[SCHEDULE 13G/A] MAG Silver Corp. SEC Filing

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC filed Amendment No. 1 to Schedule 13G for Fortrea Holdings Inc. (FTRE) covering holdings as of 30 Jun 2025. The firm reports beneficial ownership of 804,040 common shares, equal to 0.9 % of outstanding stock, placing the position well below the 5 % threshold that would trigger additional reporting requirements.

BlackRock has sole voting power over 714,353 shares and sole dispositive power over the full 804,040-share stake; it reports no shared voting or dispositive power. The filing states the shares were acquired and are held in the ordinary course of business, without intent to influence control. Because ownership is under 5 %, the filer confirms compliance with Item 5 and notes that no single client owns more than 5 % of FTRE. The document is certified by Managing Director Spencer Fleming on 15 Jul 2025.

Insights

Equity Portfolio Manager

TL;DR: BlackRock discloses a passive 0.9 % stake in FTRE; position is too small to shift governance or valuation.

The filing shows an institutional holder of scale but with limited influence—under 1 % of shares outstanding. The stake’s passive nature and lack of intent to influence control signal no strategic partnership or activist angle. From a liquidity standpoint the position represents roughly three trading days’ volume (assuming ~250 k shares/day), so market impact is negligible. The disclosure marginally broadens FTRE’s institutional base, which can aid visibility, but it is not material to earnings, capital structure, or forthcoming catalysts.

Corporate Governance Specialist

TL;DR: Governance implications minimal; ownership remains well below any threshold conferring board or agenda influence.

BlackRock files under Rule 13d-1(b), indicating passive investment status. With less than 1 % of the float, the firm gains no additional rights beyond standard shareholder privileges. No group formation, control intent, or coordinated action is indicated, and certification language affirms ordinary-course holding. Consequently, FTRE’s governance landscape stays unchanged, and investors should view this as routine portfolio housekeeping rather than a signal of strategic interest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

MAG SILVER CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

55903Q104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 55903Q104

1

Names of Reporting Persons

BlackRock Portfolio Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,476,005.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,801,625.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,801,625.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MAG SILVER CORP
(b)	Address of issuer's principal executive offices: #801 - 815 HASTINGS ST. W. VANCOUVER Canada V6C 1B4
Item 2.
(a)	Name of person filing: BlackRock Portfolio Management LLC In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 55903Q104
Item 4.	Ownership
(a)	Amount beneficially owned: 6801625
(b)	Percent of class: 6.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6476005
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6801625
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of MAG SILVER CORP. No one person's interest in the common stock of MAG SILVER CORP is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

BlackRock Portfolio Management LLC

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	07/15/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many FTRE shares does BlackRock Portfolio Management LLC own?

The filing reports 804,040 common shares, representing 0.9 % of the class.

Does BlackRock have voting control over all of its FTRE shares?

It has sole voting power over 714,353 shares; no shared voting power is reported.

Is BlackRock’s stake in Fortrea Holdings considered material?

At 0.9 %, the position is below the 5 % materiality threshold, so it is not considered material.

What is the purpose of BlackRock’s Schedule 13G/A filing?

To disclose passive ownership of FTRE common stock acquired in the ordinary course of business, without intent to influence control.

When was the Schedule 13G/A filed and signed?

The event date is 30 Jun 2025; it was signed by Managing Director Spencer Fleming on 15 Jul 2025.