Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q2 2025 Earnings Presentation
25 slides from Pan American Silver's earnings presentation, Aug 7, 2025
Slide 1: Conference Call August 7, 2025
1 CONFERENCE CALL // AUGUST 7, 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: Q2 2025 Highlights
3 // Adjusted Earnings of $155.4M ($0.43 per share) 1 Production of 5.1M ozs silver and Record mine operating earnings of 178.7k ozs gold $273.3M Silver Segment AISC of $19.69 per ounce Record free cash flow of $233.0M4 and Gold Segment AISC of $1,611 per ounce1,2 Announced agreement to acquire MAG
Slide 4: Financial Results: Revenue, Mine Operating Earnings, Net Earnings
4 in millions of US$, except per share amounts Q2 2025 H1 20251 Revenue 811.9 1,585.1 Mine operating earnings 273.3 524.1 Net earnings 189.6 358.9 Basic earnings per share2 0.52 0.99 Adjusted earnings3 155.4 308.4 Basic adjusted earnings per share2,3 0.43 0.85 Net cash generated from operating activ
Slide 5: Silver and Gold Production by Mine
5 Silver Production Gold Production 1 (koz) (koz) Q2 2025 H1 2025 Q2 2025 H1 2025 La Colorada 1,507 2,896 1.3 2.4 Cerro Moro 488 1,033 16.1 36.7 Huaron 844 1,795 - - San Vicente1 755 1,398 - - Jacobina 1 2 47.6 92.7 El Peñon 968 1,912 27.9 56.1 Timmins 3 7 24.5 53.0 Shahuindo 60 125 33.7 63.2 Minera
Slide 6: AISC (excluding NRV) by Mine
6 AISC (excluding NRV)1 ($ per ounce) Q2 2025 H1 2025 La Colorada $24.18 $22.06 Cerro Moro ($0.47) ($2.57) Huaron $22.73 $17.50 San Vicente $23.39 $21.28 Silver Segment $19.69 $16.69 Jacobina $1,296 $1,270 El Peñon $1,284 $1,249 Timmins $2,420 $2,260 Shahuindo $1,551 $1,496 Minera Florida $2,403 $2,
Slide 7: Realized Metal Prices and Quantities of Metal Sold
7 Realized Metal Quantities of Metal Sold2 Prices1 Q2 2025 H1 2025 Q2 2025 H1 2025 Silver $32.91 $32.04 4,769 9,970 Gold $3,305 $3,082 186.1 380.1 Zinc $2,597 $2,733 8.4 21.9 Lead $1,954 $1,964 5.4 11.6 Copper $9,401 $9,351 0.5 0.9 1. Metal price stated as dollars per ounce for silver and gold, and
Slide 8: Payable Metal Produced vs Sold and Inventory Effect
8 Payable Metal Quantities of Inventory Revenue Mine/Product Produced1 Metal Sold build/(draw)3 Effect koz koz koz US$M Silver Gold Silver (koz) Inventory build of 84 koz Inventory draw of 7.8 koz La Colorada 1,415 1,377 38 ($1.3) Cerro Moro 488 530 (42) $1.1 Huaron 738 740 (3) - San Vicente2 730 60
Slide 9: Q2 2025 Cash and Short-Term Investments Movement
9 Sustaining Cash Flow Performance Growth, Business Development, and Other $1,400 $364 $6 $6 $1,200 $1,124 $5 ($68) $1,109 ($60) ($36) ($11) ($13) ($7) $1,000 $923 Millions $800 $600 $400 $200 $0 Cash and STI at Adjusted Net other (e.g. Net changes in Net income tax Sustaining Dividends paid Shares
Slide 10: H1 2025 Cash and Short-Term Investments Movement
10 Sustaining Cash Flow Performance Growth, Business Development, and Other $1,800 $706 $8 $1,600 $1,400 ($163) ($123) $1,152 $4 $1,200 $1,109 ($72) ($60) Millions ($31) ($32) ($15) $1,000 $887 $800 $600 $400 $200 $0 Cash and STI at Adjusted Net other (e.g. Net income tax Sustaining Dividends paid N
Slide 11: Q2 2025 Adjusted Earnings Bridge
11 Q2 2025 basic adjusted earnings of $0.43/share 1 $250.0 $189.6 $8.7 $1.6 $0.4 $0.4 $0.1 $200.0 ($28.7) $155.4 $150.0 ($9.6) ($4.9) ($0.8) ($0.7) ($0.7) Millions $100.0 $50.0 $- Net earnings Unrealized Litigation Severance Change in Net realizable Effect of Derivative Investment Mineral Accretion
Slide 12: H1 2025 Adjusted Earnings Bridge
12 H1 2025 basic adjusted earnings of $0.85/share 1 $450.0 $400.0 $4.6 $2.3 $1.6 $358.9 $14.6 $350.0 ($41.7) $308.4 $300.0 ($25.2) ($3.3) ($1.4) ($0.9) ($0.8) ($0.3) $250.0 Millions $200.0 $150.0 $100.0 $50.0 $- Net earnings Unrealized Severance Change in Litigation Effect of foreign Derivative Inve
Slide 13: Total Available Liquidity
13 // Record cash and short-term investments balance in Q21 Revolving Credit Cash + short-term Facility TOTAL AVAILABLE $750M TOTAL AVAILABLE investments LIQUIDITY3 $1,109M LIQUIDITY Cash + short-term investments of $1,109M $1,859M3 $1,220M Total debt2 of $820.7M primarily related to senior notes: $
Slide 14: 2025 Operating Outlook
14 14 // As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG Silver Corp. acquisition 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 Hua
Slide 15: 2025 Outlook Update Commentary
15 // As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG Silver Corp. acquisition • Gold production is expected to be more heavily weighted to the fourth quarter than indicated in the table below, as some production from the third quarter is expected to be deferred. • Silver
Slide 16: 2025 Capital Expenditures Outlook
16 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 18: 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 19: Measured & 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 20: Measured & 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 21: Inferred Resources as of June 30, 2024
21 as of June 30, 20241,2,3 (5)
Slide 22: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & bd RESOURCES «rune 30, 2024 Mine Category Ag US$/oz Au US$/oz cu US$/t Pb USS/t Zn USS/t Escobal All categories 20.00 1,300 2,204 2,424 Reserves 20.00 1,700 8,000 2,100 2,600 La Colorada Resources 22.00 1,850 9,000 2,200 2,800 La Colorada S
Slide 23: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources (continued)
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 55 ne 0, 2024 Mine Category Ag US$/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 24: Mineral Reserve and Resource Estimation Notes
24 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 25: 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/