COFECE Approves Pan American Silver's Arrangement with MAG Silver

Executive Summary

• COFECE has approved Pan American Silver Corp.’s previously announced acquisition of all outstanding MAG Silver Corp. shares.
• All required regulatory, shareholder and court approvals have been obtained; the transaction is expected to close around September 4 2025.
• Consideration totals $500 million in cash plus Pan American shares (0.755 share per MAG share), with each MAG share receiving either $20.54 cash or a default mix of $0.0001 cash and Pan American stock.

Key Details

• Regulatory Approval: Mexican Federal Economic Competition Commission (COFECE) granted approval for the acquisition.
• Approvals Received: All required regulatory, shareholder, and court approvals—including the final court order—are now in place.
• Closing Timeline: Anticipated closing date is on or about September 4 2025.
• Election Deadline for MAG Shareholders: Must elect by 2:00 p.m. Vancouver time on August 27 2025.
• Cash Election Option: $20.54 per MAG share in cash.
• Default Election Option: $0.0001 cash + 0.755 Pan American common shares per MAG share (subject to proration).
• Aggregate Consideration: Total consideration equals $500 million cash plus the remainder paid in Pan American shares.
• Reference Documents: MAG’s management information circular dated June 6 2025; MAG news release dated August 18 2025 announcing election deadline.

Notable Quotes

(No direct quotes were provided in the release.)