# EDGAR Filing Document

**Accession Number:** 0001230992
**File Stem:** 0001104659-25-056101
**Filing Date:** 2025-6
**Character Count:** 14438
**Document Hash:** c1c41ca4bdc20756484da47006eee79d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056101.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001104659-25-056101

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAG SILVER CORP
- **CENTRAL INDEX KEY:** 0001230992
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79554
- **FILM NUMBER:** 251021596

**BUSINESS ADDRESS:**
- **STREET 1:** #801 - 815 HASTINGS ST. W.
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1B4
- **BUSINESS PHONE:** 604-630-1399

**MAIL ADDRESS:**
- **STREET 1:** #801 - 815 HASTINGS ST. W.
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1B4
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fresnillo PLC
- **CENTRAL INDEX KEY:** 0001446732

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** O5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALZADA LEGARIA, NO. 549, TORRE 2
- **STREET 2:** COLONIA 10 DE ABRIL, MIGUEL HIDALGO
- **CITY:** MEXICO CITY
- **PROVINCE COUNTRY:** O5
- **ZIP:** 11250
- **BUSINESS PHONE:** 52 55 52793200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALZADA LEGARIA, NO. 549, TORRE 2
- **STREET 2:** COLONIA 10 DE ABRIL, MIGUEL HIDALGO
- **CITY:** MEXICO CITY
- **PROVINCE COUNTRY:** O5
- **ZIP:** 11250

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**MAG Silver Corp.**

*(Name of Issuer)*

**Common Shares, without par value**

*(Title of Class of Securities)*

**55903Q104**

*(CUSIP Number)*

**Gustavo Alarcon**<br>Calzada Legaria, No.549, Torre 2, Piso11<br>Colonia10 deabril Alcaldia MiguelHidalgo<br>Ciudad de Mexico O5 11250<br>(52 55) 5279-3200

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/12/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **55903Q104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fresnillo plc** | Name of reporting person<br>**Fresnillo plc** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**896760.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**896760.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**896760.00** | Aggregate amount beneficially owned by each reporting person<br>**896760.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **55903Q104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Industrias Penoles, S.A.B. de C.V.** | Name of reporting person<br>**Industrias Penoles, S.A.B. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**O5** | Citizenship or place of organization<br>**O5** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**621577.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1753276.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**621577.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1753276.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2374853.00** | Aggregate amount beneficially owned by each reporting person<br>**2374853.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.3%** | Percent of class represented by amount in Row (11)<br>**2.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **55903Q104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Minas Penoles, S.A. de C.V.** | Name of reporting person<br>**Minas Penoles, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**O5** | Citizenship or place of organization<br>**O5** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**856516.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**856516.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**856516.00** | Aggregate amount beneficially owned by each reporting person<br>**856516.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.8%** | Percent of class represented by amount in Row (11)<br>**0.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, without par value

**(b) Name of Issuer:**
MAG Silver Corp.

**(c) Address of Issuer's Principal Executive Offices:**
Suite 801, 815 West Hastings Street, Vancouver, A1, V6C 1B4

This Amendment No. 4 (this "Amendment") amends and supplements the Schedule 13D that was originally filed by the Reporting Persons with the Securities and Exchange Commission on October 2, 2008 and subsequently amended on October 9, 2008, December 2, 2008 and June 23, 2009 (as so amended prior to the date hereof, the "Original Schedule 13D"). Unless otherwise stated herein, the Original Schedule 13D remains in full force and effect. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Original Schedule 13D. This Amendment relates to common shares without par value (the "Shares"), of MAG Silver Corp., a British Columbia company (the "Issuer"), whose principal executive offices are located at Suite 801, 815 West Hastings Street Vancouver, BC, Canada, V6C 1B4.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented with the following: The Reporting Persons sold an aggregate of 7,371,340 Shares between May 12, 2025, and June 2, 2025, such sales having exceeded 1% of the total outstanding Shares on May 12, 2025.

The Reporting Persons are holding the Shares for investment purposes and intend to continue to evaluate their investment and the Issuer on an ongoing basis. The Reporting Persons intend to take such actions with respect to their investment and the Issuer as they deem appropriate, which actions may include, without limitation, the disposition of all or any portion of the Shares they beneficially own through open market transactions, block trades, privately negotiated transactions or otherwise, or the pursuit of such other actions with respect to the investment in Shares and the Issuer as they deem appropriate, subject to any restrictions and other requirements under applicable laws and regulations.

The Reporting Persons may further consider their options in relation to the Shares. On the date hereof, the Reporting Persons have not determined any specific course of action which they may ultimately take. Any future actions with regard to their investment in Shares and the Issuer will be dependent on their evaluation of market conditions, current and anticipated future trading prices of the shares, the financial condition, results of operations and prospects of the Issuer, general economic and industry conditions, and other factors that the Reporting Persons may deem relevant. The Reporting Persons retain the right to determine in the future whether to adopt any plans or proposals with respect to the Share investment or the Issuer.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is hereby amended and supplemented with the following:

The information set forth in Items 2 and 4 of this Amendment and the cover pages of this Amendment is hereby incorporated by reference into this Item 5.

Items 7 through 11 and 13 of each of the cover pages of this Amendment are incorporated herein by reference.

As of the date of this Amendment, the Reporting Persons beneficially own an aggregate of 2,374,853 Shares, which represents approximately 2.3% of the outstanding Shares (based on the number of Shares outstanding as contained in the Issuer's most recently available filing with the Securities and Exchange Commission).

**(b)**
As of the date of this Amendment, the Reporting Persons beneficially own an aggregate of 2,374,853 Shares, which represents approximately 2.3% of the outstanding Shares (based on the number of Shares outstanding as contained in the Issuer's most recently available filing with the Securities and Exchange Commission).

**(c)**
Fresnillo disposed of 7,171,340 Shares of the Issuer in the open market as detailed below:

From May 12, 2025 through June 2, 2025, Fresnillo disposed of 7,171,340 Shares of the Issuer in the open market, representing shares held by the Fresnillo. Detail of these open market transactions are as follows:

Trade Date       Buy/Sell       Shares                Price
05/12/2025        Sell           2,237,339        CAD$25.2839
05/13/2025        Sell           4,334,001        CAD$25.2281
05/20/2025        Sell           300,000           CAD$25.4572
05/27/2025        Sell           100,000           CAD$25.7491
05/28/2025        Sell            1,710              CAD$25.9972
05/29/2025        Sell           98,290             CAD$25.9981
06/02/2025        Sell           100,000           CAD$27.1405

From May 27, 2025 through June 2, 2025, Minas disposed of 200,000 Shares of the Issuer in the open market as detailed below:

Trade Date      Buy/Sell      Shares             Price
05/27/2025        Sell           50,000        CAD$25.7338
05/28/2025        Sell           50,000        CAD$25.9021
06/02/2025        Sell           100,000      CAD$26.9156

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

N/A

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fresnillo plc

**Signature:** /s/ Gustavo Alarcon

**Name/Title:** Gustavo Alarcon / General Counsel

**Date:** 06/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Industrias Penoles, S.A.B. de C.V.

**Signature:** /s/ Mauricio I. Garcia Torres

**Name/Title:** Chief Financial Officer / Mauricio I. Garcia Torres

**Date:** 06/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Minas Penoles, S.A. de C.V.

**Signature:** /s/ Mauricio I. Garcia Torres

**Name/Title:** Chief Financial Officer / Mauricio I. Garcia Torres

**Date:** 06/02/2025