Pan American Silver completes Mag Silver acquisition

Executive Summary

• Pan American Silver Corp. completed its acquisition of all outstanding shares of Mag Silver Corp., adding a 44 % JV 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 ~60.2 million Pan American shares, giving former Mag shareholders ~14.3 % of Pan American on a fully diluted basis.
• Mag Silver’s shares will be delisted from the Toronto Stock Exchange (Sept. 8, 2025) and NYSE American (Sept. 4, 2025).

Key Details

• Acquisition Scope: 100 % of Mag Silver’s issued and outstanding common shares acquired via a plan of arrangement.
• Assets Acquired:
• 44 % joint‑venture 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.
• Consideration Paid to Mag Shareholders:
• $500 million cash (U.S.).
• Approximately 60.2 million Pan American shares.
• Post‑Transaction Ownership: Former Mag shareholders now own ~14.3 % of Pan American’s issued and outstanding shares on a fully diluted basis.
• Delisting Schedule:
• NYSE American trading to cease at market open on September 4, 2025.
• Toronto Stock Exchange delisting effective after market close on September 8, 2025.
• Regulatory Actions: Pan American is applying for Mag Silver to cease reporting under Canadian securities laws and terminate its public reporting obligations.

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,” said Michael Steinmann, President & CEO of Pan American Silver.

“We are pleased to welcome Mag shareholders to Pan American… we also look forward to working collaboratively with Fresnillo … to advance the potential of the Juanicipio asset for the benefit of all stakeholders.”