Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (June 2025)
50 slides from Pan American Silver's investor presentation, June 2025
Slide 1: Presentation June 2025
PRESENTATION JUNE 2025 PAN AMERICAN — SILVERS
Slide 2: Cautionary note on forward-looking statements
mineral reserves and resources; Pan American’s free cash flow in 2025; Pan American’s labour, materials, supplies and services (including transportation); fluctuations in currency expectation of issuances of common shares in connection with the Transaction; and Pan markets; operational risks and haz
Slide 3: Disclaimer continued: US securities and technical information
C O N T IN UED Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A standards, including NI 43-101, differ
Slide 4: Key transaction terms
// Key transaction terms Proposed Transaction • Pan American to acquire all of the issued and outstanding common shares of MAG • MAG shareholders can elect to receive cash or shares, up to a maximum of $500 million in cash prorated: I. $20.54 in cash per MAG share, or II. 0.755 common shares of Pan
Slide 5: Divested non-core properties while building a meaningful portfolio of royalties
5 // Divested non-core properties while building a meaningful portfolio of royalties Sale of the La Arena gold mine MAG CASH and the La Arena II copper/gold CONSIDERATION Sale of 57.74% interest in the project2 Aqua de la Falda TOTAL CASH project PROCEEDS1 Sale of 56.25% interest in the MARA project
Slide 6: Juanicipio is the largest-scale and lowest-cost primary silver mine 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 (100%-basis) Juanicipio $10.00 JV Property Cerro
Slide 7: Juanicipio represents a 1st quartile silver asset by production and costs
// Juanicipio represents a 1st quartile silver asset by production and costs Addition of Juanicipio expected to reduce Pan American’s Silver Segment AISC1,2 Significant increase to Pan American’s $0.00 = Silver Reserves Juanicipio (44%) silver production $5.00 Cerro Moro Juanicipio forecasted to pro
Slide 8: Juanicipio is expected to generate free cash flow of approx. $200M in 2025
// Juanicipio is expected to generate free cash flow of approx. $200M in 2025 (100%-basis) Pro Forma Free Cash Flow (2025E) 1,2 Juanicipio Free Cash Flow (100%-basis) 1,2 +23% expected growth MAG $217M $243M $98M 3 PF FREE $198M CASH FLOW4 44% interest provides $788M immediate impact (Attributing Fu
Slide 9: Silver peers by market capitalization and annual operating cash flow
Silver Peers by Market Capitalization and Annual Operating Cash Flow $1,600 Hecla Change from 20182 to Current3 $1,400 Coeur First Majestic Fresnillo $1,200 Fresnillo Pan American $1,000 Annual Operating Cash Flow ($M)1 = 20182 + $800 = Current3 MAG Silver5 $600 $400 $200 Hecla Coeur $0 First Majest
Slide 10: Q1 2025 highlights
// Adjusted Earnings of $153.0 million ($0.42 per share) 1 Production of 5.0 million ounces Record mine operating earnings of silver and 182 thousand ounces gold $250.8 million and $112.6 million in free cash flow4 Silver Segment AISC of $13.94 per Strong financial position with $1.7 ounce and Gold
Slide 11: Disciplined cost performance delivers margin expansion from higher metal price
// Disciplined cost performance delivers margin expansion from higher metal price Silver Segment AISC 1 vs Realized Price Gold Segment AISC 1 vs Realized Price 2,868 30.87 31.25 2,666 29.52 28.14 2,475 2,336 2,078 22.61 20.90 19.88 18.12 1,499 1,516 1,521 1,485 16.63 1,465 13.94 Q1 2024 Q2 2024 Q3 2
Slide 12: Pan American's priorities for deploying free cash flow
// Pan American’s priorities for deploying free cash flow 1 Maintain balance sheet Capital Allocation since 2010 3 flexibility, with low debt Dividends 2 Invest in high-return projects Share Buybacks Growth Investments (expansion projects & 3 Return to shareholders: acquisitions) dividends and share
Slide 13: Jacobina: optimizing long-term economics and increasing throughput
BAHIA, BRAZIL // Aimed at optimizing long-term economics and increasing 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 designs intended to
Slide 14: La Colorada Skarn: exploring long-term partnerships to develop the project
ZACATECAS, MEXICO // Exploring long-term partnerships to develop the project Preliminary Economic Assessment1 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 (SLC) mine and conventional flotation p
Slide 15: Mineralization is concentrated in 3 zones
// 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 Econo
Slide 16: Escobal: one of the world's best silver mines
SANTA ROSA, GUATEMALA MEXICO // 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 $10/oz Ag
Slide 17: Escobal mining license suspended pending ILO 169 consultation
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 work M
Slide 18: Growing industrial demand from decarbonization and electrification
// Growing industrial demand from global transition to decarbonization and electrification 2025F Silver Market Dynamics1 Photovoltaic Demand Growth Ag Moz 250 PHOTOGRAPHY & OTHER SCRAP & 2% OTHER COIN & NET BAR 200 19% 18% INDUSTRIAL 59% Silver Silver 150 Supply Demand 1,030 Moz 1,148 Moz JEWELRY &
Slide 19: Silver market total supply and demand
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 Silver Market Balance Market Surplus Market Deficit 100 Silver (Moz) 0 -100 -200 -300 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F Source: Metals Fo
Slide 20: ESG ratings and rankings
REPORTING FRAMEWORKS AND STANDARDS ESG RATINGS AND RANKINGS 62 A RATING Ranked Top 7th Ranked Top 60th Percentile in the Metals & percentile Mining industry MEMBERSHIPS AND ASSOCIATIONS Scale: 0 (worst) to 100 (best) Scale: CCC (worst) Included in S&P Global to AAA (best) Sustainability Yearbook 202
Slide 21: A leading producer of silver and gold in the Americas
// A leading producer of silver & gold in the Americas // PAAS SNAPSHOT 1 Analyst Coverage4 BMO Capital Markets (Matthew Murphy) Jefferies (David Hove) $9.5B $0.10 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don DeMarco) DIVIDEND/SHARE2 Canaccord Genuity (Carey
Slide 22: Appendix
PAN AMERICAN APPENDIX
Slide 23: Successful integration of new operating assets and realization of synergies
// Successful integration of new operating assets and realization of synergies 404koz ~20Moz $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 565koz 9.2Moz $2.8B ~$60M
Slide 24: 2025 guidance: production and AISC
24 // As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG acquisition Silver Production Gold Production AISC (Moz) (koz) ($ 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
Slide 25: 2025 guidance commentary
// As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG acquisition • 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 plant maintenance at San
Slide 26: 2025 capital expenditures
// As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG acquisition 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 (Ska
Slide 27: Dividend policy and share buyback
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 basis, t
Slide 28: Structure and accountability: compensation linked to ESG performance
// 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 policy
Slide 29: La Colorada mine overview
Opportunities MINE OVERVIEW Ag Pb Zn Leveraging new 5.5 metre concrete-lined ventilation blind excavated shaft and twin 2000- HP fan infrastructure to increase throughput 5.5 – 5.8 Moz 2025F Ag Production1 and reach higher-grade areas of the mine TYPE LOCATION OWNERSHIP Exploration to the east of NC
Slide 30: Jacobina mine overview
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 8,500 – 9,
Slide 31: El Peñon mine overview
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 reserves
Slide 32: Shahuindo mine overview
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 result in
Slide 33: Huaron mine overview
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 • Huaron
Slide 34: Timmins mine overview
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 4,100 –
Slide 35: San Vicente mine overview
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 geophysica
Slide 36: Minera Florida mine overview
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, Chile 1
Slide 37: Cerro Moro mine overview
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 Production Hist
Slide 38: Dolores mine overview
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 ore res
Slide 39: Navidad: one of the largest undeveloped primary silver deposits
CHUBUT, ARGENTINA // 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 on provi
Slide 40: La Colorada Skarn 50,000 tpd case
// 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 10 ye
Slide 41: Juanicipio mineral reserves (Fresnillo)
as per Fresnillo’s ore reserve statement for the Juanicipio property as of June 30, 2024 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classification (Mt) (g/t) Ag (Moz) (g/t) Au (koz) (%) Cu (kt) (%) Pb (kt) (%) Zn (kt) Juanicipio Mexico Proven 1.5 450 22
Slide 42: Juanicipio mineral resources (Fresnillo)
as per Fresnillo’s mineral resources statement for the Juanicipio property as of June 30, 2024 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classification (Mt) (g/t) Ag (Moz) (g/t) Au (koz) (%) Cu (kt) (%) Pb (kt) (%) Zn (kt) Juanicipio Mexico Measured 2.
Slide 43: Pan American Silver mineral reserves
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 44: Measured and 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 45: Measured and indicated resources (gold properties)
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 46: Inferred mineral resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 2024123 Ag Contained Ag = Au_—Contained Au Property Location Classification Tonnes (Mt) (at) (Moz) et) {ko2) cu(%) Pb (%) Zn (%) Navidad Argentina inferred 45.9 81 119.4 - - 0.02 0.57 La Colorada Mexico Inferred 12.4 235 93.8 0.19 74a 168
Slide 47: Metal price assumptions for reserves and resources
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 Reserves 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 Ska
Slide 48: Metal price assumptions for reserves and resources (continued)
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 55 ne 0, 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 1,850
Slide 49: Notes on mineral reserves and resources
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 Disclosure
Slide 50: 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
Pan American Silver — Investor Presentation (June 2025) on 6ix