Pan American Silver Provides Exploration Update for its Timmins Operations; Advances Plans for Potential Production Growth and Mine Life Extension

About this update from Pan American Silver Corp.

(All amounts are in United States Dollars unless otherwise indicated) VANCOUVER, British Columbia, June 01, 2026--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to provide an update on an extensive exploration program conducted at its Timmins operation in Ontario, Canada, which has identified new mineral resources at the Bell Creek mine and satellite deposits. Based on the success of this program, Pan American is advancing a conceptual plan for a phased development of these new mineral resources to support potential production growth and extension of mine life at Timmins (the "Timmins Camp Project"). The first phase of the Timmins Camp Project has commenced following approval by the Company's board of directors for a 625m shaft extension project at the Bell Creek mine (the "Bell Creek Shaft Extension Project"), an 814m drift to access the Vogel deposit, and a 1.3km exploration drift to access the Samson deposit, with a total investment of approximately $146 million. The initial spending on the first phase was included in the Company's 2026 guidance of $40 to $43 million of project capital at Timmins, and there are no changes to the Company's 2026 annual guidance. "With significant installed processing capacity and infrastructure already in place, projects such as the Bell Creek shaft extension and the Vogel and Samson access drifts allow the development of new mineral resources and position Timmins for future production growth and extended mine life," said Michael Steinmann, President and CEO of Pan American. "The potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform." The Timmins operations are currently comprised of two underground gold mines approximately 34km apart, the Timmins West mine and the Bell Creek mine, which both supply ore to the Bell Creek processing plant. The plant has a design capacity of approximately 5,600 tonnes per day ("tpd") with current throughput of approximately 4,400tpd. The Timmins Camp Project is aimed at increasing infrastructure utilization to support sustained production from the Timmins operations over time. Pan American is advancing the Timmins Camp Project through further engineering stud...

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