Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (December 2025)
47 slides from Pan American Silver's investor presentation, December 2025
Slide 1: The World's Premier Silver Mining Company
P R E S E N TAT I O N // DECEMBER 2025 THE WORLD’S PREMIER SILVER MINING COMPANY NYSE | TSX PAAS 1
Slide 2: Cautionary Note
NYSE | TSX limited to production, AISC and expenditures; statements regarding the in currency markets; operational risks and hazards inherent with the business PAAS CAUTIONARYNOTE investments in capital projects, and any anticipated benefits therefrom; estimated mineral reserve and mineral resource
Slide 3: Cautionary Note: Technical Information
NYSE | TSX PAAS CONTINUED Technical information contained in this presentation with respect to Pan has been made that the mineralization could be economically and legally American has been reviewed and approved by Christopher Emerson, produced or extracted at the time the reserve determination is ma
Slide 4: Diversified Assets + Growth Catalysts
DIVERSIFIED ASSETS + GROWTH CATALYSTS // Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years • 10 producing silver and gold operations1 9% 4% 23% • Advancing an extensive mine optimization 11% study at Jacobina $884.4M • Future silver growt
Slide 5: Q3 2025 Takeaways
Q3 2025 TAKEAWAYS // Record Attributable free cash flow of $251.7 million 1 Successful integration of our 44% interest in Adjusted earnings of $181.0 million, Juanicipio or $0.48/share1. Discovery of multiple high-grade silver Attributable production of 5.5 Moz zones at La Colorada provides silver a
Slide 6: Q3 2025 Consolidated Cash Flows
6 Q3 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $1,600 $384 $40 $12 $1,400 $1,310 ($70) ($64) $1,200 ($43) ($4) ($2) $1,109 $1,000 $911 Millions ($409) ($35) ($7) $800 $600 $400 $200 $0 Cash and STI at Adjusted Sustaining Net income tax Divi
Slide 7: 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 Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally1 $5.00 2024 Co-Product AISC ($/oz Ag) Top 10 Primary Silver Mines by Production
Slide 8: Contributes High-Margin Ounces
NYSE | TSX PAAS CONTRIBUTES HIGH-MARGIN OUNCES // Juanicipio represents a 1st quartile silver asset by production and costs Addition of Juanicipio expected to reduce Pan American’s Silver Segment AISC 1,2 Significant increase to Pan American’s $25.00 = Silver Reserves3 silver production $20.00 Huaro
Slide 9: Divestments Provided Opportunities to Invest in Silver
9 DIVESTMENTS PROVIDED OPPORTUNITIES TO INVEST IN SILVE // 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 Sale of 56.25%
Slide 10: M&A Transformed Pan American into a Peer Leader
M&A TRANSFORMED PAN AMERICAN INTO A PEER LEADER Silver Peers by Market Capitalization and Annual Operating Cash Flow $1,600 Hecla = 20182 Change from 20182 to Current3 $1,400 Coeur = Current3 First Majestic Fresnillo $1,200 Fresnillo Pan American $1,000 Annual Operating Cash Flow ($M)1 $800 $600 $40
Slide 11: Operations Generating Attractive Margins
OPERATIONS GENERATING ATTRACTIVE MARGINS // Disciplined cost performance delivers margin expansion from higher metal price Silver Segment AISC1, 2 vs Realized Price Gold Segment AISC1 vs Realized Price 3,479 39.08 3,305 2,868 32.91 2,666 30.87 31.25 29.52 2,475 28.14 2,336 2,078 22.61 20.90 19.88 1,
Slide 12: Strong Financial Position
12 STRONG FINANCIAL POSITION // ~$1.7B in Total Available Liquidity 1,3 Revolving Credit Cash + short-term Facility TOTAL AVAILABLE $750M TOTAL AVAILABLE investments LIQUIDITY3 $911M LIQUIDITY Cash + short-term investments of $910.8M $1,661M3 $1,220M excluding 44% interest in cash at Juanicipio of $
Slide 13: Capital Allocation Approach
CAPITAL ALLOCATION APPROACH // Pan American’s priorities for deploying free cash flow 12% Maintain balance sheet Capital Allocation since 2010 2 1 29% flexibility, with low debt Dividends 2 Invest in high-return projects: Share Buybacks • Expansion projects • Acquisitions 6% Growth Investments (expa
Slide 14: La Colorada Mine Exploration Results
LA COLORADA MINE EXPLORATION RESULTS // Discovery of multiple, high-grade silver zones has expanded inferred mineral resource • High-grade veins and replacement-style mineralization discovered east and southeast of the defined vein resource added 52.7 million ounces of silver to inferred mineral res
Slide 15: La Colorada Skarn
LA COLORADA SKARN1 // Evaluating a two-phase development approach following La Colorada exploration results • Phase 1 – sub-level stoping of the vein mine and skarn deposit for a high-grade, lower tonnage and less capital intensive mine development than described in the 2024 PEA1 • Phase 2 – larger
Slide 16: Jacobina Optimization Study
JACOBINA OPTIMIZATION STUDY BAHIA, BRAZIL // Potential to extend mine life, increase production and improve operational efficiency Opportunities Identified to Date: • Tailings filtration and filter stack project to relieve existing long-term Jacobina tailings capacity limitations; • Mine paste backf
Slide 17: Escobal
SANTA ROSA, GUATEMALA MEXICO ESCOBAL // One of the world’s best silver mines • High-quality, well-built operation with over $500M invested1 • One of the world’s largest primary silver deposits with reserves of 264 Moz • 3 consecutive years of production at 20 Moz Ag/year at AISC consistently below $
Slide 18: Providing Investors with the Best Exposure to Silver
PROVIDING INVESTORS WITH THE BEST EXPOSURE TO SILVER // Pan American is the leading silver producer by market cap, liquidity, and silver price correlation Silver Producers by Market Capitalization and Liquidity 1-Year Share Price Correlation to Silver Price2 $300 Pan American 74% Hecla $250 Hecla Fi
Slide 19: Positive Silver Market Dynamics
POSITIVE SILVER MARKET DYNAMICS // Growing industrial demand from global transition to decarbonization and electrification 2025F Silver Market Dynamics1 Photovoltaic Demand Growth Ag Moz PHOTOGRAPHY & OTHER 250 SCRAP & 2% OTHER COIN & NET BAR 200 19% 18% INDUSTRIAL 59% 150 Silver Silver Supply Deman
Slide 20: Demand Expected to Exceed Supply Over Next 5 Years
DEMAND EXPECTED TO EXCEED SUPPLY OVER NEXT 5 YEARS Silver Market Total Supply and Demand Total Supply Total Demand 1,300 Silver (Moz) 1,100 900 700 500 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Silver Market Balance Market Surplus Market Deficit 100 Silver (Moz) 0 -100 -200 -300 20
Slide 21: Committed to Leading ESG Performance
COMMITTED TO LEADING ESG PERFORMANCE REPORTING FRAMEWORKS AND STANDARDS ESG RATINGS AND RANKINGS 66 A RATING Ranked Top 7th Ranked Top 40h Percentile in the Metals & percentile in Metals and Mining industry Mining – Precious Metals MEMBERSHIPS AND ASSOCIATIONS Scale: 0 (worst) to 100 (best) Scale: C
Slide 22: Pan American Snapshot
1 PAN AMERICAN SNAPSHOT // A leading producer of silver & gold in the Americas NYSE: PAAS // PAAS SNAPSHOT 1 TSX: PAAS Analyst Coverage5 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) $18.0B $0.14 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don De
Slide 23: Appendix
APPENDIX NYSE | TSX PAAS 23
Slide 24: 2025 Operating Outlook Update
1 2025 OPERATING OUTLOOK UPDATE // Guidance for Attributable silver production increased and forecasted Silver Segment AISC reduced to reflect Juanicipio. Outlook maintained for gold and base metal production, gold segment AISC, and capital expenditures YTD 2025 2025 Annual Guidance 2025 Annual Guid
Slide 25: Shareholder Returns
SHAREHOLDER RETURNS Dividend Policy Share Buyback (Normal Course Issuer Bid) Pan American supplements a base dividend of $0.10 per common Pan American believes that the market price of its common share with a variable dividend, paid on a quarterly basis, that is shares, from time to time, may not fu
Slide 26: Sustainability Governance and Management
SUSTAINABILITY GOVERNANCE AND MANAGEMENT // Structure and Accountability BOARD OF DIRECTORS Senior Management’s Compensation linked to ESG Performance • The Communities and Sustainable Development Committee reviews the Company’s sustainability performance and management of sustainability impacts. •
Slide 27: Juanicipio
JUANICIPIO Opportunities MINE OVERVIEW Ag Au Zn Pb Expand known inferred mineral resources that remain open at depth and laterally 6.5 – 7.3 Moz 2025F Ag Production1 TYPE LOCATION OWNERSHIP Regional opportunities remain at Mesa Grande, Underground Mine Zacatecas, Mexico 44% Triunfo, and vein project
Slide 28: La Colorada
LA COLORADA Opportunities Evaluating new approach to Skarn development MINE OVERVIEW Ag Pb Zn which could integrate mine plan and the infrastructure of the vein mine with the Skarn 5.5 – 5.8 Moz project 2025F Ag Production1 TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 100% Exploration
Slide 29: Jacobina
JACOBINA Opportunities MINE OVERVIEW Au Mine optimization study underway to maximize life-of-mine economics 185 – 195 koz 2025F Au Production2 TYPE LOCATION OWNERSHIP Excellent exploration potential to extend down-dip and along strike of known Underground Mine Bahia, Brazil 100% conglomerate reefs 8
Slide 30: El Peñon
EL PEÑON Opportunities MINE OVERVIEW Au Ag District-scale exploration potential being tested 120 – 130 koz Au to enhance mine life 3.7 – 3.8 Moz Ag TYPE LOCATION OWNERSHIP 2025F Production2 Aggressive resource conversion drill program Underground Mine Antofagasta, Chile 100% intended to add further
Slide 31: Shahuindo
SHAHUINDO Opportunities MINE OVERVIEW Au Ag Expected leach recovery increase over LOM 125 – 135 koz 2025F Au Production1 based on metallurgical testing TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Completion of leach pads and waste dumps 36.7 – 38.1 ktpd facilities by 2027 expected to
Slide 32: Huaron
HUARON Opportunities MINE OVERVIEW Ag Zn Pb Cu 3.7 – 3.9 Moz Continue development and exploration of 2025F Ag Production1 TYPE LOCATION OWNERSHIP the Horizonte zone to the southeast Underground Mine Pasco, Peru 100% 2,600 – 2,800 tpd Improve electricity efficiency and lower costs 2025F Throughput1 •
Slide 33: Timmins
TIMMINS Opportunities MINE OVERVIEW Au Potential to improve ground stability and increase mineral resource recovery 120 – 130 koz following completion of backfill paste plant 2025F Au Production1 TYPE LOCATION OWNERSHIP at Bell Creek Underground Mine Ontario, Canada 100% Exploration and development
Slide 34: San Vicente
SAN VICENTE Opportunities MINE OVERVIEW Ag Zn Pb Cu 2.7 – 2.9 Moz Leverage steady state production to 2025F Ag Production1 TYPE LOCATION OWNERSHIP strengthen silver segment Underground Mine Potosi, Bolivia 95% 1,075 – 1,125 tpd Near mine exploration to replace 2025F Throughput1,2 resources; veins an
Slide 35: Minera Florida
MINERA FLORIDA Opportunities MINE OVERVIEW Au Ag Zn Ongoing exploration of the core mine down dip and laterally. Continued near- 78 - 90 koz site exploration to the north, east and at 2025F Au Production1 TYPE LOCATION OWNERSHIP depth where the veins are under-explored Underground Mine Metropolitan
Slide 36: Cerro Moro
CERRO MORO Opportunities MINE OVERVIEW Ag Au Possible reduction in costs may allow us to 2.8 – 2.9 Moz Ag convert previously uneconomic lower- 77 – 87 koz Au grade resources to reserves 2025F Production1 TYPE LOCATION OWNERSHIP Exploration initiatives aimed at extending Open-Pit & Santa Cruz, Argent
Slide 37: Dolores
DOLORES MINE OVERVIEW Au Ag 28 – 31 koz Au 0.9 – 1.0 Moz Ag TYPE LOCATION OWNERSHIP 2025F Production Open-Pit Mine Chihuahua, Mexico 100% Production & Cost History $850 – $1,000 2025F Au AISC1,2 • The operation is included in Pan American’s Gold Segment • Mining activities from known ore reserves we
Slide 38: Navidad
CHUBUT, ARGENTINA NAVIDAD // One of the largest undeveloped Navidad primary silver deposits • 100% owned silver project • Project comprises 8 individual mineral deposits in 3 separate mineralized trends • Scalable production profile with high-grade mineralization at surface • Development contingent
Slide 39: La Colorada Skarn PEA Results Summary
LA COLORADA SKARN PEA RESULTS SUMMARY // 50,000 tpd case Construction period 6 years Production mine life 17 years Notes: Production rate 50 ktpd (or 18.25 Mtpa) 1. Assumes metal prices of $2,800 Mineable inventory 284.7 million tonnes per tonne of zinc, $2,200 per tonne of lead, and $22.00 per Aver
Slide 40: Pan American Silver Mineral Reserves
PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025 40
Slide 41: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 41
Slide 42: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 42
Slide 43: Pan American Silver Inferred Mineral Resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5) 43
Slide 44: Metal Price Assumptions Used to Estimate Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 44
Slide 45: Metal Price Assumptions Used to Estimate Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 45
Slide 46: General Notes Applicable to the Foregoing Tables
GENERALNOTESAPPLICABLETO THEFOREGOINGTABLES: 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 National
Slide 47: Siren Fisekci, VP Investor Relations
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 47
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