Wedoany.com Report-Sept. 8, Pan American Silver has completed the acquisition of all issued and outstanding common shares of MAG Silver, finalizing the transaction after receiving approval from the Mexican Federal Economic Competition Commission (COFECE) in late August 2025.

Pan American is currently taking steps to end MAG’s status as a reporting issuer under Canadian securities laws.

Under the agreement, MAG shareholders received a combined package of cash and shares, totaling $500 million (C$689.85 million) in cash along with approximately 60.2 million Pan American shares in exchange for their holdings. Following the completion of the deal, former MAG shareholders now collectively hold 14.3% of Pan American’s issued and outstanding shares on a fully diluted basis.

MAG Silver’s shares are scheduled to be delisted from the Toronto Stock Exchange by 8 September 2025. Pan American has also initiated steps to end MAG’s reporting issuer status under Canadian securities regulations, which will terminate its public reporting obligations.

The acquisition strengthens Pan American’s portfolio with several key assets. Notably, the company now holds a 44% joint venture interest in the Juanicipio silver mine, located in Zacatecas, Mexico, which is operated by Fresnillo. The Juanicipio mine is recognized as a high-grade project with potential for long-term growth. In addition, Pan American has gained full ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project, further broadening its development pipeline.

Michael Steinmann, president and CEO of Pan American, highlighted the strategic value of the transaction: “The Juanicipio Mine is a high-quality addition to our portfolio that will contribute meaningfully to our silver production, reserves and cash flow. 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.”

This acquisition reflects Pan American’s ongoing strategy of building a diversified resource base across North and South America. By integrating MAG’s assets, the company enhances its position as a major silver and gold producer with a strengthened growth outlook. The Juanicipio mine is expected to play a central role in future output, while the addition of exploration projects such as Larder and Deer Trail provides opportunities for expansion and long-term value creation.

With the transaction complete, Pan American is now focused on maximizing synergies from its expanded asset base. The company’s ability to consolidate high-quality projects underlines its commitment to operational growth, financial stability, and delivering benefits to shareholders and stakeholders across its operations.