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1 P R E S E N T A T I O N / / J A N U A R Y 2 0 2 6 THE WORLD’S PREMIER SILVER MINING COMPANY NYSE | TSX PAAS
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2 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: estimates of 2025 production figures, which remain subject to verification and adjustment, including our estimated production of silver, gold, and other metals in 2025; estimates of cash and short-term investments and total available liquidity at December 31, 2025, which remain subject to verification and adjustment; future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2026, our estimated AISC, exploration forecast, and our sustaining and project capital expenditures in 2026; Pan American’s liquidity; expectations regarding strategic initiatives and capital projects, and any anticipated benefits therefrom; the anticipated completion of process plant optimization projects related to Jacobina; expectations regarding the initiation of construction of the Phase 6 tailings expansion at Timmins; expectations regarding mineral reserve replacement; 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. . C O N T I N U E D ON N E X T P A G E NYSE | TSX PAAS
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3 C O N T I N U E D Technical Information 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 resources 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 acceptable 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. For further information on the Company’s pre-MAG transaction material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s mineral reserves and mineral resources, see the Company’s Annual Information Form dated February 19, 2025, available on the Company’s profile at www.sedarplus.ca. Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, Christopher Wright P.Geo. Vice President Mineral Resource Management and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are all 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. Pan American completed the acquisition of 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. 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 made 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 and 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. NYSE | TSX PAAS
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4 DIVERSIFIED ASSETS + GROWTH CATALYSTS // Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years • 10 producing silver and gold operations1 • Advancing an extensive mine optimization study at Jacobina • Future silver growth potential: La Colorada Skarn, Escobal & Navidad • Large silver & gold mineral reserves: 452 Moz Ag and 6.3 Moz Au2 Attributable Revenue by Jurisdiction 3 For the period ended September 30, 2025 23% 19% 19% 15% 11% 9% 4% Chile Peru Brazil Mexico Argentina Canada Bolivia $884.4M Q3 2025 Attributable Revenue 3 1. Excludes Dolores, which has entered the residual leaching phase. 2. Pan American estimated mineral reserves and mineral resources reported as of June 30, 2025. See slides 28 – 33 for more detailed information on the Company's reserves and resources. Pan American’s mineral reserve estimates do not include the mineral reserves resulting from the Company’s acquisition of MAG Silver Corp. (“MAG” or “MAG Silver”) which was completed on September 4, 2025. Please refer to the news releases dated May 11, 2025 and September 4, 2025 for details. 3. Figures may not sum to 100% due to rounding. Attributable Revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of Pan American’s 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.
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5 JUANICIPIO: ONE OF THE BEST SILVER MINES GLOBALLY Premier location and expansive land package State of the art facilities Juanicipio San Cristobal Dukat Saucito San Julian Cannington Pirquitas Uchucchacua Fresnillo Cerro Los Gatos $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 1 // 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. Figures are 2024 figures as per S&P Global, except Uchucchacua and Cerro Los Gatos 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 1st Quartile Silver Asset1 2024 Cost Curve (100%-basis) N
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6 2025 PRODUCTION 1 FY 2025 Actual FY 2025 Guidance2 Attributable Production Silver (Moz) 22.84 22.00 – 22.504 Gold (koz) 742 735 – 800 Zinc (kt) 56 42 – 45 Lead (kt) 27 21 – 22 Copper (kt) 3 4 // Achieved 2025 silver and gold production guidance 2 1. Production results are preliminary and unaudited and could be adjusted based on final results. 2. The 2025 Operating Outlook (“2025 Guidance”) was provided in the Company’s MD&A for the period ended December 31, 2024. 3. The fourth quarter of 2025 (“Q4 2025”). 4. Attributable Silver Production Guidance was updated on November 12, 2025 to reflect the acquisition of MAG Silver Corp. No other adjustments were made to production figures included in the 2025 Guidance. Attributable silver production exceeded the updated annual guidance range following record attributable silver production of 7.3 Moz in Q4 20253. Juanicipio has exceeded expectations since its acquisition, contributing 2.5 Moz of attributable silver production in 2025. Attributable gold production was within the annual guidance range following attributable gold production of 198 koz in Q4 2025.
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7 16.63 18.12 20.90 19.88 13.94 19.69 15.43 22.61 28.14 29.52 30.87 31.25 32.91 39.08 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 AISC excl. NRV ($/oz) Realized price ($/oz) OPERATIONS GENERATING ATTRACTIVE MARGINS // Disciplined cost performance delivers margin expans ion from higher metal price Silver Segment AISC1, 2 vs Realized Price 1,499 1,465 1,516 1,521 1,485 1,611 1,697 2,078 2,336 2,475 2,666 2,868 3,305 3,479 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 AISC excl. NRV ($/oz) Realized Price ($/oz) Gold Segment AISC1 vs Realized Price 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 September 30, 2025 for a detailed description of this measure. 2. Silver Segment AISC figures are inclusive of Pan American's 44.0% interest in the Juanicipio mine less Pan American's non-controlling 5.0% interest in the San Vicente mine.
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8 NYSE | TSX PAAS // 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 annual consolidated attributable silver production guidance and 2025 preliminary annual consolidated 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 September 30, 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"), 950.00 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). 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 8
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9 1. Estimated as at December 31, 2025, on an unaudited basis. 2. As at September 30, 2025. 3. 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%. 4. 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. Cash and short-term investments is as at December 31, 2025, on an unaudited basis; all other amounts are as at September 30, 2025. STRONG FINANCIAL POSITION Cash + short-term investments of $1,3191 plus $127M of cash attributable to our 44% Juanicipio interest Total debt2,3 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 Facility2 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 4 $2,069M Cash + short-term investments Revolving Credit Facility 9
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10 29% 6% 53% 12% Dividends Share Buybacks Growth Investments (expansion projects & acquisitions) Net Debt Repayment CAPITAL ALLOCATION APPROACH Capital Allocation since 2010 2 1 2 3 // Pan American’s priorities for deploying free cash f low 1. Please refer to the news release dated March 3, 2025 for details. 2. Capital allocation as at September 30, 2025 includes cash allocated to dividends, share buybacks, expansion capital and cash acquisition costs and net debt repayments. Figures may not sum to 100% due to rounding. 3. Return to shareholders is comprised of dividends and share buybacks for the period January 1, 2010 to September 30, 2025, including the dividend declared on November 12, 2025. Returned approximately $1.2B to shareholders3 since 2010 while investing in growth & maintaining a strong balance sheet Maintain balance sheet flexibility, with low debt Return to shareholders: dividends and share buybacks • Declared dividend of $0.14 dividend per common share as per the discretion of the Board of Directors with respect to Q3 2025 • Pan American has consistently paid a dividend since 2010 • Share buyback with a discretionary approach to repurchasing shares1 Invest in high-return projects: • Expansion projects • Acquisitions
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11 LA COLORADA MINE EXPLORATION RESULTS Note: Please refer to the news releases dated September 8 and 11, 2025. The full table of drill results, collars, plans, and long sections for this period is available at https://panamericansilver.com/operations-2/silver-segment/la- colorada/ together with previously reported drill results for La Colorada. Hole No. Zone / Structure Est. True Width (m)* Ag (g/t) Au (g/t) Pb (%) Zn (%) S-77-25 Mariana Vein 3.66 3,844 2.3 4.53 11.05 U-84-25 Mariana Vein 11.61 811 0.86 8.21 22.31 U-99-25 NC2 Vein 2.27 5,876 0.56 3.36 3.19 U-59-25 NC2 Vein 10.61 729 2.99 1.88 3.83 S-99-24 Volc/Sed Contact 50.30** 258 0.12 0.62 0.42 S-20-24 Volc/Sed Contact 23.15 382 0.18 1.36 3.1 *Estimated True Widths are unknown at this time; reported widths (m) are core interval widths **Drill result previously reported in Pan American’s news release dated December 9, 2024. • High-grade veins and replacement-style mineralization discovered east and southeast of the defined vein resource added 52.7 million ounces of silver to inferred mineral resources. • Pan American drilled ~65,000 m (170 holes) at La Colorada between November 2024 - June 2025, targeting infill, step-out drilling along NC2/Mariana, and systematic exploration of the southeast (San Geronimo and Cristina) vein system. // Discovery of multiple, high-grade silver zones has expanded inferred mineral resource
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12 LA COLORADA SKARN 1 // Evaluating a two-phase development approach followi ng La Colorada exploration results 1. Please refer to the NI 43-101 Technical Report dated January 31, 2024, as amended, for the Preliminary Economic Assessment of the La Colorada Skarn project. HW Vein 1000 m DATUM: Local Mine Grid • Phase 1 – sub-level stoping of the vein mine and skarn deposit for a high-grade, lower tonnage and less capital intensive mine development than described in the 2024 PEA1 • Phase 2 – larger scale, long-life cave mine operation
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13 ZACATECAS, MEXICO Updated Mineral Resource Estimate 2 Grade Contained Metal Tonnes Ag Zn Pb Ag Zn Pb (Mt) (g/t) (%) (%) (Moz) (kt) (kt) Indicated 265.4 36 2.85 1.37 309 7,554 3,649 Inferred 61.7 30 2.55 0.95 59 1,573 585 Preliminary Economic Assessment1 Highlights • Production averaging 17.2 Moz of silver, 427 kt of zinc and 218 kt of lead annually during the first 10 years • 50,000 tpd sub-level cave (SLC) mine and conventional flotation plant • 17-year mine life and continued exploration upside • After-tax NPV8% of $1,087M, 14% after-tax internal rate of return, and payback period of 4.3 years estimated using long-term prices of $22/oz of silver, $2,800/tonne of zinc, and $2,200/tonne of lead • Estimated initial capital cost $2,829M // Exploring long-term partnerships to develop the projec t 1. For details on the La Colorada Skarn project Preliminary Economic Assessment (“PEA”), please refer to the NI 43-101 Technical Report dated January 31, 2024, as amended, and to the slide entitled “La Colorada Skarn PEA results summary”. 2. Pan American Mineral Reserves and Mineral Resources are as at June 30, 2025, and are updates to the model used for the PEA of the La Colorada Skarn project. Please refer to slides 46 – 51 of this presentation for detail of our Mineral Reserves and Resources. LA COLORADA SKARN The PEA is preliminary in nature, includes inferred mineral resources that would be considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. 13
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14 // Potential to extend mine life, increase production and improve operational efficiency BAHIA, BRAZIL Jacobina Opportunities Identified to Date: • Process plant streamlining project to improve reliability, relieve throughput constraints, reduce unit operating costs, and enhance gold recovery. • Tailings filtration and filter stack project to relieve existing long-term tailings capacity limitations. • Mine paste backfill plant project to take advantage of the tailings filtration circuit, thereby enabling an increase in ore recovery in selective high-grade ore zones. Initiatives Underway: • Pilot plant based on a flowsheet defined through bench-scale metallurgical laboratory testing. • External engineering firm developing designs, schedules and cost estimates for identified opportunities. JACOBINA OPTIMIZATION STUDY 14
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15 20 20 21 $9.15 $9.11 $8.06 Production (Moz) AISC ($/oz) // One of the world’s best silver mines ESCOBAL • High-quality, well-built operation with over $500M invested1 • One of the world’s largest primary silver deposits with reserves of 264 Moz • 3 consecutive years of production at 20 Moz Ag/year at AISC consistently below $10/oz Ag prior to 2017 • Mine operations suspended pending completion of an ILO 169 consultation by the Guatemalan government SANTA ROSA, GUATEMALA Historical Silver Production & AISC (as of June 30, 2025) 2016A2015A2014A Grade Contained Metal Tonnes Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt) P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320 M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106 Inferred Resources 1.9 180 0.90 0.22 0.42 10.7 54 4 8 1. Based on development, expansion, and sustaining capital invested from 2011 to 2017. AISC is a non-GAAP measure; see the “Non-GAAP Measures” section of our Cautionary Note on slide 2 of this presentation. See slides 28 – 33 for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates. Estimated Mineral Reserves & Mineral Resources M E X I C O 15
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16 Fresnillo Hecla Coeur Fortuna Endeavour Silver First Majestic AyaHochschild$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Liquidity ($M)1 Market Capitalization ($B) PROVIDING INVESTORS WITH THE BEST EXPOSURE TO SILVER = Market Capitalization Source: FactSet as at January 16, 2026. 1. Figures based on sum of liquidity on US and Canadian exchanges; except for Hochschild and Fresnillo which trade primarily on the London Stock Exchange. Calculated as 90-day trading average. 2. Figures display correlation coefficient of daily returns between the iShares Silver Trust and respective share price for the period January 17, 2025 to January 16, 2026. The iShares Silver Trust tracks the silver spot price, less expenses and liabilities, using silver bullion held in London. // Pan American is the leading silver producer by mark et cap, liquidity, and silver price correlation 43% 49% 52% 56% 59% 60% 61% 61% 68% Hochschild Fortuna Fresnillo Coeur Aya Endeavour Hecla First Majestic Pan American Silver Producers by Market Capitalization and Liquidity 1-Year Share Price Correlation to Silver Price 2
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17 Source: The Silver Institute: World Silver Survey 2025. 1. Figures may not sum to 100% due to rounding. 2. The total for industrial includes demand for photovoltaics. // Growing industrial demand from global transition to decarbonization and electrification POSITIVE SILVER MARKET DYNAMICS MINE PRODUCTION 81% SCRAP & OTHER 19% Silver Supply 1,030 Moz INDUSTRIAL 59% JEWELRY & SILVERWARE 21% COIN & NET BAR 18% PHOTOGRAPHY & OTHER 2% Silver Demand 1,148 Moz 118 Moz SUPPLY SHORTFALL 2025F Silver Market Dynamics1 0 50 100 150 200 250 2021 2022 2023 2024 2025F Photovoltaic Demand Growth 17% OF TOTAL 2025F DEMAND IS FOR PHOTOVOLTAICS Ag Moz Source: The Silver Institute: World Silver Survey 2025.
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18 Source: Metals Focus as of December 2025. Note: Figures are as per Metals Focus’ Base Case forecasts. 1. Market Balance equals Total Supply less Total Demand DEMAND EXPECTED TO EXCEED SUPPLY OVER NEXT 5 YEARS 500 700 900 1,100 1,300 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F Silver (Moz) Total Supply Total Demand -300 -200 -100 0 100 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F Silver (Moz) Silver Market Balance Market Surplus Market Deficit Silver Market Total Supply and Demand
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19 COMMITTED TO LEADING ESG PERFORMANCE A RATING Ranked Top 40 h percentile in Metals and Mining – Precious Metals Scale: CCC (worst) to AAA (best) 66 Ranked Top 7 th Percentile in the Metals & Mining industry 25.0 (MEDIUM RISK) Ranked #6 out of 24 companies in Precious Metals Mining sector | Ranked top 23 rd percentile Scale: 0 (worst) to 100 (best) Scale: 100 (worst) to 0 (best) ENVIRONMENT: 1 SOCIAL: 2 GOVERNANCE: 4 Scale: E&S Disclosure 10 (worst) to 1 (best) Governance Risk 10 (higher) to 1 (lower) R E P O R T I N G F R A M E W O R K S A N D S T A N D A R D S M E M B E R S H I P S A N D A S S O C I A T I O N S E S G R A T I N G S A N D R A N K I N G S Included in S&P Global Sustainability Yearbook 2025 Note: Ratings and rankings can fluctuate throughout the year, eith er based on Pan American’s performance or relative to the ranking of other companies in ou r sector, and/or changes in the ratings agency’s scoring methodology. Ratings and rankings shown here are effective as of November 6, 2025.
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20 NYSE | TSX PAAS PAN AMERICAN SNAPSHOT 1 // A leading producer of silver & gold in the Americas Analyst Coverage5 BMO Capital Markets (Matthew Murphy) Jefferies (Fahad Tariq) BofA Global Research (Lawson Winder) National Bank Financial (Don DeMarco) Canaccord Genuity (Carey MacRury) RBC Capital Markets (Josh Wolfson) CIBC Capital Markets (Cosmos Chiu) Scotiabank GBM (Ovais Habib) Edison Group (Andrey Litvin) TD Securities (Wayne Lam) Top Shareholders6 Van Eck (10.8%) Fidelity Mgmt. & Research (1.9%) The Vanguard Group (4.1%) Invesco Advisers (1.5%) Global X Management (3.6%) Dimensional Fund Advisors (1.4%) BlackRock Fund Advisors (2.4%) Norges Bank (1.2%) BlackRock Investment Mgmt (2.4%) Arrowstreet Capital (1.1%) $23.3B M A R K E T C A P 422.0M S H A R E S O U T S T A N D I N G $327M A V E R A G E D A I L Y T R A D I N G V A L U E 4 $0.14 Q U A R T E R L Y D I V I D E N D / S H A R E 2 1.0% D I V I D E N D Y I E L D 3 10 S E L L S I D E A N A L Y S T S // PAAS SNAPSHOT 1 1. FactSet market data as of January 16, 2026. 2. Dividend declared on November 12, 2025. 3. Dividend declared on November 12, 2025 (annualized) divided by closing share price on January 16, 2026. 4. Based on 90-day average daily trading value on both the NYSE and the TSX per FactSet. 5. We do not endorse or approve any analyst’s opinions, estimates, conclusions, or recommendations. Analysts and institutions may change their coverage from time to time. 6. Shareholder register as per IHS Markit BD Corporate at January 16, 2025. NYSE: PAAS TSX: PAAS 20
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21 Note: Please refer to the forward-looking cautionary language on pages 2 and 3 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 September 30, 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
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22 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 drilling, engineering and initial mine infrastructure early works mobilization at the Skarn project, and exploration and underground development in the de ep eastern sections of the Candelaria mineralized struc ture • 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 Amortization 500 – 525 Note: Please refer to the forward-looking cautionary language on pages 2 and 3 of this presentation. 1. Capital expenditures at Juanicipio represent Pan American’s 44% ownership. 2. Capital expenditures at Juanicipio represent Pan American’s 95% ownership.
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23 SHAREHOLDER RETURNS • Since March 2024, Pan American has purchased ~3.1M common shares at a volume weighted average price of ~$17.96 per common share, as at September 30, 2025. • Pan American renewed its Normal Course Issuer Bid (the “Bid”), which will run from March 6, 2025 to March 5, 20262. • The Bid allows the repurchase of up to 5% of Pan American’s issued and outstanding common shares as at February 28, 2025. • All common shares acquired by Pan American will be cancelled and purchases will be funded out of working capital, making it an attractive use of excess cash. Share Buyback (Normal Course Issuer Bid)Dividend Policy Pan American supplements a base dividend of $0.10 per common share with a variable dividend, paid on a quarterly basis, that is linked to the net cash1 position for the previous quarter 1. Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities, less total debt. Net cash and total debt are non-GAAP measures and do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies; please refer to the “Alternative Performance (non-GAAP) Measures” section of our MD&A for the period ended September 30, 2025, for a discussion of various non-GAAP measures. 2. Please refer to the news release dated March 3, 2025 for details. <$100M $100M to <$200M $200M to <$300M $300M to <$400M $400M or greater Base Dividend Variable Dividend $0.12$0.11$0.10 $0.16 $0.18 Q U A R T E R L Y D I V I D E N D P E R C O M M O N S H A R E Level of Net Cash 1 Pan American believes that the market price of its common shares, from time to time, may not fully reflect the underlying value of its mining operations and future growth prospects Declared $0.14 dividend per common share as per the discretion of the Board of Directors with respect to Q3 2025
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24 SUSTAINABILITY GOVERNANCE AND MANAGEMENT // Structure and Accountability BOARD OF DIRECTORS • The Communities and Sustainable Development Committee reviews the Company’s sustainability performance and management of sustainability impacts. • The Health, Safety and Environment Committee provides policy direction and oversight of the performance on safety and technical matters relating to the environment. • The Nominating and Governance Committee oversees the implementation of governance best practices and compliance with the Company’s Code of Ethical Conduct. • The Human Resources and Compensation Committee Oversees human resources, inclusion and diversity initiatives, compensation, and succession planning. CORPORATE MANAGEMENT TEAM • Our CEO and senior leadership direct and oversee strategy, programs, initiatives, and performance related to communities, health and safety, environment and human capital. They also monitor the performance of ESG indicators monthly. • The ESG Management Committee is responsible for guiding Pan American Silver’s ESG strategy and management to improve performance. COUNTRY MANAGERS • Oversee and manage sustainability matters in each of the countries where we operate. MINE MANAGERS • Implement sustainability programs and initiatives and supervise teams responsible for community relations, environment, safety, and human resources. Senior Management’s Compensation linked to ESG Performance 5% reduction in compensation score for each work-related fatality 1. Frequency of lost time injuries with high fatality potential (LT-HPIF), ratio of lost workdays to exposure of non-fatal lost time injuries (NF-LTIS) and Corrective and Prevention Actions (CAPA) targets. 2. Significant Environmental Incidents (SEIs) target. 3. Inclusion & Diversity (hiring and retention of women) targets. 4. Leadership Development Program target.
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25 Navidad// One of the largest undeveloped primary silver deposits NAVIDAD • 100% owned silver project • Project comprises 8 individual mineral deposits in 3 separate mineralized trends • Scalable production profile with high-grade mineralization at surface • Development contingent on provincial mining law change • Care and maintenance costs are minimal to maintain property ownership CHUBUT, ARGENTINA Mineral Resources Grade Contained Metal Tonnes Ag Cu Pb Ag Cu Pb (Mt) (g/t) (%) (%) (Moz) (kt) (kt) M&I Resources 155.2 127 0.06 0.86 632.4 71 1,326 Inferred Resources 45.9 81 0.02 0.57 119.4 9 262 (as of June 30, 2025; see slides 28 – 33 for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 25
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26 Construction period 6 years Production mine life 17 years Production rate 50 ktpd (or 18.25 Mtpa) Mineable inventory 284.7 million tonnes Average annual silver produced first 10 years 17.2 million ounces Average annual zinc produced first 10 years 427 thousand tonnes Average annual lead produced first 10 years 218 thousand tonnes Unit operating costs $40.88 per tonne Total revenue $23,853 million Initial capital $2,829 million Total LOM sustaining capital $951 million Total LOM operating cost $11,638 million Cumulative after-tax cash flow $5,689 million After-tax NPV(5%) $2,182 million After-tax NPV(6.5%) $1,572 million After-tax NPV(8%) $1,087 million After-tax IRR 14% Payback period (after-tax, undiscounted) 4.3 years LA COLORADA SKARN PEA RESULTS SUMMARY Notes: 1. Assumes metal prices of $2,800 per tonne of zinc, $2,200 per tonne of lead, and $22.00 per ounce of silver. 2. For additional information, including a sensitivity analysis, please refer to the La Colorada NI 43-101 Technical Report dated January 31, 2024, as amended. // 50,000 tpd case The PEA is preliminary in nature, includes inferred mineral resources that would be considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
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27 PAN AMERICAN SILVER MINERAL RESERVES as of June 30, 20251,2
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28 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
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29 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4
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30 (5) PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4
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31 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025
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32 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025
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33 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.
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34 Siren Fisekci V P , I N V E S T O R R E L A T I O N S & C O R P O R A T E C O M M U N I C A T I O N S +1.604.806.3191 | ir@panamericansilver.com panamericansilver.com Suite 2100, 733 Seymour St Vancouver, BC, V6B 0S6