Pan American Silver Announces Agreement to Acquire MAG Silver Corp.
Pan American Silver has announced a definitive agreement to acquire MAG Silver Corp. in a deal valued at approximately $2.1 billion. Under the terms, MAG shareholders will receive $20.54 per share, consisting of $500 million in cash and 0.755 Pan American shares per MAG share. The offer represents a 21% premium to MAG's closing price and a 27% premium to its 20-day VWAP as of May 9, 2025.
The acquisition gives Pan American a 44% interest in the Juanicipio silver mine in Mexico, operated by Fresnillo plc. Juanicipio is forecasted to produce between 14.7-16.7 Moz of silver in 2025 with exceptionally low costs. The transaction is expected to close in the second half of 2025, subject to customary conditions including MAG shareholder approval and Mexican anti-trust clearance. Post-completion, existing MAG shareholders will own approximately 14% of Pan American.
Pan American Silver ha annunciato un accordo definitivo per acquisire MAG Silver Corp. in un'operazione valutata circa 2,1 miliardi di dollari. Secondo i termini, gli azionisti di MAG riceveranno 20,54 dollari per azione, comprensivi di 500 milioni di dollari in contanti e 0,755 azioni Pan American per ogni azione MAG. L'offerta rappresenta un premio del 21% rispetto al prezzo di chiusura di MAG e un premio del 27% rispetto alla VWAP a 20 giorni al 9 maggio 2025.
L'acquisizione conferisce a Pan American un interesse del 44% nella miniera di argento Juanicipio in Messico, gestita da Fresnillo plc. Si prevede che Juanicipio produca tra 14,7 e 16,7 milioni di once di argento nel 2025, con costi eccezionalmente bassi. La transazione dovrebbe concludersi nella seconda metà del 2025, subordinata a condizioni consuete, tra cui l'approvazione degli azionisti di MAG e l'autorizzazione antitrust messicana. Dopo il completamento, gli azionisti attuali di MAG deterranno circa il 14% di Pan American.
Pan American Silver ha anunciado un acuerdo definitivo para adquirir MAG Silver Corp. en una operación valorada en aproximadamente 2.1 mil millones de dólares. Según los términos, los accionistas de MAG recibirán 20.54 dólares por acción, que incluyen 500 millones de dólares en efectivo y 0.755 acciones de Pan American por cada acción de MAG. La oferta representa una prima del 21% sobre el precio de cierre de MAG y una prima del 27% sobre el VWAP de 20 días al 9 de mayo de 2025.
La adquisición otorga a Pan American un 44% de participación en la mina de plata Juanicipio en México, operada por Fresnillo plc. Se prevé que Juanicipio produzca entre 14.7 y 16.7 millones de onzas de plata en 2025 con costos excepcionalmente bajos. La transacción se espera que se cierre en la segunda mitad de 2025, sujeta a condiciones habituales, incluida la aprobación de los accionistas de MAG y la autorización antimonopolio mexicana. Tras la finalización, los accionistas actuales de MAG poseerán aproximadamente el 14% de Pan American.
Pan American Silver는 약 21억 달러 규모의 거래로 MAG Silver Corp.를 인수하는 확정 계약을 발표했습니다. 조건에 따라 MAG 주주들은 주당 20.54달러를 받게 되며, 이는 5억 달러 현금과 MAG 주식 1주당 0.755 Pan American 주식으로 구성됩니다. 이번 제안은 MAG 종가 대비 21% 프리미엄이며, 2025년 5월 9일 기준 20일 VWAP 대비 27% 프리미엄입니다.
이번 인수로 Pan American은 Fresnillo plc가 운영하는 멕시코의 Juanicipio 은광 지분 44%를 확보하게 됩니다. Juanicipio는 2025년에 1,470만에서 1,670만 온스의 은을 생산할 것으로 예상되며, 매우 낮은 비용이 특징입니다. 거래는 2025년 하반기에 종료될 예정이며, MAG 주주 승인과 멕시코 반독점 승인 등 일반적인 조건이 충족되어야 합니다. 완료 후 기존 MAG 주주들은 Pan American의 약 14%를 보유하게 됩니다.
Pan American Silver a annoncé un accord définitif pour acquérir MAG Silver Corp. dans une transaction évaluée à environ 2,1 milliards de dollars. Selon les termes, les actionnaires de MAG recevront 20,54 dollars par action, comprenant 500 millions de dollars en espèces et 0,755 action Pan American par action MAG. L'offre représente une prime de 21% par rapport au cours de clôture de MAG et une prime de 27% par rapport au VWAP sur 20 jours au 9 mai 2025.
Cette acquisition donne à Pan American une participation de 44% dans la mine d'argent Juanicipio au Mexique, exploitée par Fresnillo plc. Juanicipio devrait produire entre 14,7 et 16,7 millions d'onces d'argent en 2025 avec des coûts exceptionnellement bas. La transaction devrait être finalisée dans la seconde moitié de 2025, sous réserve des conditions habituelles, y compris l'approbation des actionnaires de MAG et l'autorisation antitrust mexicaine. Après la finalisation, les actionnaires actuels de MAG détiendront environ 14% de Pan American.
Pan American Silver hat eine endgültige Vereinbarung zur Übernahme von MAG Silver Corp. in einem Deal im Wert von etwa 2,1 Milliarden US-Dollar bekannt gegeben. Nach den Bedingungen erhalten MAG-Aktionäre 20,54 US-Dollar pro Aktie, bestehend aus 500 Millionen US-Dollar in bar und 0,755 Pan American-Aktien pro MAG-Aktie. Das Angebot stellt eine Prämie von 21% gegenüber dem Schlusskurs von MAG und eine Prämie von 27% gegenüber dem 20-Tage-VWAP zum 9. Mai 2025 dar.
Die Übernahme verschafft Pan American einen 44%igen Anteil an der Juanicipio-Silbermine in Mexiko, die von Fresnillo plc betrieben wird. Für Juanicipio wird für 2025 eine Produktion von 14,7 bis 16,7 Millionen Unzen Silber mit außergewöhnlich niedrigen Kosten prognostiziert. Die Transaktion soll in der zweiten Hälfte des Jahres 2025 abgeschlossen werden, vorbehaltlich üblicher Bedingungen, einschließlich der Zustimmung der MAG-Aktionäre und der mexikanischen Kartellbehörde. Nach Abschluss werden die bestehenden MAG-Aktionäre etwa 14% an Pan American halten.
- Adds 44% ownership in Juanicipio, a large-scale, high-grade, low-cost silver mine with 2025 production forecast of 14.7-16.7 Moz silver
- Significantly increases Pan American's silver reserves by 58 Moz and resources by 54 Moz
- Juanicipio expected to generate $200M in free cash flow in 2025 ($98M on pro forma basis)
- Exceptionally low production costs with cash costs between -$1.00 to $1.00 per silver ounce
- Strategic deployment of Pan American's $923M cash balance for growth
- Substantial cash outlay of $500M required for the acquisition
- 14% dilution for existing Pan American shareholders
- Execution risk in integrating the new asset and partnership with Fresnillo
- Mexican regulatory approval required, which could delay closing
Insights
Pan American's $2.1B acquisition of MAG Silver adds significant high-margin silver production and strengthens its position as a premier silver producer.
This $2.1 billion acquisition represents a strategic move by Pan American Silver to solidify its position as one of the world's leading silver producers. The deal structure offers MAG shareholders both immediate value and future upside through a combination of
What makes this acquisition particularly compelling is the quality of the Juanicipio asset. With forecasted 2025 cash costs between
The acquisition significantly boosts Pan American's silver reserves and resources, adding 58 million ounces of proven and probable reserves, plus substantial indicated and inferred resources. This transaction is a highly efficient capital allocation decision, deploying
For MAG shareholders, this deal delivers both immediate premium value and diversification benefits. They exchange a single-asset exposure for approximately
The transaction terms include a tax rollover option for Canadian MAG shareholders and appear structured to minimize regulatory hurdles, with closing expected in the second half of 2025. The unanimous approval from both boards of directors and support from MAG's executives suggests a high probability of successful completion.
All amounts expressed in U.S. dollars unless otherwise indicated.
Adds Strategic Interest in Tier-One Juanicipio Silver Mine and Significantly Strengthens its Silver Portfolio
Vancouver, British Columbia, May 11, 2025 (GLOBE NEWSWIRE) -- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") and MAG Silver Corp. (NYSEAM:MAG) (TSX:MAG) ("MAG") are pleased to announce that they have entered into a definitive agreement whereby Pan American will acquire all of the issued and outstanding common shares of MAG pursuant to a plan of arrangement (the "Transaction"). MAG is a tier-one primary silver mining company through its
Under the terms of the Transaction, MAG shareholders will receive total consideration of approximately
Michael Steinmann, President and CEO of Pan American, commented: “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. Furthermore, 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. 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.”
George Paspalas, President and CEO of MAG, commented, “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. 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.”
BENEFITS TO MAG SHAREHOLDERS
The Transaction creates significant value and delivers multiple benefits to MAG's shareholders:
- Attractive immediate premium: Immediate value uplift of approximately
21% and27% , respectively, on a prorated basis to the closing price and the 20-day VWAP of MAG's common shares on the NYSEAM ending May 9, 2025. - Diversified exposure and growth opportunities: Exposure to Pan American’s diversified portfolio of ten silver and gold mines across seven countries and a proven track record of success in exploration, project-development and mining operations.
- Portfolio participation: Enlarged growth pipeline with exposure to Pan American's La Colorada Skarn project in Mexico and the potential reopening of Pan American’s
100% -owned Escobal mine, one of the world's best silver mines with past production of 20 Moz of silver per year. - Continued Exposure to Juanicipio: The Transaction provides MAG shareholders with the opportunity to maintain exposure to the interest in Juanicipio, which continues to demonstrate strong operational performance and resource potential.
- Derisking: Significantly de-risks MAG shareholders’ exposure by converting a concentrated interest in Juanicipio into equity ownership of Pan American, a diversified, leading silver producer with meaningful, long-term upside.
- Financial strength and robust returns: Equity participation in a well-capitalized, value driven, large-cap silver producer known for returning capital to shareholders, with over
$1.0 billion returned to shareholders via dividends and buybacks since 2010. - Increased liquidity and market presence: Greater scale, lower risk and peer leading cash flows driving improved trading liquidity on U.S. and Canadian markets.
- Attractive consideration: An elective tax rollover for taxable MAG shareholders resident in Canada who receive Pan American shares.
- Low Execution Risk: The Transaction would not require review and approvals under the Investment Canada Act. Pan American shareholder approval of the Transaction will not be required.
STRATEGIC RATIONALE AND BENEFITS TO PAN AMERICAN SHAREHOLDERS
The Transaction creates significant value and delivers multiple benefits to Pan American's shareholders:
- Adds
44% ownership interest in Juanicipio, one of the best silver mines globally: Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico, with significant exploration upside and operated by Fresnillo, a world class precious metals producer. - Strengthens Pan American's position as one of the world’s premier silver producers: Juanicipio is forecasted to produce between 14.7 Moz and 16.7 Moz of silver in 2025 (6.5 Moz to 7.3 Moz on a
44% basis).1 - Further solidifies Pan American’s position as holding the largest silver reserves and resources amongst silver mining companies: Adds 58 Moz of silver to Pan American’s proven and probable mineral reserves, 19 Moz of silver to Pan American's measured and indicated mineral resources, and 35 Moz of silver to Pan American's inferred mineral resources. 2
- Contributes high-margin ounces: Juanicipio’s cash costs and all-in sustaining costs are forecasted to range between (
$1.00) t o$1.00 and$6.00 t o$8.00 per silver ounce sold, respectively, for 2025.1 - Highly logical fit with Pan American’s silver dominant Americas-based portfolio: Leverages Pan American’s experience operating in the Americas for over 30 years.
- Significantly bolsters Pan American’s free cash flow generation: Juanicipio is expected to generate free cash flow of approximately
$200 million in 2025 ($98 million on a pro forma basis).3,4 - Provides significant exploration upside potential: Exposure to growth opportunities through exploration at Juanicipio (only
10% explored) and the acquisition of100% of the rights to the Deer Trail and Larder exploration projects as part of the Transaction. - Investing in growth: Deploys
$500M of Pan American’s record$923M cash and investments balance5 in a measured and strategic manner to enhance silver exposure and provide future growth.
- As per the news release issued by MAG on March 24, 2025.
- As per Fresnillo’s Mineral Resources and Ore Reserve Statements as at June 30, 2024. Figures are calculated from Fresnillo's Mineral resources as of June 30, 2024 to display mineral resources exclusive of mineral reserves. Figures reflect MAG's attributable
44% ownership. - Free cash flow is a non-GAAP measure. For further information regarding such measure please refer to each companies’ respective separate public disclosure. MAG defines free cash flow as cash flow from operating activities less cash used in investing activities and sustaining lease payments. Pan American defines free cash flow as cash flow from operating activities less sustaining capital expenditures.
- Figures are based on street consensus estimate for 2025; mid-point of 2025 expansionary capex guidance added back to Juanicipio free cash flow to align with Pan American definition of free cash flow.
- As per Pan American's Management's Discussion and Analysis dated May 7, 2025.
TRANSACTION SUMMARY
Under the terms of the Transaction, MAG shareholders will be able to elect to receive the consideration as either (i)
At closing, Pan American expects to issue an aggregate of approximately 60 million common shares to MAG shareholders, and following completion of the Transaction, existing MAG shareholders will own approximately
The Transaction will be carried out by way of a court-approved Plan of Arrangement under the Business Corporations Act (British Columbia) and will require approval by 66 2/
All directors and executive officers of MAG have entered into voting support agreements with Pan American pursuant to which they have agreed, subject to the terms of such agreements, to vote their MAG shares in favour of the Transaction.
The Transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions, including clearance under Mexican anti-trust laws, and approval of the listing of the Pan American common shares to be issued under the Transaction on both the Toronto Stock Exchange and the NYSE.
Full details of the Transaction will be included in the management information circular of MAG, expected to be mailed to its shareholders in June 2025.
None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
RECOMMENDATIONS BY THE BOARD OF DIRECTORS AND SPECIAL COMMITTEE
The definitive agreement and the Transaction have been unanimously approved by the board of directors of each of Pan American and MAG, and in the case of MAG, on the unanimous recommendation of a special committee of independent directors of MAG. MAG's board of directors unanimously recommends that MAG shareholders vote in favour of the Transaction.
BMO Capital Markets and GenCap Mining Advisory Ltd. have each provided a fairness opinion to the Board of Directors of MAG and Raymond James Ltd. has provided a fairness opinion to the MAG Special Committee, each stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, that the consideration to be received by MAG shareholders pursuant to the Transaction is fair, from a financial point of view, to MAG shareholders.
ADVISORS AND COUNSEL
National Bank Financial acted as exclusive financial advisor to Pan American. Borden Ladner Gervais LLP (BLG) acted as Canadian legal advisors to Pan American.
BMO Capital Markets and GenCap Mining Advisory Ltd. acted as co-financial advisors to MAG. Blake, Cassels & Graydon LLP acted as MAG's Canadian legal advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as MAG's U.S. legal advisors. Raymond James Ltd. provided an independent fairness opinion to the MAG Special Committee and the MAG Board of Directors.
CONFERENCE CALL DETAILS
Pan American and MAG will host a joint conference call and webcast to discuss the Transaction.
Date: May 12, 2025
Time: 10:00 am ET (7:00 am PT)
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3WdFtqqi
Conference Call: Participants can register for the conference call at:
https://dpregister.com/sreg/10199780/ff21be11a0
Upon registration, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call.
Those without internet access or who prefer to speak with an operator may dial:
Canada & USA Toll-Free: 1-833-752-3507 (toll-free in Canada and the U.S.)
Canada & USA Toll-Free: 1-647-846-7282 (International Participants)
Participants should dial-in at least 10 minutes prior to the start of the call and request to join the Pan American Silver call.
A live webcast of the call will be accessible at: https://panamericansilver.com/invest/events-and-presentations/ and on MAG’s website at www.magsilver.com. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.
The telephone audio replay will be available for seven days following the end of the event.
Qualified Person: All scientific or technical information related to MAG Silver in this press release is based upon information prepared by or under the supervision of, or has been approved by Gary Methven, P.Eng., who is a “Qualified Person” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“National Instrument 43-101” or “NI 43-101”). Mr. Methven is not independent as he is Vice President, Technical Services of MAG.
About Pan American
Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
About MAG
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 (
For more information contact:
Fausto Di Trapani
Chief Financial Officer
Phone: 604-630-1399
Email: info@magsilver.com
Juanicipio Silver Mineral Reserve and Resource Details as at June 30, 2024 (
| Juanicipio Silver Mineral Reserves 1,2 | Juanicipio Silver Mineral Resources2,3 | |||||||
| Classification | Tonnes (M) | Ag (g/t) | Contained Ag (koz) | Classification | Tonnes (M) | Ag (g/t) | Contained Ag (koz) | |
| Proven | 1.5 | 450 | 22,375 | Inferred | 12.4 | 200 | 80,081 | |
| Probable | 17.0 | 201 | 109,571 | Measured | 2.0 | 662 | 43,387 | |
| Indicated | 16.8 | 242 | 130,991 | |||||
| Proven + Probable | 18.5 | 221 | 131,946 | Measured + Indicated | 18.9 | 288 | 174,379 | |
Notes:
- JORC Code was used for reporting of Ore Reserves.
- See Fresnillo’s Ore Reserve Statement and Mineral Resources Statement as at June 30, 2024 for details as to cut-off grades, assumptions, costs, NSR values, dilution, recovery factors and exchange rates.
- Mineral Resources are reported inclusive of Ore Reserves.
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release, including any information relating to Pan American’s future oriented financial information, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2025, future returns of capital to shareholders, forecasted ranges for cash costs and all-in sustaining costs, and our sustaining and project capital expenditures in 2025; availability of Navidad as an undeveloped silver deposit; our ability to complete or advance the optimization study for Jacobina, the development of the La Colorada Skarn, or the consultation process for Escobal, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom; expectations regarding the ILO 169 consultation process with respect to Escobal; and Pan American’s plans and expectations for its properties and operations; the timing, satisfaction of closing conditions, consummation and terms of the Transaction, including the consideration thereunder and benefits derived therefrom; and the timing and occurrence of a joint conference call discussing the Transaction; the operation of the Juanicipio mine and exploration of its surrounding regions, the Juanicipio mine’s generation of free cash flow, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom. Future-oriented financial information and financial outlook are presented in this release for the purpose of assisting investors and others in understanding certain key elements of the Pan American’s financial results and business plan, as well as the objectives, strategic priorities and business outlook of Pan American, and in obtaining a better understanding of Pan American’s anticipated operating environment. Readers are cautioned that such future-oriented financial information or financial outlook may not be appropriate for other purposes.
These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate Credit Facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.
FAQ
What is the value of Pan American Silver's acquisition of MAG Silver?
What premium is Pan American Silver paying for MAG Silver shares?
What is the strategic rationale behind Pan American Silver's acquisition of MAG?
When is the MAG Silver acquisition expected to close?
What percentage will MAG shareholders own of Pan American after the merger?
