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Non-GAAP Measures This presentation of Pan American Silver Corp. and its subs idiaries (collectively, “Pan American” , “Pan American Silver” , the “Company” , “we” or “our”) refers to various non- GAAP measures, such as “AISC", "free cash flow” , “total availability liquidity” , and "capital". These measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Pan American’s silver segment AISC are calculated net of credits for realized revenues from all metals other than silver and are calculated per oun ce of silver sold. Pan American’s gold segment AISC are calculated net of credits for realized revenues from all metals other than gold and are calculated per ounce of gold sold. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the period ended March 31, 2025 available at www.sedarplus.ca. Reporting Currency and Financial Information Unless we have specified otherwise, all references to dollar am ounts or $ are to United States dollars. Cautionary Note Regarding Forward Looking Statements and Information Certain of the statements and information in this presentation, including any information relating to Pan American’s future oriented financial information, constitute "forward- looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this presentation relate to, among other things: the timing, satisfaction of closing conditions, consummation and terms of the acqui sition of MAG Silver Corp. (“MAG”) by Pan American (the “Transaction”), including the consideration thereunder and benefits derived therefrom; the requisite approvals required for the consummation of the Transaction; no material adverse changes to MAG and Pan American; the expected date of MAG’s special meeting of shareholders; future growth opportunities through exploration potential at Juanicipio, Deer Trail and Larder; Juanicipio’s forecasted production in 2025; Juanicipio’s silver mineral reserves and resources; Juanicipio’s forecasted cash costs and all-in sustaining costs in 2025; Juanicipio’s expected free cash flow; expectations regarding the ILO 169 consultation process with respect to Escobal; Pan American’s future growth and exploration success; Pan American’s future return of capital to shareholders; Pan American’s liquidity; execution risk of the Transaction; Pan American’s forecasted silver production in 2025; Pan American’s mineral reserves and resources; Pan American’s free cash flow in 2025; Pan American’s expectation of issuances of common shares in connection with the Transaction; exploration at the Larder and Deer Trail projects, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom; and Pan American’s plans and expectations for its properties and operations. Future-oriented financial information and financial o utlook are presented in this presentation for the purpose of assisting investors and others in understanding certain key elements of the Pan American’s financial results and business plan, as well as the objectives, strategic priorities and business outlook of Pan American, and in obtaining a better understanding of Pan American’s anticipated operating environment. Readers are cautioned that such future-oriented financial information or financial outlook may not be appropriate for any other purposes. These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation, tariffs and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreig n exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court- mandated ILO 169 consultation process in Guatemala; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy i nputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; required MAG shareholder approval of the Transaction is obtained in a timely manner; required regulatory approvals for the Transaction are obtained in a timely manner; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and own ership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether Pan American is a ble to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our b usiness and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and Pan American has made assumptions and estimates based on or r elated to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures, tariffs and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave -ins, flooding and severe weather); risks relating to the credit worthiness or financial co ndition of suppliers, refiners and other parties with whom Pan American does business; inadequate i nsurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a t imely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined ; increased competition in the mining industry for equipment and qualified personnel; those factors identified under the caption "Risks Related to Our Business" in Pan American's most recent Form 40-F and Annual Information Form filed with the United States Sec urities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward- looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. C O N T I N U E D ON NEXT P A G E 2
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C O N T I N U E D THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A SOLICITATION OR OFFER BY PAN AMERICAN OR ANY OF OUR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS TO BUY OR SELL ANY SECURITIES OF ANY PERSON IN ANY JURISDICTION, OR A SOLICITATION OF A PROXY OF ANY SECURITYHOLDER OF ANY PERSON IN ANY JURISDICTION, IN EACH CASE, WITHIN THE MEANING OF APPLICABLE LAWS. US Securities Considerations None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities i ssuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. Technical Information Scientific and technical information contained in this presentation in respect of Pan American has been reviewed and approved by Martin Wafforn, P .Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, each of whom are Qualified Persons, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). For additional information about Pan American’s material mineral properties, please refer to Pan American’s most recent Annual Information Form, filed at www.sedarplus.ca, or Pan American’s most recent Form 40-F filed with the SEC. Scientific and technical information contained in this presentation in respect of MAG has been reviewed and approved by Gary Methven, P .Eng., who is a Qualified Person, as the term is defined in NI 43-101. Mr . Methven is not independent as he is Vice President, Technical Services of MAG. Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms “measured resources,” “indicated resources” and “inferred resources” as defined in accordance with NI 43-101 and the CIM Standards. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of “reserves” are not the same as those of the SEC and may not qualify as “reserves” under SEC standards. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been mad e that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of an “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that "inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic a nd legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre- feasibility studies except in rare cases. 3
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// Key transaction terms La Arena Gold Mine, Peru Proposed Transaction • Pan American to acquire all of the issued and outstanding common shares of MAG Silver Corp. (“MAG”) Consideration • MAG shareholders can elect to receive cash or shares, up to a maximum of $500 million in cash prorated: I. $20.54 in cash per MAG share, or II. 0.755 common shares of Pan American per MAG share • Represents premiums of approximately 21% and 27%, respectively, on a prorated basis to the daily closing price and the 20-day VWAP of MAG’s common shares on the NYSEAM ending May 9, 2025 • Implies a total equity value for MAG of approximately $2.1 billion based on the May 9, 2025 closing price for Pan American Ownership • Pro forma ownership in Pan American of approximately 86% for current Pan American shareholders and 14% for current MAG shareholders Structure & Approvals • Transaction has been unanimously approved by the boards of Pan American and MAG • Subject to MAG receiving approval from shareholders representing at least 66 2/3% of the votes cast by MAG shareholders at a special meeting • Receipt of any required regulatory approvals, including clearance from Mexican anti-trust authorities • No material adverse change Proposed Timing • MAG shareholder meeting expected to be held before the end of July 2025 • Closing expected in H2 2025 4
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// Transaction strengthens Pan American’s position as one of the world’s premier silver producers La Arena Gold Mine, Peru 1. As per the news release issued by MAG on March 24, 2025. | 2. As per Fresnillo’s Mineral Resource and Ore Reserve Statements as at June 30, 2024. Figures are calculated from Fresnillo’s mineral resources as of June 30, 2024 to display mineral resources exclusive of mineral reserves. Figures reflect MAG’s attributable 44% ownership. See appendix for more detail on Juanicipio’s reserves and resources. | 3. Free cash flow is a non- GAAP measure. For further information regarding such measure please refer to each companies’ respective separate public disclosure. MAG defines free cash flow as cash flow from operating activities less cash used in investing activities and sustaining lease payments. Pan American defines free cash flow as cash flow from operating activities less sustaining capital expenditures. | 4. Figures are based on street consensus estimate for 2025; mid-point of 2025 expansionary capex guidance added back to Juanicipio free cash flow to align with Pan American definition of free cash flow. | 5. As per Pan American's Management's Discussion and Analysis dated May 7, 2025. Strengthens Pan American's position as one of the world’s premier silver producers ✓ Juanicipio is forecasted to produce between 14.7 Moz and 16.7 Moz of silver in 2025 (6.5 Moz to 7.3 Moz on a 44% basis) Further solidifies Pan American’s position as holding the largest silver reserves and resources amongst silver mining companies ✓ Joint venture interest in Juanicipio adds 58 Moz of silver to Pan American’s proven and probable mineral reserves, 19 Moz of silver to Pan American’s measured and indicated mineral resources, and 35 Moz of silver to Pan American’s inferred resources Contributes high-margin ounces ✓ Juanicipio’s cash costs and all-in sustaining costs forecasted to range between ($1.00) to $1.00 and $6.00 to $8.00 per silver ounce sold, respectively, for 2025 Highly logical fit with Pan American’s silver dominant Americas-based portfolio ✓ Leverages Pan American’s experience operating in the Americas for over 30 years Significantly bolsters Pan American’s free cash flow generation ✓ Juanicipio is expected to generate free cash flow of approx. $200M in 2025 ($98M on a pro forma basis) Adds 44% ownership interest in Juanicipio, one of the best silver mines globally ✓ Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico, with significant exploration upside and operated by Fresnillo plc, a world class precious metals producer Provides significant exploration upside potential ✓ Exposure to growth opportunities through exploration at Juanicipio (only 10% explored) and the acquisition of the Deer Trail and Larder exploration projects Investing in growth ✓ Deploys $500M of Pan American’s record $923M cash and investments balance5 in a measured and strategic manner to enhance silver exposure and provide future growth 1 3,4 1 5 2
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// Transaction offers compelling benefits for MAG shar eholders La Arena Gold Mine, Peru Attractive immediate premium ✓ Immediate value uplift of approximately 21% and 27%, respectively, on a prorated basis to the closing price and the 20-day VWAP of MAG common shares on the NYSEAM ending May 9, 2025 Attractive consideration ✓ An elective tax rollover for taxable MAG shareholders resident in Canada who receive Pan American shares Diversified exposure and growth opportunities ✓ Exposure to Pan American’s diversified portfolio of ten silver and gold mines across seven countries and a proven track record of success in exploration, project-development and mining operations Portfolio participation ✓ Enlarged growth pipeline with exposure to Pan American's La Colorada Skarn project in Mexico and the potential reopening of Pan American’s Escobal mine, one of the world's best silver mines De-risking ✓ De-risks MAG shareholders’ exposure by converting a concentrated interest in Juanicipio into equity ownership of Pan American, a diversified, leading silver producer with meaningful, long-term upside Financial strength and robust returns ✓ Equity participation in a well-capitalized, value driven, large-cap silver producer known for returning capital to shareholders, with over $1.0 billion returned to shareholders via dividends and buybacks since 2010 Increased liquidity and market presence ✓ Greater scale, lower risk and peer leading cash flows driving improved trading liquidity on U.S. and Canadian markets Low execution risk ✓ Pan American shareholder approval of the Transaction will not be required 6 Continued Exposure to Juanicipio ✓ The Transaction provides MAG shareholders with the opportunity to maintain exposure to the interest in Juanicipio, which continues to demonstrate strong operational performance and resource potential
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Premier location and expansive land package State of the art facilities Juanicipio San Cristobal Dukat Saucito San Julian Cannington Pirquitas Uchucchacua1 Fresnillo Cerro Los Gatos1 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 8.0 10.0 12.0 14.0 16.0 18.0 20.0 2024 Co-Product AISC ($/oz Ag) 2024 Silver Production (Moz) Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally // Juanicipio is a large-scale, high-grade, low-cost s ilver mine located in Zacatecas, Mexico Source: The Silver Institute, S&P Global, company filings 1. Based on 2025 forecasts given limited data availability. AISC is a non-GAAP measure; figures are displayed on a co-product basis and is calculated by S&P Global. As a result, figures may not tie with what is provided in each company’s respective public disclosure. Top 10 Primary Silver Mines by Production (100%-basis) = Silver Reserves JV Property Juanicipio Cannington Cerro Los Gatos Dukat Pirquitas Uchucchacua San Julian Saucito San Cristobal Fresnillo 0% 25% 50% 75% 100% $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 Production (%) 2024 Co-Product AISC ($/oz Ag) Rare Opportunity to Acquire 1 st Quartile Silver Asset 1 1 2024 Cost Curve (100%-basis) 7 N
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1.0 5.2 6.9 6.9 8.5 14.5 16.3 18.5 20.5 27.4 52.5 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Fortuna Aya Endeavour Silver MAG Hochschild First Majestic Hecla Coeur Pan American Pro Form a Pan American Fresnillo Attributable silver production from Juanicipio is expected to be 6.5 Moz – 7.3 Moz in 2025… Source: S&P Global Note: Please refer to the forward-looking cautionary language on slide 2 of this presentation. Note: Coeur, First Majestic, and Endeavour Silver adjusted to be pro forma for respective acquisitions. Note: 2024A silver production used when guidance not available. …leading to a meaningful increase in Pan American’s pro forma silver production +34% // Juanicipio is forecasted to produce between 14.7 Mo z and 16.7 Moz of silver in 2025 (100%-basis) 2025E Silver Production Guidance (Moz) Represents mid-point of 2025 guidance 8 (Attributing Full- year Production)
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// Juanicipio cash cost and AISC to range between ($1. 00)-$1.00 and $6.00-$8.00 per silver oz in 2025 1 Note: Please refer to the forward-looking cautionary language on slide 2 of this presentation. 1. AISC is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of Pan American’s MD&A for the period ended March 31, 2025 (“Q1 2025”), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2025 Financial Statements. 2. Based on mid-point of 2025E guidance. 3. Based on a weighted average calculation of MAG and Pan American’s guidance figures; assuming production and costs over full-year basis La Arena Gold Mine, Peru Addition of Juanicipio Will Meaningfully Reduce Pan Amer ican’s Silver Segment AISC La Colorada Cerro Moro Huaron San Vicente (95%) Juanicipio (44%) $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 2.0 3.0 4.0 5.0 6.0 7.0 8.0 AISC ($/oz) Silver Production (Moz) = Silver Reserves 1,2 10 $17.25 $7.00 $14.03 Pan American MAG Pro Forma Transaction meaningfully improves silver segment AISC ~20% reduction Represents mid-point of 2025 guidance • Juanicipio represents a 1st quartile silver asset by both production and cost • Acquisition contributes significant silver production and high-margin ounces • Significantly reduces Pan American’s silver segment AISC by over US$3.00/oz 1,2,3 1,2,3 (Attributing Full- year Contribution)
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// Leverages Pan American’s experience operating in the Americas for over 30 years Dolores La Colorada Skarn Deposit Juanicipio Juanicipio joint venture represents a strong fit within Pan American’s Americas- based operations Complements operating presence in Zacatecas, Mexico (La Colorada / Skarn) Provides potential opportunities to leverage Pan American’s operating experience in the Americas for 30+ years Transaction is significantly accretive to silver production and silver costs 11 Note: Please refer to the forward-looking cautionary language on slide 2 of this presentation. | 1. Based on MAG’s 2025E guidance. | 2. AISC is a non-GAAP measure. For further information regarding such measure please refer to each companies’ respective separate public disclosure. | 3. As per Fresnillo’s Mineral Resources and Ore Reserve Statements as at June 30, 2024. Figures are calculated from Fresnillo’s mineral resources as of June 30, 2024 to display mineral resources exclusive of mineral reserves. Figures reflect MAG’s attributable 44% ownership. See appendix for more detailed information on Juanicipio’s reserves and resources. Juanicipio (44%-basis) Ag Au Zn Pb 2025E Silver Production: 6.5 - 7.3 Moz 2025E By-Product AISC: $6.00 - $8.00/oz Ag Silver Proven + Probable Reserves: 58.1 Moz Silver Measured + Indicated Resources: 18.7 Moz Silver Inferred Resources: 35.2 Moz 3 1 1,2 3 3
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$98M $690M $198M $217M $243M 2025 2026 2027 +23% expected growth • Adds $98M to pro forma free cash flow in 2025 • Provides immediate increase to Pan American’s free cash flow generation • Free cash flow expected to grow 23% over the next three years • Polymetallic deposit delivers cyclical resilience 44% interest provides immediate impact to pro forma free cash flow (in accordance with Pan American methodology) Pan American MAG PF FREE CASH FLOW $788M 1,2 1 Note: Please refer to the forward-looking cautionary language on slide 2 of this presentation. 1. Free cash flow is a non-GAAP measure. For further information regarding such measure please refer to each companies’ respective separate public disclosure. MAG defines free cash flow as cash flow from operating activities less cash used in investing activities and sustaining lease payments. Pan American defines free cash flow as cash flow from operating activities less sustaining capital expenditures. 2. Based on street consensus estimates. 3. Mid-point of 2025 expansionary capex guidance added back to Juanicipio free cash flow to align with Pan American definition of free cash flow (as defined in footnote 1). ,2 // Juanicipio is expected to generate free cash flow o f approx. $200M in 2025 (100%-basis) Pro Forma Free Cash Flow (2025E) Juanicipio Free Cash Flow (100%-basis) 12 3 3 3 (Attributing Full- year Contribution)
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// Exposure to growth opportunities through exploratio n at Juanicipio, Deer Trail and Larder projects Juanicipio Project, Mexico Core mine opportunities ✓ Conversion of inferred into M&I resources ✓ Optimization of grind size, Knelson and flotation circuit to enhance throughput and recovery Significant LOM extension potential ✓ Near mine and regional exploration (only 10% explored of the mineral concession) ✓ Mine plan integration of orthogonal and other SE-NW structures Resource expansion potential ✓ Opportunity to expand known inferred resources that remain open at depth and laterally ✓ Multiple high potential conversion opportunities ✓ Regional opportunities remain at Mesa Grande, Triunfo and vein projections of Saucito principal structures into JV area ✓ Exploration at the base of the Valdecañas vein for the “skarn” within the more calcareous unit at depth ✓ As the deposit extends deeper, there is a potential for an increase in base metal content Deer Trail Project, Utah Seismic, Radio and Mag surveys underway 100% earned-in Excellent infrastructure ✓ Mining-friendly community & jurisdiction ✓ Deer Trail recognized as one of the most prospective locations for a discovery of a silver CRD deposit or porphyry, similar to a Bingham Canyon Larder Project, Ontario ✓ 8.5 km along Cadillac-Larder Break, featuring significant gold deposits ✓ Drilling is ongoing, with one, ramping up to two rigs, both exploring newly developed targets regionally 6,450 hectares of land Positive First Nations relations ~41,000 meters drilled in 2024 13 • Upwell refers to the concentration of hydrothermal fluids at structural intersections, resulting in the formation of mineralized veins with significant metal content.
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Maintains strong balance sheet with flexibility to support organic growth initiatives Accretive use of cash that invests in a high-quality silver project with strong upside potential Adds significant free cash flow to Pan American, further supporting ongoing return of capital initiatives $500M $585M $750M PF Cash + Short-Term Investments Revolving Credit Facility 1. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the revolving credit facility. See the “Non-GAAP Measures” section of our Cautionary Note on slide 2 of this presentation. 2. Includes MAG’s cash ($162M) plus Pan American’s cash and short-term investments ($923M) less cash consideration ($500M). 3. Excludes transaction costs and attributable cash held in the Juanicipio joint venture. // Deploys portion of cash balance in a measured and s trategic manner to enhance silver exposure PF TOTAL AVAILABLE LIQUIDITY $1,335M Transaction Cash Consideration 2,3 1 14
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// Strong deal rationale for both Pan American and MAG shareholders La Arena Gold Mine, Peru Strengthens Pan American's position as one of the world’s premier silver producers Further solidifies Pan American’s position as holding the largest silver reserves and resources amongst silver mining companies Contributes high-margin ounces Highly logical fit with Pan American’s silver dominant Americas-based portfolio Significantly bolsters Pan American’s free cash flow generation Adds 44% ownership interest in Juanicipio, one of the best silver mines globally Provides significant exploration upside potential Investing in growth 15 Diversified exposure and growth opportunities Attractive immediate premium Portfolio participation Derisking Financial strength and robust returns Increased liquidity and market presence Attractive consideration Low execution risk Benefits to Pan American Shareholders Benefits to MAG Shareholders Continued exposure to Juanicipio
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as of June 30, 2024 1616 Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Contained Cu (kt) Pb (%) Contained Pb (kt) Zn (%) Contained Zn (kt) Juanicipio Mexico Proven Probable 1.5 17.0 450 201 22.4 109.6 1.18 1.61 59.0 882.0 - - - - 1.45 2.33 22.0 395.0 2.69 4.21 42.0 715.0 Total Proven & Probable 18.5 221 131.9 1.58 940.0 - - 2.25 417.0 4.08 757.0 Notes: • As per Fresnillo’s Ore Reserve Statement as at June 30, 2024. • Shown on 100% basis. • Totals may not compute exactly due to rounding. • All figures rounded to reflect the relative accuracy of the estimates. Ore Reserves are reported at variable cut-off value based on metal price assumptions, metallurgical recovery assumptions, mining costs, processing costs, G&A costs, sustaining capital costs, and variable trucking costs. • JORC Code was used for reporting of Ore Reserves. • NSR values are calculated as: — NSR = 33.91*Au+0.558*Ag + 16.60*Pb+13.64*Zn. Units: Au (g/t), Ag (g/t), Pb (%), Zn (%). — NSR factors are based on metal prices of $1,750/oz Au, $23.00/oz Ag, $0.95/lb Pb, and $1.15/lb Zn, and estimated recoveries of 74.64% Au, 91.46% Ag, 87.64% Pb, and 79.29% Zn. — Payable metal assumptions for Au are 95% for lead concentrate, 65% for zinc concentrate, and 100% for pyrite concentrate; for Ag: 95% for lead concentrate, 70% for zinc concentrate, and 100% for pyrite concentrate. Lead 95% payable and zinc 85% payable. — The all-inclusive operating costs, excluding variable trucking costs, for longhole stopes and cut-and-fill stopes are $115/tonne and $138/tonne respectively (222 g/t AgEq. based on weighted average for mining method). — Estimated stope hangingwall and footwall dilution (ELOS) was included in the stope optimization process. The dilution thickness for stope hangingwall and footwall varies by mining method. — An additional operational floor mucking dilution of 0.5 m for longhole and cut-and-fill stopes is applied to the Ore Reserve calculation. An extra endwall dilution for longhole stope is 0.5 m. — Mining recovery factors are 95% for longhole stopes and cut-and-fill stopes. Mining recovery factor for ore drive development is 99%. Mining recovery factor for sill pillars is 0%. — Exchange rate of 18 MXP to 1 US$. Please refer to the disclosure under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources” on slide 3 of this presentation.
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as of June 30, 2024 1717 Notes: • As per Fresnillo’s Mineral Resources Statements as at June 30, 2024. • Shown on 100% basis. • Totals may not compute exactly due to rounding. • Mineral Resources are reported inclusive of Ore Reserves • Mineral Resources are reported above cut-off grade but some of the Mineral Resources do not meet the technical requirement for reasonable prospects of eventual economic extraction. • Mineral Resources are reported at or above 213 g/t AgEq. • Mineral Resources are reported at values based on metal price assumptions, metallurgical recovery assumptions, mining costs, processing costs, G&A costs, and variable smelting and transportation costs. • Metal price assumptions considered for the calculation of metal equivalent values are Au ($1,750/oz), Ag ($23.00/oz), Pb ($0.95/lb), and Zn ($1.15/lb). • Assumed metal recoveries of 74.64%, 91.46%, 87.64%, and 79.29% for Au, Ag, Pb, and Zn, respectively, and NSR factors of $33.91/g Au, $0.558/g Ag, $16.60/% Pb, and $13.64/% Zn were used. Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Contained Cu (kt) Pb (%) Contained Pb (kt) Zn (%) Contained Zn (kt) Juanicipio Mexico Measured Indicated 2.0 16.8 662 242 43.4 131.0 1.77 1.93 116.0 1,042.0 - - - - 1.90 2.77 39.0 466.0 3.59 5.04 73.0 848.0 Total Measured & Indicated 18.9 288 174.4 1.91 1,157.0 - - 2.68 505.0 4.88 921.0 Inferred 12.4 200 80.1 0.83 332.0 - - 1.87 232.0 5.82 724.0 Please refer to the disclosure under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources” on slide 3 of this presentation.
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as of June 30, 20241,2 1818
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as of June 30, 20241,2,3 1919
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as of June 30, 20241,2,3 2020
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(5) as of June 30, 20241,2,3 2121
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as of June 30, 2024 2222
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as of June 30, 2024 2323
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All mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards") and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mineral resources are reported exclusives of mineral reserves. Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues. The Company has undertaken a verification process with respect to the data disclosed in this presentation. The mineral resource and mineral reserves databases comprising drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptabl e accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. Quantities and grades of contained metal are shown before metallurgical recoveries. Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senio r Vice President of Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of NI 43-101. Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470 Please refer to the disclosure under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources” on slide 3 of this presentation. 2424