Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (April 2025)
51 slides from Pan American Silver's investor presentation, April 2025
Slide 1: The World's Premier Silver Mining Company
THE WORLD'S PREMIER _SILVERMINING COMPANY St, TSK =~ = PAAS ‘ ~ | =
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 Jacobina, and any anticipated benefits to be derived from the study; expectations and hazards, industrial accidents, equipment breakdown, unusual or unexpected regarding future supply and demand for silver; expectations regarding the ILO 169 geological or structural formations, cave-ins, flooding
Slide 3: Cautionary Notes (continued)
3 C O N T IN UED that any part of an “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that "inferred mineral resources” have a great NOT AN OFFER OR A SOLICITATION amount of uncertainty as to their existence and great uncertainty as to their economi
Slide 4: Portfolio offers scale and quality in the Americas
4 // Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years • 10 producing silver and gold operations 3% 9% • Advancing an extensive mine optimization 25% study at Jacobina 10% • Potential for silver growth: La Colorada $2.8 Billion Skarn, Esc
Slide 5: Record Revenue, Cash Flow and Free Cash Flow
5 // Record Revenue, Cash Flow and Free Cash Flow Achieved production guidance1 : 21.1 Moz Ag and 892 koz Au All-in sustaining costs, excluding net realizable value inventory adjustments, were $18.98/oz for the Silver Segment and $1,501/oz for the Gold Segment2 Adjusted net earnings of $286.7 millio
Slide 6: 2025 Production and AISC Guidance
66 // Production weighted to the second half of 2025, with a corresponding decrease in AISC/oz over that period Ag Au 20.0 – 21.0 Moz 735 – 800 koz ANNUAL CONSOLIDATED ANNUAL CONSOLIDATED PRODUCTION PRODUCTION $16.25 - $18.25 per oz $1,525 - $1,625 per oz SILVER SEGMENT AISC1 GOLD SEGMENT AISC1 Note
Slide 7: Entering 2025 with record cash balance
77 // Entering 2025 with record cash balance 1 Cash + Revolving Cash + short-term short-term Credit TOTAL AVAILABLE investments Facility TOTAL AVAILABLE investments $887M $750M LIQUIDITY4 LIQUIDITY Cash + short-term investments of $887M $1,637M3 $1,220M includes $307M cash proceeds from La Arena sal
Slide 8: Priorities for deploying free cash flow
88 // Pan American’s priorities for deploying free cash flow 1 Maintain balance sheet flexibility, with low debt ➢ Long-term Total Gross Leverage1 target of below 1.0x ➢ Company has demonstrated a disciplined approach to returning below this target, reducing debt following the acquisitions of Tahoe
Slide 9: Successful integration of new operating assets and synergies
99 // Successful integration of new operating assets and realization of synergies 404 koz ~20 Moz $1.1B $25-30M Shahuindo La Arena4 February 22, 2019 2018A Gold Production Silver Production Optionality1 Total Consideration2 Annual Synergies3 Timmins & Bell Creek Escobal Jacobina 565 koz 9.2 Moz $2.8
Slide 10: Silver Peers by Market Cap and Operating Cash Flow
10 Silver Peers by Market Capitalization and Annual Operating Cash Flow (2018 2 vs. Current 3) $1,600 Hecla $1,400 Coeur First Majestic Fresnillo $1,200 Fresnillo Pan American $1,000 Annual Operating Cash Flow ($M)1 $800 $600 $400 Hecla $200 Coeur $0 First Majestic $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 = 2
Slide 11: Acquisition accretion to adjusted earnings and cash flow
11 // Acquisition has led to meaningful accretion to adjusted earnings and cash flow Pan American Silver Adjusted Earnings 1 and Cash Flow per Share 2 ($/share) Silver Peers Cash Flow per Share2 (% change 2022 - 2024) Pan American 1,215% $1.99 Acquisition of ~153.8M First Majestic 720% Shares Issued
Slide 12: Portfolio rationalization and retained royalties
12 // Delivered on commitment to rationalize portfolio while building a meaningful portfolio of royalties UPFRONT CASH PROCEEDS OF $990.4M 1 6 RETAINED ROYALTIES $245M Sale of the La Arena gold MARA: 0.75% Cu NSR Royalty (Glencore) mine and the $45.55M La Arena II La Arena II: 1.5% Au NSR Royalty2 (
Slide 13: Jacobina: optimize long-term economics and increase throughput
13 BAHIA, BRAZIL // Evaluating opportunities to optimize long-term economics and increase throughput • Long life mine with excellent exploration potential to extend down-dip and along strike of known conglomerate reefs Jacobina • Evaluating geotechnical studies to develop alternative life- of-mine d
Slide 14: La Colorada: new ventilation infrastructure completed
14 // New infrastructure completed in July 2024, resulting in significant improvement in mine ventilation conditions Two 2,000 horsepower ventilation fans installed at the surface of the Guadalupe shaft Fully concrete-lined 5.5 metre x 580 metre deep ventilation shaft $26.62 1.61 1.33 $14.98 $19.59
Slide 15: La Colorada Skarn: exploring long-term partnerships
15 ZACATECAS, MEXICO La Colorada Skarn // Exploring long-term partnerships to develop the project Preliminary Economic Assessment 1 Highlights • Production averaging 17.2 Moz of silver, 427 kt of zinc and 218 kt of lead annually during the first 10 years • 50,000 tpd sub-level cave mine and conventi
Slide 16: La Colorada Skarn mineralization zones
16 1 // Mineralization is concentrated in 3 zones, covering an area of 1,500 metres x 1,100 metres, and a depth of 800 metres to 1,900 metres below surface HW Vein 1000 m DATUM: Local Mine Grid 1. Please refer to the NI 43-101 Technical Report dated January 31, 2024, as amended, for the Preliminary
Slide 17: Escobal: one of the world's best silver mines
17 SANTA ROSA, GUATEMALA MEXICO GUATEMALA // One of the world’s best silver mines Escobal • 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 consist
Slide 18: Escobal license suspended pending ILO 169 consultation
18 For more information, please visit https://mem.gob.gt/derecho- // Escobal mining license suspended pending completion of an ILO 169 Consultation in Guatemala minero-escobal/ PRE-PHASE 1 PHASE 1 PHASE 2 PHASE 3 REVIEW PRE-CONSULTATION CONSULTATION SUPREME COURT VERIFICATION PAS Guatemala shall wor
Slide 19: Silver reserves, resources and production vs peers
19 Silver Proven & Probable Silver Measured & Indicated 2024 Silver Production (Moz) Mineral Reserves 1 (Moz) Mineral Resources 1 (Moz) Pan American 468.0 Pan American 1,142.2 Fresnillo 56.3 Fresnillo 356.6 Fresnillo 781.4 Pan American 21.1 Coeur 2 270.5 Endeavour Silver 530.8 Hecla 16.2 2 Hecla 239
Slide 20: Leading silver producer by market cap, liquidity and correlation
20 // 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 Price 2 $120 Pan American 79% $100 Hecla 75% Coeur First Majestic MAG 72% Hecla $80 Coeur 69% Liqu
Slide 21: Growing industrial demand from decarbonization and electrification
21 // Growing industrial demand from global transition to decarbonization and electrification 2024 Silver Market Dynamics 1 Robust growth in silver industrial demand despite lack of investment demand 600 Photography & Other Scrap & 2% Other Investment2 500 19% 17% Silver Demand (Moz) 400 Silver Silv
Slide 22: Silver Market Total Supply and Demand
22 Silver Market Total Supply and Demand 1,300 1,100 Silver (Moz) 900 700 500 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F Total Supply Total Demand Silver Market Balance 100 0 Silver (Moz) -100 -200 -300 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F Market Surplus Market Deficit Source: Metals
Slide 23: Portfolio diversification from the S&P 500
23 // Pan American offers portfolio diversification from the S&P 500 2024 Performance Metrics Relative Valuation1 38.6% 2.0% 17.8x 17.8x 26.5% 25.0% 1.3% 21.0% 10.2x 7.6x 3 2,4 EBITDA Margin 2 Dividend Yield Total Shareholder Return Price / Cash Flow 3 EV / EBITDA Pan American S&P 500 Pan American S
Slide 24: ESG ratings and rankings
24 Reporting Frameworks and Standards ESG Ratings and Rankings 62 A RATING Ranked top 8th Ranked Top 60th Percentile in the Metals percentile Memberships and Associations & Mining industry Scale: 0 (worst) Scale: CCC (worst) to 100 (best) to AAA (best) 23.9 (MEDIUM RISK) E nvironment: 1 Ranked Top 2
Slide 25: A leading producer of silver and gold in the Americas
25 // A leading producer of silver & gold in the Americas $9.6 B $0.10 $73 M QUARTERLY DIVIDEND AVERAGE DAILY MARKET CAP PER SHARE2 TRADING VALUE3 362.1 M 1.5% 10 SHARES SELL SIDE DIVIDEND YIELD OUTSTANDING ANALYSTS Analyst Coverage4 Top Shareholders5 BofA Global Research (Lawson Winder) Van Eck (9.
Slide 26: Appendix
PAN AMERICAN APPENDIX
Slide 27: 2025 production and AISC guidance by mine
27 27 Silver Production Gold Production AISC (Moz) (koz) ($ per ounce) 1 Silver Segment: La Colorada (Mexico) 5.50 – 5.80 2 20.00 – 22.00 Cerro Moro (Argentina) 2.80 – 2.90 77 – 87 6.00 – 10.00 Huaron (Peru) 3.70 – 3.90 – 16.00 – 17.50 San Vicente (Bolivia)2 2.70 – 2.90 – 19.00 – 20.50 Silver Segmen
Slide 28: Production weighted to second half of 2025
28 28 // Production weighted to the second half of 2025, with a corresponding decrease in AISC/oz over that period • Silver production is anticipated to increase towards the second half of year largely as a result of mine sequencing into higher grade ore zones at Cerro Moro. Additionally, essential
Slide 29: 2025 capital expenditures
29 29 Expenditures ($ millions) Sustaining Capital Project capital invested to advance La Colorada (Mexico) 19.0 - 21.0 strategic goals: Cerro Moro (Argentina) 10.0 - 11.0 Huaron (Peru) 18.0 - 19.0 • La Colorada (Skarn) - continued San Vicente (Bolivia)1 4.5 exploration and in-fill drilling, Jacobin
Slide 30: Dividend Policy and Share Buyback
30 30 Dividend Policy Share Buyback (Normal Course Issuer Bid) Pan American supplements a base dividend of $0.10 per Pan American believes that the market price of its common common share with a variable dividend, paid on a quarterly shares, from time to time, may not fully reflect the underlying ba
Slide 31: ESG Structure and Accountability
31 31 // Structure and Accountability 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. • The Health, Safety and Environment Committee provides
Slide 32: La Colorada mine overview
32 32 Opportunities MINE OVERVIEW Ag Pb Zn Leveraging new 5.5 metre concrete-lined ventilation blind excavated shaft and twin 2000-HP fan 5.5 – 5.8 Moz infrastructure to increase throughput and reach 2025F Ag Production1 TYPE LOCATION OWNERSHIP higher-grade extremities of the mine Underground Mine Z
Slide 33: Jacobina mine overview
33 33 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- Underground Mine Bahia, Brazil 100% dip and along strike of known conglomerate 8,500 – 9
Slide 34: El Peñon mine overview
34 34 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 res
Slide 35: Shahuindo mine overview
35 35 Opportunities MINE OVERVIEW Au Ag Expected leach recovery increase over LOM 125 – 135 koz based on metallurgical testing 2025F Au Production1 TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Completion of leach pads and waste 36.7 – 38.1 ktpd dumps facilities by 2027 expected to 2025
Slide 36: Huaron mine overview
36 36 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 37: Timmins mine overview
37 37 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 4,
Slide 38: San Vicente mine overview
38 38 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 and geop
Slide 39: Minera Florida mine overview
39 39 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 Region, C
Slide 40: Cerro Moro mine overview
40 40 MINE OVERVIEW Opportunities Ag Au Possible reduction in costs may allow us to 2.8 – 2.9 Moz Ag convert previously uneconomic lower- 77 – 87 koz Au TYPE LOCATION OWNERSHIP grade resources to reserves 2025F Production1 Open-Pit & Santa Cruz, Argentina 100% 1,100 – 1,150 tpd Underground Productio
Slide 41: Dolores mine overview
41 41 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 $2,065 Entering • Mining activities from known o
Slide 42: Navidad: one of the largest undeveloped silver deposits
42 4242 CHUBUT, ARGENTINA Navidad // One of the largest undeveloped 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 43: La Colorada Skarn 50,000 tpd case
43 43 // 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 $22.00 per Average annual silver produced first
Slide 44: Mineral Reserves as of June 30, 2024
PAN AMERICAN SILVER MINERAL RESERVES «>i... 30 2020 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classificetion (wit) _(g/t)__Ag(Moz) (g/t) Au (Koz) (%) __Cu(kt) _—_—(%)_—sPb (kt) —(%)_——Zn (kt) Escobal Guatemala Proven 25 ‘486 39.5 0.42 34.2 - - 1.02 25.
Slide 45: Measured & Indicated Resources
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Contained Contained Au Property Location Classification Tonnes(Mt) Ag(B/t) “A2iaros) Au (at) (kez) cu(%) Pb(%) Zn (%) Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 - Indicated 139.8 126 564.5 - - 0.04 0.79 - La Colora
Slide 46: Measured & Indicated Resources (continued)
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Property Location Classi Tonnes (Mt) en revs Au (2/t) coe AU cu(%) Pb (%) 2m (%) Jacobina Brazil Measured 39.7 1.70 2,475.1 - - - Indicated 55.1 1.58 2,796.0 - - - La Pepa (80%)!") Chile Measured a7 0.61 922.8 - - - Indicated
Slide 47: Inferred Resources
47 47 as of June 30, 20241,2,3 (5)
Slide 48: Metal Price Assumptions for Reserves and Resources
ce) METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 5: fine 0, 2024 Mine Category Ag US$/oz Au US$/oz cu US$/t Pb USS/t Zn USS/t Escobal All categories 20.00 1,300 2,204 2,424 Resemes 20.00 1,700 8,000 2,100 2,600 La Colorada Resources 22.00 1,850 9,000 2,200 2,800 La Colorada
Slide 49: Metal Price Assumptions (continued)
© METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES «rune 30, 2024 Mine Category Ag US$/oz Au US$/oz cu uss/t Pb USS/t Zn US$/t Reserves 21.00 1,850 Timmins West Resources 23.00 1,950 Reserves 21.00 1,850 Bell Creek Resources 23.00 1,950 Whitney Resources 1,950 Reserves 21.00 1,8
Slide 50: Notes on mineral reserve and resource estimates
50 50 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 Instrument 43-101 – Standards of Discl
Slide 51: Investor Relations Contact
51 51 51 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
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