Inferra AI / Company / PAAS / Slides
Pan American Silver — Investor Day – June 2026 (company IR deck)
Pan American Silver (PAAS) · 110 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 — INVESTOR DAY 2026
INVESTOR DAY 2026 J u n e 1 , 2 0 2 6 NYSE | TSX | PAAS
Slide 2 — Cautionary Note
PRESENTATION JUNE 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 March 31, 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 District development, Jacobina exploration and optimization study, and exploration opportunities at Juanicipio; operating outlook for 2026, including, but not limited to production, AISC and expenditures; statements regarding the investments in capital projects and any anticipated benefits therefrom; the development plan for the Timmins District 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; and Pan American’s plans and expectations for its properties and operations. These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures, tariffs and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; those factors identified under the caption "Risks Related to Our Business" in Pan American's most recent Form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A SOLICITATION OR OFFER BY PAN AMERICAN OR ANY OF OUR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS TO BUY OR SELL ANY SECURITIES OF ANY PERSON IN ANY JURISDICTION, OR A SOLICITATION OF A PROXY OF ANY SECURITYHOLDER OF ANY PERSON IN ANY JURISDICTION, IN EACH CASE, WITHIN THE MEANING OF APPLICABLE LAWS. Technical Information All mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”) and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mineral resources are reported exclusives of mineral reserves. Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues. The Company has undertaken a verification process with respect to the data disclosed in this presentation. The mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control (“QA/QC”) program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. Quantities and grades of contained metal are shown before metallurgical recoveries. For further information on the Company’s material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s mineral reserves and mineral resources, see the Company’s Annual Information Form dated February 18, 2026, available on the Company’s profile at www.sedarplus.ca. Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, Christopher Wright P.Geo. Vice President Mineral Resource Management and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are all Qualified Persons for the purposes of NI 43-101. Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470. Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian NI 43-101 and the CIM Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms “measured resources,” “indicated resources” and “inferred resources” as defined in accordance with NI 43-101 and the CIM Standards. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of “reserves” are not the same as those of the SEC and may not qualify as “reserves” under SEC standards. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of an “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that "inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Cautionary Note
Slide 3 — Agenda
3 Agenda Company Overview & Strategy Silver Market Update MAG Silver Acquisition and M&A Perspectives Overview of Operations, Growth Opportunities, and Near-Mine Exploration ➢La Colorada Mine Expansion ➢Timmins Camp Project ➢Juanicipio Overview and Exploration ➢Jacobina Optimization Study and Exploration ESG Finance Michael Steinmann, President & CEO Michael Steinmann, President & CEO Sam Drier, SVP Business Development & Human Resources Guido Mastropietro, VP Business Development Scott Campbell, Chief Operating Officer Multiple Presenters Brent Bergeron, SVP Corporate Affairs & Sustainability Ignacio Couturier, Chief Financial Officer Closing Remarks Michael Steinmann, President & CEO
Slide 4 — Company Overview &
4 Company Overview & Strategy Michael Steinmann, President & CEO
Slide 5 — Diversified assets + growth catalysts
Corporate Office 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 5 PRESENTATION JUNE 2026 Dolores In residual leaching Pan American’s portfolio offers scale & quality in the Americas, where we have been operating for over 30 years Diversified assets + growth catalysts 1. Excludes Dolores, which has entered the residual leaching phase. 2. Pan American estimated mineral reserves and mineral resources reported as of June 30, 2025. See slides 104 – 108 for more detailed information on the Company's reserves and resources. Does not include the mineral reserves resulting from the Company’s acquisition of MAG Silver Corp. (“MAG” or “MAG Silver”) which was completed on September 4, 2025. Please refer to the news releases dated May 11, 2025 and September 4, 2025 for details. 3. Figures may not sum to 100% due to rounding. Attributable Revenue is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of Pan American’s Management’s Discussion & Analysis (“MD&A”) for the period ended March 31, 2026 (“Q1 2026”), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2026 Financial Statements. Mining operations Development Projects $1.3B Q1 2026 Attributable Revenue3 19% | Chile 17% | Peru 15% | Brazil 22% | Mexico 13% | Argentina 10% | Canada 4% | Bolivia 10 producing silver and gold operations1 Advancing a Timmins Camp Development Plan and an extensive mine optimization study at Jacobina Future silver growth potential: La Colorada Skarn, Escobal & Navidad Large silver & gold mineral reserves: 452 Moz Ag and 6.3 Moz Au2
Slide 6 — Pan American Silver Investment Highlights
6 PRESENTATION JUNE 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 provide for sustainable long-term success 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 7 — Proven mine builder and operator
7 PRESENTATION JUNE 2026 0 5 10 15 20 25 30 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proven mine builder and operator 0 100 200 300 400 500 600 700 800 900 1,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Alamo Dorado Mine and Processing Plant $80 million 2005 - 2006 La Colorada Ventilation Upgrades $79 million 2020 - 2024 La Colorada Oxide Plant $18 million 2002 - 2003 Manantial Espejo Mine and Processing Plant $242 million 2006 - 2008 San Vicente Plant $84 million 2007 - 2008 Dolores Pulp Agglomeration Plant and Underground Development $127 million 2015 - 2017 La Colorada Sulphide Plant and Construction $125 million 2016 - 2017 1 Completion of Shahuindo and Bell Creek $8 million 2019 - 2020 La Colorada Mine Expansion2 $1,947 million 2026 - 2032 1. As per Pan American’s 2026 Operating Outlook (“2026 Guidance”). Please refer to our MD&A for the period ended December 31, 2025 for our 2026 Guidance. 2. Initial capital requirement and development timeline as per the Revised La Colorada Skarn Preliminary Economic Assessment (the “PEA” or “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. 1 Timmins Complex Development Attributable Gold Production (koz) Attributable Silver Production (Moz)
Slide 8 — Focused technical evaluations have identified multiple,
PRESENTATION JUNE 2026 8 La Colorada Mine Expansion Potential to develop a world-class silver mine, producing a peak annual 5-year average of 19.1 Moz per year1 Timmins Camp Project Integration of satellite deposits hosting 178 koz indicated mineral resources and 1,281 koz inferred mineral resources2,3 Jacobina Exploration and Optimization Study Undertaking a comprehensive optimization study on this long-life mine with expansion potential Juanicipio Exploration and Operating Upside Unlocking the full potential of our 44% interest in the world-class Juanicipio mine and other near-mine exploration initiatives Focused technical evaluations have identified multiple, 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 118 koz 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, 2025. See slides 104 – 108 for more detailed information on the Company’s mineral reserves and mineral resources.
Slide 9 — Enhanced shareholder returns framework
9 PRESENTATION JUNE 2026 Targeting 35% - 40% of Attributable free cash flow1 in shareholder returns in 2026 representing approximately $1 billion2 9 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 March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis. Enhanced shareholder returns framework $37 $36 $36 $36 $36 $36 $43 $59 $76 $76 $76 $76 $22 $3 $20 $11 $15 $25 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026F Q3 2026F Q4 2026F Shareholder Returns ($M) Dividends Share Buybacks 2026 Target Shareholder Return2 $305M Dividends ~$700M Target Share Buybacks • Expect to pay $305 million in aggregate dividends in 2026 in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). ▪As common shares are repurchased and cancelled pursuant to the Company’s Normal Course Issuer Bid (“NCIB”), the dividend per share is expected to increase over time. • A portion of Attributable free cash flow1 after paying dividends will be allocated to common share repurchases to achieve the targeted returns.
Slide 10 — Track record of replacing reserves through targeted near-mine
10 PRESENTATION JUNE 2026 Track record of replacing reserves through targeted near-mine exploration 2 3 In addition to the silver mineral reserves added, significant mineral resources have been discovered, including: La Colorada Skarn discovery, a world- class silver-zinc-lead deposit which currently hosts 308.7 Moz contained M&I4 and 58.6 Moz contained inferred mineral resources2 In 2024/25, discovered multiple high- grade silver zones at La Colorada, resulting in 52.7 Moz of additional inferred silver mineral resources5 Additional Au, Zn, Pb, and Cu mineral reserves & Ag, Au, Zn, Pb, and Cu mineral resources 1. Proven & Probable (“P&P”). | 2. Pan American mineral reserves are as of June 30, 2025. Please see pages 104 – 108 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. Please refer to Pan American’s press releases dated September 8, 2025 and September 11, 2025 for details. 213.4 420.1 514.8 333.6 452.3 Mineral Reserves 2006 Net Ounces Acquired Ounces Mined P&P Ounces from Exploration Mineral Reserves 2025 Exploration has historically replaced ~65% of silver ounces mined at an average cost of ~$0.80/oz Ag Silver P&P1 Mineral Reserves Evolution Over 20 Year History (Moz Ag)2
Slide 11 — Escobal
11 PRESENTATION JUNE 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, 2025) Grade Contained Metal Tonnes (Mt) Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (Moz) Au (koz) Pb (kt) Zn (kt) P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320 M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106 Inferred Resources 1.9 180 0.90 0.22 0.42 10.7 54 4 8 See slides 104 – 108 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 One of the world’s best silver mines
Slide 12 — Silver Market Update
12 Silver Market Update Michael Steinmann, President & CEO
Slide 13 — Positive silver market dynamics
13 PRESENTATION JUNE 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 Apr-24 Oct-24 Apr-25 Oct-25 Apr-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 April 30, 2026, FactSet as at April 30, 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 14 — Silver’s unique properties have growing applications
14 PRESENTATION JUNE 2026 Silver’s unique properties have growing applications The U.S. declared silver a critical mineral in 2025, citing its use in electrical circuits, batteries, solar cells, and anti-bacterial medical instruments Highest electrical conductivity, thermal conductivity and reflectivity of any metal • Electrical componentry • Printed and flexible electronics • Photovoltaics • Data centres • EVs and EV charging stations Antimicrobial properties • Medical & healthcare • Water treatment • Air filtration & HVAC • Textiles & clothing
Slide 15 — Photovoltaic silver demand remains strong despite higher silver prices
PRESENTATION JUNE 2026 15 Photovoltaic silver demand remains strong despite higher silver prices driving thrifting and substitution… Source: The CPM Group Silver demand from solar panels reached a record last year 0 25 50 75 100 125 150 175 200 225 250 00 02 04 06 08 10 12 14 16 18 20 22 24 26p Moz 26F
Slide 16 — …with EVs and electronics continuing to grow silver structural demand
PRESENTATION JUNE 2026 16 …with EVs and electronics continuing to grow silver structural demand 1. As per The Silver Institute: World Silver Survey 2026. 2. As per CPM Group. Automotive demand is included in Electronics. 0 10 20 30 40 50 60 70 80 90 100 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Moz Silver Demand from Automotive1 EV Hybrid ICE EVs Electronics 0 20 40 60 80 100 120 140 160 180 200 220 240 260 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 Silver Fabrication Demand for Electronics and Batteries2 Moz
Slide 17 — 71%
17 PRESENTATION JUNE 2026 Global supply projected to remain stagnant until 2030 Contributions from new projects remain limited, reflecting long development timelines and high capital requirements 700 750 800 850 900 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Moz Ag Operating & Historic Construction Feasibility Pre-Feasibility Other Source: The Silver Institute: World Silver Survey 2026, Metals Focus, TDS Commodity Strategy (2024). 29% 16% 24% 31% Silver Gold Copper Lead/Zinc 71% of global silver production is a by-product of other minerals Silver Supply from Mining by Year Silver Mined by Primary Commodity E E E E E
Slide 18 — Silver demand continues to outpace supply
PRESENTATION JUNE 2026 18 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 19 — Providing investors with exposure to silver
19 PRESENTATION JUNE 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 May 27, 2026, S&P Global as at May 27, 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 May 27, 2026, except Pan American which is based on estimated mineral reserves and mineral resources reported as of June 30, 2025. See slides 104 – 108 for more detailed information on the Company’s mineral reserves and mineral resources. Figures do not include the mineral reserves resulting from the Company’s acquisition of MAG which was completed on September 4, 2025. Please refer to the news releases dated May 11, 2025 and September 4, 2025 for details. | 3. Figures display correlation coefficient of daily returns between the iShares Silver Trust and respective share price for the period May 28, 2025 to May 27, 2026. The iShares Silver Trust tracks the silver spot price, less expenses and liabilities, using silver bullion held in London. 53% 57% 66% 66% 67% 69% 71% 78% Hochschild Fresnillo Hecla Aya Coeur Endeavour First Majestic 22.0 50.0 73.4 87.7 231.1 274.4 331.3 452.3 Hochschild Endeavour Aya First Majestic Hecla Coeur Fresnillo 25.0 6.0 6.3 8.7 13.9 16.0 20.0 27.0 45.6 Aya Hochschild Endeavour First Majestic Hecla Coeur Fresnillo
Slide 20 — MAG Silver Acquisition &
20 MAG Silver Acquisition & M&A Perspectives Sam Drier, SVP Business Development & Human Resources Guido Mastropietro, VP Business Development
Slide 21 — Executing strategic acquisitions across commodity cycles to strengthen
21 PRESENTATION JUNE 2026 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gold Price ($/oz) Silver Price ($/oz) Silver Price Gold Price Executing strategic acquisitions across commodity cycles to strengthen exposure to metal price upside Nov 14, 2018: Announced acquisition of Resources Nov 8, 2022: Announced acquisition of Yamana Gold1 May 11, 2025: Announced acquisition of MAG Silver Source: FactSet as at May 27, 2026. 1. Pan American acquired all of the issued and outstanding common shares of Yamana Gold Inc. (“Yamana”), following the sale by Yamana of its Canadian assets to Agnico Eagle Mines Limited. +57% 2-Year Gold Price Increase +60% 2-Year Gold Price Increase +132% Silver Price Increase
Slide 22 — Divestments provided an opportunity to invest in silver
22 PRESENTATION JUNE 2026 Divestments provided an opportunity to invest in silver Q1 2023 Yamana Acquisition Q2 2023 Q3 2023 Q4 2024 Q4 2023 …… $47.1M Sale of certain non-core equity interests $245M Sale of the La Arena gold mine and the La Arena II copper/gold project1 $475M Sale of 56.25% interest in the MARA project $25M Sale of 92.3% interest in the Morococha mine that was on care & maintenance $45.55M Sale of 57.74% interest in the Aqua de la Falda project $2M Sale of the Joaquin project and the Cerro Puntudo properties2 ~$1,030M TOTAL CASH PROCEEDS4 MAG CASH CONSIDERATION $500M CASH PAID AS PART OF CONSIDERATION FOR MAG SILVER Meaningfully increases Pan American’s exposure to silver Q3 2025 …… $40M Sale of 80% interest in the La Pepa project3 1. Transaction consideration presented excludes an additional $50 million in contingent payments. 2. Transaction consideration presented excludes an additional $10 million in contingent payments. 3. Mineros S.A. completed its acquisition of the 80% interest in the La Pepa Project on September 22, 2025. Please refer to the press release issued by Mineros S.A. on September 22, 2025 for further details. 4. Includes the total value of $150.7M realized for Pan American’s interest in Maverix Metals since the royalty company was formed in 2016, with the sale of Pan American’s remaining interest in Q1 2023. Divested non-core properties while building a meaningful portfolio of royalties
Slide 23 — Strengthened position as a premier silver producer…
23 PRESENTATION JUNE 2026 Strengthened position as a premier silver producer… Juanicipio is forecasted to produce between 13.6 Moz and 14.8 Moz of silver in 2026 (100% basis) 6.0 6.3 6.0 8.7 13.9 16.0 19.0 20.0 25.0 45.7 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Aya Hochschild Juanicipio Endeavour Silver First Majestic Hecla Pan American (ex- Juanicipio) Coeur Pro Forma Pan American Fresnillo Silver production from Juanicipio is expected to be 6.0 Moz – 6.5 Moz in 2026 (44% basis)… …leading to a meaningful increase in Pan American’s silver production +32% Source: FactSet as at May 27, 2026. 1. Figures are based on 2026 analyst consensus estimates, except Pan American, which is based on Pan American’s 2026 Guidance. Please refer to our MD&A for the period ended December 31, 2025 for our 2026 Guidance. Juanicipio production represents Pan American’s attributable 44% interest. 2. Represents 2026 Guidance range. 6.5 20.5 27.0 2026E Attributable Silver Production1 2 2 2
Slide 24 — …with a lower cost profile
24 PRESENTATION JUNE 2026 …with a lower cost profile Juanicipio AISC is expected to be between $2.25 per ounce and $4.25 per ounce in 20261 La Colorada Cerro Moro Huaron San Vicente (95%) Juanicipio (44%) ($40.00) ($30.00) ($20.00) ($10.00) $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 2.0 3.0 4.0 5.0 6.0 7.0 8.0 AISC1 ($/oz) Silver Production (Moz) = Silver Reserves ~$22.00 $2.25 $15.75 $6.63 Silver Segment (ex- Juanicipio) Juanicipio Pro Forma Silver Segment Q1 2026 Silver Segment Transaction meaningfully improved silver segment AISC ~27% reduction • Juanicipio is a Tier 1 silver asset • Acquisition contributed significant silver production and high-margin ounces • Expected to reduce Pan American’s silver segment AISC by over $6.00/oz 1,3 Note: Please refer to the forward-looking cautionary language on slide 2 of this presentation. 1. AISC is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of Pan American’s MD&A for the period ended March 31, 2026 for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2026 Financial Statements. 2. Based on mid-point of 2026 Guidance. Juanicipio production represents Pan American’s attributable 44% interest. 3. Calculated as the production weighted average AISC of the Silver Segment assets excluding Juanicipio, based on the midpoint of 2026 Guidance for silver production. 2026E Silver Production2 2026E Silver Segment AISC1 ~$25.00 $4.25 $18.75 3
Slide 25 — Our approach to M&A
25 PRESENTATION JUNE 2026 Our approach to M&A The overriding factor is asset quality Quality / Margins Scale & Resources Commodity ✓Focus on higher quality ore bodies whether underground or open-pit ✓Strongly positioned on industry cost curve ✓Americas-focused ✓Geographies where currently active to benefit from operational / regional synergies ✓8+ years of projected mine life ✓Potential for 10+ Moz AgEq production ✓Exploration upside ✓Accretive across various metrics ✓Potential for operational or G&A synergies ✓Potential for re-rate ✓Primary silver assets with complementary gold and/or base metal exposure ✓Gold assets that are complementary to our overall portfolio ESG ✓Leverages Pan American’s strong reputation surrounding ESG initiatives ✓Strong safety record $ Jurisdiction Financial
Slide 26 — Creative approaches to unlock value through M&A
26 PRESENTATION JUNE 2026 Creative approaches to unlock value through M&A 1. As per Canaccord Genuity Equity Research. Pan American has a long history of leveraging unique structures to enhance shareholder value through M&A initiatives Use of contingent value rights (“CVRs”) to defer payment for Escobal Joint acquisition with Agnico Eagle given their interest in Canadian Malartic 48.5% 51.5% Illustrative Transaction $4.8B Purchase Price 64.3% 35.7% $6.8B Asset NAV1 ~0.6x NAV Acquisition Multiple1 ~1.0x NAV Agnico Eagle was highly incentivized to consolidate Canadian Malartic; enabling Pan American to acquire the remaining company at a relative discount Pan American has since divested certain non-operating assets that were formally owned by Yamana for proceeds of ~$600 million, further reducing the effective purchase price CVRs issued as consideration for Escobal in the acquisition of resources CVRs are convertible into ~15.6 million Pan American shares upon the first commercial shipment of concentrate following the restart of operations at Escobal The effective ‘cost’ of Escobal currently represents less than 4% of Pan American’s outstanding shares Pan American Agnico Eagle
Slide 27 — Royalty Portfolio Overview
27 PRESENTATION JUNE 2026 Royalty Portfolio Overview 16 RETAINED ROYALTIES MARA: 0.75% Cu NSR Royalty Agua de la Falda: 1.25% Precious Metals NSR Royalty1 Agua de la Falda: 0.2% Base Metals NSR Royalty1 La Arena II: 1.5% Au NSR Royalty Cerro Puntudo: 1.0% NSR Royalty Waterloo: 2% NSR Royalty Sao Francisco: 1.0% NSR Royalty PROJECT OWNER Zijin Mining Apollo Silver Rio Tinto Rio Tinto Unico Silver Pentagon I Capital Glencore La Virginia: 2.0% NSR Royalty Lucita: 2.0% NSR Royalty Silver Viper Defiance Silver 5 Others (transaction details are not public) Multiple 1. Royalty payable from certain mineral concessions based on the percentage interest sold. Falcon: 2.0% NSR Royalty Cerrado Gold El Dorado: 1.8% NSR Royalty Fredonia
Slide 28 — Role of strategic investments
28 PRESENTATION JUNE 2026 Role of strategic investments Source: FactSet as at May 19, 2026. 1. Figure includes dispositions of Whitehorse Gold (Tincorp), amounting to $1.0 million of proceeds between May 2021 and March 2022. $16.9 $15.8 $41.8 $10.0 $3.2 $4.0 2017 2019 2020 2023 2025 Net Invested Capital Buy 16M shares Buy 8.7M shares Sell 10M shares 1 Buy 5.1M shares Buy 1.3M shares Current 21.1M shares • Pan American has held a strategic investment in New Pacific since 2017 • We sold a portion of our position in 2020, and now only have effectively $4M invested • Pan American currently owns 11.5% of New Pacific, that is now worth ~$100 million • In 2025, we provided aggregate debt financing of $54 million and equity financing of $11 million to advance underground development and surface infrastructure necessary for the bulk sample program. • Following the December 2025 Financing, Pan American owned a 14.7% interest in Galleon and a 29.7% interest on a partially-diluted basis, assuming exercise and conversion of warrants and convertible debenture Pan American Investment Cash Flows ($M) • In May 2026, we entered into a binding asset purchase agreement with Cadillac Mines Corp. (“Cadillac”) pursuant to which Cadillac will purchase Pan American’s Larder property in exchange for shares, which will result in Pan American owning ~6% of Cadillac. • Following its acquisition of Larder, Cadillac has consolidated gold mineral resources of 3.7 Moz indicated and 4.7 Moz inferred; becoming one of Canada’s largest gold development projects. • Closing of the transaction remains subject to the timely satisfaction of all closing conditions. Cadillac Mines Corp. (formerly Gold Candle Ltd.)
Slide 29 — Building on a strong operating portfolio with
29 PRESENTATION JUNE 2026 Opportunistic M&A Building on a strong operating portfolio with meaningful, actionable catalysts 1. Peak average annual silver production during the Initial Five Year Period as per the Revised La Colorada Skarn Preliminary Economic Assessment (the “PEA” or “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 well as 118 koz Au of inferred mineral resources for Samson which are included in reported figures for Timmins. | 3. Pan American’s estimated mineral reserves and mineral resources are reported as of June 30, 2025. See slides 104 - 108 for more detailed information on the Company’s mineral reserves and mineral resources. | 4. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (non-GAAP) Measures” section of our MD&A for the period ended March 31, 2026 for a detailed description of this measure. Pan American Today Execution on La Colorada Skarn Development Potential to create the next large-scale silver mine producing 19.1 Moz per year1 Creation of the Timmins Complex Integration of satellite deposits hosting 178 koz indicated mineral resources and 1,281 koz inferred mineral resources2,3 Jacobina Optimization Study Undertaking a comprehensive optimization study on our largest cash flowing asset with the potential to increase production, extend mine life, and improve operational efficiency Brownfield Exploration Success Unlocking the full potential of our interest in the world-class Juanicipio mine and other near-mine exploration initiatives Large Scale Silver Optionality Escobal produced >20 Moz Ag per year at below $10.00/oz AISC4 prior to 2017; currently on care & maintenance pending completion of an ILO 169 consultation process Navidad is one of the world’s largest undeveloped silver deposits with 632 Moz Indicated silver ounces and 119 Moz Inferred silver ounces; development is contingent on provincial mining law change3 We continuously monitor the market for opportunities to improve our portfolio through accretive M&A
Slide 30 — Overview of Operations,
30 Overview of Operations, Growth Opportunities, and Near-Mine Exploration Scott Campbell, Chief Operating Officer
Slide 31 — Health & Safety Strategy
31 PRESENTATION JUNE 2026 Health & Safety Strategy Field Leadership Learning Organization & Systems Critical Risk Mgmt. • We embrace Doing Safety Differently, focusing on how work is really done, supporting the people who make it happen, and strengthening our capacity for everyday work to succeed safely— beyond compliance alone • Comprehensive fatality elimination strategy is focused on identifying and mitigating material risks before they materialize into incidents • Three Core Pillars: Critical Risk Management, Field Leadership, and building a true learning organization
Slide 32 — Health & Safety: Long-term strategy for sustainable results
PRESENTATION JUNE 2026 32 Health & Safety: Long-term strategy for sustainable results Mine Overview Critical Risk Management • PAAS Top 10 Critical Risks • Collision Avoidance Systems (CAS) • Fatigue Management Systems • Electrical Assessments • Emergency Preparedness Review Risk Management approach focused on Critical Controls in the field Field Leadership & People • Human & Operational Performance (HOP) • Manager Critical-Control Verification • Leadership Assessment and Collaborative Learning Effective and efficient safety interactions in the field Learning Organization & Systems • H&S Targets (Leading) • Corrective and Preventative Actions (CAPAs) • Root Cause Analysis • "Exposure" Reporting The key to drive Health & Safety improvements
Slide 33 — 33
33 PRESENTATION JUNE 2026 2026 Guidance Expecting a ~14% increase in attributable silver production1 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. Based on the midpoint of 2026 attributable silver production guidance and 2025 Attributable silver production. 2. AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended March 31, 2026 for further information on this measure. The AISC forecasts assume average metal prices 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 34 — La Colorada
PRESENTATION JUNE 2026 34 La Colorada About La Colorada • Produces silver-rich lead and zinc concentrates from a flotation plant treating sulphide ore. • Continuous throughput & 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. 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 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 104 - 108 for details. Ag Zn Pb Opportunities • Updated PEA issued, 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 Production1 $33.25 – $35.75 2026F Ag AISC1,2 90.7 Moz Ag P&P Reserves3 14.8 Moz Ag M&I Resources3 146.5 Moz Ag Inferred Resources3 308.7 Moz Ag M&I Resources3 58.6 Moz Ag Inferred Resources3 La Colorada Skarn Resources La Colorada Vein Reserves and Resources
Slide 35 — Juanicipio
PRESENTATION JUNE 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 • 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. • Work collaboratively with Fresnillo to advance the potential of Juanicipio. 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 March 31, 2026 for a detailed description of these measures. | 3. As reported by Fresnillo as of April 30, 2025. Pan American has not yet consolidated Juanicipio mineral reserves and resources into its reported mineral reserves and resources. | 4. Fresnillo M&I mineral resources are presented inclusive of P&P mineral reserves. 58.2 Moz Ag P&P Reserves3 68.8 Moz Ag M&I Resources3 (Inclusive) 25.4 Moz Ag Inferred Resources3
Slide 36 — Jacobina
PRESENTATION JUNE 2026 36 Jacobina About Jacobina • Nominal ~8,400 tpd reef-style deposit and underground mine producing dore through a conventional leaching carbon-in-pulp process. • 7 mines over roughly 8km of strike length with further extensions planned over the life of mine, feeding a central processing facility with a current reserve life of 16 years1, a 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 & projects, plus fleet expansions and exploration activities. TYPE LOCATION OWNERSHIP Underground Mine Bahia, Brazil 100% Opportunities • Mine optimization study 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 181.0 – 191.0 koz 2026F Au Production2 $1,550 – $1,650 2026F Au AISC2,3 3,127 Koz Au P&P Reserves4 5,022 Koz Au M&I Resources4 3,026 Koz Au Inferred Resources4 Au 1. Calculated as contained gold in proven and probable reserves divided by contained 2025 gold production. 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 March 31, 2026 for a detailed description of these measures. 4. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources.
Slide 37 — El Peñon
PRESENTATION JUNE 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. 104.0 – 111.0 Koz Au 3.65 – 3.95 Moz Ag 2026F Production1 $275 – $500 2026F Au AISC1,2 626 Koz Au 22.1 Moz Ag P&P Reserves3 451 Koz Au 15.5 Moz Ag M&I Resources3 676 Koz Au 23.1 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources.
Slide 38 — Timmins
PRESENTATION JUNE 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, and to continue exploration activities and preliminary engineering studies at satellite deposits. TYPE LOCATION OWNERSHIP Underground Mine Ontario, Canada 100% Opportunities • 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. • Spare mill capacity. • Additional district opportunities being evaluated. Mine Overview 105.5 – 115.0 Koz 2026F Au Production1 $2,575 – $2,675 2026F Au AISC1,2 846 Koz Au P&P Reserves3 305 Koz Au M&I Resources3 428 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 March 31, 2026 for a detailed description of these measures. 3. Bell Creek and Timmins West Mineral Reserves and Resources are as at June 30, 2025. Figures exclude 118 koz Au which are reported in Timmins in our consolidated Mineral Reserves and Resources. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources. 4. Includes Vogel, Gold River, and Samson mineral resources. 178 Koz Au M&I Resources4 1,281 Koz Au Inferred Resources4 Satellite Deposits4
Slide 39 — Shahuindo
PRESENTATION JUNE 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 & waste dump optimisation projects are underway to minimise footprint & cost, while shortening haul distances. Mine Overview 125.5 – 135.0 koz 2026F Au Production1 $1,825 – $1,950 2026F Au AISC1,2 977 Koz Au P&P Reserves3 182 Koz Au M&I Resources3 47 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources. Ag Au
Slide 40 — Minera Florida
PRESENTATION JUNE 2026 40 Minera Florida About Minera Florida • Minera Florida produces gold & 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources. Ag Zn Au 271 Koz Au P&P Reserves3 405 Koz Au M&I Resources3 520 Koz Au Inferred Resources3
Slide 41 — Cerro Moro
PRESENTATION JUNE 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 5.0 Moz Ag 150 Koz Au P&P Reserves3 8.4 Moz Ag 174 Koz Au M&I Resources3 3.5 Moz Ag 146 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources. Ag Au
Slide 42 — Huaron
PRESENTATION JUNE 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 40.7 Moz Ag P&P Reserves3 16.3 Moz Ag M&I Resources3 26.1 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources.
Slide 43 — San Vicente
PRESENTATION JUNE 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. • Improvements in operations predictability and safety performance 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 11.4 Moz Ag P&P Reserves3 6.0 Moz Ag M&I Resources3 8.7 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 March 31, 2026 for a detailed description of these measures. 3. Mineral Reserves and Resources are as at June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Resources. Ag Zn Pb Cu
Slide 44 — Decentralised structure empowers local expertise, enables a culture of
PRESENTATION JUNE 2026 44 EUSTERIO HUERTA Jacobina TYPE LOCATION OWNERSHIP Underground Mine Bahia, Brazil 100% Au San Vicente TYPE LOCATION OWNERSHIP Underground Mine Potosi, Bolivia 95% Ag Zn Pb Cu Shahuindo TYPE LOCATION OWNERSHIP Open-Pit Mine Cajamarca, Peru 100% Huaron TYPE LOCATION OWNERSHIP Underground Mine Pasco, Peru 100% Ag Zn Pb Cu Ag Au Decentralised structure empowers local expertise, enables a culture of continuous improvement VP Operations, Bolivia, Brazil, and Peru CRISTIAN APABLAZA VP Operations, Chile & Argentina KELLY BOYCHUK VP Operations, North America El Peñon TYPE LOCATION OWNERSHIP Underground Mine Antofagasta, Chile 100% Ag Au Cerro Moro TYPE LOCATION OWNERSHIP OP & UG Mine Santa Cruz, Argentina 100% Ag Au Minera Florida TYPE LOCATION OWNERSHIP Underground Mine Metropolitan Region, Chile 100% Ag Zn Au Juanicipio Ag Au Zn Pb TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 44% Timmins TYPE LOCATION OWNERSHIP Underground Mine Ontario, Canada 100% Au La Colorada TYPE LOCATION OWNERSHIP Underground Mine Zacatecas, Mexico 100% Ag Zn Pb
Slide 45 — Mine Expansion
La Colorada Mine Expansion Chris Emerson, SVP Exploration & Geology Martin Wafforn, SVP Technical Services & Process Optimization
Slide 46 — La Colorada Site Layout
PRESENTATION JUNE 2026 46 La Colorada Site Layout Note: Veins projected to 1,900m elevation. Tailings Dam 6 Sulfide Process Plan Oxide Process Plant Guadalupe Shaft 1000 m Recompensa Vein HW Vein Beaty Shaft Candelaria East Ventilation Raise Breccia 902 901 903 Tailings Dam 8 New Skarn Process Plant Location Sulphide Process Plant
Slide 47 — La Colorada Vein Exploration – Success Through the Drill Bit
47 PRESENTATION JUNE 2026 La Colorada Vein Exploration – Success Through the Drill Bit 1. Pan American Mineral Reserves are shown as of June 30, 2025. Please refer to slides 104 - 108 of this presentation for detail of our Mineral Reserves and Mineral Resources. 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 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 Drilled Meters (thousand) 90.7 Moz Silver Mineral Reserves1 (Proven + Probable), as of June 30, 2025 171.2 Moz Silver Mineral Reserves1 (Proven + Probable) added since 2009 88.5 Moz Total silver produced since 2009 86.0 76.4 71.7 90.7 P&P Mineral Reserves 2014 Ounces Discovered Ounces Mined P&P Mineral Reserves 2025 Silver Mineral Reserves and Production (Moz Ag)1
Slide 48 — Revised approach to La Colorada Skarn development
48 PRESENTATION JUNE 2026 Revised approach to La Colorada Skarn development Reduces project risk and is within Pan American’s ability to self-fund 2023 PEA1 La Colorada Skarn Project2 La Colorada Vein Mine2 Mine Life 18 Years 37 Years 23 Years Production Rate 50,000 tpd 15,000 tpd Avg. Silver Production3 18.5 Moz Ag4 15.8 Moz Ag 3.3 Moz Ag Silver % Revenue3 17%4 42% n.a. Initial Capital $2.8 billion $1.9 billion - NPV5 $1.1 billion $2.6 billion n.a. IRR 14% 17% n.a. NPV5 : Initial Capital 0.38 : 1 1.3 : 1 n.a. Conventional mining method enables simultaneous operation of existing vein mine 1. Please refer to the technical report relating to the La Colorada property entitled “Amended NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective December 18, 2023. Figures assume metal prices of $22.00 per ounce of silver, $2,800 per tonne of zinc, and $2,200 per tonne of lead. | 2. 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. Figures reflect Base Case Prices ($45.00 per ounce of silver, $2,800 per tonne of zinc, and $2,000 per tonne of lead). | 3. Represents figures during the Initial Five Year Period. | 4. Based on Year 3 to Year 7 of the 2023 PEA, which represents the relative comparable period. | 5. The 2023 PEA mine plan was discounted at 8% given its higher risk profile and relative base metals production. The Revised PEA is discounted at 5% given its lower risk profile and relatively higher silver production. Revised approach to development allowing continuation of existing La Colorada vein mine Conventional mining method enables simultaneous operation of existing vein mine Lower initial capital requirement with higher NPV Maintains large scale silver production Higher exposure to silver as a share of revenue Longer-life asset with optionality for additional vein mining or block caving
Slide 49 — La Colorada Skarn Project1: Revised Preliminary
49 PRESENTATION JUNE 2026 Large-scale, long-life silver production at negative AISC3,4 Leveraged to silver revenue – 42% of revenue from silver during Initial Five Year Period (up to 51% in the Upside Price Scenario5) Significant free cash flow generation of $653 million per year over the Initial Five Year Period4 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 La Colorada Mineral Reserves The PEA is preliminary in nature, includes inferred mineral resources that would be considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. 37 Years La Colorada Skarn Project Mine Life6 15,000 tpd Nominal Production Rate ($22.67)/oz AISC per payable silver ounce4 Initial Five Year Period $1.9 Billion Initial Capital7 $2.6 Billion After-Tax NPV5% 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 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. 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”) | 2. The “Revised PEA” or “PEA”. | 3. AISC of ($22.67) per payable silver ounce during the Initial Five Year Period. | 4. Free Cash Flow and AISC are non-GAAP measures. Please refer to the “Alternative Performance (non-GAAP) Measures” section of our MD&A for the period ended March 31, 2026 for a detailed description of this measure. | 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 Project1: Revised Preliminary Economic Assessment Highlights2
Slide 50 — Expanded La Colorada mine production profile
50 PRESENTATION JUNE 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 with continued 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 51 — La Colorada Mine Plan Views
51 PRESENTATION JUNE 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 • Option remains to target lower grade material in potential future expansion using alternative mining methodologies 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
Slide 52 — La Colorada has become one of the world’s largest silver deposits
52 PRESENTATION JUNE 2026 104.5 90.7 111.6 57.2 191.0 131.9 103.7 115.7 88.6 70.2 290.3 323.5 93.9 253.3 36.9 42.9 107.2 27.0 55.9 79.4 296.0 205.1 140.9 6.6 41.8 80.1 25.1 62.1 52.8 45.7 Fresnillo Expanded La Colorada Mine Saucito Cannington Rochester Juanicipio Greens Creek Uchucchacua Ying Imiter 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 Mineral Reserves & Resources (Moz)1 Newly identified veins not in resource 2 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, 2025. See slides 104 – 108 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”). Legend Inferred Mineral Resources Measured + Indicated Mineral Resources Proven + Probable Mineral Reserves 44% (100%)
Slide 53 — La Colorada has the potential to become one of the
53 PRESENTATION JUNE 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 results 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 La Colorada Skarn Project (2034 – 2038 Avg.) 44% (100%)
Slide 54 — La Colorada’s evolution to a top-tier silver mine
PRESENTATION JUNE 2026 54 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 Management’s Disclosure and Analysis (“MD&A”) for the period ended March 31, 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 an 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 55 — La Colorada also has the potential to become one of the world’s
55 PRESENTATION JUNE 2026 515 463 384 288 275 252 6 231 203 186 239 Rampura Agucha Red Dog Antamina Mt Isa McArthur River Kazzinc Expanded La Colorada Mine Penasquito Kipushi San Cristobal 1 Illustrative Comparison to Top 10 Zinc Mines by 2025 Production (kt Zn) La Colorada also has the potential to become one of the world’s largest zinc mines Source: S&P Global. | Note: All data is as per S&P Global unless otherwise specified. | 1. 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. (2034 – 2038 Avg.) Existing La Colorada Vein Mine La Colorada Skarn Project
Slide 56 — Mining Method: Long Hole Open Stoping
56 PRESENTATION JUNE 2026 Mining Method: Long Hole Open Stoping Development of a 15,000 tpd mine utilizing a long hole stoping method (“LHS”) with paste backfill Conventional LHS mining method allows for: ▪Lower initial capital relative to the 2023 PEA1 ▪Reduced geotechnical risk relative to the 2023 PEA1 ▪Preservation of existing infrastructure ▪Continued operation of the La Colorada vein mine • Preliminary work on the decline from the existing 588 level is anticipated to begin in 2026 to access the skarn deposit • Revised PEA contemplates initial construction of a 1,480m production shaft and a 1,363m ventilation shaft • Tailings not required for paste backfill will be stored in a new conventional tailings storage facility located within property owned by Pan American. 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 the technical report relating to the La Colorada property entitled “Amended NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico”, dated effective December 18, 2023.
Slide 57 — Mineral Processing: Conventional Flotation
57 PRESENTATION JUNE 2026 Mineral Processing: Conventional Flotation Overall silver recovery is estimated at 89.7% with the majority reporting to the lead concentrate • Construction of a new 15,000 tpd conventional selective flotation plant would be timed to match the expected initial production from the skarn deposit in 2032 • Plant is expected to be located adjacent to the existing La Colorada vein mine, allowing material from both deposits to be processed through a common processing facility • Floatation circuit is expected to produce high-quality marketable concentrates grading ~61% Pb with ~1,800 g/t Ag in the lead concentrate and ~59% Zn with ~140 g/t Ag in the zinc concentrate Crushing and Grinding Flotation Concentrate and Tailings 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.
Slide 58 — La Colorada Revised PEA Initial
58 PRESENTATION JUNE 2026 Total initial capital is estimated at $1.9 billion, which Pan American currently expects to fully fund through cash flow generated by our operating mines • ~6-year capital development and construction timeline, from 2026 to 2031, followed by a 2-year commissioning and ramp-up period. • 4–year payback period using Base Case Prices ($45.00 per ounce of silver, $2,800 per tonne of zinc, and $2,000 per tonne of lead). Expected next steps in 2026: • Begin preparatory work to advance the construction of a ramp from existing mine works at the 588 level to provide initial access to the skarn mineral resources. • Begin detailed engineering work for the production and ventilation shafts. • Continue exploration and definition diamond drilling in both the skarn and the eastern portion of the vein mine. • Prepare the scope and schedule required to advance towards a pre-feasibility study. La Colorada Revised PEA Initial Capital Estimate Initial Capital Cost Estimate ($ millions) Surface Infrastructure 135 Processing Plant 277 Paste Backfill Plant 66 Initial Tailings Storage Facility ("TSF") Works 42 Power 34 Underground Access and Development1 622 Mining Equipment 100 Dewatering 19 Underground Infrastructure 153 Subtotal Direct Costs 1,448 Indirect Costs 176 Subtotal Direct and Indirect Costs 1,625 Contingency 323 Total 1,947 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. Contingency for "Underground Access and Development" is included in the $622 million. $91 $146 $277 $302 $616 $515 2026 2027 2028 2029 2030 2031 Initial Capital Expenditures Schedule for the La Colorada Skarn Project ($M)1
Slide 59 — Early Works Decline : critical path underground mine development
59 PRESENTATION JUNE 2026 Early Works Decline : critical path underground mine development Mine development from the 588 level to the base of the East Shaft, followed by mine access and production development in the 901, 902 and 903 ore bodies (the “588 Decline Project”) • Establishes a ventilation connection to the East Shaft providing downcast fresh air into the mine workings • Connects the whole of Skarn Mine to the East Shaft materials handling system enabling mine production and ramp up • Provides physical access to the 901, 902, 903 skarn ore bodies for mine development and production • 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 588 Decline commenceme nt Beaty shaft bypass Double headings 903 90 2 901 Decline development to the East Ore Hoisting Shaft and access development into 901, 902 and 903 ore bodies Estrella truck haulage decline Beaty Ore Hoisting Shaft Early Works 588RL Decline Guadalupe ventilation shaft East Ore Hoisting Shaft 903 902 shaft and ventilation access drive Return air raises 901 Ventilation shaft Spiral decline Decline and ventilation access drive Skarn Mine design Vein Mine workings 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 In April 2026, the Company’s Board of Directors approved $265 million of project capital to be spent over the next five years to complete the 588 Decline Project1
Slide 60 — Timmins Camp Project
60 Timmins Camp Project Chris Emerson, SVP Exploration & Geology Al Mainville, Country Manager, Canada Eric Lachapelle, Director of Operations, Canada
Slide 61 — Timmins Operations: Location & Camp Overview
61 PRESENTATION JUNE 2026 Timmins Operations: Location & Camp Overview Timmins to Toronto is 560km
Slide 62 — Bell Creek Mine Shaft Extension Project
62 PRESENTATION JUNE 2026 Bell Creek Mine Shaft Extension Project 1705L Proposed Shaft Extension 1080L Existing Shaft Bottom Surface Proposed shaft extension Simplified Shaft Extension with Existing Workings Mineral Resources and Existing/Proposed Workings • The current mining centroid is 300m below the existing shaft and deepening at a rate of 75m a year. • By investing $131M over 3 years, this allows for the deepening of the shaft by 625m • This extension will reduce operating costs and extend mine life into the 2040s • Deepening the shaft also reduces greenhouse gases (diesel emissions) 1000L 500L Design Lateral Development. Actual Lateral Development Design Shaft Illustrative Timeline Diamond Drilling – completed H2 2025 Model Update – completed H1 2026 Mine Design & Engineering – completed H1 2026 Shaft Extension – 2026 – 2028 Commissioning – H1 2029
Slide 63 — Bell Creek Mine: Ground Stability
63 PRESENTATION JUNE 2026 • Paste backfill system is now fully implemented and integrated into the mining process. • Central Zone has been modelled and re-evaluated – now re-sequenced into the mining plan. Use of paste backfill during mining maximizes extraction and post-extraction stability. • Other challenges include hole squeezing in highly stressed areas – now utilizing modified ITH drills for larger diameter production boreholes along with borehole stabilizer products (casing, Imdex) • Stress modelling has been integrated into the stope planning process, leading to improved drill planning; increase in drilling performance and hole stability has been observed Bell Creek Mine: Ground Stability Use of reclaimed tailings eliminates the need for costly tailings filtration
Slide 64 — Bell Creek Haul Road
64 PRESENTATION JUNE 2026 Bell Creek Haul Road • Construction to be completed and commissioning to occur in Q2 2026. • Reduces costs of hauling Timmins West ore and gain access to rock material for Phase 6 TSF construction. • Reduces emissions by reducing every haul truck's trip by 14km from current route. • Reduces trucks passing through high traffic areas of the city of Timmins. • Current plan is to extend the life of tailings facility to 2035 by building Phase 6. • Adjacent lands acquired for potential future tailings expansion. Reduces costs of hauling Timmins West ore and enables access to rock material for Phase 6 TSF construction
Slide 65 — Timmins West: Gold River Trend
65 PRESENTATION JUNE 2026 Timmins West: Gold River Trend • Significantly advanced metallurgical testing and engineering studies to evaluate various enhancements to the processing circuit • Completed scoping-level assessment of flotation and pressure oxidation processing capabilities at the Bell Creek processing plant to treat the single refractory mineralization of the Gold River deposit • Advancing on infill drilling and targeting release of a preliminary economic analysis in the first half of 2027 Gold River, located ~4km south of Timmins West, is a refractory gold deposit containing gold mineral resources of 117 koz indicated and 1,027 koz inferred
Slide 66 — Timmins West: Gold River Trend
66 PRESENTATION JUNE 2026 Timmins West: Gold River Trend Development Stope Surface Long Section Looking North of Mine Design Gold River West Illustrative Development Timeline Gold River East
Slide 67 — Excess mill capacity at Bell Creek
67 PRESENTATION JUNE 2026 Excess mill capacity at Bell Creek 1. Tonnes per day (“tpd”). Calculated as tonnes processed divided by the number of days in the quarter. Opportunity to leverage excess mill capacity through production from satellite deposits and potential toll milling from Galleon Gold’s West Cache project Bell Creek Mill Throughput (tpd)1 4,780 4,495 4,304 3,859 3,922 3,857 3,761 3,967 3,933 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mill Capacity = ~5,600 tpd Additional tonnes from Vogel are expected to be processed beginning in 2027 The addition of production from high-grade satellite deposits provide potential to materially increase annual gold production from the Timmins District Potential toll milling agreement with Galleon Gold may also monetize excess mill capacity
Slide 68 — Timmins Operations – Long Term Vision & Project Pipeline
68 PRESENTATION JUNE 2026 Timmins Operations – Long Term Vision & Project Pipeline 1. Pan American Mineral Reserves are as of June 30, 2025. Please pages 104 - 108 for detail on our Mineral Reserves and Resources. 2. Timmins West excludes 118 koz Au which are reported in Timmins in our consolidated Mineral Reserves and Resources. These resources are separately displayed as Samson. 0 0.5 1 1.5 2 Vogel Bell Creek Gold River Samson Timmins West 2026 - 2030 2031 - 2035 2036 - 2040 > 2041 P+P: 301 koz M&I: 126 koz Inferred: 11 koz P+P: 545 koz M&I: 179 koz Inferred: 417 koz Bell Creek Deep Extension Indicated: 61 koz Inferred: 135 koz Indicated: 117 koz Inferred: 1,027 koz Extensions in 2026 resource update 2 Inferred: 118 koz 2 Timmins West Complex Bell Creek Complex
Slide 69 — Potential
69 Juanicipio Overview and Exploration Potential Chris Emerson, SVP Exploration & Geology Martin Wafforn, SVP Technical Services & Process Optimization
Slide 70 — Juanicipio Site Layout
PRESENTATION JUNE 2026 70 Juanicipio Site Layout Mine Offices 2,000 m Tailings Dam Process Facilities Mine UG Portal San Jose del Valle Mine Entrance Mine UG Portal UG Conveyor Project N Concession Boundary Vein Projection
Slide 71 — 2025 Juanicipio Reserve Replacement & Mineral Resource Update
71 PRESENTATION JUNE 2026 2025 Juanicipio Reserve Replacement & Mineral Resource Update 1. As reported by Fresnillo as of the dates indicated and presented on a 100% basis. Pan American owns a 44% interest in Juanicipio and has not yet consolidated Juanicipio mineral reserves and resources into its reported mineral reserves and resources. 2. Fresnillo reports measured and indicated mineral resources inclusive of mineral reserves. Resource Model Evolution (100%)1,2 May 31, 2023 June 30, 2024 April 30, 2025 Measured Resources Indicated Resources Inferred Resources Mineral Reserve Replacement Over Time (100%)1 122 (23) 33 132 (23) 23 132 May 31, 2023 Depletion Additions June 30, 2024 Depletion Additions April 30, 2025 Silver (Moz) 781 (61) 220 940 (60) 65 945 May 31, 2023 Depletion Additions June 30, 2024 Depletion Additions April 30, 2025 Gold (Koz) Silver Mineral Resources Mt Ag g/t Contained Ag Moz Measured & Indicated 17.0 310 169.2 Inferred 14.1 236 106.7 Silver Mineral Resources Mt Ag g/t Contained Ag Moz Measured & Indicated 18.9 288 174.4 Inferred 12.4 200 80.1 Silver Mineral Resources Mt Ag g/t Contained Ag Moz Measured & Indicated 20.8 234 156.3 Inferred 11.3 159 57.8
Slide 72 — Juanicipio: one of the best silver mines globally
72 PRESENTATION JUNE 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 Rare Opportunity to Acquire 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 best silver mines globally Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico State of the art facilities Los Gatos San Julian Juanicipio
Slide 73 — Juanicipio Processing Methods
73 PRESENTATION JUNE 2026 Juanicipio Processing Methods Sulphide ore is treated in a conventional flotation circuit with a nominal processing capacity of 3,750 tpd
Slide 74 — Juanicipio Processing Methods
74 PRESENTATION JUNE 2026 Juanicipio Processing Methods Selective lead and zinc and iron froth floatation circuits produce lead, zinc and pyrite concentrates, with total silver recovery averaging ~94% in 2025
Slide 75 — Juanicipio: Operating Performance
75 PRESENTATION JUNE 2026 Juanicipio: Operating Performance Juanicipio has a history of exceeding expectations Summary of Operating Statistics (100%)2 Q1 2026 Tonnes mined (kt) 350 Tonnes processed (kt) 341 Silver grade (g/t) 389.5 Silver recovery3 (%) 93 Silver produced (koz) 3,697 Gold produced (koz) 11.4 Zinc produced (kt) 10.7 Lead produced (kt) 6.9 1. As reported by Fresnillo plc. 2. All figures are presented on a 100% basis, As reported by Fresnillo plc (“Fresnillo”). Pan American owns a 44% interest in Juanicipio. 3. Implied based on reported ore processed, silver grade, and silver produced. 4. AISC as reported by Pan American, representing our attributable 44% interest in Juanicipio. AISC is a non-GAAP measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026 for a detailed description of this measure. PAAS AISC per ounce sold ($/Ag oz)4 ($3.05) Guidance1 Actual 2024 Silver Production 14.3 – 15.8 Moz 18.6 Moz 2025 Silver Production 14.7 – 16.7 Moz 17.6 Moz Historical Performance Relative to Guidance
Slide 76 — Juanicipio: 2026 Initiatives
76 PRESENTATION JUNE 2026 Continue efforts to improve safety performance and raise safety awareness Continue cost reduction initiatives Achieve development rates of 1,200m per month Construct and commission the underground conveyor belt to reduce haulage costs Increase the resource base and convert resources into reserves Juanicipio: 2026 Initiatives
Slide 77 — Juanicipio – Underground
77 PRESENTATION JUNE 2026 Juanicipio – Underground Conveyor Belt Project1 Electrical and Instrumentation Installation (2,840m) Conveyor Belt Module Installation (3,450m) Topographic Surveying Layout (4,120m) Fire Protection System Piping Installation (2,419m) Installation Progress Layout Conveyor Belt • 66% complete as of Q1 2026. • 4.2km total planned length. • $8.4M in estimated annual savings. • Safety and operational benefits. • Estimated to be concluded by Q3 2026. Note: Please refer to the forward-looking cautionary language on page 2 of this presentation. 1. Please refer to the news release dated January 20, 2026 for the Company’s Guidance for 2026. Installation of curved belt into Underground Ramp Assembly and installation of conveyor belt
Slide 78 — Potential
78 Jacobina Optimization Study and Exploration Potential Chris Emerson, SVP Exploration & Geology Steve Busby, Special Advisor to the CEO
Slide 79 — Jacobina Optimization Study
79 PRESENTATION JUNE 2026 Jacobina Optimization Study Opportunities Identified to Date: • Process plant streamlining project to improve reliability, relieve throughput constraints, reduce unit operating costs, and enhance gold recovery. • Tailings filtration and filter stack project to relieve existing long-term tailings capacity limitations. • Mine paste backfill plant project to take advantage of the tailings filtration circuit and increase mining recovery in selected high-grade zones. Initiatives Underway: • Pilot plant based on a flowsheet defined through bench-scale metallurgical laboratory testing. • External engineering firm developing designs, schedules and cost estimates for identified opportunities. Potential to extend mine life, increase production and improve operational efficiency
Slide 80 — Jacobina 2026 growth projects
80 PRESENTATION JUNE 2026 Jacobina 2026 growth projects $53 to $57M forecasted for growth projects in 2026¹ STUDIES PLANT OPTIMIZATION Conceptual Study for Plant Stability and New Process Route. • Focus on identifying bottlenecks, data collection, and technical analysis to optimize the plant and increase mill throughput to 10,000 tonnes. • Additionally, study for new third mill line. FILTRATION PLANT Tailings Filter Plant Project incorporating a future dry stack tailings disposal alternative and potentially providing material for mine backfill needs. POWER DEMAND Integrated engineering for mine and plant upgrades to accurately define future energy demand. PLANT OPTIMIZATION Installation of a plant to serve the north and south areas of Jacobina, mitigating seismic risk in deep areas and increasing mine life. PROJECTS PROCESS OPTIMIZATION – PHASE III Upgrades to CIP tanks, CIP crane, tailings pumping, processing and sealing water. EXPLORATION Continuing infill drilling and exploration drilling of the core mine and regional package with +50,000m planned in 2026 DEVELOPMENT Development increase to ~20,500 metres per year to sustain current production rates, ensure continuity of long-term plans, and improve operational flexibility. OTHERS Equipment purchases, land acquisition, and various mine infrastructure improvements. ~$30 million ~$10 million ~$7 million ~$8 million 1. Expansion projects aimed at extending mine life, initiating growth, and enhancing operational efficiencies across the Jacobina Mineração stages. These stage-based projects are complementary and sequential, building upon each other to support long-term expansion. NEAR-TERM GOALS Stabilize recovery at or above 96%
Slide 81 — Environmental, Social &
81 Environmental, Social & Governance Brent Bergeron, SVP Corporate Affairs & Sustainability
Slide 82 — Our Approach to Sustainability
PRESENTATION JUNE 2026 82 Our Approach to Sustainability Sustainability-Linked Executive Compensation (1) Frequency of lost time injuries with high fatality potential (LT-HPIF), Corrective and Prevention (CAPA) targets, and Human and Organizational Performance (HOP) implementation target. (2) Significant Environmental Incidents (SEIs) target. (3) Future PAAS Program target. Governance and Management Structure • Board of Directors sustainability-related committees: a) Health and Safety, b) Communities and Sustainable Development, c) Nominating and Governance Committee, and d) Human Resources and Compensation • ESG Management Committee • Country and Mine Site Managers Stakeholder Engagement • Community of Interest annual survey • Mechanisms for raising concerns and providing feedback 5% reduction in compensation score for each work-related fatality Sustainability Framework • Policies, Standards and Guidelines • Sustainability Performance Indicators • Risk Assessments • Integrated Sustainability Audits
Slide 83 — Sustainability Audits and Performance Monitoring
PRESENTATION JUNE 2026 83 Sustainability Audits and Performance Monitoring Integrated Sustainability Audits • Conducted at all our operations at least once every three years. • Integrates Social, Human Resources, Human Rights, Environment, Security, Crisis Management and certain aspects of Critical Facilities audits into a single, streamlined process. • Enables enhanced risk management and performance at site-level. • Consistent audit methodology that strengthens the reliability and comparability of results. 2025 2026 • La Colorada, Mexico • San Vicente, Bolivia • Shahuindo, Peru (completed) • Huaron, Peru (completed) • Timmins, Canada (planned) • Cerro Moro, Argentina (planned) Safety Audits • Central to monitoring health and safety performance. • 2025: San Vicente, Timmins, Shahuindo and Minera Florida. • Expected to focus on critical risks in 2026: La Colorada, El Peñon, Huaron, and Cerro Moro. CERRO MORO, ARGENTINA
Slide 84 — Committed to Leading Sustainability Standards
PRESENTATION JUNE 2026 84 Committed to Leading Sustainability Standards Responsible Gold Mining Principles (RGMPs) • RGMPs set out clear expectations for consumers, investors, and the downstream gold supply chain as to what constitutes responsible gold mining. • Within three years of joining the World Gold Council, we achieved 96% conformance with the RGMPs, with two sub-principles currently in progress. • Our implementation of the RGMPs is subject to independent limited assurance. Conflict-Free Gold Standard (CFGS) • Mechanism to review and assess that our activities in conflict-affected regions do not cause, support, or benefit unlawful armed conflict or contribute to serious human rights abuses or breaches of international humanitarian law. • In 2025, Dolores and Jacobina received independent limited assurance confirming their conformance with the CFGS. Voluntary Principles in Security and Human Rights (VPSHR) • Set of principles that guides companies on how to conduct their security operations while respecting human rights. • In 2025, external VPSHR audits were conducted at El Peñon and Minera Florida. • Security personnel, including employees and contractors, receive multiple human rights sessions throughout the year. Towards Sustainable Mining (TSM) • TSM supports effective management of environmental, safety and social risks. • In 2025, we achieved or maintained Level A or higher across all TSM indicators at every operation, with the exception of one indicator under the Safety and Health protocol at Jacobina and Shahuindo. • In 2025, we completed external verification at El Peñon, Jacobina, and Timmins.
Slide 85 — PRESENTATION JUNE 2026
PRESENTATION JUNE 2026 85 ESG Ratings and Rankings Note: Ratings and rankings can fluctuate throughout the year 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 May 4, 2026. A RATING Ranked 50th Percentile in Metals and Mining – Precious Metals Scale: CCC (worst) to AAA (best) 66 Ranked Top 5th Percentile in the Metals and Mining industry 25 (MEDIUM RISK) Ranked Top 21st Percentile in the Precious Metals Mining Sector Scale: 0 (worst) to 100 (best) Scale: 100 (worst) to 0 (best) Included in S&P Global Sustainability Yearbook 2026 C+ RATING Ranked 20th Percentile in the Mining and Integrated Production Industry Scale D- (worst) to A+ (best) Sustainability Indexes • Member of the S&P Global Dow Jones Best-in-Class (DJ BIC) North American Index(1). • MSCI All Country World Index (ACWI) Constituent. (1): The DJ BIC are float-adjusted market capitalization weighted indices that track equity markets while applying a sustainability best-in-class selection process.
Slide 86 — Mine Closure and Rehabilitation
PRESENTATION JUNE 2026 86 Mine Closure and Rehabilitation Physical Closure • In 2025, we progressed remediation and revegetation activities at the Alamo Dorado and Dolores sites, rehabilitating almost 48 hectares of land. • Care and maintenance activities continued at Manantial Espejo, with emphasis on the tailings dam closure, environmental monitoring, and plant maintenance. • Progressive closure advanced at Huaron, Cerro Moro and Jacobina. • Updated our Asset Retirement Obligation (ARO) estimates across several sites. Social Closure • In 2025, we implemented the second year of the social closure plan at Manantial Espejo, continuing to develop a suite of training and job-reintegration programs. • At Dolores, we completed several social closure activities, including participatory environmental monitoring and capacity-building programs. • As part of provincial regulations related to Cerro Moro’s social closure planning, in 2025, we met with stakeholder groups to gather input on local needs and expectations for the post-closure period. ALAMO DORADO, MEXICO
Slide 87 — Socio-Economic Contributions
PRESENTATION JUNE 2026 87 Socio-Economic Contributions 2025 Total Economic Value Distributed (US$ millions) Community Investment and Development Pillars • Local economic development programs • Health programs • Education programs • Local employment and procurement programs Note: Infrastructure investments are conducted only when requested by, and in collaboration with, government authorities, and are transferred to government administration upon completion. MINERA FLORIDA, CHILE
Slide 88 — Security Practices
PRESENTATION JUNE 2026 88 Security Practices Corporate Security and Human Rights Standard Alignment with International Standards • Voluntary Principles on Security and Human Rights (VPSHR) • UNICEF’s Canada’s Child Rights and Security Checklist • World Gold Council Conflict-Free Gold Standard LA COLORADA, MEXICO
Slide 89 — 2025 Sustainability Report: Highlights
PRESENTATION JUNE 2026 89 2025 Sustainability Report: Highlights (1) The 2025 base case includes our projected 2025 water use, energy use, GHG emissions, and waste generation, as calculated using our life-of-mine plans adjusted for annual production guidance. (2) Critical Risk Management is a health and safety initiative designed to minimize or eliminate the risk of fatalities by improving and verifying critical controls in the field. (3) “Critical suppliers” are identified using a five-factor prioritization framework: (a) presence of supplier personnel at our mining operations; (b) annual spend above established thresholds; (c) environmental risk associated with the supplier’s activities; (d) legal risk associated with the services provided; and (e) supplier’s potential impact on the continuity of our operations.
Slide 90 — Finance
90 Finance Ignacio Couturier, Chief Financial Officer
Slide 91 — $2,563M
91 PRESENTATION JUNE 2026 Capacity to fund growth and shareholder returns Cash + investments of $1,614M • excluding 44% interest in cash at Juanicipio of $199M Attributable to Pan American. Total debt2 of $845M primarily related to senior notes: • $283M with 4.625% coupon maturing in December 2027. • $500M with 2.63% coupon maturing in August 2031. Revolving Credit Facility • undrawn with $750M available. Strong financial position All financial figures as at March 31, 2026. 1. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus investments, plus undrawn amounts under the Revolving Credit Facility. See the “Non-GAAP Measures” section of our Cautionary Note on slide 2 of this presentation. 2. Total debt is a non-GAAP measure calculated as the total current and non-current portions of: debt, including senior notes and amounts drawn on the Revolving Credit Facility, and lease obligations. The senior notes are carried at $712 million, as at March 31, 2026, and accreted to the face value over their respective terms using an effective interest rate of 5.52%. Total available liquidity1 + Attributable cash at Juanicipio $2,563M $1,614M Cash + investments $750M Revolving Credit Facility $199M Attributable cash at Juanicipio
Slide 92 — Operations generating attractive margins
92 PRESENTATION JUNE 2026 Operations generating attractive margins Disciplined cost performance delivers margin expansion from higher metal price 16.63 18.12 20.90 19.88 13.94 19.69 15.43 9.51 6.63 22.61 28.14 29.52 30.87 31.25 32.91 39.08 58.16 89.43 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 AISC ($/oz) Realized price ($/oz) Silver Segment AISC1,2 vs Realized Price3 1,499 1,465 1,516 1,521 1,485 1,611 1,697 1,699 1,851 2,078 2,336 2,475 2,666 2,868 3,305 3,479 4,186 4,859 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 AISC ($/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 March 31, 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 93 — $381m
93 PRESENTATION JUNE 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 Q1 2026. • Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consumables. • Direct diesel exposure relates mostly to Cerro Moro (diesel electricity generation) and Shahuindo (open pit mining)1. • The price per litre of diesel varies, as the countries where Pan American operates have different fuel taxes, fees and subsidies. Q1 2026 Production Costs $381m 30% Salaries & employee benefits 25% Contractors2 20% Consumables & reagents 10% Maintenance Parts 5% Fuel 5% Utilities 5% Other 1. See our “Sustainability Performance Data Book”, available on our website, for reported data on direct diesel consumption. 2. Contractor costs may include labour, consumables, equipment, overhead, contractor profit and other costs depending on the terms of the contract.
Slide 94 — Risk Management Strategies
94 PRESENTATION JUNE 2026 Risk Management Strategies The Company does not hedge the price of silver or gold related to future production; we strive to provide maximum exposure to precious metals for our shareholders • The Company does hedge for exposure to base metals, local currency and diesel, opportunistically when levels are favorable in relation to assumptions in budgets or reserve cut-off calculations, by: ➢(i) entering into contracts designed to fix or limit our exposure to changes in the value of local currencies or consumables, ➢(ii) assuming liability positions to offset financial assets subject to currency risk, or ➢(iii) reduce the volatility of by-product credits at the Company’s polymetallic operations. FY 2026 Attributable Production Costs Exchange Rate Sensitivity1 (0.64%) (0.77%) (0.81%) (1.05%) (1.38%) 0.78% 0.94% 0.99% 1.28% 1.68% (2.00%) (1.00%) 0.00% 1.00% 2.00% MXN BRL PEN CAD CLP FY 2026 Attributable Revenue Base Metal Price Sensitivity2 (0.04)% (0.12)% (0.35)% 0.04% 0.12% 0.35% (2.00%) (1.00%) 0.00% 1.00% 2.00% Copper Lead Zinc +10% Appreciation of Currency vs. USD -10% Depreciation of Currency vs. USD -10% Decrease in Metal Price 10% Increase in Metal Price Derivative Realized Gains (Losses) ($M) $2.7 ($2.6) $9.2 $9.9 $13.8 ($5.5) $12.0 $1.0 2019 2020 2021 2022 2023 2024 2025 Q1 2026 1. While Pan American’s Production Costs will also be impacted by movements in the BOB and ARS, they have not been included in figures above. The BOB is relatively fixed to the USD; therefore, movements are generally not material. The ARS is subject to a high level of volatility and therefore is difficult to sensitize. Both currencies also account for a relatively smaller amount of our production costs than others displayed. Figures are approximate and may be impacted by items included in Cost of Sales which are margin driven such as worker’s participation. Additionally, this would not consider any derivative position gains or losses which are not included in Cost of Sales. Attributable production costs are inclusive of Pan American’s interest of 44% in Juanicipio. 2. Figures are based on the mid-point of 2026 Guidance production ranges and guidance metal prices. This would not consider any derivative position gains or losses which are not included in Revenue. Attributable revenue is inclusive of Pan American’s interest of 44% in Juanicipio.
Slide 95 — Record Financial Performance
95 PRESENTATION JUNE 2026 Record Financial Performance Higher metal prices driving record revenue, earnings and cash flows $101 $151 $196 $114 $233 $252 $553 $488 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 $684 $715 $814 $771 $811 $884 $1,309 $1,332 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1. Attributable financial figures are inclusive of Pan American's 44.0% interest in the Juanicipio mine less Pan American's non-controlling 5.0% interest in the San Vicente mine. 2. Attributable revenue, Adjusted earnings, and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, and the Q1 2026 Financial Statements under Note 16 "Segmented Information“, for a detailed description of these measures and where appropriate a reconciliation of these measures to the Q1 2026 Financial Statements. 3. Calculated as Attributable free cash flow divided by the sum of total debt and total equity less cash and investments (annualized). Attributable Revenue ($M)1,2 $0.11 $0.32 $0.35 $0.42 $0.43 $0.48 $1.11 $1.09 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Adjusted Earnings per Share2 Attributable Free Cash Flow ($M)2 Return on Invested Capital (%)3 8.0% 12.1% 16.9% 9.7% 19.9% 15.3% 33.9% 29.6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 96 — Disciplined Approach to Capital Allocation
96 PRESENTATION JUNE 2026 Robust free cash flow generation driven by cost management and operational performance enables strong shareholder returns 96 Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and the news release dated May 5, 2026. 1. Attributable cash flow from operations and Attributable free cash flow are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis.` Disciplined Approach to Capital Allocation Financial Strength and Balance Sheet Flexibility Support resilience through market cycles and preserve strategic flexibility High-Return Organic Growth Investments Advancing pipeline of high-quality projects including La Colorada Skarn, Jacobina, and Timmins Attributable Free Cash Flow1 Base Dividend2 Aggregate dividends of $305 million expected to be paid in 2026 in equal quarterly installments (current $0.18/share per quarter) Share Repurchases2 A portion of free cash flows allocated to share repurchases, targeting 35% - 40% of Attributable Free Cash Flow1 to be returned to shareholders (incl. dividends) Up to $1 Billion in shareholder returns in 2026
Slide 97 — Capital Allocation History
97 PRESENTATION JUNE 2026 Capital Allocation History 34% 8% 46% 12% Dividends Share Buybacks Growth Investments (expansion projects & acquisitions) Net Debt Repayment 1. As at March 31, 2026. Capital allocation includes cash allocated to dividends, share buybacks, expansion capital and cash acquisition costs and net debt repayments. Capital Allocation since 2010(1) Expansion Capital Investments ($M) $41 $48 $40 $51 $35 $76 $119 $63 $45 $46 $30 $50 $71 $141 $101 $97 $248 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F $240 - $255 $35 Key Project Pipelines: La Colorada Skarn - continued exploration drilling, engineering and initial mine infrastructure including developing a decline to access the Skarn deposit. Jacobina – to complete process plant optimization projects and advance mine and plant optimization studies. Actual 2026 Guidance Timmins – to complete Bell Creek Shaft extension and continue exploration activities at satellite deposits.
Slide 98 — History Of Disciplined Leverage1
98 PRESENTATION JUNE 2026 Yamana Acquisition Acquisition Maintain balance sheet flexibility with low leverage1 History Of Disciplined Leverage1 ( 2 ) ( 2 ) Adjusted EBITDA ($M)(1) Gross Leverage(1) 1. Adjusted EBITDA and Leverage or Gross Leverage are non-GAAP measures. Adjusted EBITDA is calculated Earnings before income taxes, interest and finance expense, depreciation and amortization, impairments, NRV adjustments, PPA adjustments, closure and decommissioning adjustments and transaction costs. Leverage or Gross leverage is calculated as Gross Debt divided by Adjusted EBITDA. See the “Non-GAAP Measures” section of our Cautionary Note on pages 2 and 3 of this presentation. 2. Based on full year 2023 EBITDA after annualizing 2023 for full year Yamana contribution. Long term target 1.0x MAG Acquisition ( 2 ) ( 2 ) 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA Gross Leverage 2 1
Slide 99 — Ability to Self-Fund La Colorada Skarn Project
99 PRESENTATION JUNE 2026 $146 $277 $302 $616 $515 $93.5 2026 2027 2028 2029 2030 2031 Total $- $500 $1,000 $1,500 $2,000 $2,500 Ability to Self-Fund La Colorada Skarn Project Cash on hand and free cash flow generation sufficient to fund La Colorada Skarn initial investment Record cash and short-term investments of $1.6 billion for the period ended March 31, 2026, (excluding $199 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 The Company now anticipates 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)
Slide 100 — Strong History Of Shareholder Returns
100 PRESENTATION JUNE 2026 $8 $11 $25 $76 $76 $42 $8 $15 $21 $29 $46 $72 $95 $130 $145 $175 $305 $94 $42 $7 $24 $46 $695 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividends Share Buybacks Strong History Of Shareholder Returns Returned $1.3B to shareholders1 since 2010 while investing in projects & maintaining a healthy balance sheet Total Dividends and Share Buybacks ($M) 1. Return to shareholders is comprised of dividends and share buybacks under Pan American’s normal course issuer bids. 2. Pan American is expecting to return $305 million in dividends and is targeting 35 – 40% of Attributable free cash flow to be returned as share repurchases in 2026, for total shareholder returns of approximately $1 billion. Dividends and share repurchases totaled $76 million and $25 million, respectively, in Q1 2026. Target ~$1B
Slide 101 — Financial Management Considerations
101 PRESENTATION JUNE 2026 Target Leverage • Long-term Total Gross Leverage target of below 1.0x1 • Company has shown a disciplined approach to returning below this target as experienced in recent acquisitions • The financial projections in the following slides assume that the 2027 bonds are repaid at maturity; however, without significant required investments in growth projects, the Company could repay these earlier to improve gross leverage under the current high metal price environment Liquidity • At March 31, 2026, the Company has ~$2.6 billion of liquidity, composed of cash and investments, undrawn revolving credit facility, and attributable cash at Juanicipio • Continued focus on improving liquidity to maintain long-term flexibility in a commodity business Capital Expenditures • Focused on investing in high-return projects • Company funds capital expenditures through internal cash flows and has not raised equity since 2009 Shareholder Returns • The Company announced an enhanced shareholder return framework, targeting the return of 35% to 40% of annual Attributable Free Cash Flow1 to shareholders, anticipated to return up to $1 billion in 2026 • Company pays a base quarterly dividend; for 2026 this is expected at $305 million annually (currently $0.18/share) • The NCIB program was implemented aiming to take advantage of potential accretive transactions when the share price may not fully reflect the underlying value of its mining operations, properties and future growth prospects. 3.9 million shares have been repurchased (2024 through Q1 2026), with further purchases expected under the enhanced shareholder return framework Hedging Policy • The Company does not hedge the price of silver or gold, but actively hedges by-product metal and foreign exchange exposures to mitigate medium term risks (up to 24 months out) Financial Management Considerations Strategic financial management across the mine lifecycle 1. Total Gross Leverage is a non-GAAP measure and is calculated as Gross Debt divided by Adjusted EBITDA. See the “Non-GAAP Measures” section of our Cautionary Note on pages 2 and 3 of this presentation. 1. Attributable Free Cash Flow is a non-GAAP measure; please refer to the “Alternative Performance (Non-GAAP) Measures” section of the to the Company's Management Discussion & Analysis for the period ended March 31, 2026, for a detailed reconciliation of these measures to the Q1 2026 Financial Statements.
Slide 102 — Pan American Silver Investment Highlights
102 PRESENTATION JUNE 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 provide for sustainable long-term success 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 103 — $22.4B
103 PRESENTATION JUNE 2026 Pan American Snapshot1 A leading producer of silver & gold in the Americas Analyst Coverage5 Top Shareholders6 BMO Capital Markets (Matthew Murphy) Van Eck (5.1%) BofA Global Research (Lawson Winder) The Vanguard Group (4.2%) Canaccord Genuity (Carey MacRury) Global X Management (3.8%) CIBC Capital Markets (Cosmos Chiu) BlackRock Fund Advisors (2.4%) Edison Group (Andrey Litvin) BlackRock Investment Mgmt (2.1%) Global Mining Research (David Radclyffe) Jane Street Capital (1.5%) Jefferies (Fahad Tariq) Dimensional Fund Advisors (1.4%) National Bank Financial (Don DeMarco) Capital International Investors (1.4%) RBC Capital Markets (Josh Wolfson) Norges Bank (1.3%) Scotiabank GBM (Ovais Habib) Geode Capital Mgmt (1.1%) TD Securities (Wayne Lam) 1. FactSet market data as of May 27, 2026. 2. Dividend declared on May 5, 2026. 3. Dividend declared on May 5, 2026 (annualized) divided by closing share price on May 27, 2026. 4. Based on 90-day average daily trading value on both the NYSE and the TSX per FactSet. 5. We do not endorse or approve any analyst’s opinions, estimates, conclusions, or recommendations. Analysts and institutions may change their coverage from time to time. 6. Shareholder register as per IHS Markit BD Corporate at May 27, 2026. $22.4B Market Cap PAAS Snapshot1 NYSE: PAAS | TSX: PAAS $0.18 Quarterly dividend/share2 421.9M Shares outstanding 1.4% Dividend yield3 $490M Average daily trading value4 11 Sell side analysts
Slide 104 — Pan American Silver Mineral Reserves as of June 30, 20251,2
104 PRESENTATION JUNE 2026 Pan American Silver Mineral Reserves as of June 30, 20251,2 Pan American is the leading silver producer by silver mineral reserves and silver price correlation
Slide 105 — Pan American Silver Measured + Indicated Resources as of June 30, 20251,2
105 PRESENTATION JUNE 2026 Pan American Silver Measured + Indicated Resources as of June 30, 20251,2
Slide 106 — Pan American Silver Measured + Indicated Resources as of June 30, 20251,2
106 PRESENTATION JUNE 2026 Pan American Silver Measured + Indicated Resources as of June 30, 20251,2
Slide 107 — Pan American Silver Inferred Mineral Resources as of June 30, 20251,2
107 PRESENTATION JUNE 2026 Pan American Silver Inferred Mineral Resources as of June 30, 20251,2
Slide 108 — Metal Price Assumptions
108 PRESENTATION JUNE 2026 Metal Price Assumptions as of June 30, 2025 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 109 — General Notes Applicable to the Foregoing Tables
109 PRESENTATION JUNE 2026 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.
Slide 110 — 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