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Investor Presentaiton

ZACATECAS, 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
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