Pan American Silver completes Mag Silver acquisition

Executive Summary

• Pan American Silver Corp. completed its previously announced acquisition of all outstanding shares of Mag Silver Corp., adding a 44% joint‑venture interest in the Juanicipio silver mine and full ownership of the Larder exploration project plus an earn‑in interest in Deer Trail.
• Transaction consideration consisted of $500 million cash and approximately 60.2 million Pan American shares, giving former Mag shareholders about 14.3% of Pan American on a fully diluted basis.
• Following closing, Mag Silver’s TSX listing will be delisted September 8 2025 and its NYSE‑American listing will cease September 4 2025; the company will cease to be a reporting issuer in Canada.

Key Details

• Acquisition Structure: Plan of arrangement; 100% of Mag Silver’s issued and outstanding common shares transferred to Pan American.
• Consideration Paid:
• Cash component: US$500 million.
• Share component: ≈60.2 million Pan American shares (valued at the transaction price per share).
• Post‑Transaction Ownership: Former Mag shareholders now own ~14.3% of Pan American’s issued and outstanding shares on a fully diluted basis.
• Assets Acquired:
• 44% JV interest in the Juanicipio high‑grade silver mine (operated by Fresnillo PLC).
• 100% ownership of the Larder exploration project.
• 100% earn‑in interest in the Deer Trail exploration project.
• Strategic Impact: Enhances Pan American’s silver reserve base, adds near‑term cash‑flow from Juanicipio, and expands long‑term exploration potential.
• Delisting Schedule:
• TSX delisting effective Sept 8 2025 (closing of market).
• NYSE‑American trading cessation effective Sept 4 2025 (opening of market).
• Regulatory Filings: Full transaction details disclosed in Mag Silver’s Management Information Circular dated June 6 2025, available on 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 Silver Corp.

Safe Harbor statements omitted for brevity.