Pan American Silver (PAAS) Jefferies Global Industrial Conference summary

Portfolio growth and diversification

• Expanded asset base through major acquisitions: Tahoe in 2019 and Yamana in 2022, adding mines in Peru, Canada, Brazil, Chile, and Argentina.

• Now operates 11 mines across seven jurisdictions in the Americas, with no single country contributing more than 25% of revenue.

• Holds the largest silver reserves globally, close to 500 million ounces, and a significant gold reserve.

• Extensive exploration portfolio of 1.5 million hectares across the Americas.

• Ongoing portfolio optimization, including recent asset sales and a pending sale of La Arena mine in Peru.

Financial position and capital allocation

• Maintains a strong balance sheet with over $1 billion in liquidity and $800 million in debt, primarily from Yamana bonds.

• Focuses on rapid debt repayment and conservative financial management.

• Capital allocation split: ~50% to business investment, 36% to shareholder returns (dividends and buybacks), and 15% to debt repayment.

• Active share buyback program, with opportunistic purchases based on market conditions.

• Sustainability-linked credit facility aligns ESG performance with cost of capital.

Operational performance and outlook

• 2024 production guidance: 21–23 million ounces of silver and 880,000–1 million ounces of gold.

• All-in sustaining costs: $16–$18/oz for silver, $14.75–$15.75/oz for gold.

• Production expected to be back-end loaded in Q3 and Q4 due to seasonality and improvements at La Colorada mine.

• La Colorada mine ventilation upgrades completed, targeting a return to historic production levels (6–7 million ounces/year).

• Safety performance improving, with ongoing implementation of new safety initiatives.