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Pan American Silver — Q2 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 // August 13, 2026 Q2 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 June 30, 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 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; Pan American’s liquidity; 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 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, and Christopher Wright P.Geo. Vice President Mineral Resource Management, 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 — Q2 2026 TAKEAWAYS
3 Silver Segment AISC of $17.80 per ounce and Gold Segment AISC of $1,984 per ounce3 Attributable2 silver production of 6.5 Moz at the high end of quarterly guidance range 1. The original 2026 Operating Outlook (“2026 Guidance”) was provided in the MD&A for the period ended December 31, 2025. An updated Operating Outlook was provided in the MD&A for the period ended June 30, 2026. 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. Attributable free cash flow and AISC 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 June 30, 2026 (“Q2 2026”), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q2 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, measured as of August 12, 2026. 5. Please refer to Pan American’s news release dated August 12, 2026. Q2 2026 TAKEAWAYS // Company reiterates its annual 2026 Operating Outlook1 Declared $0.184 dividend per common share5 Strong financial position with $3.2B in Total Available Liquidity4 Attributable2 free cash flow of $344M3 Record total shareholder returns of $300M with approximately 4.4M shares repurchased Attributable2 gold production of 165.9 Koz Project milestone at La Colorada – first cut of 588 decline completed
Slide 4 — ENHANCED SHAREHOLDER RETURNS FRAMEWORK
4 PRESENTATION JUNE 2026 4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Shareholder Returns ($M) Dividends Share Buybacks $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 $300 million through dividends and share repurchases in Q2 2026. ENHANCED SHAREHOLDER RETURNS FRAMEWORK // Targeting to return 35% - 40% of Attributable free cash flow1 to shareholders in 20262 Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and Pan American’s news release dated May 5, 2026. | 1. Attributable free cash flow is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 2026 Financial Statements. | 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis. 2026 Target Shareholder Return2
Slide 5 — CONSOLIDATED FINANCIAL RESULTS
CONSOLIDATED FINANCIAL RESULTS 5 in millions of US$, except per share amounts Q2 2026 H1 20261 Revenue $1,124 $2,278 Attributable revenue2,3 $1,268 $2,601 Net earnings $305 $761 Basic earnings per share4 $0.72 $1.81 Adjusted earnings3 $308 $768 Basic adjusted earnings per share3,4 $0.73 $1.82 Cash flow from operations $320 $825 Attributable cash flow from operations2 $418 $1,000 Attributable free cash flow2 $344 $832 1. The six months ended June 30, 2026 (“H1 2026”). 2. References to "Attributable" refer to the Company's ownership share of results, which includes results from the operations that the Company has a 100% interest in as well as from the operations, specifically Juanicipio and San Vicente, that the Company does not own a 100% interest in. 3. Attributable revenue, adjusted earnings, basic adjusted earnings per share, Attributable cash flow from operations, and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 2026 Financial Statements. 4. Per share amounts are based on basic weighted average common shares.
Slide 6 — ATTRIBUTABLE PRODUCTION
6 1 Silver (koz) Gold (koz) Q2 2026 H1 2026 Q2 2026 H1 2026 La Colorada 1,509 3,076 1.0 2.1 Juanicipio1 1,744 3,489 5.6 10.6 Cerro Moro 593 1,261 26.0 47.5 Huaron 733 1,439 - - San Vicente2 751 1,388 - - Jacobina 1 2 41.0 85.6 El Peñon 911 1,811 22.2 43.4 Timmins 3 6 23.8 50.4 Shahuindo 43 87 23.6 50.6 Minera Florida 41 79 17.2 34.6 Dolores 140 265 5.4 10.3 Total3 6,469 12,904 165.9 335.1 1. Juanicipio data represents Pan American’s 44% interest in the mine’s production. 2. San Vicente data represents Pan American's 95.0% interest in the mine's production. 3. Totals may not add due to rounding. ATTRIBUTABLE PRODUCTION
Slide 7 — ATTRIBUTABLE AISC
ATTRIBUTABLE AISC 7 1 AISC3 ($ per ounce) Q2 2026 H1 2026 La Colorada 48.63 45.23 Juanicipio1 (6.14) (4.50) Cerro Moro (58.37) (64.87) Huaron 36.25 34.35 San Vicente2 38.85 43.98 Silver Segment 17.80 12.64 Jacobina 1,805 1,764 El Peñon 452 300 Timmins 2,820 2,834 Shahuindo 1,967 1,870 Minera Florida 2,990 3,002 Dolores 2,176 2,011 Gold Segment 1,984 1,918 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 Q2 2026 MD&A, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 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.
Slide 8 — METAL PRICES & METAL SOLD
METAL PRICES & METAL SOLD 8 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 Q2 2026 H1 2026 Q2 2026 H1 2026 Silver $70.97 $78.98 4,993 8,819 Gold $4,402 $4,629 165.6 329.3 Zinc $3,475 $3,592 9.8 17.1 Lead $1,944 $1,999 5.4 9.2 Copper $13,602 $14,080 0.5 1.1
Slide 9 — INVENTORY BALANCE
9 Q2 2026 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Attributable Payable Metal Produced 6,023 Attributable Metal Sold 6,538 Silver Attributable inventory draw of 515 koz Attributable Payable Metal Produced 164.9 Attributable Metal Sold 170.4 Gold Attributable inventory draw of 5.5 koz 1. Payable production reflects sellable metal after deducting commercial contract metal payabilities. 2. Attributable revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2026, for a detailed description of these measures. 3. Juanicipio data reported at 44% for Juanicipio to conform to reporting of Attributable revenue. 4. San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue. 5. Totals may not add due to rounding. 6. Total Equity Revenue refers to the revenue as presented on the consolidated statement of earnings Mine/Product Payable Metal Produced (Attributable)1 Quantities of Metal Sold (Attributable) Inventory build/(draw) Attributable Revenue Effect2 koz koz koz US$M Silver (koz) La Colorada 1,421 1,758 (337) $25.4 Juanicipio3 1,548 1,584 (36) $2.6 El Penon 910 1,034 (124) $8.9 San Vicente4 689 752 (63) $4.1 Huaron 644 652 (7) $0.5 Cerro Moro 592 580 13 ($0.9) Dolores 140 90 49 ($3.4) Other Properties 79 87 (8.5) ($0.6) Total Silver (koz)5 6,023 6,538 (515) $37.9 Gold (koz) Jacobina 41.0 42.5 (1.5) $6.5 Cerro Moro 26.0 23.6 2.3 ($10.2) Timmins 23.8 26.6 (2.9) $12.9 Shahuindo 23.6 23.3 0.3 ($1.4) El Penon 22.2 23.6 (1.4) $6.2 Minera Florida 17,.0 21.1 (4.1) $17.9 Dolores 5.4 3.6 1.8 ($7.7) Juanicipio3 4.9 4.8 0.1 ($0.5) Other Properties 0.9 1.2 (0.3) $1.1 Total Gold (koz)5 164.9 170.4 (5.5) $24.8 Total Zinc3,4,5 (kt) 13.1 13.3 (0.2) $0.4 Total Lead3,4,5 (kt) 7.7 8.2 (0.5) $1.1 Total Copper3,5 (kt) 0.5 0.5 (0.0) $0.1 Total Attributable Revenue Effect2,5 $64.2 Total Equity Revenue6 effect is a net increase of $64.6 million // Estimated impact of production costs and royalties of $36M as a result of the inventory drawdowns
Slide 10 — Q2 2026 CONSOLIDATED CASH FLOWS
Q2 2026 CONSOLIDATED CASH FLOWS 10 ($76) ($69) ($224) ($45) ($13) ($7) $549 $192 $6 ($205) ($17) $1,614 $1,994 $1,705 $0 $500 $1,000 $1,500 $2,000 $2,500 Cash and STI at March 31, 2026 Adjusted operating cash flow Dividends from Juanicipio Net other (e.g. derivatives, etc.) Net income tax payments Dividends paid Sustaining capital (excl. Juanicipio) Net changes in working capital Cash and STI before growth & borrowings Net income tax payments Project capital Revaluation of STI Mine care & maintenance (excl. D&A) Cash and STI at June 30, 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 11 — H1 2026 CONSOLIDATED CASH FLOWS
H1 2026 CONSOLIDATED CASH FLOWS 11 ($340) ($155) ($152) ($46) ($249) ($79) ($14) $1,225 $192 $4 $1,319 $2,046 $1,705 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Cash and STI at December 31, 2025 Adjusted operating cash flow Dividends from Juanicipio Net other (e.g. derivatives, etc.) Net income tax payments Sustaining capital (excl. Juanicipio) Dividends paid Net changes in working capital Cash and STI before growth & borrowings Share repurchased under NCIB Project capital Mine care & maintenance (excl. D&A) Cash and STI at June 30, 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 1 1 Sustaining Cash Flow Performance Growth, Business Development, and Other
Slide 12 — DIRECT OPERATING COSTS BY CATEGORY
DIRECT OPERATING COSTS BY CATEGORY 12 // Focused on disciplined cost management and improving operating efficiencies Source: Production costs as per the Q2 2026 Financial Statements. Salaries and Employee Benefits, 35% Contractors, 25% Consumables & Reagents, 15% Maintenance Parts, 15% Fuel, 5% Utilities, 5% Q2 2026 PRODUCTION COSTS $473M ➢Fuel accounted for ~5% of production costs in Q2 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.
Slide 13 — STRONG FINANCIAL POSITION
Note: 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%. STRONG FINANCIAL POSITION Cash + investments of $1,705M excluding 44% interest in cash at Juanicipio of $97M 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 and an additional $750M accordion feature Cash + short-term investments // Capacity to fund growth and shareholder returns TOTAL AVAILABLE LIQUIDITY $1,220M 3 $1,705M $1,500M TOTAL AVAILABLE LIQUIDITY1 $3,205M Cash + investments Revolving Credit Facility 13
Slide 14 — H1 2026 OPERATING PERFORMANCE vs GUIDANCE
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 this news release for a description of the composition and usefulness of this non-GAAP 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 $5.50 for the Brazilian real ("BRL"). 2. Project capital expenditure guidance updated on May 5, 2026 to reflect approval of spending to advance the La Colorada Skarn Project. H1 2026 Guidance Six Months ended, June 30, 2026 2026 Annual Guidance Attributable Silver Production (Moz) 12.15 - 13.15 12.90 25.00 - 27.00 Attributable Gold Production (koz) 339.0 - 362.0 335.1 700.0 - 750.0 Silver Segment AISC(1) ($/oz) 14.87 - 17.25 12.64 15.75 - 18.25 Gold Segment AISC(1) ($/oz) 1,800 - 1,938 1,918 1,700 - 1,850 Sustaining Capital Expenditures ($M) 162 - 172 168 340 - 360 Project Capital Expenditures ($M)(2) 103 - 110 84 240 - 255 H1 2026 OPERATING PERFORMANCE vs GUIDANCE 14 ➢All-in sustaining costs in H1 2026 were below our guidance range for silver and in line for gold. ➢Gold production was slightly below guidance while silver production was in-line with guidance for H1 2026.
Slide 15 — // 2026 Operating Outlook reiterated; annual gold production expected to be at the low end and
// 2026 Operating Outlook reiterated; annual gold production expected to be at the low end and gold AISC towards the high end of the ranges1 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 June 30, 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 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 ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL"). 2. Juanicipio data represents Pan American’s 44.0% interest in the mine’s production. San Vicente data represents Pan American’s 95.0% interest in the mine's production. Attributable Silver Production (Moz) Attributable Gold Production (koz) AISC ($ 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 – 111.0 275 – 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 Q2 Actual Q1 Guidance Q2 Guidance Q3 Guidance Q4 Guidance FY 2026 Guidance Attributable Silver Production (Moz) 6.47 6.10 – 6.60 6.05 – 6.55 6.50 – 7.00 6.35 – 6.85 25.00 – 27.00 Attributable Gold Production (koz) 165.9 164.5 – 175.5 174.5 – 186.5 178.5 – 192.02 182.5 – 196.0 700.0 – 750.0 Silver Segment AISC1 $17.80 14.75 – 17.00 15.00 – 17.50 15.50 – 17.75 18.50 – 20.75 15.75 – 18.25 Gold Segment AISC1 $1,984 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"). 2. Does not incorporate the three to six thousand ounces shortfall as per the MD&A for the period ended June 30, 2026 // Gold production is expected to be more heavily weighted toward Q4 2026, with Q3 production expected to be three to six thousand ounces below the low-end of guidance range, and full-year production at the low-end of guidance range 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 guidance range due to shortfalls at El Peñon and Jacobina, partially offset by improvements at Timmins and Shahuindo, as a result of higher throughput and mine sequencing into higher grade ores. Silver Segment AISC per ounce are anticipated to be highest in Q4 2026 due to production impacts from Cerro Moro. Gold Segment AISC per ounce are expected to be at the high end of the annual guidance range driven by production impacts.
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 Payments4 585 – 635 Depreciation and Amortization5 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. Guidance range for taxes paid was increased on August 12, 2026, based on increased profitability as a result of higher metal prices than management had assumed for the first half of the year and assuming silver and gold prices of $60 per ounce and $4,000 per ounce, respectively, in the second half of 2026. 5. 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/