On September 4, 2025, Pan American Silver Corp. announced the completion of its acquisition of MAG Silver Corp. (NYSE American: MAG; TSX: MAG). The deal gives Pan American a 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico (operated by Fresnillo plc), along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail project.

MAG shareholders received a total of US$500 million in cash and approximately 60.2 million Pan American shares, leaving them with around 14.3% of Pan American’s outstanding shares on a fully diluted basis.

MAG Silver’s shares will be delisted from the TSX as of September 8, 2025, and from the NYSE American as of September 4, 2025. Pan American will move to terminate MAG’s reporting issuer status under Canadian securities law.

Pan American CEO Michael Steinmann said the transaction strengthens the company’s position as a leading silver producer, adding meaningful reserves, cash flow growth, and long-term exploration potential.