MAG Silver shareholders approve all motions at annual meeting

VANCOUVER - MAG Silver Corp. (TSX/NYSE American: MAG), a mining company with a market capitalization of $2.2 billion and currently trading near its 52-week high of $21.83, announced that shareholders approved all motions at the company’s Annual General and Special Meeting held Wednesday. According to InvestingPro data, the company has demonstrated remarkable performance with a 63% return year-to-date.

The approved items included the election of all eight director nominees, the reappointment of Deloitte LLP as auditors, the company’s approach to executive compensation, and the reconfirmation of the Shareholder Rights Plan Agreement.

All director nominees received strong support, with approval percentages ranging from 93.45% to 99.51%. The reappointment of auditors was approved with 90.45% support, while the Say on Pay resolution and Shareholder Rights Plan Agreement received 98.28% and 97.46% approval, respectively.

The meeting also marked the retirement of Peter Barnes, the outgoing Chair of the Board, after 13 years of service to the company.

"Peter’s contribution to MAG has been immense, he has been a great mentor for a number of us, and he will be missed," said George Paspalas, President and CEO of MAG Silver.

MAG Silver describes itself as a growth-oriented Canadian mining and exploration company with a 44% joint venture interest in the Juanicipio Mine in Mexico, operated by Fresnillo plc. The company is also conducting exploration programs at its Deer Trail Project in Utah and Larder Project in Canada.

The information in this article is based on a company press release statement.

In other recent news, Pan American Silver Corp. announced its acquisition of MAG Silver Corp. for approximately $2.1 billion. This strategic move will incorporate MAG Silver’s 44% stake in the Juanicipio silver mine into Pan American’s portfolio, enhancing its exposure to silver production. The transaction involves $500 million in cash and 0.755 Pan American shares per MAG share, with MAG shareholders set to own about 14% of Pan American’s fully diluted shares post-transaction. Moody’s Ratings views this acquisition as credit positive, citing MAG Silver’s debt-free status as a beneficial factor for Pan American’s credit profile.

MAG Silver recently reported a strong Q1 2025 performance, with earnings per share of $0.28, surpassing the forecast of $0.20, and revenue reaching $175 million. The company’s robust operational performance at the Juanicipio project contributed significantly to these results. Analysts have projected that the Juanicipio mine will yield an average of 6.0 million ounces of silver equivalent for MAG by 2025. The acquisition deal, which is subject to approval from Mexican authorities and MAG shareholders, has been well-received, highlighting the scarcity value of silver assets.

RBC noted that the premium placed on MAG’s stake is higher than current market valuations, emphasizing the strategic importance of the Juanicipio mine. The transaction is expected to close in the second half of the year, pending customary closing conditions and regulatory approvals.

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