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 the acquisition of a 44% interest in the Juanicipio mine, enhancing its position among the world's largest and lowest-cost primary silver producers.

• Key growth catalysts include the La Colorada Skarn project, Escobal, and Navidad, with ongoing optimization at Jacobina.

• Attributable revenue for FY2025 reached $3.8B, with significant contributions from multiple jurisdictions.

Major project developments

• The La Colorada Skarn project is set to become a large-scale, low-cost silver mine, with a revised PEA envisioning a 15,000 tpd plant and a 37-year mine life.

• Initial five-year average production is projected at 19.1 Moz Ag annually, with negative AISC of ($22.67) per ounce and significant free cash flow generation.

• The project’s after-tax NPV (5%) is $2.6B at base case prices and $5.2B in the upside scenario, with an IRR of 17% and 25% respectively.

• Continued exploration success could further extend high silver production.

Operational and financial guidance

• 2026 attributable silver production is guided at 25.0–27.0 Moz, a ~14% increase over 2025, with gold production at 700–750 koz.

• Silver segment AISC is forecast at $15.75–$18.25/oz, and gold segment AISC at $1,700–$1,850/oz, assuming high metal price environments.

• Production is expected to be weighted to the second half of 2026, with higher output from key mines including El Peñon, Juanicipio, La Colorada, and San Vicente.

• Total capital expenditures for 2026 are forecast at $515–$550M, with major investments in Jacobina, La Colorada Skarn, and Timmins.