Pan American Silver Secures All Approvals To Acquire MAG Silver In $500M Cash-And-Stock Deal

Pan American Silver Corp. (NYSE:PAAS) (TSX:PAAS) ("Pan American") and MAG Silver Corp. (NYSE:MAG) (TSX:MAG) ("MAG") are pleased to announce that the Mexican Federal Economic Competition Commission ("COFECE") has approved the previously announced acquisition of all of the issued and outstanding common shares of MAG ("MAG Shares") by Pan American (the "Arrangement"). All required regulatory, shareholder and court approvals, including the final court order, have now been received and the Arrangement is anticipated to be completed on or about September 4, 2025.

Election Deadline for MAG Shareholders

Registered holders of MAG Shares must indicate their election by no later than 2:00 p.m. (Vancouver time) on August 27, 2025, to receive either:

• $20.54 in cash for each MAG Share held; or
• the default election of $0.0001 in cash and 0.755 of a common share of Pan American for each MAG Share held,

in each case subject to proration in connection with the Arrangement such that the aggregate consideration paid to all MAG shareholders consists of $500 million in cash and the remaining consideration paid in Pan American shares (the "Consideration"). See MAG's news release dated August 18, 2025 entitled "MAG Announces Election Deadline for Arrangement with Pan American". Additional information regarding the Arrangement and the procedure for the exchange of MAG Shares for the Consideration is provided in MAG's management information circular dated June 6, 2025 (the "Circular").