Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (January 2026)
34 slides from Pan American Silver's investor presentation, January 2026
Slide 1: The World's Premier Silver Mining Company
P R E S E N TAT I O N // JANUARY 2026 THE WORLD’S PREMIER SILVER MINING COMPANY NYSE | TSX PAAS 1
Slide 2: Cautionary Note
NYSE | TSX including our estimated production of silver, gold, and other metals in 2025; labour, materials, supplies and services (including transportation); fluctuations PAAS CAUTIONARYNOTE estimates of cash and short-term investments and total available liquidity at December 31, 2025, which remain
Slide 3: Cautionary Note Continued: Technical Information
NYSE | TSX PAAS CONTINUED Technical information contained in this presentation with respect to Pan has been made that the mineralization could be economically and legally American has been reviewed and approved by Christopher Emerson, produced or extracted at the time the reserve determination is ma
Slide 4: Diversified Assets + Growth Catalysts
DIVERSIFIED ASSETS + GROWTH CATALYSTS // Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years • 10 producing silver and gold operations1 9% 4% 23% • Advancing an extensive mine optimization 11% study at Jacobina $884.4M • Future silver growt
Slide 5: Juanicipio: One of the Best Silver Mines Globally
JUANICIPIO: ONE OF THE BEST SILVER MINES GLOBALLY // Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally1 $5.00 2024 Co-Product AISC ($/oz Ag) Top 10 Primary Silver Mines by Production
Slide 6: 2025 Production
2025 PRODUCTION1 // Achieved 2025 silver and gold production guidance 2 Attributable silver production exceeded the updated annual guidance range following record attributable silver production of 7.3 Moz in Q4 20253. Attributable gold production was within the annual guidance range following attrib
Slide 7: Operations Generating Attractive Margins
OPERATIONS GENERATING ATTRACTIVE MARGINS // Disciplined cost performance delivers margin expansion from higher metal price Silver Segment AISC1, 2 vs Realized Price Gold Segment AISC1 vs Realized Price 3,479 39.08 3,305 2,868 32.91 2,666 30.87 31.25 29.52 2,475 28.14 2,336 2,078 22.61 20.90 19.88 1,
Slide 8: 2026 Guidance
2026 GUIDANCE // Expecting a ~14% increase in attributable silver production 1 Ag Au 25.0 – 27.0 Moz 700 – 750 koz ANNUAL CONSOLIDATED ANNUAL CONSOLIDATED ATTRIBUTABLE PRODUCTION ATTRIBUTABLE PRODUCTION $15.75 - $18.25 per oz $1,700 - $1,850 per oz SILVER SEGMENT AISC2 GOLD SEGMENT AISC2 Note: Pleas
Slide 9: Strong Financial Position
9 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Credit Cash + Facility short-term $750M TOTAL AVAILABLE TOTAL AVAILABLE investments LIQUIDITY4 $1,319M LIQUIDITY Cash + short-term investments of $1,3191 $2,069M3 $1,220M plus $127M of cash attributable to our 4
Slide 10: Capital Allocation Approach
CAPITAL ALLOCATION APPROACH // Pan American’s priorities for deploying free cash flow 12% Maintain balance sheet Capital Allocation since 2010 2 1 29% flexibility, with low debt Dividends 2 Invest in high-return projects: Share Buybacks • Expansion projects • Acquisitions 6% Growth Investments (expa
Slide 11: La Colorada Mine Exploration Results
LA COLORADA MINE EXPLORATION RESULTS // Discovery of multiple, high-grade silver zones has expanded inferred mineral resource • High-grade veins and replacement-style mineralization discovered east and southeast of the defined vein resource added 52.7 million ounces of silver to inferred mineral res
Slide 12: La Colorada Skarn
LA COLORADA SKARN1 // Evaluating a two-phase development approach following La Colorada exploration results • Phase 1 – sub-level stoping of the vein mine and skarn deposit for a high-grade, lower tonnage and less capital intensive mine development than described in the 2024 PEA1 • Phase 2 – larger
Slide 13: La Colorada Skarn PEA Highlights
ZACATECAS, MEXICO LA COLORADA SKARN // Exploring long-term partnerships to develop the project Preliminary Economic Assessment1 Highlights • Production averaging 17.2 Moz of silver, 427 kt of zinc and 218 kt of lead annually during the first 10 years • 50,000 tpd sub-level cave (SLC) mine and conven
Slide 14: Jacobina Optimization Study
JACOBINA OPTIMIZATION STUDY BAHIA, BRAZIL // Potential to extend mine life, increase production and improve operational efficiency Opportunities Identified to Date: • Process plant streamlining project to improve reliability, relieve Jacobina throughput constraints, reduce unit operating costs, and
Slide 15: Escobal
SANTA ROSA, GUATEMALA MEXICO ESCOBAL // One of the world’s best silver mines • High-quality, well-built operation with over $500M invested1 • One of the world’s largest primary silver deposits with reserves of 264 Moz • 3 consecutive years of production at 20 Moz Ag/year at AISC consistently below $
Slide 16: Providing Investors with the Best Exposure to Silver
PROVIDING INVESTORS WITH THE BEST EXPOSURE TO SILVER // Pan American is the leading silver producer by market cap, liquidity, and silver price correlation Silver Producers by Market Capitalization and Liquidity 1-Year Share Price Correlation to Silver Price2 $450 Pan American 68% $400 Hecla First Ma
Slide 17: Positive Silver Market Dynamics
POSITIVE SILVER MARKET DYNAMICS // Growing industrial demand from global transition to decarbonization and electrification 2025F Silver Market Dynamics1 Photovoltaic Demand Growth Ag Moz PHOTOGRAPHY & OTHER 250 SCRAP & OTHER 2% 19% COIN & NET BAR 200 18% INDUSTRIAL 59% 150 Silver Silver Supply Deman
Slide 18: Demand Expected to Exceed Supply Over Next 5 Years
DEMAND EXPECTED TO EXCEED SUPPLY OVER NEXT 5 YEARS Silver Market Total Supply and Demand Total Supply Total Demand 1,300 Silver (Moz) 1,100 900 700 500 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F Silver Market Balance Market Surplus Market Deficit 100 Silver (Moz) 0 -100 -200 -
Slide 19: Committed to Leading ESG Performance
COMMITTED TO LEADING ESG PERFORMANCE REPORTING FRAMEWORKS AND STANDARDS ESG RATINGS AND RANKINGS 66 A RATING Ranked Topth7 Ranked Top 40h Percentile in the Metals & percentile in Metals and Mining industry Mining– Precious Metals MEMBERSHIPS AND ASSOCIATIONS Scale: 0 (worst) to 100 (best) Scale: CCC
Slide 20: Pan American Snapshot
1 PAN AMERICAN SNAPSHOT // A leading producer of silver & gold in the Americas NYSE: PAAS // PAAS SNAPSHOT 1 TSX: PAAS Analyst Coverage5 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) $23.3B $0.14 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don De
Slide 21: 2026 Operating Outlook
2026 OPERATING OUTLOOK Attributable Attributable AISC Silver Production Gold Production ($ 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) – (21
Slide 22: 2026 Expenditures Forecast
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 continue a
Slide 23: Shareholder Returns
SHAREHOLDER RETURNS Dividend Policy Share Buyback (Normal Course Issuer Bid) Pan American supplements a base dividend of $0.10 per common Pan American believes that the market price of its common share with a variable dividend, paid on a quarterly basis, that is shares, from time to time, may not fu
Slide 24: Sustainability Governance and Management
SUSTAINABILITY GOVERNANCE AND MANAGEMENT // Structure and Accountability BOARD OF DIRECTORS Senior Management’s Compensation linked to ESG Performance • The Communities and Sustainable Development Committee reviews the Company’s sustainability performance and management of sustainability impacts. •
Slide 25: Navidad
CHUBUT, ARGENTINA NAVIDAD // One of the largest undeveloped Navidad primary silver deposits • 100% owned silver project • Project comprises 8 individual mineral deposits in 3 separate mineralized trends • Scalable production profile with high-grade mineralization at surface • Development contingent
Slide 26: La Colorada Skarn PEA Results Summary
LA COLORADA SKARN PEA RESULTS SUMMARY // 50,000 tpd case Construction period 6 years Production mine life 17 years Notes: Production rate 50 ktpd (or 18.25 Mtpa) 1. Assumes metal prices of $2,800 Mineable inventory 284.7 million tonnes per tonne of zinc, $2,200 per tonne of lead, and $22.00 per Aver
Slide 27: Pan American Silver Mineral Reserves
PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025 27
Slide 28: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 28
Slide 29: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 29
Slide 30: Pan American Silver Inferred Mineral Resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5) 30
Slide 31: Metal Price Assumptions Used to Estimate Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 31
Slide 32: Metal Price Assumptions Used to Estimate Reserves & Resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 32
Slide 33: General Notes Applicable to the Foregoing Tables
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 National
Slide 34: Investor Relations Contact
Siren Fisekci VP, INVESTOR RELATIONS & CORPORATE COMMUNICATIONS +1.604.806.3191 | ir@panamericansilver.com panamericansilver.com Suite 2100, 733 Seymour St Vancouver, BC, V6B 0S6 34
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