Pan American Silver : Model Workshop Presentation

M A R C H 2 0 2 4

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 non- GAAP measures, including but not limited to, all-in sustaining costs ("AISC"), "Cash Costs" and "total debt". These measures do not have a standardized meaning prescribed by International Financial Reporting Standards as an indicator of performance, and may differ from methods used by other companies. Silver segment AISC is calculated net of credits for realized revenues from all metals other than silver, and are calculated per ounce of silver sold. Gold segment AISC are calculated net of credits for realized silver revenues, and are calculated per ounce of gold sold. 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 for the year ended December 31, 2023, available at www.sedarplus.ca.

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 presentation relate to, among other things: future financial or operational performance; operating outlook for 2024, including, but not limited to production, Cash Costs, forecasted exchange rate exposure, hedging strategies, AISC and capital and other expenditures; statements regarding life-of-mine ("LOM"), throughput, reserves and resources, including the anticipated inclusion of a preliminary mineral resource for the Maricota zone in the 2024 reserve and resource update; statements regarding investments in capital projects, and any anticipated benefits therefrom; forecasts regarding reclamation

and closure expenditures; statements regarding anticipated synergies; typical concentrate terms; expectations regarding the Pan American's Normal Course Issuer Bid; and Pan American's plans and expectations for its properties and operations.

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: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and

assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral 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 mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate sustainability-linked credit facility or otherwise, to sustain our business and operations; 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 presentation and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; 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; 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, 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; 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 filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively; and those

factors identified under the caption "Risks of the Business" in Yamana Gold Inc.'s	2
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. 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.

General Notes with Respect to Technical Information

The Company has undertaken a verification process with respect to the mineral resource and mineral reserves. Mineral reserve and mineral resource databases comprised of drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program which may include the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases 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 this 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.

Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). Grades are shown as contained metal before mill recoveries are applied.

Scientific and technical information contained in this presentation has been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services & Process Optimization, and Christopher Emerson, FAusIMM., Vice President of Exploration and Geology, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.

C O N T I N U E D

For additional information regarding Pan American Silver's material mineral properties prior to the completion of the

acquisition of Yamana Gold Inc. ("Yamana"), please refer to Pan American Silver's Annual Information Form dated February 22, 2023, filed at www.sedarplus.ca, 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 acquisition of Yamana, please refer to Yamana's Annual Information Form dated March 29, 2023, filed at www.sedarplus.ca or Yamana's most recent Form 40-F

filed with the SEC. These documents include detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, and a

detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's

mineral reserves and mineral resources.

Cautionary Note to U.S. Investors

This presentation has been prepared in accordance with the requirements of Canadian NI 43-101 and the CIM, which differ from the requirements of U.S. securities laws. 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 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 ''indicated resources'', and ''inferred resources''. 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 a3 "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.

4

Abbreviation	Definition
tpd	tonnes per day
ktpa	kilotonnes per annum
Moz	millions of ounces
koz	thousands of ounces
dmt	dry metric tonnes
g/t	grams per tonne
n.d.	No data

5

• 2024 Guidance Overview

• Mine Planning and Operations

• Commercialization
  4 Operating Costs
  5 Capital Expenditures
  6 G&A and Corporate Level Costs

• Taxes

• Shareholder Returns
  9 Skarn Project

6

• Silver production is anticipated to increaseby 0.6 - 2.6 Moz relative to 2023, largely related to the contribution of a full-year of production from El Peñon and higher silver production at La Colorada.
• Gold production is expected to increaseup to 117 koz relative to 2023, driven by the contribution of a full-year of production from the Yamana mines, partially offset by Dolores where mining and stacking activities will be concluded in Q3 2024.
• Silver Segment AISC is expected to decreaserelative to 2023 due to a reduction in unit costs at La Colorada once the ventilation conditions in the mine are improved, partially offset by lower silver grade at Cerro Moro and anticipated cost escalations.
• Gold Segment AISC is expected to increaserelative to 2023 driven by higher costs per ounce at Dolores as it enters its residual-leaching phase, Jacobina due to an increase in development costs expensed rather than classified as project capital, La Arena due to a higher waste-to-ore ratio, and higher capital spending at Shahuindo (for mine and site infrastructure and leach pads which are expected to benefit the mine in the longer term).

2024 Production and AISC Forecasts(2)

2024 Other Expenditures Forecast(2) (US$M)

1. Cash Costs and AISC are non-GAAP measures. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the year ended December 31, 2023, dated February 24, 2024 ( the "2023 Annual MD&A"), for further information on these measures. The Cash Cost and AISC forecasts assume average metal prices of $23.50/oz for silver, $1,950/oz for gold, $2,500/tonne ($1.13/lb) for zinc, $2,150/tonne ($0.98/lb) for lead, and $8,300/tonne ($3.76/lb) for copper; and average annual exchange rates relative to 1 USD of 17.50 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 980.00 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.36 for the Canadian dollar ("CAD"), $850.00 for the Chilean peso ("CLP") and $5.00 for the Brazilian real ("BRL").
2. As disclosed in the Company's MD&A for the year ended December 31, 2023, dated February 21, 2024 (the "2023 Annual MD&A").

7

2024 Operating Forecast

	Tonnes Mined	Tonnes Processed	Cost per Tonne
	(000s)	(000s)	processed ($)
Silver Segment:
La Colorada (Mexico)	570	- 615	570	- 615	192	- 214
Cerro Moro (Argentina)(1)	430	- 460	390	- 415	490	- 447
Huaron (Peru)	890	- 970	890	- 970	107	- 117
San Vicente (Bolivia)(2)	365	- 385	365	- 385	126	- 134
Gold Segment:
Jacobina (Brazil)(1)	2,920	- 3,210	2,920	- 3,210	60	- 64
El Peñon (Chile)(1)	845	- 950	1,255	- 1,410	154	- 164
Timmins (Canada)	1,490	- 1,605	1,490	- 1,605	124	- 133
Shahuindo (Peru)	11,925	- 13,035	11,805	- 12,900	11.3	- 10.8
La Arena (Peru)	9,160 - 10,440	9,160 - 10,440	12.8	- 13.4
Minera Florida (Chile)(1)	880	- 985	940 - 1,055	150	- 158
Dolores (Mexico)	3,015	- 3,510	3,950	- 4,600	28.7	- 29.4

1. The cost per tonne at Jacobina, El Peñon, Minera Florida, and Cerro Moro reflects Pan American's accounting treatment of expensing in the current period underground development and tailings facility expansions compared with Yamana's treatment to capitalize those costs.
2. San Vicente data represents Pan American's 95.0% interest in the mine's production.

8

2024 Capital Expenditures Forecast(2)

1. Capital expenditures at San Vicente are shown at a 100% ownership.
2. As disclosed in the Company's 2023 Annual MD&A.

9

• Silver production is anticipated to increasetowards the second half of year largely as a result of increased production from La Colorada due to higher grades, and higher throughput following completion of ventilation improvements.
• Gold production is expected to increasein the second half of year largely due to mine sequencing into higher grade gold ores at Cerro Moro and Jacobina.
• • Partially offset by lower gold production at Dolores as it enters the residual-leaching phase of the mine life in Q3 2024.
• Cash Costs and AISC are anticipated to decreasethroughout the year largely as a result of production increases.
• Taxes will be heavily weighted towards Q1 2024; we expect approximately half of the estimated $95M-$100M of tax payments will be recorded in Q1 2024.

2024 Quarterly Operating Outlook(2)

1. Cash Costs and AISC are non-GAAPmeasures. Please refer to the "Alternative Performance (Non-GAAP)Measures" section of the MD&A dated December 31, 2023 for further information on these measures. The Cash Cost and AISC forecasts assume average metal prices of $23.50/oz for silver, $1,950/oz for gold, $2,500/tonne ($1.13/lb) for zinc, $2,150/tonne ($0.98/lb) for lead, and $8,300/tonne ($3.76/lb) for copper; and average annual exchange rates relative to 1 USD of 17.50 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 980.00 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.36 for the Canadian dollar ("CAD"), $850.00 for the Chilean peso ("CLP") and $5.00 for the Brazilian real ("BRL").
2. As disclosed in the Company's 2023 Annual MD&A.

10

2024 Guidance Overview

• Mine Planning and Operations

• Commercialization
  4 Operating Costs
  5 Capital Expenditures
  6 G&A and Corporate Level Costs

• Taxes

• Shareholder Returns
  9 Skarn Project