Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q2 2026 Earnings Presentation
26 slides from Pan American Silver's earnings presentation, Aug 13, 2026
Slide 1: Q2 2026 Earnings Review
1 EARNINGS Q2 2026 REVIEW CONFERENCE CALL // August 13, 2026 NYSE: PAAS | TSX:PAAS
Slide 2: Cautionary Note
2 considered reasonable by Pan American, are inherently subject to significant operational, business, may not be appropriate for other purposes. Pan American does not intend, nor does it assume any economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of obligat
Slide 3: Q2 2026 Takeaways
3 Q2 2026 TAKEAWAYS // Company reiterates its annual 2026 Operating Outlook 1 Attributable2 free cash flow of $344M3 Project milestone at La Colorada – first cut of 588 decline completed Record total shareholder returns of Attributable2 silver production of 6.5 Moz $300M with approximately 4.4M at t
Slide 4: Enhanced Shareholder Returns Framework
4 ENHANCED SHAREHOLDER RETURNS FRAMEWORK // Targeting to return 35% - 40% of Attributable free cash flow 1 to shareholders in 2026 2 • Expect to pay $305 million in aggregate dividends in 2026 in equal quarterly installments. • Accelerated repurchases of common shares, pursuant to the Company’s Norm
Slide 5: Consolidated Financial Results
5 CONSOLIDATED FINANCIAL RESULTS in millions of US$, except per share amounts Q2 2026 H1 20261 Revenue $1,124 $2,278 Attributable revenue2,3 $1,268 $2,601 Net earnings $305 $761 Basic earnings per share4 $0.72 $1.81 Adjusted earnings3 $308 $768 Basic adjusted earnings per share3,4 $0.73 $1.82 Cash f
Slide 6: Attributable Production
6 ATTRIBUTABLE PRODUCTION 1 Silver (koz) Gold (koz) Q2 2026 H1 2026 Q2 2026 H1 2026 La Colorada 1,509 3,076 1.0 2.1 Juanicipio1 1,744 3,489 5.6 10.6 Cerro Moro 593 1,261 26.0 47.5 Huaron 733 1,439 - - San Vicente2 751 1,388 - - Jacobina 1 2 41.0 85.6 El Peñon 911 1,811 22.2 43.4 Timmins 3 6 23.8 50.
Slide 7: Attributable AISC
7 ATTRIBUTABLE AISC AISC3 1 ($ per ounce) Q2 2026 H1 2026 La Colorada 48.63 45.23 Juanicipio1 (6.14) (4.50) Cerro Moro (58.37) (64.87) Huaron 36.25 34.35 San Vicente2 38.85 43.98 Silver Segment 17.80 12.64 Jacobina 1,805 1,764 El Peñon 452 300 Timmins 2,820 2,834 Shahuindo 1,967 1,870 Minera Florida
Slide 8: Metal Prices & Metal Sold
8 METAL PRICES & METAL SOLD Realized Metal Quantities of Metal Sold2 Prices1 Q2 2026 H1 2026 Q2 2026 H1 2026 Silver $70.97 $78.98 4,993 8,819 Gold $4,402 $4,629 165.6 329.3 Zinc $3,475 $3,592 9.8 17.1 Lead $1,944 $1,999 5.4 9.2 Copper $13,602 $14,080 0.5 1.1 1. Metal price stated as dollars per ounc
Slide 9: Q2 2026 Finished Goods and Concentrates Inventory Balance
Q2 2026 FINISHED GOODS AND CONCENTRATES 9 INVENTORY BALANCE Payable Metal Quantities of Attributable // Estimated impact of production costs and Mine/Product Produced Metal Sold Inventory Revenue build/(draw) royalties of $36M as a result of the inventory (Attributable)1 (Attributable) Effect2 koz k
Slide 10: Q2 2026 Consolidated Cash Flows
10 Q2 2026 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $2,500 $192 $6 $549 ($205) $1,994 $2,000 ($76) ($69) ($17) $1,705 $1,614 ($224) ($45) ($13) ($7) $1,500 Millions $1,000 $500 $0 Cash and STI at Adjusted Dividends from Net other (e.g. Net inco
Slide 11: H1 2026 Consolidated Cash Flows
11 H1 2026 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $3,000 $192 $4 $1,225 $2,500 ($340) $2,046 ($155) $2,000 ($152) ($46) $1,705 Millions ($249) ($79) $1,500 ($14) $1,319 $1,000 $500 $0 Cash and STI at Adjusted Dividends from Net other (e.g. Ne
Slide 12: Direct Operating Costs by Category
12 DIRECT OPERATING COSTS BY CATEGORY // Focused on disciplined cost management and improving operating efficiencies Fuel, 5% Utilities, 5% ➢ Fuel accounted for ~5% of production costs in Q2 2026 ➢ Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consum
Slide 13: Strong Financial Position
13 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Cash + Cash + Credit investments short-term Facility TOTAL AVAILABLE TOTAL AVAILABLE investments LIQUIDITY1 $1,500M LIQUIDITY $1,705M Cash + investments of $1,705M $3,205M3 $1,220M excluding 44% interest in cas
Slide 14: H1 2026 Operating Performance vs Guidance
14 H1 2026 OPERATING PERFORMANCE vs GUIDANCE ➢ All-in sustaining costs in H1 2026 were below our guidance range for silver and in line for gold. ➢ Gold production was slightly below guidance while silver production was in-line with guidance for H1 2026. H1 2026 Guidance Six Months ended, June 30, 20
Slide 15: 2026 Guidance
15 2026 GUIDANCE // 2026 Operating Outlook reiterated; annual gold production expected to be at the low end and gold AISC towards the high end of the ranges 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 $2,000/
Slide 16: 2026 Operating Outlook
16 2026 OPERATING OUTLOOK Attributable Attributable AISC Silver Production Gold Production ($ 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 17: 2026 Quarterly Operating Outlook
17 2026 QUARTERLY OPERATING OUTLOOK // Gold production is expected to be more heavily weighted toward Q4 2026, with Q3 production expected to be three to six thousand ounces below the low-end of guidance range, and full-year production at the low-end of guidance range Attributable Silver Production
Slide 18: 2026 Expenditures Forecast
18 2026 EXPENDITURES FORECAST Expenditures ($ millions) Project capital expected to be invested to advance strategic goals: Sustaining Capital • Jacobina – to complete process plant optimization projects and La Colorada (Mexico) 21 – 23 continue advancing mine and plant optimization studies, includi
Slide 19: Q&A
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Slide 20: Pan American Silver Mineral Reserves
20 PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2025
Slide 21: Pan American Silver Measured + Indicated Resources
21 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 22: Pan American Silver Measured + Indicated Resources
22 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
Slide 23: Pan American Silver Inferred Mineral Resources
23 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4
Slide 24: 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 24 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 25: General Notes Applicable to the Foregoing Tables
25 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 26: 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/