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