Investor Presentaiton

WORLD 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

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