Pan American Silver Provides 2025 Year End Exploration Update

Press Release

VANCOUVER, British Columbia–– Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) released new drill results for its Jacobina, El Peñon, La Colorada, Huaron, Timmins, Minera Florida and Cerro Moro mines.

“In 2025, we continued to advance our long-term exploration strategy aimed at replacing and growing our mineral resources, with strong results across several key operations,” said Christopher Emerson, SVP Exploration and Geology. “At Jacobina, drilling to the north of the Maricota deposit is confirming the potential to expand the resource beyond currently defined limits. At El Peñon, drilling is identifying new mineralized structures both within the main mine area and at nearby targets, including Fortuna and the newly discovered Dominadora vein. At La Colorada, recent drilling in the eastern and deeper parts of the mine continues to return compelling grades and widths, and we are also advancing a highly prospective replacement-style target along the contact between limestone and volcanic rocks.”

Pan American’s exploration program focuses on near-mine exploration and resource conversion throughout its portfolio of operating mines. This release provides an exploration update on the 333,830 metres that have been drilled at the mines referenced in this news release, which represents 70% of the total metres drilled for the period November 1, 2024 to October 30, 2025. The Company plans to drill a total of approximately 540,000 metres in 2025.

EXPLORATION HIGHLIGHTS:

All intercepts are reported as estimated true widths in metres (“m”). Please refer to the Drill Result Highlights Tables beginning on page seven of this news release for additional details.

• Jacobina – Exploration focused on the Maricota zone, with infill and exploration drilling building on the estimated 800 thousand ounces of inferred gold mineral resource defined in recent years. Exploration drill hole MRCEX00027A, returning 8.97m @ 5.67 g/t Au, incl. 3.07m @ 12.03 g/t Au and 6.51m @ 3.43 g/t Au, incl. 3.59m @ 5.59 g/t Au, has extended inferred mineral resources approximately 300m down dip and 300m along strike, where mineralization remains open. Surface drilling north of Maricota confirms geologic continuity into the Lagartixa target, representing a 1,400 metre long lower conglomerates package with Au-bearing reefs, indicated by drill hole LGX0010 that intercepted 6.59m @ 2.01 g/t Au, incl. 2.33m @ 3.61 g/t Au.
• El Peñon – Increased exploration in 2025 extended drilling of core mine structures and satellite deposits. At Pampa Campamento, mineralization was confirmed and extended to depth and toward the Magenta vein, with results including 1.40m @ 31.20 g/t Au, 81 g/t Ag (UIP0214) and 1.18m @ 26.19 /t Au, 221 g/t Ag (UIP0220). Economic mineralization was also confirmed in the under-explored lower andesite unit. At Pampa Sur NE splay, infill drilling yielded 0.75m @ 22.50 g/t Au, 855 g/t Ag (SIP0079) and 0.88m @ 24.52 g/t Au, 917 g/t Ag (SIP0087). Satellite deposits within 20 kilometres of the core mine reported key results, including:
  • Chiquilla Chica mine and newly discovered Dominador vein: 0.64m @ 0.78 g/t Au, 4,306 g/t Ag (SIH0041) and 2.30m @ 0.23 g/t Au, 1,349 g/t Ag and 2.10m @ 0.16 g/t Au, 569 g/t Ag (UEH0026), respectively.
  • Tostado Sur target: 1.22m @ 6,624 g/t Ag (SEZ0006).
  • Fortuna mine: 0.94m @ 63.76 g/t Au, 4,460 g/t Ag (SEF0002).
• La Colorada veins –infill and exploration drilling continue to build on the estimated 52.7 million ounces of newly identified inferred silver mineral resource across mineralization styles, as described in the September 8, 2025 and September 11, 2025 news releases. The expansion of the mineral resource is the result of successful exploration campaigns targeting the eastern extensions of multiple high-grade veins along the NC2 and Mariana vein systems. A key contribution to the recent exploration success is the discovery of new southeastern contact-related replacement style mineralization, as described in the September 11, 2025 news release. Drilling has expanded this high potential target over an approximate 500 metre x 200 metre area beneath the NC2-Marianna vein system with notable results including: 15.7m @ 201 g/t Ag, 0.91 g/t Au, 1.89% Pb, 2.76% Zn (U-131-25) and 3.71m @ 241 g/t Ag, 0.56 g/t Au, 2.96% Pb, 9.27% Zn (U-128-25).
• Timmins Projects (Whitney and Vogel) – at Whitney, drilling targeted remnant mineralization in unmined veins and wall rock near historic stopes at the Bonwhit, Broulan, and Hallnor deposits, indicating mineral resource potential. Infill drilling was completed at the Vogel deposit. Significant results include:
  • Bonwhit: 0.42m @ 67.50 g/t Au (TW24-814); 0.47m @ 46.10 g/t Au (TW24-822).
  • Broulan Reef: 1.15m @ 399.43 g/t Au incl. 0.34m @ 1,350.00 g/t Au (WHT-25-855); 0.55m @ 61.80 g/t Au (WHT-25-835); 2.89m @ 36.44 g/t Au incl. 0.38m @ 270.00 g/t Au (WHT-25-848).
  • Hallnor: 4.03m @ 6.47 g/t Au (WHT-25-870); 15.76m @ 1.33 g/t Au (WHT-25-865).
  • Vogel: 6.50m @ 9.98 g/t Au incl. 0.48m @ 116.00 g/t Au (V-25-96D); 2.05m @ 31.62 g/t Au incl. 0.51m @ 121.00 g/t Au (V-25-96E).
• Huaron – Drilling in the Horizonte zone extended mineral resources east of the Cometa Ramal vein, while exploration of the northern Pozo D structure yielded thick polymetallic intercepts. Significant results include: 1.57m @ 627 g/t Ag, 15.46% Pb and 10.22% Zn (U-125-24 – Cometa Ramal); 10.50m @ 261 g/t Ag, 6.96% Pb and 7.25% Zn (U-136-24 – Cometa Ramal); 3.40m @ 312 g/t Ag, 1.96% Cu, 1.17% Pb, 6.39% Zn (U-098-25 – Pozo D), 6.30m @ 176 g/t Ag, 0.12% Cu, 0.97% Pb, 8.65% Zn (U-104-25 – Pozo D).
• Minera Florida – infill and exploration drilling within the main mine area, encompassing over 50 economically important structures associated with five primary district trends, continue to extend mineralization beyond the current inferred mineral resources, underscoring the potential to extend mine life. Drill highlights include: 1.06m @ 20.19 g/t Au, 11 g/t Ag, 0.28% Zn (ALH5025-Maqui Norte); 1.2m @ 23.60 g/t Au, 10 g/t Ag, 0.45% Zn (ALH 5034 – Sat Mila 12); 1.13m @ 22.4 g/t Au, 18 g/t Ag, 0.03% Zn (ALH 4845 – Las Lauras); 1.39m @ 18.71 g/t Au, 17 g/t Ag, 1.57% Zn (ALH4976 – Sorpresa); 1.05m @ 18.75 g/t Au, 86 g/t Ag, 1.16% Zn (ALH 4736 – Peque 3); and 1.49m @ 15.39 g/t Au, 11 g/t Ag, 0.95% Zn (ALH4653-Lorena).
• Cerro Moro – shallow exploration and infill drilling at the recent Naty Condor discovery, located 11 kilometres southwest of the mine complex, generated notable results: 17.95m @ 13.51 g/t Au, 228 g/t Ag, incl. 2.94m @ 55.14 g/t Au, 956 g/t Ag (MD4812); 16.80m @ 9.24 g/t Au, 36 g/t Ag (MD5153); 0.59m @ 99.60 g/t Au, 3,167 g/t Ag and 9.25m @ 10.16 g/t Au, 101 g/t Ag (MD5147); and 17.85m @ 21.84 g/t Au, 975 g/t Ag, incl. 6.24m @ 34.16 g/t Au, 1,254 g/t Ag (MD5037).

SUMMARY OF EXPLORATION RESULTS

Jacobina mine, Brazil

The Jacobina mine is an underground paleo placer gold mine located in the state of Bahia in northeastern Brazil. The mine complex and resources extend over eight kilometres with exploration targets extending over an eight kilometre trend of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along strike.

• For the period November 2024 to October 2025, exploration drilling totaled 56,074 metres, focused mainly on infill drilling and extension of mineral resources across seven of the known deposits. Exploratory drilling of Lagartixa and Canavieiras Extension, north of Maricota and Canavieiras North Mine, respectively, represent new target areas north of the classified mineral resources with significant potential to add new mineral resources.
• Infill drilling at the Morro do Vento deposit has extended high-grade zones in the central upper conglomerate. Significant intercepts include: 9.42m @ 3.39 g/t Au, incl. 4.16m @ 6.00 g/t Au (MVTEX00227); 2.49m @ 39.67 g/t Au (MVTEX00236); 5.99m @ 6.89 g/t Au (MVTEX00234). In the lower conglomerate where mineralization remains mostly open to depth, infill drilling highlights included: 5.50m @ 3.75 g/t Au, incl. 1.90m @ 8.52 g/t Au (MVTEX00228).
• Infill and exploration drilling at the Maricota deposit continue to confirm the continuity and grade of mineralization in the lower conglomerate and to extend mineralization to depth and along strike. Exploration drilling highlights include: 8.97m @ 5.67 g/t Au, incl. 3.07m @ 12.03 g/t Au and 6.51m @ 3.43 g/t Au, incl. 3.59m @ 5.59 g/t Au (MRCEX00027A). Hole MRCEX00027A extends inferred mineral resources at Maricota approximately 300 metres down dip and 300 metres along strike, representing an opportunity to add mineral reserves and mineral resources close to existing underground infrastructure. Maricota remains a focus of ongoing exploration.
• Infill drilling at the Joao Belo Sul deposit continued to confirm the continuity of mineralization at shallower levels and in the connector zone with Joao Belo Norte, where exploration drilling is extending mineralization to depth. At Joao Belo Sul, drilling highlights include: 3.68m @ 4.95 g/t Au (JBS00101); 7.28m @ 3.40 g/t Au, incl. 2.06m @ 10.34 g/t Au (JBS00098); and 7.20m @ 3.31 g/t Au, incl. 1.98m @ 8.98 g/t Au (JBS00107). At Joao Belo Norte, highlights include: 1.86m @ 4.52 g/t Au and 1.23m @ 6.01 g/t Au (JBEX00129).
• At the Morro do Cuscuz deposit, infill drilling near the boundary with Maricota confirmed the high-grade nature of mineralization in this sector. Highlights include: 4.36m @ 14.43 g/t Au (MRCEX00081); 3.02m @ 20.58 g/t Au (MRCEX00082); 6.47m @ 5.65 g/t Au, incl. 2.14m @ 11.10 g/t Au (MCZEX00019); and 4.41m @ 22.25 g/t Au (MCZEX00020).
• At the Serra do Corrego deposit, infill drilling returned positive results, including: 16.81m @ 4.85 g/t Au (SCOEX00021); 2.10m @ 6.31 g/t Au and 2.51m @ 17.02 g/t Au (SCOEX00023).
• At the Lagartixa target, surface exploration drilling directly north of Maricota returned positive initial results, including: 6.59m @ 2.01 g/t Au, incl. 2.33m @ 3.61 g/t Au (LGX00010). These results confirm the continuation of the Maricota geology into the Lagartixa target along an approximate 1,400 metre strike length hosting the lower conglomerate reefs.

El Peñon mine, Chile

El Peñon is a large, high-grade gold-silver epithermal system located in the Antofagasta region of northern Chile.

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