Pan American Silver

We returned a record $300 million to shareholders in Q2 through dividends and share repurchases.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

We are delivering on the enhanced shareholder return framework we announced in May, repurchasing over seven million shares to date in 2026 under our Normal Course Issuer Bid.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

These share repurchases increase the dividend per share, as well as increase shareholder exposure to our future free cash flow generation, added Mr.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

Record total shareholder returns of $300 million through dividends and share repurchases.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

The Company repurchased for cancellation, approximately 4.4 million shares in Q2 2026 at an average price of $51.46 per share for a total consideration of approximately $224 million.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

Aggregate dividends paid were $76 million.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

We reiterate our 2026 Operating Outlook for production and costs, and remain focused on disciplined cost management and improving operating efficiencies.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

Development of the 588 Decline Project commenced in August 2026, and is a crucial step towards development of the La Colorada Skarn project and to advancing the expansion of the La Colorada silver mine, as described in the revised preliminary economic assessment effective March 24, 2026.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

Jacobina, Brazil The Company invested $22 million of project capital at Jacobina during H1 2026, focused on enhancing infrastructure and making certain plant improvements, while advancing studies for overall long-term operational optimizations.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

In addition, the process plant optimization program, focused on streamlining and simplifying the process plant flow sheet, is progressing in a trade-off study through conceptual engineering.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

htm EX-99.2 Document Management s Discussion and Analysis FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AUGUST 12, 2026 TABLE OF CONTENTS Introduction 1 Core Business and Strategy 2 Q2 2026 Highlights 3 Operating Performance 5 Project Update s 19 Financial Performance 20 Selected Quarterly Financial Information 25 Alternative Performance (Non-GAAP) Measures 26 Risks and Uncertainties 36 Material Accounting Policies, Standards and Judgements 40 Disclosure Controls and Procedures 40 Cautionary Note 41 INTRODUCTION This Management s Discussion and Analysis ( MD A ) is intended to help the reader understand the significant factors that influence the performance of Pan American Silver Corp.

SEC original ↗Pan American Silver — Presentation / slide deck (6-K exhibit)EX-99Aug 13, 2026

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.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

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 news release and Pan American has made assumptions and estimates based on or related to many of these factors.

SEC original ↗Pan American Silver — Earnings release (6-K exhibit)EX-99Aug 13, 2026

PROVISIONS June 30, 2026 December 31, 2025 Asset retirement obligations, opening balance $ 600 $ 438 Reclamation paid (10) (15) Revisions in estimates and obligations (10) 151 Accretion expense 17 26 Asset retirement obligations, closing balance 597 600 Litigation 34 35 Total provisions $ 631 $ 635 Current $ 65 $ 46 Non-current $ 566 $ 589 10.

SEC original ↗Pan American Silver — Presentation / slide deck (6-K exhibit)EX-99Aug 13, 2026

htm EX-99.2 Document Management s Discussion and Analysis FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AUGUST 12, 2026 TABLE OF CONTENTS Introduction 1 Core Business and Strategy 2 Q2 2026 Highlights 3 Operating Performance 5 Project Update s 19 Financial Performance 20 Selected Quarterly Financial Information 25 Alternative Performance (Non-GAAP) Measures 26 Risks and Uncertainties 36 Material Accounting Policies, Standards and Judgements 40 Disclosure Controls and Procedures 40 Cautionary Note 41 INTRODUCTION This Management s Discussion and Analysis ( MD A ) is intended to help the reader understand the significant factors that influence the performance of Pan American Silver Corp.

SEC original ↗Pan American Silver — Presentation / slide deck (6-K exhibit)EX-99Aug 13, 2026