Pan American, Mag get COFECE approval for deal

Executive Summary

• COFECT has approved Pan American Silver Corp.’s acquisition of all outstanding Mag Silver shares, clearing the final regulatory hurdle.
• All required approvals—including shareholder and court orders—are in place; closing is expected around September 4, 2025.
• Mag shareholders must elect their consideration by August 27, 2025: cash of $20.54 per share or a mixed cash‑share option (0.01 ¢ cash + 0.755 Pan American common shares). Total consideration equals $500 million in cash plus the balance in Pan American shares.

Key Details

• Regulatory Approval: Mexican Federal Economic Competition Commission (COFECE) approved the arrangement, satisfying the last regulatory condition.
• Closing Timeline: Anticipated completion on or about September 4, 2025, subject to customary closing conditions.
• Shareholder Election Deadline: Mag shareholders must submit their election by 2 p.m. Vancouver time on August 27, 2025.
• Election Options:
• Cash Option: $20.54 cash per Mag share.
• Mixed Option (Default): 0.01 ¢ cash + 0.755 Pan American common shares per Mag share.
• Aggregate Consideration:
• Cash Component: $500 million total paid to all Mag shareholders electing cash.
• Equity Component: Remaining consideration delivered in Pan American Silver common shares, subject to proration.
• Reference Documents:
• Mag’s news release (Aug 18, 2025) announcing the election deadline.
• Mag’s Management Information Circular dated June 6, 2025 (available on SEDAR+ and Mag’s website).

Notable Quotes

(No direct quotes provided in the release.)