Pan American Silver Reports Unaudited Third Quarter 2025 Results

Press Release

• Record Attributable free cash flow of $251.7 million
• Dividend increased to $0.14 per common share

All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, except per ounce amounts, unless otherwise noted.

VANCOUVER, British Columbia–– Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reports unaudited results for the quarter ended September 30, 2025 (“Q3 2025”).

“Pan American generated record Attributable free cash flow of $251.7 million in the third quarter, resulting in a cash and short-term investments balance of $910.8 million plus an additional $85.8 million of cash at Juanicipio for the Company’s 44% interest,” said Michael Steinmann, President and Chief Executive Officer. “Given the strong cash flows the Company is generating, the Board has approved another increase to the dividend, raising it to $0.14 per common share with respect to Q3 2025.”

“We completed our acquisition of MAG Silver on September 4, and with only a one-month contribution from our 44% interest in the Juanicipio mine, we are already seeing its significant contribution to our Silver Segment operations and free cash flow generation. Consequently, we are raising our 2025 silver production guidance and lowering our estimated all-in sustaining costs for the Silver Segment to reflect Juanicipio’s contribution to the portfolio. We are maintaining the remainder of our 2025 operating outlook, which continues to call for back-end weighted gold production.”

Added Mr. Steinmann: “While we strengthened our asset base and growth opportunities through the MAG acquisition, we continue to advance our internal growth opportunities. At our La Colorada Skarn project, we are now exploring an exciting opportunity for a two-phase development plan, which has the potential to deliver a higher grade, lower tonnage and less capital intensive first phase of development than initially envisioned.”

The following highlights for Q3 2025 include certain measures that are not generally accepted accounting principles (“non-GAAP”) financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.

Any reference to “Attributable” in this news release 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.

Q3 2025 Results:

• As previously announced, Pan American acquired MAG Silver Corp. (“MAG”) on September 4, 2025. MAG was a silver-focused mining company whose primary asset was a 44% interest in the Juanicipio mine (“Juanicipio”) in Zacatecas, Mexico, operated by Fresnillo plc, who holds the remaining 56% interest in Juanicipio. The Company accounts for its interest in Juanicipio using the equity method, however, reports the production, Cash Costs, All-In Sustaining Costs (“AISC”) and capital expenditures of Juanicipio based on the Company’s 44% ownership share. Juanicipio AISC are reported on a per ounce of silver basis and are included as part of the Silver Segment AISC calculation.
• Record Attributable revenue of $884.4 million.
• Net earnings of $169.2 million, or $0.45 basic earnings per share. Net earnings include a $21.7 million loss from the sale of subsidiaries and $16.3 million of income from investment in Juanicipio. The loss from the sale of subsidiaries is primarily due to a $28.6 million reduction to the $137.4 million gain previously booked on the December 2024 sale of La Arena S.A. related to net working capital adjustments, partially offset by a $6.8 million gain on the sale of the La Pepa project. The Company disposed of its 80% interest in the La Pepa project, an early-stage exploration property in Chile, for $40.0 million in net cash proceeds in Q3 2025.
• Adjusted earnings of $181.0 million, or $0.48 adjusted earnings per share.
• Record Attributable cash flow from operations of $323.6 million.
• Record Attributable free cash flow of $251.7 million.
• Attributable silver production of 5.5 million ounces.
• Attributable gold production of 183.5 thousand ounces.
• Silver Segment Cash Costs were $10.41 per ounce and AISC were $15.43 per silver ounce, excluding net realizable value (“NRV”) inventory adjustments.
• Gold Segment Cash Costs were $1,325 per ounce and AISC were $1,697 per gold ounce, excluding NRV inventory adjustments.
• Production, Silver Segment AISC and Gold Segment AISC for the nine months ended September 30, 2025 (“YTD 2025”) were generally in line with the Company’s 2025 Operating Outlook. Based on the results to date and the expected contribution from Juanicipio, the Company is increasing Attributable silver production guidance for 2025 to be between 22.0 and 22.5 million ounces and decreasing Silver Segment AISC to be between $14.50 and $16.00 per ounce. The Company maintains its 2025 Operating Outlook for gold production, zinc, lead and copper production, Gold Segment AISC, and sustaining and project capital expenditures, as provided in the Company’s MD&A dated February 19, 2025.
• As at September 30, 2025, the Company had cash and short-term investments of $910.8 million, excluding the Company’s 44% interest of cash at Juanicipio of $85.8 million. The Company had working capital of $1,006.4 million, and $750.0 million available under its credit facility (“Credit Facility”). Total available liquidity was $1,660.8 million. Total debt of $857.0 million is primarily related to two senior notes, as well as certain lease liabilities and construction loans payable.
• A cash dividend of $0.14 per common share with respect to Q3 2025 was declared on November 12, 2025, payable on or about December 5, 2025, to holders of record of Pan American’s common shares as of the close of markets on November 24, 2025. The Board of Directors exercised their discretion with regards to the Company’s dividend policy, approving an increase to the dividend with respect to the Q3 2025 cash dividend. During Q3 2025, the Company paid cash dividends to its shareholders totaling $43.4 million. The dividends are eligible dividends for Canadian income tax purposes. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Company’s Board of Directors.
• Due in part to the blackout period related to the MAG acquisition, the Company did not repurchase any shares under its normal course issuer bid (“NCIB”) in Q3 2025. YTD 2025, 1,368,070 common shares were repurchased for cancellation under the NCIB at an average price of $22.74 per share for a total consideration of $31.1 million.
• Capital returned to shareholders totaled $146.9 million in dividends and share repurchases YTD 2025.

(1)		References to “Attributable” refer to 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 Juanicipio and San Vicente, that the Company does not own a 100% interest in.
(2)		Adjusted earnings, Cash Costs, AISC, Attributable free cash flow, working capital and total debt are non-GAAP measures; Cash Costs and AISC are presented on an Attributable basis; please refer to the “Alternative Performance (Non-GAAP) Measures” section of this MD&A for a detailed reconciliation of these measures to the Q3 2025 Financial Statements.
(3)		Silver Segment AISC is calculated net of credits for realized revenues from all metals other than silver and is calculated per ounce of silver sold on an Attributable basis.
(4)		Gold Segment AISC is calculated net of credits for realized revenues from all metals other than gold and is calculated per ounce of gold sold.

PROJECT UPDATES

La Colorada Skarn Project

At the La Colorada mine, the discovery of multiple high-grade silver zones and the subsequent mineral resource and mineral reserve expansion (see the news releases dated September 8 and 11, 2025) provide the opportunity to integrate the mine plans and infrastructure of the vein mine and the Skarn project. The Company is now evaluating a potential two phase approach to the Skarn development. Phase I would involve a high grade, lower tonnage and less capital intensive first stage of sub-level stoping followed by a later expansion, Phase II, that would include the development of a larger-scale cave mine. The advantage of this two-phased approach is that the vein mine would run in parallel with both Skarn phases, thereby maximizing the overall value of the deposit. The Company anticipates that it will release an updated technical report in the second quarter of 2026 to include a preliminary economic assessment of the phased development approach for the Skarn project. In parallel, the Company continues to discuss a potential partnership for development of the project.

Escobal Mine

Following the July 29, 2025 meeting between the Guatemalan Ministry of Energy and Mines (“MEM”) and the Xinka Parliament (“XP”) to address concerns described in a May 2025 statement issued by the XP, the MEM has held several, separate working meetings with the ministries involved in the ILO 169 consultation process, representatives from the XP, and the Company. The MEM has also made several appointments of key personnel to oversee and continue activities for the Escobal consultation process. The MEM has not provided a timeline for the completion of the ILO 169 consultation and there is no date for the restart of the Escobal mine.

MR. SCOTT CAMPBELL APPOINTED CHIEF OPERATING OFFICER

Pan American is pleased to announce that Scott Campbell has been promoted to Chief Operating Officer (“COO”) effective October 20, 2025. He was previously Senior Vice President, Operations and Projects, having originally joined Pan American in 2019. Prior to Pan American, Mr. Campbell served as Country General Manager for Ecuador at Dundee Precious Metals from 2022 to 2024, and has held senior leadership positions at Barrick Gold in Argentina and Peru. Mr. Campbell’s 25 years of experience in the mining industry spans exploration, project development, and mine operations, with a strong focus in Latin America. He holds a Bachelor’s degree in Earth Sciences from Dalhousie University and post-graduate diplomas from Harvard Business School and UC Berkeley.

Mr. Campbell succeeds Steve Busby who has been appointed Special Advisor to the CEO following 22 years with Pan American, of which 17 years have been spent as the Company’s COO.

“Scott has a deep understanding of our operations and a demonstrated ability to build strong teamwork across the sites. He has been working closely with Steve over the past few years as we planned for his transition to the COO role,” said Mr. Steinmann. “Steve has been integral to the growth of the Company and the market’s recognition of Pan American as a strong operator. Steve’s institutional knowledge of the Company and his technical expertise are invaluable and I am very pleased he will continue his work with the Company as a trusted advisor.”

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