2025-05-12 15:37Transaction Overview - Pan American Silver Corp is set to acquire MAG Silver Corp in a transaction valued at approximately $2.1 billion [18] - MAG shareholders can elect to receive $20.54 in cash per MAG share or 0.755 common shares of Pan American per MAG share [18] - The transaction implies premiums of approximately 21% and 27% on a prorated basis [18] - Pro forma ownership in Pan American will be approximately 86% for current Pan American shareholders and 14% for current MAG shareholders [18] Juanicipio Mine Contribution - Juanicipio is forecasted to produce between 14.7 Moz and 16.7 Moz of silver in 2025 [21] - Juanicipio's cash costs and all-in sustaining costs are forecasted to range between ($1.00) to $1.00 and $6.00 to $8.00 per silver ounce sold, respectively, for 2025 [21] - Juanicipio is expected to generate free cash flow of approximately $200 million in 2025 [21] - Joint venture interest in Juanicipio adds 58 Moz of silver to Pan American's proven and probable mineral reserves [21] Financial Impact - The transaction will deploy $500 million of Pan American's $923 million cash and investments balance [21] - The transaction is expected to reduce Pan American's silver segment AISC by over US$3.00/oz [38] - The acquisition is expected to add $98 million to pro forma free cash flow in 2025 [47]