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1 CONFERENCE CALL // NOVEMBER 13, 2025 Q3 2025 EARNINGS REVIEW NYSE: PAAS | TSX: PAAS
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CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as “AISC”, “adjusted earnings”, “attributable revenue”, “attributable cash flow from operations”, “attributable free cash flow”, “basic adjusted earnings per share”, “total debt”, and “working 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. Any reference to "Attributable" in this presentation should be understood to reflect the Company's ownership share of results, which includes results from the operations that the Company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in. Any reference to “AISC” in this presentation should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of by-product credits (respectively, the “Silver Segment AISC” or “Gold Segment AISC”), presented on an Attributable basis. 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 September 30, 2025, available at www.sedarplus.ca and at www.sec.gov/edgar. Reporting Currency and Financial Information Unless we have specified otherwise, all references to dollar amounts 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: future financial or operational performance; operating outlook for 2025, including, but not limited to production, AISC and expenditures; statements regarding the investments in capital projects, and any anticipated benefits therefrom; estimated mineral reserve and mineral resource information; Pan American’s liquidity; and Pan American’s planned sale of its interest in Minera Calipuy S.A.C., which owns the Pico Machay project; and Pan American’s plans and expectations for its properties and operations. 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: tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign 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 inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership 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 able 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 business 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 related 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 condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, 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 timely 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 Securities 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. 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 Technical Information Scientific and technical information contained in this presentation 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. 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. Pan American completed the acquisition of MAG Silver Corp. (“MAG”) on September 4, 2025, which added a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with MAG’s interests in the Deer Trail and Larder exploration projects (collectively, the “MAG Properties”). For information regarding the MAG Properties, please see MAG’s Annual Information Form dated March 24, 2025, filed at www.sedarplus.ca. 2
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3 Adjusted earnings of $181.0 million, or $0.48/share1. Silver Segment AISC of $15.43 per ounce and Gold Segment AISC of $1,697 per ounce1,3 Attributable production of 5.5 Moz silver and 183.5 koz gold2 1. Adjusted earnings, basic adjusted earnings per share, AISC, and Attributable free cash flow are non-GAAP financial measures and are presented on an Attributable basis. Please refer to the section “Alternative Performance (Non- GAAP) Measures” of the Management’s Discussion & Analysis (“MD&A”) for the period ended September 30, 2025 (“Q3 2025”), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q3 2025 Financial Statements. 2. Any reference to “Attributable” in this presentation should be understood to reflect the Company’s ownership share of results, which includes results from the operations that the company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in. 3. Silver and Gold Segment AISC excludes net realizable value (“NRV”) inventory adjustments. 4. Please see Pan American's MD&A for the period ended December 31, 2024 and the Q3 2025 MD&A for further detail on the Company's 2025 Operating Outlook. 5. Please refer to the news releases dated September 8, 2025 and September 11, 2025. 6. 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. Q3 2025 TAKEAWAYS // Record Attributable free cash flow of $251.7 millio n1 Increased attributable 2025 silver production and reduced Silver Segment AISC guidance; maintained remainder of 2025 Operating Outlook4 Declared $0.14 dividend per common share as per the discretion of the Board of Directors Strong financial position with $1.7B in Total Available Liquidity6 Discovery of multiple high-grade silver zones at La Colorada provides opportunity to integrate mine plan with Skarn project5 Successful integration of our 44% interest in Juanicipio
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CONSOLIDATED FINANCIAL RESULTS 4 in millions of US$, except per share amounts Q3 2025 YTD 20251 Revenue 854.6 2,439.7 Attributable revenue3 884.4 2,466.5 Net earnings 169.2 528.1 Basic earnings per share2 0.45 1.43 Adjusted earnings3 181.0 488.4 Basic adjusted earnings per share2,3 0.48 1.33 Cash flow from operations 308.7 776.9 Attributable cash flow from operations3 323.6 790.6 Attributable free cash flow3 251.7 596.3 1. The nine months ended September 30, 2025 (“YTD 2025”). 2. Per share amounts are based on basic weighted average common shares. 3. Attributable revenue, adjusted earnings, basic adjusted earnings per share, Attributable cash flow from operations, and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements.
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ATTRIBUTABLE PRODUCTION 5 1 Silver (koz) Gold (koz) Q3 2025 YTD 2025 Q3 2025 YTD 2025 La Colorada 1,505 4,401 1.1 3.5 Juanicipio1 580 580 1.9 1.9 Cerro Moro 559 1,592 18.8 55.5 Huaron 755 2,550 - - San Vicente2 765 2,163 - - Jacobina 1 3 47.0 139.7 El Peñon 938 2,851 28.6 84.6 Timmins 3 10 24.7 77.7 Shahuindo 58 183 36.3 99.5 Minera Florida 78 366 16.8 49.7 Dolores 220 860 8.1 32.2 Total3 5,462 15,559 183.5 544.4 1. Juanicipio data represents Pan American’s 44% interest in the mine’s production for the period from acquisition to September 30, 2025. 2. San Vicente data represents Pan American's 95.0% interest in the mine's production. 3. Totals may not add due to rounding.
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6 AISC (excluding NRV)1 ($ per ounce) Q3 2025 YTD 2025 La Colorada $22.93 $22.36 Juanicipio2 ($7.34) ($7.34) Cerro Moro ($5.36) ($3.56) Huaron $33.06 $21.85 San Vicente $16.80 $19.84 Silver Segment $15.43 $16.21 Jacobina $1,295 $1,278 El Peñon $1,245 $1,248 Timmins $2,684 $2,382 Shahuindo $1,629 $1,542 Minera Florida $2,581 $2,478 Dolores3 $1,017 $748 Gold Segment3 $1,697 $1,595 AISC 1 1. AISC is a non-GAAP measure and is presented on an Attributable basis. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of Q3 2025 MD&A, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements. Silver Segment AISC are calculated net of credits for realized revenues from all metals other than silver and are calculated per ounce of silver sold. Gold Segment AISC are calculated net of credits for realized revenues from all other metals other than gold and are calculated per ounce of gold sold. 2. Juanicipio data represents Pan American’s interest in the mine’s production for the period from acquisition to September 30, 2025 3. AISC for Dolores (including NRV inventory adjustments), were $452 per ounce in Q3 2025 and $418 per ounce in YTD 2025. AISC for the consolidated gold segment (including NRV inventory adjustments) were $1,670 per ounce in Q3 2025 and $1,573 in YTD 2025.
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METAL PRICES & METAL SOLD 7 1. Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead and copper, inclusive of final settlement adjustments on concentrate sales. 2. Metal quantities stated as koz for silver and gold and kt for zinc, lead and copper. Excludes ounces sold attributable to Pan American’s 44% interest in Juanicipio. Realized Metal Prices1 Quantities of Metal Sold2 Q3 2025 YTD 2025 Q3 2025 YTD 2025 Silver $39.08 $34.27 4,630 14,599 Gold $3,479 $3,210 180.7 560.8 Zinc $2,768 $2,745 10.8 32.7 Lead $1,955 $1,961 4.9 16.5 Copper $9,791 $9,504 0.5 1.4
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8 Q3 2025 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 5,157 Attributable Metal Sold 5,009 Silver Attributable inventory build of 149 koz Attributable Payable Metal Produced 182.8 Attributable Metal Sold 182.2 Gold Attributable inventory build of 0.6 koz 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. Juanicipio data reported at 44% for Juanicipio for the period from acquisition to September 30, 2025 to conform to reporting of Attributable Revenue. 3. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue. 4. Totals may not add due to rounding. 5. Attributable revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements. Mine/Product Payable Metal Produced1 Quantities of Metal Sold Inventory build/(draw)3 Attributable Revenue Effect5 koz koz koz US$M Silver (koz) La Colorada 1,418 1,394 24 ($1.0) Juanicipio2 530 412 117 ($5.7) Cerro Moro 558 626 (68) $2.4 Huaron 662 629 33 ($1.3) San Vicente3 705 639 66 ($2.4) El Peñon 937 952 (15) $0.6 Other Properties 347 356 (9) $0.4 Total Silver (koz)4 5,157 5,009 149 ($7.0) Gold (koz) Jacobina 47.0 46.9 0.1 ($0.5) El Peñon 28.6 27.6 1.0 ($3.5) Timmins 24.7 23.1 1.6 ($5.5) Shahuindo 36.3 34.7 1.6 ($5.6) Minera Florida 16.6 18.0 (1.4) $5.0 Dolores 8.1 7.6 0.5 ($1.8) Cerro Moro 18.8 20.3 (1.5) $5.3 Juanicipio2 1.7 1.5 0.2 ($1.0) Other Properties 1.0 2.5 (1.5) $2.9 Total Gold (koz)4 182.8 182.2 0.6 ($4.6) Total Zinc2,3 (kt) 10.4 11.5 (1.0) $2.7 Total Lead2,3 (kt) 5.7 5.7 (0.0) $0.0 Total Copper2 (kt) 0.6 0.5 0.1 ($1.4) Total Attributable Revenue Effect4,5 ($10.2) *Total Revenue effect is a net decrease of $2.3 million
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9 YTD 2025 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 14,699 Attributable Metal Sold 14,907 Silver Attributable inventory draw of 209 koz Attributable Payable Metal Produced 542.8 Attributable Metal Sold 562.3 Gold Attributable inventory draw of 19.5 koz 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. Juanicipio data reported at 44% for Juanicipio for the period from acquisition to September 30, 2025 to conform to reporting of Attributable revenue. 3. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable Revenue. 4. Totals may not add due to rounding. 5. Attributable revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements. Mine/Product Payable Metal Produced1 Quantities of Metal Sold Inventory build/(draw)3 Attributable Revenue Effect5 koz koz koz US$M Silver (koz) La Colorada 4,132 4,022 110 ($3.9) Juanicipio2 530 412 117 ($5.7) Cerro Moro 1,590 1,764 (174) $5.1 Huaron 2,237 2,247 (10) $0.3 San Vicente3 1,981 1,989 (8) $0.3 El Peñon 2,848 2,980 (132) $4.7 Other Properties 1,381 1,492 (111) $3.9 Total Silver (koz)4 14,699 14,907 (209) $4.7 Gold (koz) Jacobina 139.7 140.2 (0.5) $1.5 El Peñon 84.6 88.8 (4.3) $13.7 Timmins 77.7 80.2 (2.5) $8.0 Shahuindo 99.4 100.6 (1.2) $4.0 Minera Florida 49.1 51.5 (2.4) $7.9 Dolores 32.2 33.2 (1.0) $3.2 Cerro Moro 55.5 62.8 (7.3) $23.5 Juanicipio2 1.7 1.5 0.2 ($1.0) Other Properties 3.0 3.6 (0.6) $0.9 Total Gold (koz)4 542.8 562.3 (19.5) $61.7 Total Zinc2,3 (kt) 32.6 33.2 (0.6) $1.7 Total Lead2,3 (kt) 17.3 17.3 0.0 ($0.0) Total Copper2 (kt) 1.6 1.4 0.2 ($1.9) Total Attributable Revenue Effect4,5 $66.2 *Total Revenue effect is a net increase of $74.1 million
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Q3 2025 CONSOLIDATED CASH FLOWS 10 ($70) ($64) ($43) ($4) ($2) ($409) ($35) ($7) $384 $40 $12 $1,109 $1,310 $911 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Cash and STI at June 30, 2025 Adjusted operating cash flow Sustaining capital (excl. Juanicipio) Net income tax payments Dividends paid Net changes in working capital Net other (e.g. derivatives, etc.) Cash and STI before growth & borrowings Net proceeds from La Pepa disposition Revaluation of STI Net cash used in MAG Acquisition Project capital Mine care & maintenance (excl. D&A) Cash and STI at September 30, 2025 0 Millions 1. “STI” means short-term investments, “D&A” means depreciation and amortization. 2. "Adjusted operating cash flow” is a non-GAAP financial measure calculated as: cash flow from operations before changes in working capital, income taxes paid, and mine care and maintenance (excl. D&A). 1 2 Sustaining Cash Flow Performance Growth, Business Development, and Other 1 1 1 1
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YTD 2025 CONSOLIDATED CASH FLOWS 11 1. “STI” means short-term investments, “D&A” means depreciation and amortization, “NCIB” means normal course issuer bid. 2. "Adjusted operating cash flow” is a non-GAAP financial measure calculated as: cash flow from operations changes in working capital, income taxes paid, and mine care and maintenance (excl. D&A). 1 2 1 1 ($228) ($192) ($116) ($64) ($31) ($409) ($67) ($22) $1,090 $7 $40 $15 $887 $1,353 $911 $0 $500 $1,000 $1,500 $2,000 $2,500 Cash and STI at December 31, 2024 Adjusted operating cash flow Net other (e.g. derivatives, etc.) Net income tax payments Sustaining capital (excl. Juanicipio) Dividends paid Net changes in working capital Shares repurchased under NCIB Cash and STI before growth & borrowings Net proceeds from La Pepa disposition Revaluation of STI Net cash used in MAG Acquisition Project capital Mine care & maintenance (excl. D&A) Cash and STI at September 30, 2025 0 Millions Sustaining Cash Flow Performance Growth, Business Development, and Other 1 1 1 1
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Q3 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS 12 // Q3 2025 basic adjusted earnings of $0.48/share 1 1. Adjusted earnings and basic adjusted loss per share are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements. $21.7 $6.0 $2.6 $1.7 $0.8 $0.2 ($12.3) ($8.3) ($0.6) Net earnings for the period Losses from sale of subsidiaries, mineral properties, plant and equipment Fair value adjustments to non-operating properties Effect of taxes on adjusting items Litigation provisions Unrealized foreign exhange losses Severance provisions Effect of foreign exchange on taxes Unrealized fair value adjustments to financial instruments Net earnings attributable to non-controlling interests Adjusted earnings for the period Millions $- $50.0 $100.0 $150.0 $200.0 $250.0 $181.0 $169.2
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YTD 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS 13 // YTD 2025 basic adjusted earnings of $1.33/share 1 1. Adjusted earnings and basic adjusted loss per share are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2025 Financial Statements. $21.4 $15.4 $8.3 $4.8 $3.3 $1.8 ($54.0) ($38.2) ($1.6) ($0.9) Net earnings for the period Losses from sales of subsidiaries, mineral properties, plant and, equipment Unrealized foreign exchange losses Fair value adjustments to non-operating properties Severance provisons Litigation provisions Effect of taxes on adjusting items Effect of foreign exchange on taxes Unrealized fair value adjustments to financial instruments Net earnings attributable to non-controlling interests Net realizable value heap inventory recovery Adjusted earnings for the period Millions $- $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $488.4 $528.1
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1. As at September 30, 2025. 2. Total debt is a non-GAAP measure calculated as the total current and non-current portions of: debt, including senior notes and amounts drawn on the Revolving Credit Facility, and lease obligations. The senior notes are carried at $704.7 million, as at September 30, 2025, and accreted to the face value over their respective terms using an effective interest rate of 5.52%. 3. 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. STRONG FINANCIAL POSITION Cash + short-term investments of $910.8M excluding 44% interest in cash at Juanicipio of $85.8M Total debt2 of $857.0M primarily related to senior notes: $283M with 4.625% coupon maturing in December 2027 $500M with 2.63% coupon maturing in August 2031 Revolving Credit Facility undrawn with $750M available Cash + short-term investments // ~$1.7B in Total Available Liquidity 1,3 TOTAL AVAILABLE LIQUIDITY $1,220M 3 $911M $750M TOTAL AVAILABLE LIQUIDITY 3 $1,661M Cash + short-term investments Revolving Credit Facility 14
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15 Note: Please refer to the Cautionary Note on slides 2 and 3 of this presentation. 1. The 2025 Operating Outlook was provided in the Company’s MD&A for the period ended December 31, 2024 and updated in the Company’s MD&A for the period ended September 30, 2025. 2. AISC, Sustaining Capital, and Project Capital are non-GAAP measures and are presented on an Attributable basis. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2025 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Financial Statements for the period ended September 30, 2025. The AISC forecasts are based on YTD realized metal price assumptions and Pan American’s internal forecast for the fourth quarter of 2024. 3. AISC YTD 2025 actual figures exclude NRV adjustments. YTD 2025 Actual 2025 Annual Guidance as at February 19, 2025 2025 Annual Guidance as at November 12, 2025 Attributable Silver Production (Moz) 15.56 20.00 – 21.00 22.00 – 22.50 Attributable Gold Production (koz) 544.4 735 – 800 no change Silver Segment AISC2,3 ($/oz) 16.21 16.25 – 18.25 14.50 – 16.00 Gold Segment AISC2,3 ($/oz) 1,595 1,525 – 1,625 no change Sustaining Capital2 ($ millions) 194.3 270.0 – 285.0 no change Project Capital2 ($ millions) 67.2 90.0 – 100.0 no change // Guidance for Attributable silver production increas ed and forecasted Silver Segment AISC reduced to reflect Juanicipio. Outlook maintained f or gold and base metal production, gold segment AISC, and capital expenditures 2025 OPERATING OUTLOOK UPDATE 1
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Q & A To join the queue: Press * and 1 on your touch-tone telephone. You will hear a tone acknowledging your request. If you wish to remove yourself from the queue, press * and 2
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PAN AMERICAN SILVER MINERAL RESERVES as of June 30, 20251,2 17
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PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 18
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PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 19
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(5) PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 20
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METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 21
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METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 22
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GENERAL NOTES APPLICABLE TO THE FOREGOING TABLES : 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 Exploration and Geology, Christopher Wright, P. Geo. Vice President Mineral Resources Management, 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. 23
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ARCHIVED RECORDING The audio and presentation archive of this conference call and webcast will be accessible on our website at: https://www.panamericansilver.com/investors/events-and-presentations/