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

All amounts expressed in U.S. dollars unless otherwise indicated.

VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”, or the “Company”) is pleased to announce that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has issued a report recommending that MAG shareholders (“Shareholders”) vote FOR the special resolution approving the previously announced plan of arrangement (the “Arrangement”) with Pan American Silver Corp. (the “Purchaser” or “Pan American”) at the Company’s upcoming special meeting of Shareholders (the “Meeting”).

Pursuant to the Arrangement, the Purchaser will acquire all of the issued and outstanding shares of the Company (the “MAG Shares”), with Shareholders receiving total consideration of approximately $2.1 billion representing $20.54 per MAG Share, based on the closing price of Pan American’s common shares (each, a “Pan American Share”) on the New York Stock Exchange on May 9, 2025.

Under the terms of the Arrangement, Shareholders will be able to elect to receive the consideration as either: (i) $20.54 in cash per MAG Share, or (ii) $0.0001 in cash and 0.755 Pan American Shares per MAG Share, subject to proration such that the aggregate consideration paid to all Shareholders consists of $500 million in cash and the remaining consideration paid in Pan American Shares.

The Arrangement will be voted on at the Meeting to be held on July 10, 2025 at 9:00 a.m. (Vancouver time).

ISS is a leading independent proxy voting and corporate governance advisory firm whose recommendation may influence how certain pension funds, investment managers, mutual funds, and other institutional shareholders vote.

In its recommendation to vote FOR the resolution approving the Arrangement, ISS stated that the Arrangement provides shareholders with “premium value to the unaffected date and an attractive blend of cash (subject to proration) and/or equity consideration.” ISS also noted that “the consideration represents the highest price for MAG shares going back to 2021” and the combined company will have a larger, more diversified asset portfolio and will offer Shareholders the benefits of increased liquidity, scale, and market presence.