Pan American Silver Corp. released results for 22 new infill and exploration drill holes totaling 18,071 metres that further demonstrate the size and quality of the mineralization at the Company's La Colorada Skarn project. Infill drill hole D-96-03-22, in the western portion of the deposit, contains an extensive zone of high grade silver and base metal sulphide mineralization with an intercept of 295.5 metres at 234 g/t Ag, 6.36% Pb and 5.72% Zn, including 97.0 metres at 654 g/t Ag, 15.35% Pb and 11.38% Zn.

Drill Highlights Include: D-96-03-22: 295.50 m at 234 g/t Ag, 0.09% Cu, 6.36% Pb and 5.72% Zn, including 97.00 m at 654 g/t Ag, 0.16% Cu, 15.35% Pb and 11.38% Zn, D-96-04-22: 31.25 m at 216 g/t Ag, 0.05% Cu, 5.60% Pb and 4.82% Zn and 40.65 m at 99 g/t Ag, 0.03% Cu, 3.64% Pb and 4.50% Zn, D-71-07-22: 188.50 m at 59 g/t Ag, 0.09% Cu, 3.14% Pb and 4.82% Zn, including 91.30 m at 70 g/t Ag, 0.13% Cu, 3.57% Pb and 5.86% Zn, D-93-03-22: 117.65 m at 35 g/t Ag, 0.09% Cu, 2.75% Pb and 3.92% Zn, D-93-04-22: 69.10 m at 48 g/t Ag, 0.06% Cu, 3.78% Pb and 4.83% Zn, D-93-05-22: 188.70 m at 68 g/t Ag, 0.11% Cu, 4.66% Pb and 6.16% Zn, including 62.65 m at 77 g/t Ag, 0.13% Cu, 6.69% Pb and 7.58% Zn, U-11-22: 67.70 m at 54 g/t Ag, 0.12% Cu, 3.69% Pb and 5.38% Zn, U-18-22: 160.90 m at 82 g/t Ag, 0.16% Cu, 3.67% Pb and 6.30% Zn, including 104.60 m at 83 g/t Ag, 0.20% Cu, 5.14% Pb and 8.91% Zn and 124.20 m at 50 g/t Ag, 0.11% Cu, 2.04% Pb and 2.66% Zn, including 43.95 m at 70 g/t Ag, 0.18% Cu, 4.10% Pb and 5.05% Zn. The drill results disclosed have expanded the mineralized area of the Skarn deposit, as described in the following points: D-96-03-22 and D-96-04-22 both show high silver grades. Together with drill hole U-67-21, disclosed on November 10, 2021, which returned 114.6 metres at 133 g/t Ag, 3.60% Pb and 4.83% Zn and 16.5 metres at 228 g/t Ag, 3.36% Pb and 6.45% Zn, these holes support the interpretation of an east-west trending high grade silver zone between the Amolillo and NC2 veins that extends for at least 100 metres.

Underground and surface drilling in the western portion of the Skarn from drill holes west of U-11-22 and S-93-21, respectively, have shown consistently wide intercepts and high grade mineralization. Infill drilling D-95-10/11/12–22 extending mineralization to the south of the central block showed multiple skarn and breccia style mineralization with widths up to 90 metres. D-71-07-22 drilled in the eastern block intercepted strong sulphide mineralization over 180 metres and further opens up exploration to the east and south.

D-62-06-22 and D-62-07-22 also provided continuity of the mineralization 150 metres to the east. Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Global, Mexico using acid digestion with ICP finish for silver, lead, zinc, and copper.

Samples sent to ALS Global were prepared in Zacatecas, Mexico laboratory and sent to Vancouver B.C. Laboratory for assay. 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 demonstrate acceptable accuracy and precision.

The Qualified Persons 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. 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.

Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No mineral reserves have yet been estimated for the Skarn deposit.