Pan American Silver Completes Acquisition of MAG Silver

Executive Summary

• Pan American Silver completed its previously announced plan‑of‑arrangement acquisition of all outstanding MAG Silver shares.
• The transaction adds a 44% joint‑venture interest in the high‑grade Juanicipio silver mine, 100% ownership of the Larder exploration project and a 100% earn‑in interest in the Deer Trail exploration project.
• Consideration consisted of US$500 million cash plus approximately 60.2 million Pan American shares, giving former MAG shareholders ~14.3% of Pan American on a fully diluted basis.

Key Details

• Transaction consideration: US$500 million cash + ~60.2 million Pan American common shares issued to MAG shareholders.
• Ownership impact: Former MAG shareholders now own approximately 14.3% of Pan American’s outstanding shares (fully diluted).
• Asset additions:
• 44% JV interest in the Juanicipio mine (operated by Fresnillo plc).
• 100% ownership of the Larder exploration project.
• 100% earn‑in interest in the Deer Trail exploration project.
• Strategic benefits: Enhances Pan American’s silver reserve base, provides near‑term cash‑flow growth and long‑term exploration upside.
• Delisting timeline: MAG shares to be delisted from TSX on September 8, 2025 and cease trading on NYSE American on September 4, 2025.
• Regulatory filings: Full transaction details in MAG’s management information circular dated June 6, 2025 (SEDAR+ and EDGAR).

Notable Quotes

“The Juanicipio Mine is a high‑quality addition to our portfolio that will contribute meaningfully to our silver production, reserves and cash flow,” – Michael Steinmann, President & CEO, Pan American.

Materiality: Material – Positive (significant acquisition that materially expands the company’s asset base and shareholder composition).