Pan American Silver Corp. released new drill results for its Jacobina, El Penon, La Colorada, Huaron, Timmins, Mininera Florida and Cerro Moro mines. Pan American's exploration program focuses on near-mine exploration and resource conversion throughout its portfolio of operating mines.
This release provides an exploration update on the 333,830 metres that have been drilled at the mines referenced in this news release, which represents 70% of the total metres drilled for the period November 1, 2024 to October 30, 2025. The Company plans to drill a total of approximately 540,000 metres in 2025. Highlights tables beginning on page seven of this news release for additional details.
Jacobina - Exploration focused on the Maricota zone, with infill and exploration drilling building on the estimated 800 thousand ounces of inferred gold mineral resource defined in recent years. Exploration drill hole MRCEX00027A, returning 8.97m @ 5.67 g/t Au, incl. 3.07m @ 12.03 g/t Au and 6.51m @ 3.43 g/t Au, including 3.59m @ 5.59m at 5.59m @ 5. 59m @ 5.59 g/t Au, has extended inferred mineral resources approximately 300m down dip and 300m along strike, where mineralization remains open.
Satellite deposits within 20 kilometres of the core mine reported key results, including: Chiquilla Chica mine and newly discovered Dominador vein: 0.64m @ 0.78 g/t Au, 4,306 g/t Ag (SIH0041) and 2.30m @ 0.23 g/t Au, 1,349 g/t Ag and 2.10m @ 0.16 g/t Au, 569 g/t Ag (UEH0026), respectively. La Colorada veins -infill and exploration drilling continue to build on the estimated 52.7 million ounces of newly identified inferred silver mineral resource across mineralization styles, as described in the September 8, 2025 and September 11, 2025 news releases. The expansion of the mineral resource is the result of successful exploration campaigns targeting the eastern extensions of multiple high-grade veins along the NC2 and Mariana vein systems. A key contribution to the recent exploration success is the discovery of new southeastern contact-related replacement style mineralization, as described in the September 11, 2025 news release.
Drilling has expanded this high potential target over an approximate 500 metre x 200 metre area beneath the NC2-Marianna vein system with notable results including: 15.7m @ 201 g/t Ag, 0.91 g/t Au, 1.89% Pb, 2.76% Zn (U-131-25) and 3.71m @ 241 g/t Ag, 0.,56 g/t Au, 2.96% Pb, 9.27% Zn (U-128-25). Timmins Projects (Whitney and Vogel) - at Whitney, drilling targeted remnant mineralization in unmined veins and wall rock near historic stopes at the Bonwhit, Broulan, and Hallnor deposits, indicating mineral resource potential. Infill drilling was completed at the Vogel deposit.
Exploration of Lagartixa and Canavieiras Extension, north of Maricota and Canavieiras North Mine, respectively, represent new target areas north of the classified mineral resources with significant potential to add new mineral resources. Additionally, 34,225 metres of exploration drilling was completed to delineate new inferred mineral resources. For the period November 2024 to October 2025, a total of 35,844 metres of exploration drilling was completed, including 27,064 metres focused on delineating new inferred mineral resources, and 8,780 metres of infill drilling aimed at converting inferred mineral resources to the indicated category.
For the period November 2024 and October 2025, exploration drilling totaled 34,764 metres, including 28,871 metres of infill drilling targeting conversion of inferred mineral resource, 4,544 metres of exploration drilling to delineate new inferred mineral resource,544 metres of exploration drilling To delineate new inferred mineral resources, and 1,349 metres of explorate new inferred mineral resources.
