Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Day (June 2026)
110 slides from Pan American Silver's investor day presentation, Jun 1, 2026
Slide 1: Investor Day 2026
NYSE | TSX | PAAS INVESTOR DAY 2026 June 1, 2026
Slide 2: Cautionary Note
Cautionary Note Non-GAAP Measures 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 undue re
Slide 3: Agenda
Agenda Company Overview & Strategy Michael Steinmann, President & CEO Silver Market Update Michael Steinmann, President & CEO MAG Silver Acquisition and M&A Perspectives Sam Drier, SVP Business Development & Human Resources Guido Mastropietro, VP Business Development Overview of Operations, Growth O
Slide 4: Company Overview & Strategy
Company Overview & Strategy Michael Steinmann, President & CEO 4
Slide 5: Diversified assets + growth catalysts
Corporate Office Diversified assets + growth catalysts Timmins Pan American’s portfolio offers scale & quality in the Americas, NORTH AMERICA where we have been operating for over 30 years Dolores In residual leaching 10 producing Advancing a Future silver Large silver & Juanicipio La Colorada Minin
Slide 6: Pan American Silver Investment Highlights
Pan American Silver Investment Highlights A diversified silver producer with scale, resilience, and growth optionality Leading exposure to silver Proven mine operator and Significant organic growth builder with an experienced opportunities provide for management team sustainable long-term success St
Slide 7: Proven mine builder and operator
Proven mine builder and operator La Colorada Timmins Complex Attributable Silver La Colorada Mine Expansion2 Attributable Gold Development Production (Moz) Sulphide $1,947 million Production (koz) Plant and 2026 - 2032 30 1,000 San Vicente Plant Construction $84 million $125 million 2007 - 2008 2016
Slide 8: Multiple high-value organic growth opportunities
Focused technical evaluations have identified multiple, high-value organic growth opportunities La Colorada Mine Expansion Timmins Camp Project Potential to develop a world-class Integration of satellite deposits silver mine, producing a peak hosting 178 koz indicated mineral annual 5-year average o
Slide 9: Enhanced shareholder returns framework
9 Enhanced shareholder returns framework Targeting 35% - 40% of Attributable free cash flow1 in shareholder returns in 2026 representing approximately $1 billion2 • Expect to pay $305 million in aggregate dividends in 2026 in equal quarterly installments (currently equivalent to $0.18 per common sha
Slide 10: Track record of replacing reserves through near-mine exploration
Track record of replacing reserves through targeted near-mine exploration Exploration has historically replaced ~65% of silver ounces mined at an average cost of ~$0.80/oz Ag Silver P&P1 Mineral Reserves Evolution Over 20 Year History (Moz Ag)2 In addition to the silver mineral reserves added, signi
Slide 11: Escobal
Escobal Historical Silver $9.15 $9.11 $8.06 One of the world’s best silver mines Production & AISC • High-quality, well-built operation with over $500M invested1 • One of the world’s largest primary silver deposits with reserves of 264 Moz 20 20 21 • 3 consecutive years of production at 20 Moz Ag/ye
Slide 12: Silver Market Update
Silver Market Update Michael Steinmann, President & CEO 12
Slide 13: Positive silver market dynamics
Positive silver market dynamics ETF Physical Silver Holdings Silver outlook supported by industrial and investment demand 1,200 $120.00 2026F Silver Market Dynamics1 $100.00 2% 1,150 Total Silver ETF Holdings (Moz) 21% $80.00 23% 1,100 Silver Supply Silver Demand 57% $60.00 1,066 Moz 1,112 Moz Silve
Slide 14: Silver's unique properties have growing applications
Silver’s unique properties have growing applications The U.S. declared silver a critical mineral in 2025, citing its use in electrical circuits, batteries, solar cells, and anti-bacterial medical instruments Highest electrical conductivity, thermal • Electrical componentry conductivity and reflectiv
Slide 15: Photovoltaic silver demand remains strong
Photovoltaic silver demand remains strong despite higher silver prices driving thrifting and substitution… Silver demand from solar panels reached a record last year Moz 250 225 200 175 150 125 100 75 50 25 0 00 02 04 06 08 10 12 14 16 18 20 22 24 26p 26F Source: The CPM Group PRESENTATION JUNE 2026
Slide 16: EVs and electronics continuing to grow silver demand
…with EVs and electronics continuing to grow silver structural demand EVs Electronics Silver Demand from Automotive1 Silver Fabrication Demand for Electronics and Batteries2 Moz 100 Moz 260 90 240 80 220 70 200 180 60 160 50 140 40 120 30 100 80 20 60 10 40 0 20 2020 2021 2022 2023 2024 2025 2026 20
Slide 17: Global supply projected to remain stagnant until 2030
Global supply projected to remain stagnant until 2030 Contributions from new projects remain limited, reflecting long development timelines and high capital requirements Moz Ag Silver Supply from Mining by Year Silver Mined by Primary Commodity 900 850 31% 29% Silver Gold 800 Copper Lead/Zinc 16% 24
Slide 18: Silver demand continues to outpace supply
Silver demand continues to outpace supply 2026 to mark the sixth consecutive year of deficit, with ~750 Moz of cumulative deficits since 2021 Silver Market Total Supply and Demand 1,300 1,100 Silver (Moz) 900 Total Supply 700 Total Demand 500 2019 2020 2021 2022 2023 2024 2025 2026F Silver Market Ba
Slide 19: Providing investors with exposure to silver
Providing investors with exposure to silver Pan American is the leading silver producer by silver mineral reserves and silver price correlation 2026E Attributable Silver Production1 Silver Mineral Reserves2 1-Year Share Price (Moz) (Moz) Correlation to Silver Price3 78% Fresnillo 45.6 452.3 First Ma
Slide 20: MAG Silver Acquisition & M&A Perspectives
MAG Silver Acquisition & M&A Perspectives Sam Drier, SVP Business Development & Human Resources Guido Mastropietro, VP Business Development 20
Slide 21: Executing strategic acquisitions across commodity cycles
Executing strategic acquisitions across commodity cycles to strengthen exposure to metal price upside $120.00 $6,000 $5,500 $100.00 2-Year Gold Price Increase 2-Year Gold Price Increase $5,000 $80.00 +57% +60% $4,500 Silver Price ($/oz) Gold Price ($/oz) $4,000 $60.00 $3,500 $3,000 $40.00 $2,500 $2,
Slide 22: Divestments provided an opportunity to invest in silver
Divestments provided an opportunity to invest in silver Divested non-core properties while building a meaningful portfolio of royalties $40M Sale of 80% $245M interest in the La Pepa MAG CASH Sale of the La project3 CONSIDERATION $45.55M Arena gold mine and the Sale of 57.74% $475M La Arena II Sale
Slide 23: Strengthened position as a premier silver producer
Strengthened position as a premier silver producer… Juanicipio is forecasted to produce between 13.6 Moz and 14.8 Moz of silver in 2026 (100% basis) 2026E Attributable Silver Production1 35.0 30.0 27.0 …leading to a meaningful increase in +32% 25.0 Pan American’s silver production 20.5 20.0 15.0 Sil
Slide 24: …with a lower cost profile
…with a lower cost profile Juanicipio AISC is expected to be between $2.25 per ounce and $4.25 per ounce in 20261 2026E Silver Production2 2026E Silver Segment AISC1 $60.00 Transaction meaningfully improved ~$25.00 silver segment AISC $50.00 San Vicente (95%) La Colorada ~27% reduction $40.00 $18.75
Slide 25: Our approach to M&A
Our approach to M&A The overriding factor is asset quality Commodity Quality / Margins ✓ Primary silver assets with complementary ✓ Focus on higher quality ore bodies gold and/or base metal exposure whether underground or open-pit ✓ Gold assets that are complementary to our ✓ Strongly positioned on
Slide 26: Creative approaches to unlock value through M&A
Creative approaches to unlock value through M&A Pan American has a long history of leveraging unique structures to enhance shareholder value through M&A initiatives Joint acquisition with Agnico Eagle given their interest in Canadian Use of contingent value rights (“CVRs”) to defer payment for Escob
Slide 27: Royalty Portfolio Overview
Royalty Portfolio Overview 16 RETAINED ROYALTIES PROJECT OWNER MARA: 0.75% Cu NSR Royalty Glencore La Arena II: 1.5% Au NSR Royalty Zijin Mining Waterloo: 2% NSR Royalty Apollo Silver Agua de la Falda: 1.25% Precious Metals NSR Royalty1 Rio Tinto Agua de la Falda: 0.2% Base Metals NSR Royalty1 Rio T
Slide 28: Role of strategic investments
Role of strategic investments Cadillac Mines Corp. (formerly Gold Candle Ltd.) • Pan American has held a strategic investment in New • In 2025, we provided aggregate debt financing of $54 • In May 2026, we entered into a binding asset purchase agreement Pacific since 2017 million and equity financin
Slide 29: Meaningful, actionable catalysts
Building on a strong operating portfolio with meaningful, actionable catalysts Opportunistic M&A Large Scale Silver Optionality We continuously monitor the market for opportunities to Escobal produced improve our Brownfield >20 Moz Ag per portfolio through Exploration Success year at below accretive
Slide 30: Overview of Operations, Growth Opportunities, and Near-Mine Exploration
Overview of Operations, Growth Opportunities, and Near-Mine Exploration Scott Campbell, Chief Operating Officer 30
Slide 31: Health & Safety Strategy
Health & Safety Strategy • We embrace Doing Safety Differently, focusing on how work is really done, supporting the people who make it happen, and strengthening our Critical Field capacity for everyday work to succeed safely— beyond compliance alone Risk Mgmt. Leadership • Comprehensive fatality eli
Slide 32: Health & Safety: Long-term strategy for sustainable results
Health & Safety: Long-term strategy for sustainable results Mine Overview Critical Risk Management Field Leadership & People Learning Organization & Systems • PAAS Top 10 Critical Risks • Human & Operational Performance (HOP) • H&S Targets (Leading) • Collision Avoidance Systems (CAS) • Manager Crit
Slide 33: 2026 Guidance
2026 Guidance Expecting a ~14% increase in attributable silver production1 Ag Annual consolidated attributable production 25.0 - 27.0 Moz Silver segment AISC2 $15.75 - $18.25 per oz Au Annual consolidated attributable production 700 - 750 koz Gold segment AISC2 $1,700 - $1,850 per oz Note: Please re
Slide 34: La Colorada
TYPE LOCATION OWNERSHIP La Colorada Ag Zn Pb Underground Mine Zacatecas, Mexico 100% About La Colorada Opportunities Mine Overview • Produces silver-rich lead and zinc concentrates • Updated PEA issued, integrating the skarn from a flotation plant treating sulphide ore. and vein mine production. • C
Slide 35: Juanicipio
TYPE LOCATION OWNERSHIP Juanicipio Ag Au Zn Pb Underground Mine Zacatecas, Mexico 44% About Juanicipio Opportunities Mine Overview • One of the largest and lowest-cost primary silver • Expand known inferred mineral resources mines in the world. that remain open at depth and laterally. • Pan American
Slide 36: Jacobina
TYPE LOCATION OWNERSHIP Jacobina Au Underground Mine Bahia, Brazil 100% About Jacobina Opportunities Mine Overview • Nominal ~8,400 tpd reef-style deposit and • Mine optimization study underway to maximize underground mine producing dore through a life-of-mine economics. conventional leaching carbon
Slide 37: El Peñon
TYPE LOCATION OWNERSHIP El Peñon Au Ag Underground Mine Antofagasta, Chile 100% About El Peñon Opportunities • Produces dore through a conventional leaching • District-scale exploration potential being and Merrill-Crowe process. tested to enhance mine life. • The mine utilizes mainly long-hole and b
Slide 38: Timmins
TYPE LOCATION OWNERSHIP Timmins Au Underground Mine Ontario, Canada 100% About Timmins Opportunities Mine Overview • Two underground gold mines (Bell Creek and • Exploration and development opportunities Timmins West) and a leach and carbon-in-pulp at satellite deposits (Vogel, Gold River, processin
Slide 39: Shahuindo
TYPE LOCATION OWNERSHIP Shahuindo Au Ag Open-Pit Mine Cajamarca, Peru 100% About Shahuindo Opportunities Mine Overview • Shahuindo is an open-pit gold mine with leaching • Expected leach recovery increase over LOM on heap-leach pads. based on metallurgical testing. • Commercial production began in 2
Slide 40: Minera Florida
TYPE LOCATION OWNERSHIP Minera Florida Au Ag Zn Underground Mine Metropolitan Region, Chile 100% About Minera Florida Opportunities Mine Overview • Minera Florida produces gold & silver dore bars • Ongoing exploration of the core mine down and zinc concentrate from an underground mine. dip and later
Slide 41: Cerro Moro
TYPE LOCATION OWNERSHIP Cerro Moro Ag Au Open-Pit & Underground Santa Cruz, Argentina 100% About Cerro Moro Opportunities Mine Overview • Operation consists of several open pit and • Leveraging metal prices to upgrade lower- underground mines, producing gold and silver grade resources to reserves. d
Slide 42: Huaron
TYPE LOCATION OWNERSHIP Huaron Ag Zn Pb Cu Underground Mine Pasco, Peru 100% About Huaron Opportunities Mine Overview • Underground silver-bearing polymetallic mine. • Continue development and exploration of • Long-hole mechanized and cut-and-fill mining the Horizonte zone to the southeast. methods
Slide 43: San Vicente
TYPE LOCATION OWNERSHIP San Vicente Ag Zn Pb Cu Underground Mine Potosi, Bolivia 95% About San Vicente Opportunities Mine Overview • Produces silver-zinc and silver-lead concentrates • Near mine exploration to replace resources; through selective floatation processes. veins and geophysical anomalies
Slide 44: Decentralised structure empowers local expertise
Decentralised structure empowers local expertise, enables a culture of continuous improvement EUSTERIO HUERTA CRISTIAN APABLAZA KELLY BOYCHUK VP Operations, Bolivia, Brazil, and Peru VP Operations, Chile & Argentina VP Operations, North America Jacobina Au El Peñon Au Ag La Colorada Ag Zn Pb TYPE LO
Slide 45: La Colorada Mine Expansion
La Colorada Mine Expansion Chris Emerson, SVP Exploration & Geology Martin Wafforn, SVP Technical Services & Process Optimization
Slide 46: La Colorada Site Layout
La Colorada Site Layout Recompensa Vein Guadalupe Shaft 903 Candelaria East 902 Ventilation Raise 901 Breccia Beaty Shaft HW Vein Sulphide Process Sulfide Process Plan Plant Oxide Process Plant New Skarn Process Plant Location Tailings Dam 6 1000 m Tailings Dam 8 Note: Veins projected to 1,900m elev
Slide 47: La Colorada Vein Exploration – Success Through the Drill Bit
La Colorada Vein Exploration – Success Through the Drill Bit La Colorada Drilling and Inferred Mineral Resource Growth in the Veins 1 Silver Mineral Reserves and Production (Moz Ag) 1 Moz Ag 160 90.0 140 77.7 80.0 76.4 90.7 Moz 71.7 Silver Mineral Reserves1 70.9 70.0 (Proven + Probable), 120 as of J
Slide 48: Revised approach to La Colorada Skarn development
Revised approach to La Colorada Skarn development Reduces project risk and is within Pan American’s ability to self-fund Conventional mining method La Colorada Skarn 2023 PEA1 La Colorada Vein Mine2 enables simultaneous Project2 operation of existing vein mine Conventional mining method Mine Life 18
Slide 49: La Colorada Skarn Project: Revised PEA Highlights
La Colorada Skarn Project1: Revised Preliminary Study Results Economic Assessment Highlights2 Figures do not include contribution from La Colorada Mineral Reserves Large-scale, long-life silver production at negative AISC3,4 37 Years 15,000 tpd La Colorada Skarn Nominal Production Rate Leveraged to
Slide 50: Expanded La Colorada mine production profile
Expanded La Colorada mine production profile Production is anticipated to average 19.1 million ounces of silver annually over the Initial Five Year Period following commissioning and ramp up Silver Production by Source 25.0 Silver Production (Moz) 20.0 Potential to extend higher silver production fo
Slide 51: La Colorada Mine Plan Views
La Colorada Mine Plan Views • Existing La Colorada vein mine is expected to continue to be mined using the current infrastructure while development progresses to access new high-grade veins in the eastern Candelaria area and high-grade skarn deposit mineralization • Option remains to target lower gr
Slide 52: La Colorada has become one of the world's largest silver deposits
La Colorada has become one of the world’s largest silver deposits Successful exploration drilling has transformed La Colorada into a Tier-1 Silver Asset Top 10 Largest Operating Primary Silver Mines by Contained Mineral Reserves & Resources (Moz)1 Newly identified Legend veins not in resource Inferr
Slide 53: Potential to become one of the world's largest silver mines
La Colorada has the potential to become one of the world’s largest silver mines by annual production Illustrative Comparison to Primary Silver Mines by 2025 Production (Moz Ag)1 Top 10 Primary Silver Mines by Production 44% La Colorada Skarn Project 15.8 17.2 13.8 11.1 10.3 10.3 9.8 8.7 8.4 8.3 Exis
Slide 54: La Colorada's evolution to a top-tier silver mine
La Colorada’s evolution to a top-tier silver mine Legend = Silver Mineral Reserves = LOM Contained Silver Ounces Illustrative Comparison to Select Large-Scale Silver Mines by 2025 Production and AISC1 $40.00 2025 Forecast By-Product AISC ($/oz Ag)1,2 $30.00 Fresnillo $20.00 La Colorada Pirquitas Uch
Slide 55: Potential to become one of the world's largest zinc mines
La Colorada also has the potential to become one of the world’s largest zinc mines Illustrative Comparison to Top 10 Zinc Mines by 2025 Production (kt Zn) 515 463 384 288 275 252 239 231 203 186 6 Rampura Agucha Red Dog Antamina Mt Isa McArthur River Kazzinc Expanded La Penasquito Kipushi San Cristo
Slide 56: Mining Method: Long Hole Open Stoping
Mining Method: Long Hole Open Stoping Development of a 15,000 tpd mine utilizing a long hole stoping method (“LHS”) with paste backfill Conventional LHS mining method allows for: ▪ Lower initial capital relative to the 2023 PEA1 ▪ Reduced geotechnical risk relative to the 2023 PEA1 ▪ Preservation of
Slide 57: Mineral Processing: Conventional Flotation
Mineral Processing: Conventional Flotation Overall silver recovery is estimated at Crushing and Grinding Flotation Concentrate and Tailings 89.7% with the majority reporting to the lead concentrate • Construction of a new 15,000 tpd conventional selective flotation plant would be timed to match the
Slide 58: La Colorada Revised PEA Initial Capital Estimate
La Colorada Revised PEA Initial Capital Estimate Initial Capital Cost Estimate ($ millions) Total initial capital is estimated at $1.9 billion, which Pan American Surface Infrastructure 135 currently expects to fully fund through cash flow generated by our Processing Plant 277 operating mines Paste
Slide 59: Vein Mine workings: Early Works Decline
Early Works Decline : critical path underground mine development Mine development from the 588 level to the Decline development to the East Ore Hoisting Shaft and access development into 901, 902 and 903 ore bodies base of the East Shaft, followed by mine access Beaty Ore Estrella truck Guadalupe an
Slide 60: Timmins Camp Project
Timmins Camp Project Chris Emerson, SVP Exploration & Geology Al Mainville, Country Manager, Canada Eric Lachapelle, Director of Operations, Canada 60
Slide 61: Timmins Operations: Location & Camp Overview
Timmins Operations: Location & Camp Overview Timmins to Toronto is 560km PRESENTATION JUNE 2026 61
Slide 62: Bell Creek Mine Shaft Extension Project
Bell Creek Mine Shaft Extension Project Mineral Resources and Existing/Proposed Workings Simplified Shaft Extension with Existing Workings • The current mining centroid is 300m below the existing Surface shaft and deepening at a rate of 75m a year. • By investing $131M over 3 years, this allows for
Slide 63: Bell Creek Mine: Ground Stability
Bell Creek Mine: Ground Stability • Paste backfill system is now fully implemented and integrated into the mining process. • Central Zone has been modelled and re-evaluated – now re-sequenced into the mining plan. Use of paste backfill during mining maximizes extraction and post-extraction stability
Slide 64: Bell Creek Haul Road
Bell Creek Haul Road Reduces costs of hauling Timmins West ore and enables access to rock material for Phase 6 TSF construction • Construction to be completed and commissioning to occur in Q2 2026. • Reduces costs of hauling Timmins West ore and gain access to rock material for Phase 6 TSF construct
Slide 65: Timmins West: Gold River Trend
Timmins West: Gold River Trend Gold River, located ~4km south of Timmins West, is a refractory gold deposit containing gold mineral resources of 117 koz indicated and 1,027 koz inferred • Significantly advanced metallurgical testing and engineering studies to evaluate various enhancements to the pro
Slide 66: Timmins West: Gold River Trend
Timmins West: Gold River Trend Long Section Looking North of Mine Design Surface Gold River West Development Stope Gold River East Illustrative Development Timeline PRESENTATION JUNE 2026 66
Slide 67: Excess mill capacity at Bell Creek
Excess mill capacity at Bell Creek Opportunity to leverage excess mill capacity through production from satellite deposits and potential toll milling from Galleon Gold’s West Cache project Bell Creek Mill Throughput (tpd)1 Mill Capacity = ~5,600 tpd 4,780 The addition of production from high-grade s
Slide 68: Timmins Operations – Long Term Vision & Project Pipeline
Timmins Operations – Long Term Vision & Project Pipeline P+P: 301 koz 2 Timmins West M&I: 126 koz Inferred: 11 koz Timmins West Complex Samson2 Inferred: 118 koz Gold River Indicated: 117 koz Inferred: 1,027 koz P+P: 545 koz Bell Creek Bell Creek Complex Bell Creek M&I: 179 koz Deep Inferred: 417 ko
Slide 69: Juanicipio Overview and Exploration Potential
Juanicipio Overview and Exploration Potential Chris Emerson, SVP Exploration & Geology Martin Wafforn, SVP Technical Services & Process Optimization 69
Slide 70: Juanicipio Site Layout
Juanicipio Site Layout Mine Entrance Mine Offices Tailings Dam Process Facilities Mine UG Portal San Jose del Valle UG Conveyor Project Mine UG Portal N 2,000 m Concession Boundary Vein Projection PRESENTATION JUNE 2026 70
Slide 71: 2025 Juanicipio Reserve Replacement & Mineral Resource Update
2025 Juanicipio Reserve Replacement & Mineral Resource Update Mineral Reserve Replacement Over Time (100%)1 Resource Model Evolution (100%)1,2 33 132 (23) 23 132 May 31, 2023 122 (23) Contained Ag Silver Mineral Resources Mt Ag g/t Silver (Moz) Moz Measured & Indicated 17.0 310 169.2 Inferred 14.1 2
Slide 72: Juanicipio: one of the best silver mines globally
Juanicipio: one of the best silver mines globally Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico Premier location and expansive land package Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally1 Top 10 Primary Silver Mines by Produc
Slide 73: Juanicipio Processing Methods
Juanicipio Processing Methods Sulphide ore is treated in a conventional flotation circuit with a nominal processing capacity of 3,750 tpd PRESENTATION JUNE 2026 73
Slide 74: Juanicipio Processing Methods
Juanicipio Processing Methods Selective lead and zinc and iron froth floatation circuits produce lead, zinc and pyrite concentrates, with total silver recovery averaging ~94% in 2025 PRESENTATION JUNE 2026 74
Slide 75: Juanicipio: Operating Performance
Juanicipio: Operating Performance Juanicipio has a history of exceeding expectations Historical Performance Relative to Guidance Guidance1 Actual 2024 Silver Production 14.3 – 15.8 Moz 18.6 Moz 2025 Silver Production 14.7 – 16.7 Moz 17.6 Moz Summary of Operating Statistics (100%)2 Q1 2026 Tonnes min
Slide 76: Juanicipio: 2026 Initiatives
Juanicipio: 2026 Initiatives Continue efforts to improve safety performance and raise safety awareness Continue cost reduction initiatives Achieve development rates of 1,200m per month Construct and commission the underground conveyor belt to reduce haulage costs Increase the resource base and conve
Slide 77: Juanicipio – Underground Conveyor Belt Project
Juanicipio – Underground Conveyor Belt Project1 Conveyor Belt Installation Progress Layout • 66% complete as of Q1 Electrical and Instrumentation Installation (2,840m) 2026. Conveyor Belt Module Installation (3,450m) Topographic Surveying Layout (4,120m) • 4.2km total planned length. Fire Protection
Slide 78: Jacobina Optimization Study and Exploration Potential
Jacobina Optimization Study and Exploration Potential Chris Emerson, SVP Exploration & Geology Steve Busby, Special Advisor to the CEO 78
Slide 79: Jacobina Optimization Study
Jacobina Optimization Study Potential to extend mine life, increase production and improve operational efficiency Opportunities Identified to Date: • Process plant streamlining project to improve reliability, relieve throughput constraints, reduce unit operating costs, and enhance gold recovery. • T
Slide 80: Jacobina 2026 growth projects
Jacobina 2026 growth projects $53 to $57M forecasted for growth projects in 2026¹ STUDIES PLANT OPTIMIZATION FILTRATION PLANT POWER DEMAND PLANT OPTIMIZATION Conceptual Study for Plant Stability and New Process Tailings Filter Plant Project Integrated engineering for Installation of a plant to serve
Slide 81: Environmental, Social & Governance
Environmental, Social & Governance Brent Bergeron, SVP Corporate Affairs & Sustainability 81
Slide 82: Our Approach to Sustainability
Our Approach to Sustainability Governance and Management Structure Sustainability-Linked Executive Compensation • Board of Directors sustainability-related committees: a) Health and Safety, b) Communities and Sustainable Development, c) Nominating and Governance Committee, and d) Human Resources and
Slide 83: Sustainability Audits and Performance Monitoring
Sustainability Audits and Performance Monitoring Integrated Sustainability Audits • Conducted at all our operations at least once every three years. • Integrates Social, Human Resources, Human Rights, Environment, Security, Crisis Management and certain aspects of Critical Facilities audits into a s
Slide 84: Committed to Leading Sustainability Standards
Committed to Leading Sustainability Standards Towards Sustainable Mining (TSM) Responsible Gold Mining Principles (RGMPs) • TSM supports effective management of environmental, safety and social risks. • RGMPs set out clear expectations for consumers, investors, and the downstream gold supply chain a
Slide 85: ESG Ratings and Rankings
ESG Ratings and Rankings 66 25 (MEDIUM RISK) A RATING C+ RATING Ranked Top 5th Percentile Ranked 50th Percentile Ranked 20th Percentile Ranked Top 21st Percentile in in the Metals and in Metals and Mining – in the Mining and Integrated the Precious Metals Mining Mining industry Precious Metals Produ
Slide 86: Mine Closure and Rehabilitation
Mine Closure and Rehabilitation Physical Closure • In 2025, we progressed remediation and revegetation activities at the Alamo Dorado and Dolores sites, rehabilitating almost 48 hectares of land. • Care and maintenance activities continued at Manantial Espejo, with emphasis on the tailings dam closu
Slide 87: Socio-Economic Contributions
Socio-Economic Contributions 2025 Total Economic Value Distributed (US$ millions) Community Investment and Development Pillars • Local economic development programs • Health programs • Education programs • Local employment and procurement programs Note: Infrastructure investments are conducted only
Slide 88: Security Practices
Security Practices Corporate Security and Human Rights Standard Alignment with International Standards • Voluntary Principles on Security and Human Rights (VPSHR) • UNICEF’s Canada’s Child Rights and Security Checklist • World Gold Council Conflict-Free Gold Standard LA COLORADA, MEXICO PRESENTATION
Slide 89: 2025 Sustainability Report: Highlights
2025 Sustainability Report: Highlights (1) The 2025 base case includes our projected 2025 water use, energy use, GHG emissions, and waste generation, as calculated using our life-of-mine plans adjusted for annual production guidance. (2) Critical Risk Management is a health and safety initiative des
Slide 90: Finance
Finance Ignacio Couturier, Chief Financial Officer 90
Slide 91: Strong financial position
Strong financial position $199M Attributable cash at Juanicipio Capacity to fund growth and shareholder returns Cash + investments of $1,614M $750M Revolving Credit • excluding 44% interest in cash at Juanicipio of $199M Attributable to Facility Pan American. Total debt2 of $845M primarily related t
Slide 92: Operations generating attractive margins
Operations generating attractive margins Disciplined cost performance delivers margin expansion from higher metal price Silver Segment AISC1,2 vs Realized Price3 Gold Segment AISC1 vs Realized Price3 89.43 4,859 4,186 58.16 3,479 3,305 2,868 2,666 2,475 39.08 2,336 2,078 31.25 32.91 1,851 29.52 30.8
Slide 93: Direct operating costs by category
Direct operating costs by category 30% Maintaining guidance for silver segment and gold segment AISC Salaries & employee benefits through disciplined cost management 25% Contractors2 • Fuel accounted for ~5% of production costs in Q1 2026. • Higher fuel prices can have broader inflationary effects,
Slide 94: Risk Management Strategies
Risk Management Strategies The Company does not hedge the price of silver or gold related to future production; we strive to provide maximum exposure to precious metals for our shareholders • The Company does hedge for exposure to base metals, local currency and FY 2026 Attributable Production Costs
Slide 95: Record Financial Performance
Record Financial Performance Higher metal prices driving record revenue, earnings and cash flows Attributable Revenue ($M)1,2 Adjusted Earnings per Share2 $1.11 $1.09 $1,309 $1,332 $884 $814 $771 $811 $684 $715 $0.48 $0.42 $0.43 $0.32 $0.35 $0.11 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 24
Slide 96: Disciplined Approach to Capital Allocation
96 Disciplined Approach to Capital Allocation Robust free cash flow generation driven by cost management and operational performance Attributable Free enables strong shareholder returns Cash Flow1 Financial Strength High-Return Organic Base Dividend2 Share Repurchases2 and Balance Sheet Growth Inves
Slide 97: Capital Allocation History
Capital Allocation History Expansion Capital Investments ($M) Key Project Pipelines: $240$248 - $255 Capital Allocation since 2010 (1) La Colorada Skarn - continued exploration drilling, engineering 12% and initial mine infrastructure including developing a decline to access the Skarn deposit. 34% D
Slide 98: History Of Disciplined Leverage
History Of Disciplined Leverage1 Maintain balance sheet flexibility with low leverage1 $1,400 Yamana 1.4x MAG Acquisition Acquisition $1,200 1.2x $1,000 Acquisition 1.0x Adjusted EBITDA ($M)(1) Gross Leverage(1) $800 0.8x Long term target $600 0.6x 1.0x $400 0.4x $200 0.2x $0 ( 0.0x ( ( ( 2018 2019
Slide 99: Ability to Self-Fund La Colorada Skarn Project
Ability to Self-Fund La Colorada Skarn Project Cash on hand and free cash flow generation sufficient to fund La Colorada Skarn initial investment $2,500 Total Estimated Skarn Initial Investment ($M) $2,000 $515 Record cash and short-term investments of $1.6 billion for the period ended March 31, 202
Slide 100: Strong History Of Shareholder Returns
Strong History Of Shareholder Returns Returned $1.3B to shareholders1 since 2010 while investing in projects & maintaining a healthy balance sheet Total Dividends and Share Buybacks ($M) Target ~$1B $695 $46 $24 $7 $175 $145 $130 $305 $94 $42 $95 $76 $76 $72 $42 $46 $25 $21 $29 $8 $11 $8 $15 2010 20
Slide 101: Financial Management Considerations
Financial Management Considerations Strategic financial management across the mine lifecycle • Long-term Total Gross Leverage target of below 1.0x1 • Company has shown a disciplined approach to returning below this target as experienced in recent acquisitions Target Leverage • The financial projecti
Slide 102: Pan American Silver Investment Highlights
Pan American Silver Investment Highlights A diversified silver producer with scale, resilience, and growth optionality Leading exposure to silver Proven mine operator and Significant organic growth builder with an experienced opportunities provide for management team sustainable long-term success St
Slide 103: Pan American Snapshot
Pan American Snapshot1 PAAS Snapshot1 A leading producer of silver & gold in the Americas NYSE: PAAS | TSX: PAAS Analyst Coverage5 Top Shareholders6 $22.4B $0.18 BMO Capital Markets (Matthew Murphy) Van Eck (5.1%) Market Cap Quarterly BofA Global Research (Lawson Winder) The Vanguard Group (4.2%) di
Slide 104: Pan American Silver Mineral Reserves
Pan American Silver Mineral Reserves as of June 30, 20251,2 Pan American is the leading silver producer by silver mineral reserves and silver price correlation PRESENTATION JUNE 2026 104
Slide 105: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 105
Slide 106: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 106
Slide 107: Pan American Silver Inferred Mineral Resources
Pan American Silver Inferred Mineral Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 107
Slide 108: Metal Price Assumptions
Mine Category Ag US $/oz Au US $/oz Cu US $/t Pb US $/t Zn US $/t Escobal All Categories 20.00 1,300 2,204 2,424 La Colorada Reserves 22.00 1,900 2,100 2,600 Resources 24.00 2,050 2,200 2,800 La Colorada Skarn Resources 22.00 2,200 2,800 Huaron Reserves 22.00 8.000 2,100 2,600 Resources 24.00 9.000
Slide 109: General Notes Applicable to the Foregoing Tables
General Notes Applicable to the Foregoing Tables All mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards") and reported in accordance with Nati
Slide 110: Investor Relations Contact
Siren Fisekci VP, Investor Relations & Corporate Communications +1.604.806.3191 | ir@panamericansilver.com Panamericansilver.com Suite 2100, 733 Seymour St, Vancouver, BC, V6B 0S6