Core Insights - Pan American Silver Corp. (PAAS) has received final regulatory approval for its acquisition of MAG Silver Corp. (MAG), with the transaction expected to close around September 4, 2025, enhancing PAAS's position in the silver market [1][9] - The acquisition includes a 44% stake in the Juanicipio project, recognized as the largest, highest-grade, and lowest-cost primary silver mine globally [2][9] - Juanicipio is projected to produce 14.7-16.7 million ounces of silver in 2025, increasing PAAS's total output to 26.5-28.3 million ounces, significantly surpassing competitors [3][9] Production and Cost Efficiency - The Juanicipio project is anticipated to lower 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] - The project is expected to add 58 million ounces to PAAS's proven and probable silver reserves, which were 468 million ounces as of June 30, 2024 [5] Financial Performance - PAAS shares have increased by 63.8% year-to-date, outperforming the industry growth of 56.7% and the Basic Materials sector's rise of 17.7% [8] - The consensus estimate for PAAS's earnings in 2025 is $1.98 per share, reflecting a year-over-year increase of 150.6%, with a further increase projected for 2026 [13]