Mr. Siren Fisekci of Pan American reports

COFECE APPROVES PAN AMERICAN SILVER'S ARRANGEMENT WITH MAG SILVER

Pan American Silver Corp. and Mag Silver Corp. have noted 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 by Pan American. 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 Sept. 4, 2025.

Election deadline for Mag shareholders

Registered holders of Mag shares must indicate their election by no later than 2 p.m. (Vancouver time) on Aug. 27, 2025, to receive either:

• $20.54 in cash for each Mag share held;
• The default election of 0.01 cent 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. See Mag's news release dated Aug. 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 is available under Mag's SEDAR+ profile and on Mag's website.

About Pan American Silver Corp.

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. Pan American also owns a 100-per-cent interest in the Escobal mine in Guatemala that is currently not operating, and the company holds interests in exploration and development projects. Pan American has been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. Pan American is headquartered in Vancouver, B.C., and its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol PAAS.

About Mag Silver Corp.

Mag 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-per-cent) joint venture interest in the 4,000-tonne-per-day Juanicipio mine, operated by Fresnillo (56 per cent). 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 multiphase exploration programs at the 100-per-cent earn-in Deer Trail project in Utah and the 100-per-cent-owned Larder project, located in the historically prolific Abitibi region of Canada.

We seek Safe Harbor.