Pan American Silver (PAAS) Investor presentation summary

Strategic positioning and asset portfolio

• Operates 10 producing silver and gold mines across the Americas, with a 30+ year track record in the region.

• Holds large mineral reserves: 511.1 Moz silver and 6.3 Moz gold as of June 30, 2026.

• Key growth projects include La Colorada Skarn, Jacobina optimization, Timmins expansion, and Navidad.

• Escobal and Navidad provide significant optionality for future silver growth.

Financial performance and capital allocation

• Maintains a strong financial position with $1.7B in cash and investments and $1.5B undrawn credit facility.

• Total available liquidity stands at $3.3B as of August 2026.

• Targets returning 35–40% of attributable free cash flow to shareholders in 2026, with $305M in dividends and accelerated share repurchases.

• Record $300M returned to shareholders in Q2 2026 through dividends and buybacks.

Operational performance and cost management

• Delivers attractive margins through disciplined cost control, with silver segment AISC ranging $15.75–$18.25/oz and gold segment AISC $1,700–$1,850/oz for 2026.

• Maintains guidance for silver and gold production, expecting 25–27 Moz silver and 700–750 Koz gold in 2026.

• Direct operating costs are well managed, with 35% allocated to salaries and 5% to fuel.