Pan American Silver (PAAS) Investor presentation summary

Strategic asset base and growth initiatives

• Operates 10 producing silver and gold mines across the Americas, with over 30 years of experience in the region.

• Holds large mineral reserves: 452 million ounces of silver and 6.3 million ounces of gold as of June 2025.

• Advancing optimization at Jacobina and future growth at La Colorada Skarn, Escobal, and Navidad.

• Completed acquisition of MAG Silver Corp., further expanding resource base.

Financial and operational performance

• Attributable Q1 2026 production reached 6.4 million ounces silver and 169.2 thousand ounces gold.

• Silver Segment AISC at $6.63/oz and Gold Segment AISC at $1,851/oz, reflecting disciplined cost control.

• Attributable revenue of $1.3 billion and free cash flow of $488 million in Q1 2026.

• Net earnings of $456 million ($1.08/share) and adjusted earnings of $459 million ($1.09/share).

• Declared $0.18 dividend per share and repurchased $25 million in shares under NCIB.

Margin expansion and cost discipline

• Maintained attractive margins through disciplined cost performance and higher realized metal prices.

• Silver and gold segment AISC consistently below realized prices, supporting profitability.