On August 25, Pan American Silver and MAG Silver announced that Mexico’s Federal Economic Competition Commission (COFECE) has approved Pan American’s acquisition of all outstanding MAG shares. With all regulatory, shareholder, and court approvals now secured, the transaction is expected to complete on or about September 4, 2025.

MAG shareholders have until 2:00 p.m. Vancouver time on August 27 to elect either $20.54 in cash per share or the default option of $0.0001 in cash plus 0.755 Pan American shares per MAG share, subject to proration. The aggregate consideration totals $500 million in cash with the remainder in Pan American shares.