Pan American Silver Corp. and MAG Silver Corp. are pleased to announce that Pan American has completed its previously announced acquisition of all of the issued and outstanding common shares of MAG (“MAG Shares”) pursuant to a plan of arrangement (the “Transaction”). The Transaction adds a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc (the “Juanicipio Mine”), along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project. The Transaction further strengthens Pan American’s position as one of the world’s leading silver producers, enhances its industry-leading silver reserve base, and provides significant near-term cash flow growth and long-term exploration potential.
“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 and Chief Executive Officer of Pan American. “We are pleased to welcome MAG shareholders to Pan American who now benefit from participation in a larger, diversified, and growth-oriented silver and gold producer. We also look forward to working collaboratively with Fresnillo, the mine’s operator, to advance the potential of the Juanicipio asset for the benefit of all stakeholders.”
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Transaction Consideration
Pursuant to the terms of the Transaction, MAG shareholders received an aggregate of US$500 million in cash and approximately 60.2 million Pan American Shares in consideration for their MAG Shares. Following completion of the Transaction, former MAG shareholders own approximately 14.3% of the issued and outstanding Pan American Shares, on a fully diluted basis.
Delisting of MAG Shares
The MAG Shares are expected to be delisted from the Toronto Stock Exchange as of the closing of the market September 8, 2025, and to cease trading on the NYSE American as of the opening of the market on September 4, 2025. Pan American is in the process of applying for MAG to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate MAG’s public reporting requirements.
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