Pan American, Mag get COFECE approval for deal

Executive Summary

• COFECE has approved Pan American Silver Corp.’s acquisition of all outstanding shares of Mag Silver Corp., clearing the final regulatory hurdle.
• All required shareholder, court and other approvals have been obtained; the transaction is expected to close on or about September 4, 2025.
• The consideration totals $500 million in cash plus Pan American shares, with shareholders electing either a cash payment of $20.54 per share or a mixed cash‑share option (0.01 ¢ cash + 0.755 Pan American share).

Key Details

• Regulatory Approval: Mexican Federal Economic Competition Commission (COFECE) approved the arrangement.
• Closing Timeline: Anticipated closing date – approximately September 4, 2025.
• Shareholder Election Deadline: Mag shareholders must elect their consideration by 2 p.m. Vancouver time on August 27, 2025.
• Consideration Options:
• Cash election – $20.54 per Mag share.
• Default mixed election – $0.01 cash + 0.755 Pan American common shares per Mag share.
• Aggregate Consideration: Total cash paid to all Mag shareholders will be $500 million; the remainder of the purchase price will be satisfied with Pan American Silver shares, allocated on a proration basis.
• Related Documents:
• Mag’s management information circular (dated June 6, 2025) – available via SEDAR+ and Mag’s website.
• Mag news release (Aug 18, 2025) announcing the election deadline.
• Transaction Structure: Full acquisition of 100 % of Mag’s issued and outstanding common shares by Pan American Silver.

Notable Quotes

(No direct quotes were provided in the release.)