Investor Presentaiton

PHOTOVOLTAIC 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

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