Pan American Silver (PAAS) Investor presentation summary

Strategic positioning and asset portfolio

• Operates 10 producing silver and gold mines across the Americas, with over 30 years of experience in the region.

• Holds large mineral reserves: 452 Moz silver and 6.3 Moz gold, with significant growth potential from projects like La Colorada Skarn and Navidad.

• Recent acquisition of a 44% interest in Juanicipio, one of the world's largest and lowest-cost primary silver mines.

• Advancing key development projects at Timmins, Jacobina, and La Colorada to drive future production and mine life extension.

• Diversified revenue base across Mexico, Brazil, Argentina, Peru, Chile, Canada, and Bolivia.

Financial performance and capital allocation

• Achieved record attributable revenue of $1.3B and strong adjusted earnings per share of $1.11 in Q1 2026, driven by higher metal prices.

• Attributable free cash flow reached $553M in Q1 2026, with return on invested capital peaking at 33.9%.

• Maintains a robust balance sheet with $1.6B in cash and investments, $845M in total debt, and $750M undrawn credit facility.

• Targeting $1B in shareholder returns for 2026, including $305M in dividends and up to $700M in share buybacks.

• Committed to disciplined capital allocation, balancing growth investments with strong shareholder returns.

Operational outlook and project pipeline

• 2026 guidance: 25–27 Moz attributable silver and 700–750 koz attributable gold production.

• La Colorada Skarn project targets 19.1 Moz annual silver production over its initial five years at negative AISC, with a 37-year mine life.

• Major capital investments planned for La Colorada, Jacobina, Timmins, and other assets to support expansion and optimization.

• Ongoing optimization at Jacobina and Timmins to extend mine life, increase throughput, and improve efficiency.

• Escobal and Navidad provide significant optionality for future growth, pending regulatory developments.