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Pan American Silver — Q1 2026 Conference Call Slides (company IR deck)
Pan American Silver (PAAS) · 26 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All PAAS deck slides
Slide 1 — 1
1 CONFERENCE CALL // May 6, 2026 Q1 2026 EARNINGS REVIEW NYSE: PAAS | TSX: PAAS
Slide 2 — CAUTIONARY NOTE
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 March 31, 2026, 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; the aggregate value available and expected to be returned to shareholders in 2026, including the aggregate amount of dividends that may be paid to shareholders and the per share amount of such dividends, as well as the number and aggregate value of Pan American’s common shares that may be purchased under the NCIB program (as defined on page 3); the ability of the Company to continue to achieve anticipated free cash flow and Attributable Free Cash Flow generation and that any such cash flow generation will be sufficient to achieve any particular level of returns to shareholders pursuant to the Shareholder Return Framework; any anticipated benefits therefrom; whether future organic growth will be realized and any expected benefits therefrom, 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 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 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 most recent Annual Information Form, available on the Company’s profile at www.sedarplus.ca. Technical information contained in this presentation 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. 2
Slide 3 — Q1 2026 TAKEAWAYS
3 Net Earnings of $456 million, or $1.08/share. Adjusted earnings of $459 million, or $1.09/share3 Silver Segment AISC of $6.63 per ounce and Gold Segment AISC of $1,851 per ounce3 Attributable production of 6.4 Moz silver and 169.2 koz gold2 1. The 2026 Operating Outlook (“2026 Guidance”) was provided in the MD&A for the period ended December 31, 2025. 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 March 31, 2026 (“Q1 2026”), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2026 Financial Statements. 4. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus investments, plus undrawn amounts under the Revolving Credit Facility. 5. Please refer to Pan American’s news release dated May 5, 2026. Q1 2026 TAKEAWAYS // Robust Q1 operating performance; we remain on track to achieve annual guidance1 Declared $0.18 dividend per common share5 Strong financial position with $2.4B in Total Available Liquidity4 Attributable free cash flow of $488 million3 Revenue of $1.2B despite impact of inventory build-up of ~644 koz silver $25 million was spent on the repurchase of shares under the Normal Course Issuer Bid (“NCIB”) during Q1 2026
Slide 4 — ENHANCED SHAREHOLDER RETURNS FRAMEWORK
ENHANCED SHAREHOLDER RETURNS FRAMEWORK 4 // Targeting 35% - 40% of Attributable free cash flow1 in shareholder returns in 2026 representing approximately $1 billion2 Expect to pay $305 million in aggregate dividends in 2026, to be paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). ➢As common shares are repurchased and cancelled pursuant to the Company’s NCIB, the dividend per common share is expected to increase over time. A portion of Attributable free cash flow1 after paying dividends will be allocated to common share repurchases to achieve the targeted returns. Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and Pan American’s news release dated May 5, 2026. | 1. Attributable free cash flow is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. | 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis. $37 $36 $36 $36 $36 $36 $43 $59 $76 $76 $76 $76 $22 $3 $20 $11 $15 $25 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026F Q3 2026F Q4 2026F Shareholder Returns ($M) Dividends Share Buybacks $305M Dividends ~$695M Target Share Buybacks 2026 Target Shareholder Return2
Slide 5 — DISCIPLINED APPROACH TO CAPITAL ALLOCATION
DISCIPLINED APPROACH TO CAPITAL ALLOCATION 5 // Robust free cash flow generation driven by cost management and operational performance enables strong shareholder returns Sustaining Capital Continued investment to ensure safe, reliable, and efficient operations Financial Strength and Balance Sheet Flexibility Support resilience through market cycles and preserve strategic flexibility Base Dividend2 Aggregate dividends of $305 million expected to be paid in 2026 in equal quarterly installments (current $0.18/share per quarter) Share Repurchases2 A portion of free cash flows allocated to share repurchases, targeting 35% - 40% of Attributable free cash flow1 to be returned to shareholders (incl. dividends) Up to $1 billion in shareholder returns in 2026 Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and the news release dated May 5, 2026. 1. Attributable cash flow from operations and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis. High-Return Organic Growth Investments Advancing pipeline of high- quality projects including La Colorada Skarn, Jacobina, and Timmins Attributable Cash Flow from Operations1
Slide 6 — CONSOLIDATED FINANCIAL RESULTS
CONSOLIDATED FINANCIAL RESULTS 6 in millions of US$, except per share amounts Q1 2026 Revenue $1,154 Attributable revenue1,2 $1,332 Net earnings $456 Basic earnings per share3 $1.08 Adjusted earnings2 $459 Basic adjusted earnings per share2,3 $1.09 Cash flow from operations $505 Attributable cash flow from operations1 $582 Attributable free cash flow1 $488 1. References to "Attributable" refer to the Company's ownership share of results, which includes results from the operations that the Company has a 100% interest in as well as from the operations, specifically Juanicipio and San Vicente, that the Company does not own a 100% interest in. 2. Attributable revenue, adjusted earnings, basic adjusted earnings per share, Attributable cash flow from operations, and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. 3. Per share amounts are based on basic weighted average common shares.
Slide 7 — ATTRIBUTABLE
6.10 6.60 5.80 6.30 6.80 Silver Production (Moz) 6.44 7 1 Silver (koz) Gold (koz) Q1 2026 Q1 2026 La Colorada 1,567 1.1 Juanicipio1 1,746 5.0 Cerro Moro 668 21.5 Huaron 706 - San Vicente2 637 - Jacobina - 44.5 El Peñon 900 21.2 Timmins 3 26.6 Shahuindo 44 26.9 Minera Florida 38 17.4 Dolores 125 4.8 Total3 6,435 169.2 1. Juanicipio data represents Pan American’s 44% interest in the mine’s production. 2. San Vicente data represents Pan American's 95.0% interest in the mine's production. 3. Totals may not add due to rounding. ATTRIBUTABLE PRODUCTION 164.5 175.5 160.0 170.0 180.0 Gold Production (koz) 169.2 Q1 operating outlook range Q1 operating outlook range Actual Q1 2026 Production
Slide 8 — ATTRIBUTABLE
ATTRIBUTABLE AISC 8 1 AISC3 ($ per ounce) La Colorada 37.01 Juanicipio1 (3.05) Cerro Moro (70.40) Huaron 32.57 San Vicente2 49.61 Silver Segment 6.63 Jacobina 1,724 El Peñon 137 Timmins 2,849 Shahuindo 1,790 Minera Florida 3,017 Dolores 1,898 Gold Segment 1,851 1. Juanicipio data represents Pan American’s 44% interest in the mine’s production. 2. San Vicente data represents Pan American's 95% interest in the mine's production. 3. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of Q1 2026 MD&A, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. Silver Segment AISC are calculated net of the impact from all metals other than silver and are calculated per ounce of silver sold. Gold Segment AISC are net of the impact from all other metals other than gold and are calculated per ounce of gold sold. $14.75 $17.00 $6.00 $10.00 $14.00 $18.00 Silver Segment AISC3 ($/oz) 1,775 1,925 $1,700 $1,800 $1,900 $2,000 Gold Segment AISC3 ($/oz) 6.63 1,851 Q1 Operating Outlook range Q1 Operating Outlook range Actual Q1 2026 AISC3
Slide 9 — METAL PRICES & METAL SOLD
METAL PRICES & METAL SOLD 9 1. Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead and copper. 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 Q1 2026 Q1 2026 Silver $89.43 3,826 Gold $4,859 163.7 Zinc $3,750 7.3 Lead $2,076 3.9 Copper $14,496 0.6
Slide 10 — INVENTORY BALANCE
10 Q1 2026 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 5,996 Attributable Metal Sold 5,567 Silver Attributable inventory build of 429 koz Attributable Payable Metal Produced 168.1 Attributable Metal Sold 168.4 Gold Attributable inventory draw of 0.3 koz 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. Attributable revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures. 3. Juanicipio data reported at 44% for Juanicipio to conform to reporting of Attributable revenue. 4. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue. 5. Totals may not add due to rounding. Mine/Product Payable Metal Produced (Attributable)1 Quantities of Metal Sold (Attributable) Inventory build/(draw) Attributable Revenue Effect2 koz koz koz US$M Silver (koz) La Colorada 1,468 727 741 ($80.6) Juanicipio3 1,557 1,778 (221) $17.9 Cerro Moro 668 681 (13) $1.0 Huaron 625 696 (71) $7.0 San Vicente4 578 686 (108) $8.3 El Peñon 899 795 104 ($8.7) Other Properties 201 205 (3) $0.3 Total Silver (koz)5 5,996 5,567 429 ($54.9) Gold (koz) Jacobina 44.5 42.3 2.2 ($10.8) El Peñon 21.2 22.0 (0.9) $4.1 Timmins 26.6 26.4 0.2 ($1.0) Shahuindo 26.9 28.3 (1.4) $6.6 Minera Florida 17.2 15.7 1.5 ($7.4) Dolores 4.8 5.3 (0.4) $2.1 Cerro Moro 21.5 23.2 (1.7) $8.2 Juanicipio3 4.3 4.7 (0.4) $2.0 Other Properties 1.1 0.5 0.5 ($2.3) Total Gold (koz)5 168.1 168.4 (0.3) $1.5 Total Zinc3,4,5 (kt) 12.6 11.5 1.2 ($3.8) Total Lead3,4,5 (kt) 7.2 6.9 0.3 ($0.9) Total Copper3,5 (kt) 0.6 0.6 0.0 ($0.9) Total Attributable Revenue Effect2,5 ($58.9) Total Revenue effect is a net decrease of $79.7 million
Slide 11 — Q1 2026 CONSOLIDATED CASH FLOWS
Q1 2026 CONSOLIDATED CASH FLOWS 11 ($135) ($87) ($76) ($25) ($34) ($7) $676 ($29) ($2) $14 $1,319 $1,641 $1,614 $0 $500 $1,000 $1,500 $2,000 $2,500 Cash and STI at December 31, 2025 Adjusted operating cash flow Net income tax payments Sustaining capital (excl. Juanicipio) Dividends paid Net changes in working capital Shares repurchased under NCIB Net other (e.g. derivatives, etc.) Cash and STI before growth & borrowings Revaluation of STI Project capital Mine care & maintenance (excl. D&A) Cash and STI at March 31, 2026 Millions 1. “STI” means short-term investments, “D&A” means depreciation and amortization. 2. "Adjusted operating cash flow” is a non-GAAP financial measure calculated as: cash flow from operations before changes in working capital, income taxes paid, and mine care and maintenance (excl. D&A). 1 2 Sustaining Cash Flow Performance Growth, Business Development, and Other 1 1 1
Slide 12 — Q1 2026 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP
Q1 2026 RECONCILIATION OF ADJUSTED EARNINGS TO GAAP NET EARNINGS 12 // Q1 2026 basic adjusted earnings of $1.09/share1 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 March 31, 2026 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. 2. Excludes adjustments to trade receivables from provisional concentrates sales. $9 $6 $4 $2 ($13) ($5) Net earnings for the period Losses from the sale of subsidiaries, mineral properties, plant and equipment Effect of foreign exchange on taxes Unrealized foreign exhange losses Litigation provisions Unrealized fair value adjustments to financial instruments Asset retirment obligation adjustments for non-operating properties and mines in closure Adjusted earnings for the period Millions $- $100 $200 $300 $400 $500 $600 $459 $456 2
Slide 13 — DIRECT OPERATING COSTS BY CATEGORY
Salaries and Employee Benefits 30% Contractors 25% Consumables & Reagents 20% Maintenance Parts 10% Fuel 5% Utilities 5% Others 5% Q1 2026 PRODUCTION COSTS $381M DIRECT OPERATING COSTS BY CATEGORY ➢Fuel accounted for ~5% of production costs in Q1 2026 ➢Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consumables ➢Direct diesel exposure relates mostly to Cerro Moro (diesel electricity generation) and Shahuindo (open pit mining). See our “Sustainability Performance Data Book”, available on our website, for reported data on direct diesel consumption. ➢The price per litre of diesel varies as the countries where Pan American operates have different fuel taxes, fees and subsidies. 13 // Maintaining guidance for Silver and Gold segment AISC through disciplined cost management Source: Production costs as per the Q1 2026 Financial Statements.
Slide 14 — STRONG FINANCIAL POSITION
Note: All financial figures as at March 31, 2026. 1. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus 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 $712 million, as at March 31, 2026, and accreted to the face value over their respective terms using an effective interest rate of 5.52%. STRONG FINANCIAL POSITION Cash + investments of $1,614M excluding 44% interest in cash at Juanicipio of $199M Total debt2 of $845M 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 $1,614M $750M TOTAL AVAILABLE LIQUIDITY1 $2,364M Cash + investments Revolving Credit Facility 14
Slide 15 — // Expecting a year-over-year ~14% increase in Attributable silver production1
// Expecting a year-over-year ~14% increase in Attributable silver production1 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 March 31, 2026 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 C 2 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 C 2 2026 GUIDANCE 15 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
Slide 16 — 2026 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 ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). 2. Juanicipio data represents Pan American’s 44.0% interest in the mine’s production. San Vicente data represents Pan American’s 95.0% interest in the mine's production. Attributable Silver Production (Moz) Attributable Gold Production (koz) AISC ($ 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 16
Slide 17 — 2026 QUARTERLY OPERATING OUTLOOK
17 Q1 Actual Q1 Guidance Q2 Guidance Q3 Guidance Q4 Guidance FY 2026 Guidance Attributable Silver Production (Moz) 6.44 6.10 – 6.60 6.05 – 6.55 6.50 – 7.00 6.35 – 6.85 25.00 – 27.00 Attributable Gold Production (koz) 169.2 164.5 – 175.5 174.5 – 186.5 178.5 – 192.0 182.5 – 196.0 700.0 – 750.0 Silver Segment AISC1 6.63 14.75 – 17.00 15.00 – 17.50 15.50 – 17.75 18.50 – 20.75 15.75 – 18.25 Gold Segment AISC1 1,851 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"). // Gold production expected to be more heavily weighted to the fourth quarter of 2026 than originally indicated in the 2026 Quarterly Operating Outlook as some production from the second quarter is expected to be deferred. 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 AISC per ounce are anticipated to decrease in H2 2026, largely due to lower AISC at El Peñon driven by the production sequence.
Slide 18 — 2026 EXPENDITURES FORECAST
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 fleet and exploration initiatives • La Colorada – continued exploration drilling, engineering and initial mine infrastructure including developing a decline to access the Skarn deposit, and exploration and underground development in the deep eastern sections of the Candelaria mineralized structure • Timmins – to initiate construction of the Phase 6 tailings expansion, studies and initial development of the Bell Creek shaft extension, and exploration and engineering studies 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)3 92 – 95 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 240 – 255 Total Capital Expenditures 560 – 595 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 Amortization4 500 – 525 Note: 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. As indicated in the news release dated May 5, 2026, the Company’s Board of Directors approved $265.1 million of project capital to be spent over the next five years to complete a first phase underground Skarn deposit access ramp. Consequently, La Colorada Skarn project capital has been increased from $47 - $50 million to $92 - $95 million. 4. Depreciation and Amortization excludes depreciation at Juanicipio, which is considered an equity accounted investment. 18
Slide 19 — Q & A
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
Slide 20 — PAN AMERICAN SILVER MINERAL RESERVES
PAN AMERICAN SILVER MINERAL RESERVES as of June 30, 20251,2 20
Slide 21 — PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 21
Slide 22 — PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES
PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20251,2,3,4 22
Slide 23 — PAN AMERICAN SILVER INFERRED MINERAL RESOURCES
PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20251,2,3,4 23
Slide 24 — USED TO ESTIMATE
METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2025 24 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 Vogel Resources 2,250 Gold River Resources 1,200 Marlhill Resources 1,125 Arco Sul Resources 1,250
Slide 25 — GENERAL
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 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. Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior 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. 25
Slide 26 — ARCHIVED RECORDING
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/