Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q1 2025 Earnings Presentation
23 slides from Pan American Silver's earnings presentation, May 8, 2025
Slide 1: Conference Call, May 8, 2025
1 CONFERENCE CALL // MAY 8, 2025
Slide 2: Cautionary Statement and Non-GAAP Measures
2 assumptions that, while considered reasonable by Pan American, are inherently countries where Pan American may carry on business, including legal restrictions subject to significant operational, business, economic and regulatory uncertainties relating to mining, risks relating to expropriation and
Slide 3: Adjusted Earnings of $153.0 million ($0.42 per share)
3 // Adjusted Earnings of $153.0 million ($0.42 per share) 1 Production of 5.0 million ounces silver Record mine operating earnings of and 182 thousand ounces gold $250.8 million and $112.6 million in free cash flow4 Silver Segment AISC of $13.94 per ounce Strong financial position with $1.7 and Gol
Slide 4: Q1 2025 Financial Results
4 in millions of US$, except per share amounts Q1 2025 Revenue 773.2 Mine operating earnings 250.8 Net earnings 169.3 Basic earnings per share1 0.47 Adjusted earnings2 153.0 Basic adjusted earnings per share1,2 0.42 Net cash generated from operating activities 174.8 Net cash generated from operating
Slide 5: Silver Production, Gold Production and AISC by Mine
5 Silver Production Gold Production AISC4 (excl. NRV)5 1 (koz) (koz) ($ per ounce) Q1 2025 Q1 2025 Q1 2025 La Colorada 1,389 1.2 19.72 Cerro Moro 545 20.6 (4.40) Huaron 951 - 13.09 San Vicente1 643 - 19.70 Silver Segment2 3,528 21.7 13.94 Jacobina 1 45.1 1,243 El Peñon 945 28.2 1,214 Timmins 4 28.5
Slide 6: Realized Metal Prices and Quantities of Metal Sold
6 Realized Metal Quantities of Metal Prices1 Sold2 Q1 2025 Q1 2025 Silver $31.25 5,201 Gold $2,868 194.1 Zinc $2,819 13.5 Lead $1,974 6.2 Copper $9,287 0.4 1. Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead and copper, inclusive of final settlement a
Slide 7: Inventory Drawdowns and Metal Sold vs Produced
7 // Net inventory drawdowns contributed to increased revenue in Q1 2025, however this also led to additional cost of sales expens ed from inventory movements and royalties on sales, which as a net resulted in a diluted impact on mine operating earnings. Payable Metal Quantities of Inventory Estimat
Slide 8: Cash and Short-Term Investments Bridge
8 Sustaining Cash Flow Performance Growth, Business Development, and Other $1,400 $342 $1,200 ($95) $1,000 ($65) $951 ($62) $923 $887 ($36) ($20) ($19) ($7) ($2) Millions $800 $600 $400 $200 $0 Cash and STI at Adjusted Net income tax Net changes in Sustaining capital Dividends paid Shares Cash and S
Slide 9: Net Earnings to Adjusted Earnings Bridge
9 Q1 2025 basic adjusted earnings of $0.42/share 1 $200.0 $4.2 $1.9 $1.6 $0.5 $180.0 $169.3 $5.9 $160.0 ($15.6) $153.0 ($13.0) ($1.0) ($0.7) ($0.1) $140.0 $120.0 Millions $100.0 $80.0 $60.0 $40.0 $20.0 $- Net earnings Unrealized Severance Change in Investment loss Mineral Derivative Effect of foreig
Slide 10: Total Available Liquidity
10 // Record cash and short-term investments balance in Q11 Revolving Credit Cash + short-term Facility TOTAL AVAILABLE TOTAL AVAILABLE investments $750M LIQUIDITY3 $923M LIQUIDITY Cash + short-term investments of $923M $1,673M3 $1,220M Total debt2 of $804.4M primarily related to senior notes: $283M
Slide 11: 2025 Production and AISC Outlook
11 11 Silver Production Gold Production AISC (Moz) (koz) ($ per ounce) 1 Silver Segment: La Colorada (Mexico) 5.50 – 5.80 2 20.00 – 22.00 Cerro Moro (Argentina) 2.80 – 2.90 77 – 87 6.00 – 10.00 Huaron (Peru) 3.70 – 3.90 – 16.00 – 17.50 San Vicente (Bolivia)2 2.70 – 2.90 – 19.00 – 20.50 Silver Segmen
Slide 12: Production Weighted to the Second Half of 2025
12 // Production weighted to the second half of 2025 • Silver production is anticipated to increase towards the second half of year largely as a result of mine sequencing into higher grade ore zones at Cerro Moro. Additionally, essential plant maintenance at San Vicente is scheduled in 2025 (mainten
Slide 13: 2025 Capital Expenditures Outlook
13 Expenditures ($ millions) Sustaining Capital Project capital invested to advance La Colorada (Mexico) 19.0 - 21.0 strategic goals: Cerro Moro (Argentina) 10.0 - 11.0 Huaron (Peru) 18.0 - 19.0 • La Colorada (Skarn) - continued San Vicente (Bolivia)1 4.5 exploration and in-fill drilling, Jacobina (
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Slide 15: Dividend Policy and Share Buyback
15 Dividend Policy Share Buyback (Normal Course Issuer Bid) Pan American supplements a base dividend of $0.10 per Pan American believes that the market price of its common common share with a variable dividend, paid on a quarterly shares, from time to time, may not fully reflect the underlying basis
Slide 16: Mineral Reserves as of June 30, 2024
PAN AMERICAN SILVER MINERAL RESERVES «>i... 30 2020 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classificetion (wit) _(g/t)__Ag(Moz) (g/t) Au (Koz) (%) __Cu(kt) _—_—(%)_—sPb (kt) —(%)_——Zn (kt) Escobal Guatemala Proven 25 ‘486 39.5 0.42 34.2 - - 1.02 25.
Slide 17: Measured and Indicated Resources as of June 30, 2024
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Contained Contained Au Property Location Classification Tonnes (Mt) Ag(s/t) “Retiosy AU (ait (kee) cu(%) Pb (%) Zn (%) Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 - Indicated 139.8 126 564.5 - - 0.04 0.79 - La Color
Slide 18: Measured and Indicated Resources as of June 30, 2024 (continued)
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Property Location Classi Tonnes (Mt) en revs Au (2/t) coe AU cu(%) Pb (%) 2m (%) Jacobina Brazil Measured 39.7 1.70 2,475.1 - - - Indicated 55.1 1.58 2,796.0 - - - La Pepa (80%)!") Chile Measured a7 0.61 922.8 - - - Indicated
Slide 19: Inferred Resources as of June 30, 2024
19 as of June 30, 20241,2,3 (5)
Slide 20: Metal Price Assumptions for Mineral Reserves and Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & bd RESOURCES «rune 30, 2024 Mine Category Ag US$/oz Au US$/oz cu US$/t Pb USS/t Zn USS/t Escobal All categories 20.00 1,300 2,204 2,424 Reserves 20.00 1,700 8,000 2,100 2,600 La Colorada Resources 22.00 1,850 9,000 2,200 2,800 La Colorada S
Slide 21: Metal Price Assumptions for Mineral Reserves and Resources (continued)
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 55 ne 0, 2024 Mine Category Ag US$/oz Au US$/oz cu uss/t Pb USS/t Zn US$/t Reserves 21.00 1,850 Timmins West Resources 23.00 1,950 Reserves 21.00 1,850 Bell Creek Resources 23.00 1,950 Whitney Resources 1,950 Reserves 21.00 1,850
Slide 22: Mineral Reserve and Resource Estimation Notes
22 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 Instrument 43-101 – Standards of Disclosu
Slide 23: Conference call audio and presentation archive
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/