Pan American Silver Corp. reported 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.
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. 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. 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). 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). 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). The following table provides the drill results for the La Colorada mine included in this news release. 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 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.
