Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (September 2025)
48 slides from Pan American Silver's investor presentation, September 2025
Slide 1: Presentation September 2025
P R E S E N TAT I O N // SEPTEMBER 2025
Slide 2: Cautionary note and non-GAAP measures
Escobal; Pan American’s future growth and exploration success; Pan of mining (including environmental accidents and hazards, industrial accidents, American’s future return of capital to shareholders; Pan American’s liquidity; equipment breakdown, unusual or unexpected geological or structural Pan Am
Slide 3: Technical information and cautionary note to U.S. investors
CONTINUED QA/QC and data verification matters, the key assumptions, parameters and resources,” “indicated resources” and “inferred resources” as defined in methods used by the Company to estimate mineral reserves and mineral accordance with NI 43-101 and the CIM Standards. U.S. investors are advised
Slide 4: Portfolio offers scale and quality in the Americas
// 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 10% 3% 25% • Advancing an extensive mine optimization 11% study at Jacobina $811.9M • Potential for silver growth: La Colorada Q2 2025 13% Rev
Slide 5: Juanicipio is the largest-scale and lowest-cost primary silver mine
// 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 (100%-basis) Juanicipio $10.00 JV Property Cerro
Slide 6: Juanicipio represents a 1st quartile silver asset
// Juanicipio represents a 1st quartile silver asset by production and costs Addition of Juanicipio expected to reduce Pan American’s Silver Segment AISC 1,2 Significant increase to Pan American’s $25.00 = Silver Reserves3 silver production $20.00 Huaron San Vicente (95%) La Colorada Juanicipio fore
Slide 7: Divested non-core properties while building a portfolio of royalties
7 // Divested non-core properties while building a meaningful portfolio of royalties Sale of 80% interest in the La Pepa MAG CASH Sale of the La project3 CONSIDERATION Arena gold (in progress) mine and the Sale of 57.74% La Arena II interest in the Sale of 56.25% copper/gold Aqua de la interest in t
Slide 8: Silver peers by market capitalization and operating cash flow
Silver Peers by Market Capitalization and Annual Operating Cash Flow $1,600 Hecla Change from 20182 to Current3 $1,400 Coeur First Majestic Fresnillo $1,200 Fresnillo Pan American $1,000 Annual Operating Cash Flow ($M)1 = 20182 $800 = Current3 $600 $400 Coeur $200 Hecla First Majestic $0 $0.0 $2.0 $
Slide 9: Disciplined cost performance delivers margin expansion
// Disciplined cost performance delivers margin expansion from higher metal price Silver Segment AISC1 vs Realized Price Gold Segment AISC1 vs Realized Price 32.91 3,305 30.87 31.25 29.52 28.14 2,868 2,666 2,475 22.61 2,336 20.90 2,078 19.88 19.69 18.12 16.63 1,611 1,499 1,465 1,516 1,521 1,485 13.9
Slide 10: Deploys portion of cash balance to invest in silver growth
// Deploys portion of cash balance in a measured and strategic manner to invest in silver growth Transaction Cash Consideration Revolving $500M At June 30, 2025: Credit Facility PF TOTAL • Cash + short-term investments of $1,109M $750M AVAILABLE LIQUIDITY 1 ) • Total debt4 of $821M primarily related
Slide 11: Priorities for deploying free cash flow
// Pan American’s priorities for deploying free cash flow 1 Maintain balance sheet Capital Allocation since 2010 2 flexibility, with low debt Dividends 2 Invest in high-return projects: Share Buybacks • Expansion projects • Acquisitions Growth Investments (expansion projects & acquisitions) 3 Return
Slide 12: 52.7 Moz of silver added to inferred mineral resources
// 52.7 Moz of silver added to inferred mineral resources • High-grade veins and replacement-style mineralization discovered east and southeast of the defined vein resource shows resource growth of 52.7 million ounces of silver in the inferred mineral resource category. • Pan American drilled ~65,00
Slide 13: Mineralization concentrated in 3 zones
// Mineralization is concentrated in 3 zones, covering an area of 1,500 metres x 1,100 metres, and a depth of 800 metres to 1,900 metres below surface HW Vein 1000 m DATUM: Local Mine Grid 1. Please refer to the NI 43-101 Technical Report dated January 31, 2024, as amended, for the Preliminary Econo
Slide 14: Exploring long-term partnerships to develop the project
ZACATECAS, MEXICO // 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 conventional flotation p
Slide 15: Jacobina: optimizing long-term economics and increasing throughput
BAHIA, BRAZIL // Aimed at optimizing long-term economics and increasing throughput • Long life mine with excellent exploration potential to extend down-dip and along strike of known conglomerate reefs Jacobina • Evaluating geotechnical studies to develop alternative life-of-mine designs intended to
Slide 16: One of the world's best silver mines
SANTA ROSA, GUATEMALA MEXICO // 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 $10/oz Ag
Slide 17: Leading silver producer by market cap, liquidity, and silver price correlation
// 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 $200 Pan American 74% First Majestic Hecla 70% First Majestic 67% $150 Hecla Coeur Liquidity (
Slide 18: Growing industrial demand from decarbonization and electrification
// Growing industrial demand from global transition to decarbonization and electrification 2025F Silver Market Dynamics1 Photovoltaic Demand Growth Ag Moz PHOTOGRAPHY & OTHER 250 SCRAP & 2% OTHER COIN & NET BAR 200 19% 18% INDUSTRIAL 59% 150 Silver Silver Supply Demand 100 1,030 Moz 1,148 Moz JEWELR
Slide 19: Silver market supply and demand
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 Silver Market Balance Market Surplus Market Deficit 100 Silver (Moz) 0 -100 -200 -300 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F
Slide 20: ESG ratings and rankings
REPORTING FRAMEWORKS AND STANDARDS ESG RATINGS AND RANKINGS 62 A RATING Ranked Top 7th Ranked Top 60th Percentile in the Metals & percentile in Metals and Mining industry Mining – Precious Metals MEMBERSHIPS AND ASSOCIATIONS Scale: 0 (worst) to 100 (best) Scale: CCC (worst) Included in S&P Global to
Slide 21: A leading producer of silver and gold in the Americas
// A leading producer of silver & gold in the Americas // PAAS SNAPSHOT 1 Analyst Coverage6 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) $15.0B $0.12 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don DeMarco) DIVIDEND/SHARE2 Canaccord Genuity (Car
Slide 22: Appendix
PAN AMERICAN APPENDIX
Slide 23: 2025 production and AISC guidance
23 // As provided in the Company’s Q4 2024 MD&A; excludes impact of MAG acquisition Silver Production Gold Production AISC (Moz) (koz) ($ 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 Huaron (Peru) 3.70 – 3.90 –
Slide 24: 2025 guidance update
// As provided in the Company’s Q4 2024 MD&A; excludes impact of MAG 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 Segment AISC was towards
Slide 25: 2025 expenditures guidance
// As provided in the Company’s Q4 2024 MD&A; excludes impact of MAG acquisition 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) - con
Slide 26: Dividend policy and share buyback
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, t
Slide 27: Structure and accountability
// Structure and Accountability 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. • The Health, Safety and Environment Committee provides policy
Slide 28: Juanicipio mine overview
Opportunities MINE OVERVIEW Ag Au Zn Pb Expand known inferred mineral resources that remain open at depth and laterally 6.5 – 7.3 Moz 2025F Ag Production1 TYPE LOCATION OWNERSHIP Regional opportunities remain at Mesa Grande, Underground Mine Zacatecas, Mexico 44% Triunfo, and vein projections of Sau
Slide 29: La Colorada mine overview
Opportunities MINE OVERVIEW Ag Pb Zn Leveraging new 5.5 metre concrete-lined ventilation blind excavated shaft and twin 2000- HP fan infrastructure to increase throughput 5.5 – 5.8 Moz 2025F Ag Production1 and reach higher-grade areas of the mine TYPE LOCATION OWNERSHIP Exploration to the east of NC
Slide 30: Jacobina mine overview
Opportunities MINE OVERVIEW Au Mine optimization study underway to maximize life-of-mine economics 185 – 195 koz 2025F Au Production2 TYPE LOCATION OWNERSHIP Excellent exploration potential to extend down-dip and along strike of known Underground Mine Bahia, Brazil 100% conglomerate reefs 8,500 – 9,
Slide 31: El Peñon mine overview
Opportunities MINE OVERVIEW Au Ag District-scale exploration potential being tested 120 – 130 koz Au to enhance mine life 3.7 – 3.8 Moz Ag TYPE LOCATION OWNERSHIP 2025F Production2 Aggressive resource conversion drill program Underground Mine Antofagasta, Chile 100% intended to add further reserves
Slide 32: Shahuindo mine overview
Opportunities MINE OVERVIEW Au Ag Expected leach recovery increase over LOM 125 – 135 koz 2025F Au Production1 based on metallurgical testing TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Completion of leach pads and waste dumps 36.7 – 38.1 ktpd facilities by 2027 expected to result in
Slide 33: Huaron mine overview
Opportunities MINE OVERVIEW Ag Zn Pb Cu 3.7 – 3.9 Moz Continue development and exploration of 2025F Ag Production1 TYPE LOCATION OWNERSHIP the Horizonte zone to the southeast Underground Mine Pasco, Peru 100% 2,600 – 2,800 tpd Improve electricity efficiency and lower costs 2025F Throughput1 • Huaron
Slide 34: Timmins mine overview
Opportunities MINE OVERVIEW Au Potential to improve ground stability and increase mineral resource recovery 120 – 130 koz following completion of backfill paste plant 2025F Au Production1 TYPE LOCATION OWNERSHIP at Bell Creek Underground Mine Ontario, Canada 100% Exploration and development 4,100 –
Slide 35: San Vicente mine overview
Opportunities MINE OVERVIEW Ag Zn Pb Cu 2.7 – 2.9 Moz Leverage steady state production to 2025F Ag Production1 TYPE LOCATION OWNERSHIP strengthen silver segment Underground Mine Potosi, Bolivia 95% 1,075 – 1,125 tpd Near mine exploration to replace 2025F Throughput1,2 resources; veins and geophysica
Slide 36: Minera Florida mine overview
Opportunities MINE OVERVIEW Au Ag Zn Ongoing exploration of the core mine down dip and laterally. Continued near- 78 - 90 koz site exploration to the north, east and at 2025F Au Production1 TYPE LOCATION OWNERSHIP depth where the veins are under-explored Underground Mine Metropolitan Region, Chile 1
Slide 37: Cerro Moro mine overview
MINE OVERVIEW Opportunities Ag Au Possible reduction in costs may allow us to 2.8 – 2.9 Moz Ag convert previously uneconomic lower- 77 – 87 koz Au TYPE LOCATION OWNERSHIP grade resources to reserves 2025F Production1 Open-Pit & Santa Cruz, Argentina 100% 1,100 – 1,150 tpd Underground Production Hist
Slide 38: Dolores mine overview
MINE OVERVIEW Au Ag 28 – 31 koz Au 0.9 – 1.0 Moz Ag TYPE LOCATION OWNERSHIP 2025F Production Open-Pit Mine Chihuahua, Mexico 100% Production & Cost History $850 – $1,000 2025F Au AISC1,2 • The operation is included in Pan American’s Gold Segment • Mining activities from known ore reserves were compl
Slide 39: Navidad project
CHUBUT, ARGENTINA // 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 on provi
Slide 40: La Colorada Skarn 50,000 tpd case
// 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 $22.00 per Average annual silver produced first 10 ye
Slide 41: Mineral reserves as of June 30, 2025
PAN AMERICAN SILVER MINERAL RESERVES... 30,2025: - “| Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classification sie) (g/t) __Ag(Moz) _(g/t)__Au(koz) __(%)__Cufkt)__(%) Pb Y(kt)_—_—(%)_—_—_Zm(kt) Escobal Guatemala Proven 25 486 39.5 0.42 34.2 - - 1.02 25
Slide 42: Measured and indicated resources
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2025123 5 ae Tonnes Contained Contained cu Contained Pb Contained Zn Contained Property Location lasifcation "Thy igi) aioe) AM(8*) “Sotuon) Go) cult) a) Pkt) (9) Zn) Navidad ‘Argentina Measured 15.4 137 678 - ~ 010. 154 144 +2218 ~ ~
Slide 43: Measured and indicated resources (gold)
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2025123 ‘ Tonnes Ag Contained Contained ~~ Cu-cu—-~Pb.~~S~PBSn~—S Property Location Classification (wt) (g/t) ag (Moz) U8) au kor) (4) it) 6) tet) 6) et) Jacobina Brazil ‘Measured 39.4 - : L7 21708 - - Indicated 53.7 - - 165 2851.0 -
Slide 44: Inferred mineral resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 2025123 Tonnes Ag Contained Au Contained Cu Cu — Pb Pb Zn in Property Location Classification “(utt)__@/t)_agioz)_(g/t)__Au(koz) __(66)_(kt)_(%) (kt) __ (66) kt) Navidad Argentina Inferred 45.9 81 119.4 - - 0.02 9.2 0.57 261.6 - - La Colo
Slide 45: Metal price assumptions for reserves and resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 5: F.une 30, 202s Mine Category Ag US$/oz Au USS/oz Cu US$/t Pb USS/t Zn USS/t Escobal All categories 20.00 1,300 2,204 2,424 Reserves 22.00 1,900 2,100 2,600 La Colorada Resources 24.00 2,050 2,200 2,800 La Colorada Skarn Resourc
Slide 46: Metal price assumptions for reserves and resources (continued)
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 5: f.une 3, 202s Mine Category Ag US$/oz Au US$/oz Cu Us$/t Pb us$/t Zn US$/t Reserves 2,250 Timmins Resources 2,400 Whitney Resources 2,400 Reserves 25.00 2,250 2,100 2,600 Minera Florida Resources 27.00 2,400 2,200 2,300 La Pepa
Slide 47: Notes on mineral reserves and resources
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 Disclosure
Slide 48: 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
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