Slide 1: Q1 2026 Earnings Review
1 EARNINGS Q12026 REVIEW CONFERENCE CALL // May 6, 2026 NYSE: PAAS | TSX:PAAS
Slide 2: Cautionary Note
2 and Pan American’s plans and expectations for its properties and operations. help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any CAUTIONARY NOTE These forward-l
Slide 3: Q1 2026 Takeaways
3 Q1 2026 TAKEAWAYS // Robust Q1 operating performance; we remain on track to achieve annual guidance 1 Attributable production of 6.4 Moz Net Earnings of $456 million, or silver and 169.2 koz gold2 $1.08/share. Adjusted earnings of $459 million, or $1.09/share3 Silver Segment AISC of $6.63 per ounc
Slide 4: Enhanced Shareholder Returns Framework
4 ENHANCED SHAREHOLDER RETURNS FRAMEWORK // Targeting 35% - 40% of Attributable free cash flow 1 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 $0.18
Slide 5: Disciplined Approach to Capital Allocation
5 DISCIPLINED APPROACH TO CAPITAL ALLOCATION // Robust free cash flow generation driven by cost management and operational performance enables strong shareholder returns Attributable Cash Flow from Operations1 Sustaining Financial Strength High-Return Organic Share Repurchases2 Capital and Balance S
Slide 6: Consolidated Financial Results
6 CONSOLIDATED FINANCIAL RESULTS in millions of US$, except per share amounts Q1 2026 Revenue $1,154 Attributable revenue1,2 $1,332 Net earnings $456 Basic earnings per share3 $1.08 Adjusted earnings2 $459 Basic adjusted earnings per share2,3 $1.09 Cash flow from operations $505 Attributable cash fl
Slide 7: Attributable Production
7 ATTRIBUTABLEPRODUCTION 1 Silver (koz) Gold (koz) Silver Production (Moz) 6.80 Q1 2026 Q1 2026 6.60 La Colorada 1,567 1.1 6.44 Q1 operating Juanicipio1 1,746 5.0 6.30 outlook range Cerro Moro 668 21.5 Huaron 706 - 6.10 San Vicente2 637 - 5.80 Jacobina - 44.5 El Peñon 900 21.2 Gold Production (koz)
Slide 8: Attributable AISC
8 ATTRIBUTABLEAISC AISC3 Silver Segment AISC3 ($/oz) 1 $18.00 $17.00 ($ per ounce) Q1 Operating Outlook range La Colorada 37.01 $14.00 $14.75 Juanicipio1 (3.05) Cerro Moro (70.40) $10.00 Huaron 32.57 6.63 San Vicente2 49.61 $6.00 Silver Segment 6.63 Jacobina 1,724 Gold Segment AISC3 ($/oz) El Peñon
Slide 9: Metal Prices & Metal Sold
9 METAL PRICES & METAL SOLD Realized Metal Quantities of Metal Prices1 Sold2 Q1 2026 Q1 2026 Silver $89.43 3,826 Gold $4,859 163.7 Zinc $3,750 7.3 Lead $2,076 3.9 Copper $14,496 0.6 1. Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead and copper. Exclu
Slide 10: Q1 2026 Finished Goods and Concentrates Inventory Balance
10 Q1 2026 FINISHED GOODS AND CONCENTRATES Payable Metal Quantities of Attributable INVENTORY BALANCE Mine/Product Produced Metal Sold (Attributable)1 (Attributable) Inventory build/(draw) Revenue Effect2 koz koz koz US$M Silver Gold Silver (koz) Attributable inventory Attributable inventory La Colo
Slide 11: Q1 2026 Consolidated Cash Flows
11 Q1 2026 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $2,500 $676 $2,000 ($135) ($87) $1,641 $14 $1,614 ($76) ($29) ($25) $1,500 ($2) ($34) ($7) Millions $1,319 $1,000 $500 $0 Cash and STI at Adjusted Net income tax Sustaining capital Dividends p
Slide 12: Q1 2026 Reconciliation of Adjusted Earnings to GAAP
12 Q1 2026 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS // Q1 2026 basic adjusted earnings of $1.09/share 1 $600 $500 $6 $4 $2 $456 $9 $459 ($13) ($5) $400 Millions $300 $200 $100 $- Net earnings Losses from Effect of foreign Unrealized Litigation Unrealized Asset retirment Adjusted earn
Slide 13: Direct Operating Costs by Category
13 DIRECT OPERATING COSTS BY CATEGORY // Maintaining guidance for Silver and Gold segment AISC through disciplined cost management ➢ Fuel accounted for ~5% of production costs in Q1 Fuel Others 2026 5% Utilities 5% 5% ➢ Higher fuel prices can have broader inflationary effects, including on labour, c
Slide 14: Strong Financial Position
14 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Credit Facility Cash + Cash + short-term $750M TOTAL AVAILABLE investments TOTAL AVAILABLE investments LIQUIDITY1 $1,614M LIQUIDITY Cash + investments of $1,614M $2,364M3 $1,220M excluding 44% interest in cash
Slide 15: 2026 Guidance
15 2026 GUIDANCE // Expecting a year-over-year ~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 ($4.54/lb) ANNUAL CONSOL
Slide 16: 2026 Operating Outlook
16 2026 OPERATING OUTLOOK Attributable Attributable AISC Silver Production Gold Production ($ 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) –
Slide 17: 2026 Quarterly Operating Outlook
17 2026 QUARTERLY OPERATING OUTLOOK // Gold production 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 is expecte
Slide 18: 2026 Expenditures Forecast
18 2026 EXPENDITURES FORECAST Expenditures ($ millions) Project capital expected to be invested to advance strategic goals: Sustaining Capital • Jacobina – to complete process plant optimization projects and La Colorada (Mexico) 21 – 23 continue advancing mine and plant optimization studies, includi
Slide 19: Q&A
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Slide 20: Pan American Silver Mineral Reserves
20 PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025
Slide 21: Pan American Silver Measured + Indicated Resources
21 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 22: Pan American Silver Measured + Indicated Resources
22 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 23: Pan American Silver Inferred Mineral Resources
23 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4
Slide 24: 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 24 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 25: General Notes Applicable to the Foregoing Tables
25 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 Natio
Slide 26: Archived Recording
ARCHIVED RECORDING The audio and presentation archive of this conference call and webcast will be accessible on our website at: https://www.panamericansilver.com/investors/events-and-presentations/