#1PAN AMERICAN SILVER - NYSE | TSX PAAS THE WORLD'S PREMIER SILVER MINING COMPANY INVESTOR PRESENTATION // MAY 2023#2CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "cash costs per ounce sold", "adjusted earnings" and "basic adjusted earnings per share", "total debt", "capital", "operating margin", "free cash flow" and "working capital". These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Silver segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver, and are calculated per ounce of silver sold. Gold segment Cash Costs and AISC are calculated net of credits for realized silver revenues, and are calculated per ounce of gold sold. Consolidated Cash Costs and AISC are based on total silver ounces sold and are net of by-product credits from all metals other than silver. Readers should refer to the "Alternative Performance (Non-GAAP) Measures" section of the Company's Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2023, available at www.sedar.com. Reporting Currency and Financial Information Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars. Cautionary Note Regarding Forward Looking Statements and Information Certain of the statements and information in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, and estimates of current production levels that remain subject to verification and adjustment, including our estimated production of silver, gold and other metals forecasted for 2023, our estimated Cash Costs, AISC and expenditures in 2023; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our business and operations and complete any anticipate capital spending; whether Pan American is able to realize synergies as a result of the transaction with Yamana Gold Inc. ("Yamana"); the ability of Pan American to successfully complete any capital projects, including with respect to Jacobina, La Colorada, Huaron, and Timmins, and the expected economic or operational results derived from those projects, and the impacts of any such projects on Pan American; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; and the future results of exploration activities, including with respect to the Skarn exploration program at La Colorada. These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the world-wide economic and social impact of COVID-19 and the extent of any impacts related to the COVID-19 pandemic; tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effects of COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, including in Chubut, Argentina, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form and those factors identified under the caption "Risks of the Business" in Yamana's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively." filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. CONTINUED ΟΝ NEXT PAGE PAN AMERICAN SILVER 2#3CONTINUED NOT AN OFFER OR A SOLICITATION THIS PRESENTATION DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A SOLICITATION OR OFFER BY PAN AMERICAN OR ANY OF OUR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS TO BUY OR SELL ANY SECURITIES OF ANY PERSON IN ANY JURISDICTION, OR A SOLICITATION OF A PROXY OF ANY SECURITYHOLDER OF ANY PERSON IN ANY JURISDICTION, IN EACH CASE, WITHIN THE MEANING OF APPLICABLE LAWS. Technical Information Scientific and technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris Emerson, FAusIMM, VP Business Development and Geology, who are Pan American's qualified persons for the purposes of Canadian National Instrument 43-101 ("NI 43-101"). Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. For additional information about Pan American Silver's material mineral properties, please refer to Pan American Silver's Annual Information Form dated February 22, 2023, filed at www.sedar.com, or Pan American Silver's most recent Form 40-F filed with the SEC. For further information about the Yamana material mineral properties, please refer to Yamana's Annual Information Form dated March 29, 2023, filed at www.sedar.com or Yamana's most recent Form 40-F filed with the SEC. Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this presentation have been prepared and disclosed in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms "measured mineral resources", "indicated mineral resources", "inferred mineral resource estimate". U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them. The requirements of NI 43- 101 for identification of "reserves" are not the same as those of the SEC, and mineral reserves reported by Pan American in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a "measured resource" or "indicated resource" will ever be converted into a "reserve". U.S. investors should also understand that "inferred resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of "inferred resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "inferred resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. PAN AMERICAN SILVER 3#4Head Office La Colorada Dolores Skarn Deposit MEXICO CANADA Escobal (C&M) Mining Operations Development Projects Timmins GUATEMALA TRANSFORMATIVE YAMANA TRANSACTION // The acquisition of Yamana Gold Inc. enhanced the scale and quality of Pan American's portfolio in the Americas, where we have been operating for nearly 3 decades • 4 producing mines: Jacobina, El Peñon, Minera Florida & Cerro Moro, plus MARA (56.25%) development project Shahuindo La Arena PERU Huaron Morococha (C&M) BOLIVIA BRAZIL San Vicente El Peñon CHILE MARA Minera Florida ARGENTINA Navidad Cerro Moro Jacobina Manantial Espejo (C&M) • Enhanced diversification with addition of Chile & Brazil Adds significant proven and probable reserves •Extensive exploration portfolio 12% - Pro Forma Revenue does not exceed 23% from any single jurisdiction (last 12 months, June 30, 2022) 3% 9% 23% $2.92 B 16% Peru Chile Mexico Brazil Bolivia Argentina Canada 18% 19% PAN AMERICAN SILVER 4#5INCREASED PRODUCTION PROFILE // Assets acquired through the Yamana Transaction have a long history of reserve replacement & an extensive exploration portfolio • Significant increase in production from 9-months of ownership in 2023: . Anticipated incremental Silver production of ~7.2M ozs (1) 1. • Anticipated incremental Gold production of ~435K ozs (1) ⚫ Plus, medium & long-term growth projects • • MARA development project in Argentina Combined with Pan American's growth projects Escobal silver mine in Guatemala • La Colorada Skarn project in Mexico Based on the mid-point of 2023 guidance, which reflects ownership of the Cerro Moro, Jacobina, El Peñon and Minera Florida mines for the nine-month period from March 31 to December 31, 2023. JACOBINA MINE, BRAZIL 2023 PRODUCTION GUIDANCE // 154,000oz gold(1) 5#6ACQUISITION CREATES CLEAR PATH TO UNLOCK VALUE // Targeting $40 - $60 million in annual post-tax synergies GAGIAUS ГЭТИЗОЗЗА О 6 Established presence and expertise in Latin America will enable Pan American to leverage operational efficiencies and the growth potential of the acquired Yamana assets in the region Synergies driven by streamlining corporate costs, cross-pollination of mining best practices and unification of regional mining hubs Transaction was accretive on a per share basis with respect to key financial and operating metrics, even before considering synergies PAN AMERICAN SILVER#72023 GUIDANCE // material improvement in production and costs Ag - 21.0 23.0 Moz ANNUAL CONSOLIDATED PRODUCTION $10.00 - $12.00 per oz SILVER SEGMENT CASH COSTS 1 $14.00 - $16.00 per oz SILVER SEGMENT AISC1 Au 870-970 Koz ANNUAL CONSOLIDATED PRODUCTION $975 - $1,100 per oz GOLD SEGMENT CASH COSTS1 $ Sustaining capital of $305 $320 million ■ Project capital of - $95 $105 million Reclamation expenditures of $18-$20 million $1,275 - $1,425 per oz $ Care & Maintenance costs of $98 $109 million GOLD SEGMENT AISC1 1. Cash Costs and AISC are non-GAAP measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2023 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2023 Financial Statements. The AISC forecast assumes metal prices of $22.00/oz for silver, $1,850/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,100/tonne ($0.95/lb) for lead, and $8,000/tonne ($3.63/lb) for copper; and average annual exchange rates relative to 1 USD of 18.75 for the Mexican peso, 3.75 for the Peruvian sol, 270.00 for the Argentine peso, 7.00 for the Bolivian boliviano, $1.33 for the Canadian dollar, $800.00 for the Chilean peso and $5.00 for the Brazilian real. 7#8ထ 01 2023 OPERATIONAL & FINANCIAL HIGHLIGHTS NYSE: PAAS // TSX: PAAS Production and costs in line with management expectations Released consolidated production, cost and capex guidance following the Yamana transaction Revenue of $390.3M Total available liquidity of $733.4M(1) Declared dividend of $0.10 per common share(2) La Colorada Skarn drill results extend mineralization 1. Total Available Liquidity is a non-GAAP measure calculated as cash and cash equivalents other than cash held by the MARA Project plus undrawn amounts under the SL-Credit Facility. 2. Declared on March 24, 2023, payable on or about May 12, 2023, to holders of record of Pan American's common shares as of the close of markets on April 14, 2023. 0#9Millions $700 $600 $500 $400 $300 T Q1 2023 CONSOLIDATED CASH FLOWS Sustaining Cash Flow Performance Growth, Business Development, and Other $200 $142 $100 $0 1. 2. $8 $116 Cash and STI Adjusted flow (2) at December operating cash 31, 2022 (1) ($32) $181 ($31) ($21) ($1) $260 Net changes in working capital Sustaining capital and equipment leases Net income Dividends paid Net other (e.g. tax payments net int. paid, Cash and STI Cash acquired before growth from Yamana NCI, etc.) (1) & borrowings (1) Gold $105 $59 $7 Proceeds from STI acquired sales of short from Yamana (1) term investments ($49) $513 ($20) ($19) ($11) Revaluation of STI (1) Debt drawdown, net of Yamana facility repayment Mine care & maintenance (excl. D&A)(1) Transaction Non-sustaining Cash and STI costs capital expenditures at March 31, 2023(1) "STI" means short-term investments, "NCI" means non-controlling interests, and "D&A" means depreciation and amortization. "Adjusted operating cash flow" is a non-GAAP financial measures calculated as: net cash generated from operating activities before changes in working capital, interest and income taxes paid, transaction costs and mine care and maintenance. PAN AMERICAN SILVER#10$425.0M Cash + Short Term Investments(3) STRONG FINANCIAL POSITION™ // Prudent balance sheet management reduces risk, improves long-term shareholder returns TOTAL WORKING CAPITAL $826.6M (3) Revolving Credit Facility $513.1M Balance sheet management ✓ Total debt (2) of $1,187M related to senior notes, the SL- Credit Facility, and construction loans and leases ✓ Sustainability-Linked Revolving Credit Facility aligns Pan American's ESG performance to its cost of capital - ✓ Strong liquidity – remain well positioned to fund planned capital expenditures and pay down debt 1. As at March 31, 2023. 2. 3. Total debt is a non-GAAP measure calculated as the total of amounts drawn on the Sustainability-Linked Credit Facility, finance lease liabilities and loans payable. See the "Non-GAAP Measures" section of our Cautionary Note on page 2 of this presentation. Total Working Capital is a non-GAAP measure calculated as cash and cash equivalents, inclusive of $204.7M related to the MARA Project, plus undrawn amounts under the SL-Credit Facility. PAN AMERICAN SILVER 10#11LA COLORADA SKARN PROJECT, MEXICO 95.9MT INDICATED MINERAL RESOURCE EST. // INFERRED MINERAL RESOURCE EST. // 147.8 MT ZACATECAS, MEXICO • • LA COLORADA SKARN PROJECT . • // 100% owned, large, polymetallic deposit with potential for decades of production The September 2022 resource statement was based on 190,000 metres of drilling. Currently, over 254,000 metres have been completed, and the next resource update will reflect a large portion of these metres O Higher-grade mineralised zones continue to be encountered in the current drill program Aiming to provide an updated resource and technical report with preliminary economics on the Skarn in late 2023 Skarn footprint of 1,500 metres x 1,100 metres, open in all directions Metallurgical tests show positive polymetallic flotation recoveries Sub level caving mining method used to develop mining shapes that constrained the mineral resource volume, assuming a $45 per tonne operating cost PAN AMERICAN SILVER 11#12LA COLORADA The fully concrete lined 5.5-metre diameter ventilation shaft is expected to be completed in 2023 at a cost of ~$47 million. NEW VENTILATION SHAFT Ventilation fans to be installed on shaft in 2024, reducing power requirements upon commissioning Shaft sinking reached a depth of 228 metres by end of Q1 2023. PAN AMERICAN SILVER 12#13ZACATECAS, MEXICO LA COLORADA SKARN - MINERAL RESOURCE ESTIMATE Mining Method Cut-off Value (US$/tonne) Resource Classification Tonnes Zn Pb Ag Zn Pb Ag (millions) (%) (%) (g/t) (Mt) (Mt) (Moz) Indicated 95.9 2.77 1.28 31 2.66 1.23 94.4 Sub-level Caving (SLC) 45 Inferred 147.8 2.29 1.04 28 3.39 1.54 132.9 5. Notes: 1. Estimation and reporting of mineral resources were carried out in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines. 2. Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient spatial continuity of mineralisation constrained within a potentially mineable shape. No mineral reserves are reported at this time. 3. Prices used to report mineral resources were: US$22 per ounce of silver, US$2,800 per tonne of zinc and US$2,200 per tonne of lead. 6. 4. An estimate of mineral value per tonne was calculated using metallurgical recoveries of 87.4% Ag, 88% Pb and 93% Zn with mineral concentrate qualities of 67% Pb in lead concentrate and 60% Zn in zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treatment and refining of these types of mineral concentrates, were included. 7. Reasonable prospects for eventual economic extraction were assessed by determining the total in-situ tonnes and grade constrained inside volumes that are based on a bulk style sub-level caving underground mining method. The tonnes and grades are inclusive of the must-take low grade material within the volume, as per CIM best practice guidelines. No other mining dilution or mineral losses have been accounted for. A US$45 per tonne operating cost has been assumed, which includes estimates of mining, processing and G&A operating costs. This mineral resource estimate was prepared under the supervision of, or was reviewed by, Christopher Emerson, FAusIMM, Vice President Exploration and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person as that term is defined in National Instrument 43-101 ("NI 43-101"). The effective date of the mineral resources estimate is Sept. 13, 2022. PAN AMERICAN SILVER 13#14LA COLORADA SKARN VIEW // polymetallic skarn mineralisation is concentrated in 3 zones, covering an area of 1,500 metres by 1,100 metres laterally, and a depth of between 600 metres and 1,900 metres below surface 1555F 4,000 E Date: 13 September 2022 100 200 Mes Existing La Colorada workings (Estrella and Candelaria) 3,5535 2,500 MASL 2,400 MASL 2,300 MASL 2,200 MASL 2,100 MASL 2,000 MASL Resource Classification 5,500 N 1,900 MASL Indicated Inferred 1,800 MASL 1,700 MASL 1,600 MASL 1,500 MASL Above Sea Level (MASL 1,400 MASL 1,300 MASL 5,000 N 1,200 MASL 1,100 MASL 1,000 MASL Existing La Colorada workings (Estrella) Beaty Shaft Existing La Colorada workings (Candelaria) 900 MASL 4,500 E 5,000 E 6.000 E Long Section view from South Mine Coords Date: 13 September 2022 400 500 600 La Colorada Skarn Mineral Resource Classification PAN AMERICAN SILVER Figure 1 Metres 100 200 300 400 Resource Classification Indicated Inferred 5,000 E 5,500 E Plan view with existing workings 500 La Colorada Skarn Mineral Resource Classification 5,500 N 5,000 N 6,000 E Mine Coords PAN AMERICAN SILVER Figure 2 PAN AMERICAN SILVER 14#15SANTA ROSA, GUATEMALA ESCOBAL // One of the world's best silver mines • High quality, well built operation with over US$500 million invested¹ • • . 1. One of the world's largest primary silver deposits with reserves of 264 Moz 3 consecutive years of production at 20 Moz Ag/year at AISC consistently below US$10/oz Ag prior to 2017 Mine operations suspended pending completion of an ILO 169 consultation by the Guatemalan government Based on development, expansion, and sustaining capital invested from 2011 to 2017. Historical Silver Production & AISC Production (Moz) -AISC ($/oz) $9.15 $9.11 Mineral Reserves & Resources $8.06 Grade Contained Metal Tonnes Ag (Mt) (g/t) Au Pb Zn (g/t) (%) (%) Ag Au Pb Zn (Moz) (koz) (kt) (kt) 20 20 21 P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320 M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106 Inferred Resources 1.9 180 0.90 0.22 0.42 10.7 54 4 8 2014A 2015A 2016A AISC is a non-GAAP measure; see the "Non-GAAP Measures" section of our Cautionary Note on page 2 of this presentation. (as of June 30, 2022) See presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates. PAN AMERICAN SILVER 15#16ESCOBAL CONSULTATION PHASE UNDERWAY // Escobal mining license suspended pending completion of an ILO 169 Consultation in Guatemala For more information, please visit https://mem.gob.gt/derecho- minero-escobal/ PRE-PHASE 1 REVIEW PAS Guatemala shall work with 2011 Environmental Impact Study (EIS) consultant and experts at two Guatemalan Universities to review, define, and recommend area of influence (AOI) to Ministry of Environment and Natural Resources PHASE 1 PRE-CONSULTATION Ministry of Energy and Mines (MEM) leads the process Define and agree to the terms, timeline and mechanisms under which the consultation (Phase 2) will take place PHASE 2 CONSULTATION MEM leads the process Formal dialogue process to achieve agreements amongst the main participants in the process: Xinka indigenous communities, MEM and PAS Guatemala (Pan American's subsidiary in Guatemala) PHASE 3 SUPREME COURT VERIFICATION MEM to submit results of the consultation process to the Guatemalan Supreme Court (SC) SC certifies with all three parties that the ILO 169 consultation process as outlined in the Constitutional Court's resolution has been followed MARN (Environmental Ministry) completed the area of influence analysis and submitted to the MEM in November 2018. On February 5, 2020, the Supreme Court ruled that the MARN process for the determination of the AOI was completed properly. Pre-consultation completed in July 2022. Underway. Awaiting completion of Phase 2. 16#1717 115 Mil Large silver reserves (1) As of June 30, 2022, PAAS' proven and probable mineral reserves 514.9M ozs plus measured and indicated mineral resources of 933.0M ozs As of Dec. 31, 2022, Yamana acquired assets had 112.0M ozs of proven and probable mineral reserves plus 51.7M ozs of measured and indicated mineral resource Escobal mine has potential to add ~20M ozs of silver production following restart of operations The mine is currently on care and maintenance pending completion of an ILO 169 Consultation by the government of Guatemala THE WORLD'S PREMIER SILVER MINING COMPANY The "go-to" name for investing in silver Preferred investment for silver mining investors Transaction created the world's premier silver mining company with average daily trading liquidity of $97.1M (2) and a market capitalization of over $6.2B(3) 1. 23 2. 3. Pan American Estimated mineral reserves and resources reported as of June 30, 2022. Yamana mineral reserves and resources reported as of December 31, 2022, reported by Yamana Gold Inc. See presentation Appendix for more detailed information on the Company's reserves and resources and Yamana's website and Yamana's SEDAR profile for further information on Yamana's mineral reserves and resources. Based on FactSet 30-day average trading volume as of May 5, 2023 Based on the post-transaction shares outstanding of 364.4 million multiplied by the May 12, 2023 closing price of the Pan American Shares of $16.45. PAN AMERICAN SILVER#18PORTFOLIO ASSETS OFFERING ADDITIONAL VALUE 1 NEW PACIFIC METALS CORP. (NUAG) 2 LA ARENA II (Peru) 3 MARA PROJECT (Argentina) Pan American owns a ~9.4% undiluted interest in NUAG, which is advancing the Silver Sand and Carangas exploration projects in Bolivia (1). Pan American holds a 100% interest in La Arena II, an undeveloped copper-gold project adjacent to its La Arena gold mine. Pan American holds a 56.25% interest in Minera Agua Rica Alumbrera (MARA), a large copper, gold, molybdenum and silver development project, with Glencore International AG owning the remaining share 1. Share ownership interest in NUAG on the TSX as of December 31, 2022.#19ESG DISCLOSURE & PERFORMANCE REPORTING FRAMEWORKS & STANDARDS GRI STANDARDS SASB STANDARDS Now part of IFRS Foundation TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES RATINGS & RANKINGS S&P Global 68 Ranked top 7% in the Metals & Mining industry MSCI BBB rating Upgraded to 'BBB' from 'BB' in November 2021 MEMBERSHIPS & COMMITMENTS Scale: 0 (worst) to 100 (best). Scale: CCC (worst) to AAA (best). The Mining Association of Canada ADVOCACY STEWARDSHIP COLLABORATION SUSTAINABLE DEVELOPMENT GOALS The Global Source ESILVERINSTITUTE VOLUNTARY PRINCIPLES ON SECURITY O HUMAN RIGHTS UN GLOBA COMPACT TSM PDAC United Nations Global Compact O EITI WORLD GOLD COUNCIL MEMBER Extractive Industries Transparency Initiative unicef→ SUSTAINALYTICS a Morningstar company 28.2 (medium risk) #8 out of 29 companies in the Precious Metals Mining sector Scale: 100 (worst) to 0 (best). ISS ESG‣ C+ rating Upgraded from 'C' to 'C+' in March 2022 | Ranked top 20% Scale: D- (worst) to A+ (best). $750 MILLION REVOLVING CREDIT FACILITY LINKED TO THIRD-PARTY ESG RATINGS (S&P GLOBAL AND MSCI) (as of April 20, 2023) 19#2020 20 A LEADING PRODUCER OF SILVER AND GOLD IN THE AMERICAS Long-life silver reserves Medium and long-term growth projects Committed to best-in-class ESG performance Experienced management team Strong balance sheet // PAAS SNAPSHOT 1 $6.2B MARKET CAP 364.4M SHARES OUTSTANDING 5.3M 1 MONTH DAILY AVERAGE SHARES NYSE:PAAS TSX: PAAS $0.10 QUARTERLY DIVIDEND 2 2.3% DIVIDEND YIELD SELL SIDE ANALYSTS MEMBER OF THE MSCI WORLD AND S&P/TSX COMPOSITE INDICES 0 1. 2. All market data based on NYSE exchange as of market close on May 12, 2023. Dividend declared March 24, 2023.#21EXICO PERU ARGENTINA BOLIVIA BRAZIL CANADA CH GUATEMALA MEXICO PERU ARGENTINA BOL CANADA CHILE GUATEMALA MEXICO PERU ARGENTI VIA BRAZIL CANADA CH LE GUATEMALA MEXICO PE ARGENTINA BOLIVIA BRAZI EXICO PERU ARGENTI INA GUATEMALA MEXICO PER CA ANADA CHILE GUATEMAL VIA BRAZIL CA GENTINA BOLIVIA BRAZI XICO PERU ARGENT DA CHILE GUATE PAN AMERICAN SILVER OLIVIA BRAZIL CANADA CHILE GUATEMALA MEXICO PE ARGENTINA BOLIVIA B APPENDIX EXICO PERU ARGENT BRAZIL CANADA CH GUATEMALA MEXICO PERU ARGENTINA BOL A BOLIVIA BRAZI JADA CHILE GUATEMALA MEXICO PERU ARGENTINA BO BRAZIL CANADA CHILE GUATEMALA MEXICO ARGENTIN#22STRATEGIC YAMANA GOLD TRANSACTION TIMING CONSIDERATION Transaction was completed on March 31, 2023 ~US$1.0 billion in cash funded by Agnico Eagle, ~36.2 million Agnico Eagle shares and ~153.8 million Pan American shares 22 222 STRUCTURE CREDIT FACILITY DIRECTOR NOMINATIONS • • • Pan American was the purchaser of the Yamana shares; contemporaneously with closing, Yamana transferred its interests in its Canadian assets to Agnico Eagle Pan American retains all Yamana's LATAM mines and properties as well as any remaining assets and liabilities (including cash and debt) Combined total credit commitment from Canadian chartered bank of up to $1.25B (upsized revolving credit facility of $750M & term loan of up to $500M(¹)) At March 31, 2023, Pan American had drawn US$325M under its Amended Revolving Credit Facility Pan American identified 3 members of the former board of directors of Yamana who have been elected to the Pan American board at the annual general and special meeting of Pan American: John Begeman, Alexander Davidson and Kimberly Keating 1. Term loan is cancelled on May 31, 2023 if investment grade is maintained. PAN AMERICAN SILVER#232023 OPERATING OUTLOOK Silver Segment: La Colorada (Mexico) Cerro Moro (Argentina)(2) Huaron (Peru) San Vicente (Bolivia)(3) Manantial Espejo (Argentina) (4) Silver Segment Consolidated Gold Segment: Jacobina (Brazil) (2) El Peñon (Chile)(2) Timmins (Canada) Shahuindo (Peru) La Arena (Peru) Minera Florida (Chile)(2) Dolores (Mexico) Gold Segment Consolidated 12-months Pan American Silver Original Silver Production (million ounces) 5.5-5.9 3.6-3.9 3 77-85 Gold Production (thousand ounces) Cash Costs ($ per ounce) (1) 14.00 15.50 AISC ($ per ounce) (1) 3.6-3.8 5.50-8.80 5.80 -7.30 17.00 18.50 11.00 14.50 11.50 13.00 2.5-2.6 14.10 15.90 16.00 17.50 0.2 15.4-16.4 2 82-90 11.80 12.90 13.70 14.80 10.00 12.00 14.00-16.00 144-164 2.9-3.5 122-142 130-141 0.3 134-146 - 98-106 750-810 600-770 1,340 - 1,480 780-920 1,200 - 1,270 1,600 - 1,690 0.2-0.3 62-74 1,340 - 1,430 2.2-2.5 98-107 5.6-6.6 788-880 1,110 -1,240 975-1,100 1,700 - 1,850 1,230 -1,360 1,275 - 1,425 14.3 15.3 465-505 Assets Production (5) 9-months Acquired Operations Production (6) Total Consolidated Production 6.7-7.7 21.0 - 23.0 405-465 870-970 1. 1,020 - 1,110 785-985 1,650 - 1,800 1,300 - 1,470 In addition to consolidated silver and gold production, 2023 consolidated base metal production is forecast to be: Zinc (kt) 41-45 Lead (kt) 18-21 Copper (kt) 5 Cash Costs and AISC are non-GAAP measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2023 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q1 2023 Financial Statements. The AISC forecast assumes metal prices of $22.00/oz for silver, $1,850/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,100/tonne ($0.95/lb) for lead, and $8,000/tonne ($3.63/lb) for copper; and average annual exchange rates relative to 1 USD of 18.75 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 270.00 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.33 for the Canadian dollar ("CAD"), $800.00 for the Chilean peso ("CLP") and $5.00 for the Brazilian real ("BRL"). 2023 production and AISC forecasts for Cerro Moro, Jacobina, El Peñon and Minera Florida reflects ownership for the nine-month period from March 31 to December 31, 2023. 2 3 4 5 2. 3. San Vicente data represents Pan American's 95.0% interest in the mine's production. 4. Mining activities have been completed at Manantial Espejo at the end of 2022, with residual processing completed in January 2023. 5. Includes La Colorada, Huaron, San Vicente, Manantial Espejo, Timmins, Shahuindo, La Arena and Dolores mines. 6. Reflects ownership of the Cerro Moro, Jacobina, El Peñon and Minera Florida mines for the nine-month period from March 31 to December 31, 2023. PAN AMERICAN SILVER 23#242023 CAPITAL EXPENDITURE & OPERATING FORECAST Expenditures ($ millions) 15.0-16.0 20.0-21.0 17.0-18.0 Project capital invested to advance strategic goals: Continued exploration and in- fill drilling on the La Colorada Skarn project where engineering work is being advanced towards a H2 2023 PEA and advancing construction of the concrete-lined ventilation shaft Upgrading plant facility infrastructure at Jacobina Huaron tailings pressure filtration plant / dry-stack tailings storage Bell Creek paste fill plant Sustaining Capital La Colorada (Mexico) Cerro Moro (Argentina) Huaron (Peru) San Vicente (Bolivia)(1) Jacobina (Brazil) El Peñon (Chile) Timmins (Canada) Shahuindo (Peru) La Arena (Peru) Minera Florida (Chile) Dolores (Mexico) Sustaining Capital Sub-total Project Capital La Colorada Projects (Mexico) Huaron Projects (Peru) Timmins Projects (Canada) Jacobina Projects (Brazil) Project Capital Sub-total Total Capital Expenditures Total Reclamation Expenditures General & Administration Care & Maintenance Exploration Expense (2) 3.5-4.5 42.0-44.0 25.5-26.5 41.0-43.0 72.0-74.0 38.0-40.0 24.0-25.0 7.0-8.0 305.0 320.0 - 36.0-38.0 22.0-25.0 11.0 13.0 26.0-29.0 95.0 105.0 400.0-425.0 18.0 20.0 75.0-80.0 98.0 109.0 14.0-16.0 1. Capital expenditures and reclamation expenditures at San Vicente are shown at a 100% ownership. 2. Includes regional greenfield exploration expenditures. Expenditures relating to near-mine exploration are included in the sustaining and project capital amounts. PAN AMERICAN SILVER 24#25INVESTMENT GRADE SENIOR NOTES S&P long-term issuer rating of BBB- Moody's rating of Baa3 $283 million 4.625% coupon December 2027 Attractive coupon rates 25 25 $500 million 2.63% coupon August 2031 0 Staggered maturity dates Redeemable at Company's option 2023 2024 2025 2026 2027 2028 2029 2030 2031 // Low cost debt acquired as part of the Yamana transaction upheld as investment grade by both S&P and Moody's#26SUSTAINABILITY GOVERNANCE AND MANAGEMENT // Structure and Accountability BOARD OF DIRECTORS The Communities and Sustainable Development (CSD) Committee reviews the Company's sustainability and ESG performance. The Health, Safety, and Environment (HSE) Committee provides policy direction and oversight of the performance on safety and technical matters relating to the environment. The Nominating and Governance Committee reviews and provides direction on the Company's governance practices. The Human Resources and Compensation Committee assists the Board in fulfilling its responsibilities relating to human resources and compensation issues. CORPORATE MANAGEMENT TEAM Our CEO and senior leadership direct and oversee strategy, programs, initiatives, and performance related to communities, health and safety, environment and human resources. They also monitor sustainability indicator performance on a monthly basis. The ESG Management Committee supports the Company in fulfilling its ESG management responsibilities and enhancing its ESG performance. COUNTRY MANAGERS Oversee and manage sustainability in each of the countries where we operate. MINE MANAGERS Implement sustainability programs and initiatives and supervise teams responsible for community relations, environment, safety, and human resources. 40% OPERATING PERFORMANCE 1 Lost time injury frequency (LTIF). 15% SAFETY 1 SAFETY, ENVIRONMENTAL AND SOCIAL 35% 10% ENVIRONMENT2 5% I&D ³ Annual Incentive Plan TSM4 5% 2022 and lost time injury severity (LTIS) targets. 2 Significant Environmental Incidents ("SEls"). 3 Inclusion & Diversity by percentage of women employees in the total workforce. 4 Level of performance of Mining Association of Canada's TSM standard. 25% GROWTH PAN AMERICAN SILVER 26#27CLIMATE CHANGE POLICY (1) // Climate Change Strategy • • • Integrating GHG emission reduction strategies into our operational risk and opportunities assessments and strategic planning Adapting our operating and non-operating mines to align with global efforts to reduce GHG emissions and mitigate or prepare for the potential physical risks of climate change Informing stakeholders in a timely and transparent manner regarding our GHG emission reduction strategies and results as well as the potential transitional impacts to our long-term business plans 457 thousand tonnes CO,Eq 1. Representative of Pan American prior to Yamana transaction and subject to re-evaluation post the acquisition of Yamana's LatAm assets. GOAL 30% reduction in GHG emissions by 2030 and an aspirational objective of net zero by 2050 20%-25% 5%-10% 5%-10% 30% Reduction in GHG Emissions by 2030 2019 Tonnes CO₂Eq Increased Emissions for Continuing Operations Portfolio Optimization Renewable Energy Electrification 2030 Tonnes & Energy Efficiency CO₂Eq Projects 27 27 PAN AMERICAN SILVER#28WORLD SILVER SUPPLY & DEMAND // 2022 actual (1); in million ounces Recycling 18% Silver Supply 1,005 Photography & Other 3% Mine Production 82% Investment² 27% Jewelry & Silverware 25% Silver Demand 1,242.4 2 142 Moz supply shortfall estimated for 2023 Industrial 45% 1. Source: Silver Institute, April 2023. 2. Net physical investment in coins and bars. By YE 2023, global silver inventories estimated to have decreased by 430.9M ozs Since 2020 PAN AMERICAN SILVER 28#29PHOTOVOLTAIC DEMAND // Continued growth in silver demand for solar installations 120 350 300 100 Index (2010-100) 80 IPV Installations -Ag Loading 250 80 200 60 60 GW 150 40 40 100 20 50 Index is based on silver loadings per cell. Source: Metals Focus, EPIA, December 2022 0 0 2010 2012 2014 2016 2018 2020 2022 2024 2026 PAN AMERICAN SILVER 29#30SILVER: METAL OF THE FUTURE // Growing industrial demand from global transition to decarbonization and electrification Silver has the highest electrical and thermal conductivity of all metals, making it an important metal in the transition to a low carbon economy. ~11% of silver supply used for photovoltaics (solar panels). ~33% of silver supply used in electrical applications. Shift to a low carbon economy involves increase in electrical componentry, including electrical vehicles. Silver is an important component in the buildout of 5G networks, the next major evolution in communication technology. Silver has medical and sanitary applications because of its anti-bacterial properties. RFID Source: Silver Institute, World Silver Survey 2022 ☑ 30 30#31ZACATECAS, MEXICO La Colorada LA COLORADA // Pan American's largest silver producing mine • 100% owned and operated underground mine • Expansion completed in 2017 – new mine shaft and sulphide processing plant . Currently producing silver-gold doré bars from a conventional cyanide leach plant for the oxide ore, and silver-rich lead and zinc concentrates from a flotation plant treating sulphide ore Silver Production (Moz) 5.2 5.0 Mineral Reserves & Resources 5.9 2020 2021 2022 Grade Contained Metal P&P Reserves Tonnes Ag Au (Mt) (g/t) (g/t) 10.0 Pb Zn Ag Au Pb Zn (%) (%) (Moz) (koz) (kt) (kt) 317 0.20 1.13 1.99 101.4 63 112 198 M&I Resources 5.3 200 0.15 0.88 1.53 33.9 26 47 80 Inferred 14.9 195 0.20 1.05 1.89 93.9 98 157 282 Resources (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 31#32CHIHUAHUA, MEXICO DOLORES // Large gold / silver Mine • 100% owned and operated • Dolores Mining is by open pit and uses conventional cyanide heap leaching to produce gold and silver doré Average throughput capacity of 20,000 tpd Silver & Gold Production Mineral Reserves & Resources Silver (Moz) Gold (koz) 3.8 98 2.2 160 Grade Contained Metal Tonnes Ag Au Ag Au 137 (Mt) (g/t) (g/t) (Moz) (koz) 2.2 P&P Reserves 17.0 20 0.57 11.0 313 2020 2021 2022 M&I Resources Inferred Resources 3.0 38 0.70 3.6 66 2.5 29 0.92 2.4 74 (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 32#33• PASCO, PERU HUARON // Polymetallic silver mine Huaron 100% owned and operated underground mine • Average throughput capacity of ~2,500 tpd using flotation technology to produce silver in copper, lead, and zinc concentrates Silver Production (Moz) 2.1 3.7 3.5 2020 2021 2022 Mineral Reserves & Resources Grade Contained Metal Tonnes Ag Cu (Mt) (g/t) Pb (%) (%) Zn Ag Cu (%) (Moz) (kt) Pb Zn (kt) (kt) P&P Reserves 11.0 168 0.45 1.55 2.97 59.2 50 170 325 M&I Resources 4.5 165 0.41 1.65 2.98 23.6 18 73 133 Inferred 7.2 155 0.26 1.47 2.73 36.1 19 107 198 Resources (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) PIQUE "D" 33#34POTOSÍ, BOLIVIA SAN VICENTE // Polymetallic silver mine San Vicente • . 95% owned and operated underground mine Average throughput capacity of ~950 tpd utilizing a standard flotation process to produce silver-zinc and silver-lead concentrates • Mechanization efforts, enhanced mine dilution controls and improvements in site infrastructure underway to lower production costs Silver Production (Moz) 2.3 2.5 2.5 2020 2021 2022 Mineral Reserves & Resources Grade Contained Metal Tonnes Ag Cu (Mt) (g/t) (%) Pb Zn Ag Cu Pb Zn (%) (%) (Moz) (kt) (kt) (kt) P&P Reserves 1.6 306 0.25 0.30 3.35 16.0 4 5 55 M&I Resources 1.3 190 0.20 0.22 2.42 7.8 3 3 31 Inferred 2.9 249 0.21 0.29 2.65 23.3 6 8 77 Resources (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 34#35• • CAJAMARCA, PERU Shahuindo SHAHUINDO // Large gold mine with significant growth potential . 100% owned and operated open pit gold mine producing silver by-products from doré Average throughput capacity of ~36,000 tpd with heap leach processing Commercial production began in 2016, significant exploration potential and ability to extend mine life Gold Production (koz) Mineral Reserves & Resources Grade 151 Contained Metal 142 134 Tonnes Au Ag Au Ag (Mt) (g/t) (g/t) (koz) (Moz) P&P Reserves 104.2 0.47 7.2 1,575 24.2 PELIGACI M&I Resources 21.6 0.25 4.4 175 3.1 Inferred 14.6 0.41 7.9 195 3.7 Resources 2020 2021 2022 (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 35 55#36LA LIBERTAD, PERU La Arena LA ARENA // Gold mine with sulphide expansion potential (La Arena II) • 100% owned and operated open pit gold mine producing doré • Run-of-mine heap leach currently processing ~36,000 tpd • Exploration success has extended mine life Gold Production (Koz) 112 105 99 2020 2021 2022 Mineral Reserves & Resources Tonnes Grade Au Contained Metal Au (Mt) (g/t) (koz) P&P Reserves 42.3 0.33 443.2 M&I Resources 2.9 0.17 15.9 Inferred Resources 6.0 0.22 42.3 (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 36#37ONTARIO, CANADA TIMMINS Timmins West Bell Creek // Two producing mines in prolific Canadian mining camp • 100% owned and operated • Comprises two underground gold mines, Timmins West and Bell Creek, which both feed the Bell Creek mill • Throughput capacity of ~6,000 tpd producing doré • Exploration success has extended mine life Gold Production (Koz) 148 134 135 2020 2021 2022 Mineral Reserves & Resources Grade Contained Metal Tonnes Au Au (Mt) (g/t) (koz) P&P Reserves 10.2 2.82 923.5 M&I Resources 7.9 3.18 807.2 Inferred Resources 4.4 3.11 437 (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 37#381. 2. BAHIA, BRAZIL JACOBINA . • // Large gold mine with significant growth potential (1) 100% owned and operated underground gold mine producing doré via a conventional leaching process Average throughput of ~8,289 tpd during 2022 with the phased expansion to 8,500 tpd completed mid-2022 Gold Production (koz) (2) 178 186 195 2020 2021 2022 See Yamana's website and Yamana's SEDAR profile for further information on Jacobina's mineral reserves and resources. Source: Yamana Gold Inc. company filings. Technical information has not been reviewed or approved by Pan American's Qualified Persons. Please see Yamana Gold's website and Yamana Gold's SEDAR profile for further information. 38#391. 2. • ANTOFAGASTA, CHILE EL PEÑON // Large gold / silver Mine (1) 100% owned and operated underground gold and silver mine producing gold and silver doré • The mine has been in operation since 1999 and has consistently replaced ounces mined • Average throughput of ~3,714 tpd in 2022 Silver & Gold Production (2) Silver (Moz) Gold (koz) 4.9 179 176 3.6 3.1 161 2020 2021 2022 See Yamana's website and Yamana's SEDAR profile for further information on Jacobina's mineral reserves and resources. Source: Yamana Gold Inc. company filings. Technical information has not been reviewed or approved by Pan American's Qualified Persons. Please see Yamana Gold's website and Yamana Gold's SEDAR profile for further information. 39#40SANTA CRUZ, ARGENTINA • • CERRO MORO // Integrated gold & silver mining complex (1) 100% owned and operated open pit and underground gold and silver complex feeding a single processing plant producing gold and silver doré Average throughput of ~1,074 tpd in 2022 Silver & Gold Production (2) Silver (Moz) Gold (koz) 1. 2. 108 80 6.1 67 5.5 5.6 2020 2021 2022 See Yamana's website and Yamana's SEDAR profile for further information on Jacobina's mineral reserves and resources. Source: Yamana Gold Inc. company filings. Technical information has not been reviewed or approved by Pan American's Qualified Persons. Please see Yamana Gold's website and Yamana Gold's SEDAR profile for further information. 40 40#411. 2. METROPOLITAN REGION, CHILE . MINERA FLORIDA // Polymetallic gold mine (1) 100% owned and operated underground mine producing gold and silver doré bars and zinc concentrate • Average throughput of ~2,649 tpd during 2022 Gold Production (koz) (2) 90 85 82 2020 2021 2022 See Yamana's website and Yamana's SEDAR profile for further information on Jacobina's mineral reserves and resources. Source: Yamana Gold Inc. company filings. Technical information has not been reviewed or approved by Pan American's Qualified Persons. Please see Yamana Gold's website and Yamana Gold's SEDAR profile for further information. 41#42CATAMARCA, ARGENTINA • • • MARA // Large copper, gold, molybdenum, silver development project (1) The MARA project was established in December 2020 following the integration of the Minera Alumbrera plant and mining infrastructure with the Agua Rica deposit Pan American is the operator with a 56.25% interest, with Glencore International AG owning the remaining share Glencore acquired Newmont's 18.75% stake for US$124.9 million upon closing and a US$30 million deferred payment upon commercial production in September 2022 1. See Yamana's website and Yamana's SEDAR profile for further information on MARA's mineral reserves and resources 42 42#43LA LIBERTAD, PERU LA ARENA II La Arena II // 100% owned, undeveloped copper porphyry Reserves & Resources Oxide AORCO PIT 250 m Cu-Au Porphyry 63mt PIT SHELL LA ARENA PEA PIT 3500 3250 3000 2750 MINERAL RESOURCE PIT SHELL 2500 (as of June 30, 2021) Grade Contained Metal UNDERGROUND POTENTIAL 2250 Tonnes Au Cu Au Cu Open at i Depth (Mt) (g/t) (%) (koz) (kt) Model Highlights & Key Assumptions M&I Resources Inferred Resources 696.3 0.24 0.38 5,280 2,623 54.7 LT Gold Price 0.23 0.29 413 159 1,300 US$/oz Ave. Au Sulphide Grade 0.24 g/t LT Copper Price 3.30 US$/lb LOM Average Cu Mill Recovery Sulphide 87% Mine Type Processing Products Capacity Modeled Mine Life Deposit Type 21 Year Production Life Porphyry Based on Tahoe PEA February 2018¹ PEA study projects large Open Pit Flotation Processing Plant to be constructed LOM Average Milled 28.8 Mtpa LOM Average Au Mill Recovery Sulphide 60% Initial Capital 1,346 US$M LOM Metal Production - Copper Concentrate 4,465 Mlbs Sustaining Capital 1,093 US$M Avg. Annual Operating Costs 395 US$M LOM Metal Production - Gold in Copper Concentrate LOM Gold Doré Production 2,790 Koz 575 Koz Copper Concentrate (Doré from smaller oxide resource) Ave. Cost Per Tonne Processed Projected to be 80,000 tpd 12.87 US$/mt NPV At 8% 823.8 US$M Sulphide Milled 616.4 Mt IRR 14.7% Ave. Cu Sulphide Grade 0.38% Ave. Annual After Tax Cash Flow 273 US$M 43 13 1. Reference is made to the Technical Report on the La Arena Project, Peru dated February 20, 2018 prepared for Tahoe Resources Inc., a copy of which is filed under the company profile of Tahoe Resources Inc. on SEDAR at www.sedar.com. This technical report contains a preliminary economic assessment of the La Arena II copper-gold porphyry project. Preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. As of the date of this presentation, the Qualified Persons named in this presentation are not aware that there is any new material scientific or technical information that would make this disclosure relating to the preliminary economic assessment to be inaccurate or misleading. PAN AMERICAN SILVER#44CHUBUT, ARGENTINA NAVIDAD // One of the largest undeveloped primary silver deposits • 100% owned silver project • Project comprises 8 individual mineral deposits in Navidad 3 separate mineralized trends Scalable production profile with high-grade mineralization at surface • Development contingent on provincial mining law change Mineral Resources Grade Contained Metal Tonnes Ag Cu Pb Ag Cu Pb (Mt) (g/t) (%) (%) (Moz) (kt) (kt) M&I Resources 155.2 127 0.06 0.86 632.4 71 1,326 Inferred 45.9 81 0.02 0.57 119.4 9 262 Resources (as of June 30, 2022; see presentation Appendix for more detailed information on the Company's reserves and resources and the metal price assumptions used for these estimates.) 44#45ZACATECAS, MEXICO LA COLORADA SKARN PROJECT // Mineral Resource Estimate at Different Cut-off Values and Mining Methods Mining Method Cut-off Value (US$/tonne) Classification 1. Tonnes Zn Pb Ag Zn Pb (millions) (%) (%) (g/t) (Mt) (Mt) 음골 Ag (Moz) 2. Sub-level Caving (SLC) Indicated 95.9 2.77 1.28 31 2.66 1.23 94.4 45 Inferred 147.8 2.29 1.04 28 3.39 1.54 132.9 Indicated 101.5 2.66 1.22 30 2.70 1.24 96.3 45 3. Sub-level Inferred 153.2 2.03 0.88 25 3.12 1.34 125.1 Shrinkage (SLS) Indicated 67.3 3.08 1.46 33 2.07 0.98 72.1 65 4. Inferred 60.8 2.59 1.13 30 1.60 0.68 59.8 Indicated 65.4 3.39 1.62 36 2.22 1.06 75.6 Long-hole Open 60 60 56 5. 6. Inferred 113.8 2.91 1.32 34 3.31 1.50 124.6 Stoping (LHOS) Indicated 56.3 3.62 1.76 38 2.03 0.99 68.0 70 70 Inferred 88.5 3.17 1.46 37 2.80 1.29 104.5 Prices used to report mineral resources were: US$22 per ounce of silver, US$2,800 per tonne of zinc and US$2,200 per tonne of lead. An estimate of mineral value per tonne was calculated using metallurgical recoveries of 87.4% Ag, 88% Pb and 93% Zn with mineral concentrate qualities of 67% Pb in lead concentrate and 60% Zn in zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treating and refining of these types of mineral concentrates, were included. This table has been included to reflect the sensitivity of the mineral resource to mining method, potential mineable shapes and costs rather than applying variable cut-off values within a non-selective mining shape. The inventories in the table are for sensitivity comparisons to the SLC mineral resource estimate stated above; they do not represent mineral resource estimates in themselves. All inventories are in-situ tonnes and metal contents. The effective date of the mineral resources estimate is Sept. 13, 2022. See our news release dated Sept. 14, 2022 for further information. PAN AMERICAN SILVER 45#46PAN AMERICAN SILVER MINERAL RESERVES As of June 30, 2022 (1,2) PROPERTY LOCATION TONNES CLASSIFICATION AG (G/T) (MT) CONTAINED AG (MOZ) AU (G/T) CONTAINED AU (KOZ) CONTAINED CU CU (%) PB (%) (KT) CONTAINED PB (KT) ZN (%) CONTAINED ZN (KT) Silver Segment Huaron Peru Proven 7.0 169 38.1 0.54 38.0 1.51 105.6 2.97 208.2 Probable 3.9 167 21.1 0.30 11.8 1.63 64.2 2.97 116.6 Morococha (92.3%) (3) Peru Proven 3.3 156 16.6 0.44 14.7 1.31 43.3 3.95 130.7 Probable 3.3 158 16.6 0.32 10.6 1.43 46.5 3.78 123.1 La Colorada Mexico Proven 3.8 340 41.5 0.23 27.5 1.13 43.0 2.02 76.6 Probable 6.2 303 59.9 0.18 36.0 1.12 69.1 1.97 121.5 Manantial Espejo Argentina Proven 0.3 250 2.4 2.35 22.8 Probable 0.1 246 0.9 3.06 10.8 San Vicente (95%) (3) Bolivia Proven 1.1 314 10.8 0.25 2.7 0.29 3.1 3.55 37.9 Probable 0.6 289 5.2 0.25 1.4 0.32 1.8 2.98 16.6 Joaquin Argentina Proven 0.1 401 1.6 0.24 1.0 Probable 0.0 575 0.6 0.31 0.3 Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2 1.02 25.7 1.75 44.4 Probable 22.1 316 225.0 0.34 243.8 0.77 169.9 1.25 275.7 Total Silver Segment(4) 54.3 275 479.7 0.33 376.3 0.41 79.0 1.06 572.2 2.14 1,151.3 Gold Segment La Arena Dolores Shahuindo Timmins Total Gold Segment (4) Peru Proven 20.5 0.38 251.4 Probable 21.8 0.27 191.8 Mexico Proven 12.9 Probable 4.1 Peru Proven 58.9 Probable 45.3 2886 21 8.6 0.57 235.4 18 2.4 0.60 77.7 15.3 0.51 971.3 8.8 0.41 604.2 Canada Proven 5.3 2.89 491.0 Probable 4.9 2.74 432.5 יי י י י י י י 173.6 9 35.1 0.58 3,255.2 יייייייי Proven + Probable 228.0 91 514.9 0.54 3,631.5 0.41 79.0 1.06 572.2 2.14 1,151.3 Total Gold and Silver Segments (4) (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2022". (2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. (3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. 446 PAN AMERICAN SILVER#47PAN AMERICAN SILVER MEASURED + INDICATED MINERAL RESOURCES As of June 30, 2022 (1.2) PROPERTY Silver Segment Huaron LOCATION CLASSIFICATION TONNES (MT) AG (G/T) CONTAINED AG (MOZ) AU (G/T) CONTAINED AU (KOZ) CU (%) PB (%) ZN (%) Peru Measured 2.1 163 10.9 0.42 1.58 3.05 Indicated 2.4 166 12.7 0.40 1.71 2.92 Morococha (92.3%) (3) Peru Measured 0.6 130 2.7 0.64 0.79 2.59 Indicated 0.7 La Colorada Mexico Measured 1.9 Indicated 3.4 La Colorada Skarn (4) Mexico Indicated 95.9 1949 124 3.0 0.61 0.74 2.37 216 13.0 0.14 8.2 0.76 1.30 191 20.8 0.17 18.0 0.95 1.65 31 94.4 1.28 2.77 Manantial Espejo Argentina Measured 0.2 158 1.1 1.79 11.9 Indicated 0.7 264 5.8 2.94 63.9 COSE Argentina Indicated 0.1 349 1.3 0.29 1.0 Joaquin Argentina Indicated 0.4 329 4.2 0.26 3.3 San Vicente (95%) (3) Bolivia Measured 0.9 191 5.7 0.20 0.22 2.35 Indicated 0.3 188 2.1 0.20 0.21 2.60 Navidad Argentina Measured 15.4 137 67.8 0.10 1.44 Indicated 139.8 126 564.5 0.04 0.79 Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7 0.31 0.59 Indicated 14.2 201 91.6 0.20 93.0 0.38 0.66 Total Silver Segment (5) 281.3 102 920.1 0.29 216.2 0.06 0.98 2.44 Gold Segment Dolores Mexico Measured 2.1 30 2.1 0.53 36.5 Indicated 0.8 57 1.5 1.13 29.7 La Bolsa Mexico Measured 10.8 10 3.5 0.70 242.8 Indicated 10.6 8 2.7 0.54 184.3 Pico Machay Peru Measured 4.7 0.91 137.5 Indicated 5.9 0.67 127.1 La Arena Peru Measured 0.8 0.16 4.0 Indicated 2.1 0.17 11.9 Shahuindo Peru Measured 8.3 Indicated 13.2 54 1.3 0.29 76.7 1.8 0.23 98.1 Timmins Canada Measured 3.4 3.32 357.6 Indicated 4.5 3.08 449.6 La Arena II Peru Measured 148.9 0.25 1,209.7 0.39 Indicated 547.5 0.23 4,070.0 0.37 Whitney (82.84%) (3) Canada Measured 0.8 7.02 180.7 Indicated 1.9 6.77 406.3 Gold River Canada Indicated 0.7 5.29 117.4 Marlhill Canada Indicated 0.4 4.52 57.4 Vogel Canada Indicated 2.2 1.75 125.0 Total Gold Segment(5) 769.7 9 12.9 0.32 7,922.2 0.38 Total Gold and Silver Measured + Indicated 1,051.1 89 933.0 0.32 8,138.4 0.32 0.98 2.44 Segments (5) (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2022". (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development, and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) Effective date for the La Colorada Skarn mineral resource estimate is September 13, 2022. (5) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. PAN AMERICAN SILVER 47#48PAN AMERICAN SILVER INFERRED MINERAL RESOURCES as of June 30, 2022 (1,2) PROPERTY LOCATION CLASSIFICATION TONNES (MT) AG (G/T) CONTAINED AG (MOZ) AU (G/T) CONTAINED AU (KOZ) CU (%) PB (%) ZN (%) Silver Segment Huaron Peru Inferred 7.2 155 36.1 0.26 1.47 2.73 Morococha (92.3%) (3) Peru Inferred 5.2 143 24.0 0.35 1.28 3.74 La Colorada Mexico Inferred 14.9 195 93.9 0.20 98.4 1.05 1.89 La Colorada Skarn (4) Manantial Espejo Mexico Inferred 147.8 28 132.9 1.04 2.29 Argentina Inferred 0.5 180 3.1 1.71 29.4 San Vicente (95%) (3) Bolivia Inferred 2.9 249 23.3 0.21 0.29 2.65 Navidad Argentina Inferred 45.9 81 119.4 0.02 0.57 Joaquin Argentina Inferred 0.2 282 1.6 0.23 1.3 Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7 0.22 0.42 Total Silver Segment (5) 226.6 61 445.1 0.32 182.7 0.09 0.95 2.31 Gold Segment Dolores Mexico Inferred 2.5 29 2.4 0.92 74.4 La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6 Pico Machay Peru Inferred 23.9 0.58 445.7 La Arena Peru Inferred 6.0 0.22 42.3 Shahuindo (6) Peru Inferred 14.6 8 3.7 0.41 194.5 Timmins Canada Inferred 4.4 3.11 436.5 La Arena II Canada Inferred 54.7 0.23 413.2 0.29 Whitney (82.84%) Canada Inferred 0.8 5.34 141.4 Gold River Canada Inferred 5.3 6.06 1027.4 Vogel Canada Inferred 1.5 3.60 168.8 Total Gold Segment (5) 127.4 10 9.5 0.77 3,168.9 0.29 Total Gold and Silver Segments (5) Inferred 354.0 55 454.5 0.72 3,351.6 0.18 0.95 2.31 (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2022". (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) Effective date for the La Colorada Skarn mineral resource estimate is September 13, 2022. (5) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. (6) Effective date for the Shahuindo mineral resource estimate is November 30, 2022. PAN AMERICAN SILVER 48#49Metal Price Assumptions Used to Estimate Mineral Reserves and Resources as of June 30, 2022 CATEGORY 49 49 MINE Huaron Morococha La Colorada AG US$/OZ AU US$/OZ CU US$/T PB US$/T ZN US$/T All categories 19.00 1,300 7,000 2,000 2,600 All categories 19.00 1,300 7,000 2,000 2,600 All categories 19.00 1,300 7,000 2,000 2,600 La Colorada skarn All categories 22.00 2,200 2,800 Reserves 19.00 1,600 Dolores Resources 22.00 1,700 La Bolsa All categories 14.00 825 Reserves 19.00 1,500 Manantial Espejo Resources 22.00 1,700 San Vicente All categories 19.00 1,300 7,000 Navidad All categories 12.52 2,000 1,100 2,600 Pico Machay All categories 700 Reserves 19.00 1,500 Joaquin Resources 22.00 1,700 Escobal All categories 20.00 1,300 2,204 2,424 Reserves 19.00 1,500 Shahuindo Resources 22.00 1,700 Reserves 19.00 1,500 La Arena Resources 22.00 1,700 La Arena II All categories 1,500 8,816 Timmins Whitney All categories 1,500 All categories 1,200 Gold River All categories 1,200 Marlhill All categories 1,125 Inside pit 1,150 Vogel Below pit 1,150 METAL PRICE ASSUMPTIONS USED TO ESTIMATE MINERAL RESERVES AND RESOURCES#50GENERAL NOTES APPLICABLE TO THE FOREGOING TABLES: Mineral reserves and mineral resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability. Grades are shown as contained metal before mill recoveries are applied. Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socioeconomic, political, and marketing or other relevant issues. The Company has undertaken a verification process with respect to the data disclosed in this presentation. The mineral resource and mineral reserves databases compiling drilling and, in some cases, sampling, have been accumulated at each of Pan American mine sites by the qualified staff. Samples are analyzed at a variety of laboratories, including by in-house staff at the mine (San Vicente, Manantial Espejo, La Colorada), mine laboratories operated by third party independent commercial labs (Huaron, Morococha), and commercial laboratories off-site (Shahuindo, La Arena, Timmins, Dolores). All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed on a monthly basis by management. In general, the assay analytical technique for silver, lead, zinc and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses fire assay and an atomic absorption (AA) finish. A gravimetric finish would be used if the gold assay exceeds >10 g/t. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. See the Company's Annual Information Form dated February 22, 2023, available at www.sedar.com for further information on the Company's material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and mineral resources. Quantities and grades of contained metal are shown before metallurgical recoveries. Technical information contained in these tables with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of NI 43-101. Pan American Silver Corp is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470. Please refer to the cautionary information on mineral reserves and mineral resources on page 3 of this presentation. PAN AMERICAN SILVER 50 50#51PAN AMERICAN - - SILVER - a Siren Fisekci VP, INVESTOR RELATIONS & CORPORATE COMMUNICATIONS +1.604.806.3191 | [email protected] panamericansilver.com Suite 1440, 625 Howe Street Vancouver, BC, V6C 2T6