Core Insights - Pan American Silver Corp. (PAAS) is close to finalizing its $2.1 billion acquisition of MAG Silver Corp. (MAG), with all major approvals received except for Mexico's Federal Economic Competition Commission (COFECE) [1][8] - The acquisition focuses on MAG's 44% stake in the Juanicipio project, recognized as the world's largest-scale, highest-grade, and lowest-cost primary silver mine [2][8] - Juanicipio is projected to produce 14.7-16.7 million ounces of silver in 2025, contributing approximately 6.5-7.3 million ounces to PAAS's total output [3][8] Production and Cost Impact - The Juanicipio project is expected to significantly reduce PAAS's all-in sustaining costs (AISC) for silver, with current AISC reported at $19.69 per ounce and a guidance of $16.25-$18.25 for 2025 [4][8] - The acquisition will add 58 million ounces to PAAS's proven and probable silver reserves, which were 468 million ounces as of June 30, 2024, and is expected to generate $98 million in free cash flow this year, growing by 23% over the next three years [5] Market Activity and Performance - Recent consolidation in the silver mining sector includes First Majestic Silver's acquisition of Gatos Silver and Coeur Mining's acquisition of Silvercrest, enhancing their respective portfolios [6] - Year-to-date, PAAS shares have increased by 58.5%, outperforming the industry growth of 48.6% and the Basic Materials sector's rise of 14.3% [7] Valuation and Earnings Estimates - PAAS is currently trading at a forward 12-month price-to-earnings multiple of 14.35X, below the industry average of 16.95X [10] - The consensus estimate for PAAS's 2025 earnings is $1.98 per share, reflecting a year-over-year increase of 150.6%, with a further increase to $2.38 expected in 2026 [11]

Core Viewpoint - MAG Silver Corp. has obtained all necessary approvals for the Arrangement with Pan American Silver Corp., except for the Mexican competition approval, and shareholders must elect their preferred consideration by August 27, 2025 [1][7]. Group 1: Arrangement Details - The Arrangement involves MAG shareholders receiving either $20.54 in cash or a combination of $0.0001 in cash and 0.755 of a Pan American Share for each MAG Share held [1]. - The total consideration for all MAG shareholders will consist of $500 million in cash and the remaining consideration in Pan American Shares, subject to proration [4]. - If shareholders do not make a proper election, they will automatically receive the Share Consideration, also subject to proration [4]. Group 2: Election Process - Registered holders of MAG Shares must submit a completed Letter of Transmittal and Election Form to Computershare Investor Services Inc. by the Election Deadline [2]. - Non-registered holders should follow their intermediary's instructions for making an election and verify their election status before the Election Deadline [3]. Group 3: Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects, with a significant joint venture in the Juanicipio Mine [8]. - The company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [8].

Core Insights - Pan American Silver Corp. (PAAS) achieved a record free cash flow of $233 million in Q2 2025, a 128% increase year-over-year, and ended the quarter with a cash balance of $1.1 billion, indicating strong financial health [1][7] - The company returned approximately $103.5 million to shareholders through share repurchases in H1 2025 and announced a 20% increase in its quarterly dividend to $0.12 per share [2] - PAAS plans to invest $500 million of its cash reserves to acquire MAG Silver Corp, which holds a 44% stake in the Juanicipio project, expected to boost PAAS' silver production by 35% annually and reduce all-in sustaining costs [3][7] Financial Performance - Year-to-date, PAAS shares have increased by 57%, outperforming the industry growth of 51%, while the Basic Materials sector rose by 9% and the S&P 500 by 2.9% [5] - The consensus estimate for PAAS earnings in 2025 is $1.98 per share, reflecting a 150.6% year-over-year increase, with a 2026 estimate of $2.38, indicating a 20.2% rise [8] Valuation Metrics - PAAS is currently trading at a forward 12-month price-to-earnings multiple of 14.24X, below the industry average of 17.34X [7]

Exhibit 99.2 MAG SILVER CORP. Management's Discussion & Analysis For the three and six months ended June 30, 2025 and 202 (expressed in thousands of US dollars except as otherwise noted) Table of Contents | 1. | INTRODUCTION | 3 | | --- | --- | --- | | 2. | DESCRIPTION OF BUSINESS | 4 | | 3. | HIGHLIGHTS – JUNE 30, 2025 & SUBSEQUENT TO QUARTER END | 5 | | 4. | RESULTS OF JUANICIPIO | 10 | | 5. | DEER TRAIL PROJECT | 17 | | 6. | LARDER PROJECT | 20 | | 7. | OUTLOOK | 21 | | 8. | SUMMARY OF QUARTERLY INFORMAT ...

Core Viewpoint - MAG Silver Corp. reported strong operational performance at the Juanicipio mine for Q2 2025, despite a tragic safety incident that occurred in July, emphasizing the importance of safety in operations [2][3]. Production Performance - The Juanicipio plant processed 343 thousand tonnes of ore in Q2 2025, a slight increase of 1.6% from Q1 2025 and consistent with its nameplate capacity of 4,000 tonnes per day [5]. - Silver head grade averaged 417 grams per tonne (g/t) in Q2 2025, maintaining the top end of the 2025 guidance, while year-to-date silver head grade is 423 g/t [5]. - Preliminary Q2 production included 4.3 million ounces of silver and 10,465 ounces of gold, with lead and zinc production increasing by 9% and 21% quarter-over-quarter, respectively [5]. Year-to-Date Performance - For the first half of 2025, production totaled 8.8 million ounces of silver and 20,663 ounces of gold, positioning Juanicipio well to meet its full-year production guidance [5]. - The company reported a 2.6% increase in gold production compared to Q1 2025 and a 7.7% increase compared to H1 2024 [3][5]. Safety and Incident Response - A tragic fatality occurred at the Juanicipio site in July, prompting a full investigation and a renewed commitment to safety protocols [2][3]. - The company, in collaboration with Fresnillo, is providing support to affected families and reinforcing the importance of a safety culture [2][3]. Future Outlook - Comprehensive financial and operational results are expected to be released on August 11, 2025, indicating ongoing transparency and commitment to stakeholders [5].

Core Viewpoint - MAG Silver Corp. has received approval from its shareholders for the acquisition by Pan American Silver Corp. through a plan of arrangement, indicating strong shareholder support for the transaction [1][2]. Shareholder Approval - The special resolution for the acquisition was approved by 99.52% of the votes cast by MAG shareholders present or represented at the meeting [2]. - A total of 61,077,441 common shares were represented at the meeting, accounting for 59.03% of the total issued and outstanding MAG shares [2]. Terms of the Arrangement - Under the arrangement, MAG shareholders can choose to receive either $20.54 in cash for each MAG share or a combination of $0.0001 in cash and 0.755 of a common share in Pan American [3]. - The total cash consideration for all MAG shareholders is capped at $500 million, with the remainder paid in Pan American shares [3]. Next Steps for Completion - Following shareholder approval, MAG will seek a final order from the Supreme Court of British Columbia to approve the arrangement, with a hearing scheduled for July 14, 2025 [5]. - The completion of the arrangement is contingent upon receiving necessary regulatory approvals and satisfying customary closing conditions, with an expected closing in the second half of 2025 [5]. Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects in the Americas, including a 44% joint venture interest in the Juanicipio Mine in Mexico [6]. - The company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [6].

Core Points - MAG Silver Corp. is holding a special meeting for shareholders on July 10, 2025, to discuss a proposed arrangement with Pan American Silver Corp. [1] - Shareholders are encouraged to vote in favor of the arrangement before the proxy voting deadline on July 8, 2025, at 9:00 a.m. Vancouver time, as recommended by the Board of Directors and independent proxy advisory firms [2] - Additional information regarding the arrangement and shareholder rights is available in the company's information circular dated June 6, 2025 [3] Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects in the Americas, with a 44% joint venture interest in the Juanicipio Mine, which processes 4,000 tonnes of ore per day [4] - The Juanicipio Mine is located in the Fresnillo Silver Trend in Mexico, a leading silver mining area, and the company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [4]

Core Viewpoint - MAG Silver Corp. has received a recommendation from Institutional Shareholder Services Inc. (ISS) to vote in favor of the proposed arrangement with Pan American Silver Corp., which involves a total consideration of approximately $2.1 billion for MAG shareholders [2][6]. Arrangement Details - The arrangement entails that Pan American will acquire all issued and outstanding shares of MAG, with shareholders receiving approximately $20.54 per MAG share based on the closing price of Pan American's shares on May 9, 2025 [3][4]. - Shareholders can choose to receive the consideration in two forms: (i) $20.54 in cash per MAG share, or (ii) $0.0001 in cash and 0.755 Pan American shares per MAG share, with a total of $500 million in cash and the remainder in Pan American shares [4]. Meeting Information - A special meeting for shareholders to vote on the arrangement is scheduled for July 10, 2025, at 9:00 a.m. Vancouver time [4][8]. - The deadline for shareholders to cast their votes is July 8, 2025, at 9:00 a.m. Vancouver time [8]. ISS Recommendation - ISS's recommendation highlights that the arrangement offers "premium value to the unaffected date" and a favorable mix of cash and equity, marking the highest price for MAG shares since 2021 [6]. - The combined entity is expected to have a larger and more diversified asset portfolio, enhancing liquidity, scale, and market presence for shareholders [6]. Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects in the Americas, with a significant interest in the Juanicipio Mine [9]. - The company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [9].

Core Viewpoint - MAG Silver Corp. has released its fourth annual Sustainability Report, emphasizing its commitment to transparency and accountability in environmental, social, and governance (ESG) practices [1][2]. Group 1: Sustainability Achievements - In 2024, MAG Silver achieved significant milestones in sustainability, including a three-year decline in leading safety indicators such as lost time injury frequency rate and total reportable injury frequency rate [8]. - The company dedicated over 102,000 hours to safety training across all sites, demonstrating a strong focus on safety [8]. - There were zero significant environmental incidents reported at the Juanicipio Mine, Deer Trail Project, or Larder Project, indicating effective environmental management [8]. Group 2: Governance and Social Responsibility - MAG Silver developed a human rights due diligence internal assessment tool to enhance its social responsibility efforts [8]. - The company reported a positive Social License at the Larder Project, reflecting strong community relations [8]. - 38% of the Board of Directors are female, exceeding the 30% target set in MAG's Diversity, Equity, and Inclusion Policy [8]. Group 3: Future Outlook - The company aims to continue its sustainability journey by empowering employees and engaging stakeholders, which is expected to strengthen relationships and enhance long-term value [2]. - MAG Silver is focused on laying a foundation for greater success in 2025, building on the progress made in 2024 [2].

Core Viewpoint - MAG Silver Corp. held its Annual General and Special Meeting on June 18, 2025, where shareholders approved key motions including the election of directors, re-appointment of auditors, support for executive compensation, and reconfirmation of the Shareholder Rights Plan Agreement [1][2][3]. Group 1: Shareholder Approvals - All eight directors standing for election were elected with high approval rates, ranging from 93.45% to 99.51% [2][3]. - Deloitte LLP was re-appointed as the company's auditors with 90.45% of votes in favor [2]. - The executive compensation approach received 98.28% support from shareholders [2]. - The reconfirmation of the Shareholder Rights Plan Agreement was approved with 97.46% of votes in favor [3]. Group 2: Company Leadership - George Paspalas, President and CEO of MAG, expressed gratitude towards outgoing Chair Peter Barnes for his 13 years of service, highlighting his significant contributions to the company [3]. Group 3: Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects in the Americas, with a 44% joint venture interest in the Juanicipio Mine, which processes 4,000 tonnes per day [4]. - The company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in the Abitibi region of Canada [4].