Pan American Silver Corp (PAAS)

Pan American Silver Provides Exploration Update for its Timmins Operations; Advances Plans for Potential Production Growth and Mine Life ExtensionJune 1, 2026 6:30 AM
Business Wire (All amounts are in United States Dollars unless otherwise indicated) Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to provide an update on an extensive exploration program conducted at its Timmins operation in Ontario, Canada, which has identified new mineral resources at the Bell Creek mine and satellite deposits. Based on the success of this program, Pan American is advancing a conceptual plan for a phased development of these new mineral resources to support potential production growth and extension of mine life at Timmins (the "Timmins Camp Project"). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260601510653/en/Pan American Timmins Property Map The first phase of the Timmins Camp Project has commenced following approval by the Company's board of directors for a 625m shaft extension project at the Bell Creek mine (the "Bell Creek Shaft Extension Project"), an 814m drift to access the Vogel deposit, and a 1.3km exploration drift to access the Samson deposit, with a total investment of approximately $146 million. The initial spending on the first phase was included in the Company's 2026 guidance of $40 to $43 million of project capital at Timmins, and there are no changes to the Company's 2026 annual guidance. "With significant installed processing capacity and infrastructure already in place, projects such as the Bell Creek shaft extension and the Vogel and Samson access drifts allow the development of new mineral resources and position Timmins for future production growth and extended mine life," said Michael Steinmann, President and CEO of Pan American. "The potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform." The Timmins operations are currently comprised of two underground gold mines approximately 34km apart, the Timmins West mine and the Bell Creek mine, which both supply ore to the Bell Creek processing plant. The plant has a design capacity of approximately 5,600 tonnes per day ("tpd") with current throughput of approximately 4,400tpd. The Timmins Camp Project is aimed at increasing infrastructure utilization to support sustained production from the Timmins operations over time. Pan American is advancing the Timmins Camp Project through further engineering studies, mine planning, metallurgical evaluations, underground development, and mineral resource conversion programs. In 2026, the Company is planning to drill a total of approximately 118,000m at Timmins focused on near-mine exploration and mineral resource conversion. Pan American anticipates publishing an update to the estimated mineral reserves and mineral resources for Timmins, Vogel and Gold River, as of June 30, 2026, with the corporate-wide update in the third quarter of 2026. Bell Creek Mine Exploration Highlights The Bell Creek mine and mill complex is located approximately 14km northeast of the city of Timmins, Ontario. The current mineral reserves at the Bell Creek mine extend to a depth of approximately 1,925m below surface (1925 Level). A 48,000m exploration drill program began in 2023 to define mineral resources between the 1925 Level and 2,600m below surface (2600 Level). Over the past 18 months, 16,814m of drilling has been completed, targeting the deep projection of the mineralized veins. Results indicate two mineralized shoots approximately 100m apart and splitting the main mineralized body into eastern and western extents. The drill results demonstrate strong continuity of the mineralization to the 2600 Level. The following reflects the Bell Creek drill highlights for the period January 2025 to April 2026. All intercepts are reported as estimated true widths. Please refer to the "Drill Results Highlights" Tables beginning on page four of this news release for additional details. 18.6m at 3.06 g/t Au and 9.8m at 5.0 g/t Au (drill hole BC1495-5934B-EX) 9.4m at 3.69 g/t Au and 5.9m at 5.32 g/t Au (drill hole BC1495-5934D) 7.4m at 2.88 g/t Au and 3.5m at 8.49 g/t Au (drill hole BC1495-5934C-LR) 6.2m at 3.50 g/t Au and 4.0m at 5.65 g/t Au (drill hole BC1495-5931C) Bell Creek Shaft Extension Project The Bell Creek Shaft Extension Project is designed to deepen the existing shaft by 625m, from 1080m (below surface) to 1705m below surface, enabling access to mine deeper mineralization identified through recent exploration drilling. On-site activities are anticipated to commence in July 2026 and the Bell Creek Shaft Extension Project is expected to require approximately three years to complete, with commissioning in the first half of 2029. The deepening of the Bell Creek mine shaft is expected to extend the mine life at Bell Creek and position the operation as the long-term infrastructure anchor to support development of additional mineral sources and a district-scale integrated mine plan over the coming years. In addition, the Bell Creek Shaft Extension Project is anticipated to: provide cost efficiencies through reduced haulage distances and requirements for trucking fleet and ventilation; and reduce annual CO2 emissions associated with deeper mining operations. Vogel Project The Vogel Project is located approximately 1.5km east-southeast of the Bell Creek mine complex and was previously assessed as an open pit with an underground mine below the pit. In 2025, the Vogel Project was remodeled and assessed solely for underground mining potential. Drilling between October 2025 and March 2026, comprised of 28 holes totaling 12,429m, tested mineralization along strike and at depth beyond the limits of the current geological model and mineral resources. The drill results identified down-dip extension, as well as areas of thicker and higher-grade gold mineralization farther down-dip than previously modeled, significantly expanding the mineralized zone. Drilling is ongoing and has transitioned to infill drilling of the inferred mineral resources. To support future development and accelerate infill drilling of the deeper part of the deposit, an 814m underground drift from the Bell Creek 610 Level commenced in April 2026. Underground drilling is planned for the second half of 2026, following up on the strong drill intercepts from the 2025 and 2026 programs. The following reflects Vogel drill highlights for the period from December 2025 to April 2026. All intercepts are reported as estimated true widths. Please refer to the "Drill Result Highlights" Tables beginning on page four of this news release for additional details. 19.9m at 8.11 g/t Au, including 1.7m at 77.74 g/t Au and 8.7m at 3.21 g/t Au (drill hole V-26-117A) 10.5m at 8.82 g/t Au and 15.7m at 2.00 g/t Au (drill hole V-25-102) 9.0m at 8.73 g/t Au, including 2.2m at 29.33 g/t Au and 18.7m at 1.45 g/t Au (drill hole V-26-119) 5.1m at 6.30 g/t Au (drill hole V-25-106) 12.2m at 2.62 g/t Au (drill hole V-25-104) As of June 30, 2025, Vogel is estimated to contain 61,000 ounces of indicated gold mineral resources ((0.5 million tonnes ("Mt") grading 3.60 Au grams per tonne ("g/t")) and 135,000 ounces of inferred gold mineral resources (1.2Mt grading 3.52 Au g/t) down to an elevation 400m to 450m below surface. Please refer to the Company's mineral reserves and mineral resources as at June 30, 2025 provided in the Company's Management's Discussion & Analysis ("MD&A") for the period ending December 31, 2025 and available on the Company’s profile on SEDAR+. Timmins West Mine / Samson Project The Samson Project (previously known as the 144 south) is located approximately 3.3km southwest of the Timmins West mine shaft and forms part of Pan American's broader Timmins mineral resource base. As of June 30, 2025, Samson was reported under the Timmins West Mine and is estimated to contain 118,000 ounces of gold inferred mineral resources (1.7Mt grading 2.20 Au g/t) with the bulk of this mineral resource centered around an elevation that is approximately 800m below surface. Please refer to the Company's mineral reserves and mineral resources as at June 30, 2025 provided in the Company's MD&A for the period ending December 31, 2025 and available on the Company’s profile on SEDAR+. The Company anticipates providing an updated mineral resource estimate for Vogel as of June 30, 2026. In 2025, Pan American commenced development of a 1.3-km underground exploration drift on the 820 Level from the furthest southwest existing Timmins West mine infrastructure to support underground drilling and future development activities. Over 60,000m have been drilled between 2013 to 2026 on the Samson Project, which has improved confidence and geological knowledge of the deposit. Drilling targeted the deep, down plunge and lateral extents of the known gold mineralization envelope and a gap in previous drilling programs between the upper and lower zones. The following reflects Timmins West / Samson Project drill highlights. All intercepts are reported as estimated true widths. Please refer to the "Drill Results Highlights" Tables beginning on page four of this news release for additional details. Drill highlights previously released by Lake Shore Gold Corp.: 2.01 g/t Au over 41.7m, including 14.76 g/t Au over 3.0m and 3.82 g/t Au over 5.6m (Hwy-12-45) (released on January 21, 2013) 12.60 g/t Au over 1.3m and 1.30 g/t Au over 57.7m, including 4.06 g/t Au over 7.6ms (Hwy-11-28) (released on January 21, 2013) 202 g/t Au over 0.30m (Hwy-11-30) (released on January 21, 2013) 3.11 g/t Au over 19.1m, 5.38 g/t Au over 3.6m, 5.30 g/t Au over 2.7m and 4.22 g/t Au over 2.7m (Hwy-15-142) (released on October 28, 2015) Drill highlights for the period from August 2023 to December 2025 include: 10.3m at 1.94 g/t Au (wedge drill hole HWY-15-148A) 2.8m at 4.54 g/t Au including 0.8m at 11.70 g/t Au (HWY-24-199A) 5.6m at 2.65 g/t Au (HWY-25-200A) 3.8m at 2.14 g/t Au (wedge drill hole HWY-15-140W4) Gold River Project The Gold River satellite deposit is located approximately 3.6km southeast of the Timmins West mine. It is estimated to contain approximately 117,000 ounces of indicated gold mineral resources (0.7Mt grading 5.29 Au g/t) and 1.03 million ounces of inferred gold mineral resources (5.3Mt grading 6.06 Au g/t), as of June 30, 2025. Please refer to the Company's mineral reserves and mineral resources as at June 30, 2025 provided in the Company's MD&A for the period ending December 31, 2025 and available on the Company’s profile on SEDAR+. Between 2017 and 2019, Tahoe Resources Inc. completed 66,253m of infill drilling in 151 holes, with significant intervals such as: 7.5m at 66.87 g/t Au (TH-17-164) 2.0m at 107.62 g/t Au, including 0.2m at 896 g/t Au (TH-18-225) 14.7m at 5.85 g/t Au (TH-18-228) 3.4m at 21.71 g/t Au (TH-18-202A) Multiple mineralized zones have been delineated over a 3.3km strike length and remain open at depth, highlighting significant potential for continued mineral resource expansion within a well-endowed structural setting. Pan American has been advancing metallurgical and engineering studies for the Gold River deposit, including evaluating various enhancements to the processing circuit to address the metallurgy of Gold River, culminating in a recently completed scoping-level assessment of the conceptual addition of flotation and pressure oxidation processing capabilities at the Bell Creek processing plant to treat the single refractory mineralization of the Gold River deposit. As technical studies continue to progress, Gold River shows the potential to become an important future production source. Additional District Opportunities Pan American continues to advance exploration, technical work and evaluation of the Whitney Project (84.26% Pan American interest), located approximately 4.5km south of the Bell Creek mine and mill complex. The Company also maintains exposure to additional district opportunities through its strategic investment in Galleon Gold Corp., which owns the West Cache gold project adjacent to the Timmins West mine. DRILL RESULTS HIGHLIGHT TABLES Bell Creek Mine The following table provides exploration results from the deep drilling program targeting the extension of the Bell Creek zones down to approximately the 2,600 Level. Full infill and exploration drill results not included in this table, together with cross sections, plans, and locations, are available at: https://panamericansilver.com/operations/gold-segment/timmins/ Hole No. Zone From (m) To (m) Int (m) Au g/t BC1495-5931C NB 758.7 768.3 6.2 3.50   NBHW6 811.0 817.0 4.0 5.65 BC1495-5934C-LR NBHW6 832.0 842.0 7.4 2.88   NBHW7 879.1 883.7 3.5 8.49 BC1495-5934B-EX NBHW6 831.0 845.0 9.8 5.00   NBHW7 858.0 884.0 18.6 3.06 BC1495-5934D NBFW4 845.9 864.0 9.4 3.69   NBHW7 1005.0 1015.0 5.9 5.32 All intervals reported uncut and over estimated true widths Drill Hole Collar Highlights Project Hole No. Zone UTM
easting UTM
northing Elevation
(masl)* Azimuth (°) Inclination (°) Drilled Metres Timmins BC1495-5931C Bell Creek 487,266 5,377,949 -1197 159.0 -69.0 363 Timmins BC1495-5934C-LR Bell Creek 487,267 5,377,949 -1198 151.0 -68.2 201 Timmins BC1495-5934B-EX Bell Creek 487,267 5,377,949 -1198 150.9 -68.1 791 Timmins BC1495-5934D Bell Creek 487,267 5,377,949 -1198 151.0 -68.2 669 All intervals reported uncut and over estimated true widths Vogel Project The following table provides infill and exploration drill result highlights from the Vogel Project. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/timmins/. Hole No. Zone From (m) To (m) Int (m) Au g/t V-25-102 Vogel 344.0 358.8 10.5 8.82     372.2 394.0 15.7 2.00 V-25-104 Vogel 383.5 401.0 12.2 2.62 V-25-106 Vogel 479.8 487.3 5.1 6.30 V-26-117A Vogel 367.4 379.1 8.7 3.21     417.5 445.6 19.9 8.11   Incl. 429.3 431.5 1.7 77.74   Also Incl. 429.8 430.3 0.4 233.00 V-26-119 Vogel 388.4 412.1 18.7 1.45     472.5 483.8 9.0 8.73   Incl. 473.0 475.8 2.2 29.33 All intervals reported uncut and over estimated true widths. Drill Hole Collar Highlights Project Hole No. Zone UTM
easting UTM
northing Elevation
(masl)* Azimuth (°) Inclination (°) Drilled
Metres Timmins V-25-102 Vogel 488,476 5,377,086 288 1.3 -56.5 502 Timmins V-25-104 Vogel 488,561 5,377,046 287 2.7 -60.4 610 Timmins V-25-106 Vogel 488,593 5,377,043 287 1.3 -61.2 627 Timmins V-26-117A Vogel 488,465 5,377,049 288 1.9 -58.7 559 Timmins V-26-119 Vogel 488,465 5,376,997 287 6.7 -59.1 610 *metres above sea level Samson Project The following table provides infill and exploration drill result highlights from the Samson Project. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/timmins/. Hole No. Zone From (m) To (m) Int (m) Au g/t HWY-15-140W4 Samson 1026.0 1030.0 3.8 2.14 HWY-15-148A Samson 949.0 959.8 10.3 1.94 HWY-24-199A Samson 643.0 646.0 2.8 4.54   incl. 644.0 644.8 0.8 11.70 HWY-25-200A Samson 803.7 809.3 5.6 2.65 All intervals reported uncut and over estimated true widths. Drill Hole Collar Highlights Project Hole No. Zone UTM
easting UTM
northing Elevation
(masl)* Azimuth (°) Inclination (°) Drilled Metres Timmins HWY-15-140W4 Samson 456,855 5,356,787 316 130.0 -65.1 1021 Timmins HWY-15-148A Samson 456,837 5,356,598 318 127.0 -65.0 579 Timmins HWY-24-199A Samson 456,780 5,356,182 318 126.2 -66.9 459 Timmins HWY-25-200A Samson 456,939 5,356,575 319 127.3 -56.4 536 *metres above sea level Gold River Project The following table provides infill and exploration drill result highlights from the Gold River Project. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/timmins/. Hole No. Zone From (m) To (m) Int (m) Au g/t TH-17-164 Gold River 172.1 181.9 7.5 66.87 TH-18-202A Gold River 834.5 839.5 3.4 21.71 TH-18-225 Gold River 386.0 388.5 2.0 107.62   incl. 386.6 386.9 0.2 896.00 TH-18-228 Gold River 244.9 265.4 14.7 5.85 All intervals reported uncut and over estimated true widths. Drill Hole Collar Highlights Project Hole No. Zone UTM
easting UTM
northing Elevation
(masl)* Azimuth (°) Inclination (°) Drilled Metres Timmins TH-17-164 Gold River 461,121 5,355,383 316 180.0 -57.2 450 Timmins TH-18-202A Gold River 461,731 5,355,521 313 174.1 -79.0 723 Timmins TH-18-225 Gold River 462,079 5,355,164 318 175.8 -61.0 400 Timmins TH-18-228 Gold River 462,110 5,355,180 316 178.2 -64.1 400 *metres above sea level General Notes with Respect to Technical Information Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Limited assay laboratory in Vancouver, BC, or Rouyn-Noranda, QC, Activation Laboratories Ltd. in Timmins, ON, or SGS Canada Inc. laboratory in Cochrane, ON. These labs operate a full preparation and fire assay, and one or more of atomic absorption, gravimetry, and ICP-OES analysis. Fire assay with atomic absorption finish is conducted on a 50 gram aliquot taken from the pulp. For over-limit assay values (>10.0 g/t gold), another 50 gram aliquot is used for fire assay with gravimetric finish. All labs are independent of Pan American and accredited by ISO/IEC 17025:2017. Pan American implements a quality assurance and quality control ("QAQC") program including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to Actlabs and NMAL demonstrate acceptable accuracy and precision. The Qualified Persons have verified the data disclosed in this news release and they are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. 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. See the Company's Annual Information Form dated February 18, 2026, available at www.sedarplus.ca, or the Company's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC"), for further information concerning QAQC and data verification matters, 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. Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Wright, P. Geo., Vice President Mineral Resource Management, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Pan American 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 US Investors This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. 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 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. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. About Pan American Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the operating Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com Follow us on LinkedIn Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release 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 news release relate to, among other things: the extent of, and success related to any future exploration or development programs, including with respect to the Whitney project; the anticipated scope, timing, cost and benefits of the Timmins Camp Project, including the Bell Creek Project; expectations regarding exploration drilling; the development of a district-scale integrated mine plan, including potential production growth; the timing and advancement of planned drilling at Timmins; the advancement of the Samson project exploration drift; the advancement of metallurgical and engineering studies for the Gold River deposit; the anticipated advancement of engineering studies, mine planning and metallurgical and economic studies, including any preliminary economic analysis; expected metallurgical performance and proposed processing alternatives, including flotation and pressure oxidation for refractory mineralization; potential third-party ore sources and processing arrangements; the timing and results of updated mineral resource estimates and mineral resource conversion activities; the development, integration and potential production contribution of the Vogel, Samson, Gold River and other satellite deposits; the anticipated timing of the preliminary economic analysis for the Timmins development plan; and plans to report our annual mineral reserve and mineral resource as at June 30, 2026. 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; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and 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; the timely advancement of the Timmins Camp Project, including the Bell Creek Project and the development of the Vogel, Samson and Gold River projects; the accuracy and reliability of exploration results and geological interpretations; continuity, grade and geometry of mineralization at depth and along strike; the ability to convert inferred mineral resources to higher confidence categories and ultimately to mineral reserves; the ability to complete planned underground development, including shaft extensions and exploration drifts, on schedule and within budget; the suitability and capacity of existing infrastructure, including the Bell Creek processing plant; metallurgical test results being consistent with current expectations; 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 properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; 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 news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: 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 (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); 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; risks related to taxation; 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; risks related to the advancement and execution of the phased development plan at Timmins; risks that exploration results are not indicative of future mineral resources or reserves; that inferred mineral resources may not be converted to higher confidence categories; risks of delays, cost overruns or technical challenges in connection with the Timmins Camp Project, including the Bell Creek Project, and underground development activities; risks that economic studies do not demonstrate viability; risks to anticipated timelines for development, studies, or production; 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; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601510653/en/ For more information:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com Original: Pan American Silver Provides Exploration Update for its Timmins Operations; Advances Plans for Potential Production Growth and Mine Life Extension

Pan American Silver Releases 2025 Sustainability ReportMay 27, 2026 5:18 PM
Business Wire Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today released its 2025 Sustainability Report (the "Report"), highlighting the Company's approach and performance in key environmental, social and governance ("ESG") areas. Spanish and Portuguese versions of the Report will be available shortly. Highlights of Pan American's 2025 ESG performance include: Surpassed the annual greenhouse gas emissions ("GHG") reduction target, which keeps the Company on track to reduce its global Scope 1 and 2 GHG emissions by at least 30% by 2030(1). Increased the International Renewable Energy Certificates (iRECs) coverage to six mine sites, adding El Peñon, Jacobina and Shahuindo in 2025. Rehabilitated 62 hectares of land on- and off-site across our operations, exceeding the Company’s annual biodiversity goal. Invested US$20.4 million in community programs, including three new local economic development initiatives, while also continuing to focus on health and education programs. Achieved 95% retention of women employees, while continuing to implement initiatives to support workforce inclusion and diversity. Assessed 529 critical suppliers(2) through our enhanced due diligence process. Completed external verification of Towards Sustainable Mining (TSM) performance at El Peñon, Jacobina and Timmins. Concluded a three-year implementation process of the World Gold Council’s Responsible Gold Mining Principles(3) (RGMP) at our gold mining operations. The Report outlines Pan American’s 2026 sustainability goals and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard. The Report also includes information aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) framework. This Report marks the 16th annual Sustainability Report published by Pan American, underscoring the Company's long-standing commitment to transparent sustainability disclosure. For more information on Pan American’s sustainability efforts and to access all reports, visit https://www.panamericansilver.com/sustainability/ Pan American is a constituent of the Dow Jones Best in Class (DJ BIC) North America Index. Pan American’s sustainability performance in 2025 was recognized by S&P Global, including the Company in the DJ BIC North America Index. The DJ BIC are float-adjusted market capitalization weighted indices that track equity markets while applying a sustainability best-in-class selection process. Pan American’s inclusion in this index reflects the Company's continuous improvement in sustainability performance and its commitment to responsible mining. Pan American was also included in the S&P Global Sustainability Yearbook 2026, selected from over 9,200 companies across 59 industries. The Company ranks in the top 5% of the Metals & Mining industry based on our sustainability performance. From our updated 2019 baseline GHG emissions projections. "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) the supplier’s potential impact on the continuity of our operations. The Responsible Gold Mining Principles establish clear expectations for consumers, investors and the downstream gold supply chain regarding responsible gold mining. About Pan American Silver Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com Follow us on LinkedIn Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release 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 news release relate to, among other things: the anticipated reduction of the Company’s global Scope 1 and 2 GHG emissions by at least 30% by 2030, and the Company’s 2026 sustainability goals. These forward-looking statements and information reflect the current views of Pan American 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, and such uncertainty generally increases with longer-term forecasts and outlook. These assumptions include: Pan American’s ability to continue to achieve its GHG emissions reduction objectives and to achieve its sustainability goals, and the timing for any such achievements; future changes in the environment and climate that may be unanticipated and the impacts on our business, availability of funds for Pan American’s projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; 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 properties and the surface rights necessary for our operations and activities; and our ability to comply with environmental, health and safety, and other laws. The foregoing list of assumptions is not exhaustive. Forward-looking statements and information involve many known and unknown risks, uncertainties and other factors that could cause actual results or performance to be materially different from the results or performance that are or may be expressed or implied by such forward-looking statements or information, including, but not limited to, factors, such as: metal price fluctuations, fluctuation in the costs of energy, labour, materials and other inputs, fluctuations in currency markets and exchange rates, operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, and severe weather events); risks relating to the credit worthiness, financial condition or business practices 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; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, as well as other legal or economic developments, in the jurisdictions where we may carry on business; and those factors identified under the heading “Risks Related to Our Business” in Pan American’s most recent Form 40-F and Annual Information Form filed with the U.S. Securities and Exchange Commission and with Canadian provincial securities regulatory authorities, respectively. Pan American has attempted to identify important factors, but there may be other factors that cause results not to be as anticipated, estimated, intended or described. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements and information. Pan American does not intend, nor assume, any obligation to update or revise forward-looking statements and information except to the extent required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526313418/en/ For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com Original: Pan American Silver Releases 2025 Sustainability Report

Cassiar District Polymetallic System Funded For 2026 Drilling Inside Tightening Silver MarketMay 21, 2026 11:30 AM
PR Newswire (Canada) Issued on behalf of GoldHaven Resources Corp.Approximately C$3.2 million in flow-through plus a C$5.0 million LIFE Offering, a 1,741 line-km airborne magnetic survey scheduled for June, a permit application in process, and three priority drill zones across 37,204 hectares — all dropping into the silver-Pb-Zn-W-In repricing trade now reshaping the broader silver producer universeVANCOUVER, BC, May 21, 2026 /CNW/ -- Equity Insider News Commentary — Silver prices have stayed bid through the first half of 2026 inside a structural setup that has rewarded both the established silver producer cohort and the development-stage explorers carrying differentiated geological signatures. The investment thesis is not subtle: the silver industry's supply response to multi-year price strength has been visibly constrained, and the development-stage projects with high-grade ore, multi-mineralization-style optionality, and tight catalyst calendars have been the cleanest beneficiaries of the institutional re-rating. Inside that environment, GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) is positioning a district-scale British Columbia polymetallic system — the Magno Project — directly into the broader silver-Pb-Zn-W-In repricing trade. Magno spans approximately 37,204 hectares in the Cassiar District of northwestern British Columbia and hosts a large intrusion-related hydrothermal system including copper-gold, silver-lead-zinc, tungsten-skarn, and critical-mineral mineralization.[1] Property-wide geological mapping, sampling, and geochemical analysis define a classic porphyry-related metal zonation pattern, supporting interpretation of a large mineralizing system with stacked deposit environments and strong structural controls.[1]Equity Insider financial group has a in-depth report on Goldhaven which can be viewed here: Equity Insider report on GoldHaven Resources Corp.The 37,204-Hectare Land Position, And The Three Priority Drill ZonesOn February 27, 2026, GoldHaven closed a Title Transfer Agreement to acquire a 100% interest in five contiguous mineral claims totalling 231.362 hectares in the Cassiar District, bringing the consolidated Magno land position to 37,204 hectares.[1] President & CEO Rob Birmingham framed the strategic logic: "Expanding Magno beyond 37,000 hectares further strengthens our control over what we interpret to be a large, zoned, intrusion-related polymetallic system. The confirmation of high-grade silver-lead-zinc mineralization, extensive tungsten-skarn development, elevated copper within intrusive rocks, and strong bismuth-tellurium pathfinder anomalies supports this interpretation."[1]On April 1, 2026, GoldHaven submitted its permit application to the British Columbia Ministry of Mines for the 2026 drill program at Magno, with drill targeting underway for three priority zones: the Magno Zone, the Kuhn Zone, and the D Zone.[2] Recent and historical results from across the property include up to 2,370 g/t Ag, >20% Pb, 19.25% Zn, 6,550 ppm W and 334 ppm In — a grade range that places Magno among the higher-grade undeveloped polymetallic systems in the broader Cassiar District.[2] In parallel, GoldHaven is constructing a comprehensive 3D geological model integrating historical drilling, surface sampling, and geophysical datasets across the property, with the work expected to significantly enhance drill targeting and define additional priority zones.[2]The Dias Airborne Survey: A First Modern Property-Wide Geophysical DatasetOn April 15, 2026, GoldHaven announced it had engaged Dias Airborne Limited to complete a 1,741 line-kilometre high-resolution airborne magnetic survey across the 100%-owned Magno Project.[3] The survey is expected to commence in June 2026, with an anticipated 14-day duration, and will be flown at 100 metre line spacing over the Company's priority target corridors, highlighting the Magno Zone, Kuhn Zone, and D Zone.[3] This marks the first modern geophysical survey completed over the consolidated Magno land package.[3]Equity Insider financial group has a in-depth report on Goldhaven which can be viewed here: Equity Insider report on GoldHaven Resources Corp.GoldHaven selected Dias based on the strong geological analogy between Magno's near-surface CRD (carbonate replacement deposit) and adjacent porphyry-style mineralization and the geophysical success achieved at Hercules Metals Corp.'s Leviathan discovery in Idaho.[3] The airborne survey is designed to strengthen GoldHaven's understanding of the Project's structural architecture, intrusive contacts, and alteration corridors across multiple prospective mineralized systems.The resulting high-resolution dataset will be integrated into the Company's evolving 3D geological model, which combines newly generated data with extensive historical exploration records to refine and prioritize 2026 drill targets.[3] The Company is also evaluating a potential follow-on ground-based 3D induced polarization (IP) survey to further enhance subsurface targeting in advance of drill mobilization.[3] The technical and scientific information in the April 15 release was reviewed and approved by Raymond Wladichuk P.Geo., a non-independent Qualified Person under NI 43-101 and a consultant of the Company.[3]The Funding Stack: Approximately C$4.0 Million Into 2026 DrillingGoldHaven's 2026 financing architecture has been built around the drill program. On May 7, 2026, the Company announced that it had increased the size of its previously announced flow-through non-brokered financing to gross proceeds of up to C$1,200,000, citing strong investor demand.[4] Combined with flow-through financing completed earlier in 2026, total flow-through proceeds raised by the Company in 2026 reach approximately C$3.2 million.[4] The additional capital further strengthens the Company's fully funded 2026 exploration program at Magno and is expected to support an expanded drill campaign targeting a large-scale, multi-phase mineral system with significant silver and critical metals exposure.[4]On April 30, 2026, GoldHaven announced a separate C$5.0 million LIFE Offering at C$0.25 per Unit, with each Unit consisting of one common share and one half of one common share purchase warrant, with each Warrant entitling the holder to purchase a Common Share at C$0.35 from the 62nd day after issuance until 24 months following closing.[5] Combined with the recently completed flow-through financing, the LIFE Offering is expected to fully fund and expand the Company's 2026 drill program at Magno.[5]The Offering is conducted under the Listed Issuer Financing Exemption under National Instrument 45-106. The net proceeds are intended for advancement of the Magno Project (permitting, geophysics, drill targeting, continued and expanded diamond drilling), continued and follow-up drilling at the Copeçal Gold Project in Mato Grosso, Brazil, and general working capital.[5]The drilling program is expected to grow beyond the initial approximately 5,000 metres, with flexibility to expand based on results.[4] The Company has directed approximately C$4.0 million of 2026 capital toward the Magno Project, with continued diamond drilling, follow-up drilling, and target advancement also planned for Copeçal.[5] Birmingham framed the financing context: "At Magno, we are now fully funded to execute and expand a significant 2026 drill program across multiple high-priority zones, while continuing to build on the strong initial drilling success at Copeçal. We believe this dual-track approach provides shareholders with near-term discovery potential and longer-term growth across two highly prospective districts."[5]The Multi-Project Footprint And The Brazilian Critical-Mineral OptionalityBeyond the Magno flagship, GoldHaven owns the Three Guardsmen copper-gold project in British Columbia, exhibiting significant potential for copper and gold-skarn mineralization.[1] The Company also owns the Copeçal Gold Project in Mato Grosso, Brazil — a drill-ready gold project with a 6-kilometre strike of anomalous gold in soil samples.[1] In addition, the Company holds a portfolio of critical mineral projects in Brazil: Bahia South, Bahia North, and Iguatu — extensive tenement packages totalling 123,900 hectares.[1] The combined footprint gives GoldHaven exposure across three distinct theses simultaneously: a district-scale BC polymetallic and tungsten-skarn system inside the broader silver and critical-minerals investment trade, a North-South-American gold development pipeline, and a Brazilian critical-mineral package inside the broader Western critical-minerals reshoring environment.How GoldHaven Sits Inside The Silver Producer And Polymetallic UniversePan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) is one of the largest publicly listed primary silver producers in the world, with operations across the Americas spanning silver, gold, and base-metals byproducts. Pan American's portfolio represents the institutional-scale producer comparable for what mature silver-polymetallic operations look like inside the current silver and base-metals macro — and contextualizes the kind of multi-decade resource base a district-scale system like Magno could ultimately host. The comparable framework that Pan American provides matters because its multi-mine portfolio includes silver-base-metals operations geologically analogous to the kind of polymetallic system GoldHaven is now drilling at Magno.MAG Silver Corp. (NYSE-A: MAG) (TSX: MAG) is a publicly listed primary silver developer with a focus on the Juanicipio property in Mexico — a 44%-owned joint venture with Fresnillo plc. MAG Silver's institutional positioning combines silver-development-stage exposure with a high-grade Mexican operating environment, providing one of the cleanest comparables for the kind of public-market valuation a high-grade silver-polymetallic developer-stage asset can attract once geological scale is established. MAG represents the directly comparable category of mid-cap silver-focused name that has been actively repriced inside the broader silver macro across 2025 and 2026.First Majestic Silver Corp. (NYSE: AG) (TSX: AG) is a primary silver producer with operations across Mexico, providing one of the more directly comparable silver-producer profiles inside the public market for a polymetallic system like Magno. First Majestic's multi-mine operating footprint, with exposure across the silver-lead-zinc and silver-gold polymetallic mineralization styles, provides the producer-end comparable framework that contextualizes the kind of multi-asset, multi-mineralization-style operating profile that a fully developed Magno-style district-scale system could ultimately support.Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM) is a primary silver producer with a focus on high-margin underground silver-lead-zinc operations in China, alongside a recent expansion of its development pipeline through asset transactions in the Americas. Silvercorp represents the institutional comparable for the silver-lead-zinc mineralization style specifically — exactly the geological category of the Magno system — and provides one of the cleanest references for how silver-Pb-Zn polymetallic producers are currently valued inside the broader silver and base-metals market. Silvercorp's exposure across the silver-Pb-Zn category gives the most directly geologically analogous comparable framework for the kind of resource economics a fully developed Magno deposit could ultimately carry.Across all four comparables, the recurring pattern is unmistakable: 2026 has been the year the silver-polymetallic producer and developer universe has been repriced inside a structurally tight silver pricing environment and a growing institutional appetite for high-grade polymetallic exposure. GoldHaven sits at the early-development end of that spectrum with a district-scale BC polymetallic system, a permit application in process, a property-wide airborne magnetic survey lined up, and approximately C$4.0 million in 2026 capital directed toward Magno drilling — offering small-cap exposure to a multi-zone, multi-mineralization-style polymetallic system at a market capitalization that does not yet reflect the breadth of the consolidated land package.The Window AheadGoldHaven's near-term catalyst window is dense. The 2026 drill program permit application is in process with the British Columbia Ministry of Mines.[2] The Dias Airborne 1,741 line-km magnetic survey is scheduled to commence June 2026 with a 14-day expected duration.[3] A potential follow-on ground-based 3D IP survey is under evaluation.[3] The 3D geological model integrating historical drilling, surface sampling, and geophysical datasets is being constructed in parallel.[2] The 2026 drill program is expected to expand beyond an initial approximately 5,000 metres at Magno, with approximately C$4.0 million in total capital directed toward Magno across the year.[4][5] Continued diamond drilling at Copeçal in Brazil provides a second catalyst sequence inside the same year.[5]For investors looking at small-cap exposure to a district-scale Western North American polymetallic system with multi-mineralization-style optionality — silver-lead-zinc, tungsten-skarn, copper-gold, critical-minerals — GoldHaven offers a Cassiar-District-located, 37,204-hectare, fully funded 2026 drill program with explicit geological analogy to the Hercules Metals Leviathan discovery model. The next reads on whether the geological model converts into drill-stage validation arrive across the back half of 2026 — starting with the airborne magnetic survey results in June and the initial drill program results across Q3 and Q4.Equity Insider financial group has a in-depth report on Goldhaven which can be viewed here: Equity Insider report on GoldHaven Resources Corp.Contact
Equity Insider
info @therooster-2873 Article Sources[1] https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2776-cse/goh/198386-goldhaven-expands-magno-project-to-over-37-200-hectares-with-strategic-cassiar-claims-acquisition.html[2] https://www.globenewswire.com/news-release/2026/04/01/3266615/0/en/GoldHaven-Advances-2026-Drill-Targeting-at-Magno-Permit-Application-Submitted.html[3] https://www.bnnbloomberg.ca/press-releases/2026/04/15/goldhaven-launches-district-scale-airborne-survey-at-magno-to-support-2026-drilling/[4] https://www.manilatimes.net/2026/05/07/tmt-newswire/globenewswire/goldhaven-upsizes-flow-through-financing-to-up-to-12-million-on-strong-demand-to-expand-2026-drill-program-at-magno/2338424[5] https://goldhavenresources.com/news/goldhaven-announces-c-5.0m-life-offering-to-advance-magno-and-cope%C3%A7al-projectsDISCLAIMER NOTICENothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo - https://mma.prnewswire.com/media/2840019/5981573/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/cassiar-district-polymetallic-system-funded-for-2026-drilling-inside-tightening-silver-market-302778330.htmlSOURCE Equity Insider Original: Cassiar District Polymetallic System Funded For 2026 Drilling Inside Tightening Silver Market

Pan American Silver to Host Investor Day on June 1, 2026May 12, 2026 10:10 PM
Business Wire Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will host an Investor Day on Monday, June 1, 2026 in Toronto, Ontario from 1:00 to 4:00 pm ET during which Pan American's executive management team will provide detailed presentations on Pan American's strategy, operations, growth projects and exploration activities. The event will include a question-and-answer session with management. Webcast details: Date: Monday, June 1, 2026
Time: 1:00 pm ET
Registration link: https://reg.lumiengage.com/pan-american-silver-ir-day/reg-en/Site/Register The presentation slides and a recording of the webcast will be available at https://panamericansilver.com/invest/events-and-presentations/. About Pan American Silver Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com
Follow us on LinkedIn View source version on businesswire.com: https://www.businesswire.com/news/home/20260512664367/en/ For more information:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com Original: Pan American Silver to Host Investor Day on June 1, 2026

Pan American Silver Reports First Quarter 2026 Financial Results; Strong Mine Operating Earnings Lead to Record Cash Balance and an Enhanced Shareholder Return FrameworkMay 5, 2026 5:46 PM
Business Wire Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports first quarter ("Q1 2026") financial results. The Company will host a conference call and webcast on May 6, 2026 to discuss the results; details provided further in this news release. "Q1 delivered solid results, driven by strong production, disciplined cost management, and improved quarter-over-quarter silver and gold prices," said Michael Steinmann, President and Chief Executive Officer. "We are firmly on track to achieve our 2026 guidance, supporting continued momentum in free cash flow generation. In Q1, operations generated $488 million in free cash flow, bringing our cash and short-term investments to a record $1.8 billion, including $199 million attributable to our interest in Juanicipio." "Supported by a strong balance sheet and free cash flow, we are well positioned to invest in growth while enhancing shareholder returns. Today, the Board approved an updated capital allocation framework, targeting up to $1 billion in returns in 2026, through increased share repurchases alongside our meaningful dividend increase introduced last quarter, as described in detail in a separate news release issued today," said Mr. Steinmann. "This enhanced framework links shareholder returns to free cash flow while preserving capacity to fund growth, including the expansion of our La Colorada mine. In Q1, we released a revised Preliminary Economic Assessment for the La Colorada Skarn project, highlighting potential annual silver production of more than 19 million ounces during the peak five years from a combination of production from high-grade veins and skarn mineralization, which will make La Colorada one of the largest and lowest cost silver mines in the world. The Board has approved the initial spend of $265 million, out of a total estimated $1.9 billion investment, to begin construction of an internal ramp to access the skarn mineralization, marking a key milestone in advancing this high-quality project." The following highlights for Q1 2026 include certain measures that are not generally accepted accounting principles ("non-GAAP") financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures. Q1 2026 Results: Revenue of $1.2 billion and Attributable(1) revenue of $1.3 billion, inclusive of the Company's 44% ownership share of revenue from Juanicipio. Revenue was reduced by the build up of approximately 644 thousand ounces of silver in inventory due to the timing of concentrate shipments. Net earnings of $456 million, or $1.08 basic earnings per share. Adjusted earnings(2) of $459 million, or $1.09 basic adjusted earnings per share. Cash flow from operations of $505 million (net of $29 million use of cash for working capital). Attributable(1) cash flow from operations of $582 million, inclusive of the Company's 44% ownership share of cash flow from operations from Juanicipio. Attributable(1) free cash flow(2) of $488 million, inclusive of the Company's 44% ownership share of free cash flow from Juanicipio. Production on track to meet 2026 guidance(3). Attributable(1) silver production was 6.44 million ounces and Attributable(1) gold production was 169.2 thousand ounces. Silver Segment all-in sustaining costs ("AISC")(2)(4) were $6.63 per silver ounce, which is lower than the Company's 2026 Quarterly Operating Outlook(3), reflecting the impact of by-product metals from higher gold prices and a greater contribution of low-cost ounces from Juanicipio. Gold Segment AISC(2)(5) were $1,851 per gold ounce, in line with the Company's 2026 Quarterly Operating Outlook(3). Record high cash and cash equivalents and short-term investments of $1.6 billion as at March 31, 2026, excluding $199 million of cash for the Company's 44% interest in Juanicipio, and total available liquidity(2) of $2.4 billion. Total shareholder returns of $101 million through dividends and share repurchases. ENHANCED SHAREHOLDER RETURN FRAMEWORK On May 5, 2026, the Company’s Board of Directors approved an enhanced shareholder return framework (the "Shareholder Return Framework") targeting the return of 35% to 40% of annual Attributable Free Cash Flow(1)(2) to shareholders through a combination of dividends and common share repurchases under Pan American’s NCIB that began on March 6, 2026. Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates returning up to $1 billion to shareholders in 2026. Under the Shareholder Return Framework for 2026, Pan American expects to pay aggregate dividends of $305 million during the year, paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). Excess Attributable Free Cash Flow(1)(2) that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Please see the news release dated May 5, 2026 for further details. A cash dividend of $0.18 per common share, or $76 million in aggregate, with respect to Q1 2026 was declared on May 5, 2026, payable on or about June 1, 2026, to holders of record of Pan American’s common shares as of the close of markets on May 19, 2026. The dividends are eligible dividends for Canadian income tax purposes. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Company’s Board of Directors. On March 6, 2026, the Company renewed its normal course issuer bid (the "NCIB") until March 5, 2027 for the ability to purchase up to 21,090,323 of its common shares for cancellation. In Q1 2026, 460,200 common shares were repurchased for cancellation under the NCIB at an average price of $54.04 per share for a total consideration of $25 million, leaving 20,630,123 common shares available under the current NCIB. (1) References to "Attributable" refer to the Company's ownership share of results, which includes results from the operations that the Company has a 100% interest in, as well as from the operations, specifically Juanicipio and San Vicente, that the Company does not own a 100% interest in. (2) Adjusted earnings, Attributable free cash flow, AISC, working capital and total available liquidity are non-GAAP measures; AISC are presented on an Attributable basis; please refer to the “Alternative Performance (Non-GAAP) Measures” section of this news release for a description of the composition and usefulness of these non-GAAP measures; please also refer to the MD&A for the period ended March 31, 2026, for a detailed reconciliation of these measures to the Q1 2026 Financial Statements. (3) The 2026 Operating Outlook and the 2026 Quarterly Operating Outlook were provided in the Company's MD&A dated February 18, 2026. (4) Silver Segment AISC are calculated net of credits for realized revenues from all metals other than silver and are calculated per ounce of silver sold on an Attributable basis. (5) Gold Segment AISC are calculated net of credits for realized revenues from all metals other than gold and are calculated per ounce of gold sold. PAN AMERICAN SILVER APPOINTS IGNACIO BUSTAMANTE TO ITS BOARD OF DIRECTORS Pan American is pleased to announce that Mr. Ignacio Bustamante was appointed to its Board of Directors at the Company's Annual and Special Meeting of Shareholders held on April 30, 2026. Mr. Bustamante is the Head of Base Metals for Appian Capital Advisory, based in London. Prior to joining Appian, Mr. Bustamante was CEO and Board Member of Hochschild Mining Plc ("Hochschild") in Lima, Peru (2010-2023), having occupied other positions in Hochschild before his appointment, including as Chief Operating Officer (2008-2010) and General Manager of its Peruvian Operations (2007-2008). Before that, Mr. Bustamante was President of Zemex Corporation (USA), and Chief Financial Officer of Cementos Pacasmayo (Peru). Mr. Bustamante is currently on the Board of Antofagasta plc, and previously held Board positions with Hochschild, Aclara Resources (TSX), Lake Shore Gold (TSX), Scotiabank Peru, Profuturo AFP, Colegio Roosevelt, among others. Mr. Bustamante holds a B.S. in Business and Accounting from Universidad del Pacifico (Peru), and an MBA from Stanford University (USA). PROJECT UPDATES In Q1 2026, the Company invested $27 million of project capital at the following operations: Juanicipio, La Colorada, Jacobina, Huaron, Timmins, Cerro Moro and Shahuindo. Progress achieved on the main projects during Q1 2026 is described below. La Colorada, Mexico In addition to continued exploration drilling of the La Colorada vein mine, the Company invested $8 million of project capital on the La Colorada Skarn Project in Q1 2026, largely for exploration and in-fill drilling and advancing engineering work. The Company announced the results of a revised Preliminary Economic Assessment (“Revised PEA”) for the future development of the 100% owned La Colorada property on March 24, 2026. The Revised PEA includes a portion of the mineral resources from the La Colorada vein mine, mainly comprised of inferred mineral resources, as well as high-grade portions of the skarn deposit mineral resources. The Revised PEA envisions combining development of the newly identified silver mineral resource in the eastern Candelaria area of the existing La Colorada mine concurrently with the higher grade portions of the skarn deposit, using conventional long-hole open stoping, and the construction of a new, 15,000 tonnes per day plant (the “La Colorada Skarn Project”). Production from the existing La Colorada vein mineral reserves would continue throughout construction, commissioning and well into the operation of the La Colorada Skarn Project, resulting in an overall expansion of La Colorada (collectively, the “Expanded La Colorada Mine”). The Expanded La Colorada Mine is anticipated to significantly increase silver production, averaging 19.1 million ounces annually during the peak five years following construction and ramp-up, and extend mine life. The Company anticipates that it will release an updated technical report within 45 days of the March 24, 2026 news release. On April 27, 2026, the Company’s Board of Directors approved $265 million of project capital to be spent over the next five years to complete one of the critical path works of developing a decline to access the skarn deposit that will be initiated from the existing vein mine 588RL drift (approximately 588 metres below surface) (the "588 Decline Project"). The 588 Decline Project primarily involves 12.4 kilometres of decline and required ancillary development to access the three Skarn deposits (901, 902, and 903), provide development for ventilation and to ultimately connect to the bottom of an "East Hoisting Shaft" at approximately 1,350 metres below surface, which would be sunk within the same period. In addition, the 588 Decline Project will include installation of strategically staged dewatering pump stations and necessary power supply that will form a key part of the life-of-mine dewatering and power supply needs for the entire mine. 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, an increase of $45 million from the original $47 to $50 million guidance disclosed in Pan American's MD&A dated February 18, 2026. In addition to the 588 Decline Project, the Company will continue advancing engineering to allow for staged approvals of other critical path items to achieve the production timeline presented in the Revised PEA. Jacobina, Brazil In Q1 2026, project capital of $12 million was focused on enhancing infrastructure and making certain plant improvements, while advancing studies for overall long-term operational optimizations. The key project advances during Q1 2026 included: construction of two new carbon-in-pulp tanks, improvements to the tailings pump system, engineering for upgrading the main substation and motor control center, and further exploration in-fill drilling activities directed towards expanding the mineral reserve and mineral resource base. In addition, the process plant optimization program, focused on streamlining and simplifying the process plant flow sheet, is progressing through conceptual engineering. A significant evaluation of this intensive brownfield project is being undertaken to develop an approach to upgrade the existing process plant circuitry and remove obsolete equipment in isolated stages to avoid significant disruptions to ongoing operations. Meanwhile, a filtration plant, filtered tailings stack, and temporary mine paste backfill preparation plant are being evaluated independently of the process plant upgrade projects. The conceptual engineering phase of these projects is nearing completion and will advance into detailed engineering over the next few months. Escobal, Guatemala The government of Guatemala continued to hold meetings for the Escobal ILO 169 consultation process. The Ministry of Energy and Mines ("MEM") has not provided a schedule to conclude the consultation process, but has indicated that it held several meetings with the Xinka Parliament in preparation for further bilateral meetings between government institutions and the Xinka Parliament. Members of the Xinka Parliament and the MEM visited the Escobal mine in March 2026 to conduct another inspection of ongoing care and maintenance activities and to confirm compliance with the court-ordered suspension. There is currently no date for a restart of operations at the Escobal mine. CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS     March 31,
2026 March 31,
2025 Weighted average shares during period (thousands)     421,849     362,408   Shares outstanding end of period (thousands)     421,424     362,190               Three months ended March 31,   Unit   2026     2025   FINANCIAL       Revenue $M $ 1,154   $ 773   Net earnings $M $ 456   $ 169   Basic earnings per share(1)(2) $/share $ 1.08   $ 0.47   Adjusted earnings(2) $M $ 459   $ 153   Basic adjusted earnings per share(1)(2) $/share $ 1.09   $ 0.42   Cash flow from operations $M $ 505   $ 177   ATTRIBUTABLE FINANCIAL(3)       Revenue $M $ 1,332   $ 771   Cash flow from operations $M $ 582   $ 176   Sustaining capital expenditures(4) $M $ (94 ) $ (62 ) Free cash flow(2) $M $ 488   $ 114   ATTRIBUTABLE PRODUCTION(3)       Silver Production koz   6,435     5,003   Gold Production koz   169.2     182.2   Zinc Production kt   15.2     14.0   Lead Production kt   7.9     6.7   Copper Production kt   0.7     0.6   AISC(2)(3)       Silver Segment $/Oz $ 6.63   $ 13.88   Gold Segment $/Oz $ 1,851   $ 1,485   AVERAGE REALIZED PRICES(5)       Silver $/Oz $ 89.43   $ 31.25   Gold $/Oz $ 4,859   $ 2,868   Zinc $/t $ 3,750   $ 2,819   Lead $/t $ 2,076   $ 1,974   Copper $/t $ 14,496   $ 9,287   (1) Per share amounts are based on basic weighted average common shares. (2) Non-GAAP measure; please refer to the “Alternative Performance (Non-GAAP) Measures” section of this news release for a description of the composition and usefulness of these non-GAAP measures; please also refer to the MD&A for the period ended March 31, 2026, for a detailed reconciliation of these measures to the Q1 2026 Financial Statements.. (3) Attributable financial, production and 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. Pan American uses the equity method to account for its interest in Juanicipio, as presented in the Company's Q1 2026 Financial Statements under Note 7 "Investment in Juanicipio". (4) As included in the AISC reconciliation of payments for mineral properties, plant and equipment and sustaining capital, inclusive of Pan American's 44.0% interest in the Juanicipio mine and reduced for Pan American's non-controlling 5.0% interest in the San Vicente mine. (5) Metal prices stated are inclusive of final settlement adjustments on concentrate sales. 2026 OPERATING OUTLOOK Based on production and costs to date, the Company reaffirms its 2026 Operating Outlook for silver and gold production, zinc, lead and copper ("base metal") production, Silver Segment and Gold Segment AISC, and sustaining capital expenditures, as provided in the Company's MD&A dated February 18, 2026. Following the release of a revised Preliminary Economic Assessment for the La Colorada Skarn Project in Q1 2026, the Company now anticipates spending between $92 to $95 million in 2026 to advance the La Colorada Skarn Project, an increase of $45 million from the original $47 to $50 million guidance, as described in the "Project Updates" section, thus is increasing full year consolidated project capital expenditures to be between $240 and $255 million from the original $195 to $210 million guidance. The Company reiterates its production and cost guidance, but now expects gold production to be more heavily weighted to the fourth quarter of 2026 than originally indicated in its 2026 Quarterly Operating Outlook, as some production from the second quarter is expected to be deferred to the fourth quarter. Please see Pan American's MD&A dated February 18, 2026, for further detail on the Company's 2026 Operating Outlook, including the original breakdown of the 2026 Operating Outlook by quarter. Please also refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release.   2026 Annual Guidance Attributable Silver Production (million ounces) 25 - 27 Attributable Gold Production (thousand ounces) 700 - 750 Silver Segment AISC(1) ($ per ounce) 15.75 - 18.25 Gold Segment AISC (1) ($ per ounce) 1,700 - 1,850 Sustaining Capital Expenditures ($ millions) 320 - 340 Project Capital Expenditures ($ millions) 240 - 255 (1) AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of this MD&A 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"). AISC, Cash Costs, adjusted earnings, basic adjusted earnings per share, sustaining and project capital, Attributable revenue, Attributable cash flow from operations, Attributable free cash flow, and working capital are non-GAAP financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. This news release should be read in conjunction with Pan American's Audited Consolidated Financial Statements and our MD&A for the year ended March 31, 2026. This material is available on Pan American’s website at https://panamericansilver.com/invest/financial-reports-and-filings/ on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. CONFERENCE CALL AND WEBCAST Date: Wednesday, May 6, 2026
Time: 8:00 am ET (5:00 am PT)
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tTx2MVcP Upon registration, dial-in details will be displayed on screen and emailed as a calendar booking. Those unable to register may join the call by dialing: 1-833-752-3507 (toll-free in Canada and the U.S.)
1-647-846-7282 (international participants)
Web Phone https://hd.choruscall.com The live webcast and presentation slides will be available at https://panamericansilver.com/invest/events-and-presentations/. An archive of the webcast will also be available for three months. About Pan American Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS." Learn more at panamericansilver.com
Follow us on LinkedIn Alternative Performance (Non-GAAP) Measures In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include: Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods. Attributable revenue, Attributable cash flow from operations, and Attributable free cash flow. Any reference to "Attributable" in this news release 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. Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders. AISC. Any reference to “AISC” in this news release should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of impact from by-product metals (respectively, the "Silver Segment AISC" or "Gold Segment AISC"), presented on an Attributable basis. Pan American believes that AISC, calculated net of by-products, is a more comprehensive measure of the cost of operating our consolidated business, given it includes the cost of replacing silver and gold ounces through exploration, the cost of ongoing capital investments at current operations ("sustaining capital"), as well as other items that affect the Company’s consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan ("project capital"). Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate whether Pan American is able to meet its current obligations using its current assets. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid financial resources available to the Company. Project capital refers to investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan. Project capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate capital investments that are directed at increasing production levels or mine life beyond those contemplated in the base case life-of-mine plan. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the period ended March 31, 2026 for a more detailed discussion of these and other non-GAAP measures and a detailed reconciliation of these measures to the 2026 Annual Financial Statement. Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release 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 news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2026, our estimated AISC, and our sustaining and project capital expenditures in 2026; any anticipated benefits resulting from project capital expenditures; the anticipated dividend payment date of March 13, 2026; Juanicipio's expected contributions, including with respect to free cash flow, silver production, and a decrease in Silver Segment AISC; the development of the La Colorada Skarn, including the proposed phased approach and discussions regarding a potential partnership, and any anticipated benefits to be derived therefrom; expectations regarding the release of an updated technical report in the second quarter of 2026 to include a preliminary economic assessment of the phased development approach for the Skarn project; expectations regarding the ILO 169 consultation process with respect to Escobal; 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: the impact of inflation and disruptions to the global, regional and local supply chains; 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; ore grades and recoveries; capital, 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; 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 news release 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 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, such as the Mexican peso ("MXN"), Peruvian sol ("PEN"), Argentine peso ("ARS"), Bolivian boliviano ("BOB"), Canadian dollar ("CAD"), Chilean peso ("CLP") and Brazilian real ("BRL") versus the United States dollar ("USD"); 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; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company 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 attributing undue certainty or 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. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504310693/en/ For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com Original: Pan American Silver Reports First Quarter 2026 Financial Results; Strong Mine Operating Earnings Lead to Record Cash Balance and an Enhanced Shareholder Return Framework

Pan American Silver Targets Up to $1 Billion in Shareholder Returns in 2026 Through Enhanced Shareholder Return FrameworkMay 5, 2026 5:39 PM
Business Wire Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today announced an enhanced shareholder return framework (the "Shareholder Return Framework") targeting the return of 35% to 40% of annual Attributable Free Cash Flow(1)(2) to shareholders through a combination of dividends and common share repurchases under Pan American’s normal course issuer bid that began on March 6, 2026 (the "NCIB"). Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates being able to return up to $1 billion to shareholders in 2026. “The enhanced Shareholder Return Framework underscores our long-standing commitment to balancing financial strength and investment in growth while providing meaningful shareholder returns,” said Michael Steinmann, President and Chief Executive Officer. “With a record liquidity position at the end of March 2026 and strong free cash flow generation, we are well positioned to support our organic growth pipeline while increasing shareholder returns. By accelerating share repurchases, we aim to drive long-term per-share value, increase each shareholder’s exposure to our high-quality portfolio, and grow the dividend per common share over time.” Under the Shareholder Return Framework for 2026, Pan American expects to pay aggregate dividends of $305 million during the year, paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). Excess Attributable Free Cash Flow(1) that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Repurchased common shares will be cancelled, thereby reducing the number of outstanding common shares of Pan American and enhancing the per-share value. As shares are repurchased and cancelled, the dividend per common share is expected to increase over time to achieve the expected aggregate dividend amount during the year. 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. A Disciplined Approach to Capital Allocation The Company’s capital allocation priorities are: Sustaining Capital and Operational Excellence Continued investment in Pan American’s long-life assets across the Americas to ensure safe, reliable, and efficient operations. Ongoing brownfield exploration supports reserve replacement and mine life extension. Financial Strength and Balance Sheet Flexibility Maintaining a strong balance sheet and ample liquidity to support resilience through market cycles and preserve strategic flexibility. High-Return Organic Growth Investments
Advancing a pipeline of high-quality projects, including: The La Colorada Skarn Project, expected to enhance long-term silver production, margins, and free cash flow. The optimization and potential expansion of the long-life Jacobina mine, which hosts our largest gold mineral reserves and resources. The extension of the shaft at Bell Creek as well as advancing exploration opportunities to extend and expand production at Timmins. Shareholder Returns
An enhanced Shareholder Return Framework that: Provides a base annualized dividend of approximately $305 million for 2026, delivering consistent returns. Pan American has raised the dividend three times over the course of 2025, with the last quarterly dividend declared on May 5, 2026 of $0.18 per common share, representing one of the most attractive dividend payouts amongst primary silver producers. Allocates excess free cash flow to share repurchases, thereby reducing the number of Pan American’s outstanding common shares and driving long-term value per common share by increasing each shareholder’s ownership in the Company’s world-class asset base and improving per-share metrics. Grows the dividend per share by reducing the number of Pan American common shares outstanding through ongoing share repurchases under the NCIB program. Built on a Strong and Distinctive Foundation Pan American’s approach to capital allocation is supported by: Leading silver exposure with the largest silver mineral reserves amongst primary silver producers, offering direct leverage to prices. Strong free cash flow generation, driven by disciplined cost management and operational performance. Attributable Free Cash Flow(1)(2) was $488 million in the first quarter of 2026, inclusive of our expected 44% share from Juanicipio’s free cash flow. A robust balance sheet and liquidity position, providing flexibility across commodity cycles. As at March 31, 2026, Pan American reported record cash and short-term investments of $1.6 billion, excluding $199 million of cash attributable to the Company's 44% interest in Juanicipio, and total available liquidity(1) of $2.4 billion. A high-quality organic growth pipeline, supporting long-term value creation. With Pan American's unique leverage to silver, strong financial position, and world-class, high-quality organic growth pipeline, the Company is well positioned to continue generating attractive returns for shareholders. Notes: (1) Attributable Free Cash Flow and total available liquidity are non-GAAP measures; please refer to the “Alternative Performance (Non-GAAP) Measures” section of this news release for a description of the composition and usefulness of these non-GAAP measures; please also refer 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.
(2) References to "Attributable" refer to the Company's 44% ownership in the Juanicipio joint venture. About Pan American Silver Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com
Follow us on LinkedIn Alternative Performance (Non-GAAP) Measures In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include: Attributable Free Cash Flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow for the purposes of the Shareholder Return Framework refers to the free cash flow generated in the current year. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid financial resources available to the Company. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the period ended March 31, 2026 for a more detailed discussion of these and other non-GAAP measures and a detailed reconciliation of these measures to the 2026 Annual Financial Statement. Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release 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 news release relate to, among other things: the aggregate value available and expected to be returned to shareholders pursuant to the Shareholder Return Framework, including the aggregate amount of dividends that may be paid to shareholders and the per share amount of such dividends, as well as the number and aggregate value of Pan American’s common shares that may be purchased under the NCIB program; the ability of the Company to continue to achieve anticipated free cash flow and Attributable Free Cash Flow generation and that any such cash flow generation will be sufficient to achieve any particular level of returns to shareholders pursuant to the Shareholder Return Framework; any anticipated benefits from or results of the Shareholder Return Framework; whether future organic growth will be realized and any expected benefits therefrom. 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: the impact of inflation and disruptions to the global, regional and local supply chains; 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; ore grades and recoveries; capital, 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; 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 news release 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 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, such as the Mexican peso ("MXN"), Peruvian sol ("PEN"), Argentine peso ("ARS"), Bolivian boliviano ("BOB"), Canadian dollar ("CAD"), Chilean peso ("CLP") and Brazilian real ("BRL") versus the United States dollar ("USD"); 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; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company 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 attributing undue certainty or 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. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504831718/en/ For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com Original: Pan American Silver Targets Up to $1 Billion in Shareholder Returns in 2026 Through Enhanced Shareholder Return Framework

Pan American Silver Announces Results of Annual General and Special MeetingApril 30, 2026 6:07 PM
Business Wire
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reported the voting results from its annual general and special meeting of shareholders held on April 30, 2026, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 9, 2026, which is available on the Company's website at https://www.panamericansilver.com/invest/financial-reports-and-filings/.


A total of 290,835,897 common shares were represented at the meeting, being 68.95% of the Company’s issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the Meeting, including setting the number of directors at ten, the election of management’s nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company’s approach to executive compensation, known as “say-on-pay”.




Number of Directors






 






 








Resolution






Votes For






Votes Against








Resolution to set the size of the Board of Directors to ten directors






289,739,530 (99.62%)






1,096,363 (0.38%)









Election of Directors






 






 








Director Nominee






Votes For






Votes Withheld








John Begeman






249,893,726 (99.51%)






1,228,241 (0.49%)








Ignacio Bustamante






250,595,034 (99.79%)






526,933 (0.21%)








Neil de Gelder






241,637,845 (96.22%)






9,484,120 (3.78%)








Chantal Gosselin






249,719,107 (99.44%)






1,402,860 (0.56%)








Charles Jeannes






245,414,875 (97.73%)






5,707,092 (2.27%)








Kimberly Keating






250,159,453 (99.62%)






962,513 (0.38%)








Jennifer Maki






247,223,944 (98.45%)






3,898,023 (1.55%)








Pablo Marcet






250,582,108 (99.79%)






539,858 (0.21%)








Michael Steinmann






250,652,406 (99.81%)






469,559 (0.19%)








Gillian Winckler






244,326,853 (97.29%)






6,795,114 (2.71%)









Appointment of Auditor






 






 








Resolution






Votes For






Votes Withheld








Resolution to appoint Deloitte LLP as auditors of the Company until its next annual general meeting and to authorize the directors of the Company to fix the remuneration to be paid to the auditors of the Company






258,888,686 (89.02%)






31,947,209 (10.98%)









Say-on-Pay






 






 








Resolution






Votes For






Votes Against








Advisory resolution to approve the Company’s approach to executive compensation






203,011,508 (80.84%)






48,110,454 (19.16%)







About Pan American Silver


Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".


Learn more at panamericansilver.com

Follow us on LinkedIn

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430925940/en/
For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com


Original: Pan American Silver Announces Results of Annual General and Special Meeting

Pan American Silver to Announce First Quarter 2026 Unaudited Results on May 5 and Host Annual General and Special Meeting of Shareholders on April 30April 20, 2026 5:39 PM
Business Wire
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will announce its unaudited results for the first quarter of 2026 after market close on Tuesday, May 5, 2026.


Pan American will hold its Annual General and Special Meeting of shareholders (the "Shareholders Meeting") on April 30, 2026 at 10:00 am PT.


First Quarter 2026 Unaudited Results Conference Call and Webcast




Date:









Wednesday, May 6, 2026








Time:









8:00 am ET (5:00 am PT)








Webcast:









https://event.choruscall.com/mediaframe/webcast.html?webcastid=tTx2MVcP







Participants can register for the conference at: https://dpregister.com


Upon registration, dial-in details will be displayed on screen and emailed as a calendar booking.


Those unable to register may join the call by dialing:




1-833-752-3507









(toll-free in Canada and the U.S.)








1-647-846-7282









(international participants)








Web Phone









https://hd.choruscall.com







The live webcast and presentation slides will be available at https://panamericansilver.com/invest/events-and-presentations/. An archive of the webcast will also be available for three months.


Annual General and Special Meeting of Shareholders


Pan American is scheduled to hold its Shareholders Meeting at 10:00 am PT on Thursday, April 30, 2026 at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, Canada. The Management Information Circular, Notice of Annual General and Special Meeting of Shareholders, Form of Proxy and other proxy-related materials for the Shareholders Meeting are available at https://panamericansilver.com/invest/financial-reports-and-filings/. The Shareholders Meeting will not be webcast.


About Pan American Silver


Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".


Learn more at panamericansilver.com


Follow us on LinkedIn

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420156445/en/
For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com


Original: Pan American Silver to Announce First Quarter 2026 Unaudited Results on May 5 and Host Annual General and Special Meeting of Shareholders on April 30

Pan American Silver is one of the world’s largest primary silver producers, but the stock trades as if production will stabilize, costs will fall, and silver prices will remain elevated. The fundamentals point to a tougher reality. With rising costs, operational volatility, and extreme sensitivity to precious-metal cycles, $PAAS carries meaningful downside risk if sentiment cools.

1. Cost Inflation Is Crushing Margins
Mining is a cost-intensive business, and PAAS is being squeezed by:

higher energy and fuel costs

rising labor expenses

equipment and maintenance inflation

increased regulatory and environmental compliance

Even with strong silver prices, margin expansion has been limited. If silver pulls back, profitability deteriorates quickly.

2. Production Volatility Across Mines
PAAS has a history of inconsistent production due to:

lower-than-expected ore grades

operational disruptions

mine-specific setbacks

delays in project development

Unpredictable output makes revenue and cash flow harder to forecast — a major red flag for investors.

3. Heavy Dependence on Silver Prices
PAAS is essentially a leveraged bet on silver. If silver prices soften due to:

higher real interest rates

a stronger U.S. dollar

reduced geopolitical tension

lower inflation expectations

then $PAAS’s earnings outlook deteriorates sharply. The stock is priced as if silver will remain structurally strong, which is far from guaranteed.

4. Acquisition Integration Risk
Pan American has expanded through acquisitions, but:

integration takes time

synergies are uncertain

debt and dilution increase

operational complexity rises

Mining M&A rarely delivers immediate value, and PAAS is still digesting its deals.

5. Dividend Risk if Cash Flow Tightens
PAAS offers a dividend, but it is heavily dependent on commodity prices. If margins compress or production slips, dividend cuts become a real possibility — a major bearish catalyst for income-focused investors.

6. Environmental, Social, and Regulatory Pressure
Mining companies face growing scrutiny around:

land use

water rights

emissions

community impact

permitting delays

These pressures increase costs, slow project timelines, and create headline risk — all of which weigh on valuation.

7. Overbought Technicals and Silver-Hype Momentum
$PAAS often rallies on silver-price momentum rather than company-specific fundamentals. When silver sentiment cools, PAAS tends to sell off harder than the metal itself because the stock acts as a leveraged proxy for silver.

Crowded commodity trades unwind fast.

Bottom Line
Pan American Silver is a major player in the precious-metals space, but the stock is priced as if silver will stay elevated, production will stabilize, and costs will fall. With rising expenses, operational volatility, acquisition risk, and extreme sensitivity to silver cycles, $PAAS carries meaningful downside risk if expectations reset.

Pan American Announces Revised PEA for the La Colorada Skarn Project, Positions La Colorada as a Future Top-tier Silver MineMarch 24, 2026 5:37 PM
Business Wire
(All amounts are in United States Dollars unless otherwise indicated)


Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to announce the results of a revised Preliminary Economic Assessment ("Revised PEA") for the proposed future development of the 100% owned La Colorada property located in Zacatecas, Mexico.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324224365/en/Expanded La Colorada Mine Production Profile. Notes: Includes assumed production from mineral resources, including inferred mineral resources. The Revised PEA for the La Colorada Skarn Project is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Revised PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Revised PEA includes a portion of the mineral resources from the La Colorada vein mine, mainly comprised of inferred mineral resources, as well as high-grade portions of the skarn deposit mineral resources. The Revised PEA envisions combined development to access the newly identified silver mineral resource in the eastern Candelaria area of the existing La Colorada mine concurrently with the higher grade portions of the skarn deposit using conventional long-hole open stoping, and the construction of a new, 15,000 tonnes per day ("tpd") plant (the "La Colorada Skarn Project"). Production from the existing La Colorada vein 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 (collectively, the "Expanded La Colorada Mine"). The Expanded La Colorada Mine is anticipated to significantly increase silver production and extend mine life, becoming a top-tier silver mine and reaffirming Pan American as the premier company to provide investors with exposure to the long-term demand for this critical metal.


"The simultaneous development of newly identified high-grade veins at La Colorada along with high-grade portions of the skarn deposit is expected to make La Colorada one of the largest and lowest cost silver mines globally, with silver production averaging 19.1 million ounces annually during the peak five years following construction and ramp-up," said Michael Steinmann, President and Chief Executive Officer of Pan American. "Further upside potential exists from newly identified high-grade silver veins not yet in the mineral resource and continued skarn exploration that could lead to even higher production rates over a longer period into the future, demonstrating that La Colorada is a rare, world-class asset of exceptional scale and quality."


Added Mr. Steinmann: "The plan to expand the La Colorada mine is the result of our continued exploration efforts, and we have the technical expertise and financial capacity to advance the development of this large-scale project, underscoring Pan American’s ability to create long-term value for shareholders. We expect to begin making preparations in the next few months to advance the construction of a ramp from our existing mine works at the 588 level in order to provide initial access to the skarn mineral resources."


The Revised PEA for the La Colorada Skarn Project is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Revised PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


This news release contains forward-looking statements and information, and readers should refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release.


Expanded La Colorada Mine Key Production Metrics




KEY PRODUCTION METRICS (BY SOURCE)






EXPANDED LA COLORADA MINE1








LA COLORADA VEIN MINE






LA COLORADA SKARN




PROJECT2








Vein Mineral Reserves3






Vein Mineral Resources






Skarn Mineral Resources








Production period






2027 - 2049






2027 - 2052






2032 - 2068








Production life - years






23






26






37








Tonnes Processed (Life-of-mine ("LOM"))4 - Mt






8.4






7.7






154.6








Annual silver production (initial 5 yr. avg.)4 - Moz






3.3






4.0






11.8








Annual zinc production (initial 5 yr. avg.)4 - kt






6.3






6.8






232.6








Annual lead production (initial 5 yr. avg.)4 - kt






3.8






4.0






146.2








Total silver production (LOM) - Moz






75.1






72.4






201.3








Total zinc production (LOM) - kt






171.1






243.4






5,331.1








Total lead production (LOM) - kt






93.4






122.3






2,420.0









Notes:








 






1.






All figures are rounded.








 






2.






Based on the Revised PEA. Mineral resources that are not mineral reserves do not have demonstrated economic viability.








 






3.






Mineral reserves do not include mineral resources.








 






4.





Average annual production over the initial 5-year period includes years 2034 to 2038 (the "Initial Five Year Period"), following the La Colorada Skarn Project processing plant commissioning and ramp-up. "Mt" refers to millions of tonnes, "kt" to thousands of tonnes and "Moz" to millions of ounces.


LA COLORADA SKARN PROJECT HIGHLIGHTS


The existing La Colorada vein mine will continue operating during the construction, commissioning and well into the operation of the La Colorada Skarn Project; however, its associated mineral reserves scheduled to be mined during the life-of-mine were excluded from the Revised PEA mine plan and economics for the La Colorada Skarn Project and therefore do not contribute to the following highlights for the La Colorada Skarn Project.



Large, long-life silver production: annual average silver production of 15.8 million ounces from the La Colorada Skarn Project over the Initial Five Year Period, incremental to the anticipated average silver production of 3.3 million ounces from the existing La Colorada mine mineral reserves during the same period. Total estimated mine life following completion of the construction of the new 15,000 tpd processing plant is 37 years.



Low-cost production: average silver all-in sustaining costs ("AISC")(1) of negative $22.67 per ounce over the Initial Five Year Period, reflecting the contribution of zinc and lead by-product credits.



Attractive project returns: after-tax net present value ("NPV") (5%) of $2.6 billion with an after-tax internal rate of return ("IRR") of 17% (the "Base Case Scenario"), which is incremental to the current La Colorada mine mineral reserve economics, and using long-term metal prices of $45.00 per ounce of silver, $2,800 per tonne of zinc and $2,000 per tonne of lead (the "Base Case Prices"). At increased prices of $75.00 per ounce of silver, $3,400 per tonne of zinc, and $2,000 per tonne of lead (the "Upside Price Scenario"), the La Colorada Skarn Project after-tax NPV (5%) is $5.2 billion and the after-tax IRR is 25%.



Leveraged to silver revenue: at the Base Case Prices, the Initial Five Year Period revenue contribution is approximately 42% silver, 39% zinc and 19% lead, while at the Upside Price Scenario, the Initial Five Year Period revenue contribution is approximately 51% silver, 35% zinc and 14% lead.



Strong incremental free cash flow: average incremental annual free cash flow(1) of $653 million over the Initial Five Year Period at the Base Case Prices, increasing to $988 million annually at the Upside Price Scenario, attributable to the La Colorada Skarn Project and excluding any additional free cash flow generated by the La Colorada mine mineral reserves.



Funded growth: Pan American currently expects to fully fund the La Colorada Skarn Project through cash flow generated by Pan American's operating mines, with spending to occur over 6 years and peak spending in the last 3 years while the processing plant is being constructed. The payback period of the initial investment of $1.9 billion on a standalone basis is 4 years using Base Case Prices and 3 years at the Upside Price Scenario.



Improved grades: the La Colorada Skarn Project grades under the Revised PEA are 84%, 45% and 54% higher for silver, zinc and lead, respectively, compared to the 2023 PEA(2) plan grades, driven by the shift from bulk caving to more selective long-hole open stope mining of high grade portions of the skarn deposit and the inclusion of additional high-grade mineralization from the vein mineral resources.



De-risked development: The mining method to be employed is conventional long-hole open stoping with tailings paste backfill. A sub-level caving or block caving mining method is not envisioned in the Revised PEA, but potential opportunities remain to consider caving in a future expansion. No additional permitting is required for the 588 level ramp decline to provide initial access to the skarn deposit. Requests for permits will be submitted for other aspects of the La Colorada Skarn Project, including mine shafts, a new processing plant and tailings facilities expansions.



Significant potential for mineral resource expansion: exploration drilling continues to intersect mineralization outside of the current resource models, with more than 45,700 metres of recent skarn drilling and 48,000 metres of recent vein mine drilling not included in the current mineral resource estimate used for the Revised PEA. Please refer to Pan American's news release dated March 5, 2026 for the most recent exploration drill results at La Colorada. Ongoing exploration investments and geological potential suggest that mineral resources could continue to grow, possibly increasing and extending the mine's production. This may allow peak silver output to extend further.



Further optionality to extend mine life: an option exists for a future phase of mine expansion through adoption of a combination of block caving and sub-level caving mining methods over the coming decades to extract lower grade mineralization, particularly considering on-going exploration results (mineral resource expansion) or possible increased metal prices.





(1) Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.








(2) For details on the 2023 PEA, please refer to the NI 43-101 Technical Report for the La Colorada property dated January 31, 2024, as amended.







An updated technical report prepared in accordance with NI 43-101 on the La Colorada property will be filed with Canadian securities regulators within 45 days of this news release, and will include the Revised PEA. The technical report will be available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and at www.panamericansilver.com.


The Revised PEA for the La Colorada Skarn Project was prepared in accordance with NI 43-101 standards. The Base Case Scenario economic analysis was completed at the following Base Case Prices: $45.00/oz of silver, $2,800/t of zinc and $2,000/t of lead. The mineral resource estimate reported effective as at June 30, 2025 and mine plan were completed at metal prices of $22.00/oz of silver, $2,800/t of zinc and $2,200/t of lead for the skarn deposit, and for the La Colorada vein mine at $24.00/oz of silver, $2,800/t of zinc and $2,200/t of lead. The considerably lower silver prices used provides an opportunity to further enhance overall La Colorada Skarn Project economics at the higher long-term silver price assumption.


The Revised PEA for the La Colorada Skarn Project is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Revised PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


CONFERENCE CALL AND WEBCAST


Pan American will host a conference call and webcast to discuss the La Colorada Skarn Project.




Date:







March 25, 2026









 



Time:







11:00 am ET (8:00 am PT)









 



Webcast:






https://event.choruscall.com/mediaframe/webcast.html?webcastid=JvlQ9YAf


Participants can register for the conference at: https://dpregister.com


Upon registration, dial-in details will be displayed on screen and emailed as a calendar booking.


Those unable to register may join the call by dialing:




1-833-752-3507







(toll-free in Canada and the U.S.)







1-647-846-7282


(International Participants)








Web Phone






https://hd.choruscall.com


The live webcast and presentation slides will be available at https://panamericansilver.com/invest/financial-reports-and-filings/. An archive of the webcast will also be available for three months.


LA COLORADA SKARN PROJECT OVERVIEW


The La Colorada Skarn Project considers continued mining and processing of the existing La Colorada vein mine mineral reserves using the current mine facilities and infrastructure while developing access to the newly discovered high-grade silver veins and replacement mineralization in the eastern part of the Candelaria mine as well as the higher-grade zones of the skarn mineralization. The Revised PEA contemplates the development of a decline from the existing 588 level to access the skarn deposit, and the Company anticipates beginning preparatory work related to the decline in 2026 in order to maintain the anticipated project timeline. Soon after this development begins, activities would start to conventionally sink a production shaft and a ventilation shaft from surface. The production shaft is expected to be circular, concrete lined, 7.4m in diameter and extend to 1,480m below surface. The ventilation shaft is expected to be concrete lined, 7.4m in diameter and extend to 1,400m below surface. When completed, these shafts will provide access, hoisting capacity and ventilation to the skarn and the newly discovered veins and will eventually connect with the decline being developed from the 588 level. As well, a new exploration crosscut at the 588 level, planned for a total of 570 metres, had advanced 212 metres to the south as of the end of February 2026. A second crosscut at the 448 level was initiated in the first quarter of 2026 to improve zone access and drill coverage.


As development of the underground mine progresses, and as described in the Revised PEA, the construction of a new 15,000 tpd conventional selective flotation plant would be timed to match the expected initial production from the La Colorada Skarn Project. The new process plant is expected to process all the production from the Expanded La Colorada Mine, commingling vein (2,000 tpd) and high-grade skarn mineralization (13,000 tpd). Ramp-up to full 13,000 tpd skarn mining rates is anticipated 2 years following completion of the plant construction. The tailings not required for the backfilling process are expected to be stored in a new conventional tailings storage facility that will be constructed on the Company’s property.


The advantages of the development approach defined in the Revised PEA relative to the 2023 PEA, as described in the NI 43-101 Technical Report for the La Colorada property dated January 31, 2024 (as amended), include: (i) improved economics by extracting maximum value from the newly identified silver mineral resource in the eastern Candelaria area and more selective high-grade silver zones of the skarn deposit, (ii) lower initial capital investment, and (iii) reduced technical risk using a conventional long hole open stoping mining method.


The Revised PEA also concluded that, as exploration drilling continues to intersect additional mineralization outside of the current resource models, a long-term option exists for a future mine expansion considering a change of the mining methods to a combination of block caving and sub-level caving to include lower grade mineralization of the skarn deposit.


Expanded La Colorada Mine Production Profile




Period






2027 -




2031







2032 -




2033







2034







2035







2036







2037







2038







2039 -




2052







2053 -




2068







Total LOM








Tonnes Processed (Mt)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






3.1







1.0







0.5







0.5







0.3







0.3







0.2







2.4







—







8.4








La Colorada Skarn Project (Mineral Resources)






0.2







5.4







5.3







5.1







5.0







5.1







5.1







72.8







58.3







162.3








Silver Grade (g/t)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






325.8







261.7







305.5







254.0







277.1







303.6







369.0







280.2







—







298.0








La Colorada Skarn Project (Mineral Resources)






477.5







96.7







93.2







96.8







117.5







108.7







100.7







57.7







34.4







58.5








Zinc Grade (%)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






2.39







2.51







1.63







1.90







1.78







2.28







1.56







2.34







—







2.27








La Colorada Skarn Project (Mineral Resources)






2.21







4.70







5.02







4.79







5.12







4.83







5.05







3.55







3.17







3.68








Lead Grade (%)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






1.30







1.47







1.19







1.25







1.13







1.21







0.88







1.17







—







1.25








La Colorada Skarn Project (Mineral Resources)






1.15







2.50







3.20







3.13







3.52







3.16







3.20







1.49







1.45







1.79








Silver Recovery (%)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






93.8







94.1







93.1







93.0







94.0







93.6







93.2







90.1







—







92.8








La Colorada Skarn Project (Mineral Resources)






93.8







92.3







92.0







92.3







93.4







93.0







92.5







89.2







86.0







89.7








Zinc Recovery (%)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






82.5







93.7







93.9







93.8







93.9







93.9







93.9







93.4







—







89.2








La Colorada Skarn Project (Mineral Resources)






82.5







93.9







94.0







93.9







94.0







93.9







94.0







93.4







93.1







93.4








Lead Recovery (%)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






88.6







88.4







90.0







89.9







90.5







90.0







90.1







86.3







—







88.2








La Colorada Skarn Project (Mineral Resources)






88.6







89.1







90.2







90.1







90.7







90.2







90.2







86.6







86.4







87.7








Silver Production (Moz)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






30.9







8.0







4.4







3.6







2.9







2.8







2.5







19.9







—







75.1








La Colorada Skarn Project (Mineral Resources)






3.5







15.4







14.6







14.7







17.6







16.7







15.3







120.4







55.4







273.7








Zinc Production (kt)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






62.1







23.9







7.4







8.5







5.8







6.7







3.3







53.4







—







171.1








La Colorada Skarn Project (Mineral Resources)






4.4







236.5







249.1







231.1







240.5







233.0







243.2







2,414.6







1,722.2







5,574.6








Lead Production (kt)






 







 







 







 







 







 







 







 







 







 








La Colorada Vein Mine (Mineral Reserves)






36.4







13.2







5.2







5.4







3.5







3.4







1.8







24.6







—







93.4








La Colorada Skarn Project (Mineral Resources)






2.5







119.5







152.4







144.8







159.2







146.6







148.0







939.5







729.9







2,542.4







La Colorada Skarn Project Incremental Economics


The existing La Colorada vein mine will continue operating during the construction, commissioning and well into the operation of the La Colorada Skarn Project; however, its associated mineral reserves scheduled to be mined during the life-of-mine were excluded from this mine plan and from the incremental economics from the Revised PEA for the La Colorada Skarn Project.




LA COLORADA SKARN PROJECT ECONOMICS








Operating Costs1








Mining cost ($/tonne mined)






$54.5








Processing cost ($/tonne processed)






$8.5








G&A cost ($/tonne processed)






$7.4








Cash cost per payable silver ounce (initial 5 yr. avg.)2






$(26.34)








Cash cost per payable silver ounce (LOM)






$(15.89)








All-in sustaining cost per payable silver ounce (initial 5 yr. avg.)






$(22.67)








All-in sustaining cost per payable silver ounce (LOM)






$(10.50)








Capital Costs1








Initial capital in billions






$1.9








Sustaining capital3 in billions






$1.2








Total capital expenditures (LOM) in billions






$3.2








Economic Analysis (Base Case Prices)4








Annual after-tax incremental cash flow (initial 5 yr. avg.) in millions






$653








Cumulative after-tax incremental cash flow in billions






$7.1








Incremental NPV(5%) (After-tax) in billions






$2.6








IRR (After-tax)






17%








Pay-back period (After-tax, undiscounted) in years






4









Notes:








 






1.






Cash costs and all-in sustaining costs are non-GAAP measures; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.








 






2.






Costs for the initial 5-year average include years 2034 to 2038, which follows the commissioning and ramp-up of the new processing facility.








 






3.






Sustaining capital includes capital leases.








 






4.






Assumes metal prices of $45.00 per ounce of silver, $2,800 per tonne of zinc and $2,000 per tonne of lead.







The Revised PEA is preliminary in nature, includes inferred mineral resources that would be considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Revised PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


Initial Capital Estimate


The La Colorada Skarn Project entails an approximately 6 year capital development and construction timeline, from 2026 to 2031, followed by a 2 year commissioning and ramp-up period. Total initial capital is estimated at $1.9 billion.




Initial Capital Cost Estimate (in $ 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









1.







Contingency for "Underground Access and Development" is included in the $622 million.







Sensitivity Analysis


The following tables provide La Colorada Skarn Project economic sensitivities for incremental NPV (5%) and IRR at various silver and zinc prices.




Incremental NPV(5%) (After-tax)




($ billions)






Ag prices ($/oz)








30.00






45.00






60.00






75.00








Zn prices ($/t)






2,200






0.9






1.8






2.8






3.7








2,500






1.2






2.2






3.1






4.1








2,800






1.6






2.6






3.5






4.5








3,100






2.0






2.9






3.9






4.8








3,400






2.3






3.3






4.2






5.2









IRR (After-tax)




(%)






Ag prices ($/oz)








30.00






45.00






60.00






75.00








Zn prices ($/t)






2,200






10






14






18






21








2,500






12






16






19






22








2,800






13






17






20






23








3,100






14






18






21






24








3,400






16






19






22






25









Notes:








1.






 






Assumes a lead metal price of $2,000 per tonne.







Estimated Mineral Resources


The La Colorada Skarn Project production plans are built from the mineral resource models that were previously reported as the "La Colorada Vein" and "La Colorada Skarn" mineral resources with an effective date June 30, 2025. The La Colorada Skarn Project economic analysis excludes the mineral reserves from the La Colorada vein mine.


Skarn Mineral Resource


The indicated mineral resource, reported effective as at June 30, 2025, is estimated to total 265.4 million tonnes containing 309 million ounces of silver, 7.6 million tonnes of zinc and 3.6 million tonnes of lead. In addition, the inferred mineral resource is estimated to total 61.7 million tonnes containing 59 million ounces of silver, 1.6 million tonnes of zinc and 0.6 million tonnes of lead.




 






 






Grade






Contained Metal








Classification






Tonnes




(millions)






Zn




(%)






Pb




(%)






Ag




(g/t)






Zn




(million tonnes)






Pb




(million tonnes)






Ag




(million ounces)








Indicated






265.4






2.85






1.37






36






7.6






3.6






309








Inferred






61.7






2.55






0.95






30






1.6






0.6






59









Notes:








1.






 






The effective date of the mineral resource estimate is June 30, 2025. The geological model was completed in April 2024 and results from diamond drilling conducted in 2024, 2025 and the first quarter of 2026 are not included in this estimate.








2.






 






Mineral resources were estimated in accordance with the guidelines laid out in the CIM Mineral Resource and Mineral Reserves Estimation Best Practice Guidelines (November 2019).








3.






 






Mineral resources have been classified into indicated and inferred confidence categories in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) guidelines.








4.






 






Mineral resources have demonstrated reasonable prospects for eventual economic extraction as they show sufficient spatial continuity of mineralization constrained within a potentially mineable shape. Mineral resources that are not mineral reserves do not have demonstrated economic viability. No mineral reserves are reported at this time for the La Colorada Skarn Project.








5.






 






Prices used to report mineral resources are US$22/oz silver, US$2,800/t zinc and US$2,200/t lead.








6.






 






An estimated NSR (in US$/t) was calculated using metallurgical recoveries of 87.4% silver, 88% lead and 93% zinc with mineral concentrates containing 67% Pb in the lead concentrate and 60% Zn in the zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treatment and refining of these types of mineral concentrates, were included.








7.






 






Reasonable prospects for eventual economic extraction were assessed by determining the total insitu tonnes and metal grades constrained inside volumes that are based on a sub-level caving (SLC) mining methods. A cutoff of $50/t NSR was applied and SLC mining shapes were designed, tested for overall economic viability and tested as part of a caving sequence. The tonnes and grades reported include lower grade must-take material within the volume but do not include other mining recovery, dilution or losses.








8.






 






This mineral resource estimate was prepared under the supervision of, or was reviewed by Christopher Emerson, FAusIMM, Christopher Wright, P.Geo and Martin Wafforn P.Eng. who are qualified persons as defined in NI 43-101.







La Colorada Vein Mine Mineral Reserves and Mineral Resources




 






 






Grade






Contained Metal








Classification






Tonnes




(millions)






Ag




(g/t)






Au




(g/t)






Pb




(%)






Zn




(%)






Ag




(million ounces)






Au




(thousand ounces)






Pb




(thousand tonnes)






Zn




(thousand tonnes)








Proven Reserves






3.4






300






0.21






1.24






2.17






33.2






23






42






75








Probable Reserves






6.1






295






0.21






1.20






2.21






57.5






40






73






134








Proven & Probable Reserves






9.5






297






0.21






1.21






2.19






90.7






64






115






208








Measured Resources






0.4






229






0.12






0.91






1.55






3.0






2






4






6








Indicated Resources






2.6






144






0.35






0.68






1.14






11.8






29






17






29








Measured & Indicated Resources






3.0






156






0.32






0.71






1.20






14.8






30






21






36








Inferred Resources






15.3






297






0.27






1.93






3.39






146.5






132






295






520







As of June 30, 2025. Please see the Company's mineral reserves and mineral resources in the news release dated September 11, 2025, and the complete mineral resources and mineral reserves table on the Company's website at www.panamericansilver.com for further detail.


The proven & probable mineral reserves have not been included in the Revised PEA economics.


Geology and Mineral Resources


The La Colorada vein mine inferred mineral resources, as well as the small amount of measured and indicated mineral resources that are included in the Revised PEA production plan, are a portion of the La Colorada mineral resources reported in the Company's mineral resource update effective as at June 30, 2025. The La Colorada vein mine inferred mineral resources included in the Revised PEA are mainly the eastward extension of existing mineral reserves in the NC2 and Mariana veins of the operating mine, and in a parallel set of recently discovered veins and replacement-style mineralization to the south of the existing Candelaria mine development, as indicated by the green shaded areas in the image below, entitled "La Colorada Development and Mining Zones". The La Colorada vein mine mineral resources are intermediate sulfidation-style with high-grade, silver-rich base metal sulfides.


The skarn deposit mineral resources are indicated in the blue shaded areas in the image below, and are mainly below the bottom of the La Colorada vein mine. Skarn mineralization is polymetallic sulfide mineralization varying from silver-rich to zinc rich. The three skarn zones occur on east south-east trend, parallel to the overall trend of the La Colorada vein mine, extending from 1,800m elevation to below 800m elevation. Each of the zones measures approximately 300m to 500m wide along strike and 300m to 500 m thick across strike.


The resource model for the skarn deposit was updated in the Company's mineral resources and mineral reserves as at June 30, 2024 and was used to define the mining studies, mine plans and production schedules used for the Revised PEA. The updated mineral resource estimate for the skarn deposit is based on the same resource model as the previous estimate but updated using mining assumptions consistent with the long hole stoping mining method and for the cutoff grade assumptions in the Revised PEA.


Some mineral resources were not incorporated into the current strategic plan for the La Colorada vein mine, as the mining sequence was optimized to prioritize the earlier extraction of higher-grade material to improve overall project economics. In addition, mineral resources for which infrastructure and development requirements for access is not supported at this stage of the project, were excluded from the strategic mine plan. The Company expects that, in addition to the inclusion of results from ongoing drilling, mine design and sequencing will continue to be refined during the pre-feasibility study stage of the La Colorada Skarn Project, which may support the inclusion of additional mineral inventory into the project’s LOM plan.


Mining


Sub-level open stope mining ("SLOS") with paste backfill was selected as the preferred mining method for extracting mineral resources from the skarn deposit, prioritizing lower initial capital requirements, reduced geotechnical risk, and preservation of existing infrastructure, which allows for extended operation of the La Colorada vein mine and development of the recently identified vein extensions in the eastern portion of the La Colorada property.


The skarn deposit will be mined using a transverse, long hole stoping sequence to sustain an average mining rate of approximately 13,000 tpd over a 37-year operating period following completion and commissioning of the La Colorada Skarn Project. Mined-out stopes will be backfilled with a tailings paste fill to maintain stability, allow safe extraction of adjacent stopes and maximize mining recovery.


Effective ventilation and heat management are key design considerations due to the region’s high geothermal gradient. The ventilation system is designed to deliver fresh chilled air through the production shaft and exhaust through two return air shafts, with a secondary circuit connected to the existing Guadalupe return air shaft and the initial 588 Level decline. A second return shaft will be completed during the production ramp-up period. The ventilation design assumes a diesel mining fleet but retains flexibility to incorporate battery electric vehicles in the future.


The La Colorada Skarn Project mine plan includes an estimated 6-year construction and development period during which approximately 30 km of lateral development and 5 km of vertical development will be completed to access and prepare for production from the high-grade portions of the skarn deposit. The Expanded La Colorada Mine incorporates high grade skarn mineral resources and La Colorada vein mine mineral reserves and resources, reflecting the potential contribution of the newly identified silver mineral resource in the eastern Candelaria area.


Approximately 155 million tonnes of skarn mineral resources are expected to be mined as part of the Revised PEA, with production ramping up to the nominal 13,000 tpd rate 2 years following completion of Project construction. The existing La Colorada vein mine is expected to continue operating at approximately 2 ktpd for the first 17 years, and then gradually decline with depletion expected around Year 20 after the La Colorada Skarn Project is constructed and commissioned. There are approximately 7.7 million tonnes of vein mine mineral resources not currently included in the La Colorada vein mine mineral reserves that are expected to be mined and contribute to the overall incremental project economics. Considering the recent exploration success in the eastern portion of the property, there is potential to further extend both the vein and skarn mine production, as additional mineral resources are defined.


In addition, the new infrastructure to access the skarn deposit is expected to provide improved access, ventilation and materials handling to the eastern portion of the vein mine and may create further opportunities to expand La Colorada vein mine production at higher silver grades. These opportunities will be further evaluated as part of a pre-feasibility study for the La Colorada Skarn Project.


Mineral Processing


Metallurgical testing completed for the La Colorada Skarn Project demonstrates that the skarn mineralization responds well to conventional selective flotation mineral processing methods to produce high-quality silver-bearing lead and zinc mineral concentrates with high metal recoveries.


The La Colorada Skarn Project includes building a larger, 15,000 tpd processing plant adjacent to the existing 2,000 tpd La Colorada vein mine infrastructure, which will be decommissioned, allowing mineralized material from both deposits to be processed in a common processing facility and thereby reducing unit operating costs.


The selective flotation circuit is expected to produce high-quality marketable concentrates grading approximately 61% lead with 1,800 g/t silver in the lead concentrate and 59% zinc with approximately 140 g/t silver in the zinc concentrate. Overall silver recovery is estimated at approximately 89.7% with the majority, 77.8%, reporting to the lead concentrate and approximately 11.9% reporting to the zinc concentrate. LOM average recoveries are estimated to be approximately 93.4% for zinc and 87.7% for lead.


The proposed processing facility is designed to treat 5.5 Mt of mineralized material per year (15,000 tpd) using a conventional comminution and selective flotation flowsheet. Production material will be ground in a SAG–ball mill–pebble crusher (SABC) circuit followed by a staged selective flotation process to produce separate silver-bearing lead and zinc concentrates.


Chemical analysis of the concentrates indicates low levels of impurities and deleterious elements, consistent with products expected to be readily marketable.


Tailings Management


The remaining tailings from the Expanded La Colorada Mine that are not used for paste fill underground will be stored in a conventional TSF that will be developed in stages and eventually undergo a closure phase where the surface will be vegetated and stabilized into a long-term landform.


General Notes with Respect to Technical Information


The drill hole samples were prepared by the internal La Colorada mine laboratory, SGS of Durango ("SGS"), Activation Laboratories Ltd ("Actlabs") of Zacatecas, Bureau Veritas of Hermosillo and ALS Global, Mexico. The SGS, Actlabs, Bureau Veritas and ALS Global laboratories are independent from Pan American. Pan American implements a quality assurance and quality control ("QAQC") program, including the submission of certified standards, blanks, and duplicate samples to the laboratories.


Actlabs, SGS and ALS Global all used fire assay with gravimetric finish for gold, and acid digestion with ICP finish for silver, lead, zinc, and copper. Samples delivered to ALS Global were prepared in Zacatecas, Mexico laboratory and sent to Vancouver, BC laboratory for assay. Bureau Veritas used fire assay with gravimetric finish for gold and by acid digestion with ICP finish for silver, lead, zinc, and copper in their Vancouver, Canada laboratory. The La Colorada mine laboratory, which is operated by our employees, used fire assay with gravimetric finish for gold and silver, and acid digestion with atomic absorption finish for lead, zinc, and copper.


The results of the QAQC samples submitted to SGS, Actlabs, Bureau Veritas, ALS Global and the La Colorada mine laboratory all demonstrate acceptable accuracy and precision.


The Qualified Person for the mineral resource and mineral reserve estimate is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this news release and for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. 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.


See the Company’s Annual Information Form dated February 18, 2026, available at www.sedarplus.ca, or Pan American's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC") for further information on the La Colorada mine, including detailed information concerning associated QAQC 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.


Technical information contained in this news release has been reviewed and approved by Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of NI 43-101. Pan American 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 US Investors


This news release has been prepared in accordance with the requirements of NI 43-101 and the CIM, which differ from the requirements of U.S. securities laws. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms ''indicated mineral resources'', and ''inferred mineral resources''. 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 mineral 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 mineral 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. Disclosure of "contained metal" in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.


About Pan American


Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".


Learn more at panamericansilver.com


Follow us on LinkedIn


Alternative Performance (Non-GAAP) Measures


In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include:



AISC. Any reference to “AISC” in this news release should be understood to mean all-in sustaining costs per silver ounce or zinc pound sold, net of by-product credits (respectively, the "Silver AISC"). Pan American believes that AISC, calculated net of by-products, is a more comprehensive measure of the cost of operating our consolidated business, given it includes the cost of replacing silver and zinc through exploration, the cost of ongoing capital investments at current operations ("sustaining capital"), as well as other items that affect the Company’s consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan ("project capital").



Cash Costs. This metric facilitates comparison, on a mine-by-mine basis, notwithstanding the unique mix of incidental by-product production at each mine, of our operations’ relative performance on a period-by-period basis, and against the operations of our silver and gold mining peers. Cash costs per ounce is conceptually understood and widely reported in the mining industry.



Free cash flow. This metric is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders.



Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the year ended December 31, 2025 for a more detailed discussion of these and other non-GAAP measures and their calculation.


Cautionary Note Regarding Forward-Looking Statements and Information


Certain of the statements and information in this news release 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 news release relate to, among other things: estimated average silver, zinc and lead production of the La Colorada Skarn Project; the expectation that the La Colorada Skarn Project will result in La Colorada being a top-tier silver mine and one of the largest and lowest cost primary silver mines in the world; any upside potential with respect to mineral resources, and whether higher production rates will be possible or achieved; our ability to generate superior, long-term value for our shareholders; our ability to fund the development proposed in the Revised PEA in the future and the availability and sources of such funding; estimates with respect to LOM, including the duration of the projected mine life, LOM operating costs, capital costs, cash costs, all-in sustaining costs, sustaining capital, after-tax cash flow, NPV and after-tax IRR, payback period, production capacity, initial capital and other metrics; that the existing La Colorada vein mine operation would continue during the period that the La Colorada Project is developed; the possibility of further expansion of the mine in the future; the timing of the construction and development period, and the expected initial production from the La Colorada Skarn Project, including during the Initial Five Year Period; mineral resource estimates; further exploration and infill drilling and the impacts on the mineral resource estimates; the production of a pre-feasibility study for the La Colorada Skarn Project; that the zinc and silver bearing lead concentrates from the La Colorada Skarn Project will be high-grade, high-quality and therefore readily marketable; opportunities for new infrastructure; the expected storing of the tailings from the skarn in a conventional tailings storage facility and the associated development of such facility; that an updated technical report prepared in accordance with NI 43-101 on the La Colorada property will be filed within 45 days of this news release and will include the Revised PEA for the La Colorada Skarn Project.


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: continued long-term demand for silver, zinc and other critical minerals; tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; development and production estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based and the accuracy of such estimates and assumptions; 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 properties and the surface rights necessary for our 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 news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for, and availability of, energy inputs, including oil and gas, labour, materials, supplies and services (including transportation); changes in project parameters as plans continue to be refined; 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); actual costs and results of exploration activities; 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; adverse political or economic developments in the countries in which we operate, as well as globally; 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, including legal restrictions relating to mining and risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; the duration and effects any pandemics or epidemics on our operations and workforce; 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 SEC and Canadian provincial securities regulatory authorities, respectively; and those factors identified under the caption "Risks and Uncertainties" in Pan American's form 6-K and Management’s Discussion and Analysis filed on February 18, 2026 with the 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324224365/en/
For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com


Original: Pan American Announces Revised PEA for the La Colorada Skarn Project, Positions La Colorada as a Future Top-tier Silver Mine

U.S. mining stocks fluctuate after Trump postpones Iran strikesMarch 23, 2026 9:59 AM
IH Market News
Shares of U.S. mining companies showed mixed movements on Monday after President Donald Trump said the U.S. military would delay further attacks on Iranian power plants and energy infrastructure for five days following what he described as “productive” talks between Washington and Tehran.The announcement helped ease geopolitical tensions in the Middle East, offering some support to commodity markets. Copper producer Freeport-McMoRan Inc. (NYSE:FCX) benefited from the easing tensions, rising 1.70%, while gold mining stocks reacted unevenly as safe-haven demand softened.United States Antimony Corporation (NYSE:UAMY) advanced 3.19%. Meanwhile, several precious metals miners moved lower, with Pan American Silver Corp. (NASDAQ:PAAS) falling 2.44%, Kinross Gold Corporation (NYSE:KGC) declining 2%, and Hecla Mining Company (NYSE:HL) slipping 1.68%.However, Iran’s Fars news agency, citing a source, challenged Trump’s description of the situation, saying there had been no direct or indirect communication with the United States. The report also said Trump stepped back from targeting Iranian power plants after Tehran warned it would strike power facilities across West Asia in retaliation.The five-day pause in military action helped ease immediate fears of supply disruptions in the region, influencing commodity markets and related equities. Industrial metals such as copper often benefit when geopolitical risks decline, while gold and silver typically weaken as investors move away from safe-haven assets.Freeport-McMoran stock priceUnited States Antimony Corporation stock pricePan American Silver stock priceKinross Gold stock priceHecla Mining Company stock price

Original: U.S. mining stocks fluctuate after Trump postpones Iran strikes

Pan American Silver Discovers New High-Grade Veins at the La Colorada MineMarch 5, 2026 6:15 AM
Business Wire
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports new drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas, Mexico. Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization featuring wide mineralized intercepts with high silver, gold, and base metal grades.


"Exploration at La Colorada continues to deliver exceptional results, highlighted most recently by the discovery of at least four new high-grade veins in the southeastern Candelaria zone," said Christopher Emerson, Senior Vice President of Exploration and Geology. "With silver assays exceeding 1,000 g/t in 40% of the reported drill holes, many with attendant high base-metal and gold grades, the discovered structures indicate the potential to add to the mineral resources at La Colorada, which we look forward to reporting in our mineral reserve and mineral resource update as at June 30, 2026. Importantly, these exploration results further substantiate our revised approach for a phased development plan at La Colorada that targets the higher grade zones of the vein mine and skarn deposit."


The results summarized in this news release are from drilling completed between November 2025 and January 2026, comprising 17,774 metres in 38 holes, and build on the results previously reported in news releases dated September 8, 2025 and December 1, 2025. All intercepts are reported as estimated true widths in metres ("m"), unless indicated otherwise.


Please refer to the "La Colorada Drill Result Highlights" table in this news release for additional details. The full table of drill results, collars, plans and long sections for this period is available at https://panamericansilver.com/operations-2/silver-segment/la-colorada/ together with previously reported drill results for La Colorada.


EXPLORATION HIGHLIGHTS


San Gerónimo, Cristina and new Secondary Veins


Drilling between the Cristina and San Gerónimo systems in the southeastern Candelaria Mine has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization. These features exhibit wide mineralized intercepts characterized by high silver, gold, and base metals grades. The currently defined Filomena, Nicolasa, Bernardina and Josefina veins, together with their associated splays, form a structural cluster delineated over an approximate 500-metre strike length and a 500-metre vertical extent. These veins follow similar west-northwest trends, contributing to a combined strike length of approximately 2,500 metres between the previously recognized Cristina and San Gerónimo veins.


Mineralization widens near lithological contacts with a combination of vein and contact-related replacement styles. This reinterpretation constitutes a significant advancement that continues to drive exploration success in the southeastern zone.


An aggressive infill and extensional drilling campaign and underground development program is currently underway with the intention of expanding and defining this mineralized zone. A new exploration crosscut on Level 588, planned for a total of 570 metres, had advanced 170 metres by the end of January 2026. A second crosscut on Level 448 was initiated in the first quarter of 2026 to improve zone access and drill coverage.


Drill hole result highlights from the Cristina/Filomena and San Gerónimo vein systems include:



S-153-25 with 11.60 m @ 241 g/t Ag, 0.81 g/t Au, 2.08% Pb, 4.48% Zn (Filomena vein)



S-153-25 with 2.15 m @ 550 g/t Ag, 0.76 g/t Au, 0.34% Pb, 0.70% Zn (Splay)



S-161-25 with 1.03 m @ 9,730 g/t Ag, 6.19 g/t Au, 2.62% Pb, 5.67% Zn (Cristina vein)



S-161-25 with 2.26 m @ 286 g/t Ag, 0.34 g/t Au, 7.82% Pb, 7.99% Zn (Filomena vein)



S-171-25 with 5.13 m @ 1,000 g/t Ag, 0.77 g/t Au, 3.69% Pb, 6.72% Zn (Filomena vein)



S-178-25 with 0.50 m @ 2,616 g/t Ag, 0.28 g/t Au, 1.84% Pb, 2.88% Zn (Splay)



S-184-25 with 2.82 m @ 973 g/t Ag, 0.35 g/t Au, 0.62% Pb, 1.60% Zn (Splay)



S-176-25 with 1.30 m @ 528 g/t Ag, 3.55 g/t Au, 2.78% Pb, 2.16% Zn (Cristina vein)



La Chona Breccia


Drilling has delineated the new La Chona Breccia as a vertically extensive brecciated zone with estimated widths of 10 to 65 metres within the same southeastern structural corridor. The breccia hosts wide intervals of locally elevated silver and base-metal grades, further enhancing the exploration potential of the area.


Drill hole result highlights from the La Chona Breccia include:



S-159-25 with 31.15 m @ 114 g/t Ag, 0.11 g/t Au, 0.25% Pb, 1.57% Zn (La Chona)



Incl. with 10.01 m @ 204 g/t Ag, 0.17 g/t Au, 0.59% Pb, 1.40% Zn (La Chona)



Incl. with 8.13 m @ 340 g/t Ag, 0.28 g/t Au, 0.58% Pb, 3.43% Zn (La Chona)



S-176-25 with 65.63 m @ 101 g/t Ag, 0.12 g/t Au, 0.26% Pb, 2.54% Zn (La Chona)



S-183-25 with 10.93 m @ 67 g/t Ag, 0.08 g/t Au, 1.35% Pb, 2.82% Zn (La Chona)



Eastern Extensions to Mariana and NC2 Veins


Drilling along the eastern extensions of the Mariana and NC2 veins in the northeastern Candelaria Mine continues to return high-grade intercepts, extending known mineralization by approximately 200 metres to the east and infilling areas previously classified as inferred mineral resources. Results from this program will be incorporated in the mineral reserve and mineral resource update as at June 30, 2026.


Drill hole result highlights from the Mariana and NC2 vein system include:



S-147-25 with 1.90 m @ 1,297 g/t Ag, 0.43 g/t Au, 2.66% Pb, 8.87% Zn (Mariana vein)



S-160-25 with 1.09 m @ 1,173 g/t Ag, 0.36 g/t Au, 7.87% Pb, 6.72% Zn (Mariana vein)



S-160-25 with 1.67 m @ 901 g/t Ag, 0.33 g/t Au, 1.20% Pb, 2.21% Zn (Estela vein)



S-163-25 with 0.65 m @ 1,425 g/t Ag, 0.26 g/t Au, 1.04% Pb, 2.17% Zn (NC2 East vein)



U-179-25 with 0.45 m @ 2,670 g/t Ag, 5.25 g/t Au, 1.70% Pb, 3.28% Zn (Mariana vein)



U-179-25 with 1.26 m @ 1,040 g/t Ag, 0.35 g/t Au, 5.18% Pb, 10.74% Zn (NC2 East vein)



S-181-25 with 9.27 m @ 332 g/t Ag, 0.27 g/t Au, 3.84% Pb, 8.44% Zn (NC2 East vein)



U-207-25 with 0.22 m @ 10,305 g/t Ag, 0.66 g/t Au, 9.99% Pb, 16.00% Zn (NC2 East vein)



S-188-25 with 3.53 m @ 275 g/t Ag, 0.21 g/t Au, 5.75% Pb, 10.80% Zn (NC2 East vein)



U-210-25 with 1.00 m @ 796 g/t Ag, 1.73 g/t Au, 10.35% Pb, 1.69% Zn (Mariana vein)



U-210-25 with 0.95 m @ 699 g/t Ag, 1.53 g/t Au, 3.69% Pb, 7.38% Zn (Splay)



La Colorada Drill Result Highlights


The following table provides the drill results for the La Colorada mine included in this news release.


Previous drill results that are not included in this table are available on our website at: https://panamericansilver.com/operations-2/silver-segment/la-colorada/




Hole ID






Vein






From




(m)






To




(m)






Interval (m)






Est. True Width (m)






Ag




(g/t)






Au




(g/t)






Cu




(%)






Pb




(%)






Zn




(%)








S-124-25






Gertrudis






744.15






744.75






0.60






0.34






431






0.16






0.06






0.98






1.12








S-129-25






Splay






650.95






651.40






0.45






0.04






390






0.04






0.05






0.03






0.08








S-147-25






Splay






471.75






472.65






0.90






0.64






1,100






0.25






0.13






0.21






0.29








S-147-25






Mariana






848.65






851.65






3.00






1.90






1,297






0.43






0.31






2.66






8.87








S-152-25






Mariana






557.55






559.10






1.55






1.00






421






0.19






0.06






0.24






0.74








S-152-25






Jade






563.50






565.55






2.05






1.18






530






0.12






0.06






0.20






0.53








S-152-25






NC2 Este






565.55






566.65






1.10






0.78






41






0.05






0.01






0.06






0.24








S-153-25






Filomena






405.30






432.75






27.45






11.60






241






0.81






0.17






2.08






4.48








S-153-25






Splay






433.75






435.90






2.15






2.15






550






0.76






0.06






0.34






0.70








S-153-25






Chavela






453.90






455.40






1.50






0.51






418






0.23






0.06






0.40






1.11








S-153-25






San Gerónimo






520.70






521.75






1.05






0.60






237






0.51






0.07






0.27






0.80








S-153-25






Nicolasa






606.30






607.80






1.50






0.51






1,025






0.46






0.18






1.49






2.71








S-159-25






106






356.40






356.95






0.55






0.42






617






0.66






5.55






0.74






9.93








S-159-25






La Chona






406.45






480.15






73.70






31.15






114






0.11






0.08






0.25






1.57








Incl.






La Chona






406.45






417.10






10.65






10.01






204






0.17






0.13






0.59






1.40








Incl.






La Chona






455.25






463.90






8.65






8.13






340






0.28






0.08






0.58






3.43








S-160-25






Mariana






584.50






586.20






1.70






1.09






1,173






0.36






0.16






7.87






6.72








S-160-25






Estela






591.40






593.75






2.35






1.67






901






0.33






0.09






1.20






2.21








S-160-25






Jade






614.00






615.20






1.20






1.04






31






0.04






0.01






0.12






0.16








S-160-25






Rubi






619.95






620.45






0.50






0.25






130






0.10






0.04






0.32






0.71








S-160-25






NC2 Este






648.20






648.45






0.25






0.19






136






0.03






0.03






0.09






0.11








S-161-25






Cristina






353.00






354.10






1.10






1.03






9,730






6.19






1.22






2.62






5.67








S-161-25






Filomena






393.00






395.40






2.40






2.26






286






0.34






0.45






7.82






7.99








S-161-25






Chavela






514.70






514.90






0.20






0.17






1,470






0.18






0.22






0.82






3.08








S-161-25






Josefina






666.15






666.65






0.50






0.38






2,080






0.04






0.45






1.81






7.85








S-163-25






Mariana






612.55






613.55






1.00






0.94






708






0.12






0.08






1.68






2.63








S-163-25






NC2 Este






613.70






614.45






0.75






0.65






1,425






0.26






0.13






1.04






2.17








S-171-25






San Gerónimo






397.10






397.45






0.35






0.18






77






1.20






0.01






0.05






0.08








S-171-25






Splay






572.00






572.90






0.90






0.58






666






0.21






0.98






7.46






12.05








S-171-25






Filomena






663.50






670.75






7.25






5.13






1,000






0.77






0.29






3.69






6.72








S-171-25






SG3






678.00






679.00






1.00






0.64






739






0.02






0.59






4.19






5.35








S-173-25






Mariana






560.65






561.35






0.70






0.70






160






0.08






0.06






0.06






0.20








S-173-25






Int. Este 1.5






589.00






589.40






0.40






0.40






32






0.03






0.01






0.01






0.18








S-173-25






Estela






620.85






622.50






1.65






1.65






132






0.16






0.03






0.46






0.45








S-173-25






Jade






636.65






636.90






0.25






0.13






364






0.07






0.14






1.58






7.76








S-173-25






Rubi






644.65






644.90






0.25






0.14






1,229






0.29






0.47






0.74






0.69








S-173-25






NC2 Este






704.30






705.35






1.05






0.67






457






0.18






0.18






2.20






3.39








S-175-25






Mariana






635.55






635.95






0.40






0.20






162






0.02






0.03






0.04






0.14








S-175-25






NC2 Este






728.70






729.65






0.95






0.95






30






0.02






0.01






0.07






0.09








S-178-25






Cristina






521.80






524.45






2.65






0.69






665






0.27






0.27






0.61






0.62








S-178-25






Splay






531.00






531.65






0.65






0.50






2,616






0.28






0.48






1.84






2.88








S-189-25






Jade






658.95






659.35






0.40






0.26






594






0.34






0.16






1.31






3.99








S-189-25






Estela






680.20






681.05






0.85






0.15






320






0.06






0.07






0.19






0.07








S-189-25






NC2 Este






701.40






701.85






0.45






0.34






646






1.72






0.23






0.32






0.41








U-177-25






Sofia






37.65






37.85






0.20






0.17






375






0.15






0.12






0.52






0.98








U-177-25






Mariana






49.85






52.20






2.35






2.01






306






0.20






0.13






1.11






1.84








U-177-25






Int. Este 1.5






93.25






93.45






0.20






0.13






79






0.05






0.03






0.39






2.68








U-177-25






Jade






108.85






109.40






0.55






0.19






473






0.11






0.24






3.97






1.43








U-177-25






Int. Este 2






136.45






138.00






1.55






1.34






182






0.09






0.01






0.03






0.06








U-177-25






Rubi






158.10






159.00






0.90






0.16






1,004






0.23






0.63






7.14






10.03








U-177-25






NC2 Este






220.10






226.90






6.80






5.21






198






0.31






0.13






0.78






4.54








U-179-25






BXHY01






48.10






61.20






3.75






2.93






288






0.15






0.15






1.35






2.20








U-179-25






Sofia






50.05






50.95






0.90






0.69






88






0.05






0.02






0.48






0.27








U-179-25






Mariana






63.80






64.50






0.70






0.45






2,670






5.25






0.61






1.70






3.28








U-179-25






Perla






66.70






67.15






0.45






0.12






68






0.10






0.02






0.54






0.87








U-179-25






Int. Este 1.5






95.90






96.15






0.25






0.23






69






0.05






0.06






0.56






0.72








U-179-25






Jade






115.25






116.50






1.25






0.43






49






0.21






0.03






1.32






2.21








U-179-25






Int. Este 2






125.85






126.65






0.80






0.27






81






0.25






0.60






0.86






2.05








U-179-25






NC2 Este






197.30






199.50






2.20






1.26






1,040






0.35






0.74






5.18






10.74








U-187-25






Sofia






95.85






96.10






0.25






0.16






1,147






0.17






0.32






15.10






2.70








U-187-25






San Juan






125.55






125.75






0.20






0.16






109






0.11






0.06






0.54






7.09








U-187-25






Manto Norte






171.00






172.70






1.70






1.41






102






0.07






0.05






1.30






3.57








U-192-25






Sofia






74.30






74.50






0.20






0.11






6,670






0.78






2.13






8.78






6.38








U-192-25






Manto Norte






163.60






165.15






1.55






1.34






147






0.12






0.13






1.37






3.80








U-194-25






Hyd. Bx






184.25






185.30






1.05






1.05






267






0.13






0.10






0.17






0.88








S-180-25






Mariana






762.55






762.80






0.25






0.22






458






0.11






0.06






0.59






0.66








S-176-25






Cristina






209.00






210.50






1.50






1.30






528






3.55






0.01






2.78






2.16








S-176-25






La Chona






399.50






501.60






102.10






65.63






101






0.12






0.07






0.26






2.54








S-183-25






La Chona






549.60






566.60






17.00






10.93






67






0.08






0.24






1.35






2.82








S-184-25






Bernardina






450.45






451.65






1.20






0.77






687






0.61






0.14






1.55






5.29








S-184-25






Splay






474.70






479.05






4.35






2.82






973






0.35






0.21






0.62






1.60








S-181-25






Mariana






650.10






651.20






1.10






0.46






253






0.11






0.03






0.34






0.21








S-181-25






Jade






685.50






686.00






0.50






0.21






168






0.14






0.03






0.15






0.25








S-181-25






NC2 Este






707.10






720.80






13.70






9.27






332






0.27






0.32






3.84






8.44








U-218-25






Veta3






86.15






86.70






0.55






0.50






198






0.04






0.03






0.11






0.14








U-200-25






NC2 Este






40.25






41.00






0.75






0.57






3






0.02






0.01






0.02






0.06








U-206-25






NC2 Este






43.05






43.40






0.35






0.18






702






0.25






0.13






0.50






0.17








U-207-25






NC2 Este






62.70






63.05






0.35






0.22






10,305






0.66






1.54






9.99






16.00








S-188-25






Mariana






915.65






916.90






1.25






0.88






568






0.41






0.51






3.29






6.29








S-188-25






Skarn Mineralization






950.00






953.65






3.65






UNK*






126






0.08






0.06






0.97






1.82








S-188-25






NC2 Este






959.85






965.05






5.20






3.53






275






0.21






0.24






5.75






10.80








U-210-25






Mariana






127.80






129.10






1.30






1.00






796






1.73






0.34






10.35






1.69








U-210-25






Splay






136.35






138.25






1.90






0.95






699






1.53






0.29






3.69






7.38








U-210-25






Splay






142.80






143.80






1.00






0.50






886






0.60






0.56






19.13






20.56








U-210-25






Splay






207.50






211.90






4.40






1.86






588






0.62






0.24






4.44






11.07








U-217-25






Splay






86.65






87.45






0.80






0.75






867






0.34






1.39






5.28






7.35








U-01-26






Estela






133.25






140.75






7.50






5.75






146






0.41






0.17






1.76






4.29








U-01-26






Int. Este 2






152.20






154.75






2.55






1.95






165






0.50






0.14






4.15






9.82








U-01-26






Jade






156.45






157.70






1.25






0.25






133






0.14






0.07






5.96






8.83








U-01-26






Skarn Mineralization






157.70






184.05






26.35






UNK*






22






0.10






0.02






1.11






2.52








U-212-25






Mariana






80.90






81.40






0.50






0.17






756






0.21






0.29






5.56






12.92








U-212-25






Estela






109.05






110.30






1.25






0.80






235






0.31






0.29






0.96






1.92








U-212-25






Int. Este 1.5






115.70






116.35






0.65






0.11






1,275






0.45






0.33






1.91






2.24








U-212-25






Rubi






185.10






185.50






0.40






0.26






1,569






2.39






0.61






1.47






4.91








U-212-25






NC2 Este






190.55






191.05






0.50






0.35






604






0.36






0.33






5.27






9.05








U-213-25






Splay






63.85






64.45






0.60






0.56






1,454






0.06






0.26






0.70






0.94








U-213-25






Veta3






88.80






89.15






0.35






0.30






3,900






0.18






0.58






4.54






15.07








U-215-25






Mariana






84.85






86.25






1.40






1.21






522






0.91






0.90






2.71






8.70








U-215-25






Perla






92.15






92.60






0.45






0.42






518






0.20






0.80






4.28






3.65








* Estimated True Widths are unknown at this time; reported widths (m) are core interval widths.







General Notes with Respect to Technical Information


Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Global, Mexico ("ALS"), SGS Durango (“SGS”) and La Colorada Laboratory. At ALS and SGS, using acid digestion with ICP finish for silver, lead, zinc, and copper. For samples above the detection limits of ICP, they were finalized with absorption spectrometry ("AAS"); For lead and zinc grades greater than 30%, the determination was made by volumetric titration. Samples sent to ALS Global were prepared in Zacatecas and Hermosillo, Mexico laboratories and sent to Vancouver, B.C. Laboratory for assay. Samples sent to SGS were prepared and assayed in Durango. At La Colorada Laboratory, gold and silver were assayed by fire assay (20g) and gravimetric finish; for lead, copper, and zinc, sample is digested by aqua regia and finished by AAS. Pan American implements a quality assurance and quality control ("QAQC") program including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to ALS Global and La Colorada Laboratory demonstrate acceptable accuracy and precision. The Qualified Persons have verified the data disclosed in this news release and they are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. 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. ALS Global is independent from Pan American and accredited by ISO/IEC 17025:2017. La Colorada Laboratory is the internal laboratory of the La Colorada Mine, operated by the Company and certified by ISO9001:2015 for Quality Management System.


See the Company's Annual Information Form dated February 18, 2026, available at www.sedarplus.ca, or the Company's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC"), for further information concerning QAQC and data verification matters, 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.


Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Wright, P. Geo., Vice President Mineral Resource Management, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").


Pan American 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 US Investors


This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. 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 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. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases.


About Pan American


Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the operating Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".


Learn more at panamericansilver.com


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Cautionary Note Regarding Forward-Looking Statements and Information


Certain of the statements and information in this news release 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 news release relate to, among other things: the extent of, and success related to any future exploration or development programs, including with respect to the exploration program at the La Colorada Skarn; expectations regarding exploration drilling; expectations regarding a phased development plan at La Colorada; and plans to report our annual mineral reserve and mineral resource as at June 30, 2026.


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; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and 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 properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; 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 news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: 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 (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); 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; risks related to taxation; 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; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305335300/en/
For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com


Original: Pan American Silver Discovers New High-Grade Veins at the La Colorada Mine