The Toronto Stock Exchange reports that Mag Silver Corp. will be delisted at the close on Sept. 5, 2025. According to the TSX, Pan American Silver Corp. has acquired all of the issued and outstanding Mag Silver common shares pursuant to a plan of arrangement involving Mag Silver and Pan American, pursuant to Section 288 of the Business Corporations Act (British Columbia).

The TSX reports that the holders of Mag Silver shares will receive, subject to their election, either: (i) $20.54 (U.S.) in cash for each Mag Silver share held; or (ii) 0.01 U.S. cent in cash and 0.755 of a common share of Pan American for each Mag Silver share held, in each case subject to proration such that the aggregate consideration paid to all shareholders consists of $500-million (U.S.) in cash and the remaining consideration paid in Pan American shares, all in accordance with the arrangement.

The TSX notes that no fractional Pan American shares will be issued to any shareholder pursuant to the arrangement. The total number of Pan American shares to be issued to a shareholder as consideration under the arrangement shall be rounded up or down to the closest whole number, and no consideration shall be paid in lieu of the issuance of a fractional Pan American share. If the total cash amount a shareholder is entitled to receive pursuant to the arrangement would otherwise include a fraction of a cent, then the total cash amount such shareholder shall be entitled to receive shall be rounded up to the nearest whole cent.

To receive the consideration, Mag Silver shareholders must return the letter of transmittal and election form, together with share certificates representing the Mag Silver shares, to Computershare Investor Services Inc. at its principal offices in Toronto.

For more information, see Mag Silver's management information circular dated June 6, 2025, available on SEDAR+. Also refer to the TSX bulletin dated Aug. 20, 2025.