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Investor Presentaiton

LA 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
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