Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q4 2025 Earnings Presentation
28 slides from Pan American Silver's earnings presentation, Feb 19, 2026
Slide 1: Earnings Q4 2025 Review
1 EARNINGS Q4 2025 REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX:PAAS
Slide 2: Cautionary Note
2 expectation that production will be weighted to the second half of 2026; statements regulations and government practices in the jurisdictions where we operate, CAUTIONARY NOTE regarding the investments in capital projects, and any anticipated benefits therefrom; including environmental, export and
Slide 3: Q4 2025 Takeaways
3 Q4 2025 TAKEAWAYS // Solid Q4 operating performance achieves gold and silver annual guidance ranges 1 Attributable production of 7.3 Moz Record adjusted earnings of $470 silver and 197.8 koz gold2 million, or $1.11/share3 Silver Segment AISC of $9.51 per ounce and Gold Segment AISC of $1,699 per R
Slide 4: Consolidated Financial Results
4 CONSOLIDATED FINANCIAL RESULTS in millions of US$, except per share amounts Q4 2025 FY 20251 Revenue 1,179 3,619 Attributable revenue2,3 1,309 3,776 Net earnings 452 980 Basic earnings per share4 1.07 2.56 Adjusted earnings3 470 959 Basic adjusted earnings per share3,4 1.11 2.54 Cash flow from ope
Slide 5: Attributable Production
5 ATTRIBUTABLE PRODUCTION 1 Silver (koz) Gold (koz) Q4 2025 FY 2025 Q4 2025 FY 2025 La Colorada 1,614 6,015 1.1 4.6 Juanicipio1 1,915 2,495 4.8 6.7 Cerro Moro 917 2,509 27.6 83.1 Huaron 785 3,335 0.1 0.1 San Vicente2 764 2,928 - - Jacobina 1 5 50.8 190.5 El Peñon 1,058 3,909 30.5 115.2 Timmins 3 14
Slide 6: All-In Sustaining Costs (AISC)
6 ALL-IN SUSTAINING COSTS (“AISC”)1 AISC, excluding NRV1 ($ per ounce) Q4 2025 FY 2025 La Colorada 30.31 24.85 Juanicipio2 (2.09) (3.18) Cerro Moro (35.47) (14.04) Huaron 20.62 21.55 San Vicente3 28.32 21.77 Silver Segment 9.51 13.88 Jacobina 1,383 1,306 El Peñon 722 1,104 Timmins 2,634 2,443 Shahui
Slide 7: Metal Prices & Metal Sold
7 METAL PRICES & METAL SOLD Realized Metal Quantities of Metal Sold2 Prices1 Q4 2025 FY 2025 Q4 2025 FY 2025 Silver $58.16 $40.78 5,468 20,067 Gold $4,186 $3,459 192.1 752.9 Zinc $3,198 $2,865 11.8 44.5 Lead $1,976 $1,965 5.2 21.7 Copper $11,342 $10,082 0.6 2.1 1. Metal price stated as dollars per o
Slide 8: Q4 2025 Finished Goods and Concentrates Inventory Balance
8 Q4 2025 FINISHED GOODS AND CONCENTRATES Payable Metal Quantities of Attributable INVENTORY BALANCE Mine/Product Produced Metal Sold (Attributable)1 (Attributable) Inventory build/(draw) Revenue Effect2 koz koz koz US$M Silver Gold Silver (koz) Attributable inventory Attributable inventory La Color
Slide 9: FY 2025 Finished Goods and Concentrates Inventory Balance
9 FY 2025 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 Color
Slide 10: Q4 2025 Consolidated Cash Flows
10 Q4 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $1,800 $44 $36 $6 $1,600 $614 ($90) $1,364 $32 $1,400 ($82) $1,319 ($59) ($15) ($28) ($27) ($16) ($6) $1,200 Millions $1,000 $911 $800 $600 $400 $200 $0 Cash and STI Adjusted Dividends Net cha
Slide 11: FY 2025 Consolidated Cash Flows
11 FY 2025 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $3,000 $44 $14 $1,708 $2,500 ($318) $2,000 ($275) $1,810 $48 ($175) Millions ($46) ($30) $1,500 $1,319 ($394) ($94) ($28) ($22) $1,000 $887 $500 $0 Cash and STI Adjusted Dividends Net other (e
Slide 12: Q4 2025 Reconciliation of Adjusted Earnings to GAAP Net Earnings
12 Q4 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS // Q4 2025 basic adjusted earnings of $1.11/share 1 $600 $8 $7 $3 $2 $47 $500 $470 $452 ($38) ($10) ($1) $400 Millions $300 $200 $100 $- Net earnings Asset retirment Unrealized Losses from Other Litigation Unrealized Effect of forei
Slide 13: FY 2025 Reconciliation of Adjusted Earnings to GAAP Net Earnings
13 FY 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS // FY 2025 basic adjusted earnings of $2.54/share 1 $1,200 $23 $9 $5 $5 $1 $29 $980 $49 $1,000 ($75) $959 ($64) ($2) ($1) $800 Millions $600 $400 $200 $- Net earnings Asset retirement Losses from sale Unrealized Other Severance Liti
Slide 14: Strong Financial Position
14 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Credit Cash + short-term Facility TOTAL AVAILABLE $750M TOTAL AVAILABLE investments LIQUIDITY1 $1,319M LIQUIDITY Cash + short-term investments of $1,319M $2,069M3 $1,220M excluding 44% interest in cash at Juani
Slide 15: 2025 Actual Relative to Guidance
15 2025 ACTUAL RELATIVE TO GUIDANCE FY 2025 2025 Actual Attributable Silver Production Guidance1,2 was higher than the updated Attributable Production 2025 Guidance Range. Silver – Moz 22.00 – 22.50 22.84 Attributable Gold Production Gold – koz 735.0 – 800.0 742.2 was within the 2025 Guidance Range.
Slide 16: 2025 Capital Expenditures Relative to Guidance
16 2025 CAPITAL EXPENDITURES RELATIVE TO GUIDANCE FY 2025 Actual FY 2025 Expenditures Forecast1 Project capital invested to advance Sustaining Capital strategic goals: La Colorada 19 19 – 21 • La Colorada (Skarn) – continued Juanicipio2 9 - exploration and in-fill drilling, Cerro Moro 17 10 – 11 and
Slide 17: 2026 Guidance
17 2026 GUIDANCE // Expecting a ~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 ($4.54/lb) ANNUAL CONSOLIDATED ANNUAL C
Slide 18: 2026 Operating Outlook
18 2026 OPERATING OUTLOOK Attributable Attributable AISC Silver Production Gold Production ($ 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 19: 2026 Quarterly Operating Outlook
19 2026 QUARTERLY OPERATING OUTLOOK // Production weighted to the second half of 2026 (“H2 2026”) Attributable Silver Production is expected to be higher in H2 2026, largely as a result of increased production from El Peñon, Juanicipio, La Colorada, and San Vicente; partially offset by lower product
Slide 20: 2026 Expenditures Forecast
20 2026 EXPENDITURES FORECAST Expenditures ($ millions) Sustaining Capital Project capital expected to be invested to advance strategic goals: La Colorada (Mexico) 21 – 23 Juanicipio (Mexico)1 28 – 30 • Jacobina – to complete process plant optimization projects Cerro Moro (Argentina) 6–7 and continu
Slide 21: Q&A
Q&A To join the queue: Press * and 1 on your touch-tone telephone. You will hear a tone acknowledging your request. If you wish to remove yourself from the queue, press * and 2
Slide 22: Pan American Silver Mineral Reserves
22 PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025
Slide 23: Pan American Silver Measured + Indicated Resources
23 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 24: Pan American Silver Measured + Indicated Resources
24 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 25: Pan American Silver Inferred Mineral Resources
25 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5)
Slide 26: 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 26 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 27: General Notes Applicable to the Foregoing Tables
27 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 28: 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/