Pan American Silver (PAAS) Investor presentation summary

Market environment and silver outlook

• Silver demand is projected to exceed supply over the next five years, with a 2025 forecasted supply shortfall of 118 Moz and 17% of demand driven by photovoltaics.

• Industrial use accounts for 59% of silver demand, with jewelry, silverware, and investment also significant contributors.

• Silver ETF holdings and prices have shown volatility but remain strong, reflecting robust investor interest.

Production, reserves, and operations

• Attributable silver production in 2025 was 22.84 Moz, exceeding guidance, and gold production was 742.2 koz, within guidance.

• 2026 guidance targets a 14% increase in attributable silver production to 25.0–27.0 Moz and gold production of 700–750 koz.

• The company holds 452 Moz silver and 6.3 Moz gold in mineral reserves as of June 30, 2025, not including recent acquisitions.

• Juanicipio mine, acquired in 2025, is a top-tier, low-cost silver asset, contributing 2.5 Moz of attributable silver in 2025.

Financial performance and capital allocation

• Record adjusted earnings of $470 million and free cash flow of $553 million were achieved in 2025.

• Total available liquidity stands at $2.1B, with $1.3B in cash and short-term investments and an undrawn $750M credit facility.

• Capital allocation prioritizes balance sheet flexibility, investment in high-return projects, and shareholder returns, with $1.3B returned since 2010.

• A $0.18 dividend per share was declared for Q4 2025, and $15M was spent on share repurchases in the quarter.