Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (February 2026)
47 slides from Pan American Silver's investor presentation, February 2026
Slide 1: The World's Premier Silver Mining Company
P R E S E N TAT I O N // FEBRUARY 2026 THE WORLD’S PREMIER SILVER MINING COMPANY NYSE | TSX PAAS 1
Slide 2: Cautionary Note
NYSE | TSX will be weighted to the second half of 2026; 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; anticipated future demand for silver; Pan Americ
Slide 3: Cautionary Note (Continued)
NYSE | TSX PAAS CONTINUED Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, Technical Information FAusIMM., Senior Vice President of Exploration and Geology, Christopher Wright P.Geo. Vice President Mineral Resour
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 10% 4% 23% • Advancing an extensive mine optimization 11% study at Jacobina $3.8B • Future silver growth
Slide 5: 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 6: 2025 Performance
2025 PERFORMANCE // Achieved production and cost guidance1 Attributable silver production exceeded the updated annual guidance range following record attributable silver production of 7.3 Moz in Q4 2025. Attributable gold production was within the annual guidance range following attributable gold pr
Slide 7: 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 4,186 58.16 3,479 3,305 2,868 39.08 2,666 2,475 2,336 31.25 32.91 2,078 29.52 30.87 28.14 1,611
Slide 8: Q4 2025 Takeaways
Q4 2025 TAKEAWAYS // Solid Q4 operating performance achieves gold and silver annual guidance ranges 1 Attributable production of 7.3 Moz Record adjusted earnings of $470 silver and 197.8 koz gold2 million, or $1.11/share3 Silver Segment AISC of $9.51 per ounce and Gold Segment AISC of $1,699 per Rec
Slide 9: FY 2025 Consolidated Cash Flows
9 FY 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $3,000 $44 $14 $1,708 $2,500 ($318) $2,000 ($275) $1,810 $48 ($175) Millions ($46) ($30) $1,500 $1,319 ($394) ($94) ($28) ($22) $1,000 $887 $500 $0 Cash and STI Adjusted Dividends Net other (e.
Slide 10: 2026 Guidance
2026 GUIDANCE // Expecting a ~14% increase in attributable silver production 1 Average metal price assumptions Silver $70.00/oz Ag Au Gold Zinc $4,200/oz $3,000/tonne ($1.36/lb) 25.0 – 27.0 Moz 700 – 750 koz Lead $2,000/tonne ($0.91/lb) Copper $10,000/tonne ($4.54/lb) ANNUAL CONSOLIDATED ANNUAL CONS
Slide 11: Strong Financial Position
11 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Credit Cash + short-term Facility TOTAL AVAILABLE $750M TOTAL AVAILABLE investments LIQUIDITY1 $1,319M LIQUIDITY Cash + short-term investments of $1,319M $2,069M3 $1,220M excluding 44% interest in cash at Juani
Slide 12: Capital Allocation Approach
CAPITAL ALLOCATION APPROACH // Pan American’s priorities for deploying free cash flow 11% Maintain balance sheet Capital Allocation since 2010 2 1 30% flexibility, with low debt Dividends 2 Invest in high-return projects: Share Buybacks • Expansion projects • Acquisitions 6% Growth Investments (expa
Slide 13: 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 14: La Colorada Skarn
LA COLORADA SKARN1 // Evaluating a phased development approach following La Colorada exploration results • Phase 1 – sub-level stoping of the vein mine and skarn deposit for a higher-grade, lower tonnage and less capital-intensive mine development than described in the 2024 PEA1 • Option to target l
Slide 15: La Colorada Skarn: 2024 Preliminary Economic Assessment
ZACATECAS, MEXICO LA COLORADA SKARN // 2024 Preliminary Economic Assessment 1 • 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 plant • 17-year mine life and continued expl
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: • Process plant streamlining project to improve reliability, relieve Jacobina throughput constraints, reduce unit operating costs, and
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 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 Silver Production1 Silver Mineral Reserves2 1-Year Share Price (Moz) (Moz) Correlation to Silver Price4 Fresnillo 47.0 452.3 71% 25.0 27.0 Fresnill
Slide 19: Positive Silver Market Dynamics
POSITIVE SILVER MARKET DYNAMICS // Silver outlook supported by industrial and investment demand 2025F Silver Market Dynamics1 ETF Physical Silver Holdings 1,200 $120.00 RECYCLING PHOTOGRAPHY & OTHER & OTHER 2% $100.00 19% COIN & NET BAR 1,150 18% INDUSTRIAL 59% Total Silver ETF Holdings (Moz) $80.00
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 2030F Silver Market Balance Market Surplus Market Deficit 100 Silver (Moz) 0 -100 -200 -
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 6th 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) $23.1B $0.18 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don De
Slide 23: 2026 Operating Outlook
2026 OPERATING OUTLOOK Attributable Attributable AISC Silver Production Gold Production ($ per ounce) 1 (Moz) (koz) Silver Segment: La Colorada (Mexico) 5.80 – 6.25 2.5 33.25 – 35.75 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) – (21
Slide 24: 2026 Quarterly Operating Outlook
2026 QUARTERLY OPERATING OUTLOOK // Production weighted to the second half of 2026 (“H2 2026”) Attributable Silver Production is expected to be higher in H2 2026, largely as a result of increased production from El Peñon, Juanicipio, La Colorada, and San Vicente; partially offset by lower production
Slide 25: 2026 Expenditures Forecast
2026 EXPENDITURES FORECAST Expenditures ($ millions) Sustaining Capital Project capital expected to be invested to advance strategic goals: La Colorada (Mexico) 21 – 23 Juanicipio (Mexico)1 28 – 30 • Jacobina – to complete process plant optimization projects Cerro Moro (Argentina) 6–7 and continue a
Slide 26: 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 27: Sustainability Governance and Management
SUSTAINABILITY GOVERNANCE AND MANAGEMENT // Structure and Accountability BOARD OF DIRECTORS Senior Management’s Annual Incentive Plan Compensation • The Communities and Sustainable Development Committee reviews the Company’s sustainability linked to ESG Performance performance and management of sust
Slide 28: Juanicipio
JUANICIPIO Opportunities MINE OVERVIEW Ag Au Zn Pb Expand known inferred mineral resources that remain open at depth and laterally 6.00 – 6.50 Moz TYPE LOCATION OWNERSHIP 2026F Ag Attributable Production1 Underground Mine Zacatecas, Mexico 44% Regional opportunities remain at Mesa Grande, Triunfo, a
Slide 29: 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 5.80 – 6.25 Moz project 2026F Ag Production1 TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 100% Exploratio
Slide 30: Jacobina
JACOBINA Opportunities MINE OVERVIEW Au Mine optimization study underway to maximize life-of-mine economics 181.0 – 191.0 koz 2026F Au Production2 TYPE LOCATION OWNERSHIP Excellent exploration potential to extend down-dip and along strike of known Underground Mine Bahia, Brazil 100% conglomerate ree
Slide 31: El Peñon
EL PEÑON Opportunities MINE OVERVIEW Au Ag District-scale exploration potential being tested 104.0 – 111.0 koz Au to enhance mine life 3.65 – 3.95 Moz Ag TYPE LOCATION OWNERSHIP 2026F Production1 Aggressive resource conversion drill program Underground Mine Antofagasta, Chile 100% intended to add fu
Slide 32: Shahuindo
SHAHUINDO Opportunities MINE OVERVIEW Au Ag Expected leach recovery increase over LOM 125.5 – 135.0 koz 2026F Au Production1 based on metallurgical testing TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Completion of leach pads and waste dumps facilities by 2027 expected to result in low
Slide 33: Huaron
HUARON Opportunities MINE OVERVIEW Ag Zn Pb Cu 3.25 – 3.50 Moz Continue development and exploration of 2026F Ag Production1 TYPE LOCATION OWNERSHIP the Horizonte zone to the southeast Underground Mine Pasco, Peru 100% Improve electricity efficiency and lower costs $27.75 – $29.75 2025F Ag AISC1,2 •
Slide 34: Timmins
TIMMINS Opportunities MINE OVERVIEW Au Potential to improve ground stability and increase mineral resource recovery 105.5 – 115.0 koz following completion of backfill paste plant 2026F Au Production1 TYPE LOCATION OWNERSHIP at Bell Creek Underground Mine Ontario, Canada 100% Exploration and developm
Slide 35: San Vicente
SAN VICENTE Opportunities MINE OVERVIEW Ag Zn Pb Cu 2.70 – 2.90 Moz Leverage steady state production to 2026F Attributable Ag strengthen silver segment Production1 TYPE LOCATION OWNERSHIP Underground Mine Potosi, Bolivia 95% Near mine exploration to replace $41.00 – $43.00 resources; veins and geoph
Slide 36: Minera Florida
MINERA FLORIDA Opportunities MINE OVERVIEW Au Ag Zn Ongoing exploration of the core mine down dip and laterally. Continued near- 66.0 – 71.0 koz site exploration to the north, east and at 2026F Au Production1 TYPE LOCATION OWNERSHIP depth where the veins are under-explored Underground Mine Metropoli
Slide 37: Cerro Moro
CERRO MORO Opportunities MINE OVERVIEW Ag Au Possible reduction in costs may allow us to 2.80 – 3.00 Moz Ag convert previously uneconomic lower- 80.0 – 86.0 koz Au grade resources to reserves 2026F Production1 TYPE LOCATION OWNERSHIP Open-Pit & Exploration initiatives aimed at extending Santa Cruz,
Slide 38: Dolores
DOLORES MINE OVERVIEW Au Ag 18.0 – 20.0 koz Au 0.35 – 0.45 Moz Ag 2026F Production TYPE LOCATION OWNERSHIP Open-Pit Mine Chihuahua, Mexico 100% Production & Cost History $2,550 – $2,800 2026F Au AISC1,2 • The operation is included in Pan American’s Gold Segment $2,800 • Mining activities from known
Slide 39: 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 40: 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 41: Pan American Silver Mineral Reserves
PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025 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 Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 43
Slide 44: Pan American Silver Inferred Mineral Resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5) 44
Slide 45: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
Mine Category Ag US $/oz Au US $/oz Cu US $/t Pb US $/t Zn US $/t 45 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 9.0
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 & Corporate Communications
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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