Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Technical Presentation (July 2025)
31 slides from Pan American Silver's technical presentation, July 2025
Slide 1: Timmins Site Tour July 2025
TIMMINS SITE TOUR // J U LY 2 0 2 5
Slide 2: Non-GAAP Measures
Phase 6 and any anticipated benefits therefrom; successful negotiation of the definitive agreement and construction of the proposed haul road at Bell Creek; Pan American cautions the reader that forward-looking statements and future growth opportunities through definition drilling and exploration, i
Slide 3: Not an Offer or a Solicitation
CONTINUED mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to NOT AN OFFER OR A SOLICITATION assume that any part of an “indicated resource” will ever be converted into a “reserve”. U.S. investors s
Slide 4: Timmins site presenters
4 Country Manager Canada Director of Operations Director of Exploration and Geology Director of Environment, Sustainability and Security
Slide 5: Timmins Mine Overview and Production & Cost History
Opportunities Au MINE OVERVIEW Exploration and development TYPE LOCATION OWNERSHIP opportunities at Whitney, Bell Creek, 120 – 130 koz and Timmins West 2025F Au Production1 Underground Mine Ontario, Canada 100% Excess mill capacity 4,100 – 4,400 tpd • Timmins Operation comprised of two underground g
Slide 6: 2024 Sustainability Report
• Advancing 8 of the 17 PAS Sustainable Development Goals (SDGs) where we can have the greatest impact • United Nations Global Compact • United Nations Guiding Principles (UNGP) for Business and Human Rights • Implementing “Doing Safety Differently” and “Critical Risk Management” at the Timmins Oper
Slide 7: 42km by road
7 Bell Creek Mine 42km by road Timmins to Timmins West Toronto is 560km Mine
Slide 8: Bell Creek Mineral Reserves
Bell Creek Mineral Reserves Timmins Operations Combined Mineral Reserves Contained Tonnes Grade Tonnes Grade Ounces Ounces Bell Creek Mine Reserve Proven Mineral Reserve 5,367,527 2.79 481,431 Proven Mineral Reserve 3,303,332 2.94 312,279 Probable Mineral Reserve 4,384,171 2.74 386,157 Probable Mine
Slide 9: 144 South-West Extension
• In 2023, the 144 South-West Extension (144 SW) was added to the Mineral Reserve estimate. • Definition drilling ongoing, aimed at growing the mineral resource/reserve in this area. Surface 200m 400m 600m 800m 1000m 1200m 1400m Above: Section Through Timmins West Looking East
Slide 10: Paste backfill plant and distribution
1080m • In 2018, the shaft was extended and completed down to the 1,080m level. • Paste backfill plant and distribution system completed in October 2024, now part of mining process. • Paste backfill increases ore recovery (pillars), improves geotechnical stability and stope cycle turnover time in th
Slide 11: Bell Creek Mine Long Section
Bell Creek Mine Long Section – Looking North Underground Distribution System meter level Use of reclaimed tailings eliminates the need for costly tailings filtration
Slide 12: Seismic activity starting in 2023
• Seismic activity starting in 2023 has caused us to pause extraction in the Central Zone • Re-evaluating options and sequence to maximize extraction; rock mechanics modelling verifying the best mining option • Other challenges include hole squeezing in highly stressed areas – now utilizing a modifi
Slide 13: Current plan is to extend the life of facility to 2031
• Current plan is to extend the life of facility to 2031 by building a Phase 6 shown below • 2025 raise phase 4/5 to 308.0m • Original plan was to raise to 308m and transition to closure after 2026 Phase 4 Mini Cell Phase 6 Phase 5
Slide 14: Construction would commence in H2 2025
• Construction would commence in H2 2025 pending completion of a definitive agreement • Would reduce costs of hauling Timmins West ore and gain access to rock material for Phase 6 TSF construction
Slide 15: 2025 Exploration Targets: Timmins West → Samson
// 2025 Exploration Targets: Timmins West → Samson Timmins Deposit 3-D View Looking Northwest Thunder Creek 200mL Samson 300mL Upper Zone 144 Gap Samson 144 SW Lower 730mL Zone ~ 1.2km 820mL Explore the 144SW Exploration drilling extensions at depth of the Samson zone Explore the extension of the TM
Slide 16: TWC Underground Isometric View
Existing 820mL drift TWC Underground Isometric View – Looking Northwest Timmins Deposit Planned ~1.3km Thunder extension to access Creek Samson Samson 200mL Upper Zone Main Shaft 144: currently 300mL 144 ~85% of TWC 144 SW Gap yearly production Plan View: 820mL tonnes Samson Lower 650L 820mL 730m Zo
Slide 17: 2025 Exploration Targets: Bell Creek
// 2025 Exploration Targets: Bell Creek Positive exploration results in the 415L-595L area (west of dyke) Current Positive results at existing mineral reserve levels and on existing planned Shaft mineral resource (LOM) levels ~2.2km 1000L • Exploration drilling at depth between the 2200-2500mL 1345L
Slide 18: 2025 Exploration Targets: West Bell Creek Zone → Vogel
18 // 2025 Exploration Targets: West Zone → Vogel Bell Creek East Zone The Vogel Project is located approximately 1km east of the current Bell Creek Mine workings with the surface and mining rights being fully owned by Lake Shore Gold. The geology appears to be like that of the Bell Creek Mine. The
Slide 19: 2025 Exploration Targets: Whitney
19 Bell Creek Complex // 2025 Exploration Targets: Whitney • The Whitney Project is located 4.5km from the Bell Creek 4.5km Complex; our interest was acquired by Lake Shore Gold in 2015 • The project is under a Joint Venture Partnership (Lake Shore Gold owns 83% and Discovery Silver Corp. owns remai
Slide 20: Isometric view looking North of mine design
• Gold River is a refractory gold ore body Access road, pipeline, power line containing ~1.1M oz Au mineral resource (10% 4 km indicated, 90% inferred) • Undergoing studies for mining plan, COG Parking/Gate House review in increased gold price environment • Could be leveraged with additional refract
Slide 21: In a safe, established jurisdiction
In a safe, established jurisdiction Skilled team - leveraging expertise to broader PAAS team Good mineral reserves portfolio with a track record of growth - surpassed original expectations since PAAS acquisition in February 2019 (2 years reserves now updated to LOM strategy to 2035+) Produces solid
Slide 22: Pan American Appendix
PAN AMERICAN APPENDIX
Slide 23: A leading producer of silver & gold in the Americas
// A leading producer of silver & gold in the Americas // PAAS SNAPSHOT 1 Analyst Coverage4 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) $10.7B $0.10 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don DeMarco) DIVIDEND/SHARE2 Canaccord Genuity (Car
Slide 24: Pan American's portfolio offers scale & quality in the Americas
24 // 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 5% 10% • Advancing an extensive mine optimization 23% study at Jacobina 11% • Potential for silver growth: La Colorada $773.2M Q1 2025 Skarn
Slide 25: Pan American Silver Mineral Reserves
PAN AMERICAN SILVER MINERAL RESERVES «i :s.e30 2020 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classificetion (wit) _(g/t)__Ag(Moz) (g/t) Au (Koz) (%) __Cu(kt) _—_—(%)_—sPb (kt) —(%)_——Zn (kt) Escobal Guatemala Proven 25 ‘486 39.5 0.42 34.2 - - 1.02 25.
Slide 26: Pan American Silver Measured & Indicated Resources
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Da Pans Contained Contained Au Property Location Classification Tonnes(Mt) Ag(B/t) “A2iaros) Au (at) (kez) cu(%) Pb(%) Zn (%) Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 - Indicated 139.8 126 564.5 - - 0.04 0.79 - L
Slide 27: Pan American Silver Measured & Indicated Resources
eS NYSEL TSK PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES ™ as of June 30, 2024123 Property Location Classi Tonnes (Mt) en revs Au (2/t) coe AU cu(%) Pb (%) 2m (%) Jacobina Brazil Measured 39.7 1.70 2,475.1 - - - Indicated 55.1 1.58 2,796.0 - - - La Pepa (80%)!") Chile Measured a7 0.61 922.8 -
Slide 28: Pan American Silver Inferred Mineral Resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 2024123 Ag Contained Ag Contained Au Property Location Classification Tonnes (Mt) (at) (Moz) et) {ko2) cu(%) Pb (%) Zn (%) Navidad Argentina inferred 45.9 81 119.4 - - 0.02 0.57 La Colorada Mexico Inferred 12.4 235 93.8 0.19 74a 168 2.95
Slide 29: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL Vas Paks RESERVES & RESOURCES as of June 30, 2024 Mine Category Ag US$/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
Slide 30: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES = 0:ine 30,2028 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 1,85
Slide 31: Siren Fisekci, 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
Pan American Silver — Technical Presentation (July 2025) on 6ix