Pan American Silver : Investor Presentation – August 2023

NYSE | TSX

PAAS

THE WORLD'S PREMIER

SILVER MINING COMPANY

I N V E S T O R P R E S E N T A T I O N / / A U G U S T 2 0 2 3

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CAUTIONARY NOTE

Non-GAAP Measures

This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "cash costs per ounce sold", "adjusted earnings" and "basic adjusted earnings per share", "total debt",

"capital", "operating margin", "free cash flow" and "working capital". These

measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Silver segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver, and are calculated per ounce of silver sold. Gold segment Cash Costs and AISC are calculated net of credits for realized silver revenues, and are calculated per ounce of gold sold. Consolidated Cash Costs and AISC are based on total silver ounces sold and are net of by-product credits from all metals other than silver.

Readers should refer to the "Alternative Performance (Non-GAAP)Measures" section of the Company's Management's Discussion and Analysis ("MD&A") for

the period ended June 30, 2023, available at www.sedarplus.com.

Reporting Currency and Financial Information

Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.

Cautionary Note Regarding Forward Looking Statements and Information

Certain of the statements and information in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, and estimates of current production levels that remain subject to verification and adjustment, including our estimated production of silver, gold and other metals forecasted for 2023, our estimated Cash Costs, AISC and

expenditures in 2023; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; estimated global silver inventories;

estimated timing for publication of an updated technical report for La Colorada; estimated synergies following the acquisition of Yamana Gold Inc. ("Yamana");

whether Pan American will be able to complete the divestment of its interests in certain non-core assets, including MARA, Agua de la Falda, and Morococha, as well as the anticipated terms, economic returns, and timing for completion thereof; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our business and operations and complete any anticipate capital spending; the ability of Pan American to successfully complete any capital projects, including with respect to Jacobina and La Colorada and the expected economic or operational results derived from those projects, and the impacts of any such projects on Pan American; and the future results of exploration activities, including with respect to the Skarn exploration program at La Colorada.

These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; the ability to satisfy the closing conditions and, where necessary, receive regulatory approval, to complete the sale of the non-core assets; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations

in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, including in Chubut, Argentina, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form and those factors identified under the caption "Risks of the Business" in Yamana's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively." filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

C O N T I N U E D O N N E X T P A G E

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 Processing Optimization, Sébastien Bernier, P.Geo., Senior Director Reserves and Resources, and Christopher Emerson, FAusIMM, Vice President Business Development and Geology, each of whom are Qualified Persons, as the term is defined in the Canadian National Instrument 43-101("NI 43-101"). Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.

For additional information regarding Pan American Silver's material mineral properties prior to the completion of the acquisition of Yamana (the "Yamana Transaction"), please refer to Pan American Silver's Annual Information Form

dated February 22, 2023, filed at www.sedarplus.com, or Pan American Silver's most recent Form 40-F filed with the SEC. For further information about the

material mineral projects acquired pursuant to the Yamana Transaction, please refer to Yamana's Annual Information Form dated March 29, 2023, filed at www.sedarplus.com or Yamana's most recent Form 40-F filed with the SEC.

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

This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this presentation have been prepared and disclosed in accordance with Canadian National Instrument 43-101- Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange

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Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to 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 mineral resources", "indicated mineral resources", ''inferred mineral resource estimate''. U.S. investors are

advised that, while such terms are recognized and required by Canadian

securities laws, the SEC has not recognized them. The requirements of NI 43- 101 for identification of ''reserves'' are not the same as those of the SEC, and

mineral reserves reported by Pan American in compliance with NI 43-101 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 a "measured resource" or "indicated resource" will ever be converted into a "reserve". U.S. investors should also understand that "inferred 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 resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a mineral resource is

permitted disclosure under Canadian securities laws. However, the SEC

normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference

to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

CANADA

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Head Office

Dolores

La Colorada Skarn Deposit

Timmins

TRANSFORMATIVE YAMANA TRANSACTION

// The acquisition of Yamana Gold Inc. enhanced the scale and quality of

MEXICO

GUATEMALA

Pan American's portfolio in the Americas, where we have been operating

for nearly 3 decades

Escobal

(C&M)

		• 4 producing mines: Jacobina, El Peñon, Minera Florida &
			Cerro Moro, plus MARA (56.25%) development project
		• Enhanced diversification with addition of Chile & Brazil
Shahuindo	BRAZIL	•	Adds significant proven and probable reserves
La Arena
	•
	PERU	Extensive exploration portfolio

9%

12%

3%

23%

	Huaron		Jacobina
	Morococha	BOLIVIA
	(C&M)
Mining Operations		San Vicente	Pro Forma Revenue does not exceed
		23% from any single jurisdiction
Development Projects	El Peñon
	CHILE		( last 12 months, June 30, 2022)
		MARA

$2.92 B

16%

18%

19%

Minera Florida		Peru	Chile
	ARGENTINA	Mexico	Argentina
	Navidad	Brazil	Canada

Bolivia

Cerro Moro

Manantial Espejo

(C&M)

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ACQUISITION CREATES CLEAR PATH TO UNLOCK VALUE

• Annualpost-tax synergies of $40-$60 million

Established presence and expertise in Latin America will enable Pan American to leverage operational efficiencies and the growth potential of the acquired Yamana assets in the region

Synergies driven by streamlining corporate costs, cross-pollination of mining best practices and unification of regional mining hubs

Transaction was accretive on a per share basis with respect to key financial and operating metrics, even before considering synergies