[Pan American Silver to Acquire MAG Silver for $2.1 Billion, Strengthening Its Position as a Leading Americas Silver Producer] On May 11, Pan American Silver (NYSE/TSX: PAAS) announced it has entered into a definitive agreement to acquire all issued and outstanding shares of MAG Silver (NYSEAM/TSX: MAG) in a transaction valued at approximately $2.1 billion. Upon completion, MAG shareholders will own approximately 14% of Pan American on a fully diluted basis. MAG Silver holds a 44% interest in the Juanicipio silver-lead-zinc mine in joint venture with Fresnillo. Pan American highlighted that the acquisition will significantly enhance its silver portfolio and free cash flow generation. In 2025, Juanicipio is forecast to produce around 14.7–16.7 million ounces of silver, 25,000 tonnes of zinc in concentrate, and 16,000 tonnes of lead in concentrate, with Pan American entitled to 44% of that production. The transaction is expected to close in the second half of 2025, subject to customary conditions including regulatory clearance from Mexican antitrust authorities.