Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q3 2025 Earnings Presentation
24 slides from Pan American Silver's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Earnings Review
1 EARNINGS Q3 2025 REVIEW CONFERENCE CALL // NOVEMBER 13, 2025 NYSE: PAAS | TSX:PAAS
Slide 2: Cautionary Note
2 S.A.C., which owns the Pico Machay project; and Pan American’s plans and and risks relating to the constitutional court-mandated ILO 169 consultation process CAUTIONARY NOTE expectations for its properties and operations. in Guatemala; diminishing quantities or grades of mineral reserves as proper
Slide 3: Q3 2025 Takeaways
3 Q3 2025 TAKEAWAYS // Record Attributable free cash flow of $251.7 million 1 Successful integration of our 44% interest in Adjusted earnings of $181.0 million, Juanicipio or $0.48/share1. Discovery of multiple high-grade silver Attributable production of 5.5 Moz zones at La Colorada provides silver
Slide 4: Consolidated Financial Results
4 CONSOLIDATED FINANCIAL RESULTS in millions of US$, except per share amounts Q3 2025 YTD 20251 Revenue 854.6 2,439.7 Attributable revenue3 884.4 2,466.5 Net earnings 169.2 528.1 Basic earnings per share2 0.45 1.43 Adjusted earnings3 181.0 488.4 Basic adjusted earnings per share2,3 0.48 1.33 Cash fl
Slide 5: Attributable Production
5 ATTRIBUTABLE PRODUCTION 1 Silver (koz) Gold (koz) Q3 2025 YTD 2025 Q3 2025 YTD 2025 La Colorada 1,505 4,401 1.1 3.5 Juanicipio1 580 580 1.9 1.9 Cerro Moro 559 1,592 18.8 55.5 Huaron 755 2,550 - - San Vicente2 765 2,163 - - Jacobina 1 3 47.0 139.7 El Peñon 938 2,851 28.6 84.6 Timmins 3 10 24.7 77.7
Slide 6: AISC
6 AISC1 AISC (excluding NRV)1 ($ per ounce) Q3 2025 YTD 2025 La Colorada $22.93 $22.36 Juanicipio2 ($7.34) ($7.34) Cerro Moro ($5.36) ($3.56) Huaron $33.06 $21.85 San Vicente $16.80 $19.84 Silver Segment $15.43 $16.21 Jacobina $1,295 $1,278 El Peñon $1,245 $1,248 Timmins $2,684 $2,382 Shahuindo $1,6
Slide 7: Metal Prices & Metal Sold
7 METAL PRICES & METAL SOLD Realized Metal Quantities of Metal Sold2 Prices1 Q3 2025 YTD 2025 Q3 2025 YTD 2025 Silver $39.08 $34.27 4,630 14,599 Gold $3,479 $3,210 180.7 560.8 Zinc $2,768 $2,745 10.8 32.7 Lead $1,955 $1,961 4.9 16.5 Copper $9,791 $9,504 0.5 1.4 1. Metal price stated as dollars per o
Slide 8: Q3 2025 Finished Goods and Concentrates Inventory Balance
8 Q3 2025 FINISHED GOODS AND CONCENTRATES Attributable INVENTORY BALANCE Mine/Product Payable Metal Quantities of Produced1 Metal Sold Inventory build/(draw)3 Revenue Effect5 koz koz koz US$M Silver Gold Silver (koz) Attributable inventory Attributable inventory La Colorada 1,418 1,394 24 ($1.0) bui
Slide 9: YTD 2025 Finished Goods and Concentrates Inventory Balance
9 YTD 2025 FINISHED GOODS AND CONCENTRATES Attributable INVENTORY BALANCE Mine/Product Payable Metal Quantities of Produced1 Metal Sold Inventory build/(draw)3 Revenue Effect5 koz koz koz US$M Silver Gold Silver (koz) Attributable inventory Attributable inventory La Colorada 4,132 4,022 110 ($3.9) d
Slide 10: Q3 2025 Consolidated Cash Flows
10 Q3 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $1,600 $384 $40 $12 $1,400 $1,310 ($70) ($64) $1,200 ($43) ($4) ($2) $1,109 $1,000 $911 Millions ($409) ($35) ($7) $800 $600 $400 $200 $0 Cash and STI at Adjusted Sustaining Net income tax Div
Slide 11: YTD 2025 Consolidated Cash Flows
11 YTD 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $2,500 $1,090 $7 $2,000 ($228) $1,500 ($192) $40 $15 Millions $1,353 ($116) ($64) ($31) $1,000 $887 $911 ($409) ($67) ($22) $500 $0 1 Cash and STI Adjusted Net other (e.g. Net income Sustaini
Slide 12: Q3 2025 Reconciliation of Adjusted Earnings to GAAP Net Earnings
12 Q3 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS // Q3 2025 basic adjusted earnings of $0.48/share 1 $250.0 $6.0 $2.6 $1.7 $0.8 $0.2 $200.0 $21.7 $181.0 $169.2 ($12.3) ($8.3) ($0.6) $150.0 Millions $100.0 $50.0 $- Net earnings Losses from Fair value Effect of taxes Litigation Unre
Slide 13: YTD 2025 Reconciliation of Adjusted Earnings to GAAP Net Earnings
13 YTD 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS // YTD 2025 basic adjusted earnings of $1.33/share 1 $700.0 $600.0 $8.3 $4.8 $3.3 $1.8 $21.4 $15.4 $528.1 ($54.0) $488.4 $500.0 ($38.2) ($1.6) ($0.9) $400.0 Millions $300.0 $200.0 $100.0 $- Net earnings Losses from Unrealized Fair
Slide 14: Strong Financial Position
14 STRONG FINANCIAL POSITION // ~$1.7B in Total Available Liquidity 1,3 Revolving Credit Cash + short-term Facility TOTAL AVAILABLE $750M TOTAL AVAILABLE investments LIQUIDITY3 $911M LIQUIDITY Cash + short-term investments of $910.8M $1,661M3 $1,220M excluding 44% interest in cash at Juanicipio of $
Slide 15: 2025 Operating Outlook Update
15 UPDATE1 2025 OPERATING OUTLOOK // Guidance for Attributable silver production increased and forecasted Silver Segment AISC reduced to reflect Juanicipio. Outlook maintained for gold and base metal production, gold segment AISC, and capital expenditures YTD 2025 2025 Annual Guidance 2025 Annual Gu
Slide 16: Q&A
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Slide 17: Pan American Silver Mineral Reserves
17 PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025
Slide 18: Pan American Silver Measured + Indicated Resources
18 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 19: Pan American Silver Measured + Indicated Resources
19 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 20: Pan American Silver Inferred Mineral Resources
20 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5)
Slide 21: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
21 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025
Slide 22: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
22 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025
Slide 23: General Notes Applicable to the Foregoing Tables
23 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 24: 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/