Pan American Silver : July 2025 Timmins Operations CIBC Investor Presentation Final (July 2025 Timmins Operations CIBC Investor Presentation Final)

T I M M I N S S I T E T O U R / / J U L Y 2 0 2 5

C O N T I N U E D

NOT AN OFFER OR A SOLICITATION

THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A SOLICITATION OR OFFER BY PAN AMERICAN OR ANY OF OUR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS TO BUY OR SELL ANY SECURITIES OF ANY PERSON IN ANY JURISDICTION, OR A SOLICITATION OF A PROXY OF ANY SECURITYHOLDER OF ANY PERSON IN ANY JURISDICTION, IN EACH CASE, WITHIN THE MEANING OF APPLICABLE LAWS.

Technical Information

Scientific and technical information contained in this presentation has been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, each of whom are Qualified Persons, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). For

information about Pan American's material mineral properties, please refer to Pan American's most recent Annual Information Form, filed at

www.sedarplus.ca, or Pan American's most recent Form 40-F filed with the SEC.

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources

Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms "measured resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of

"reserves" are not the same as those of the SEC and may not qualify as

"reserves" under SEC standards. Under U.S. standards, mineralization may not

be classified as a "reserve" unless the determination has been made that the

mineralization could be economically and legally produced or extracted at the

time the reserve determination is made. U.S. investors are cautioned not to assume that any part of an "indicated resource" will ever be converted into a "reserve". U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of "inferred resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian

securities laws, estimated "inferred mineral resources" may not form the basis

of feasibility or pre-feasibility studies except in rare cases.

Au

T Y P E L O C A T I O N O W N E R S H I P

Opportufiities

M I N E O V E R V I E W

Exploration and development

opportunities at Whitney, Bell Creek, and Timmins West

Excess mill capacity

Productiofi & Cost History

$2,200

$2,023

$1,800

$1,639

$2,100

135

133

124

130

2022

2023

2024

Au Production (koz)

2025F 1

AISC ($/oz)2

120

383 koz Au

Inferred Resources3

200 koz Au

M&I Resources3

868 koz Au

P&P Reserves3

$2,100 - $2,200

2025F Au AISC1,2

4,100 - 4,400 tpd

2025F Throughput1

120 - 130 koz

2025F Au Production1

Underground Mine Ontario, Canada 100%

• Timmins Operation comprised of two underground gold mines (Bell Creek and Timmins West) and a leach and carbon-in-pulp processing plant at Bell Creek

• Plant throughput capacity of approximately 5,600 tpd

• Paste plant commissioned in early 2025 at Bell Creek Mine contributing to enhanced ground support and increased LOM due to additional ounce recovery

  
  
  

  Note: Please refer to the information under the headings "Technical Information" and "Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Mineral Resources" on Slide 3 of this presentation.

  1. 2025 forecast production, throughput, and AISC figures are based on our 2025 Guidance. Please refer to the Company's MD&A for the period ended December 31, 2024 for our 2025 Guidance and to the Cautionary Note on slide 2 of this presentation.

  2. AISC is a non-GAAP measure. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2025 for a detailed description of these measures.

  3. Mineral Reserves and Resources are as at June 30, 2024. Please refer to the appendix of this presentation for detail of our Mineral Reserves and Resources.

• Advancing 8 of the 17 PAS Sustainable Development Goals (SDGs) where we can have the greatest impact

• United Nations Global Compact

• United Nations Guiding Principles (UNGP) for Business and Human Rights

• Implementing "Doing Safety Differently" and "Critical Risk Management" at the Timmins Operations

• Complying with the Mining Association of Canada Towards Sustainable Mining (TSM) Protocols, achieving a minimum level A in all

  protocols and incorporating the World Gold Council's RGMP's

• Participatory water monitoring programs in Canada (Mattagami Regional Conservation Authority)

• Impact Benefit Agreements with our local First Nation communities

• Implementing the "Building Respect Together" program to foster a more respectful, safe and inclusive work environment

• UNICEF Canada's Child Rights and Security Checklist

• Voluntary Principles on Security and Human Rights

  
  
  

• Sustainability reporting in accordance with the Global Reporting Initiative (GRI) and taking into consideration the Sustainability Accounting Standards Board (SASB) and Task Force on Climate Related Disclosure (TCFD) reporting frameworks

For more information, see Pan American Silver's 2024 Sustainability Report

https://panamericansilver.com/sustainability/