Announcement • Jun 03

Pan American Silver Provides Exploration Update For Its Timmins Operations And Advances Plans For Potential Production Growth And Mine Life Extension

Pan American Silver Corp. provided an update on an extensive exploration program conducted at its Timmins operation in Ontario, Canada, which has identified new mineral resources at the Bell Creek mine and satellite deposits. Based on the success of this program, Pan American Silver Corp. is advancing a conceptual plan for a phased development of these new mineral resources to support potential production growth and extension of mine life at Timmins (the "Timmins Camp Project"). The first phase of the Timmins Camp Project has commenced following approval by the Company's board of directors for a 625m shaft extension project at the Bell Creek mine (the "Bell Creek Shaft Extension Project"), an 814m drift to access the Vogel deposit, and a 1.3km exploration drift to access the Samson deposit, with a total investment of approximately USD 146 million. The initial spending on the first phase was included in the Company's 2026 guidance of USD 40 to USD 43 million of project capital at Timmins, and there are no changes to the Company's 2026 annual guidance. The Timmins operations are currently comprised of two underground gold mines approximately 34km apart, the Timmins West mine and the Bell Creek mine, which both supply ore to the Bell Creek processing plant. The plant has a design capacity of approximately 5,600 tonnes per day ("tpd") with current throughput of approximately 4,400tpd. The Timmins Camp Project is aimed at increasing infrastructure utilization to support sustained production from the Timmins operations over time. Pan American Silver Corp. is advancing the Timmins Camp Project through further engineering studies, mine planning, metallurgical evaluations, underground development, and mineral resource conversion programs. In 2026, the Company is planning to drill a total of approximately 118,000m at Timmins focused on near-mine exploration and mineral resource conversion. Pan American Silver Corp. anticipates publishing an update to the estimated mineral reserves and mineral resources for Timmins, Vogel and Gold River, as of June 30, 2026, with the corporate-wide update in the third quarter of 2026. The Bell Creek mine and mill complex is located approximately 14km northeast of the city of Timmins, Ontario. The current mineral reserves at the Bell Creek mine extend to a depth of approximately 1,925m below surface (1925 Level). A 48,000m exploration drill program began in 2023 to define mineral resources between the 1925 Level and 2,600m below surface (2600 Level). Over the past 18 months, 16,814m of drilling has been completed, targeting the deep projection of the mineralized veins. Results indicate two mineralized shoots approximately 100m apart and splitting the main mineralized body into eastern and western extents. The drill results demonstrate strong continuity of the mineralization to the 2600 Level. The following reflects the Bell Creek drill highlights for the period January 2025 to April 2026. All intercepts are reported as estimated true widths. 18.6m at 3.06 g/t Au and 9.8m at 5.0 g/t Au (drill hole BC1495-5934B-EX). 9.4m at 3.69 g/t Au and 5.9m at 5.32 g/t Au (drill hole BC1495-5934D). 7.4m at 2.88 g/t Au and 3.5m at 8.49 g/t Au (drill hole BC1495-5934C-LR). 6.2m at 3.50 g/t Au and 4.0m at 5.65 g/t Au (drill hole BC1495-5931C). The Bell Creek Shaft Extension Project is designed to deepen the existing shaft by 625m, from 1080m (below surface) to 1705m below surface, enabling access to mine deeper mineralization identified through recent exploration drilling. On-site activities are anticipated to commence in July 2026 and the Bell Creek Shaft Extension Project is expected to require approximately three years to complete, with commissioning in the first half of 2029. The deepening of the Bell Creek mine shaft is expected to extend the mine life at Bell Creek and position the operation as the long-term infrastructure anchor to support development of additional mineral sources and a district-scale integrated mine plan over the coming years. In addition, the Bell Creek Shaft Extension Project is anticipated to: provide cost efficiencies through reduced haulage distances and requirements for trucking fleet and ventilation; and reduce annual CO2 emissions associated with deeper mining operations. The Vogel Project is located approximately 1.5km east-southeast of the Bell Creek mine complex and was previously assessed as an open pit with an underground mine below the pit. In 2025, the Vogel Project was remodeled and assessed solely for underground mining potential. Drilling between October 2025 and March 2026, comprised of 28 holes totaling 12,429m, tested mineralization along strike and at depth beyond the limits of the current geological model and mineral resources. The drill results identified down-dip extension, as well as areas of thicker and higher-grade gold mineralization farther down-dip than previously modeled, significantly expanding the mineralized zone. Drilling is ongoing and has transitioned to infill drilling of the inferred mineral resources. To support future development and accelerate infill drilling of the deeper part of the deposit, an 814m underground drift from the Bell Creek 610 Level commenced in April 2026. Underground drilling is planned for the second half of 2026, following up on the strong drill intercepts from the 2025 and 2026 programs. The following reflects Vogel drill highlights for the period from December 2025 to April 2026. All intercepts are reported as estimated true widths. 19.9m at 8.11 g/t Au, including 1.7m at 77.74 g/t Au and 8.7m at 3.21 g/t Au (drill hole V-26-117A). 10.5m at 8.82 g/t Au and 15.7m at 2.00 g/t Au (drill hole V-25-102). 9.0m at 8.73 g/t Au, including 2.2m at 29.33 g/t Au and 18.7m at 1.45 g/t Au (drill hole V-26-119). 5.1m at 6.30 g/t Au (drill hole V-25-106). 12.2m at 2.62 g/t Au (drill hole V-25-104). As of June 30, 2025, Vogel is estimated to contain 61,000 ounces of indicated gold mineral resources (0.5 million tonnes ("Mt") grading 3.60 Au grams per tonne ("g/t")) and 135,000 ounces of inferred gold mineral resources (1.2Mt grading 3.52 Au g/t) down to an elevation 400m to 450m below surface. The Samson Project (previously known as the 144 south) is located approximately 3.3km southwest of the Timmins West mine shaft and forms part of Pan American Silver Corp.'s broader Timmins mineral resource base. As of June 30, 2025, Samson was reported under the Timmins West Mine and is estimated to contain 118,000 ounces of gold inferred mineral resources (1.7Mt grading 2.20 Au g/t) with the bulk of this mineral resource centered around an elevation that is approximately 800m below surface. In 2025, Pan American Silver Corp. commenced development of a 1.3-km underground exploration drift on the 820 Level from the furthest southwest existing Timmins West mine infrastructure to support underground drilling and future development activities.

Announcement • Jun 18

Pan American Silver Corp. Provides Mid-Year Exploration Update

Pan American Silver Corp. released new drill results for its Jacobina, El Peñon, La Colorada and Huaron properties, reflecting the potential for continued mineral resource replacement at these assets. In particular, drill results from La Colorada and El Peñon reveal the significant exploration potential to find additional mineralized structures in under-explored ground surrounding these operations, highlighting the potential for mineral resource growth close to existing mine infrastructure. Pan American’s exploration program focuses on near-mine exploration and mineral resource conversion throughout its portfolio. Since the last exploration update provided on December 5, 2023, a total of 223,157 metres have been drilled over the November 1, 2023 to April 30, 2024 period. The Company plans to drill an additional 200,000 metres from May 2024 to December 2024. The drill results disclosed in this news release, together with the results from the second half of the 2023 drill program, will be integrated into the Company’s mineral reserves and mineral resources update as at June 30, 2024, which is expected to be released in August 2024. All intercepts are reported as estimated true widths in metres ("m"). Recent drilling at Jacobina totaled 30,426m, utilizing up to 13 surface and underground diamond drill rigs. The program included 18,847m of infill drilling to support conversion of inferred to indicated mineral resources at João Belo Sul, Morro do Vento, Serra do Córrego and Maricota zones. Exploration drilling totaling 7,930m was aimed at adding new mineral resources at the Maricota, João Belo Sul, João Belo Norte and Morro do Vento zones. In addition, 3,649m of exploration drilling tested new targets proximal to the mine area. 7,088m of infill drilling at João Belo Sul confirms mineralization continuity, with drill hole JBS00062 returning 6.42m @ 2.37 g/t Au, including 2.72m @ 3.90 g/t Au and 6.23m @ 2.77 g/t Au, including 2.87m @ 4.12g/t Au. At Morro do Vento, infill drilling confirms continuity and higher grades in the upper reefs in areas that had limited previous drilling. Hole MVTEX00195 returned 3.29m @ 15.40 g/t Au and 6.11m @ 2.48 g/t Au, including 2.10m @ 3.77 g/t Au. Hole MVTEX00191 included 8.14m @ 4.31 g/t Au, including 2.22m @ 6.38 g/t Au. A portion of the lower conglomerate zone was successfully converted to indicated mineral resources with infill hole MVTEX00193 returning 6.76m @ 3.91 g/t Au and 2.48m @ 4.53 g/t Au and MVTEX00198, with 7.02m @ 2.35 g/t Au, including 2.64m @ 4.24 g/t Au. Exploration and infill drilling at Maricota also confirmed grade continuity. Drill highlights include holes MRCEX0019, with 8.45m @ 2.22 g/t Au, including 4.84m @ 3.05 g/t Au, MRCEX0016 with 2.56m @ 4.04 g/t Au (LVLPC reef) and 1.19m @ 56.48 g/t Au (HW reef), and infill hole MRCEX00020, with 2.88m @ 5.88 g/t Au. The Maricota zone remains open at depth and along strike to the north. Infill drill results at Serra do Córrego confirm higher grades characteristic of this sector. Highlights include drill hole SCOEX00017 with 11.59m @ 3.37 g/t Au (including 4.17m @ 4.90 g/t Au and 2.83m @ 4.17 g/t Au), and 14.00m @ 5.55 g/t Au (including 3.30m @ 15.92 g/t Au and 2.47m @ 6.07 g/t Au). El Peñon, Chile: El Peñon is a high-grade low-sulphidation epithermal vein Au-Ag deposit, located at an average elevation of 1,800 m above sea level within the Paleocene mineral belt of northern Chile. The deposit consists of a series of steeply to moderately dipping, north-south striking quartz veins, which extend within a 14 kilometre long northeast trending corridor. The 122,000 ha property hosts several satellite deposits and targets, which are actively being explored. Recent drilling totaled 44,645m (20,538 m infill drilling and 24,107m exploration) with up to 14 drill rigs. Infill drilling focused on conversion of inferred to indicated mineral resources in several main structures (El Valle, Pampa Campamento and Martillo Flats SSE veins) and at the Chiquilla Chica and Tostado Sur zones, located 20 kilometres and eight kilometres southwest of the core mine area, respectively. Continued positive infill and exploration drilling at the central El Valle vein and northern extension of the Pampa Campamento vein. Highlights at Pampa Campamento include UIP0163, with 0.95m @ 11.0 g /t Au and 258 g/t Ag and 1.80m @ 12.2 g/t Au and 182 g/t Ag, and UIP0155, with 0.72m @ 21.5 g/t Au and 748 g/t Ag and UEP0060 returned 0.76m @ 7.6 g/t Au and 207 g/t Ag. Infill drilling at El Valle confirms high grade structures with SIV0007 returning 1.33m @ 13.1 g/t Au and 403 g/t Ag, and 0.61m @ 28.5 g/t Au and 204 g/t Ag, UIV0076 with 1.67m @ 11.7 g/t Au and 449 g/t Ag and hole SEV0009 intersected 1.11m @ 12.0 g/t Au and 356 g/t Ag. Initial exploration drilling at the newly discovered Pampa Sur vein, south of the core mine area, returned positive results in hole SEP0050, with 0.80m @ 15.6 g/t Au and 94 g/t Ag, and hole SEP0032 with 1.22m @ 22.2 g/t Au and 1,005 g/t Ag. Pampa Sur represents an excellent opportunity to add new mineral resources close to existing mine infrastructure. High-grade silver results have been confirmed in infill drilling at Tostado Sur zone with 1.03m @ 7,574 g/t Ag and 0.1 g/t Au (drill hole SIH0015), 1.02m @ 3,802 g/t Ag (SIH0014) and 7.50m @ 1,217 g/t Ag and 0.1 g/t Au (SIH0016). The La Colorada mine is a silver-rich polymetallic vein mine located in the state of Zacatecas, Mexico. The deposit is an intermediate sulphidation epithermal vein system, with associated splays. Individual veins are typically one to two metres wide with strike lengths of between 900 metres and 1.5 kilometres. A total of 75 holes for 15,705m of infill drilling was completed, focusing on the vein targets (NC2, Mariana, Intermedia, Veta 3, SE system, and Liz) from both surface and underground. 15 surface exploration holes successfully extended the NC2 vein to the east and intercepted two new structures (Mariana and Intermedia). Results from drilling on the east extension of the NC2 vein returned high-grade silver intercepts. Drill highlights include: S-108-23 with 1.42m @ 1,131 g/t Ag, 3.05% Pb, 5.50% Zn (NC2 vein) and 0.85m @ 760 g/t Ag, 0.48% Pb, 0.86% Zn (Mariana vein) and S-27-24, with 1.04m @ 5,991 g/t Ag, 4.06% Pb, 8.74% Zn (NC2 vein), 0.59m @ 2,291 g/t Ag, 3.27% Pb, 6.08% Zn (Intermedia East vein) and 2.51m @ 426 g/t Ag, 1.22% Pb, 3.63% Zn (Mariana vein). S-05-24 drill hole, planned as part of the La Colorada Skarn infill program, intercepted several structures in the San Geronimo vein system south of the NC2 Vein. Drill hole S-05-24 intersected a new vein with 1.41m @ 825 g/t Ag, 4.48% Pb, 9.26% Zn, a splay vein with 1.95m @ 1,755 g/t Ag, 2.69% Pb, 5.78% Zn and a second structure with 2.16m @ 1,190 g/t Ag, 1.19% Pb, 2.22% Zn.

Snowflake Score
Valuation	3/6
Future Growth	1/6
Past Performance	5/6
Financial Health	5/6
Dividends	3/6

Historical stock prices
Current Share Price	CA$61.84
52 Week High	CA$95.39
52 Week Low	CA$36.96
Beta	1.54
1 Month Change	0.42%
3 Month Change	-22.49%
1 Year Change	49.08%
3 Year Change	193.78%
5 Year Change	80.77%
Change since IPO	2,255.81%

	PAAS	CA Metals and Mining	CA Market
7D	-9.0%	-6.3%	0.02%
1Y	49.1%	56.3%	29.5%

PAAS volatility
PAAS Average Weekly Movement	8.2%
Metals and Mining Industry Average Movement	10.9%
Market Average Movement	9.6%
10% most volatile stocks in CA Market	16.7%
10% least volatile stocks in CA Market	3.7%

PAAS fundamental statistics
Market cap	CA$26.35b
Earnings (TTM)	CA$1.79b
Revenue (TTM)	CA$5.66b

PAAS income statement (TTM)
Revenue	US$4.00b
Cost of Revenue	US$1.77b
Gross Profit	US$2.23b
Other Expenses	US$963.00m
Earnings	US$1.27b

Earnings per share (EPS)	3.00
Gross Margin	55.73%
Net Profit Margin	31.65%
Debt/Equity Ratio	9.7%

Data	Last Updated (UTC time)
Company Analysis	2026/07/10 04:20
End of Day Share Price	2026/07/10 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Matthew Murphy	BMO Capital Markets Equity Research
Kevin O'Halloran	BMO Capital Markets Equity Research
Lawson Winder	BofA Global Research

Pan American Silver (PAAS) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Integration Of Juanicipio And La Colorada Skarn Will Shape A Resilient Long Term Outlook

Integration Risks Around Juanicipio And La Colorada Skarn Will Shape Future Profitability

La Colorada Skarn And Juanicipio Integration Will Transform Long Term Silver Margin Profile

Top Community Narratives

If silver reaches $100 per oz and gold reaches $3,000 per oz

Top Community Narratives

If silver reaches $100 per oz and gold reaches $3,000 per oz

Top Analyst Narratives

Integration Of Juanicipio And La Colorada Skarn Will Shape A Resilient Long Term Outlook

Integration Risks Around Juanicipio And La Colorada Skarn Will Shape Future Profitability

La Colorada Skarn And Juanicipio Integration Will Transform Long Term Silver Margin Profile

Pan American Silver Corp. Competitors

Alamos Gold

Lundin Gold

Kinross Gold

Endeavour Mining

Price History & Performance

Recent News & Updates

Pan American Silver Corp. to Report Q2, 2026 Results on Aug 12, 2026

PAAS: Earnings Momentum And Silver Rebound Potential Will Drive Future Upside

New minor risk - Dividend sustainability

PAAS: Timmins Expansion And La Colorada Plan Will Drive Future Upside Potential

Pan American Silver Invests $146 Million to Extend Ontario Mine Life and Grow Output

Pan American Silver Approves $146 Million Investment to Extend Timmins Mine Life and Increase Output

Recent updates

Pan American Silver Corp. to Report Q2, 2026 Results on Aug 12, 2026

PAAS: Earnings Momentum And Silver Rebound Potential Will Drive Future Upside

New minor risk - Dividend sustainability

PAAS: Timmins Expansion And La Colorada Plan Will Drive Future Upside Potential

Pan American Silver Invests $146 Million to Extend Ontario Mine Life and Grow Output

Pan American Silver Approves $146 Million Investment to Extend Timmins Mine Life and Increase Output

Investor sentiment deteriorates as stock falls 16%

Now 26% undervalued after recent price drop

Pan American Silver Provides Exploration Update For Its Timmins Operations And Advances Plans For Potential Production Growth And Mine Life Extension

Investor sentiment improves as stock rises 22%

First quarter dividend of US$0.18 announced

Pan American Silver Corp. Declares Cash Dividend for the First Quarter of 2026, Payable on or About June 1, 2026; Provides Dividend Guidance for the Year 2026

Antofagasta PLC Announces Appointment Of Ignacio Bustamante As Director Of Pan American Silver Corp., Effective April 30, 2026

First quarter 2026 earnings: EPS in line with expectations, revenues disappoint

High number of new directors

Now 21% overvalued

Pan American Silver Corp Announces Revised Preliminary Economic Assessment for La Colorada Skarn Project

Investor sentiment deteriorates as stock falls 19%

Pan American Silver Corp. to Report Q1, 2026 Results on May 05, 2026

Pan American Silver Corp. Discovers New High-Grade Veins At La Colorada Mine

Consensus revenue estimates increase by 13%, EPS downgraded

Investor sentiment improves as stock rises 17%

Fourth quarter dividend of US$0.18 announced

Full year 2025 earnings: EPS and revenues exceed analyst expectations

Pan American Silver Corp. Announces Cash Dividend with Respect to Fourth Quarter 2025, Payable on or About March 13, 2026

Pan American Silver Corp., Annual General Meeting, Apr 30, 2026

Investor sentiment improves as stock rises 15%

Pan American Silver Corp. Provides Production Guidance for the Year 2026

Insider recently sold CA$1.9m worth of stock

Independent Chairman recently sold CA$144k worth of stock

President recently sold CA$2.0m worth of stock

Pan American Silver Corp. to Report Q4, 2025 Results on Feb 18, 2026

Insider exercised options and sold CA$8.8m worth of stock

Pan American Silver Corp. (TSE:PAAS) Stock Rockets 31% As Investors Are Less Pessimistic Than Expected

Pan American Silver Corp. Releases New Drill Results for its Jacobina, El Penon, La Colorada, Huaron, Timmins, Timmins, Cerro Moro Mines

Investor sentiment improves as stock rises 15%

Third quarter dividend of US$0.14 announced

Pan American Silver Corp. Just Missed Earnings - But Analysts Have Updated Their Models

Third quarter 2025 earnings: EPS misses analyst expectations

Pan American Silver Corp. Announces Executive Changes

Xali Gold Corp. (TSXV:XGC) entered into a Share Purchase Agreement to acquire Minera Calipuy S.A.C. from Pan American Silver Corp. (TSX:PAAS) and Aquiline Resources Inc. for $17.5 million.

Pan American Silver Corp. Reports Mineral Reserves and Mineral Resources as At June 30, 2025

New minor risk - Insider selling

Insider recently sold CA$1.2m worth of stock

Pan American Silver Reports Discovery of Multiple High-Grade Silver Zones at the La Colorada Mine

Optimistic Investors Push Pan American Silver Corp. (TSE:PAAS) Shares Up 26% But Growth Is Lacking

Pan American Silver Corp. (TSX:PAAS) completed the acquisition of MAG Silver Corp. (TSX:MAG) from Fresnillo plc (LSE:FRES) and others.

Mineros Chile SpA agreed to acquire 80% stake in Minera Cavancha SpA from Pan American Silver Corp. (TSX:PAAS) for $40 million.

Second quarter dividend of US$0.12 announced

Second quarter 2025 earnings: EPS and revenues exceed analyst expectations

Pan American Silver Corp. Reaffirms Its Operating Guidance for the Year 2025