COFECE Approves Pan American Silver's Arrangement with MAG Silver

Executive Summary

• COFECE has approved Pan American Silver Corp.’s acquisition of all outstanding MAG Silver shares, clearing the final regulatory hurdle.
• All required shareholder, court and other approvals have been obtained; the transaction is expected to close around September 4 2025.
• MAG shareholders must elect their consideration (cash or cash‑plus‑Pan American shares) by 2:00 p.m. Vancouver time on August 27 2025; total consideration totals $500 million in cash plus Pan American share issuance.

Key Details

• Regulatory Approval: Mexican Federal Economic Competition Commission (COFECE) approved the acquisition of MAG Silver Corp. by Pan American Silver Corp.
• Approvals Received: All required regulatory, shareholder and court approvals—including the final court order—are now in place.
• Expected Closing Date: Anticipated on or about September 4 2025.
• Shareholder Election Deadline: MAG shareholders must submit their election by 2:00 p.m. (Vancouver time) on August 27 2025.
• Election Options:
• Cash election – $20.54 per MAG share.
• Default election – $0.0001 cash plus 0.755 Pan American common shares per MAG share.
• Aggregate Consideration: Total consideration to be paid to all MAG shareholders will consist of $500 million in cash and the remainder in Pan American shares.
• Reference Documents:
• MAG’s news release dated August 18 2025 announcing the election deadline.
• MAG’s Management Information Circular (dated June 6 2025) available on SEDAR+ and MAG website.

Notable Quotes

(No direct quotes were provided in the release.)