Independent Proxy Advisory Firm ISS Recommends MAG Silver Corp. Shareholders Vote “FOR” the Plan of Arrangement With Pan American Silver Corp.

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].