Overview

• MAG shareholders will receive $500 million in cash and 0.755 Pan American shares per MAG share, representing a 21–27% premium over recent trading prices.
• The acquisition positions MAG shareholders to own approximately 14% of the combined company, gaining exposure to a larger silver and gold producer.
• Pan American adds a 44% stake in the high-margin Juanicipio mine, which is projected to produce up to 7.3 million ounces of silver in 2025 at low cash costs.
• The deal is expected to boost Pan American’s 2025 free cash flow by $98 million and aligns with its Americas-focused silver strategy.
• Regulatory and shareholder approvals are required before closing, with integration of Juanicipio’s production planned through 2025.