NYSE | TSX | PAAS
The world’s premier
silver mining company
Diversified assets & growth catalysts
Corporate Office
Timmins
Scale and quality in the Americas where we have been operating for over 30 years
Dolores
NORTH AMERICA
10 producing silver and gold operations1
Advancing 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
Juanicipio La Colorada Skarn Deposit
Mining operations Development Projects
Escobal
Currently on care & maintenance
15% | Brazil 22% | Mexico
Shahuindo
Huaron Jacobina
17% | Peru
19% | Chile
$1.3B
Q1 2026 Attributable
Revenue3
13% | Argentina
10% | Canada
4% | Bolivia
San Vicente El Peñon
Minera Florida
Navidad
SOUTH AMERICA
-
Excludes Dolores, which has entered the residual leaching phase.
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Pan American estimated mineral reserves and mineral resources reported as of June 30, 2025. See slides 45 – 49 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.
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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.
Cerro Moro
Manantial Espejo
Currently on care & maintenance
PRESENTATION MAY 2026 3
Q1 2026 takeaways
On track to achieve annual guidance1
Attributable production of
6.4 Moz silver and 169.2 Koz
gold2
Silver Segment AISC of
$6.63 per ounce and Gold Segment AISC of $1,851 per ounce3
Attributable revenue2,3 of
$1.3B despite Attributable inventory build-up of ~429 Koz silver
$25 million was spent on the repurchase of shares under the Normal Course Issuer Bid (“NCIB”) during Q1 2026
Net Earnings of $456 million, or $1.08/share. Adjusted earnings of $459 million, or
$1.09/share3
Attributable free cash flow
of $488 million2,3
Strong financial position with
$2.4B in Total Available Liquidity4
Declared $0.18 dividend per
common share5
1. The 2026 Operating Outlook (“2026 Guidance”) was provided in the MD&A for the period ended December 31, 2025. | 2. Any reference to “Attributable” in this presentation should be understood to reflect the Company’s ownership share of results, which includes results from the operations that the company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in. | 3. Adjusted earnings, basic adjusted earnings per share, AISC, Attributable revenue, and Attributable free cash flow are non-GAAP financial measures and are presented on an Attributable basis. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the Management’s Discussion & Analysis (“MD&A”) for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2026 Financial Statements. | 4. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus investments, plus undrawn amounts under the Revolving Credit Facility. | 5. Please refer to Pan American’s news release dated May 5, 2026.
PRESENTATION MAY 2026
4
Operations generating attractive margins
Disciplined cost performance delivers margin expansion from higher metal price
Silver Segment AISC1, 2 vs Realized Price3
89.43
Gold Segment AISC1 vs Realized Price3
4,859
4,186
28.14
29.52 30.87 31.25 32.91
39.08
58.16
2,078
2,336 2,475
2,666
2,868
3,305
3,479
1,697
1,699
1,851
22.61
16.63
18.12
20.90
19.88
13.94
19.69
15.43
9.51
6.63
1,499
1,465
1,516
1,521
1,485
1,611
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
AISC excl. NRV ($/oz)
Realized price ($/oz)
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
AISC excl. NRV ($/oz)
Realized Price ($/oz)
-
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.
-
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.
-
Metal prices are stated inclusive of final settlement adjustments on concentrate sales and are attributable to equity accounted sales.
PRESENTATION MAY 2026 5
Strong financial position
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.
All financial figures as at March 31, 2026.
-
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.
-
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%.
$750M
Revolving Credit
Facility
$199M
Attributable cash at Juanicipio
Total available liquidity1 + Attributable cash at Juanicipio
$2,563M
$1,614M
Cash + investments
PRESENTATION MAY 2026 6
Enhanced shareholder returns framework
Targeting 35% – 40% of Attributable free cash flow1 in shareholder returns in 2026 representing approximately $1 billion2
-
Expect to pay $305 million in aggregate dividends in 2026, to be paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter).
-
As common shares are repurchased and cancelled pursuant to the Company’s NCIB, the
dividend per share is expected to increase over time.
2026 Target Shareholder Return2
-
-
A portion of Attributable free cash flow1 after paying dividends will be allocated to common share repurchases to achieve the targeted returns.
-
$305M
Dividends
~$700M
Target Share Buybacks
Shareholder Returns ($M)
$76 $76 $76 $76
$59
$37 $36 $36 $36 $36 $36
$43
$22
$3
$20 $25
$11 $15
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026F Q3 2026F Q4 2026F
Dividends Share Buybacks
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.
-
Attributable free cash flow is a non-GAAP financial measure. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where
appropriate a reconciliation of the measure to the Q1 2026 Financial Statements.
-
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.
PRESENTATION MAY 2026
7
La Colorada Skarn Project1: Revised Preliminary Economic Assessment Highlights2
Large-scale, long-life silver production at negative AISC3,4
Leveraged to silver revenue – 42% of revenue from silver during Initial Five Year Period5 (up to 51% in the Upside Price Scenario6)
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
Note: Please refer to Pan American’s news release dated March 24, 2026. An updated technical report prepared in accordance with NI 43-101 on the La Colorada property was filed on May 6, 2026. | 1. The Revised PEA (as defined below) 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. Includes years 2034 – 2038 (the “Initial Five Year Period”). | 6. “Upside Price Scenario” refers to $75.00 per ounce of silver, $3,400 per tonne of zinc, and $2,000 per tonne of lead. | 7. Mine life following completion of the construction of the new 15,000 tpd processing plant. | 8. Includes capital leases. | 9. “Base Case Prices” refer to $45.00 per ounce of silver, $2,800 per tonne of zinc, and
$2,000 per tonne of lead.
Study Results
Figures do not include contribution from La Colorada Mineral Reserves
|
37 Years
La Colorada Skarn Project Mine Life7 |
15,000 tpd
Nominal Production Rate |
|
($22.67)/oz
AISC per payable silver ounce4 Initial Five Year Period |
$1.9 Billion
Initial Capital8 |
|
$2.6 Billion
After-Tax NPV5% at Base Case Prices9 |
17%
After-Tax IRR at Base Case Prices9 |
|
$5.2 Billion
After-Tax NPV5% at Upside Price Scenario6 |
25% After-Tax IRR at Upside Price Scenario6 |
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.
PRESENTATION MAY 2026 8
Expanded La Colorada Mine1 production profile
Production is anticipated to average 19.1 million ounces of silver annually over the Initial Five Year Period following commissioning and ramp up
Silver Production by Source
Silver Production (Moz)
25.0
Potential to extend higher silver production for longer with continued exploration success
20.0
15.0
10.0
5.0
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
2065
2066
2067
2068
0.0
Zinc Production by Source
Zinc Production (Kt)
300.0
200.0
100.0
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
2065
2066
2067
2068
0.0
Vein Mineral Reserves
Vein Mineral Resources
Skarn Mineral Resources
Note: Please refer to Pan American’s news release dated March 24, 2026 for details. | 1. Production from the existing La Colorada vein mine mineral reserves will continue throughout construction, commissioning,
and well into the operation of the La Colorada Skarn Project, resulting in an overall expansion of La Colorada (the “Expanded La Colorada Mine”).
PRESENTATION MAY 2026
9
La Colorada has the potential to become one of the
world’s largest silver mines by annual production
Illustrative Comparison to Primary Silver Mines by 2025 Production (Moz Ag)1
Top 10 Primary Silver Mines by Production
44%
9.8
10.3
10.3
11.1
13.8
17.2
15.8
La Colorada Skarn Project
Existing La Colorada Vein Mine
3.3
Expanded La Colorada Mine 2
(2034 – 2038 Avg.)
Juanicipio3
(100%)
6.0
6.5
8.3
8.4
8.7
Saucito Uchucchacua Cannington Fresnillo Pirquitas Greens Creek Los Gatos San Julian Palmarejo La Colorada 4
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 Pan American’s news release dated 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.
PRESENTATION MAY 2026 10
Juanicipio: one of the best silver mines globally
Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico
Premier location and expansive land package
N
JV Property
State of the art facilities
Juanicipio is the Largest-Scale and Lowest-Cost Primary Silver Mine Globally1
2025 Co-Product AISC ($/oz Ag)
$35.00
$30.00
$25.00
$20.00
$15.00
Top 10 Primary Silver Mines by Production Based on Publicly Available Data (100%-basis)
Los Gatos2
|
Fresnillo |
= Silver R |
eserves |
|||||
|
Palmarejo |
Cannington |
||||||
|
Greens C |
reePkirquitas |
Saucito |
Jua |
nicipio |
|||
|
San Julian |
Uc |
hucchacua |
|||||
$10.00
$5.00
5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0
2025 Silver Production (Moz)
Rare Opportunity to Acquire 1st Quartile Silver Asset1
2025 Cost Curve (100%-basis)
50.00
2025 Co-Product AISC ($/oz Ag)
Greens Creek
Saucito Uchucchacua
Cannington
Palmarejo
Fresnillo
40.00
Juanicipio
San Julian
Los Gatos
Pirquitas
30.00
20.00
10.00
0.00
0% 25% 50% 75% 100%
Cumulative Paid Silver (1000 oz)
Source: S&P Global, company filings.
-
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.
-
2025 AISC per AgEq ounce as reported by First Majestic given S&P data limitations.
PRESENTATION MAY 2026 11