Pan American Silver : Presentation (PAAS Investor Presentation June 2025 3)

P R E S E N T A T I O N / / J U N E 2 0 2 5

C O N T I N U E D

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.

US Securities Considerations

None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws.

Technical Information

Scientific and technical information contained in this presentation in respect of Pan American 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 additional information about Pan American's material mineral properties, please refer to Pan American's most recent Annual Information Form, filed at https://www.sedarplus.ca, or Pan American's most recent Form 40-F filed with the SEC.

Technical information for MAG has not been reviewed or approved by Pan American's Qualified Persons. Please see MAG's and Fresnillo plc's ("Fresnillo") websites for further information.

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.

// Key tr6fis6ctiofi terms; 6ll 6moufits expressed ifi U.S. doll6rs ufiless otherwise ifidic6ted.

Proposed Transaction	Pan American to acquire all of the issued and outstanding common shares of MAG
Consideration	MAG shareholders can elect to receive cash or shares, up to a maximum of $500 million in cash prorated: $20.54 in cash per MAG share, or 0.755 common shares of Pan American per MAG share Represents premiums of approximately 21% and 27%, respectively, on a prorated basis to the daily closing price and the 20-day VWAP of MAG's common shares on the NYSEAM ending May 9, 2025 Implies a total equity value for MAG of approximately $2.1 billion based on the May 9, 2025 closing price for Pan American
Ownership	Pro forma ownership in Pan American of approximately 86% for current Pan American shareholders and 14% for current MAG shareholders
Structure & Approvals	Transaction has been unanimously approved by the boards of Pan American and MAG Subject to MAG receiving approval from shareholders representing at least 66 2/3% of the votes cast by MAG shareholders at a special meeting Receipt of any required regulatory approvals, including clearance from Mexican anti-trust authorities No material adverse change
Proposed Timing	MAG shareholder meeting expected to be on July 10, 2025 Closing expected in H2 2025

ena Gold Mine,

// Divested fiofi-core properties while buildifig 6 me6fiifigful portfolio of roy6lties

Sale of the La

Arena gold mine and the La Arena II copper/gold project2

MAG CASH

CONSIDERATION

TOTAL CASH PROCEEDS1

Sale of certain non-core equity interests

Sale of 56.25% interest in the

Sale of 57.74% interest in the Aqua de la Falda project

Sale of the

Joaquin project and the Cerro Puntudo properties3

MARA project

Yamana Acquisition Q1 2023 Q2 2023

Sale of 92.3% interest in the Morococha mine that was on care & maintenance

Q3 2023 Q4 2023

…… Q4 +

6 R E T A I N E D R O Y A L T I E S

2024

1. Includes the total value of $150.7M realized for Pan American's interest in Maverix Metals since the royalty company was formed in 2016, with

   the sale of Pan American's remaining interest Q1 2023.

2. Pan American completed the sale of its interest in La Arena S.A., including the La Arena gold mine and the La Arena II copper-gold project, in Q4 2024. See the news release dated December 3, 2024 for further details. Transaction consideration excludes an additional $50 million in contingent payments.

   
   
   

3. Transaction consideration includes an additional $10 million in contingent payments.