Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Investor Presentation (August 2025)
53 slides from Pan American Silver's investor presentation, August 2025
Slide 1: Presentation August 2025
PRESENTATION AUGUST 2025 PAN AMERICAN — SILVERS
Slide 2: Cautionary note and non-GAAP measures
2025; Pan American’s expectation of issuances of common shares in connection with the markets; operational risks and hazards inherent with the business of mining (including Transaction; and Pan American’s plans and expectations for its properties and operations. environmental accidents and hazards,
Slide 3: Cautionary note continued
C O N T IN UED Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A standards, including NI 43-101, differ
Slide 4: Key transaction terms
// Key transaction terms; all amounts expressed in U.S. dollars unless otherwise indicated. Proposed Transaction • Pan American to acquire all of the issued and outstanding common shares of MAG • MAG shareholders can elect to receive cash or shares, subject to proration such that the aggregate cash
Slide 5: Divested non-core properties while building a portfolio of royalties
5 // Divested non-core properties while building a meaningful portfolio of royalties Sale of the La Arena gold MAG CASH mine and the La Arena II CONSIDERATION Sale of 57.74% interest in the copper/gold Aqua de la project2 Sale of 56.25% Falda project interest in the TOTAL CASH CASH TO BE PAID MARA p
Slide 6: Juanicipio 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 7: 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 AISC1,2 Significant increase to Pan American’s $0.00 = Silver Reserves Juanicipio (44%) silver production $5.00 Cerro Moro Juanicipio forecasted to pro
Slide 8: Juanicipio expected to generate free cash flow of approx. $200M in 2025
// Juanicipio is expected to generate free cash flow of approx. $200M in 2025 (100%-basis) Pro Forma Free Cash Flow (2025E) 1,2 Juanicipio Free Cash Flow (100%-basis) 1,2 +23% expected growth MAG $217M $243M $98M 3 PF FREE $198M CASH FLOW4 44% interest provides $788M immediate impact (Attributing Fu
Slide 9: Silver peers by market cap 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 MAG Silver5 $600 $400 $200 Hecla Coeur First Majestic
Slide 10: 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 operations 3% 10% • Advancing an extensive mine optimization 25% study at Jacobina 11% • Potential for silver growth: La Colorada $811.9M Q2 2025 Skarn, E
Slide 11: Q2 2025 highlights
// Adjusted Earnings of $155.4M ($0.43 per share) 1 Production of 5.1M ozs silver and Record mine operating earnings of 178.7k ozs gold $273.3M Silver Segment AISC of $19.69 per ounce Record free cash flow of $233.0M4 and Gold Segment AISC of $1,611 per ounce1,2 Announced agreement to acquire MAG St
Slide 12: Cash flow performance
Sustaining Cash Flow Performance Growth, Business Development, and Other $1,400 $364 $6 $6 $1,200 $1,124 $5 ($68) $1,109 ($60) ($36) ($11) ($13) ($7) $1,000 $923 Millions $800 $600 $400 $200 $0 Cash and STI at Adjusted Net other (e.g. Net changes in Net income tax Sustaining Dividends paid Shares Ca
Slide 13: 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 14: Deploys 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 15: 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 16: Jacobina, Bahia, Brazil
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 17: La Colorada Skarn PEA highlights
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 18: La Colorada Skarn mineralization 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 19: Escobal, 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 20: Escobal ILO 169 consultation in Guatemala
For more information, please visit https://mem.gob.gt/derecho- // Escobal mining license suspended pending completion of an ILO 169 Consultation in Guatemala minero-escobal/ PRE-PHASE 1 PHASE 1 PHASE 2 PHASE 3 REVIEW PRE-CONSULTATION CONSULTATION SUPREME COURT VERIFICATION PAS Guatemala shall work M
Slide 21: Leading silver producer by market cap, liquidity and 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% $180 First Majestic Hecla 70% $160 MAG 69% $140 Hecla First Majestic 67%
Slide 22: 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 23: 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 24: 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 25: A leading producer of silver and gold in the Americas
// A leading producer of silver & gold in the Americas // PAAS SNAPSHOT 1 Analyst Coverage5 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) $11.5B $0.12 MARKET CAP QUARTERLY BofA Global Research (Lawson Winder) National Bank Financial (Don DeMarco) DIVIDEND/SHARE2 Canaccord Genuity (Car
Slide 26: Appendix
PAN AMERICAN APPENDIX
Slide 27: Successful integration of new operating assets
// Successful integration of new operating assets and realization of synergies 404koz ~20Moz $1.1B $25-30M Shahuindo La Arena5 February 22, 2019 2018A Gold Production1 Silver Production Optionality2 Total Consideration3 Annual Synergies4 Timmins & Bell Creek Escobal Jacobina 565koz 9.2Moz $2.8B ~$60
Slide 28: 2025 guidance: production and AISC
28 // As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed MAG acquisition Silver Production Gold Production AISC (Moz) (koz) ($ 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
Slide 29: 2025 guidance and Q2 update
// As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed 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
Slide 30: 2025 expenditures guidance
// As provided in the Company’s Q4 2024 MD&A; excludes impact of proposed 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 (Ska
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: Navidad, Chubut, Argentina
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 43: 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 44: Juanicipio mineral reserves
as per Fresnillo’s ore reserve statement for the Juanicipio property as of June 30, 2024 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classification (Mt) (g/t) Ag (Moz) (g/t) Au (koz) (%) Cu (kt) (%) Pb (kt) (%) Zn (kt) Juanicipio Mexico Proven 1.5 450 22
Slide 45: Juanicipio mineral resources
as per Fresnillo’s mineral resources statement for the Juanicipio property as of June 30, 2024 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classification (Mt) (g/t) Ag (Moz) (g/t) Au (koz) (%) Cu (kt) (%) Pb (kt) (%) Zn (kt) Juanicipio Mexico Measured 2.
Slide 46: Pan American Silver mineral reserves
PAN AMERICAN SILVER MINERAL RESERVES «>i... 30 2020 Tonnes Ag Contained Au Contained Cu Contained Pb Contained Zn Contained Property Location Classificetion (wit) _(g/t)__Ag(Moz) (g/t) Au (Koz) (%) __Cu(kt) _—_—(%)_—sPb (kt) —(%)_——Zn (kt) Escobal Guatemala Proven 25 ‘486 39.5 0.42 34.2 - - 1.02 25.
Slide 47: Measured and indicated resources
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Contained Contained Au Property Location Classification Tonnes(Mt) Ag(B/t) “A2iaros) Au (at) (kez) cu(%) Pb(%) Zn (%) Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 - Indicated 139.8 126 564.5 - - 0.04 0.79 - La Colora
Slide 48: Measured and indicated resources (gold)
PAN AMERICAN SILVER MEASURED « INDICATED RESOURCES as of June 30, 2024123 Property Location Classi Tonnes (Mt) en revs Au (2/t) coe AU cu(%) Pb (%) 2m (%) Jacobina Brazil Measured 39.7 1.70 2,475.1 - - - Indicated 55.1 1.58 2,796.0 - - - La Pepa (80%)!") Chile Measured a7 0.61 922.8 - - - Indicated
Slide 49: Inferred mineral resources
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 2024123 Ag Contained Ag = Au_—Contained Au Property Location Classification Tonnes (Mt) (at) (Moz) et) {ko2) cu(%) Pb (%) Zn (%) Navidad Argentina inferred 45.9 81 119.4 - - 0.02 0.57 La Colorada Mexico Inferred 12.4 235 93.8 0.19 74a 168
Slide 50: Metal price assumptions for reserves and resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 5: fine 0, 2024 Mine Category Ag US$/oz Au US$/oz cu US$/t Pb USS/t Zn USS/t Escobal All categories 20.00 1,300 2,204 2,424 Reserves 20.00 1,700 8,000 2,100 2,600 La Colorada Resources 22.00 1,850 9,000 2,200 2,800 La Colorada Ska
Slide 51: Metal price assumptions for reserves and resources
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES 55 ne 0, 2024 Mine Category Ag US$/oz Au US$/oz cu uss/t Pb USS/t Zn US$/t Reserves 21.00 1,850 Timmins West Resources 23.00 1,950 Reserves 21.00 1,850 Bell Creek Resources 23.00 1,950 Whitney Resources 1,950 Reserves 21.00 1,850
Slide 52: Mineral reserve and resource notes
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 53: 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
Pan American Silver — Investor Presentation (August 2025) on 6ix