Pan American Silver Corp. Q4 FY2025 earnings call

• Record financial results in Q4 and full year 2025 with net earnings at record levels, attributable free cash flow record. • Attributable silver production exceeded guidance range, gold within guidance. • Silver and gold segment costs impacted by higher royalties etc. • Made progress on major projects: La Colorada reevaluation of Skarn project development plans, Jacobina investment in operational reliability and growth initiatives, Escobal's ILO 169 consultation process ongoing with no restart timeline.

In 2025, attributable silver production was 22.8 million ounces, exceeding the top end of the guidance range. Silver segment all-in sustaining costs excluding NRV inventory adjustments were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, with Juanicipio being a key contributor. Attributable gold production was 742,200 ounces within guidance. Gold segment all-in sustaining costs excluding NRV inventory adjustments were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance for 2025. Silver revenue contribution: Silver production was significant with costs being impacted by higher royalties etc. Gold revenue contribution: Gold production within guidance with costs also affected by related factors.

• Silver: Attributable production 25 - 27 million ounces, silver segment all-in sustaining costs $15.75 - $18.25 per ounce. • Gold: Attributable production 700,000 - 750,000 ounces, gold segment all-in sustaining costs 1,700 - $1,850 per ounce. • Sustaining capital similar to 2025 with addition for Juanicipio, increased project capital for La Colorada Skarn, Jacobina and Timmins. • Expect release of updated La Colorada Skarn PEA in Q2 2026 and progress on Jacobina optimization study.

• Escobal's ILO 169 consultation process has no timeline for completion and no restart date. • Changes in metal prices could impact royalties, worker participation payments and smelting/ refining costs. • Uncertainties in project partnerships and development timelines for major projects like La Colorada Skarn.

Q: On Juanicipio, how would you describe overall experience so far, what exceeded expectations and is outperformance sustainable?

A: Great experience so far, production has exceeded expectations with factors like grade and throughput, and over long term expects silver grades to reduce and base metal grades increase but currently performing well.

Q: On La Colorada Skarn, ahead of new technical report, what can be shared about phased approach, tonnages, cost/benefit?

A: Phase 1 expected to be 10,000 - 15,000 tonne range with higher grades than original PEA, phased approach allows focus on initial higher grade stage.

Q: On La Colorada Skarn partner discussions, any update on progress and economic terms?

A: Discussions have progressed but details not shared yet as phased approach changed the partnership discussion.

Q: On Escobal consultation process, progress and reacceleration?

A: Meetings ongoing with Ministry of Energy and Mines, engagement continues with report from ministry encouraging.

Q: On Juanicipio dividends, how often paid and current arrangement?

A: Payments come in form of dividends, Q4 had $44 million from Pan American's share, waiting for Juanicipio to book tax return in Q1 for another dividend.

Q: On senior notes maturing, consideration to repay early?

A: Look at it from time to time, if opportunity to buy back bonds in 2027 comes, would consider it as part of capital allocation decisions.