Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (October 2026)
52 slides from Pan American Silver's investor presentation, October 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 O C TO B E R 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 Headquarters 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 expansion Future silver Large silver & Juanicipio La
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 70.97 4,402 4,186 58.16 3,479 3,305 2,868 2,666 2,475 39.08 2,336 32.91 1,984 29.52 30.8
Slide 5: Strong Financial Position
Strong Financial Position $97M Attributable cash at Juanicipio Capacity to fund growth and shareholder returns Cash + investments of $1,705M $1,500M Revolving Credit • Excluding 44% interest in cash at Juanicipio of $97M Attributable to Facility Pan American. Total debt2 of $841M primarily related t
Slide 6: Enhanced Shareholder Returns Framework
6 Enhanced Shareholder Returns Framework Targeting to return 35% - 40% of Attributable free cash flow1 to shareholders in 20262 • Expect to pay $305 million in aggregate dividends in 2026 in equal quarterly installments. • Accelerated repurchases of common shares, pursuant to the Company’s Normal Co
Slide 7: Track record of replacing reserves through targeted near-mine exploration
Track record of replacing reserves through targeted near-mine exploration Exploration has historically replaced ~67%5 of silver ounces mined at an average cost of ~$1.11/oz Ag6 Silver P&P1 Mineral Reserves Evolution Over 20 Year History (Moz Ag)2 Exploration Driven Growth: 478.3 546.8 La Colorada Sk
Slide 8: High-value organic growth opportunities
High-value organic growth opportunities Plus optionality of silver growth through Escobal and Navidad La Colorada, Mexico Timmins, Canada Mine expansion expected to result in a Potential mine life extension and top-tier silver mine producing an production growth by utilizing spare annual average of
Slide 9: La Colorada Vein Exploration – Success Through the Drill Bit
La Colorada Vein Exploration – Success Through the Drill Bit In 2026, we replaced 100% of production while adding ounces Silver Mineral Reserves and Production (Moz Ag) 1 La Colorada Drilling and Inferred Mineral Resource Growth in the Veins 1 Moz Ag 160 90.0 140 80.0 88.7 80.5 70.9 77.7 74.5 70.0 1
Slide 10: La Colorada Skarn Project: Revised Preliminary Economic Assessment Highlights
La Colorada Skarn Project: Revised Preliminary Study Results Economic Assessment Highlights1 Figures do not include contribution from updated La Colorada Mineral Reserves or recent discoveries at the La Colorada vein mine Large-scale, long-life silver production at negative AISC2,3 37 Years 15,000 t
Slide 11: 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 12: 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 13: Vein Mine Workings: Decline Project
588 Decline Project1: critical path to underground mine development • First cut of decline completed in August 2026 • $265M of project capital to be invested over 588 Decline Early Works Project – Lateral development to the east production and ventilation shafts to establish orebody the next 5 years
Slide 14: Internally funded silver growth
Internally funded silver growth Cash on hand and free cash flow generation sufficient to fund La Colorada Skarn initial investment $2,500 Total Estimated Skarn Initial Investment ($M) $2,000 $515 $1,950 Strong cash and short-term investments of $1.8 billion for the period ended June 30, 2026, (inclu
Slide 15: 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 16: 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 Legend Inferred Mineral Resources Measured
Slide 17: 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 18: Juanicipio: one of the world's top silver mines
Juanicipio: one of the world’s top silver mines 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 Production Based on Publ
Slide 19: Jacobina Optimization
Jacobina Optimization Targeting long-term operational efficiency through the following projects: Process Plant Trade-off study underway to evaluate (a) upgrading the existing process plant circuitry, or (b) constructing a new, state-of-the-art processing facility. Tailings Filtration Plant Transitio
Slide 20: Timmins Camp Project Key Opportunities
Timmins Camp1 Project Key Opportunities: Long Term Gold Production Vision & Project Pipeline; PEA targeted for H1 2027 Excess Mill Capacity P+P: 234 Koz • Leverage excess mill capacity through Timmins West 2 M&I: 161 Koz production from satellite deposits and Inferred: 13 Koz potential toll milling
Slide 21: Escobal
Escobal Historical Silver $9.15 $9.11 $8.06 Optionality for material growth in silver Production & AISC • 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
Slide 22: 2026 Guidance
2026 Guidance Expect gold production to be at low end of guidance range and Gold Segment AISC at high end of guidance range1 Ag Annual consolidated attributable production 25.0 - 27.0 Moz Silver segment AISC2 $15.75 - $18.25 per oz Au Annual consolidated attributable production 700 - 750 Koz Gold se
Slide 23: 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 7th 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 24: 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 25: 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 26: 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 80% Fresnillo 45.6 511.1 First Ma
Slide 27: 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 management team Strong cash flow generation with a new, Trac
Slide 28: Pan American Snapshot
Pan American Snapshot1 PAAS Snapshot1 A leading producer of silver & gold in the Americas NYSE: PAAS | TSX: PAAS Analyst Coverage6 Top Shareholders7 $18.8B $0.184 BMO Capital Markets (Matthew Murphy) Van Eck (4.7%) Market Cap1 Quarterly BofA Global Research (Lawson Winder) Global X Management (3.7%)
Slide 29: Appendix
AMERICAN Appendix
Slide 30: 2026 Operating Outlook
2026 Operating Outlook Expect gold production to be at low end of guidance range and Gold Segment AISC at high end of guidance range1 Attributable Attributable AISC Silver Production Gold Production ($ per ounce) 1 (Moz) (Koz) Silver Segment: La Colorada (Mexico) 5.80 – 6.25 2.5 33.25 – 35.753 Juani
Slide 31: 2026 Quarterly Operating Outlook
2026 Quarterly Operating Outlook Silver production outlook maintained. Gold production is expected to be more heavily weighted toward Q4, with Q3 production expected to be three to six thousand ounces below the low-end of guidance range, and full-year gold production at the low-end of guidance range
Slide 32: 2026 Expenditures Forecast
Expenditures ($ millions) 2026 Expenditures Forecast Sustaining Capital La Colorada (Mexico) 21 – 23 Juanicipio (Mexico)1 28 – 30 Project capital investment: Cerro Moro (Argentina) 6–7 Huaron (Peru) 22 – 24 Jacobina – to complete process plant optimization projects and continue San Vicente (Bolivia)
Slide 33: Direct operating costs by category
Direct operating costs by category 35% Maintaining guidance for silver segment and gold segment AISC Salaries & through disciplined cost management employee benefits • Fuel accounted for ~5% of production costs in Q2 2026. 25% Contractors2 • Higher fuel prices can have broader inflationary effects,
Slide 34: 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 35: 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 • Work collaboratively with Fresnillo, the mines in the world. operator and 56% owner, to advance the • Pan American’
Slide 36: Jacobina
TYPE LOCATION OWNERSHIP Jacobina Au Underground Mine Bahia, Brazil 100% About Jacobina Opportunities Mine Overview • Nominal ~8,400 tpd reef-style deposit and • Optimization program underway to maximize underground mine producing doré through a life-of-mine economics. conventional leaching carbon-in
Slide 37: 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 38: Timmins
TYPE LOCATION OWNERSHIP Timmins Au Underground Mine Ontario, Canada 100% About Timmins Opportunities Mine Overview • Two underground gold mines (Bell Creek and • Spare mill capacity (average throughput 4,400 Timmins West) and a leach and carbon-in-pulp tpd vs mill capacity 5,600 tpd). processing pla
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 c
Slide 45: Pan American Silver Mineral Reserves
Pan American Silver Mineral Reserves as of June 30, 20261,2 Pan American is the leading silver producer by silver mineral reserves and silver price correlation PRESENTATION OCTOBER 2026 45
Slide 46: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20261,2 PRESENTATION OCTOBER 2026 46
Slide 47: Pan American Silver Measured + Indicated Resources
Pan American Silver Measured + Indicated Resources as of June 30, 20261,2 PRESENTATION OCTOBER 2026 47
Slide 48: Pan American Silver Inferred Mineral Resources
Pan American Silver Inferred Mineral Resources as of June 30, 20261,2 PRESENTATION OCTOBER 2026 48
Slide 49: Pan American Silver Inferred Mineral Resources
Pan American Silver Inferred Mineral Resources as of June 30, 20261,2 PRESENTATION OCTOBER 2026 49
Slide 50: Metal Price Assumptions
Metal Price Assumptions as of June 30, 2026 PRESENTATION OCTOBER 2026 50
Slide 51: General Notes Applicable to the Foregoing Tables
General Notes Applicable to the Foregoing Tables With the exception of Juanicipio, all other 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 Standard
Slide 52: Siren Fisekci
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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