted share units and performance share units [member]
Statement Line Items [Line Items]
Number of instruments that are antidilutive in period presented								292,697	292,498
Deferred share units [member]
Statement Line Items [Line Items]
Number of instruments that are antidilutive in period presented								498,589	420,115
Gatling Exploration Inc. [member]
Statement Line Items [Line Items]
Asset acquisition, replacement stock options issued (in shares) | shares						43,675
Number of share options expired in share-based payment arrangement									27,719
Share options, vesting period, 12 months [member]
Statement Line Items [Line Items]
Number of other equity instruments exercised or vested in share-based payment arrangement								76,344	52,182
Options vesting, period, tranche one (Month)								12 months
Share options, vesting period, 24 month [member]
Statement Line Items [Line Items]
Number of other equity instruments exercised or vested in share-based payment arrangement								76,355	16,234
Options vesting, period, tranche two (Month)								24 months
Share options, vesting period, 36 months [member]
Statement Line Items [Line Items]
Number of other equity instruments exercised or vested in share-based payment arrangement								76,361	16,234
Options vesting, period, tranche three (Month)								36 months
Share options [member] | Exploration and evaluation assets [member]
Statement Line Items [Line Items]
Expense from share-based payment transactions, capitalized								$ 165	$ 52
Restricted share units1 [member]
Statement Line Items [Line Items]
Options vesting, period, tranche one (Month)								12 months
Options vesting, period, tranche two (Month)								24 months
Options vesting, period, tranche three (Month)								36 months
Total expense from share-based payment transactions								$ 671	$ 731
Number of other equity instruments granted in share-based payment arrangement								56,425	84,644
Number of other equity instruments vesting in 12 months (in shares) | shares								17,725	52,182
Number of other equity instruments vesting in 24 months (in shares) | shares								17,734	16,234
Number of other equity instruments vesting in 36 months (in shares) | shares								17,739	16,234
Restricted share units1 [member] | Exploration and evaluation assets [member]
Statement Line Items [Line Items]
Expense from share-based payment transactions, capitalized								$ 91	$ 0
Performance share units [member]
Statement Line Items [Line Items]
Total expense from share-based payment transactions								$ 229	$ 619
Number of other equity instruments granted in share-based payment arrangement								156,861	87,375
Number of equity instruments that vest upon achievement (in shares) | shares								117,646	65,531
Equity instrument, performance period (Year)									3 years
Equity instruments subject to performance factor (in shares) | shares								39,215	21,844
Performance share units [member] | Share unit plan [member]
Statement Line Items [Line Items]
Weighted average remaining contractual life of other equity instruments granted in share-based payment arrangement (Year)								5 years
Performance share units [member] | Exploration and evaluation assets [member]
Statement Line Items [Line Items]
Expense from share-based payment transactions, capitalized								$ 131	$ 0
Deferred share units [member]
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement								70,882	32,426
Expense from share-based payment transactions with employees								$ 869	$ 507
Number of instruments other equity instruments granted in lieu of director fees (in shares) | shares								7,592	4,611
Top of range [member]
Statement Line Items [Line Items]
Option life, share options granted							5
Performance share unit payout, percentage	200%
Bottom of range [member]
Statement Line Items [Line Items]
Performance share unit payout, percentage	0%
Underwriters commission expense [member]
Statement Line Items [Line Items]
Share issue related cost		3,010
Legal and filing Expense [member]
Statement Line Items [Line Items]
Share issue related cost		$ 932
Ordinary shares [member]
Statement Line Items [Line Items]
Proceeds from issue of ordinary shares					$ 42,558
Total number of shares issued (in shares) | shares					2,905,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares					$ 14.65
Flow-through shares [member]
Statement Line Items [Line Items]
Total number of shares issued (in shares) | shares		969,450	969,450
Shares Issued, Price Per Share (in dollars per share) | (per share)		$ 17.67	$ 17.67							$ 23.75
Proceeds from issue of flow through shares			$ 17,133	$ 23,024
Share premium per share (in dollars per share) | $ / shares		$ 3.08	$ 3.08
Flow-through share premium liability		$ 2,986	$ 2,986

Note 11 - Share Capital - Optio

Note 11 - Share Capital - Option Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Statement Line Items [Line Items]
Outstanding options, end of year	1,012,794	988,727
Outstanding weighted average exercise price, end of year (in CAD per share)	$ 17.56	$ 16.77
Number of share options granted in share-based payment arrangement	236,928	230,089
Granted, weighted average exercise price (in CAD per share)	$ 16.42	$ 18.86
Exercised for cash, options	(28,787)	(100,678)
Exercised for cash, weighted average exercise price (in CAD per share)	$ 14.34	$ 13.79
Exercised cashless, options		(105,344)
Exercised cashless, weighted average exercise price (in CAD per share)		$ 16.52
Granted, weighted average exercise price (in CAD per share)	$ 16.42	$ 18.86
Expired, options	(20,000)
Expired, weighted average exercise price (in CAD per share)	$ 19.41
Forfeited, options	(13,564)
Forfeited, weighted average exercise price (in CAD per share)	$ 18.35
Outstanding options, end of year	1,187,371	1,012,794
Outstanding weighted average exercise price, end of year (in CAD per share)	$ 17.37	$ 17.56

Note 11 - Share Capital - Stock

Note 11 - Share Capital - Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Number outstanding	1,187,371	1,012,794	988,727
Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Number outstanding	1,187,371
Number exercisable	778,978
Weighted average remaining contractual life (Year)	2 years 2 months 26 days
Stock options, excluding the Gatling replacement options [member] | Bottom of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 13.46
Stock options, excluding the Gatling replacement options [member] | Top of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 23.53
Gatling replacement options [member]
Statement Line Items [Line Items]
Number outstanding	15,956
Number exercisable	15,956
Weighted average remaining contractual life (Year)	5 months 15 days
Gatling replacement options [member] | Bottom of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.4
Gatling replacement options [member] | Top of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	25.8
Range one [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 13.46
Number outstanding	209,432
Number exercisable	209,432
Weighted average remaining contractual life (Year)	3 months 10 days
Range one [member] | Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.4
Number outstanding	1,706
Number exercisable	1,706
Weighted average remaining contractual life (Year)	6 months 18 days
Range two [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 14.98
Number outstanding	239,333
Number exercisable	239,333
Weighted average remaining contractual life (Year)	1 year 1 month 28 days
Range two [member] | Gatling replacement options [member]
Statement Line Items [Line Items]
Number outstanding	9,986
Number exercisable	9,986
Weighted average remaining contractual life (Year)	7 months 13 days
Range two [member] | Gatling replacement options [member] | Bottom of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.68
Range two [member] | Gatling replacement options [member] | Top of range [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	21.93
Range three [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 16.09
Number outstanding	6,021
Number exercisable	0
Weighted average remaining contractual life (Year)	4 years 3 months
Range three [member] | Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 25.8
Number outstanding	4,264
Number exercisable	4,264
Weighted average remaining contractual life (Year)	18 days
Range four [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 16.43
Number outstanding	223,039
Number exercisable	0
Weighted average remaining contractual life (Year)	4 years 3 months
Range five [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 17.02
Number outstanding	100,000
Number exercisable	33,333
Weighted average remaining contractual life (Year)	3 years 4 months 17 days
Range six [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 20.2
Number outstanding	110,998
Number exercisable	37,794
Weighted average remaining contractual life (Year)	3 years 3 months 7 days
Range seven [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.26
Number outstanding	50,000
Number exercisable	33,333
Weighted average remaining contractual life (Year)	2 years 11 months 1 day
Range eight [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.29
Number outstanding	9,191
Number exercisable	3,063
Weighted average remaining contractual life (Year)	3 years 3 months 7 days
Range nine [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 21.57
Number outstanding	189,357
Number exercisable	189,357
Weighted average remaining contractual life (Year)	1 year 11 months 8 days
Range ten [member] | Stock options, excluding the Gatling replacement options [member]
Statement Line Items [Line Items]
Exercise price (in CAD per share)	$ 23.53
Number outstanding	50,000
Number exercisable	33,333
Weighted average remaining contractual life (Year)	2 years 18 days

Note 11 - Share Capital - Assum

Note 11 - Share Capital - Assumptions for the Fair Value Options (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Risk-free interest rate	3.53%	2.58%
Expected volatility	57%	61%
Expected dividend yield	0%	0%
Expected life (years)	3	3

Note 11 - Share Capital - Other

Note 11 - Share Capital - Other Equity Instruments Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2021 $ / shares
Restricted share units1 [member]
Statement Line Items [Line Items]
Outstanding, RSU	101,059	24,109
Outstanding, weighted average fair value (in CAD per share)		$ 18.47	$ 17.82	$ 18.44
Granted, RSU	56,425	84,644
Granted, weighted average fair value (in CAD per share)		$ 18.71	16.42
Exercised, RSU	(54,985)	(7,694)
Exercised, weighted average fair value (in CAD per share)		$ 13.79	17.19
Forfeited, RSU	(4,244)
Forfeited, weighted average (in CAD per share)			17.07
Outstanding, RSU	98,255	101,059
Performance share units [member]
Statement Line Items [Line Items]
Outstanding, RSU	231,255	240,765
Outstanding, weighted average fair value (in CAD per share)		$ 17.91	17.78	14.61
Granted, RSU	156,861	87,375
Granted, weighted average fair value (in CAD per share)		$ 20.3	16.42
Exercised, RSU	(57,620)	(90,318)
Exercised, weighted average fair value (in CAD per share)		$ 11.53	13.17
Forfeited, RSU	(43,047)	(6,567)
Forfeited, weighted average (in CAD per share) | (per share)	$ 19.71	$ 16.65
Outstanding, RSU	287,449	231,255
Deferred share units [member]
Statement Line Items [Line Items]
Outstanding, RSU	420,115	469,373
Outstanding, weighted average fair value (in CAD per share)		$ 14.8	14.8	$ 14.15
Granted, RSU	78,474	37,037
Granted, weighted average fair value (in CAD per share)		$ 18.49	$ 14.81
Exercised, RSU		(86,295)
Exercised, weighted average fair value (in CAD per share)		$ 12.84
Outstanding, RSU	498,589	420,115

Note 11 - Share Capital - Weigh

Note 11 - Share Capital - Weighted Average Number of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Net earnings	$ 48,656	$ 17,594
Basic weighted average number of shares outstanding (in shares)	102,486,986	98,420,906
Stock options (in shares)	51,971	96,894
Restricted and performance share units (in shares)	93,007	39,815
Diluted weighted average number of shares outstanding (in shares)	102,631,964	98,557,615
Diluted earnings per share (in dollars per share)	$ 0.47	$ 0.18

Note 12 - Flow-through Premiu_3

Note 12 - Flow-through Premium Liability (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 16, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Flow-through share premium liability	$ 1,969	$ 2,986	$ 0

Note 12 - Flow-through Premiu_4

Note 12 - Flow-through Premium Liability - Schedule of Flow-through Activity (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($)	Feb. 16, 2023 USD ($) $ / shares shares	Feb. 16, 2023 $ / shares	Dec. 31, 2022 USD ($)
Statement Line Items [Line Items]
Flow-through share premium liability	$ 1,969	$ 2,986		$ 0
Flow-through shares [member]
Statement Line Items [Line Items]
Shares issued (in shares) | shares		969,450
Flow-through share price (in dollars per share) | (per share)		$ 17.67	$ 23.75
Premium per flow through share price (in dollars per share) | $ / shares		$ 3.08
Flow-through share premium liability		$ 2,986

Note 12 - Flow-through Premiu_5

Note 12 - Flow-through Premium Liability - Schedule of Flow-through Activity Including Funding and Expenditures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Statement Line Items [Line Items]
Flow-through funding and expendiutres balance, beginning of year	$ 0
Flow-through premium liability, beginning of year	0
Flow-through funding and expenditures, raised	17,133
Flow-through premium liability raised	2,986
Flow-through funding and expenditures, eligible expenditures	(5,835)
Flow-through premium liability recognized in year	(1,017)
Flow-through funding and expendiutres balance, end of year	11,298
Flow-through premium liability, end of year	$ 1,969

Note 13 - Debt Facility (Detail

Note 13 - Debt Facility (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Oct. 04, 2023	Dec. 31, 2023
Top of range [member] | Secured overnight financing rate (SOFR) [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis		4%
Bottom of range [member] | Secured overnight financing rate (SOFR) [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis		2%
Senior secured revolving credit facility [member]
Statement Line Items [Line Items]
Undrawn borrowing facilities	$ 40,000
Borrowings, maturity term (Month)	34 months
Total borrowings		$ 0
Commitment fees recognised as expense		48
Transaction costs capitalized to deferred financing fees		993
Deferred financing fees amortized		$ 84
Senior secured revolving credit facility [member] | Top of range [member]
Statement Line Items [Line Items]
Undrawn borrowing facilities	$ 75,000
Senior secured revolving credit facility [member] | Top of range [member] | Secured overnight financing rate (SOFR) [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	4%
Senior secured revolving credit facility [member] | Top of range [member] | Commitment fee as a percentage of undisbursed loan amount [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	0.75%
Senior secured revolving credit facility [member] | Bottom of range [member] | Secured overnight financing rate (SOFR) [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	2%
Senior secured revolving credit facility [member] | Bottom of range [member] | Commitment fee as a percentage of undisbursed loan amount [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	0.50%

Note 14 - Capital Risk Manage_3

Note 14 - Capital Risk Management (Details Textual) $ in Thousands	Dec. 31, 2023 USD ($)
Statement Line Items [Line Items]
Total non-current portion of non-current borrowings	$ 0

Note 14 - Capital Risk Manage_4

Note 14 - Capital Risk Management - Capital Component (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Equity	$ 506,757	$ 401,696	$ 367,521
Lease obligation	154	261
Cash	(68,707)	(29,955)
Investments	(8)	(11)
Total	$ 438,196	$ 371,991

Note 15 - Financial Risk Mana_3

Note 15 - Financial Risk Management (Details Textual) $ in Thousands, $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 MXN ($)	Oct. 04, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 MXN ($)
Secured overnight financing rate (SOFR) [member] | Bottom of range [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	2%		2%	2%
Secured overnight financing rate (SOFR) [member] | Top of range [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis	4%		4%	4%
MEXICO
Statement Line Items [Line Items]
Net assets liabilities denominated in foreign currencies				$ 564			$ 8,900
Percentage change in foreign exchange rates	10%		10%	10%
Country of domicile [member]
Statement Line Items [Line Items]
Net assets liabilities denominated in foreign currencies			$ 1.4			$ 1.1
Percentage change in foreign exchange rates	10%		10%	10%
Impact on earnings excluding currency exposure related taxes	$ 160
Senior secured revolving credit facility [member]
Statement Line Items [Line Items]
Undrawn borrowing facilities					$ 40,000
Senior secured revolving credit facility [member] | Top of range [member]
Statement Line Items [Line Items]
Undrawn borrowing facilities					$ 75,000
Senior secured revolving credit facility [member] | Secured overnight financing rate (SOFR) [member] | Bottom of range [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis					2%
Senior secured revolving credit facility [member] | Secured overnight financing rate (SOFR) [member] | Top of range [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis					4%
Juanicipio [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%	44%	44%	44%		44%	44%
Net assets liabilities denominated in foreign currencies				$ 545,000			$ 744,000
Percentage change in foreign exchange rates	10%		10%	10%
Impact on earnings excluding currency exposure related taxes	$ (3,584)	$ (4,269)
Equity method investment income	$ (1,577)	$ (1,878)

Note 15 - Financial Risk Mana_4

Note 15 - Financial Risk Management - Maximum Exposure to Credit Risk to the Carrying Value of Cash, Term Deposits, and Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Cash	$ 68,707	$ 29,955
Accounts receivable (Note 8)	1,559	708
Juanicipio loans (Notes 9 & 18)	94,414	104,653
Maximum exposure of cash, term deposits, and accounts receivable to credit risk	$ 164,680	$ 135,316

Note 15 - Financial Risk Mana_5

Note 15 - Financial Risk Management - Currency Risk (Details) $ in Thousands	Dec. 31, 2023 USD ($)
MEXICO
Statement Line Items [Line Items]
Cash	$ 8
Accounts receivable	120
Prepaid expenses	0
Investments	0
Accounts payable	(95)
Lease obligations	0
Net (liabilities) assets exposure	33
Country of domicile [member]
Statement Line Items [Line Items]
Cash	2,187
Accounts receivable	651
Prepaid expenses	986
Investments	8
Accounts payable	(2,466)
Lease obligations	(154)
Net (liabilities) assets exposure	$ 1,212

Note 16 - Financial Instrumen_3

Note 16 - Financial Instruments and Fair Value Disclosures - Financial Assets or Liabilities Measured at Fair Value (Details) - Investments1 [member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Financial assets	$ 8	$ 11
Level 1 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial assets	8	11
Level 2 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial assets	0	0
Level 3 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial assets	$ 0	$ 0

Note 17 - Segmented Informati_2

Note 17 - Segmented Information (Details Textual)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Number of operating segments	1
Juanicipio [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%	44%

Note 18 - Related Party Trans_3

Note 18 - Related Party Transactions (Details Textual) - Juanicipio [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%	44%
Shareholder loans [member]
Statement Line Items [Line Items]
Receivables due from related parties	$ 94,414
Interest income on loans and receivables	$ 8,150	$ 1,058
Shareholder loans [member] | Secured overnight financing rate (SOFR) [member]
Statement Line Items [Line Items]
Receivables, adjustment to interest rate basis	2%
Shareholder loans [member] | MAG and Fresnillo PLC [member]
Statement Line Items [Line Items]
Receivables due from related parties	$ 214,586

Note 18 - Related Party Trans_4

Note 18 - Related Party Transactions - Incurred Expenses With Cascabel and IMDEX (Details) - Cascabel and IMDEX [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Exploration and marketing services	$ 393	$ 372
Travel and expenses	39	30
Administration for Mexican subsidiaries	55	54
Field exploration services	180	165
Share-based payments (Note 11)	443	456
Expenses incurred for related parties	$ 1,110	$ 1,077

Note 18 - Related Party Trans_5

Note 18 - Related Party Transactions - Subsidiary Ownership (Details) - Minera Los Lagartos, S.A. de C.V. [member] - MEXICO	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
MAG's effective interest	100%	100%
Juanicipio Entities [member]
Statement Line Items [Line Items]
Equity method investment, ownership percentage	44%	44%

Note 18 - Related Party Trans_6

Note 18 - Related Party Transactions - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Salaries and other short term employee benefits	$ 1,949	$ 2,075
Severance paid to a former executive	0	382
Share-based compensation (non-cash) (Note 8)	2,532	1,774
Key management personnel compensation	$ 4,481	$ 4,231

Note 19 - Commitments and Con_3

Note 19 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Disclosure of capital commitments in relation to investment in associates	$ 13,779	$ 47,809
Larder Project [Member] | Bottom of range [member]
Statement Line Items [Line Items]
Net Smelter Returns Royalty Percentage	0%
Larder Project [Member] | Top of range [member]
Statement Line Items [Line Items]
Net Smelter Returns Royalty Percentage	2%
Cinco de Mayo property [member]
Statement Line Items [Line Items]
Net Smelter Returns Royalty Percentage	2.50%
Contractual commitments for equipment and development contracts [member]
Statement Line Items [Line Items]
Disclosure of capital commitments in relation to investment in associates, committed percentage	100%

Note 19 - Commitments and Con_4

Note 19 - Commitments and Contingencies - Contractual Obligations and Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Statement Line Items [Line Items]
Total Obligations and Commitments	$ 857
Not later than one year [member]
Statement Line Items [Line Items]
Total Obligations and Commitments	307
Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Total Obligations and Commitments	550
Later than three years and not later than five years [member]
Statement Line Items [Line Items]
Total Obligations and Commitments	0
Later than five years [member]
Statement Line Items [Line Items]
Total Obligations and Commitments	0
Juanicipio [member]
Statement Line Items [Line Items]
Contractual capital commitments	0	[1]
Juanicipio [member] | Not later than one year [member]
Statement Line Items [Line Items]
Contractual capital commitments	0	[1]
Juanicipio [member] | Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Contractual capital commitments	0	[1]
Juanicipio [member] | Later than three years and not later than five years [member]
Statement Line Items [Line Items]
Contractual capital commitments	0	[1]
Juanicipio [member] | Later than five years [member]
Statement Line Items [Line Items]
Contractual capital commitments	0	[1]
Consulting contract commitments [member]
Statement Line Items [Line Items]
Contractual capital commitments	857
Consulting contract commitments [member] | Not later than one year [member]
Statement Line Items [Line Items]
Contractual capital commitments	307
Consulting contract commitments [member] | Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Contractual capital commitments	550
Consulting contract commitments [member] | Later than three years and not later than five years [member]
Statement Line Items [Line Items]
Contractual capital commitments	0
Consulting contract commitments [member] | Later than five years [member]
Statement Line Items [Line Items]
Contractual capital commitments	$ 0
[1]According to the operator, Fresnillo, contractual commitments including project development and for continuing operations and purchase orders issued for project capital, sustaining capital, and continuing operations total $13,779 ( December 31, 2022: $47,809), with respect to Juanicipio on a 100% basis as at December 31, 2023.

Note 20 - Income Taxes (Details

Note 20 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax asset is recognised	$ 188,019	$ 138,651
Country of domicile [member] | Non-capital loss carry forwards [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax asset is recognised	61,207	57,196
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense	0
MEXICO | Non-capital loss carry forwards [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax asset is recognised	100,880	59,943
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense	0
United States1 [member] | Non-capital loss carry forwards [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax asset is recognised	1,262	$ 1,214
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense	$ 0

Note 20 - Income Taxes - Income

Note 20 - Income Taxes - Income Taxes Recognized in Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Deferred tax expense	$ (5,577)	$ (371)
Total income tax expense	$ (5,577)	$ (371)

Note 20 - Income Taxes - Provis

Note 20 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Income for the year before income taxes	$ 54,236	$ 18,015
Statutory tax rate	27%	27%
Income tax (expense) computed at statutory rates	$ (14,644)	$ (4,864)
Share issuance costs	1,050	0
Share based compensation	(762)	(878)
Mexican inflationary adjustments	788	2,429
Differing effective tax rate on loss in foreign jurisdiction	(1,904)	(1,156)
Equity accounted earnings from Investment in Juanicipio	22,398	13,060
Withholding tax on planned foreign earnings repatriation	(6,123)	(2,921)
Flow-through shares obligations	(3,814)	0
Unrecognized deferred tax assets	(21,072)	(7,239)
Impact of foreign exchange and other	17,055	1,198
Other	1,451	0
Total income tax (expense) benefit	$ (5,577)	$ (371)

Note 20 - Income Taxes - Deferr

Note 20 - Income Taxes - Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Non-capital losses	$ 3,232	$ 3,993
Deferred tax assets	3,232	3,993
Property and equipment	(819)	(826)
Investment in Juanicipio	(6,123)	(5,880)
Financing costs	(26)	0
Investments	(137)	(208)
Exploration and evaluation assets	(4,625)	0
Deferred tax liabilities	(11,730)	(6,914)
Net deferred income tax liability	$ (8,498)	$ (2,921)	$ (2,557)

Note 20 - Income Taxes - Moveme

Note 20 - Income Taxes - Movement of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
At January 1	$ (2,921)	$ (2,557)
Deferred income tax (expense) benefit through income statement	(5,577)	(371)
Deferred income tax benefit through OCI	0	7
At December 31	$ (8,498)	$ (2,921)

Note 20 - Income Taxes - Deduct

Note 20 - Income Taxes - Deductible Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax assets have been recognized	$ 188,019	$ 138,651
Non-capital losses [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax assets have been recognized	163,349	118,353
Excess of tax value of exploration and evaluation assets over book values [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax assets have been recognized	16,559	15,915
Financing fees [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax assets have been recognized	5,109	3,242
Other deductible temporary differences for which no deferred tax assets have been recognized [member]
Statement Line Items [Line Items]
Deductible temporary differences for which no deferred tax assets have been recognized	$ 3,002	$ 1,141

Note 21 - Subsequent Events (De

Note 21 - Subsequent Events (Details Textual) - Major purchases of assets [member] - Goldstake property [member] - Goldstake Explorations Inc. and Transpacific Resources Inc [member] $ in Millions	Dec. 07, 2023 CAD ($)
Statement Line Items [Line Items]
Percentage of voting equity interests acquired	100%
Total consideration transferred, acquisition-date fair value	$ 5