Pan American Silver (PAAS) Investor presentation summary

Strategic overview and asset portfolio

• Operates 10 producing silver and gold mines across the Americas, with a diversified asset base and over 30 years of operational experience.

• Holds large silver and gold mineral reserves: 452 Moz Ag and 6.3 Moz Au as of June 30, 2025.

• Completed acquisition of a 44% interest in the Juanicipio mine, a top-tier, low-cost silver asset in Mexico.

• Advancing growth projects including La Colorada Skarn, Escobal, and Navidad.

• Maintains a strong presence in North and South America, with significant revenue diversification by jurisdiction.

Financial and operational performance

• Achieved 2025 silver production of 22.84 Moz and gold production of 742 koz, meeting or exceeding guidance.

• Juanicipio contributed 2.5 Moz of attributable silver in 2025, surpassing expectations post-acquisition.

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

• Silver segment AISC forecasted at $15.75–$18.25/oz and gold segment AISC at $1,700–$1,850/oz for 2026.

• Maintains strong liquidity with $1,319M in cash and short-term investments, $750M undrawn credit, and total available liquidity of $2,069M.

Capital allocation and shareholder returns

• Prioritizes balance sheet flexibility, investment in high-return projects, and shareholder returns.

• Since 2010, returned ~$1.2B to shareholders via dividends and buybacks while investing in growth.

• Declared a $0.14 dividend per share for Q3 2025 and maintains a consistent dividend policy.

• Share buyback program allows repurchase of up to 5% of shares, with 3.1M shares repurchased since March 2024.