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1 CONFERENCE CALL // FEBRUARY 19, 2026 Q4 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 year ended December 31, 2025, available at www.sedarplus.ca an 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 2026, including, but not limited to production, AISC and expenditures; the expectation that production will be weighted to the second half of 2026; 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 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 (“SEC”) 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, Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, and Christopher Wright, P. Geo., Vice President Mineral Resource Management, 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. 2
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3 Record adjusted earnings of $470 million, or $1.11/share3 Silver Segment AISC of $9.51 per ounce and Gold Segment AISC of $1,699 per ounce3,4 Attributable production of 7.3 Moz silver and 197.8 koz gold2 1. The 2025 Operating Outlook (“2025 Guidance”) was provided in the MD&A for the period ended December 31, 2024. Attributable Silver Production and Silver Segment AISC guidance was updated on November 12, 2025 to reflect the acquisition of MAG Silver Corp. No other adjustments were made to production, cost, or capital figures included in the 2025 Guidance. 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. 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 December 31, 2025 (“Q4 2025”), for a detailed description of these measures and where appropriate a reconciliation of the measure to 2025 Annual Financial Statements. 4. Silver and Gold Segment AISC excludes net realizable value (“NRV”) inventory adjustments. 5. 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. Q4 2025 TAKEAWAYS // Solid Q4 operating performance achieves gold and si lver annual guidance ranges 1 Declared $0.18 dividend per common share, representing the third consecutive quarterly increase Strong financial position with $2.1B in Total Available Liquidity5 Record Attributable free cash flow of $553 million3 Juanicipio exceeded expectations, producing 2.5 Moz of Attributable silver $15 million was spent on the repurchase of shares under the normal course issuer bid during Q4 2025
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CONSOLIDATED FINANCIAL RESULTS 4 in millions of US$, except per share amounts Q4 2025 FY 20251 Revenue 1,179 3,619 Attributable revenue2,3 1,309 3,776 Net earnings 452 980 Basic earnings per share4 1.07 2.56 Adjusted earnings3 470 959 Basic adjusted earnings per share3,4 1.11 2.54 Cash flow from operations 554 1,333 Attributable cash flow from operations2 642 1,435 Attributable free cash flow2 553 1,151 1. The full year ended December 31, 2025 (“FY 2025”). 2. References to "Attributable" refer to the Company's ownership share of results, which includes results from the operations that the Company has a 100% interest in as well as from the operations, specifically Juanicipio and San Vicente, that the Company does not own a 100% interest in. 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 December 31, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 4. Per share amounts are based on basic weighted average common shares.
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ATTRIBUTABLE PRODUCTION 5 1 Silver (koz) Gold (koz) Q4 2025 FY 2025 Q4 2025 FY 2025 La Colorada 1,614 6,015 1.1 4.6 Juanicipio1 1,915 2,495 4.8 6.7 Cerro Moro 917 2,509 27.6 83.1 Huaron 785 3,335 0.1 0.1 San Vicente2 764 2,928 - - Jacobina 1 5 50.8 190.5 El Peñon 1,058 3,909 30.5 115.2 Timmins 3 14 25.9 103.6 Shahuindo 54 237 32.7 132.2 Minera Florida 56 422 18.9 68.6 Dolores 111 971 5.4 37.6 Total3 7,278 22,837 197.8 742.2 1. Juanicipio data represents Pan American’s 44% interest in the mine’s production for the period from acquisition to December 31, 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 NRV1 ($ per ounce) Q4 2025 FY 2025 La Colorada 30.31 24.85 Juanicipio2 (2.09) (3.18) Cerro Moro (35.47) (14.04) Huaron 20.62 21.55 San Vicente3 28.32 21.77 Silver Segment 9.51 13.88 Jacobina 1,383 1,306 El Peñon 722 1,104 Timmins 2,634 2,443 Shahuindo 1,829 1,614 Minera Florida 2,718 2,537 Dolores 2,148 1,012 Gold Segment 1,699 1,621 ALL - IN SUSTAINING COSTS (“AISC”) 1 1. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended December 31, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual 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 44.0% interest in the mine’s production for the period from acquisition to December 31, 2025. 3. San Vicente represents Pan American’s 95.0% interest in the mine.
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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. Excludes ounces sold attributable to Pan American’s 44% interest in Juanicipio. 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 Q4 2025 FY 2025 Q4 2025 FY 2025 Silver $58.16 $40.78 5,468 20,067 Gold $4,186 $3,459 192.1 752.9 Zinc $3,198 $2,865 11.8 44.5 Lead $1,976 $1,965 5.2 21.7 Copper $11,342 $10,082 0.6 2.1
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8 Q4 2025 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 6,843 Attributable Metal Sold 7,007 Silver Attributable inventory draw of 164 koz Attributable Payable Metal Produced 196.8 Attributable Metal Sold 196.4 Gold Attributable inventory build of 0.4 koz 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. Attributable revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended December 31, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 3. Juanicipio data reported at 44% for Juanicipio for the period from acquisition to December 31, 2025 to conform to reporting of Attributable Revenue. 4. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue. 5. Totals may not add due to rounding. Mine/Product Payable Metal Produced (Attributable)1 Quantities of Metal Sold (Attributable) Inventory build/(draw) Attributable Revenue Effect2 koz koz koz US$M Silver (koz) La Colorada 1,511 1,827 (316) $20.3 Juanicipio3 1,763 1,570 193 ($12.1) Cerro Moro 917 863 53 ($2.9) Huaron 688 722 (34) $1.9 San Vicente4 698 585 113 ($5.6) El Peñon 1,057 1,162 (105) $6.0 Other Properties 209 278 (69) $3.8 Total Silver (koz)5 6,843 7,007 (164) $11.4 Gold (koz) Jacobina 50.8 49.8 1.0 ($4.4) El Peñon 30.5 33.3 (2.9) $12.2 Timmins 25.8 25.2 0.7 ($2.8) Shahuindo 32.7 33.9 (1.3) $5.5 Minera Florida 18.6 16.6 2.0 ($8.4) Dolores 5.4 7.7 (2.3) $9.8 Cerro Moro 27.6 24.1 3.5 ($14.5) Juanicipio3 4.3 4.2 0.1 ($0.5) Other Properties 1.0 1.4 (0.4) $1.1 Total Gold (koz)5 196.8 196.4 0.4 ($2.0) Total Zinc3,4,5 (kt) 14.1 15.4 (1.3) $4.2 Total Lead3,4,5 (kt) 7.5 7.3 0.1 ($0.2) Total Copper3,5 (kt) 0.7 0.6 0.0 ($0.1) Total Attributable Revenue Effect2,5 $13.3 *Total Revenue effect is a net increase of $25.8 million
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9 FY 2025 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 21,541 Attributable Metal Sold 21,914 Silver Attributable inventory draw of 373 koz Attributable Payable Metal Produced 739.5 Attributable Metal Sold 758.7 Gold Attributable inventory draw of 19.1 koz Mine/Product Payable Metal Produced (Attributable)1 Quantities of Metal Sold (Attributable) Inventory build/(draw) Attributable Revenue Effect2 koz koz koz US$M Silver (koz) La Colorada 5,643 5,849 (205) $9.2 Juanicipio3 2,293 1,982 311 ($18.5) Cerro Moro 2,507 2,628 (121) $4.5 Huaron 2,925 2,968 (44) $1.8 San Vicente4 2,679 2,574 105 ($3.9) El Peñon 3,905 4,142 (238) $9.8 Other Properties 1,590 1,770 (181) $6.8 Total Silver (koz)5 21,541 21,914 (373) $9.8 Gold (koz) Jacobina 190.5 190.0 0.6 ($2.0) El Peñon 115.0 122.2 (7.2) $24.9 Timmins 103.5 105.3 (1.8) $6.3 Shahuindo 132.1 134.6 (2.5) $8.8 Minera Florida 67.7 68.1 (0.4) $1.3 Dolores 37.6 40.9 (3.4) $11.2 Cerro Moro 83.0 86.9 (3.8) $13.4 Juanicipio3 6.1 5.7 0.3 ($1.5) Other Properties 4.0 5.0 (1.0) $1.8 Total Gold (koz)5 739.5 758.7 (19.1) $64.3 Total Zinc3,4,5 (kt) 46.6 48.6 (2.0) $5.6 Total Lead3,4,5 (kt) 24.7 24.6 0.2 ($0.3) Total Copper3,5 (kt) 2.2 2.0 0.2 ($2.1) Total Attributable Revenue Effect2,5 $77.3 *Total Revenue effect is a net increase of $98.7 million 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. 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 December 31, 2025, for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 3. Juanicipio data reported at 44% for Juanicipio for the period from acquisition to December 31, 2025 to conform to reporting of Attributable Revenue. 4. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue. 5. Totals may not add due to rounding.
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Q4 2025 CONSOLIDATED CASH FLOWS 10 ($90) ($82) ($59) ($15) ($28) ($27) ($16) ($6) $614 $44 $36 $6 $32 $911 $1,364 $1,319 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Cash and STI at September 30, 2025 Adjusted operating cash flow Dividends from Juanicipio Net changes in working capital Net other (e.g. derivatives, etc.) Net income tax payments Sustaining capital (excl. Juanicipio) Dividends paid Shares repurchased under NCIB Cash and STI before growth & borrowings Revaluation of STI Net cash from acquisitions and asset sales Project capital Cash used for investments in and loan to Galleon Gold Mine care & maintenance (excl. D&A) Cash and STI at December 31, 2025 Millions 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 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 1
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FY 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 ($318) ($275) ($175) ($46) ($30) ($394) ($94) ($28) ($22) $1,708 $44 $14 $48 $887 $1,810 $1,319 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Cash and STI at December 31, 2024 Adjusted operating cash flow Dividends from Juanicipio Net other (e.g. derivatives, etc.) Net income tax payments Sustaining capital (excl. Juanicipio) Dividends paid Shares repurchased under NCIB Net changes in working capital Cash and STI before growth & borrowings Revaluation of STI Net cash from acqusitions and asset sales Project capital Mine care & maintenance (excl. D&A) Cash used for investments in and loan to Galleon Gold Cash and STI at December 31, 2025 Millions Sustaining Cash Flow Performance Growth, Business Development, and Other 1 1 11
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Q4 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS 12 // Q4 2025 basic adjusted earnings of $1.11/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 December 31, 2025 for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 2. Excludes adjustments to trade receivables from provisional concentrates sales. $47 $8 $7 $3 $2 ($38) ($10) ($1) Net earnings for the period Asset retirment obligation adjustments for non-operating properties and mines in closure Unrealized foreign exhange losses Losses from the sale of subsidiaries, mineral properties, plant and equipment Other Litigation provisions Unrealized fair value adjustments to financial instruments Effect of foreign exchange on taxes Effect of taxes on adjusting items Adjusted earnings for the period Millions $- $100 $200 $300 $400 $500 $600 $470$452 2
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FY 2025 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS 13 // FY 2025 basic adjusted earnings of $2.54/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 December 31, 2025 for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 2. Excludes adjustments to trade receivables from provisional concentrates sales. $49 $29 $23 $9 $5 $5 $1 ($75) ($64) ($2) ($1) Net earnings for the period Asset retirement obligation adjustments for non-operating properties and mines in closure Losses from sale of subsidiaries, mineral properties, plant and equipment Unrealized foreign exchange losses Other Severance provisions Litigation provisions Effect of taxes on adjusting items Unrealized fair value adjustments to financial instruments Effect of foreign exchange on taxes Net earnings attributable to non-controlling interests Net realizable value heap inventory recovery Adjusted earnings for the period Millions $- $200 $400 $600 $800 $1,000 $1,200 $959$980 2
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All financial figures as at December 31, 2025. 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. 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 $708 million, as at December 31, 2025, and accreted to the face value over their respective terms using an effective interest rate of 5.52%. STRONG FINANCIAL POSITION Cash + short-term investments of $1,319M excluding 44% interest in cash at Juanicipio of $127M Total debt2 of $852M 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 // Capacity to fund growth and shareholder returns TOTAL AVAILABLE LIQUIDITY $1,220M 3 $1,319M $750M TOTAL AVAILABLE LIQUIDITY 1 $2,069M Cash + short-term investments Revolving Credit Facility 14
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15 1. The 2025 Operating Outlook (“2025 Guidance”) was provided in the MD&A for the period ended December 31, 2024. 2. Attributable Silver Production and Silver Segment AISC guidance was updated on November 12, 2025 to reflect the acquisition of MAG Silver Corp. No other adjustments were made to production, cost, or capital figures included in the 2025 Guidance. 3. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended December 31, 2025 for a detailed description of these measures and where appropriate a reconciliation of the measure to the 2025 Annual Financial Statements. 4. AISC excluding net realizable value inventory adjustments (“NRV”). 5. Total Capital is defined as Sustaining Capital plus Project Capital. FY 2025 Guidance1,2 2025 Actual Attributable Production Silver – Moz 22.00 – 22.50 22.84 Gold – koz 735.0 – 800.0 742.2 Zinc – kt 42.0 – 45.0 55.9 Lead – kt 21.0 – 22.0 27.0 Copper – kt 4.0 3.0 AISC ($ per ounce)3 Silver Segment AISC (excl. NRV)4 14.50 – 16.00 13.88 Gold Segment AISC (excl. NRV)4 1,525 – 1,625 1,621 Capital Expenditures ($M) Sustaining Capital 270 – 285 284 Project Capital 90 – 100 94 Total Capital5 360 – 385 378 Attributable Silver Production was higher than the updated 2025 Guidance Range. Attributable Gold Production was within the 2025 Guidance Range. Silver Segment AISC were below the updated 2025 Guidance Range. Gold Segment AISC were within the 2025 Guidance Range. 2025 ACTUAL RELATIVE TO GUIDANCE
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16 FY 2025 Actual FY 2025 Expenditures Forecast1 Sustaining Capital La Colorada 19 19 – 21 Juanicipio2 9 - Cerro Moro 17 10 – 11 Huaron 24 18 – 19 San Vicente3 5 4.5 Jacobina 39 58 – 60 El Peñon 44 33 – 35 Timmins 42 39 – 41 Shahuindo 57 67 – 71 Minera Florida 27 21 – 22 Dolores - 0.5 Sustaining Capital Sub-total 284 270 – 285 Project Capital La Colorada (Veins) 13 10 – 12 La Colorada (Skarn) 22 39 – 42 Huaron 9 12 – 13.5 Timmins 10 18 – 20 Jacobina 37 11 – 12.5 Cerro Moro 3 - Project Capital Sub-total 94 90 – 100 Total Capital4 378 360 – 385 1. The 2025 Expenditures Forecast was provided in MD&A for the period ended December 31, 2024. 2. Juanicipio data represents Pan American’s 44% interest in the mine for the period from acquisition to December 31, 2025. 3. Capital expenditures at San Vicente are shown at 100% ownership. 4. Total Capital is defined as Sustaining Capital plus Project Capital. 2025 CAPITAL EXPENDITURES RELATIVE TO GUIDANCE Project capital invested to advance strategic goals: • La Colorada (Skarn) – continued exploration and in-fill drilling, and engineering work • Jacobina – advancing the mine and plant optimization study • La Colorada (Veins) – exploration, mine infrastructure, and mine equipment leases related to the prospective, higher-grade eastern zone of the mine • Timmins – stage six tailings storage facility and exploration at satellite deposits • Huaron – residual project capital for the new filtered tailings storage facility
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// Expecting a ~14% increase in attributable silver production 1 Note: Please refer to the forward-looking cautionary language on page 2 of this presentation. 1. Based on the midpoint of 2026 attributable silver production guidance and 2025 Attributable silver production. 2. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended December 31, 2025 for further information on this measure. The AISC forecasts assume average metal prices and average annual exchange rates shown in table. Ag 25.0 – 27.0 Moz A N N U A L C O N S O L I D A T E D A T T R I B U T A B L E P R O D U C T I O N $15.75 - $18.25 per oz S I L V E R S E G M E N T A I S C2 Au 700 – 750 koz A N N U A L C O N S O L I D A T E D A T T R I B U T A B L E P R O D U C T I O N $1,700 - $1,850 per oz G O L D S E G M E N T A I S C2 2026 GUIDANCE 17 Average metal price assumptions Silver $70.00/oz Gold $4,200/oz Zinc $3,000/tonne ($1.36/ lb) Lead $2,000/tonne ($0.91/ lb) Copper $10,000/tonne ($4.54/ lb) Average annual exchange rate (relative to 1 USD) assumptions Mexican peso ("MXN") 18.50 Peruvian sol ("PEN") 3.45 Argentine peso ("ARS") 1,427 Bolivian boliviano ("BOB") 7.00 Canadian dollar ("CAD") 1.39 Chilean peso ("CLP") 950 Brazilian real ("BRL") 5.50
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Note: Please refer to the forward-looking cautionary language on page 2 of this presentation. 1. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended December 31, 2025 for further information on this measure. The AISC forecasts assume average metal prices of $70.00/oz for silver, $4,200/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $10,000/tonne ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). 2. Juanicipio data represents Pan American’s 44.0% interest in the mine’s production. San Vicente data represents Pan American’s 95.0% interest in the mine's production. Attributable Silver Production (Moz) Attributable Gold Production (koz) AISC ($ per ounce) 1 Silver Segment: La Colorada (Mexico) 5.80 – 6.25 2.5 33.25 – 35.75 Juanicipio (Mexico)2 6.00 – 6.50 17.5 – 18.5 2.25 – 4.25 Cerro Moro (Argentina) 2.80 – 3.00 80.0 – 86.0 (25.75) – (21.75) Huaron (Peru) 3.25 – 3.50 – 27.75 – 29.75 San Vicente (Bolivia)2 2.70 – 2.90 – 41.00 – 43.00 Total 20.55 – 22.15 100.0 – 107.0 15.75 – 18.25 Gold Segment: Jacobina (Brazil) – 181.0 – 191.0 1,550 – 1,650 El Peñon (Chile) 3.65 – 3.95 104.0 – 110.0 275 – 500 Timmins (Canada) – 105.5 – 115.0 2,575 – 2,675 Shahuindo (Peru) 0.20 125.5 – 135.0 1,825 – 1,950 Minera Florida (Chile) 0.25 66.0 – 71.0 2,550 – 2,675 Dolores (Mexico) 0.35 – 0.45 18.0 – 20.0 2,550 – 2,800 Total 4.45 – 4.85 600.0 – 643.0 1,700 – 1,850 Total Attributable Production 25.00 – 27.00 700.0 – 750.0 Attributable Base Metal Production Zinc (kt) 58.5 – 62.5 Lead (kt) 30.5 – 32.5 Copper (kt) 2.0 2026 OPERATING OUTLOOK 18
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19 Q1 Guidance Q2 Guidance Q3 Guidance Q4 Guidance FY 2026 Guidance Attributable Silver Production (Moz) 6.10 – 6.60 6.05 – 6.55 6.50 – 7.00 6.35 – 6.85 25.00 – 27.00 Attributable Gold Production (koz) 164.5 – 175.5 174.5 – 186.5 178.5 – 192.0 182.5 – 196.0 700.0 – 750.0 Silver Segment AISC1 14.75 – 17.00 15.00 – 17.50 15.50 – 17.75 18.50 – 20.75 15.75 – 18.25 Gold Segment AISC1 1,775 – 1,925 1,825 – 1,950 1,725 – 1,875 1,525 – 1,650 1,700 – 1,850 2026 QUARTERLY OPERATING OUTLOOK Note: Please refer to the forward-looking cautionary language on page 2 of this presentation. 1. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended December 31, 2025 for further information on this measure. The AISC forecasts assume average metal prices of $70.00/oz for silver, $4,200/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $10,000/tonne ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). // Production weighted to the second half of 2026 (“H2 2 026”) Attributable Silver Production is expected to be higher in H2 2026, largely as a result of increased production from El Peñon, Juanicipio, La Colorada, and San Vicente; partially offset by lower production at Cerro Moro and Dolores Attributable Gold Production is expected to be higher in H2 2026, predominantly due to increased production from Shahuindo, El Peñon, and Minera Florida; partially offset by lower production at Cerro Moro and Dolores. Silver Segment AISC per ounce are anticipated to increase throughout the year due to production impacts from Cerro Moro. Gold Segment ASIC per ounce are anticipated to decrease in H2 2026, largely due to lower AISC at El Peñon driven by the production sequence.
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2026 EXPENDITURES FORECAST Project capital expected to be invested to advance strategic goals: • Jacobina – to complete process plant optimization projects and continue advancing mine and plant optimization studies, including initial underground infrastructure, mine fle et and exploration initiatives • La Colorada – continued exploration drilling, engineering and initial mine infrastructure early works mobilization at the Skarn project, and exploration and underground development in the deep eastern sections of the Can delaria mineralized structure • Timmins – to initiate construction of the Phase 6 tailings expansion, studies and initial development of the B ell Creek shaft extension, and exploration and engineering stu dies at satellite deposits • Huaron – advancing development and exploration at deep extensions of the deposit • Cerro Moro – exploration activities and a tailings storage facility expansion • Juanicipio – conveyor haulage system • Shahuindo – land purchases and exploration Expenditures ($ millions) Sustaining Capital La Colorada (Mexico) 21 – 23 Juanicipio (Mexico)1 28 – 30 Cerro Moro (Argentina) 6 – 7 Huaron (Peru) 22 – 24 San Vicente (Bolivia)2 16 – 17 Jacobina (Brazil) 67 – 70 El Peñon (Chile) 36 – 38 Timmins (Canada) 39 – 41 Shahuindo (Peru) 58 – 61 Minera Florida (Chile) 27 – 29 Sustaining Capital Sub-total 320 – 340 Project Capital Jacobina (Brazil) 53 – 57 La Colorada Skarn (Mexico) 47 – 50 Timmins (Canada) 40 – 43 Huaron (Peru) 16 – 17 Cerro Moro (Argentina) 13 – 14 Juanicipio (Mexico)1 11 – 12 La Colorada (Mexico) 9 – 10 Shahuindo (Peru) 6 – 7 Project Capital Sub-total 195 – 210 Total Capital Expenditures 515 – 550 Reclamation Expenditures 32 – 37 General and Administrative 100 – 105 Care & Maintenance 26 – 28 Exploration and Project Development 22 – 25 Income Tax Payments 500 – 550 Depreciation and Amortization3 500 – 525Note: Please refer to the forward-looking cautionary language on page 2 of this presentation. 1. Capital expenditures at Juanicipio represent Pan American’s 44% ownership. 2. Capital expenditures at San Vicente represent Pan American’s 95% ownership. 3. Depreciation and Amortization excludes depreciation at Juanicipio, which is considered an equity accounted investment. 20
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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 22
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PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 23
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PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 24
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(5) PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 25
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METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 26 Mine Category Ag US $/oz Au US $/oz Cu US $/t Pb US $/t Zn US $/t Escobal All Categories 20.00 1,300 2,204 2,424 La Colorada Reserves Resources 22.00 24.00 1,900 2,050 2,100 2,200 2,600 2,800 La Colorada Skarn Resources 22.00 2,200 2,800 Huaron Reserves Resources 22.00 24.00 8.000 9.000 2,100 2,200 2,600 2,800 San Vicente Reserves Resources 22.00 24.00 8,000 9,000 2,100 2,200 2,600 2,800 Cerro Moro Reserves Resources 28.00 30.00 2,500 2,650 Navidad All categories 12.52 1,100 Manantial Espejo Resources 22.00 1,700 Jacobina Reserves Resources 1,900 2,050 Shahuindo Reserves Resources 22.00 24.00 1,900 2,050 El Peñon Reserves Resources 25.00 27.00 2,250 2,400 Timmins Reserves Resources 2,250 2,400 Whitney Resources 2,400 Minera Florida Reserves Resources 25.00 27.00 2.250 2,400 2,100 2,200 2,600 2,800 La Bolsa All Categories 14.00 825 Lavra Velha Resources 1,650 Vogel Resources 2,250 Gold River Resources 1,200 Marlhill Resources 1,125 Arco Sul Resources 1,250
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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. 27
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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/