Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q3 2026 Earnings Presentation
26 slides from Pan American Silver's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Review
1 EARNINGS Q3 2026 REVIEW CONFERENCE CALL // November 5, 2026 NYSE: PAAS | TSX:PAAS
Slide 2: Cautionary Note
2 estimated, described or intended. Investors are cautioned against undue reliance on forward- CAUTIONARY NOTE These forward-looking statements and information reflect Pan American’s current views with looking statements or information. Forward-looking statements and information are designed to resp
Slide 3: Q3 2026 Takeaways
3 Q3 2026 TAKEAWAYS // Attributable1 free cash flow of $377M 2 $300M returned to shareholders Attributable1 silver production of 6.1 Moz with ~4.8M shares repurchased Declared $0.185 dividend per Attributable1 gold production of 167.9 Koz common share3 Silver Segment AISC of $11.21 per ounce $3.2B i
Slide 4: Enhanced Shareholder Returns Framework
4 ENHANCED SHAREHOLDER RETURNS FRAMEWORK // Targeting to return 35% - 40% of Attributable free cash flow 1 to shareholders in 2026 2 • Expect to pay $305 million in aggregate dividends in 2026. • Accelerated repurchases of common shares, pursuant to the Company’s Normal Course Issuer Bid (“NCIB”). •
Slide 5: Consolidated Financial Results
5 CONSOLIDATED FINANCIAL RESULTS in millions of US$, except per share amounts Q3 2026 YTD 20261 Revenue $1,006 $3,284 Attributable revenue2,3 $1,137 $3,737 Net earnings $357 $1,118 Basic earnings per share4 $0.86 $2.67 Adjusted earnings3 $287 $1,054 Basic adjusted earnings per share3,4 $0.69 $2.52 C
Slide 6: Attributable Production
6 ATTRIBUTABLE PRODUCTION 1 Silver (koz) Gold (koz) Q3 2026 YTD 2026 Q3 2026 YTD 2026 La Colorada 1,546 4,622 1.0 3.1 Juanicipio1 1,495 4,985 5.5 16.1 Cerro Moro 478 1,739 22.8 70.3 Huaron 785 2,225 - - San Vicente2 717 2,105 - - Jacobina - 3 40.5 126.0 El Peñon 825 2,636 21.5 64.9 Timmins 3 9 23.8
Slide 7: Attributable AISC
7 ATTRIBUTABLE AISC AISC1 1 ($ per ounce) Q3 2026 YTD 2026 La Colorada2 47.81 46.04 Juanicipio3 (7.00) (5.25) Cerro Moro (43.18) (58.02) Huaron 28.48 32.48 San Vicente4 19.20 36.16 Silver Segment 11.21 12.20 Jacobina 1,813 1,780 El Peñon 1,201 586 Timmins 3,390 2,979 Shahuindo 2,019 1,926 Minera Flo
Slide 8: Metal Prices & Metal Sold
8 METAL PRICES & METAL SOLD Realized Metal Quantities of Metal Sold2 Prices1 Q3 2026 YTD 2026 Q3 2026 YTD 2026 Silver $63.74 $74.12 4,131 12,949 Gold $4,267 $4,509 162.6 491.9 Zinc $3,910 $3,715 10.8 27.8 Lead $1,818 $1,941 4.4 13.6 Copper $15,059 $14,336 0.4 1.5 1. Metal price stated as dollars per
Slide 9: Q3 2026 Finished Goods and Concentrates Inventory Balance
9 Q3 2026 FINISHED GOODS AND CONCENTRATES INVENTORY BALANCE Payable Metal Quantities of Attributable // Q3 production and sales were relatively Mine/Product Produced Metal Sold Inventory Revenue build/(draw) aligned, resulting in minimal impact on (Attributable)1 (Attributable) Effect2 koz koz koz p
Slide 10: Q3 2026 Consolidated Cash Flows
10 Q3 2026 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $2,500 $459 $50 $7 $1,941 $2,000 ($126) ($79) $41 $1,705 ($76) $1,700 ($224) ($51) ($7) $1,500 Millions $1,000 $500 $0 Cash and STI at Adjusted Net changes in Net other (e.g. Net income tax Su
Slide 11: YTD 2026 Consolidated Cash Flows
11 YTD 2026 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $3,500 $192 $4 $14 $1,683 $3,000 ($466) $2,500 $2,285 ($234) ($228) Millions $2,000 $1,700 $41 ($473) $1,500 $1,319 ($133) ($20) $1,000 $500 $0 Cash and STI at Adjusted Dividends from Net cha
Slide 12: Direct Operating Costs by Category
12 DIRECT OPERATING COSTS BY CATEGORY // Focused on disciplined cost management and improving operating efficiencies Fuel, 5% Utilities, 5% ➢ Fuel accounted for ~5% of production costs in Q3 2026 ➢ Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consum
Slide 13: Strong Financial Position
13 STRONG FINANCIAL POSITION // Capacity to fund growth and shareholder returns Revolving Cash + Cash + Credit investments Facility TOTAL AVAILABLE short-term TOTAL AVAILABLE investments LIQUIDITY1 $1,500M LIQUIDITY $1,700M Cash + investments of $1,700M $3,200M3 $1,220M excluding 44% interest in cas
Slide 14: 2026 Guidance
14 2026 GUIDANCE // 2026 Operating Outlook reiterated for silver and revised for gold 1 Ag Notes: Please refer to the forward-looking Au cautionary language on page 2 of this presentation. 1. Please refer to the MD&A for the period ended September 30, 2026 for the revised guidance. 2. Adjusted from
Slide 15: 2026 Quarterly Operating Outlook
15 2026 QUARTERLY OPERATING OUTLOOK Attributable Silver Production reiterated, with production expected to be at the low end of the Original 2026 Operating Outlook 1 due to unplanned downtime in Q4 2026 at Huaron to repair the primary grinding mill foundation and a higher ratio of gold-to-silver pro
Slide 16: 2026 Expenditures Results & Forecast
16 2026 EXPENDITURES RESULTS & FORECAST Q3 Actual ($ millions) YTD Actual ($ millions) Sustaining Capital La Colorada (Mexico) 11 27 Juanicipio (Mexico)1 6 18 Project capital expected to be invested to advance strategic goals: Cerro Moro (Argentina) 2 5 Huaron (Peru) 6 23 • Jacobina – mine and plant
Slide 17: Q3 2026 Project Updates
17 Q3 2026 PROJECT UPDATES La Colorada Skarn Jacobina • Invested $33M YTD in exploration drilling, engineering and initial decline • Invested $36M YTD in mine development towards mitigating seismicity risk, development. optimization studies, construction of two new carbon-in-pulp tanks, upgrades to
Slide 18: Q&A
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Slide 19: Pan American Silver Mineral Reserves
19 PAN AMERICAN SILVER MINERAL RESERVES 1,2 as of June 30, 2026
Slide 20: Pan American Silver Measured + Indicated Resources
20 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20261,2,3,4
Slide 21: Pan American Silver Measured + Indicated Resources
21 PAN AMERICAN SILVER MEASURED + INDICATED RESOURCES as of June 30, 20261,2,3,4
Slide 22: Pan American Silver Inferred Mineral Resources
22 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20261,2,3,4
Slide 23: Pan American Silver Inferred Mineral Resources
23 PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 20261,2,3,4
Slide 24: Metal Price Assumptions Used to Estimate Mineral Reserves & Resources
24 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES & RESOURCES as of June 30, 2026
Slide 25: General Notes Applicable to the Foregoing Tables
25 GENERALNOTESAPPLICABLETO THEFOREGOINGTABLES: With the exception of Juanicipio, all other mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards
Slide 26: Archived Recording
ARCHIVED RECORDING The audio and presentation archive of this conference call and webcast will be accessible on our website at: https://www.panamericansilver.com/investors/events-and-presentations/