MAG Silver (MAG) - 2025 Q2 - Quarterly Report

Exhibit 99.2 MAG SILVER CORP. Management's Discussion & Analysis For the three and six months ended June 30, 2025 and 202 (expressed in thousands of US dollars except as otherwise noted) Table of Contents | 1. | INTRODUCTION | 3 | | --- | --- | --- | | 2. | DESCRIPTION OF BUSINESS | 4 | | 3. | HIGHLIGHTS – JUNE 30, 2025 & SUBSEQUENT TO QUARTER END | 5 | | 4. | RESULTS OF JUANICIPIO | 10 | | 5. | DEER TRAIL PROJECT | 17 | | 6. | LARDER PROJECT | 20 | | 7. | OUTLOOK | 21 | | 8. | SUMMARY OF QUARTERLY INFORMAT ...