Slide 1: Introducing the Expanded La Colorada Mine
P R E S E N TAT I O N // MARCH 2026 INTRODUCING THE EXPANDED LA COLORADA MI NYSE | TSX PAAS 1
Slide 2: Cautionary Note
NYSE | TSX technical report prepared in accordance with NI 43-101 on the La Colorada in currency markets; operational risks and hazards inherent with the business PAAS CAUTIONARYNOTE property will be filed with Canadian regulators within 45 days of our corresponding news release dated March 24, 2026
Slide 3: Cautionary Note Continued: Technical Information
NYSE | TSX PAAS CONTINUED Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, Technical Information FAusIMM., Senior Vice President of Exploration and Geology, Christopher Wright P.Geo. Vice President Mineral Resour
Slide 4: The Expanded La Colorada Mine
THE EXPANDED LA COLORADA MINE // A clear pathway to develop the next large-scale, low-cost silver mine • The revised Preliminary Economic Assessment (“Revised PEA”) envisions the construction of a new 15,000 tpd conventional selective floatation plant to process a portion of the mineral resources fr
Slide 5: Expanded La Colorada Mine Production Profile
EXPANDED LA COLORADA MINE PRODUCTION PROFILE // Production is anticipated to average 19.1 million ounces of silver annually over the Initial Five Year Period following commissioning and ramp up Silver Production by Source 25.0 Silver Production (Moz Ag) 20.0 Potential to extend higher silver product
Slide 6: Expanded La Colorada Mine Overview
EXPANDED LA COLORADA MINE OVERVIEW • Existing La Colorada vein mine is expected to continue to be mined using the current infrastructure while development progresses to access new high-grade veins in the eastern Candelaria area and high grade skarn deposit mineralization • Option remains to target l
Slide 7: La Colorada Has Become One of the World's Largest Silver Deposits
LA COLORADA HAS BECOME ONE OF THE WORLD’S LARGEST SILVER DEPOSITS // Successful exploration drilling has transformed La Colorada into a Tier-1 Silver Asset Top 10 Largest Operating Primary Silver Mines by Contained Mineral Reserves & Resources1 Newly identified veins not in resource 296.0 205.1 6.6
Slide 8: La Colorada Has Potential to Become One of the World's Largest Silver Mines by Annual Production
LA COLORADA HAS POTENTIAL TO BECOME ONE OF THE WORLD’S LARGEST SILVER MINES BY ANNUAL PRODUCTION Illustrative Comparison to Primary Silver Mines by 2025 Production (Moz Ag)1 (44%) La Colorada Skarn Project 15.8 17.2 (100%) 13.8 11.1 10.3 10.3 9.8 8.7 8.4 8.3 Existing La 6.5 6.0 Colorada Vein 3.3 Min
Slide 9: La Colorada's Evolution to a Top-Tier Silver Mine
LA COLORADA’S EVOLUTION TO A TOP -TIER SILVER MINE Illustrative Comparison to Select Large-Scale Silver Mines by 2025 Production and AISC1 $40.00 2025 Forecast By-Product AISC ($/oz Ag)1,2 $30.00 Fresnillo La Colorada $20.00 Pirquitas Uchucchacua $10.00 Cannington Saucito (44%) Los Gatos4 $0.00 San
Slide 10: La Colorada Skarn Project Revised Preliminary Economic Assessment Results
LA COLORADA SKARN PROJECT REVISED PRELIMINARY ECONOMIC ASSESSMENT RESULTS The PEA is preliminary in nature, includes inferred mineral resources that would be considered too speculative geologically to have the economic considerations applied to them that 10 would enable them to be categorized as min
Slide 11: La Colorada Skarn Project: Revised PEA Highlights
LA COLORADA SKARN PROJECT: REVISED PEA HIGHLIGHTS Study Results Large-scale, long-life silver production at negative AISC1,2 37 Years 15,000 tpd La Colorada Skarn Project Mine Life4 Nominal Production Rate Leveraged to silver revenue – 42% of revenue from silver during Initial Five Year Period (up t
Slide 12: Mining Method: Sub-Level Open Stoping
MINING METHOD: SUB -LEVEL OPEN STOPING // Development of a 15,000 tpd mine utilizing a sub-level open stoping method (“SLOS”) with paste backfill • Conventional SLOS mining method allows for: ✓ Lower initial capital relative to the 2023 PEA1 ✓ Reduced geotechnical risk relative to the 2023 PEA1 ✓ Pr
Slide 13: Mineral Processing: Conventional Floatation
MINERAL PROCESSING: CONVENTIONAL FLOATATION // Construction of a new 15,000 tpd conventional selective flotation plant would be timed to match the expected initial production from the skarn deposit in 2032 Crushing and Grinding Flotation Concentrate and Tailings • Plant is expected to be located adj
Slide 14: Other Highlights & Site Layout
OTHER HIGHLIGHTS & SITE LAYOUT • Tailings management: Tailings not required for paste backfill will be stored in a new conventional tailings storage facility located within property owned by Pan American. • Permitting: No additional permitting is required for the 588-level decline that will provide
Slide 15: Revised Approach to La Colorada Skarn Development
REVISED APPROACH TO LA COLORADA SKARN DEVELOPMENT // Revised approach to development reduces project risk and is within Pan American’s ability to self-fund 3 La Colorada La Colorada Conventional mining method 2023 PEA1 enables simultaneous operation of Vein Mine2 Skarn Project2 existing vein mine Mi
Slide 16: 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 NYSE | TSX PAAS 16
Slide 17: Pan American Silver Mineral Reserves
PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025 17
Slide 18: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 18
Slide 19: Pan American Silver Measured + Indicated Resources
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 19
Slide 20: Pan American Silver Inferred Mineral Resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 (5) 20
Slide 21: 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 21 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 22: 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 23: Siren Fisekci, VP Investor Relations & Corporate Communications
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 23