Pan American Silver : Presentation (PAAS Investor Presentation Dec 2024)

P R E S E N T A T I O N / / D E C E M B E R 2 0 2 4

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 Christopher Emerson, FAusIMM., Vice President of Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

For additional information regarding Pan American Silver's material mineral properties, please refer to Pan American Silver's Annual Information Form dated

March 26, 2024, filed at www.sedarplus.ca, or Pan American Silver's most recent Form 40-F filed with the SEC.

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

Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM

Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). 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 standards, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information included 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 resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards. 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 a "reserve". U.S. investors should also understand that "inferred mineral resources" have a great

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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.

CANADA

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Head Office

Dolores

La Colorada Skarn Deposit

Timmins

• Pan American's portfolio offers scale & quality in the Americas, where we have been operating for 30 years

MEXICO

GUATEMALA

Escobal

(C&M)

Shahuindo

BRAZIL

La Arena1

• 11 producing silver and gold mines1
• Jacobina upside via mine optimization
• 2 catalysts with potential for material silver growth: La Colorada Skarn & Escobal

8% 3%

26%

11%

Mining Operations

Development Projects

PERU

Huaron

BOLIVIA

San Vicente

El Peñon

CHILE

Minera Florida

ARGENTINA

Navidad

Jacobina	• Optionality for silver growth: Navidad

• Large silver & gold mineral reserves: 468 Moz Ag and 6.9 Moz Au2

Revenue by Jurisdiction1		Peru
	Brazil
( For the period ended September 30, 2024)		Canada
		Bolivia

	$716.1M
	Q3 2024
14%

21%

18%

Chile

Mexico

Argentina

1. Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news releases dated May 1, 2024 and November 5, 2024 for further details.

Cerro Moro	Figures may not sum to 100% due to rounding.

2. Pan American estimated mineral reserves and mineral resources reported as of September 30, 2024. See slides 47 - 53 for more detailed information on the Company's reserves and resources.

• Record Financial Results

Record cash flow from operations1 of $235.8M and record free cash flow2 of $151.5M

Adjusted earnings of $115.1M, or

$0.32 per share2

Strong financial position with $1.2B

in Total Available Liquidity2

Declared $0.10 per share dividend

Maintaining 2024 Operating Outlook3

Production of 5.5 million ounces silver and 225 thousand ounces gold

Silver Segment Cash Costs of $15.88 per ounce and Gold Segment Cash Costs of $1,195 per ounce2

Completed La Colorada ventilation infrastructure - silver production up 59% and cash costs down 26% vs. Q2 2024

1. Cash flow from operations before non-cash working capital changes and net of cash taxes paid.
2. Free cash flow, adjusted earnings, basic adjusted earnings per share, total available liquidity and Cash Costs are non-GAAP financial measures. Please refer to the section "Alternative Performance (Non-GAAP)Measures" of the Management's Discussion & Analysis ("MD&A") for the period ended September 30, 2024, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q3 2024 Financial Statements. Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the SL-Credit Facility.
3. 2024 Guidance as provided in the Company's MD&A for the period ended December 31, 2023. See slide 28 for further detail on the Company's operating outlook.
4. Pan American estimated mineral reserves and mineral resources reported as of June 30, 2024. See slides 47 - 53 for more detailed information on the Company's reserves and resources.

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$700

Sustaining Cash Flow Performance

Growth, Business Development, and Other

$600

$500

$400

Millions

$300

$200

$100

$0

$269

($75)

($36)

($26)($10)

$369

$491

$470

($13)($7)

Cash and STI at June 30,	Adjusted operating cash	Sustaining capital and	Dividends paid	Net income tax	Net changes in working	Cash and STI before	Project capital	Mine care &	Cash and STI at
20241	flow2	equipment lease		payments	capital	growth & borrowings1		maintenance (excl. D&A)1	September 30, 20241
		payments

1. "STI" means short-terminvestments, and "D&A" means depreciation and amortization.

2. "Adjusted operating cash flow" is a non-GAAP financial measure calculated as: net cash generated from operating activities before changes in working capital, income taxes paid, transaction costs and mine care and maintenance.

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		Cash +
Revolving		short-term
Credit	TOTAL AVAILABLE	investments
Facility	$470M
$750M	LIQUIDITY

$1,220M3

• An investment grade name

Cash + short-term investments of $470M

Total debt2 of $815M primarily related to senior notes:

$283M with 4.625% coupon maturing in December 2027 $500M with 2.63% coupon maturing in August 2031

Sustainability-Linked Revolving Credit Facility

aligns Pan American's ESG performance to its cost of capital

1. As at September 30, 2024.
2. Total debt is a non-GAAP measure calculated as the total current and non-current portions of: debt, including senior notes and amounts drawn on the Sustainability Linked-Credit Facility, and lease obligations.
3. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Sustainability Linked-Credit Facility. See the "Non-GAAP
   Measures" section of our Cautionary Note on slides 2 and 3 of this presentation.

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• Pan American adheres to the following priorities for deployment of free cash flow

• Maintain balance sheet flexibility, with low debt
• • Long-termTotal Gross Leverage1 target of below 1.0x
  • Company has demonstrated a disciplined approach to returning
    below this target, reducing debt following the acquisitions Tahoe
    Resources Ltd. And Yamana Gold Inc. ("Yamana").

2 Invest in high-return projects

➢ Undertake projects to optimize mining operations and provide future growth

15%

31%

Capital Allocation since 20104

Dividends

Share buy-backs

➢ Company funds capital expenditures through internal cash flows and has not

had a public equity offering since 2009

• Return to shareholders: dividends and share buybacks
• • Pan American has a dividend framework that pays a quarterly base cash dividend of $0.10/share with a defined variable dividend linked to net cash2
  • Pan American introduced a share buyback in March 2024, with a discretionary approach to repurchasing shares3

7%	Expansion Capital & Acquisition Costs

48%

Net Debt Repayment

Returned $965M to shareholders5 since 2010 while investing in projects & maintaining a strong balance sheet

1. Gross Leverage is a non-GAAP measure calculated as Gross Debt divided by Adjusted EBITDA. See the "Non-GAAP Measures" section of our Cautionary Note on slides 2 and 3 of this presentation.
2. Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities, less total debt. See the "Non-GAAPMeasures" section of our Cautionary Note on slides 2 and 3 of this presentation.
3. Please refer to the news release dated March 4, 2024 for details.
4. Capital allocation includes cash allocated to dividends, share buybacks, expansion capital and cash acquisition costs and net debt repayments. Figures may not sum to 100% due to rounding.
5. Return to shareholders is comprised of dividends and share buybacks for the period January 1, 2010 to November 29, 2024, including dividend declared on November 5, 2024.

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• Successful integration of new operating assets and realization of synergies

	404 koz	~20 Moz	$1.1B	$25-30M
February 22, 2019	2018A Gold Production	Silver Production Optionality1	Total Consideration2	Annual Synergies3
	565 koz	9.2 Moz	$2.8B	~$60M
March 31, 2023	2022A Gold Production4	2022A Silver Production4	Total Consideration5	Annual Synergies6

1. Based on silver production from Escobal prior to the mine being placed on care and maintenance since 2017.
2. Comprised of $275M cash, 56M shares, and ~314M contingent value rights.
3. Annual G&A synergies as indicated in Pan American's 2019 Annual Report.
4. Yamana production figures exclude production at Canadian Malartic, which was purchased by Agnico Eagle. Gold figures stated in Gold Equivalent Ounces at Jacobina and Minera Florida.
5. Figure excludes consideration paid by Agnico Eagle. Total consideration of $4.8B comprised of $1.0B cash, 36.2M Agnico Eagle shares, and 153.8M Pan American shares.
6. Figures represent annual G&A synergies based on forecast G&A expense as per 2024 Operating Outlook as stated in our MD&A for the period ended December 31, 2023, compared to the three- year average of Yamana's G&A expense from 2020 to 2022 adjusted to assume a 5% inflation rate. Figures exclude additional ~$90M in annual cash savings following dispositions and debt repayment (primarily from the reduction of care & maintenance, reclamation accretion and interest expense).

Shahuindo

La Arena

Timmins & Bell Creek

Escobal

Jacobina

El Peñon

Minera Florida

Cerro Moro

• Cash proceeds totaling $988.4M, plus 4 NSR royalties1

Entered into agreement to sell La Arena gold mine and La Arena II copper/gold development project for $245M in cash upfront, a $50M contingent payment, and a

1.5% gold NSR royalty1

Sold 56.25% stake in the MARA project for $475M in cash and a 0.75% copper NSR royalty

Sold the 92.3% interest in the Morococha mine that was on care & maintenance for $25M in cash

Sold the 57.74% interest in the Agua de la Falda development stage project for $45.55M

in cash, plus a 1.25% precious metals NSR royalty and a 0.2% base metals NSR royalty from certain mineral concessions, pro rata based on interests sold

Sold non-controlling equity interests for $47.1M in cash proceeds

Sold remaining interest in Maverix Metals (MMX). In total, Pan American

realized $150.7M for its interest in MMX since the royalty company was formed in 2016

1. Figures include proceeds from the La Arena transaction, which is pending completion; please refer to the news releases dated May 1, 2024 and November 5, 2024 for details.

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La Arena Gold Mine, Peru