<SEC-DOCUMENT>0000771992-25-000075.txt : 20250909
<SEC-HEADER>0000771992-25-000075.hdr.sgml : 20250909
<ACCEPTANCE-DATETIME>20250908190727
ACCESSION NUMBER:		0000771992-25-000075
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250908
FILED AS OF DATE:		20250909
DATE AS OF CHANGE:		20250908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41683
		FILM NUMBER:		251301278

	BUSINESS ADDRESS:	
		STREET 1:		2100-733 SEYMOUR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		2100-733 SEYMOUR ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k2025-09x08mcrxmagsil.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="if6a31db262e142e187ddbd81cb14d0c8_1"></div><div style="min-height:63.36pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">UNITED STATES</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">SECURITIES AND EXCHANGE COMMISSION</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">Washington, D.C. 20549</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">__________________</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">FORM 6-K&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">_____________________</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">REPORT OF FOREIGN PRIVATE ISSUER</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">UNDER THE SECURITIES EXCHANGE ACT of 1934</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">&#160;September 8, 2025</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">_____________________</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">Pan American Silver Corp.<br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">(Exact name of registrant as specified in its charter)</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">2100-733 Seymour Street<br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">VANCOUVER BC CANADA V6B 0S6<br>(Address of principal executive offices)</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">&#160;001-41683</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">(Commission File Number)<br>_____________________</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.305%"><tr><td style="width:1.0%"></td><td style="width:22.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.193%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.193%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.050%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1.02pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Form 20-F&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:2px 1.02pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Form 40-F &#160;&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">X</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____&#160;&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)&#58; _____</font></div><div style="height:58.32pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63.36pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">EXHIBIT LIST</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.055%"><tr><td style="width:1.0%"></td><td style="width:6.973%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:84.737%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1.01pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Exhibit</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Description</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">99.1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-top:6pt;padding-left:69.27pt;padding-right:0.02pt;text-indent:-69.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><a href="a2025-09x08projectf1xmcrxp.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:none">Form 51-102F3 Material Change Report</a></font></div></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Exhibit 99.1 of this report on Form 6-K is incorporated by reference into the Registrant&#8217;s registration statements on Form S-8 (Nos. 333-180494, 333-180495, 333-206162, and 333-229795) that have been filed with the Securities and Exchange Commission.&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:202%">Signatures</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.027%"><tr><td style="width:1.0%"></td><td style="width:34.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.107%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:58.649%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Pan American Silver Corp.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(Registrant)</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Date&#58; September 8, 2025</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">&#47;s&#47; &#34;Delaney Fisher&#34;</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Delaney Fisher</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">SVP, Associate General Counsel and Corporate Secretary</font></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="height:58.32pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a2025-09x08projectf1xmcrxp.htm
<DESCRIPTION>EX-99
<TEXT>
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<title>Document</title></head><body><div id="i53a0e274e27045828db6eabb051d572f_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:3.1pt;padding-left:0.62pt;padding-right:0.62pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:12.60pt">FORM 51-102F3</font></div><div style="padding-left:0.5pt;padding-right:0.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:12.60pt">MATERIAL CHANGE REPORT</font></div><div><font><br></font></div><div style="margin-top:0.05pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 1&#58;&#160;&#160;&#160;&#160;Name and Address of Company</font></div><div><font><br></font></div><div style="padding-left:77pt;padding-right:72.8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Pan American Silver Corp. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Pan American</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) </font></div><div style="padding-left:77pt;padding-right:72.8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Vancouver Centre II</font></div><div style="padding-left:77pt;padding-right:249.35pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2100-733 Seymour Street Vancouver, BC V6B 0S6</font></div><div style="margin-top:12.65pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 2&#58;&#160;&#160;&#160;&#160;Date of Material Change</font></div><div><font><br></font></div><div style="margin-top:0.05pt;padding-left:77pt;padding-right:5.75pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">September 4, 2025</font></div><div><font><br></font></div><div style="padding-left:5.1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 3&#58;&#160;&#160;&#160;&#160;News Release</font></div><div><font><br></font></div><div style="margin-top:0.05pt;padding-left:77pt;padding-right:5.75pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A joint news release of Pan American and MAG Silver Corp. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">MAG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) announcing the material change was disseminated on September 4, 2025 through Globe Newswire, and a copy was subsequently filed on SEDAR+ and EDGAR.</font></div><div style="margin-top:12.6pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 4&#58;&#160;&#160;&#160;&#160;Summary of Material Change</font></div><div><font><br></font></div><div style="padding-left:77pt;padding-right:5.75pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Pan American completed its previously announced acquisition of all of the issued and outstanding common shares of MAG (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">MAG Shares</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) pursuant to a plan of arrangement (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Transaction</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) under the </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Business Corporations Act</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> (British Columbia).</font></div><div style="margin-top:12.1pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 5&#58;&#160;&#160;&#160;&#160;Full Description of Material Change</font></div><div style="margin-top:11.95pt;padding-left:77pt;padding-right:5.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Pan American completed its acquisition of all of the issued and outstanding MAG Shares pursuant to a plan of arrangement under the </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Business Corporations Act</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> (British Columbia).</font></div><div style="margin-top:11.95pt;padding-left:77pt;padding-right:5.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Transaction adds to Pan American&#8217;s portfolio of properties a 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Juanicipio Mine</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;), along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project. The Transaction strengthens Pan American&#8217;s silver production, enhances its silver mineral reserve base, and provides significant near-term cash flow growth and long-term exploration potential.</font></div><div style="padding-left:77pt;text-align:justify"><font><br></font></div><div style="padding-left:77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Transaction Consideration </font></div><div style="margin-top:11.8pt;padding-left:76.95pt;padding-right:5.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Pursuant to the terms of the Transaction, MAG shareholders received an aggregate of approximately US$500 million in cash and approximately 60.2 million common shares of Pan American (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Pan American Shares</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) in consideration for their MAG Shares. Following completion of the Transaction, former MAG shareholders own approximately 14.3% of the issued and outstanding Pan American Shares, on a fully diluted basis.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:11.8pt;padding-left:76.95pt;padding-right:5.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Full details of the Transaction are included in MAG&#8217;s management information circular dated June 6, 2025, which can be found under MAG&#8217;s profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.</font></div><div style="margin-top:12.1pt;padding-left:76.85pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Delisting of MAG Shares</font></div><div style="margin-top:11.9pt;padding-left:76.95pt;padding-right:5.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The MAG Shares were delisted from the Toronto Stock Exchange as of the closing of the market on September 5, 2025, and ceased trading on the NYSE American as of the opening of the market on September 4, 2025. Pan American is in the process of applying for MAG to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate MAG&#8217;s public reporting requirements.</font></div><div style="margin-top:11.95pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 6&#58;&#160;&#160;&#160;&#160;Reliance on subsection 7.1(2) or (3) of National Instrument 51-102</font></div><div style="margin-top:12.55pt;padding-left:77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This report is not being filed on a confidential basis.</font></div><div><font><br></font></div><div style="padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 7&#58;&#160;&#160;&#160;&#160;Omitted Information</font></div><div><font><br></font></div><div style="padding-left:77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There are no significant facts required to be disclosed herein which have been omitted.</font></div><div><font><br></font></div><div style="margin-top:0.05pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 8&#58;&#160;&#160;&#160;&#160;Executive Officer</font></div><div><font><br></font></div><div style="padding-left:77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:12.60pt">Delaney Fisher</font></div><div style="padding-left:77pt;padding-right:49.8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Senior Vice President, Associate General Counsel and Corporate Secretary </font></div><div style="padding-left:77pt;padding-right:72.8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Telephone&#58; (604) 684-1175</font></div><div style="margin-top:12.6pt;padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Item 9&#58;&#160;&#160;&#160;&#160;Date of Report</font></div><div><font><br></font></div><div style="padding-left:77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">September 8, 2025</font></div><div><font><br></font></div><div style="padding-left:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Cautionary Note Regarding Forward-Looking Statements</font></div><div><font><br></font></div><div style="margin-top:0.05pt;padding-left:5pt;padding-right:5.65pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the statements and information in this material change report, including any information relating to Pan American&#8217;s future oriented financial information, constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this material change report relate to, among other things&#58; any anticipated benefits of the Transaction, including that we expect a meaningful contribution to our silver production, reserves and cash flow from the addition of the Juanicipio Mine to our portfolio&#59; anticipated benefits to the former shareholders of MAG following the completion of the Transaction&#59; expectations regarding the relationship with Fresnillo plc&#59; Pan American&#8217;s plans and expectations for its properties and operations&#59; and the anticipated benefits to be derived from the Transaction, including enhancing Pan American&#8217;s silver reserve base, significant near-term cash flow growth and long-term exploration potential.</font></div><div style="margin-top:11.9pt;padding-left:5pt;padding-right:5.65pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">These forward-looking statements and information reflect Pan American&#8217;s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include&#58; the impact of inflation and disruptions to the global, regional and local supply chains&#59; tonnage of ore to be mined and processed&#59; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates&#59; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures&#59; the ongoing impact and timing of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:11.9pt;padding-left:5pt;padding-right:5.65pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">court-mandated ILO 169 consultation process in Guatemala&#59; ore grades and recoveries&#59; capital, decommissioning and reclamation estimates&#59; our mineral reserve and mineral resource estimates and the assumptions upon which they are based&#59; prices for energy inputs, labour, materials, supplies and services (including transportation)&#59; no labour-related disruptions at any of Pan American&#8217;s or MAG&#8217;s operations&#59; no unplanned delays or interruptions in scheduled production&#59; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner&#59; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations&#59; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our business and operations&#59; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.</font></div><div style="margin-top:12.05pt;padding-left:5pt;padding-right:5.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this material change report and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation&#58; the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions&#59; fluctuations in silver, gold and base metal prices&#59; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation)&#59; fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD)&#59; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather)&#59; risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American or MAG does business&#59; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards&#59; risks relating to Pan American&#8217;s minority interest investment in the Juanicipio Mine&#59; employee relations&#59; relationships with, and claims by, local communities and indigenous populations&#59; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner&#59; changes in laws, regulations and government practices in the jurisdictions where Pan American and MAG operates, including environmental, export and import laws and regulations&#59; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala&#59; unanticipated or excessive tax assessments or reassessments in Pan American&#8217;s or MAG&#8217;s operating jurisdictions&#59; diminishing quantities or grades of mineral reserves as properties are mined&#59; increased competition in the mining industry for equipment and qualified personnel&#59; and those factors identified under the caption &#8220;Risks Related to Our Business&#8221; in Pan American&#8217;s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively.</font></div><div style="margin-top:11.9pt;padding-left:5pt;padding-right:5.55pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management&#8217;s current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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