Pan American Silver (TSX:PAAS,NYSE:PAAS) is set to close its US$2.1 billion acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG) after receiving final clearance from Mexico’s Federal Economic Competition Commission (COFECE), cementing one of the year’s largest transactions in the sector.

The approval clears the way for the all-cash-and-stock deal to be completed on or about September 4, 2025, the companies announced Monday (August 25).

Under the terms of the arrangement, MAG shareholders will receive either US$20.54 in cash per share or the default consideration of US$0.0001 in cash plus 0.755 of a Pan American share for each MAG share held.

According to company filings, Pan American expects to issue about 60 million shares to MAG shareholders when the deal closes, leaving them with roughly 14 percent of the combined company on a fully diluted basis.

The transaction values MAG at about US$2.1 billion, representing a 21 percent premium to its closing price and a 27 percent premium to its 20-day volume-weighted average price on the NYSE American as of May 9, when the deal was announced.

For Pan American, one of the world’s largest primary silver producers, the prize is MAG’s 44 percent joint-venture stake in the Juanicipio mine in Mexico’s Fresnillo Silver Trend.

The large-scale underground operation is among the world’s highest-grade primary silver mines, producing 4.5 million ounces of silver in the first quarter of 2025 alone at an all-in sustaining cost of US$10.64 per ounce of silver equivalent. Annual output this year is forecast between 14.7 million and 16.7 million ounces.

“This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer,” said Michael Steinmann, Pan American’s president and CEO, in the May deal announcement.

“Our acquisition of MAG brings into Pan American’s portfolio one of the best silver mines in the world. Juanicipio is a large-scale, high-grade, low-cost silver mine that will meaningfully increase Pan American’s exposure to high margin silver ounces.”

Steinmann added that the deal also gives Pan American future growth opportunities through MAG’s exploration properties in Utah and Ontario.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Crescent Energy (NYSE:CRGY) has agreed to acquire rival Vital Energy (TSXV:VUX,OTC:SNYXF) in an all-stock, US$3.1 billion transaction that will vault the Houston-based firm into the ranks of the 10 largest independent oil and gas producers in the United States.

The combined company will hold operations across several major US oil basins, including the Eagle Ford, Permian, and Uinta, with more than a decade of high-quality drilling inventory.

Crescent said it intends to apply its “lower activity, higher free cash flow” approach to the newly acquired assets, targeting improved investor returns through disciplined capital allocation.

The company projects US$90 million to US$100 million in immediate annual synergies from the merger. It also highlighted plans to divest up to US$1 billion in non-core assets to strengthen its balance sheet and improve capital flexibility.

The deal will create the largest US liquids-weighted producer without an investment grade credit rating, but management signaled that a stronger balance sheet and synergies will push the company closer to that status.

Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent Class A common stock for each Vital share, representing a 15 percent premium to Vital’s 30-day average trading price as of Friday (August 22).

When the deal closes, Crescent shareholders will own about 77 percent of the combined company and Vital shareholders roughly 23 percent.

“This transaction is transformative for Crescent and consistent with our strategy,” said Crescent Chairman John Goff. “Crescent’s impressive trajectory of returns-driven growth through M&A has cemented the company as a top ten independent, with line of sight to an investment grade credit rating.”

Crescent CEO David Rockecharlie called the deal “compelling value for all shareholders,” stressing the company’s free cash flow model and US$1 billion divestiture pipeline will drive sustainable growth.

Shares of Vital Energy rose more than 10 percent on Monday (August 25) to US$17.43 following the announcement, while Crescent stock fell 7.6 percent to US$9.19.

For Crescent, the acquisition marks another step in its M&A-driven growth strategy.

Last year, the company completed its US$2.1 billion merger with SilverBow Resources, significantly expanding its position in the Eagle Ford Shale.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Earthwise Minerals Corp. (CSE:WISE)(FSE:966) (‘Earthwise‘ or the ‘Company‘) has completed the first part of its two-phase 2025 field program at the Iron Range Gold Project (‘the Project’) in southeastern British Columbia. The program, led by TerraLogic Exploration Inc., included the collection of 538 soil samples over 13.5 line-km and 15 rock samples, along with structural mapping and prospecting across key target zones. Analytical results are pending and will be released once received, compiled, and interpreted.

Earthwise holds the exclusive option to acquire up to an 80% interest in the Iron Range Gold Project, which is 100% owned by Eagle Plains Resources Ltd. (TSXV:EPL) (‘EPL‘ or ‘Eagle Plains‘), with part of the property subject to an underlying 1.0% Net Smelter Royalty.

The 2025 field program advanced geochemical and mapping work across multiple targets at Iron Range:

• Sampling: A total of 538 soil samples were collected along 13.5 line-km, together with 15 rock samples.
• Soil Coverage: Tight-spaced grids were completed within known geochemical anomalies and extended into new areas, including fault splays and gold-in-till anomalies identified by Eagle Plains.
• Mapping & Prospecting: Geological mapping and prospecting were carried out at the Pyromorphite Zone and DIP Zone, with additional sampling at Golden Cap and Star West.
• Next Steps: All samples have been submitted for analysis, with results to be disclosed once received, compiled, and interpreted.

EXPLORATION ZONES – 2025

Pyromorphite Zone (BC MinFile 082FSE141): Mineralization was first discovered in 2009 when logging road construction exposed sheared and brecciated sediments hosting cm-scale quartz veins bearing pyromorphite (lead) mineralization. No significant work has been carried out at the zone since its initial discovery by the previous tenure holder. Historic rock (grab) samples include SK10-207, which reported 27.0 g/t Au, 173.0 g/t Ag, and 13.4% Pb, and MK10-170, which reported 54.7 g/t Au, 42.2 g/t Ag, and 2.8% Pb (BC Assessment Report 31659).

Golden Cap (BC MinFile 082FSE014): Tight-spaced soil sampling in 2025 was designed to test cross-fault intersections along the main Iron Range Fault Zone. Historical soil sampling by Eagle Plains at this area returned values up to 230 ppb Au.

DIP Zone (Dakota – BC MinFile 082FSE023; Idaho – BC MinFile 082FSE024; Pacific – BC MinFile 082FSE025): Soil sampling in 2025 was conducted over an area with a historical multi-element soil geochemical anomaly that had not previously been analyzed for gold.

Star West (BC MinFile 082FSE089): Soil sampling in 2025 was conducted over an area with a historical multi-element soil geochemical anomaly that had not previously been analyzed for gold.

HISTORIC DRILLING & PROJECT OVERVIEW

Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0m grading 51.52g/t (1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).

All of the exploration data collected by Eagle Plains since 2001, as well as all of the available historic data, has been integrated into a GIS database, which is used to prioritize areas for ground follow up. Drill targeting at the Talon Zone discovery in 2010 was based on the presence of an extensive multi-element soil geochemical anomaly associated with a structural splay from the regional Iron Range Fault System. Drill hole locations and depths were successfully refined using Induced Polarization (IP) geophysics.

The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold (‘IOCG’) and Sullivan-style lead-zinc-silver sedimentary-exhalative (‘sedex’) mineralization. The property is owned 100% by Eagle Plains, with a portion of the property subject to an underlying 1.0% Net Smelter Royalty held by a third party.

IRON RANGE GOLD PROJECT SUMMARY

The Iron Range Project, located near Creston, B.C., is owned 100% by Eagle Plains Resources Ltd., subject to a 1% NSR on a portion of the claim group. A well-developed transportation and power corridor crosses the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both following the CPR mainline and Highway 3. The rail line provides efficient access to Teck’s smelter in Trail, B.C. The project is fully permitted under a Multi-Year Area Based (MYAB) permit issued by the B.C. Ministry of Mining and Critical Minerals. The permit allows for geophysical surveys, mechanical trenching, access trail construction, and diamond drilling.

The property covers an area of approximately 10 km x 32 km, overlying the regional Iron Range Fault System (IRFS). Prior to Eagle Plains’ acquisition in 2001, the ground had seen little systematic exploration aside from iron resources documented since the late 1800s. Since 2001, Eagle Plains and its partners have completed:

• 21,593 m of diamond drilling in 87 holes
• 2,482 line-km of airborne and surface geophysical surveys
• 10,053 soil geochemical samples
• 495 rock samples
• 6,955 drill core samples

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. Some of the above results were taken directly from MINFILE descriptions and assessment reports (ARIS) filed with the BC government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Qualified Person

Charles C. Downie, P.Geo., a ‘qualified person’ for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and an officer and director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

About Earthwise Minerals

Earthwise Minerals Corp. (CSE: WISE; FSE: 966) is a Canadian junior exploration company focused on advancing the Iron Range Gold Project in southeastern British Columbia near Creston, B.C. The Company holds an option to earn up to an 80% interest in the fully permitted project, which is road-accessible and situated within a prolific mineralized corridor. The property covers a 10 km x 32 km area along the Iron Range Fault System and hosts multiple high-grade gold showings and large-scale geophysical and geochemical anomalies.

For more information, review the Company’s filings available at www.sedarplus.ca.

EARTHWISE MINERALS CORP.,

ON BEHALF OF THE BOARD

‘Mark Luchinski’

Contact Information:

Mark Luchinski
Chief Executive Officer, Director
Telephone: (604) 506-6201
Email: luch@luchccorp.com

Forward Looking Statements

This news release includes statements that constitute ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’) including, without limitation, statements respecting the Offering and the intended use of proceeds therefrom. Statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in its forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and actual outcomes may differ materially from those in forward-looking statements. Additional information regarding the various risks and uncertainties facing the Company are described in greater detail in the ‘Risk Factors’ section of the Company’s annual management’s discussion and analysis and other continuous disclosure documents filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.

For more information, please contact Mark Luchinski, Chief Executive Officer and Director, at luch@luchccorp.com or (604) 506-6201.

Source

News Provided by Canada Newswire via QuoteMedia

Kazakhstan’s state-owned uranium giant Kazatomprom will scale back production in 2026, saying that current supply and demand dynamics do not justify a return to full capacity even as long-term prices hold firm.

The company, which accounts for more than one-fifth of the world’s primary uranium output, said it expects to lower production by roughly 10 percent compared with earlier targets, reducing its nominal output level from 32,777 metric tons of uranium (tU) to 29,697 tU.

That equates to a drop of around 8 million pounds of uranium, or about 5 percent of global supply. Most of the reduction will come from adjustments at its Budenovskoye joint venture.

“As the world’s largest producer and seller of natural uranium, Kazatomprom fully recognises the critical role the Company has in supporting the global energy transition,” Chief Executive Meirzhan Yussupov said, as the miner released its first half 2025 results.

Kazatomprom said the present market environment does not warrant lifting production to its previous 100 percent level. The long-term uranium price has remained stable at around US$80 per pound, despite volatility in spot markets and financial uncertainty tied to tariff disputes.

Instead, Kazatomprom said it plans to “exercise its downflex opportunity within the acceptable 20 percent deviation under the updated 2026 Subsoil Use production levels.” It added that the actual guidance for the 2026 output will be released in a later disclosure.

The company further added that supplies of sulphuric acid, a critical reagent for the in-situ recovery (ISR) mining method used across its operations, are expected to be stable in 2026.

Kazatomprom also pointed to Kazakhstan’s own nuclear energy ambitions. The government has floated plans for three nuclear power plants, each of which would require about 400 metric tons (1.04 million pounds) of uranium annually.

Financially, the announcement accompanied weaker half-year results. Kazatomprom reported a 54 percent fall in net profit to 263.2 billion Kazakhstani tenge (around US$489.5 million) in the first six months of 2025, compared with the same period a year earlier. Revenue further slipped 6 percent to 660.2 billion tenge due to lower sales volumes.

In August 2024, the company cut its 2025 uranium output forecast by 12–17 percent amid a sulfuric acid shortage. Its new acid plant won’t be ready until at least 2026, while higher mineral extraction taxes starting which commenced earlier this year are set to raise costs and erode its traditional competitive edge.

Even as it trims output targets, Kazatomprom stressed that it is pushing ahead with large-scale exploration programs across Kazakhstan. The initiatives are aimed at replenishing reserves and safeguarding the company’s status as the leading global supplier of nuclear fuel.

“Kazatomprom is currently undertaking a large-scale exploration in Kazakhstan, which is a top priority for replenishing its resource base and maintaining its leading position as a global nuclear fuel supplier,” Yussupov said.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.