Published: July 11, 2025 |

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Pan American Silver and MAG Silver have entered into a definitive agreement where Pan American will acquire all of the issued and outstanding common shares of MAG for approximately $2.1 billion.

MAG is a tier-one primary silver mining company through its 44 percent joint venture interest in the large-scale, high-grade Juanicipio mine, operated by Fresnillo, who holds the remaining 56 percent interest in the Juanicipio joint venture.

“Our acquisition of MAG brings into Pan American’s portfolio one of the best silver mines in the world. Juanicipio is a large-scale, high-grade, low-cost silver mine that will meaningfully increase Pan American’s exposure to high margin silver ounces. We see future growth opportunities through the significant exploration potential at Juanicipio as well as MAG’s Deer Trail and Larder properties. This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer,” said Michael Steinmann, president and CEO of Pan American.

“We would like to thank the Fresnillo and the Juanicipio management teams for the constructive interactions and impressive site visit. Together, we bring many decades of operator experience in Mexico and Latin America to the joint venture and we are looking forward to a collaborative future and value generation for all shareholders involved,” added Steinmann.

“This transaction represents a compelling opportunity for our shareholders, providing an immediate premium and meaningful exposure to Pan American’s world-class assets and proven growth strategy. We are proud of what we’ve accomplished at MAG, particularly our partnership with Fresnillo which has created extraordinary value at the exceptional Juanicipio mine,” said George Paspalas, president and CEO of MAG.

“Through the acquisition of our interest by Pan American — a respected leader in the global precious metals industry — our shareholders will participate in an exciting future defined by operational excellence, substantial exploration potential, and strong financial stewardship with significant portfolio exposure,” added Paspalas.

The transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions.

Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. They also own the Escobal mine in Guatemala that is currently not operating, and they hold interests in exploration and development projects. The company has been operating in the Americas for more than three decades, earning an industry-leading reputation for sustainability performance, operational excellence, and prudent financial management.

MAG Silver is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is a top-tier primary silver mining company through its (44 percent) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo (56 percent). The mine is located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp, where in addition to mining and processing operations, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100 percent earn-in Deer Trail Project in Utah and the 100 percent owned Larder Project, located in the historically prolific Abitibi region of Canada.

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