Pan American Silver (PAAS) investor relations material

Portfolio overview and recent transactions

• Operates 10 mines across seven countries, producing 20–21 million ounces of silver and 735,000–800,000 ounces of gold annually, making it one of the largest primary silver producers with a highly diversified portfolio.

• Recently closed the acquisition of 44% of Juanicipio, a major silver asset with long life, low cost, and significant exploration potential, expected to add around 7 million ounces of silver annually to production.

• Monetized about $1 billion through portfolio streamlining and divestitures over the past two years, using $500 million in cash for the MAG Silver acquisition.

• Maintains strong liquidity, with $1.5 billion available as of June 30, and low debt levels, primarily from Yamana bonds at favorable interest rates.

• Continues to evaluate non-core asset sales and seeks further growth opportunities, especially in Brazil and through ongoing optimization of existing assets.

Key asset developments and catalysts

• Juanicipio is now a top cash-flowing asset, with only 10% of its surface explored and located in a prolific silver district, offering substantial upside.

• La Colorada Skarn project has seen the discovery of high-grade, shallow silver veins (52 million ounces inferred), providing a bridge to the deeper Skarn and more development options.

• Updated PEA for La Colorada, incorporating new veins, is expected in 2026, with ongoing partner discussions for Skarn due to its zinc exposure and capital intensity.

• Jacobina gold mine, producing nearly 200,000 ounces annually, is undergoing over 30 engineering studies for optimization, with further disclosures expected later this year.

• Escobal mine in Guatemala remains in care and maintenance, with ongoing government and community consultations; restart could significantly boost silver output.

Financial strategy and shareholder returns

• Maintains a balanced capital allocation approach: returning value to shareholders (over $1.1 billion since 2010), keeping low debt, and investing in growth.

• Increased dividend to $0.12/share in Q2 2025 and remains active in share buybacks, with future buybacks considered as market conditions allow.

• About 52% of free cash flow reinvested in the business to support growth and maintain operations.