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Pan American Silver — PAAS Investor Presentation October 2026 (company IR deck)
Pan American Silver (PAAS) · 52 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 — silver mining company
The world’s premier silver mining company P R E S E N T A T I O N O C T O B E R 2 0 2 6 NYSE | TSX | PAAS
Slide 2 — Cautionary Note
PRESENTATION SEPTEMBER 2026 2 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”, and “total debt”. 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 June 30, 2026, available at www.sedarplus.ca and at www.sec.gov/edgar Reporting Currency and Financial Information Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars. Cautionary Note Regarding Forward Looking Statements and Information Certain of the statements and information in this presentation, including any information relating to Pan American’s future oriented financial information, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this presentation relate to, among other things: future financial or operational performance; expectations regarding strategic initiatives and capital projects, including with respect to the La Colorada mine expansion, Timmins Camp development, Jacobina exploration and optimization study, and exploration opportunities at Juanicipio; operating outlook for 2026, including, but not limited to production, AISC and expenditures; the expectation that production will be more heavily weighted toward the fourth quarter of 2026; statements regarding the investments in capital projects and any anticipated benefits therefrom; estimated mineral reserve and mineral resource information; the development plan for the Timmins Camp and the timing with respect to such development; anticipated future demand for silver; Pan American’s liquidity; expectations regarding shareholder returns and capital allocation; expectations regarding mineral reserve replacement; the aggregate value available and expected to be returned to shareholders in 2026 through dividends and share repurchases under the Company’s normal course issuer bid, including the aggregate amount of dividends that may be paid to shareholders and statements that the dividend per share is expected to increase over time 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; the ability of the Company to continue to achieve anticipated Attributable free cash flow and that any such cash flow generation will be sufficient to achieve any particular level of returns to shareholders pursuant to the Company’s enhanced shareholder returns framework; 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 With the exception of Juanicipio, all other 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”). Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. The Mineral Resources were initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards). As the confidence categories are the same, no modifications to the confidence categories were required. The Juanicipio mineral reserves were estimated by Fresnillo. Paul Salmenmaki, P.Eng. (EGBC #40227), a Competent Person, reviewed and audited the mineral reserves. Juanicipio mineral resources were estimated by Fresnillo. Justin Glanvill (SACNASP), Principal Geologist of AMC Mining Consultants reviewed and audited the Mineral Resources. In all cases 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 Persons are 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 of Exploration and Geology, and Christopher Wright P.Geo. Vice President of Mineral Resources and Mining, Technical Services 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. 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 NI 43-101 and 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 mineral property disclosure requirements of the SEC (the “U.S. Rules”), 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. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are “substantially similar” to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the U.S. Rules. Cautionary Note
Slide 3 — Diversified assets + growth catalysts
Corporate Headquarters Juanicipio La Colorada Skarn Deposit Escobal Currently on care & maintenance Shahuindo Huaron San Vicente El Peñon Minera Florida Navidad Cerro Moro Jacobina NORTH AMERICA SOUTH AMERICA Timmins 3 PRESENTATION SEPTEMBER 2026 Dolores In residual leaching 1. Excludes Dolores, which has entered the residual leaching phase. 2. Pan American estimated mineral reserves and mineral resources reported as of June 30, 2026. See slides 45 – 49 for more detailed information on the Company's reserves and resources. 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 June 30, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to Q2 2026 Financial Statements. Mining operations Development Projects Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years Diversified assets + growth catalysts $1.3B Q2 2026 Attributable Revenue3 22% | Chile 13% | Peru 15% | Brazil 24% | Mexico 11% | Argentina 9% | Canada 5% | Bolivia 10 producing silver and gold operations1 Advancing expansion and optimization projects: • La Colorada Skarn • Jacobina • Timmins Future silver growth potential: • Escobal • Navidad Large silver & gold mineral reserves: 511.1 Moz Ag and 6.3 Moz Au2
Slide 4 — Operations generating attractive margins
4 PRESENTATION SEPTEMBER 2026 Operations generating attractive margins Disciplined cost performance delivers margin expansion from higher metal price 18.12 20.90 19.88 13.94 19.69 15.43 9.51 6.63 17.80 28.14 29.52 30.87 31.25 32.91 39.08 58.16 89.43 70.97 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 AISC ($/oz) Realized price ($/oz) Silver Segment AISC1,2 vs Realized Price3 1,465 1,516 1,521 1,485 1,611 1,697 1,699 1,851 1,984 2,336 2,475 2,666 2,868 3,305 3,479 4,186 4,859 4,402 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 AISC ($/oz) Realized Price ($/oz) Gold Segment AISC1 vs Realized Price3 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 June 30, 2026 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. 3. Metal prices are stated inclusive of final settlement adjustments on concentrate sales and are attributable to equity accounted sales.
Slide 5 — $3,302M
5 PRESENTATION SEPTEMBER 2026 Capacity to fund growth and shareholder returns Cash + investments of $1,705M • Excluding 44% interest in cash at Juanicipio of $97M Attributable to Pan American. Total debt2 of $841M 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 $1,500M available + additional $750M accordion feature. Strong Financial Position All financial figures as at June 30, 2026, except Total Available Liquidity, which is as of August 12, 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 $714 million, as at June 30, 2026, and accreted to the face value over their respective terms using an effective interest rate of 5.52%. Total available liquidity1 + Attributable cash at Juanicipio $3,302M $1,705M Cash + investments $1,500M Revolving Credit Facility $97M Attributable cash at Juanicipio
Slide 6 — Enhanced Shareholder Returns Framework
6 PRESENTATION OCTOBER 2026 Targeting to return 35% - 40% of Attributable free cash flow1 to shareholders in 20262 6 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 Company’s MD&A for the period ended June 30, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 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. Enhanced Shareholder Returns Framework 2026 Target Shareholder Return2 $305M Dividends Repurchased ~7.3M shares under the NCIB to August 11, 2026 • Expect to pay $305 million in aggregate dividends in 2026 in equal quarterly installments. • Accelerated repurchases of common shares, pursuant to the Company’s Normal Course Issuer Bid (“NCIB”). • As common shares are repurchased and cancelled, the dividend per share is expected to increase over time. • Record shareholder returns of $300 million through dividends and share repurchases in Q2 2026. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Shareholder Returns ($M) Dividends Share Buybacks
Slide 7 — Track record of replacing reserves through targeted near-mine
7 PRESENTATION OCTOBER 2026 213.4 478.3 546.8 365.0 511.1 Mineral Reserves 2006 Net Ounces Acquired Ounces Mined P&P Ounces from Exploration Mineral Reserves 2026 Track record of replacing reserves through targeted near-mine exploration 2 3 Exploration Driven Growth: La Colorada Skarn discovery, a world- class silver-zinc-lead deposit that currently hosts 308.7 Moz contained M&I4 and 58.6 Moz contained inferred mineral resources2 Since June 2025, four new high-grade silver veins were discovered at La Colorada, in addition to exploration success at Jacobina and Timmins2 Mine life extension at San Vicente, Cerro Moro, Minera Florida and Huaron 1. Proven & Probable (“P&P”). | 2. Pan American mineral reserves are as of June 30, 2026. Please see pages 45 – 49 for detail on our mineral reserves and resources. | 3. Calculated as cumulative change in mineral reserve contained ounces, plus contained ounces mined, less ounces acquired (net of divestments). | 4. Measured and Indicated (“M&I”). | 5. P&P ounces from exploration divided by ounces mined. | 6. US$ spend on exploration divided by contained ounces mined. Exploration has historically replaced ~67%5 of silver ounces mined at an average cost of ~$1.11/oz Ag6 Silver P&P1 Mineral Reserves Evolution Over 20 Year History (Moz Ag)2
Slide 8 — High-value organic growth opportunities
PRESENTATION SEPTEMBER 2026 8 High-value organic growth opportunities 1. Peak average annual silver production during years 2034 – 2038 (the “Initial Five Year Period”) as per the Revised PEA. Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026.| 2. Includes Mineral Resources for Gold River and Vogel, as reported, and 108 Koz Au of inferred mineral resources at Samson, which is included in reported mineral reserves and resources for Timmins. | 3. Pan American’s estimated mineral reserves and mineral resources are reported as of June 30, 2026. See slides 45 – 49 for more detailed information on the Company’s mineral reserves and mineral resources. La Colorada, Mexico Mine expansion expected to result in a top-tier silver mine producing an annual average of 19.1 Moz Ag per year at AISC of $(22.67) per ounce during peak 5-year period1 ; total mine life estimated at 37 years. ➢ Completion targeted for 2032 Timmins, Canada Potential mine life extension and production growth by utilizing spare plant capacity and integrating satellite deposits hosting 191 Koz Au indicated mineral resources and 1,474 Koz Au inferred mineral resources2,3. ➢ PEA targeted for H1 2027 Jacobina, Brazil Comprehensive project to optimize operations and evaluate expansion potential for this long-life gold mine with excellent exploration potential. ➢ Study underway to evaluate process plant upgrades vs. construction of new, state-of-the art plant Juanicipio, Mexico 44% ownership in top-tier silver mine, offering significant exploration and operating upside. ➢ Cultivating a productive relationship with Fresnillo, operator and owner of remaining 56% interest, to unlock asset potential. Plus optionality of silver growth through Escobal and Navidad
Slide 9 — La Colorada Vein Exploration – Success Through the Drill Bit
9 PRESENTATION OCTOBER 2026 La Colorada Vein Exploration – Success Through the Drill Bit 1. Pan American Mineral Reserves are shown as of June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Mineral Resources. Silver Mineral Reserves and Production (Moz Ag)1 In 2026, we replaced 100% of production while adding ounces Moz Ag Year End Inferred Mineral Resources (Moz Ag) La Colorada Drilling and Inferred Mineral Resource Growth in the Veins1 Exploration meters drilled on Veins 48.1 34.0 34.6 27.7 15.4 22.6 14.3 31.6 29.6 38.9 70.9 77.7 74.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 0 20 40 60 80 100 120 140 160 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Drilled Meters (thousand) 86.0 88.7 80.5 94.2 P&P Mineral Reserves 2014 Ounces Discovered Ounces Mined P&P Mineral Reserves 2026
Slide 10 — La Colorada Skarn Project: Revised Preliminary
10 PRESENTATION SEPTEMBER 2026 Large-scale, long-life silver production at negative AISC2,3 Leveraged to silver revenue – 42% of revenue from silver during Initial Five Year Period4 (up to 51% in the Upside Price Scenario5) Significant Free Cash Flow3 generation of $653 million per year over the Initial Five Year Period Reduced development risk – conventional long-hole open stoping mining method Future potential remains to mine lower-grade material through a caving mining method Study Results Figures do not include contribution from updated La Colorada Mineral Reserves or recent discoveries at the La Colorada vein mine The Revised 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 Revised PEA will be realized. 37 Years La Colorada Skarn Project Mine Life6 15,000 tpd Nominal Production Rate ($22.67)/oz AISC per payable silver ounce3 Initial Five-Year Period $1.9 Billion Initial Capital7 $2.6 Billion After-Tax NPV 5% at Base Case Prices8 17% After-Tax IRR at Base Case Prices8 $5.2 Billion After-Tax NPV5% at Upside Price Scenario5 25% After-Tax IRR at Upside Price Scenario5 1. The Revised PEA envisions the construction of a new 15,000 tpd conventional selective floatation plant to process a portion of the mineral resources from the La Colorada vein mine as well as high grade portions of the skarn deposit mineral resources (the “La Colorada Skarn Project”) Please refer to Pan American’s news release dated March 24, 2026. An updated technical report prepared in accordance with NI 43-101 on the La Colorada property was filed on May 6, 2026. | 2. AISC of ($22.67) per payable silver ounce during the Initial Five-Year Period. | 3. AISC and Free Cash Flow are non-GAAP measures. Please refer to the “Alternative Performance (non-GAAP) Measures” section of our MD&A for the period ended June 30, 2026 for a detailed description of this measure. | 4. Includes years 2034 – 2038 (the “Initial Five Year Period”) | 5. “Upside Price Scenario” refers to $75.00 per ounce of silver, $3,400 per tonne of zinc, and $2,000 per tonne of lead. | 6. Mine life following completion of the construction of the new 15,000 tpd processing plant. | 7. Includes capital leases. | 8. “Base Case Prices” refer to $45.00 per ounce of silver, $2,800 per tonne of zinc, and $2,000 per tonne of lead. La Colorada Skarn Project: Revised Preliminary Economic Assessment Highlights1
Slide 11 — Expanded La Colorada mine production profile
11 PRESENTATION OCTOBER 2026 Production is anticipated to average 19.1 million ounces of silver annually over the Initial Five Year Period following commissioning and ramp up 0.0 5.0 10.0 15.0 20.0 25.0 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 Silver Production (Moz) Silver Production by Source Potential to extend higher silver production for longer given the continuing exploration success 0.0 100.0 200.0 300.0 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 Zinc Production (Kt) Vein Mineral Reserves Vein Mineral Resources Skarn Mineral Resources Zinc Production by Source Note: Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026. Expanded La Colorada mine production profile
Slide 12 — La Colorada Mine Plan Views
12 PRESENTATION OCTOBER 2026 La Colorada Mine Plan Views • Existing La Colorada vein mine is expected to continue to be mined using the current infrastructure while development progresses to access new high-grade veins in the eastern Candelaria area and high-grade skarn deposit mineralization DATUM: Local Mine Grid New Vein Discoveries Expanded La Colorada Mine Plan View Potential Skarn Extensions Legend Expanded La Colorada Mine Section View Jun 2024 Skarn SLC Shapes >$45 NSR Jun 2024 Skarn high Grade Areas >$75 NSR Underground Workings Legend Skarn Drillholes Traces Surface Topography Note: Refer to Pan American’s September 8, 2025, December 1, 2025 and March 5, 2026 news releases for details on the exploration results for La Colorada.
Slide 13 — 588 Decline Project1: critical path to underground mine development
13 PRESENTATION OCTOBER 2026 588 Decline Project1: critical path to underground mine development • First cut of decline completed in August 2026 • $265M of project capital to be invested over the next 5 years to complete 12.4 kms of decline and installation of long-term pumping and power infrastructure • Provides physical access to the 901, 902, 903 skarn ore bodies for mine development and production • Establishes a ventilation connection to the East Ore Hoisting Shaft2 providing fresh air into the mine workings • Connects the whole of the skarn deposit to the East Ore Hoising Shaft materials handling system, enabling mine production and ramp up • Enables progressive dewatering of the mine workings as the decline descends • Allows Skarn geotechnical and geological information to be gathered from within the mine • Allows La Colorada project and operations personnel to gain experience mining the Skarn ore bodies Note: Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026. 1. Please refer to Pan American’s news release dated May 5, 2026 | 2. The East Ore Hoisting Shaft is not included in the 588 Decline Project Vein Mine Workings Skarn Mine Design 588 Decline Early Works Project – Lateral development to the east production and ventilation shafts to establish orebody access, material handling access, and primary ventilation circuit. 902 903 901 2026 2027 2028 2029 Legend Development 2.5km 3.1km 2.1km 4.8km Estrella Decline (Haulage Route) 588 Decline Early Works Project South Ventilation Shaft Guadalupe Return Air Shaft Return Air Raises East Production Shaft East Return Air Shaft
Slide 14 — Internally funded silver growth
14 PRESENTATION OCTOBER 2026 $146 $277 $302 $616 $93.5 $515 2026 2027 2028 2029 2030 2031 Total $- $500 $1,000 $1,500 $2,000 $2,500 Internally funded silver growth Cash on hand and free cash flow generation sufficient to fund La Colorada Skarn initial investment Strong cash and short-term investments of $1.8 billion for the period ended June 30, 2026, (including $97 million attributable to the company’s interest in Juanicipio), underpinned by strong free cash flow generation. Approved initial spend of $265 million, out of a total estimated $1.9 billion investment, to begin construction of decline to access the skarn mineralization, marking a key milestone in advancing this high-quality project.1 We now anticipate spending between $92 to $95 million on the La Colorada Skarn Project in 2026, including spending on the 588 Decline Project.1 1. Please refer to the News Release dated May 5, 2026, for more information, as well as the ‘Project Development Update’ section of the MD&A for the period ended March 31,2026, for a detailed description of the La Colorada Skarn project. Total Estimated Skarn Initial Investment ($M) $1,950
Slide 15 — La Colorada has the potential to become one of the
15 PRESENTATION OCTOBER 2026 Top 10 Primary Silver Mines by Production 3.3 17.2 13.8 11.1 10.3 10.3 9.8 8.7 8.4 8.3 6.5 6.0 15.8 Expanded La Colorada Mine Juanicipio Saucito Uchucchacua Cannington Fresnillo Pirquitas Greens Creek Los Gatos San Julian Palmarejo La Colorada 2 3 Illustrative Comparison to Primary Silver Mines by 2025 Production (Moz Ag)1 La Colorada has the potential to become one of the world’s largest silver mines by annual production Source: S&P Global. | Note: All data is as per S&P Global unless otherwise specified, except Pan American assets which are as per 2025 actual results as reported. | 1. Primary silver mines are as defined by S&P. The Expanded La Colorada Mine will not necessarily be a primary silver mine as defined by S&P Global but it has been included for illustrative purposes. | 2. Peak average annual silver production during the Initial Five Year Period based on the results of the PEA and existing La Colorada vein mine LOM plan. Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026. | 3. Juanicipio production is presented on an 100% basis and represents the full year. Pan American owns a 44% interest in Juanicipio. | 4. Actual production from the existing La Colorada vein mine in 2025. La Colorada was not a top 10 silver mine by production in 2025 but is displayed here for comparison. 4 Existing La Colorada Vein Mine Mineral Reserves La Colorada Skarn Project (2034 – 2038 Avg.) 44% (100%)
Slide 16 — La Colorada has become one of the world’s largest silver deposits
16 PRESENTATION OCTOBER 2026 La Colorada has become one of the world’s largest silver deposits Successful exploration drilling has transformed La Colorada into a Tier-1 Silver Asset Top 10 Largest Operating Primary Silver Mines by Contained Silver in Mineral Reserves & Resources (Moz)1 2 Legend Inferred Mineral Resources Measured + Indicated Mineral Resources Proven + Probable Mineral Reserves 44% (100%) 104.5 94.2 111.6 57.2 191.0 103.7 132.5 115.7 88.6 70.2 290.3 316.2 93.9 253.3 36.9 107.2 25.0 27.0 55.9 79.4 296.0 202.9 140.9 6.6 41.8 25.1 58.4 62.1 52.8 45.7 Fresnillo Expanded La Colorada Mine Saucito Cannington Rochester Greens Creek Juanicipio Uchucchacua Ying Imiter Source: S&P Global. | 1. As per S&P Global, except La Colorada and La Colorada Skarn, which is based on estimated mineral reserves and mineral resources reported as of June 30, 2026. See slides 45 – 49 for more detailed information on the Company’s mineral reserves and mineral resources. Includes Primary Silver Mines as defined by S&P Global. | 2. Includes reported mineral reserves and mineral resources from the La Colorada vein mine and the mineral resources from the La Colorada skarn deposit (the “Expanded La Colorada Mine”).
Slide 17 — La Colorada’s evolution to a top-tier silver mine
PRESENTATION SEPTEMBER 2026 17 Juanicipio3 Saucito Uchucchacua Cannington Fresnillo Pirquitas Greens Creek Los Gatos4 San Julian Palmarejo La Colorada La Colorada Skarn Project 2034 – 2038 Avg.5 ($40.00) ($30.00) ($20.00) ($10.00) $0.00 $10.00 $20.00 $30.00 $40.00 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 21.0 2025 Forecast By-Product AISC ($/oz Ag)1,2 2025 Silver Production (Moz) Expanded La Colorada Mine6 La Colorada’s evolution to a top-tier silver mine Source: S&P Global. | Note: All data is as per S&P Global unless otherwise specified, except Pan American assets, which are as per 2025 actual results as reported. | 1. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (non-GAAP) Measures” section of our MD&A for the period ended June 30, 2026 for a detailed description of this measure. | 2. S&P Global has not released 2025 actual figures; therefore, 2025 forecast figures are presented in lieu unless otherwise specified. | 3. Juanicipio production is presented on a 100% basis. AISC figure is for the four months that the asset was 44% owned by Pan American. | 4. Based on the 2024 LOM Plan issued by Gatos Silver Inc. dated September 25, 2024 as a 2025 forecast is not available as per S&P Global. | 5. Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026. Bubble size is based on life-of-mine contained silver ounces mined as per the PEA for illustrative purposes as mineral reserves have not been declared for the La Colorada Skarn Project. | 6. Positioning of the Expanded La Colorada Mine is illustrative based on the results of the Revised PEA and production from the existing La Colorada vein mine mineral reserves. Illustrative Comparison to Select Large-Scale Silver Mines by 2025 Production and AISC1 44% Legend = Silver Mineral Reserves = LOM Contained Silver Ounces
Slide 18 — Juanicipio: one of the world’s top silver mines
18 PRESENTATION SEPTEMBER 2026 Saucito Uchucchacua Cannington Pirquitas Greens Creek Fresnillo Palmarejo 0% 25% 50% 75% 100% 0.00 10.00 20.00 30.00 40.00 50.00 2025 Co-Product AISC ($/oz Ag) Cumulative Paid Silver (1000 oz) Premier location and expansive land package Juanicipio Saucito Uchucchacua Cannington Fresnillo Pirquitas Greens Creek Los Gatos2 San Julian Palmarejo $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 2025 Co-Product AISC ($/oz Ag) 2025 Silver Production (Moz) Source: S&P Global, company filings. 1. Figures are 2025 figures as per S&P Global; Co-Product AISC is as per S&P Modelled Data. Figures are displayed on a co-product basis and calculated by S&P Global. As a result, figures may not tie with what is provided in each company’s respective public disclosure. 2. 2025 AISC per AgEq ounce as reported by First Majestic given S&P data limitations. Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally1 = Silver Reserves Capitalized on the Opportunity to Add a 1st Quartile Silver Asset1 2025 Cost Curve (100%-basis) JV Property N Top 10 Primary Silver Mines by Production Based on Publicly Available Data (100%-basis) Juanicipio: one of the world’s top silver mines Large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico State of the art facilities Los Gatos San Julian Juanicipio
Slide 19 — Jacobina Optimization
19 PRESENTATION SEPTEMBER 2026 Jacobina Optimization Process Plant Trade-off study underway to evaluate (a) upgrading the existing process plant circuitry, or (b) constructing a new, state-of-the-art processing facility. Tailings Filtration Plant Transition the tailings storage facility to filtered tailings storage and for mine paste backfill. Required as long-term conventional tailings storage capacity is limited. Paste Backfill Plant Enables increased mining recovery and increased mineral reserves by reducing the need to leave pillars in the mine. Integrates with the filtered tailings storage strategy and is expected to help mitigate future mine seismicity. Power Supply Study to improve the reliability of the current supply and to define future requirements. Targeting long-term operational efficiency through the following projects:
Slide 20 — Timmins Camp1 Project
20 PRESENTATION SEPTEMBER 2026 Timmins Camp1 Project 0 0.5 1 1.5 2 Vogel Bell Creek Gold River Samson Timmins West 2026 - 2030 2031 - 2035 2036 - 2040 > 2041 P+P: 234 Koz M&I: 161 Koz Inferred: 13 Koz P+P: 499 Koz M&I: 251 Koz Inferred: 476 Koz Bell Creek Deep Extension Indicated: 74 Koz Inferred: 338 Koz Indicated: 117 Koz Inferred: 1,028 Koz 2 Inferred: 108 Koz 2 Timmins West Complex Bell Creek Complex Long Term Gold Production Vision & Project Pipeline; PEA targeted for H1 2027 $146M investment approved for 1st phase • 625m extension of the Bell Creek shaft to reduce costs and emissions while extending mine life into the 2040s. ▪Design and engineering complete; commissioning targeted for H1 2029. • Construction of 2 exploration drifts to access the Vogel and Samson deposits. Excess Mill Capacity • Leverage excess mill capacity through production from satellite deposits and potential toll milling opportunities from Galleon Gold’s West Cache project. • Average throughput 4,400 tpd vs mill capacity 5,600 tpd3. Pan American Mineral Reserves are as of June 30, 2026. Please refer to pages 45 – 49 for detail on our Mineral Reserves and Resources. Numbers shown are contained gold ounces. 1. Includes Timmins West, Samson, Gold River, Bell Creek, and Vogel (“Timmins Camp”). | 2. Timmins West excludes 108 Koz Au of inferred mineral resources, which are reported in Timmins in our consolidated Mineral Reserves and Resources. These resources are separately displayed as Samson. | 3. Tonnes per day (“tpd”). Calculated as tonnes processed divided by the number of days in the quarter. Key Opportunities: Gold River • Advanced metallurgical testing and engineering studies underway.
Slide 21 — Escobal
21 PRESENTATION SEPTEMBER 2026 • 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 Escobal Historical Silver Production & AISC 1. Based on development, expansion, and sustaining capital invested from 2011 to 2017. 20 20 21 $9.15 $9.11 $8.06 2014A 2015A 2016A Production (Moz) AISC ($/oz) AISC is a non-GAAP measure; see the “Non-GAAP Measures” section of our Cautionary Note on slide 2 of this presentation. (as of June 30, 2026) Grade Contained Metal Tonnes (Mt) Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (Moz) Au (Koz) Pb (kt) Zn (kt) P&P Reserves 24.6 334 0.35 0.79 1.30 264.5 278 196 320 M&I Resources 16.5 208 0.21 0.37 0.65 110.2 110 61 106 Inferred Resources 1.9 180 0.90 0.22 0.42 10.7 54 4 8 See slides 45 – 49 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 Optionality for material growth in silver
Slide 22 — 22
22 PRESENTATION SEPTEMBER 2026 2026 Guidance Expect gold production to be at low end of guidance range and Gold Segment AISC at high end of guidance range1 Ag Annual consolidated attributable production 25.0 - 27.0 Moz Silver segment AISC2 $15.75 - $18.25 per oz Au Annual consolidated attributable production 700 - 750 Koz Gold segment AISC2 $1,700 - $1,850 per oz Note: Please refer to the forward-looking cautionary language on page 2 and 3 of this presentation. 1. Outlook for gold production was revised with the Company’s Q2 2026 financial results released on August 12, 2026. Please see Pan American’s MD&A dated February 18, 2026, for further details on the Company’s original 2026 Operating Outlook. 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 June 30, 2026 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").
Slide 23 — Committed to leading ESG performance
PRESENTATION SEPTEMBER 2026 23 66 Scale: 0 (worst) to 100 (best) Ranked Top 7th Percentile in the Metals & Mining industry Member of the Dow Jones Best-in-Class (DJBIC) North America Index Included in S&P Global Sustainability Yearbook 2026 Committed to leading ESG performance ESG ratings and rankings Note: Ratings and rankings can fluctuate throughout the year, either based on Pan American’s performance or relative to the ranking of other companies in our sector, and/or changes in the ratings agency’s scoring methodology. Ratings and rankings shown here are effective as of April 30, 2026. Reporting frameworks and standards Memberships and associations A RATING Scale: CCC (worst) to AAA (best) Ranked 50th percentile in Metals and Mining – Precious Metals MSCI All Country World Index (ACWI) constituent 24.6 MEDIUM RISK Scale: 100 (worst) to 0 (best) Ranked top 22nd percentile in the Precious Metals Mining Sector Environment: 1 | Social: 2 | Governance: 6 Scale: E&S Disclosure 10 (worst) to 1 (best) | Governance Risk 10 (higher) to 1 (lower)
Slide 24 — Positive silver market dynamics
24 PRESENTATION SEPTEMBER 2026 57% 17% 23% 2% Industrial Jewelry & Silverware Coin & Net Bars Photography Silver outlook supported by industrial and investment demand Positive silver market dynamics Source: The Silver Institute: World Silver Survey 2026. 1. Figures may not sum to 100% due to rounding. 2. The total for industrial includes demand for photovoltaics. 79% 21% Mine Production Recycling and Other Silver Demand 1,112 Moz Silver Supply 1,066 Moz Supply Shortfall 46 Moz 2026F Silver Market Dynamics1 ETF Physical Silver Holdings 950 1,000 1,050 1,100 1,150 1,200 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Total Silver ETF Holdings (Moz) Silver ETF Holdings $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 Silver Price Silver Price ($/oz) Source: CPM Group as at August 31, 2026, FactSet as at August 31, 2026. Note: Silver ETF Holdings are presented on a monthly basis. Includes ETFs as per CPM Group’s analysis included in Precious Metals Monthly (May 2026).
Slide 25 — Silver demand continues to outpace supply
PRESENTATION SEPTEMBER 2026 25 Silver Market Balance Silver demand continues to outpace supply Silver Market Total Supply and Demand 500 700 900 1,100 1,300 2019 2020 2021 2022 2023 2024 2025 2026F Silver (Moz) (300) (200) (100) 0 100 2019 2020 2021 2022 2023 2024 2025 2026F Silver (Moz) Source: Metals Focus as of April 2026. Note: Figures are as per Metals Focus’ Base Case forecasts. 1. Market Balance equals Total Supply less Total Demand Market Surplus Market Deficit Total Supply Total Demand 2026 to mark the sixth consecutive year of deficit, with ~750 Moz of cumulative deficits since 2021
Slide 26 — Providing investors with exposure to silver
26 PRESENTATION SEPTEMBER 2026 1-Year Share Price Correlation to Silver Price3 Silver Mineral Reserves2 (Moz) 2026E Attributable Silver Production1 (Moz) Providing investors with exposure to silver Pan American is the leading silver producer by silver mineral reserves and silver price correlation Source: FactSet as at September 2, 2026, S&P Global as at September 2, 2026. | 1. Figures are based on 2026 analyst consensus estimates (“2026E”), except Pan American, which is based on the 2026 Guidance range. | 2. Figures are as per S&P Global as at August 13, 2026, except Pan American which is based on estimated mineral reserves and mineral resources reported as of June 30, 2026. See slides 45 – 49 for more detailed information on the Company’s mineral reserves and mineral resources. | 3. Figures display correlation coefficient of daily returns between the iShares Silver Trust and respective share price for the period August 14, 2025 to August 13, 2026. The iShares Silver Trust tracks the silver spot price, less expenses and liabilities, using silver bullion held in London. 61% 62% 68% 70% 72% 72% 75% 80% Hochschild Fresnillo Aya Coeur Hecla Endeavour First Majestic 23.1 50.0 73.4 87.7 231.1 274.4 362.6 511.1 Hochschild Endeavour Aya First Majestic Hecla Coeur Fresnillo 25.0 6.0 6.3 8.7 13.9 16.0 20.2 27.0 45.6 Aya Hochschild Endeavour First Majestic Hecla Coeur Fresnillo
Slide 27 — Pan American Silver investment highlights
27 PRESENTATION OCTOBER 2026 Pan American Silver investment highlights A diversified silver producer with scale, resilience, and growth optionality Leading exposure to silver Proven mine operator and builder with an experienced management team Significant organic growth opportunities Strong cash flow generation with a new, robust shareholder returns framework Track record of replacing reserves through targeted near-mine exploration Optionality in Escobal and Navidad
Slide 28 — $18.8B
28 PRESENTATION OCTOBER 2026 Pan American Snapshot1 A leading producer of silver & gold in the Americas Analyst Coverage6 Top Shareholders7 BMO Capital Markets (Matthew Murphy) Van Eck (4.7%) BofA Global Research (Lawson Winder) Global X Management (3.7%) Canaccord Genuity (Carey MacRury) The Vanguard Group (3.7%) CIBC Capital Markets (Cosmos Chiu) BlackRock Fund Advisors (2.4%) Edison Group (Andrey Litvin) BlackRock Investment Mgmt (1.9%) Global Mining Research (David Radclyffe) Capital International Investors (1.6%) Jefferies (Fahad Tariq) Dimensional Fund Advisors (1.4%) National Bank Financial (Don DeMarco) Norges Bank Investment Mgmt (1.4%) RBC Capital Markets (Josh Wolfson) Geode Capital Mgmt (1.1%) Scotiabank GBM (Ovais Habib) TD Asset Management (1.0%) TD Securities (Wayne Lam) 1. FactSet market data as of September 30, 2026. 2. Dividend declared on August 12, 2026. 3. Issued and outstanding as of September 2, 2026. 4. Dividend declared on August 12, 2026 (annualized) divided by closing share price on September 30, 2026. 5. Based on 90-day average daily trading value on both the NYSE and the TSX per FactSet. 6. 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. 7. Shareholder register as per S&P Capital Access at September 2, 2026. $18.8B Market Cap1 PAAS Snapshot1 NYSE: PAAS | TSX: PAAS $0.184 Quarterly dividend/share2 413.6M Shares outstanding3 1.6% Dividend yield4 $293M Average daily trading value5 11 Research analysts
Slide 29 — Appendix
29 Appendix
Slide 30 — 2026 Operating Outlook
PRESENTATION SEPTEMBER 2026 30 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 June 30, 2026 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 ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). | 2. Juanicipio data represents Pan American’s 44.0% interest in the mine’s production. San Vicente data represents Pan American’s 95.0% interest in the mine's production. | 3. The expected increase in AISC at La Colorada relative to 2025 is primarily driven by increased royalties from net-profit-driven payments to an adjacent concession owner for undertaking mining activities on their concession. | 4. The expected negative AISC at Cerro Moro is driven by high gold by-product credits resulting from the current metal price environment. | 5. The expected increase in AISC at San Vicente relative to 2025 is primarily driven by higher profit-driven royalties, reflecting increased metal price assumptions. | 6. Does not incorporate the ten thousand ounces shortfall in gold production, as per the MD&A for the period ended June 30, 2026 Attributable Silver Production (Moz) Attributable Gold Production (Koz) AISC ($ per ounce) 1 Silver Segment: La Colorada (Mexico) 5.80 – 6.25 2.5 33.25 – 35.753 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)4 Huaron (Peru) 3.25 – 3.50 – 27.75 – 29.75 San Vicente (Bolivia)2 2.70 – 2.90 – 41.00 – 43.005 Total 20.55 – 22.15 100.0 – 107.0 15.75 – 18.25 Gold Segment: Jacobina (Brazil) – 181.0 – 191.06 1,550 – 1,650 El Peñon (Chile) 3.65 – 3.95 104.0 – 110.06 275 – 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 Expect gold production to be at low end of guidance range and Gold Segment AISC at high end of guidance range1
Slide 31 — 2026 Quarterly Operating Outlook
31 PRESENTATION OCTOBER 2026 2026 Quarterly Operating Outlook Silver production outlook maintained. Gold production is expected to be more heavily weighted toward Q4, with Q3 production expected to be three to six thousand ounces below the low-end of guidance range, and full-year gold production at the low-end of guidance range 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 June 30, 2026 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. Adjusted for the expected three to six thousand ounces shortfall below the low end of original guidance range of 178.5 – 192.0 thousand ounces, as per the MD&A for the period ended June 30, 2026 H1 Actual Q3 Guidance Q4 Guidance FY 2026 Guidance Attributable Silver Production (Moz) 12.90 6.50 – 7.00 6.35 – 6.85 25.00 – 27.00 Attributable Gold Production (Koz) 335.1 172.5 – 175.52 182.5 – 196.0 700.0 – 750.0 Silver Segment AISC1 12.64 15.50 – 17.75 18.50 – 20.75 15.75 – 18.25 Gold Segment AISC1 1,918 1,725 – 1,875 1,525 – 1,650 1,700 – 1,850 Attributable Silver Production is expected to be higher in H2 2026, largely as a result of increased production from Juanicipio, La Colorada, and San Vicente; partially offset by lower production at Cerro Moro and Dolores. Attributable Gold Production is expected to be at the low-end of the annual guidance range due to an expected 10k ounce reduction at each of El Penon and Jacobina. Gold production in H2 is expected to improve relative to H1 from higher throughput and mine sequencing into higher grade ores at Timmins and Shahuindo. Silver Segment AISC per ounce are anticipated to be highest in Q4 2026 due to production impacts from Cerro Moro. Gold Segment ASIC per ounce are expected to be at the high end of the annual guidance range driven by production impacts.
Slide 32 — 2026 Expenditures Forecast
32 PRESENTATION SEPTEMBER 2026 Project capital investment: 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. 2026 Expenditures Forecast 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 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)4 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 & Maintenance5 26 – 28 Exploration and Project Development 22 – 25 Income Tax Payments6 585 – 635 Depreciation and Amortization7 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. As indicated in the news release dated June 1, 2026, the initial spending on the first phase of the Timmins Camp project was included in the Company's 2026 guidance of $40 to $43 million of project capital at Timmins. 5. Comprised of $16-18 million for Escobal and $10 million for other mines and projects. 6. Please refer to the “2026 Operating Outlook” section of the MD&A for the period June 30, 2026 for further information 7. Depreciation and Amortization excludes depreciation at Juanicipio, which is considered an equity accounted investment.
Slide 33 — $473m
33 PRESENTATION OCTOBER 2026 Direct operating costs by category Maintaining guidance for silver segment and gold segment AISC through disciplined cost management • Fuel accounted for ~5% of production costs in Q2 2026. • Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consumables. • The vast majority of Pan American mines are underground and rely on renewable power; direct diesel exposure relates mostly to Cerro Moro (diesel electricity generation) and Shahuindo (open pit mining)1. • The price per litre of diesel varies, as the countries where Pan American operates have different fuel taxes, fees and subsidies. Q2 2026 Production Costs $473m 35% Salaries & employee benefits 25% Contractors2 20% Consumables & reagents 10% Maintenance Parts 5% Fuel 5% Utilities 1. See our “Sustainability Performance Data Book”, available on our website, for reported data on direct diesel consumption. 2. Contractor costs may include labour, consumables, equipment, overhead, contractor profit and other costs depending on the terms of the contract.
Slide 34 — La Colorada
PRESENTATION SEPTEMBER 2026 34 La Colorada About La Colorada • Produces silver-rich lead and zinc concentrates from a flotation plant treating sulphide ore. • Continuous throughput and access to higher-grade areas of the mine follow major ventilation enhancements. • $9 to $10 million of estimated project capital in 2026 (excluding Skarn investments), for exploration, underground development and fleet expansion to expand the deep eastern extensions of the Candelaria mineralized structure. • Skarn project capital for 2026 estimated at $92 to $95 million, including spending on the 588 decline. TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 100% 1. Please refer to the technical report relating to the La Colorada Property entitled “NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective March 24, 2026. | 2. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. | 3. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. | 4. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. A portion of La Colorada’s mineral reserves and resources are subject to a net profit share agreement with a third party, please refer to the footnotes on slides 45 – 49 for details. Ag Zn Pb Opportunities • Updated PEA issued1, integrating the skarn and vein mine production. • Exploration to the east of NC2 and south on the San Geronimo and Cristina Vein systems within and adjacent to Pan American owned concessions. • 650 tpd oxide plant on stand-by, providing additional optionality. Mine Overview 5.80 – 6.25 Moz 2026F Ag Production2 $33.25 – $35.75 2026F Ag AISC2,3 94.2 Moz Ag P&P Reserves4 7.5 Moz Ag M&I Resources4 144.3 Moz Ag Inferred Resources4 308.7 Moz Ag M&I Resources4 58.6 Moz Ag Inferred Resources4 La Colorada Skarn Resources La Colorada Vein Reserves and Resources
Slide 35 — Juanicipio
PRESENTATION SEPTEMBER 2026 35 Juanicipio About Juanicipio • One of the largest and lowest-cost primary silver mines in the world. • Pan American’s Q3 2025 acquisition of MAG Silver provided a 44% interest. • Located in one of the world’s most prolific silver mining camps, adjacent to other large-scale silver mines including Fresnillo and Saucito. • Produces silver-rich lead, zinc, and pyrite concentrates from a floatation plant at 3,750 tpd. • Primary mining method is longhole open-stoping with waste backfill. • Completing installation of a 4.2km underground conveyor system aimed at reducing operating costs. TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 44% Opportunities • Work collaboratively with Fresnillo, the operator and 56% owner, to advance the potential of Juanicipio. • Expand known inferred mineral resources that remain open at depth and laterally. • Regional opportunities at Mesa Grande, Triunfo, and vein projections of Saucito structures into the joint venture area. Mine Overview 6.00 – 6.50 Moz 2026F Ag Production1 $2.25 – $4.25 2026F Ag AISC1,2 Ag Au Zn Pb Note: All data is displayed at Pan American’s attributable 44% interest unless otherwise specified. | 1. 2026 Forecast (“2026F”) production and Attributable AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. | 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. | 3. As reported by Fresnillo as of April 30, 2025. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. 58.3 Moz Ag P&P Reserves3 11.0 Moz Ag M&I Resources3 25.7 Moz Ag Inferred Resources3
Slide 36 — Jacobina
PRESENTATION SEPTEMBER 2026 36 Jacobina About Jacobina • Nominal ~8,400 tpd reef-style deposit and underground mine producing doré through a conventional leaching carbon-in-pulp process. • 7 mining zones over roughly 8km of strike length with further extensions planned over the life of mine; ore is fed into a central processing facility. • Large resource base and a strong history of reserves replacement. • $53 to $57 million of estimated project capital in 2026 to continue process plant optimization studies and projects, plus fleet expansions and exploration activities. TYPE LOCATION OWNERSHIP Underground Mine Bahia, Brazil 100% Opportunities • Optimization program underway to maximize life-of-mine economics. • Excellent exploration potential to extend down- dip and along strike of known conglomerate reefs. • Future projects include thickened tailings, paste fill, upgraded infrastructure. • Ease in recruiting workforce. Mine Overview 171.0 Koz 2026F Au Production1,4 $1,550 – $1,650 2026F Au AISC1,2 3,073 Koz Au P&P Reserves3 4,934 Koz Au M&I Resources3 2,988 Koz Au Inferred Resources3 Au 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. 4. Adjusted for the expected ten thousand ounces shortfall below the low end of original guidance range of 181.0 – 191.0 thousand ounces, as per the MD&A for the period ended June 30, 2026
Slide 37 — El Peñon
PRESENTATION SEPTEMBER 2026 37 El Peñon About El Peñon • Produces dore through a conventional leaching and Merrill-Crowe process. • The mine utilizes mainly long-hole and bench-and- fill mining methods with a combination of rockfill and cemented rockfill. • Vacuum-filter tailings technology. TYPE LOCATION OWNERSHIP Underground Mine Antofagasta, Chile 100% Opportunities • District-scale exploration potential being tested to enhance mine life. • Aggressive resource conversion drill program intended to add mineral reserves. • Use spare mill capacity for low-grade material. 94.0 Koz Au4 3.65 – 3.95 Moz Ag 2026F Production1 $275 – $500 2026F Au AISC1,2 438 Koz Au 15.2 Moz Ag P&P Reserves3 475 Koz Au 15.6 Moz Ag M&I Resources3 592 Koz Au 20.3 Moz Ag Inferred Resources3 Ag Au 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. 4. Adjusted for the expected ten thousand ounces shortfall below the low end of original guidance range of 104.0 – 111.0 thousand ounces, as per the MD&A for the period ended June 30, 2026
Slide 38 — Timmins
PRESENTATION SEPTEMBER 2026 38 Timmins About Timmins • Two underground gold mines (Bell Creek and Timmins West) and a leach and carbon-in-pulp processing plant at Bell Creek. • Plant throughput capacity of 5,600 tpd. • $40 to $43 million of estimated project capital in 2026 to initiate the construction of the Phase 6 tailings expansion, to advance studies and initial underground development of the Bell Creek Shaft Extension Project, and to continue exploration activities and preliminary engineering studies at satellite deposits. TYPE LOCATION OWNERSHIP Underground Mine Ontario, Canada 100% Opportunities • Spare mill capacity (average throughput 4,400 tpd vs mill capacity 5,600 tpd). • Exploration and development opportunities at satellite deposits (Vogel, Gold River, Samson). • Potential to improve ground stability and increase mineral resource recovery following completion of backfill paste plant at Bell Creek. • Additional district opportunities being evaluated under the Timmins Camp Project. Mine Overview 105.5 – 115.0 Koz 2026F Au Production1 $2,575 – $2,675 2026F Au AISC1,2 733 Koz Au P&P Reserves3 412 Koz Au M&I Resources3 488 Koz Au Inferred Resources3 Au 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Bell Creek and Timmins West Mineral Reserves and Resources are as at June 30, 2026. Figures exclude 108 Koz Au of inferred mineral resources at Samson, which are reported in Timmins in our consolidated Mineral Reserves and Resources. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. 4. Includes Vogel, Gold River, and Samson mineral resources. 191 Koz Au M&I Resources4 1,474 Koz Au Inferred Resources4 Satellite Deposits4
Slide 39 — Shahuindo
PRESENTATION SEPTEMBER 2026 39 Shahuindo About Shahuindo • Shahuindo is an open-pit gold mine with leaching on heap-leach pads. • Commercial production began in 2016; the mine was acquired by Pan American in 2019. • Expecting project capital of $6 to $7 million related to land purchases and exploration aimed at potential extensions to the life of mine. TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Opportunities • Expected leach recovery increase over LOM based on metallurgical testing. • Leach pad and waste dump optimization projects are underway to minimise footprint and cost, while shortening haul distances. Mine Overview 125.5 – 135.0 Koz 2026F Au Production1 $1,825 – $1,950 2026F Au AISC1,2 849 Koz Au P&P Reserves3 185 Koz Au M&I Resources3 41 Koz Au Inferred Resources3 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. Ag Au
Slide 40 — Minera Florida
PRESENTATION SEPTEMBER 2026 40 Minera Florida About Minera Florida • Minera Florida produces gold and silver dore bars and zinc concentrate from an underground mine. • Sublevel stoping is the main mining method. • Nominal plant capacity of 2,600 tpd. • In operation since 1986. TYPE LOCATION OWNERSHIP Underground Mine Metropolitan Region, Chile 100% Opportunities • Ongoing exploration of the core mine down dip and laterally. Continued near-site exploration to the north, east and at depth where veins are under-explored. • Exploration has consistently extended life of mine over the last couple of decades. Mine Overview 66.0 – 71.0 Koz 2026F Au Production1 $2,550 – $2,675 2026F Au AISC1,2 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. Ag Zn Au 298 Koz Au P&P Reserves3 306 Koz Au M&I Resources3 560 Koz Au Inferred Resources3
Slide 41 — Cerro Moro
PRESENTATION SEPTEMBER 2026 41 Cerro Moro About Cerro Moro • Operation consists of several open pit and underground mines, producing gold and silver dore through a conventional leaching and Merrill- Crowe process. • Optimization projects in 2025 grew output by 10%. • $13 to $14 million of estimated project capital in 2026 directed towards exploration activities and a tailings facility expansion. TYPE LOCATION OWNERSHIP Open-Pit & Underground Santa Cruz, Argentina 100% Opportunities • Leveraging metal prices to upgrade lower- grade resources to reserves. • Development of Naty Condor open pit deposit expected to extend mine life by ~18 months. • Long-term presence in growing mining jurisdiction. Mine Overview 2.80 – 3.00 Moz Ag 80.0 – 86.0 Koz Au 2026F Production1 ($25.75) – ($21.75) 2026F Ag AISC1,2 6.6 Moz Ag 162 Koz Au P&P Reserves3 4.6 Moz Ag 87 Koz Au M&I Resources3 3.5 Moz Ag 124 Koz Au Inferred Resources3 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. Ag Au
Slide 42 — Huaron
PRESENTATION SEPTEMBER 2026 42 Huaron About Huaron • Underground silver-bearing polymetallic mine. • Long-hole mechanized and cut-and-fill mining methods are employed. • Flotation produces silver in copper, lead, and zinc concentrates. • A tailings filtration plant and dry-stack tailings storage facility were fully commissioned in 2025. • $16 to $17 million of project capital to advance development and for exploration activities targeted at deep extensions of the deposit. TYPE LOCATION OWNERSHIP Underground Mine Pasco, Peru 100% Opportunities • Continue development and exploration of the Horizonte zone to the southeast. • Improve power efficiency site-wide. • Additional exploration potential. Mine Overview 3.25 – 3.50 Moz 2026F Ag Production1 $27.75 – $29.75 2026F Ag AISC1,2 42.6 Moz Ag P&P Reserves3 14.5 Moz Ag M&I Resources3 34.4 Moz Ag Inferred Resources3 Ag Zn Pb Cu 1. 2026F production and AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources.
Slide 43 — San Vicente
PRESENTATION SEPTEMBER 2026 43 San Vicente About San Vicente • Produces silver-zinc and silver-lead concentrates through selective floatation processes. • Nominal mine and plant capacity of 1,000 tpd. • Successful exploration has extended mine life. • Pan American has been mining at San Vicente since 2009. • Leverage steady state production to strengthen silver segment. TYPE LOCATION OWNERSHIP Underground Mine Potosi, Bolivia 95% Opportunities • Near mine exploration to replace resources; veins and geophysical anomalies south of existing infrastructure. • Positive relationship with the government through joint-venture; presence and reputation in Bolivia. Mine Overview 2.70 – 2.90 Moz 2026F Ag Production1 $41.00 – $43.00 2026F Ag AISC1,2 13.2 Moz Ag P&P Reserves3 4.8 Moz Ag M&I Resources3 11.7 Moz Ag Inferred Resources3 Note: Figures displayed on an Attributable basis unless otherwise specified. 1. 2026F production and Attributable AISC figures are based on our 2026 Guidance. Please refer to the Company’s MD&A for the period ended December 31, 2025 for our 2026 Guidance and to the Cautionary Note on slide 2 of this presentation. 2. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026 for a detailed description of this measure. 3. Mineral Reserves and Resources are as at June 30, 2026. Please refer to slides 45 – 49 of this presentation for detail of our Mineral Reserves and Resources. Ag Zn Pb Cu
Slide 44 — Navidad
44 PRESENTATION OCTOBER 2026 Navidad Navidad One of the largest undeveloped primary silver deposits • 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. (As of June 30, 2026; Please refer to slides 45 – 49 for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) Grade Contained Metal Tonnes (Mt) Ag (g/t) Cu (%) Pb (%) Ag (Moz) Cu (kt) Pb (kt) M&I Resources 155.2 127 0.06 0.86 632.3 71 1,326 Inferred Resources 45.9 81 0.02 0.57 119.4 9 262
Slide 45 — Pan American Silver Mineral Reserves as of June 30, 20261,2
45 PRESENTATION OCTOBER 2026 Pan American Silver Mineral Reserves as of June 30, 20261,2 Pan American is the leading silver producer by silver mineral reserves and silver price correlation
Slide 46 — Pan American Silver Measured + Indicated Resources as of June 30, 20261,2
46 PRESENTATION OCTOBER 2026 Pan American Silver Measured + Indicated Resources as of June 30, 20261,2
Slide 47 — Pan American Silver Measured + Indicated Resources as of June 30, 20261,2
47 PRESENTATION OCTOBER 2026 Pan American Silver Measured + Indicated Resources as of June 30, 20261,2
Slide 48 — Pan American Silver Inferred Mineral Resources as of June 30, 20261,2
48 PRESENTATION OCTOBER 2026 Pan American Silver Inferred Mineral Resources as of June 30, 20261,2
Slide 49 — Pan American Silver Inferred Mineral Resources as of June 30, 20261,2
49 PRESENTATION OCTOBER 2026 Pan American Silver Inferred Mineral Resources as of June 30, 20261,2
Slide 50 — Metal Price Assumptions
50 PRESENTATION OCTOBER 2026 Metal Price Assumptions as of June 30, 2026
Slide 51 — General Notes Applicable to the Foregoing Tables
51 PRESENTATION OCTOBER 2026 General Notes Applicable to the Foregoing Tables With the exception of Juanicipio, all other 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”). Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. The Mineral Resources were initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards). As the confidence categories are the same, no modifications to the confidence categories were required. The Juanicipio mineral reserves were estimated by Fresnillo. Paul Salmenmaki, P.Eng. (EGBC #40227), a Competent Person, reviewed and audited the mineral reserves. Juanicipio mineral resources were estimated by Fresnillo. Justin Glanvill (SACNASP), Principal Geologist of AMC Mining Consultants reviewed and audited the mineral resources. In all cases 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 news release. 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 Persons are 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 news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, and Christopher Wright P.Geo. Vice President of Mineral Resources and Mining Technical Services 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.
Slide 52 — Siren Fisekci
Siren Fisekci VP, Investor Relations & Corporate Communications +1.604.806.3191 | [email protected] Panamericansilver.com Suite 2100, 733 Seymour St, Vancouver, BC, V6B 0S6