Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (May 2026)
11 slides from Pan American Silver's investor presentation, May 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 M AY 2 0 2 6
Slide 2: Cautionary note
Cautionary note Non-GAAP Measures Pan American's most recent Form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities, respectively. This presentation of Pan American Silver Corp. and its s
Slide 3: Diversified assets & growth catalysts
Corporate Office Diversified assets & growth catalysts Timmins Scale and quality in the Americas where we have been operating for over 30 NORTH AMERICA years Dolores 10 producing Advancing an Future silver Large silver & Juanicipio La Colorada Mining operations silver and gold extensive mine growth
Slide 4: Q1 2026 takeaways
Q1 2026 takeaways On track to achieve annual guidance1 Attributable production of Silver Segment AISC of Attributable revenue2,3 of $25 million was spent on the $6.63 per ounce and Gold $1.3B despite Attributable repurchase of shares under 6.4 Moz silver and 169.2 Koz Segment AISC of $1,851 per inve
Slide 5: 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 39.08 2,475 2,336 31.25 32.91 2,078 29.52 30.87 1,8
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, to be paid in equal quarterly installments (currently equivalent to $0.18 pe
Slide 8: 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 9: Expanded La Colorada Mine production profile
Expanded La Colorada Mine1 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 f
Slide 10: La Colorada has the potential to become one of the world's largest silver mines
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 11: 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
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