Orsted Shares Tumble After U.S. Issues Stop-Work Order on Wind Project — 2nd Update

Palm oil futures closed lower, erasing earlier gains. The recent sharp rally from India's festive buying and limited production growth in August likely limited fresh buying and restrained further upside, together with possible pressure from profit-taking activities, Kenanga Futures write in a note. The Bursa Malaysia Derivatives contract for November delivery fell 36 ringgit to 4,493 ringgit a ton. (kimberley.kao@wsj.com)

Palladium futures have been trading in a narrow range at around $1,110 per ounce, well below the one-year high of $1,338 reached on July 23, as changing automotive trends and steady supply weigh on the market.

Demand from traditional internal combustion engines, which account for roughly 80–84% of palladium consumption, is declining due to rising electric vehicle adoption and increased substitution of cheaper platinum in catalytic converters.

Global EV sales rose 21% year-on-year in July, with China averaging 36% monthly growth in the first half of the year, though some 2025 subsidy pauses have slowed momentum.

On the supply side, output from Russia and South Africa remains stable, easing shortage concerns.

The World Platinum Investment Council forecasts a market shift from a multiyear deficit to a surplus of about 200,000 ounces in 2025, as automotive demand contracts while mine and recycled supply continue steadily.

The Arrangement is Expected to be Completed on September 4, 2025

VANCOUVER, British Columbia--(BUSINESS WIRE)--August 25, 2025--

Pan American Silver Corp. ("Pan American") and MAG Silver Corp. (NYSE American: MAG) ("MAG") are pleased to announce that the Mexican Federal Economic Competition Commission ("COFECE") has approved the previously announced acquisition of all of the issued and outstanding common shares of MAG ("MAG Shares") by Pan American (the "Arrangement"). All required regulatory, shareholder and court approvals, including the final court order, have now been received and the Arrangement is anticipated to be completed on or about September 4, 2025.

Election Deadline for MAG Shareholders

Registered holders of MAG Shares must indicate their election by no later than 2:00 p.m. (Vancouver time) on August 27, 2025, to receive either:

• $20.54 in cash for each MAG Share held; or
• the default election of $0.0001 in cash and 0.755 of a common share of Pan American for each MAG Share held,

in each case subject to proration in connection with the Arrangement such that the aggregate consideration paid to all MAG shareholders consists of $500 million in cash and the remaining consideration paid in Pan American shares (the "Consideration"). See MAG's news release dated August 18, 2025 entitled "MAG Announces Election Deadline for Arrangement with Pan American". Additional information regarding the Arrangement and the procedure for the exchange of MAG Shares for the Consideration is provided in MAG's management information circular dated June 6, 2025 (the "Circular"). The Circular is available under MAG's SEDAR+ profile at www.sedarplus.ca and on MAG's website at https://magsilver.com/investors/#pan-american-meeting.

About Pan American

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. Pan American also owns a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. Pan American has been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. Pan American is headquartered in Vancouver, B.C. and its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com

Follow Pan American on LinkedIn

About MAG

MAG is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to mining and processing operations, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release, including any information relating to Pan American's future oriented financial information, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" 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 news release relate to, among other things: the anticipated completion of the Arrangement, and the timing for the completion of same.

These forward-looking statements and information reflect Pan American'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: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; 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; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

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 news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD); 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); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; 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; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American'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.

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'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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250825654153/en/

CONTACT: For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com

For more information contact:

Fausto Di Trapani

Chief Financial Officer

Ph: 604-630-1399

Email: info@magsilver.com

Jerome Powell and Jensen Huang are a dream double act for the market. But inflation is still a risk that could take down the stock market rally, and even the seemingly unstoppable Nvidia.

Federal Reserve Chair Powell has finally revealed he's open to rate cuts. The central bank chief's focus on risks to the labor market in his speech on Friday has the market convinced a reduction is coming in September, with some betting on a jumbo half-percentage point move.

That was music to investor's ears and sparked a stock rally. If Nvidia CEO Huang can deliver another knockout earnings report on Wednesday then lingering doubts about the artificial-intelligence trade could dissipate — there was a slight pullback last week — and supercharge the gains. Nvidia has a long record of beating even sky-high expectations.

But there are still a few discordant notes in the mix. Powell noted the effects of tariffs on consumer prices are "clearly visible" amid a constant string of levy announcements, with furniture imports being the latest targets. The core personal consumption expenditures price index — the Fed's favored inflation gauge — is expected to rise 2.9% year over year when July's data are released Friday, which could weaken enthusiasm for rate cuts.

Even Nvidia might not be immune to price increases. The chip maker is benefiting from a huge expansion of data centers housing its hardware but their power demands are driving up electricity prices, threatening to raise rates for consumers. A political backlash is one of the biggest threats to the AI boom.

It's worth watching the raft of retailer earnings this week for signs of consumer stress, after Walmart said last week tariffs were leading it to raise prices on some goods. Powell and Huang are a mighty team but even they will struggle to keep the show going if U.S. consumers start reining in spending.

• Adam Clark

*** The current bull market has favored the largest of large-cap stocks. Yet, plenty of smaller companies are growing nicely, beating estimates, and shining on Main Street, even if Wall Street has overlooked their success. Join Barron's senior managing editor Lauren Rublin and senior managing editor Ben Levisohn today at noon when they speak with Greg Tuorto, a portfolio manager at Goldman Sachs Asset Management and head of the firm's U.S. Small and SMID (small- and mid-cap) team, about the prospects for small-caps, and some of the best bargains in the sector. Sign up here.

***

Jerome Powell Signals Potential for Cuts, Warns on Employment

Federal Reserve Chair Jerome Powell gave markets the signal they wanted on Friday: saying that the Fed could cut rates, and that with policy in restrictive territory, the shifting balance of risks "may warrant adjusting our policy stance." Beyond that, Powell was vague.

• Powell also said the labor market is in a "curious kind of balance," with demand and supply both fading at once. Job gains have slowed to an average 35,000 a month over the past three months, down from 168,000 a month during 2024.
• The Federal Open Market Committee is prepared to resume easing its monetary policy at its Sept. 17 meeting, likely with a rate cut of one-quarter of a percent. The CME FedWatch tool estimates that probability at 84%. But it's also amid the Trump administration's pressure campaign on Fed officials to cut.
• Downside employment risks are rising, and could include "sharply higher layoffs and unemployment," Powell said. A weak August jobs report on Sept. 5 could further justify a September rate cut and push the Fed into a deeper easing cycle. A stronger number gives Powell more cover to move slowly.
• Powell also expressed concern that President Donald Trump's tariff policy would continue to increase prices for months to come, meaning that even if the Fed cuts rates in September, that doesn't necessarily mean that another easing cycle is beginning.

What's Next: The Bureau of Economic Analysis will release the personal consumption expenditures price index for July on Friday. The consensus estimate is for the PCE price index to increase 0.2% from June, and for core PCE excluding food and energy prices to increase 0.3%, according to FactSet.

• Nicole Goodkind, Randall W. Forsyth, and Janet H. Cho

***

Furniture Is the Administration's Next Tariffs Frontier

President Trump has threatened to impose tariffs on furniture imports. If they do take effect, furniture prices could increase, consumers could pull forward purchases to avoid tariffs, and retailers could pause or decelerate their expansion plans to focus on sourcing domestically, according to Jefferies analysts.

• Trump on Friday announced an investigation into tariffs on furniture imports, saying on social media that it would bring back the furniture business to North Carolina, South Carolina, Michigan, and other states.
• Furniture sellers already face inflation-weary shoppers. La-Z-Boy blamed a "challenged consumer" for disappointing earnings last week. It has plants in Tennessee, Missouri, and Arkansas, plus three in Mexico. Ethan Allen has seven U.S. plants, three in Mexico, and one in Honduras.
• Jefferies said some manufacturers could search for or merge with new domestic sourcing partners, expand their own manufacturing subsidiaries, or expedite their imports "to postpone the initial hit." Others with limited financial flexibility either because of high debt or overseas sourcing could become more strained.
• Williams-Sonoma, which reports earnings on Wednesday, imports goods from Asia, but also owns Sutter Street Manufacturing plants in North Carolina and Mississippi. RH also imports from Asia, but says it had moved a "meaningful amount" of goods previously made in China to a factory in North Carolina.

What's Next: Furniture manufacturers are already subject to country-specific tariffs on goods from China and Vietnam, the biggest exporters of furniture, and by tariffs on steel and aluminum. It's unclear if new tariffs would be stocked on top of those. Trump said the Commerce Department would finish its investigation within 50 days.

• Janet H. Cho and Anita Hamilton

***

Nvidia Highlights This Week's Earnings. More Retailers Also On Deck.

Nvidia is the final Magnificent Seven stock to report earnings, and investors will be watching closely this Wednesday, both for what the company says about the quarter just ended and about its outlook for the near term. The report comes amid heightened Trump administration attention on the chips sector and sales to China.

• Nvidia has been the king of the artificial intelligence trade, feeding a seemingly insatiable demand for chips that power it. But the question could shift to whether Nvidia can supply enough chips to meet demand as the industry shifts to AI inference -- or making new observations or predictions from data.
• Nvidia halted production of its H20 chips intended for sale in China, The Information reported, after China discouraged its companies from using them over security concerns. Nvidia has an agreement to pay 15% of its chip sales in China to the U.S. for its right to export them.
• Analysts polled by FactSet are forecasting Nvidia's July-quarter sales jumped nearly 53% to $45.81 billion, while adjusted earnings rose to $1 a share from 68 cents a share in the same quarter of the prior fiscal year.
• Smaller and specialty retailers are also on deck for earnings this week amid worries over tariffs and their effects on prices and costs and consumer resilience. The week includes reports from Kohl's, Gap, Ulta Beauty, and deep discounter Dollar General.

What's Next: The week also features consumer confidence readings, starting with the Conference Board's August report on Tuesday, which is expected to be 97, a tick lower than July. Friday brings the University of Michigan's final August reading after its preliminary report fell to 58.6 from 61.7 in July.

• Liz Moyer and Connor Smith

***

Electricity Prices Are Surging. The Fallout Could Hit Energy Companies.

Rising electricity prices are a growing problem for Americans and the Trump administration. The fallout could be a problem for a big range of energy providers, from renewable developers such as NextEra Energy, to power plant owners like Vistra, utilities like Duke Energy, and even natural gas producers like EQT.

• Residential electricity rates have risen about 30% since 2021 -- and 5.5% in the past year alone, twice as fast as overall inflation in the same span. The Energy Information Administration projects that residential rates will rise by roughly 6% in 2026.
• President Donald Trump campaigned on cutting electricity prices in half
  -- a goal that was never practically achievable and has only gotten more
  out of reach. Lately, Trump has been blaming rising prices on renewable energy like wind turbines and solar panels.
• Trump's claim doesn't stand up to evidence: States that depend on large amounts of renewables -- such as Texas and Iowa -- have relatively low electricity prices. And some states with low amounts of renewable resources, such as Connecticut, have very high electricity rates.
• Public Citizen's energy director Tyson Slocum says Trump's tariffs have raised costs for utilities that will be passed to consumers. In addition, the administration forced utilities to keep old plants running. Michigan's CMS Energy will pass to ratepayers the $29 million cost to keep a coal plant open.

Gold prices dropped on August 25. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,00,195 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 25:

CityPrice of 24k gold

Price of 22k gold DelhiRs 1,01,660/10g

Rs 93,200/10gMumbaiRs 1,01,510/10g

Rs 93,050/10gChennaiRs 1,01,510/10g

Rs 93,050/10gKolkataRs 1,01,510/10g

Rs 93,050/10gBengaluruRs 1,01,510/10g

Rs 93,050/10gJaipurRs 1,01,660/10g

Rs 93,200/10gLucknowRs 1,01,660/10g

Rs 93,200/10gHyderabadRs 1,01,510/10g

Rs 93,050/10gAhmedabadRs 1,01,560/10g

Rs 93,100/10g

(According to latest data on Good Returns)

US Federal Reserve chief Jerome Powell on Friday signaled a possible interest rate cut at the U.S. central bank's meeting next month, saying that risks to the job market were rising but also noting inflation remained a threat.

Also read: Gold slips from two-week peak as dollar ticks upDisclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

European natural gas futures slipped more than 1% to €33.1 per megawatt-hour, after an over 8% gain in the previous week, as supply curbs at Norway’s giant Troll field are expected to be less severe than feared.

Still, Norwegian maintenance at multiple facilities will temporarily reduce flows, keeping markets cautious.

Europe is focused on stockpiling gas ahead of the heating season: EU inventories stand at 75.5% versus nearly 91% in 2024, with Germany lagging at 68.6%, while Italy and France hold 87.4% and 83.8% respectively.

Geopolitical risks remain elevated, with the war in Ukraine dragging on and no signs of peace talks.

Ukraine continues targeting Russian energy infrastructure, striking the Baltic port of Ust-Luga over the weekend, while US President Trump warned of further sanctions on Moscow.