Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (June 2026)
48 slides from Pan American Silver's investor presentation, June 2026
Slide 1: The world's premier silver mining company
NYSE | TSX | PAAS The world’s premier silver mining company P R E S E N TAT I O N J U N E 2 0 2 6
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: 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 Timmins Future silver Large silver & Juanicipio La Colora
Slide 4: 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 5: Strong Financial Performance
Strong 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 6: 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 7: Enhanced Shareholder Returns Framework
7 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 8: Disciplined Approach to Capital Allocation
8 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 Invest
Slide 9: La Colorada Skarn Project: Revised Preliminary Economic Assessment 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 10: 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 11: 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 Expanded La Colorada Mine Plan View
Slide 12: Decline Project: critical path underground mine development
588 Decline Project1: critical path underground mine development • $265M of project capital to be invested over Decline development to the East Ore Hoisting Shaft and access development into 901, 902 and 903 ore bodies the next 5 years to complete 12.4 kms of Beaty Ore Estrella truck Guadalupe decli
Slide 13: 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 Silver in Mineral Reserves & Resources (Moz)1 Newly identified Legend veins not in resou
Slide 14: La Colorada could become one of the world's largest silver mines by production
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 15: 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 16: 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 17: Jacobina Optimization
Jacobina Optimization Aiming to extend mine life, increase production and improve operational efficiency Opportunities Identified to Date: Process plant streamlining project to improve reliability, reduce throughput bottlenecks, reduce operating costs, and enhance gold recovery. • Identify constrain
Slide 18: Timmins Camp: Long Term Vision & Project Pipeline
Timmins Camp1 Project Key Opportunities: Long Term Vision & Project Pipeline Bell Creek Shaft Extension Project P+P: 301 koz • $131M investment over 3 years. Timmins West 2 M&I: 126 koz • 625m shaft deepening to reduce costs and Inferred: 11 koz emissions while extending mine life into Timmins West
Slide 19: Escobal: one of the world's best silver mines
Escobal Historical Silver $9.15 $9.11 One of the world’s best silver mines Production & AISC $8.06 • 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 20: Committed to leading ESG performance
Committed to leading ESG performance ESG ratings and rankings 66 Scale: 0 (worst) to 100 (best) Reporting frameworks and standards Ranked Top 5th Percentile in the Metals & Mining industry Member of the Dow Jones Best-in-Class (DJBIC) North America Index Included in S&P Global Sustainability Yearboo
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 $0.18 BMO Capital Markets (Matthew Murphy) Van Eck (5.1%) Market Cap Quarterly BofA Global Research (Lawson Winder) Global X Management (3.8%) d
Slide 26: Appendix
AMERICAN Appendix
Slide 27: 2026 Operating Outlook
2026 Operating Outlook Attributable Attributable AISC Silver Production Gold Production ($ per ounce) 1 (Moz) (Koz) Silver Segment: La Colorada (Mexico) 5.80 – 6.25 2.5 33.25 – 35.753 Juanicipio (Mexico)2 6.00 – 6.50 17.5 – 18.5 2.25 – 4.25 Cerro Moro (Argentina) 2.80 – 3.00 80.0 – 86.0 (25.75) – (2
Slide 28: 2026 Quarterly Operating Outlook
2026 Quarterly Operating Outlook Gold production is expected to be more heavily weighted to the fourth quarter of 2026 than originally indicated in the 2026 Quarterly Operating Outlook as some production from the second quarter is expected to be deferred Attributable Silver Production Attributable G
Slide 29: 2026 Expenditures Forecast
Expenditures ($ millions) 2026 Expenditures Forecast Sustaining Capital La Colorada (Mexico) 21 – 23 Juanicipio (Mexico)1 28 – 30 Project capital expected to be invested to advance strategic goals: Cerro Moro (Argentina) 6–7 Huaron (Peru) 22 – 24 Jacobina – to complete process plant optimization pro
Slide 30: 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 31: 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 issued1, integrating the skarn from a flotation plant treating sulphide ore. and vein mine production. •
Slide 32: 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 33: 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 underway to maximize life-of- underground mine producing dore through a mine economics. conventional leaching carbon-in-p
Slide 34: 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 35: 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 36: 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 37: 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 and silver dore bars • Ongoing exploration of the core mine down and zinc concentrate from an underground mine. dip and lat
Slide 38: 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 39: 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 40: 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 41: Navidad
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 on provincial mining law N
Slide 42: 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 42
Slide 43: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 43
Slide 44: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 44
Slide 45: Pan American Silver Inferred Mineral Resources
Pan American Silver Inferred Mineral Resources as of June 30, 20251,2 PRESENTATION JUNE 2026 45
Slide 46: 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 47: 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 48: 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
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