Pan American Silver : Q1 2026 Conference Call Slides (Q1 2026 Conference Call Slides vF2)

Published: 2026-05-05 19:16:08 ET PAAS.TO

Published on 05/05/2026 at 07:16 pm EDT

CONFERENCE CALL // May 6, 2026

// Robust Q1 oper6tifig perform6fice; we rem6ifi ofi tr6ck to 6chieve 6fifiu6l guid6fice1

Attributable production of 6.4 Moz silver and 169.2 koz gold2

Silver Segment AISC of $6.63 per ounce and Gold Segment AISC of $1,851 per ounce3

Revenue of $1.2B despite impact of

inventory build-up of ~644 koz silver

Net Earnings of $456 million, or

$1.08/share. Adjusted earnings of

$459 million, or $1.09/share3

Attributable free cash flow of $488 million3

Strong financial position with $2.4B in Total Available Liquidity4

$25 million was spent on the repurchase of shares under the Normal Course Issuer Bid ("NCIB") during Q1 2026

Declared $0.18 dividend per common

share5

The 2026 Operating Outlook ("2026 Guidance") was provided in the MD&A for the period ended December 31, 2025.

Any reference to "Attributable" in this presentation should be understood to reflect the Company's ownership share of results, which includes results from the operations that the company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in.

Adjusted earnings, basic adjusted earnings per share, AISC, and Attributable free cash flow are non-GAAP financial measures and are presented on an Attributable basis. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the Management's Discussion & Analysis ("MD&A") for the period ended March 31, 2026 ("Q1 2026"), for a detailed description of these measures and where appropriate a reconciliation of the measure to Q1 2026 Financial Statements.

Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus investments, plus undrawn amounts under the Revolving Credit Facility.

Please refer to Pan American's news release dated May 5, 2026.

// T6rgetifig 35% - 40% of Attribut6ble free c6sh flow1 ifi sh6reholder returfis ifi 2026 represefitifig 6pproxim6tely $1 billiofi2

As common shares are repurchased and cancelled pursuant to the Company's NCIB, the dividend per common share

is expected to increase over time.

2026 Target Shareholder Return2

Shareholder Returns ($M)

$305M

Dividends

~$695M

Target Share Buybacks

$76 $76 $76 $76

$59

$43

$37 $36 $36 $36 $36 $36

$22

$20

$11

$15

$25

Q4 2026F

Q3 2026F

Q2 2026F

Q1 2026

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and Pan American's news release dated May 5, 2026. | 1. Attributable free cash flow is a non-GAAP financial measure. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. | 2. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American's board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis.

// Robust free c6sh flow gefier6tiofi drivefi by cost m6fi6gemefit 6fid oper6tiofi6l perform6fice efi6bles strofig sh6reholder returfis

Attributable Cash Flow from Operations1

Sustaining Capital

Continued investment to ensure safe, reliable, and efficient operations

Financial Strength

and Balance Sheet

Flexibility

Support resilience through market cycles and preserve strategic flexibility

Base Dividend2

Share Repurchases

Aggregate dividends of $305

million expected to be paid in 2026 in equal quarterly installments (current

$0.18/share per quarter)

A portion of free cash flows

allocated to share repurchases, targeting 35% - 40% of Attributable free cash flow1 to be returned to shareholders (incl. dividends)

Up to $1 billion in shareholder returns in 2026

Advancing pipeline of high-quality projects including La Colorada Skarn, Jacobina, and Timmins

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation and the news release dated May 5, 2026.

Attributable cash flow from operations and Attributable free cash flow are non-GAAP financial measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements.

The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American's board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis.

in millions of US$, except per share amounts Q1 2026

Revenue

$1,154

Attributable revenue1,2

$1,332

Net earnings

$456

Basic earnings per share3

Adjusted earnings2

Basic adjusted earnings per share2,3 Cash flow from operations

$1.08

$459

$1.09

$505

Attributable cash flow from operations1

$582

Attributable free cash flow1

$488

References to "Attributable" refer to the Company's ownership share of results, which includes results from the operations that the Company has a 100% interest in as well as from the operations, specifically Juanicipio and San Vicente, that the Company does not own a 100% interest in.

Attributable revenue, adjusted earnings, basic adjusted earnings per share, Attributable cash flow from operations, and Attributable free cash flow are non-GAAP financial measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2026, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements.

Per share amounts are based on basic weighted average common shares.

Q1 2026

La Colorada

1,567

1.1

Juanicipio1

1,746

5.0

Cerro Moro

668

21.5

Huaron

706

San Vicente2

637

Jacobina

44.5

El Peñon

900

21.2

Timmins

26.6

Shahuindo

26.9

Minera Florida

17.4

Dolores

125

4.8

Total3

6,435

169.2

6.80

6.30

5.80

180.0

170.0

160.0

Silver Production (Moz)

6.44

6.60

6.10

Gold Production (koz)

169.2

175.5

164.5

Q1 operating outlook range

Juanicipio data represents Pan American's 44% interest in the mine's production.

San Vicente data represents Pan American's 95.0% interest in the mine's production.

Totals may not add due to rounding.

La Colorada

37.01

Juanicipio1

(3.05)

Cerro Moro

(70.40)

Huaron

32.57

San Vicente2

49.61

Silver Segment

6.63

Jacobina

1,724

El Peñon

137

Timmins

2,849

Shahuindo

1,790

Minera Florida

3,017

Dolores

1,898

Gold Segment

1,851

$18.00

$14.00

$10.00

$6.00

$2,000

$1,900

$1,800

$1,700

Silver Segment AISC3 ($/oz)

$14.75

$17.00

6.63

Gold Segment AISC3 ($/oz)

1,925

1,851

1,775

Q1 Operating

Outlook range

Q1 Operating Outlook range

Juanicipio data represents Pan American's 44% interest in the mine's production.

San Vicente data represents Pan American's 95% interest in the mine's production.

AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of Q1 2026 MD&A, for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements. Silver Segment AISC are calculated net of the impact from all metals other than silver and are calculated per ounce of silver sold. Gold Segment AISC are net of the impact from all other metals other than gold and are calculated per ounce of gold sold.

Realized Metal Prices1

Quantities of Metal Sold2

Q1 2026

Silver

$89.43

3,826

Gold

$4,859

163.7

Zinc

$3,750

7.3

Lead

$2,076

3.9

Copper

$14,496

0.6

Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead and copper. Excludes ounces sold attributable to Pan American's

44% interest in Juanicipio.

Metal quantities stated as koz for silver and gold and kt for zinc, lead and copper. Excludes ounces sold attributable to Pan American's 44% interest in

Juanicipio.

Attributable inventory build of 429 koz

Mine/Product

Payable Metal

Produced

(Attributable)1

Quantities of

Metal Sold

(Attributable)

Inventory build/(draw)

Attributable

Revenue

Effect2

koz

US$M

Silver (koz)

La Colorada

1,468

727

741

($80.6)

Juanicipio3

1,557

1,778

(221)

$17.9

Cerro Moro

668

681

(13)

$1.0

Huaron

625

696

(71)

$7.0

San Vicente4

578

686

(108)

$8.3

El Peñon

899

795

104

($8.7)

Other Properties

201

205

(3)

$0.3

Total Silver (koz)5

5,996

5,567

429

($54.9)

Gold (koz)

Jacobina

44.5

42.3

2.2

($10.8)

El Peñon

21.2

22.0

(0.9)

$4.1

Timmins

26.6

26.4

0.2

($1.0)

Shahuindo

26.9

28.3

(1.4)

$6.6

Minera Florida

17.2

15.7

1.5

($7.4)

Dolores

4.8

5.3

(0.4)

$2.1

Cerro Moro

21.5

23.2

(1.7)

$8.2

Juanicipio3

4.3

4.7

(0.4)

$2.0

Other Properties

1.1

0.5

($2.3)

Total Gold (koz)5

168.1

168.4

(0.3)

$1.5

Total Zinc3,4,5 (kt)

12.6

11.5

1.2

($3.8)

Total Lead3,4,5 (kt)

7.2

6.9

0.3

($0.9)

Total Copper3,5 (kt)

0.6

0.0

($0.9)

Total Attributable Revenue Effect2,5

($58.9)

Attributable inventory draw of 0.3 koz

Attributable

Attributable Metal Sold 168.4

Payable

Metal Produced 168.1

Attributable Payable Metal Produced 5,996

Attributable Metal Sold 5,567

Payable production reflects sellable metal after deducting commercial contract metal payabilities.

Attributable revenue is a non-GAAP financial measure. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2026, for a detailed description of these measures.

Juanicipio data reported at 44% for Juanicipio to conform to reporting of Attributable revenue.

San Vicente data reported at 95% interest for San Vicente to conform to reporting of Attributable revenue.

Totals may not add due to rounding.

Total Revenue effect is a net decrease of $79.7 million

Sustaining Cash Flow Performance

Growth, Business Development, and Other

$676

($135)

($87)

$14

($76)

($29)

($25)

($2)

($34)

($7)

$1,319

$1,614

$1,641

$2,500

$2,000

Millions

$1,500

$1,000

$500

Cash and STI at

Adjusted

Net income tax

Sustaining capital

Dividends paid

Net changes in

Net other (e.g.

Cash and STI

Revaluation of STI

Project capital

Mine care &

Cash and STI at

December 31,

20251

operating cash

flow 2

payments

(excl. Juanicipio)

working capital

repurchased

under NCIB

derivatives, etc.)

before

growth &

maintenance

(excl. D&A) 1

March 31, 2026 1

borrowings 1

"STI" means short-term investments, "D&A" means depreciation and amortization.

"Adjusted operating cash flow" is a non-GAAP financial measure calculated as: cash flow from operations before changes in working capital, income taxes paid, and mine care and maintenance (excl. D&A).

// Q1 2026 b6sic 6djusted e6rfiifigs of $1.09/sh6re1

($13)

($5)

$459

$456

$600

$500

$400

Millions

$300

$200

$100

Net earnings

for the period

Losses from the sale of subsidiaries,

mineral properties, plant and equipment

Effect of foreign exchange on taxes

Unrealized foreign exhange losses

Litigation

provisions

Unrealized fair value adjustments to financial instruments 2

Asset retirment obligation adjustments for non-operating properties and mines in closure

Adjusted earnings

for the period

Adjusted earnings and basic adjusted loss per share are non-GAAP financial measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2026 for a detailed

description of these measures and where appropriate a reconciliation of the measure to the Q1 2026 Financial Statements.

Excludes adjustments to trade receivables from provisional concentrates sales.

// M6ifit6ifiifig guid6fice for Silver 6fid Gold segmefit AISC through disciplified cost m6fi6gemefit

Fuel

Utilities

Others

Maintenance

Parts 10%

Q1 2026 PRODUCTION COSTS

$381M

Salaries and

Employee Benefits 30%

Consumables &

Reagents 20%

Contractors

25%

Fuel accounted for ~5% of production costs in Q1 2026

Higher fuel prices can have broader inflationary effects, including on labour, contractors, and consumables

Direct diesel exposure relates mostly to Cerro Moro (diesel electricity generation) and Shahuindo (open pit mining). See our "Sustainability Performance Data Book", available on our website, for reported data on direct diesel consumption.

The price per litre of diesel varies as the countries where Pan American operates have different fuel taxes, fees and subsidies.

Source: Production costs as per the Q1 2026 Financial Statements.

Note: All financial figures as at March 31, 2026.

Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents plus investments, plus undrawn amounts under the Revolving Credit Facility. See the "Non-GAAP Measures" section of our Cautionary Note on slide 2 of

this presentation.

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 Revolving Credit Facility, and lease obligations. The senior notes are carried at $712 million, as at March 31, 2026, and accreted to the face value over their respective terms using an effective interest rate of 5.52%.

Cash + investments of $1,614M

excluding 44% interest in cash at Juanicipio of $199M

Total debt2 of $845M primarily related to senior notes:

$283M with 4.625% coupon maturing in December 2027

$500M with 2.63% coupon maturing in August 2031

Revolving Credit Facility

undrawn with $750M available

// Capacity to fund growth and shareholder returns

I I Y

Revolving

Credit

Facility

$750M

TOTAL AVAIILABLE

Cash +

investments

LIQUIDITY

$12,,232604MM3

$1,614M

// Expecting a ye6r-over-ye6r ~14% ificre6se ifi Attribut6ble silver productiofi1

25.0 - 27.0 Moz

A N N U A L C O N S O L I D A T E D

A T T R I B U T A B L E P R O D U C T I O N

$15.75 - $18.25 per oz

S I L V E R S E G M E N T A I S C 2

700 - 750 koz

A N N U A L C O N S O L I D A T E D

A T T R I B U T A B L E P R O D U C T I O N

$1,700 - $1,850 per oz

G O L D S E G M E N T A I S C 2

Average metal price assumptions

Silver

$70.00/oz

Gold

$4,200/oz

Zinc

$3,000/tonne ($1.36/lb)

Lead

$2,000/tonne ($0.91/lb)

Copper

$10,000/tonne ($4.54/lb)

Average annual exchange rate (relative to 1 USD) assumptions

Mexican peso ("MXN")

18.50

Peruvian sol ("PEN")

3.45

Argentine peso ("ARS")

1,427

Bolivian boliviano ("BOB")

7.00

Canadian dollar ("CAD")

1.39

Chilean peso ("CLP")

950

Brazilian real ("BRL")

5.50

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation.

Based on the midpoint of 2026 Attributable silver production guidance and 2025 Attributable silver production.

AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the period ended March 31, 2026 for further information on this measure. The AISC forecasts assume average metal prices and average annual exchange rates shown in table.

Silver Segment:

Attributable Silver Production (Moz)

Attributable Gold Production (koz)

AISC

($ per ounce) 1

La Colorada (Mexico)

5.80 - 6.25

2.5

33.25 - 35.75

Juanicipio (Mexico)2

6.00 - 6.50

17.5 - 18.5

2.25 - 4.25

Cerro Moro (Argentina)

2.80 - 3.00

80.0 - 86.0

(25.75) - (21.75)

Huaron (Peru)

3.25 - 3.50

27.75 - 29.75

San Vicente (Bolivia)2

2.70 - 2.90

41.00 - 43.00

Total

20.55 - 22.15

100.0 - 107.0

15.75 - 18.25

Gold Segment:

Jacobina (Brazil)

181.0 - 191.0

1,550 - 1,650

El Peñon (Chile)

3.65 - 3.95

104.0 - 110.0

275 - 500

Timmins (Canada)

105.5 - 115.0

2,575 - 2,675

Shahuindo (Peru)

0.20

125.5 - 135.0

1,825 - 1,950

Minera Florida (Chile)

0.25

66.0 - 71.0

2,550 - 2,675

Dolores (Mexico)

0.35 - 0.45

18.0 - 20.0

2,550 - 2,800

Total

4.45 - 4.85

600.0 - 643.0

1,700 - 1,850

Total Attributable Production

25.00 - 27.00

700.0 - 750.0

Zinc (kt)

58.5 - 62.5

Lead (kt)

30.5 - 32.5

Copper (kt)

2.0

Attributable Base Metal Production

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation.

AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the period ended December 31, 2025 for further information on this measure. The AISC forecasts assume average metal prices of $70.00/oz for silver, $4,200/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $10,000/tonne ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL").

Juanicipio data represents Pan American's 44.0% interest in the mine's production. San Vicente data represents Pan American's 95.0% interest in the mine's production.

Attributable Silver Production is expected to be higher in H2 2026, largely as a result of increased production from El Peñon, Juanicipio, La Colorada, and San Vicente; partially offset by lower production at Cerro Moro and Dolores

Attributable Gold Production is expected to be higher in H2 2026, predominantly due to increased production from Shahuindo, El Peñon, and Minera Florida; partially offset by lower production at Cerro Moro and Dolores.

Silver Segment AISC per ounce are anticipated to increase throughout the year due to production impacts from Cerro Moro.

Gold Segment AISC per ounce are anticipated to decrease in H2 2026, largely due to lower AISC at El Peñon driven by the production sequence.

Q1 Actual

Q1 Guidance

Q2 Guidance

Q3 Guidance

Q4 Guidance

FY 2026

Guidance

Attributable Silver Production (Moz)

6.44

6.10 - 6.60

6.05 - 6.55

6.50 - 7.00

6.35 - 6.85

25.00 - 27.00

Attributable Gold Production (koz)

169.2

164.5 - 175.5

174.5 - 186.5

178.5 - 192.0

182.5 - 196.0

700.0 - 750.0

Silver Segment AISC1

6.63

14.75 - 17.00

15.00 - 17.50

15.50 - 17.75

18.50 - 20.75

15.75 - 18.25

Gold Segment AISC1

1,851

1,775 - 1,925

1,825 - 1,950

1,725 - 1,875

1,525 - 1,650

1,700 - 1,850

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation.

1. AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the period ended December 31, 2025 for further information on this measure. The AISC forecasts assume average metal prices of $70.00/oz for silver, $4,200/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $10,000/tonne ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of 18.50 for the Mexican peso ("MXN"), 3.45 for the Peruvian sol ("PEN"), 1,427 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.39 for the Canadian dollar ("CAD"), 950 for the Chilean peso ("CLP") and 5.50 for the Brazilian real ("BRL").

Project capital expected to be invested to advance strategic goals:

Jacobina - to complete process plant optimization projects and continue advancing mine and plant optimization studies, including initial underground infrastructure, mine fleet and exploration initiatives

La Colorada - continued exploration drilling, engineering and initial mine infrastructure including developing a decline to access the Skarn deposit, and exploration and underground development in the deep eastern sections of the Candelaria mineralized structure

Timmins - to initiate construction of the Phase 6 tailings expansion, studies and initial development of the Bell Creek shaft extension, and exploration and engineering studies at satellite deposits

Huaron - advancing development and exploration at deep extensions of the deposit

Cerro Moro - exploration activities and a tailings storage facility expansion

Juanicipio - conveyor haulage system

Shahuindo - land purchases and exploration

Note: Please refer to the forward-looking cautionary language on page 2 of this presentation.

Capital expenditures at Juanicipio represent Pan American's 44% ownership.

Capital expenditures at San Vicente represent Pan American's 95% ownership.

As indicated in the news release dated May 5, 2026, the Company's Board of Directors approved $265.1 million of project capital to be spent over the next five years to complete a first phase underground Skarn deposit access ramp. Consequently, La Colorada Skarn project capital has been increased from $47 - $50 million to $92 - $95 million.

Depreciation and Amortization excludes depreciation at Juanicipio, which is considered an equity accounted investment.

Expenditures ($ millions)

Sustaining Capital

La Colorada (Mexico)

21 - 23

Juanicipio (Mexico)1

28 - 30

Cerro Moro (Argentina)

6 - 7

Huaron (Peru)

22 - 24

San Vicente (Bolivia)2

16 - 17

Jacobina (Brazil)

67 - 70

El Peñon (Chile)

36 - 38

Timmins (Canada)

39 - 41

Shahuindo (Peru)

58 - 61

Minera Florida (Chile)

27 - 29

Sustaining Capital Sub-total

320 - 340

Project Capital

Jacobina (Brazil)

53 - 57

La Colorada Skarn (Mexico)3

92 - 95

Timmins (Canada)

40 - 43

Huaron (Peru)

16 - 17

Cerro Moro (Argentina)

13 - 14

Juanicipio (Mexico)1

11 - 12

La Colorada (Mexico)

9 - 10

Shahuindo (Peru)

6 - 7

Project Capital Sub-total 240 - 255

Total Capital Expenditures 560 - 595

Reclamation Expenditures 32 - 37

General and Administrative 100 - 105

Care & Maintenance 26 - 28

Exploration and Project Development 22 - 25

Income Tax Payments 500 - 550

Depreciation and Amortization4 500 - 525

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as of June 30, 20251,2

Disclaimer

Pan American Silver Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 23:15 UTC.