Here are 1-2 brief analogies for Pan American Silver (PAAS):

• Like ExxonMobil, but instead of oil, they extract silver and gold from mines.
• The Chevron of precious metals, specializing in silver and gold mining.

• Silver: A precious metal primarily used in industrial applications, jewelry, and investment.
• Gold: A precious metal widely used in jewelry, investment, and electronics.
• Zinc: A base metal primarily used in galvanizing steel to prevent corrosion.
• Lead: A base metal often used in batteries, ammunition, and radiation shielding.
• Copper: A base metal known for its excellent electrical and thermal conductivity, used extensively in wiring and plumbing.

Michael Steinmann, President and Chief Executive Officer

Mr. Steinmann joined Pan American Silver in 2004 and has held progressively senior roles, becoming President in 2015 and President and CEO in 2016. He has also served as a director of the company since 2016. With over 30 years of experience in the base and precious metals industry, Mr. Steinmann has extensive experience in mine operations and project development throughout South America, including participation in numerous mine construction projects from exploration to continuous operation. He possesses a strong background in mergers and acquisitions, corporate development, and capital markets. Mr. Steinmann holds a Ph.D. in Natural Science (Geology) from the Swiss Federal Institute of Technology (ETHZ), an M.Sc. in Geology from the University of Zurich, and a Degree in Corporate Finance. He is also a past President of the Silver Institute.

Ignacio Couturier, Chief Financial Officer

Mr. Couturier joined Pan American Silver in 2002 and was appointed Chief Financial Officer in 2022, having previously served as Vice President, Finance. He brings nearly 25 years of experience in treasury, planning, commercial, and risk management, with broad management and financial expertise in capital markets and corporate development. Before joining Pan American Silver, Mr. Couturier worked for Minera Antamina and Rio Algom Ltd. He holds a B.Sc. in Geological Engineering from Queen's University and an MBA from McGill University.

Steve Busby, Chief Operating Officer

Mr. Busby joined Pan American Silver in 2003 and was promoted to Chief Operating Officer in 2008. He is responsible for the company's operations, projects, environment, and safety. With nearly 40 years of experience in the precious metals mining business, Mr. Busby has participated in successful mine development and construction projects across Mexico, the United States, South Africa, Russia, and throughout South America. Prior to his tenure at Pan American Silver, he held positions with a privately owned consulting firm, Coeur d'Alene Mines Corp, Amax Gold Inc, Meridian/FMC Gold Company, and Nerco Minerals Company. Mr. Busby holds a Bachelor of Science degree in Mineral Processing Engineering. He also serves as an Independent Director on the Board of Ero Copper Corp.

Christopher Lemon, Chief Legal and Human Resources Officer; General Counsel

Mr. Lemon joined Pan American Silver in 2017. He is responsible for Legal, Compliance, Human Rights, and Corporate Human Resources. With over 25 years of experience in corporate law, his expertise includes mergers and acquisitions, finance, natural resources and environmental law, litigation, and administrative law. Prior to joining Pan American Silver, Mr. Lemon spent 10 years as General Counsel and Corporate Secretary for First Quantum Minerals.

Sean McAleer, Senior Vice President, Strategic Initiatives

Mr. McAleer joined Pan American Silver in 2006 and was appointed Senior Vice President, Strategic Initiatives in 2023. He has over twenty years of experience in the mining industry. In his current role, he leads the team in Guatemala responsible for the Escobal mine and oversees projects and support services in the Argentina subsidiary.

The key risks to Pan American Silver's business are:

1. Metal Price Volatility and Operating Costs: Pan American Silver's revenue and profitability are significantly influenced by fluctuations in the prices of silver, gold, zinc, copper, and lead. Persistently weak metal prices could erode the company's revenue base. Additionally, rising operating costs, driven by inflationary pressures in labor and energy, may narrow profit margins and challenge forecasted cost efficiencies.
2. Political, Regulatory, and Jurisdictional Risks: The company faces heightened political and regulatory risks in its key operating jurisdictions, particularly in Latin America. These risks include discussions around resource nationalization, the potential for higher royalties, the introduction of stricter environmental regulations, and challenges in obtaining necessary permits, licenses, and regulatory approvals in a timely manner.
3. Operational Risks and Safety: Pan American Silver's business is subject to inherent operational risks and hazards associated with mining, such as environmental and industrial accidents, and severe weather events. The company has tragically experienced fatalities at its mines in the past, underscoring the ongoing safety challenges in the industry. The ability to replace reserves and manage production levels, which can be impacted by factors like lower grades at mines, also represents an operational risk.

Escalating Resource Nationalism and Political Instability in Key Operating Jurisdictions

Pan American Silver operates significantly in Latin American countries such as Peru, Mexico, Argentina, and Bolivia. There is a clear emerging trend of populist governments in these regions seeking to increase state control over natural resources, impose higher taxes and royalties on mining companies, and even discuss constitutional changes or nationalization. This not only increases operating costs and reduces profitability but also creates significant political uncertainty, challenging the long-term viability and security of investments, reminiscent of how regulatory shifts can disrupt an industry.

Intensifying Social License to Operate (SLO) Challenges and Community Opposition

The ability of mining companies to secure and maintain a social license to operate from local and indigenous communities is becoming increasingly difficult and critical, especially in regions where PAAS has operations. Growing community empowerment, coupled with stricter environmental and social governance (ESG) expectations and evolving legal frameworks (e.g., regarding indigenous rights and prior consultation), often leads to project delays, increased costs, legal challenges, and even complete halts of operations, regardless of government permits. This fundamental shift in stakeholder power effectively grants local communities a greater ability to disrupt or block mining projects, posing a clear and growing threat to asset development and ongoing operations.

Pan American Silver (symbol: PAAS) operates in the global markets for silver, gold, zinc, lead, and copper.

The addressable markets for their main products are as follows:

• Silver: The global silver market was valued at approximately USD 87.12 billion in 2024 and is projected to reach around USD 202.07 billion by 2033. Global silver demand was approximately 1.16 billion ounces in 2024.
• Gold: The global gold market was valued at about USD 291.68 billion in 2024 and is projected to reach approximately USD 457.91 billion by 2032. Another estimate places the global market at USD 5103.47 billion in 2024, projected to reach USD 5627.81 billion by 2033.
• Zinc: The global zinc market was valued at approximately USD 36.26 billion in 2024 and is projected to reach about USD 54.11 billion by 2032. In terms of volume, the global zinc market stood at roughly 14,014 thousand tonnes in 2024 and is anticipated to grow to approximately 19,272 thousand tonnes by 2035.
• Lead: The global lead market was valued at approximately USD 23.34 billion in 2024 and is expected to reach around USD 37.20 billion by 2032. Another source indicates the global lead market was valued at USD 22.25 billion in 2024 and is expected to reach USD 37.08 billion by 2033.
• Copper: The global copper market size was valued at approximately USD 241.88 billion in 2024 and is projected to reach about USD 339.95 billion by 2030. Another estimate places the global copper market size at USD 349.14 billion in 2025, forecasted to reach around USD 548.2 billion by 2034.

Pan American Silver (PAAS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Production Volumes: Pan American Silver anticipates a rise in both silver and gold output. Specifically, the new ventilation infrastructure at the La Colorada mine has significantly improved operations, leading to a 59% increase in silver production and a 26% decline in cash costs compared to Q2 2024, with throughput projected to reach 2,000 tonnes per day by the end of 2024. The company also expects silver and gold production to ramp up through the remaining quarters of 2025.
2. Higher Precious Metal Prices: Elevated market prices for silver and gold are a significant driver of revenue growth. Pan American Silver's Q3 2024 financial results reflected improved operating margins due to increased silver and gold prices. Analysts forecast the average realized price for silver to reach $23.72 per ounce and for gold to hit $1,930.25 per ounce. Silver prices saw a 25% year-to-date gain, and gold rallied 28% as of June 2025, supported by economic and geopolitical uncertainties and robust demand.
3. Strategic Acquisition of Juanicipio Interest: The acquisition of MAG Silver Corp.'s 44% interest in the high-margin Juanicipio project is a major growth catalyst. This deal, expected to close by the end of 2025, is projected to boost Pan American Silver's annual silver production by 35% and substantially lower its all-in and cash costs for silver. Juanicipio is forecasted to contribute 6.5-7.3 million ounces of silver (on a 44% basis) in 2025.
4. Operational Efficiencies and Cost Reductions: Ongoing efforts to enhance operational efficiency and reduce costs are expected to positively impact revenue by improving profit margins. The ventilation upgrades at the La Colorada mine resulted in an 18% reduction in all-in-sustaining costs (AISC) in the second half of 2024. The company demonstrated strong cost discipline, with silver AISC falling to $19.69 per ounce in Q2 2025.
5. Portfolio Optimization and Organic Growth Initiatives: Pan American Silver continues to rationalize its asset portfolio and strategically invest in its producing mines while advancing organic growth opportunities. This includes ongoing improvements at existing sites like the development of the Horizonte zone at the Huaron mine, which is expected to lead to higher throughput and improved silver grades.

Share Repurchases

• Pan American Silver announced plans to buy back up to 5% of its outstanding common shares between March 6, 2025, and March 5, 2026.
• In Q1 2025, the company repurchased 909,012 common shares for cancellation at an average price of $22.00 per share, totaling $20.0 million.
• In Q2 2025, an additional 459,058 common shares were repurchased for cancellation at an average price of $24.22 per share, amounting to approximately $11.1 million.

Share Issuance

• As part of the Yamana Gold acquisition completed on March 31, 2023, Yamana shareholders received 153,758,280 Pan American shares, which increased Pan American's share count by over 70%.
• The acquisition of MAG Silver Corp. in September 2025 involved the issuance of Pan American shares to MAG shareholders as part of the consideration, after a $500 million cash component.

Outbound Investments

• On March 31, 2023, Pan American Silver completed the acquisition of Yamana Gold Inc.'s assets in Latin America, a deal initially valued at $4.8 billion. This added four producing mines and the MARA development project to Pan American's portfolio.
• Pan American Silver completed the acquisition of MAG Silver Corp. on September 4, 2025, for an approximate value of $2.1 billion, which included $500 million in cash. This acquisition added a 44% interest in the high-grade Juanicipio mine in Mexico.
• On December 2, 2024, the company divested its 100% interest in La Arena S.A. for $245 million in cash, which significantly increased its cash balances.

Capital Expenditures

• Pan American Silver's total capital expenditures were approximately $380 million in 2024, a decrease from $430 million in 2023.
• For 2025, total capital expenditures are forecast to be between $360.0 million and $385.0 million. This includes an estimated $270-285 million for sustaining capital and $90-100 million for project capital.
• Project capital in Q1 2025 included $4.9 million for exploration and equipment leases at the La Colorada mine, $3.0 million for the La Colorada Skarn project (exploration, in-fill drilling, and engineering), and $2.9 million for underground development at Timmins.