Pan American Silver Provides Annual Exploration Update

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") provides an annual exploration update and releases new exploration drill results for its Jacobina, El Peñon, La Colorada, Huaron, Minera Florida and Timmins mines, as well as its La Colorada Skarn project.

"The success of our exploration program highlights the potential for long-term organic growth at many of our assets," said Christopher Emerson, Vice President of Exploration and Geology at Pan American. "Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024. This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations."

EXPLORATION HIGHLIGHTS:

All intercepts are reported as estimated true widths in metres ("m"), except for the La Colorada Skarn, which is a massive orebody and intercepts are reported as drilled. Please refer to the Drill Result Highlights Tables beginning on page four of this news release for additional details.

• Jacobina - extensional and infill drilling in the Maricota and the Morro do Vento zones demonstrate the potential for future resource expansion. Significant results at grades higher than the average resource grade include: 1.42m @ 116.41 g/t Au and 8.74m @ 5.86 g/t Au (Maricota - MRCEX00056); 12.75m @ 3.71 g/t Au, incl. 8.35m @ 5.26 g/t Au (Maricota - MRCEX00052); 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t Au (Morro do Vento - MVTEX00223).
• El Peñon - drilling of the principal structures and areas to the south continues to return high-grade intercepts that are typical for this deposit. Significant results include: 1.05m @ 18.89 g/t Au, 746 g/t Ag (Pampa Campamento - UIP0177); 1.09m @ 9.90 g/t Au, 97 g/t Ag (Pampa Sur - SEP0055); 4.10m @ 3.62 g/t Au and 1,592 g/t Ag (Dominadora - UEH0024); and 1.46m @ 0.44 g/t Au and 2,547 g/t Ag (Chiquilla Chica - UIH0049).
• La Colorada - 13 new veins have been discovered in the eastern portion of the property, expanding the high-grade zone of the mine. Significant results within the Mariana, NC2 splay and San Geronimo veins show continued high-grade results, notably: S-104-24 with 0.95m @ 9,618 g/t Ag, 4.85% Pb, 4.82% Zn (Mariana vein); S-154-24 with 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn (NC2 vein); and S-168-24 with 3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn (Cristina vein).
• La Colorada Skarn project - infill drilling reinforced confidence in the large, indicated mineral resource update as at June 30, 2024. Notable intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn, incl. 62.55m at 84 g/t Ag, 1.97% Pb, and 7.57% Zn (U-155-24); and 60.25m at 85 g/t Ag, 7.05% Pb, and 10.41% Zn (U-19-24).
• Whitney Project (Timmins) - the increase in estimated gold mineral resources provided in the June 30, 2024 mineral reserve and mineral resource update highlights the potential of the Whitney project, while ongoing drilling of the Bonetal/Hallnor and Broulan reef has continued to yield high-grade results along the mineralized trend, including 360 g/t Au over 2.4 metres (TW24-793).
• Huaron - significant results from drilling focused on the Horizonte zone include: DDH-U-111-24 with 2.10m @ 399 g/t Ag, 7.39% Pb and 14.58% Zn (Maria vein); DDH-U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb and 19.97% Zn (Maria Vein); DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85% Pb and 0.62% Zn (Cuerpo Andres);
• Minera Florida - exploration and infill drilling have extended mineralization at several key mine structures. Significant results include: 1.98m @ 16.11 g/t Au, 13 g/t Ag and 6.44% Zn and 1.97m @ 9.38 g/t Au, 23 g/t Ag, and 4.96% Zn (Maqui Norte vein - ALH4638); and 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (Mila Sur vein - ALH4562).

SUMMARY OF EXPLORATION RESULTS

Jacobina mine, Brazil

The Jacobina mine is an underground paleo placer gold mine located in the state of Bahia in northeastern Brazil. The mine has a strong track record of mineral reserve and mineral resource replacement and growth. The mine complex and resources extend over eight kilometres with exploration targets extending over a 14 kilometre trend of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along strike.

• Brownfield exploration drilling totaled 35,583m, primarily targeting the João Belo Sul, Morro do Vento, Maricota, Serra do Corrego, and João Belo Norte zones. Exploratory drilling focused on evaluating new near-mine targets down-dip and north of Maricota. The recent exploration results continue to highlight the significant potential for expanding mineral reserves and mineral resources at Jacobina.
• Infill drilling at João Belo Sul confirmed gold mineralization continuity, particularly in higher-grade zones proximal to existing underground infrastructure at João Belo Norte mine. Notable intercepts include: 3.26m @ 8.21 g/t Au (JBS00093); 2.07m @ 5.55 g/t Au and 5.70m @ 4.63 g/t Au (JBS00094).
• Infill and exploration drilling at Morro do Vento continued to extend high-grade zones in the FW reef. Significant intercepts include: 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t Au (MVTEX00223); and 6.90m @ 3.13 g/t Au, incl. 1.74m @ 9.06 g/t Au (MVTEX00217). Exploration drilling further confirms continuity of mineralization down dip within the FW reef, with 7.03m @ 2.62 g/t Au, incl. 2.56m @ 5.08 g/t Au (MVTEX00220), extending mineralization approximately 250m down-dip of the current indicated mineral resources. Mineralization in this zone remains open to depth.
• Exploration and infill drilling results at Maricota confirm the continuity of mineralization within multiple reefs (FW, HW, and Main) where mineralization remains open for expansion down dip and along strike to the north. Significant intercepts include: 12.75m @ 3.71 g/t Au, incl. 8.35m @ 5.26 g/t Au, 4.31m @ 4.49 g/t Au and 2.54m @ 11.56 g/t Au (MRCEX00052); 5.98m @ 5.12 g/t Au, incl. 2.83m @ 9.78 g/t Au and 7.46m @ 2.05 g/t Au, incl. 3.16m @ 3.50 g/t Au (MRCEX00032); and 1.42m @ 116.41 g/t Au and 4.59m @ 5.45 g/t Au, incl. 1.89m @ 10.08 g/t Au (MRCEX00056).

El Peñon, Chile

El Peñon is a large, high-grade gold-silver epithermal system located in northern Chile.

• For the period from May 2024 to October 2024, exploration drilling totaled 56,632 metres. This included 34,965 metres of infill drilling aimed at converting inferred mineral resources to the indicated category around the principal veins, including El Valle, Pampa Campamento, Pampa Sur and Chiquilla Chica. Additionally, 21,667 metres of exploration drilling were conducted to delineate new inferred mineral resource.
  • Highlights from El Valle include: 1.54m @ 8.55 g/t Au, 154 g/t Ag (UIV0079); 1.20m @ 4.70 g/t Au, 257 g/t Ag (UIV0078); and 0.83m @ 16.63 g/t Au, 721 g/t Ag (UIV0080). Mineralization remains open to the north and down dip.
  • Highlights from Pampa Campamento include: 1.05m @ 18.89 g/t Au, 746 g/t Ag (UIP0177); 0.76m @ 16.13 g/t Au, 258 g/t Ag (UIP0189); 1.71m @ 10.65 g/t Au, 186 g/t Ag (UIS0028); and 0.65m @ 15.33 g/t Au, 297 g/t Ag (UIP0175).
• Key results for exploration and infill drilling at the Pampa Sur vein include: 1.09m @ 9.90 g/t Au, 97 g/t Ag (SEP0055); 0.98m @ 8.49 g/t Au, 156 g/t Ag (SIP0051); and 0.42m @ 18.80 g/t Au, 1,017 g/t Ag (SIP0064). Structures identified to the east of Pampa Sur have also yielded positive results, notably 1.18m @ 6.50 g/t Au and 493 g/t Ag (SIP0067). Pampa Sur represents an important opportunity to add mineral resources near to existing mine infrastructure.
• Chiquilla Chica is a silver-rich satellite deposit located approximately 20 km southwest of El Peñon. Recent exploration drilling has confirmed high silver grades, including: 1.46m @ 0.44 g/t Au and 2,547 g/t Ag (UIH0049) and 1.44m @ 1.29 g/t Au and 1,181 g/t Ag (UIH0050). The Dominadora vein, a new discovery northeast of the main Chiquilla Chica structure, returned 4.10m @ 3.62 g/t Au and 1,592 g/t Ag (UEH0024) and 1.20m @ 0.23 g/t Au, and 1,349 g/t Ag (UEH0026) in initial drilling.

La Colorada mine, Mexico

The La Colorada mine is a silver-rich polymetallic operation located in the state of Zacatecas, Mexico.

• For the period May 2024 to October 2024, the Company completed 47,883 metres of exploration drilling, successfully extending mineralization to the east.
• Drilling on the east extension of the NC2 vein returned silver-rich intercepts from the main structure and parallel Mariana and NC2 splay veins. Notable drill highlights include: S-104-24 with 0.95m @ 9,618 g/t Ag, 4.85% Pb, 4.82% Zn (Mariana vein); 0.53m @ 4,916 g/t Ag, 9.82% Pb, 1.02% Zn (NC2 Splay); S-154-24 with 2.51m @ 1,189 g/t Ag, 0.82% Pb, 1.09% Zn (Mariana vein); and 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn (NC2 vein).
• Drilling on a new vein system discovered earlier in 2024, located parallel to the NC2 vein in the southeast area of the mine, confirms high-grade mineralization in the Cristina vein. Notable drill results include: S-168-24 with 3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn and S-119-24 with 1.95m @ 1,470 g/t Ag, 3.15% Pb, 3.23% Zn. These intersects now define a mineralized vein over an area measuring 450m along strike by 550m vertical, and open in all directions.
• The San Geronimo vein system is now defined by 19 drillholes covering a mineralized area of 550m along the strike by 450m vertical. Specific highlights include: S-115-24 with 1.08m @ 1,637 g/t Ag, 2.08% Pb, 3.35% Zn; S-161-24 with 5.59m @ 456 g/t Ag, 1.10% Pb, 2.41% Zn; S-168-24 with 2.93m @ 528 g/t Ag, 3.04% Pb, 5.54% Zn; S-172-24 with 4.08m @ 255 g/t Ag, 3.28% Pb, 7.33% Zn; and S-44-24 with 2.25m @ 1,420 g/t Ag, 2.04% Pb, 1.93%.

La Colorada Skarn project, Mexico

The La Colorada Skarn is a large silver-bearing polymetallic deposit located below and adjacent to the producing vein system of the La Colorada mine.

• Over 325,000 metres have been drilled at the Skarn project since the deposit was discovered, with 11,000 metres drilled since the mineral resource update as at June 30, 2024. The recent infill drilling, focused on the 901, 902, and 903 Skarn zones, confirmed grades and widths, as defined in the June 30, 2024 mineral resource estimate. Highlight infill intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn, incl. 62.55m at 84 g/t Ag, 1.97% Pb and 7.57% Zn (U-155-24) and 60.25m at 85 g/t Ag, 7.05% Pb, and 10.41% Zn (U-19-24).

Huaron mine, Peru

The Huaron mine is a polymetallic (Zn-Pb-Ag-Cu) deposit situated in the Cerro de Pasco Department of central Peru.

• For the period May 2024 to October 2024, 58 drillholes totaling 14,714 metres were completed.
• High-grade mineralization within the Maria vein was extended by 100 metres and remains open at depth. Results include: DDH-U-111-24 with 2.10m @ 399 g/t Ag, 7.39% Pb, and 14.58% Zn and hole DDH-U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb, and 19.97% Zn.
• Silver and polymetallic-rich mineralization on the east extension of the Cuerpo Andres vein was confirmed with results including: DDH-U-040-24 with 0.56m @ 722 g/t Ag, 6.06% Pb, and 1.90% Zn; DDH-U-075-24 with 0.55 m @ 701 g/t Ag, 13.64% Pb, and 8.83% Zn; and DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85% Pb, and 0.62% Zn at depth.
• The Martin vein was extended 160 metres along strike, showing good mineralization with DDH-U-041-24 intercepting 2.46m @ 369 g/t Ag, 2.74 % Pb, and 2.01 % Zn; DDH-U-055-24 with 2.24m @ 683 g/t Ag, 10.65 % Pb, and 3.10 % Zn; and DDH-U-086-24 with 1.56m @ 535 g/t Ag, 10.02 % Pb, and 2.31 % Zn at depth.

Minera Florida, Chile

Minera Florida is an epithermal Au-Ag-Zn underground mine located in the coastal region of central Chile, southwest of Santiago.

• For the period January 2024 to October 2024, a total of 58,658 metres of drilling was completed.
• Exploration and infill drilling have extended mineralization at several key mine structures, particularly at Mila Sur, Maqui Norte, Lorena-Peque-Bandolera, and Sorpresa-Lo Balta.
• The Maqui Norte vein is a significant contributor to production, with potential for resource expansion to the north of the current development and reserves. Significant intercepts include: 1.98m @ 16.11g/t Au, 13g/t Ag, and 6.44% Zn and 1.97m @ 9.38g/t Au, 23g/t Ag, and 4.96% Zn (ALH4638); 0.92m @ 20.61 g/t Au, 13 g/t Ag, and 0.09% Zn (ALH4701); and 1.19m @ 13.62 g/t Au, 11 g/t Ag, and 3.81% Zn (ALH4588).
• Notable drill highlights at Mila Sur include: 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (ALH4562); 1.70m @ 8.29 g/t Au, 110 g/t Ag, and 3.34% Zn (ALH4574); and 1.15m @ 6.52 g/t Au, 286 g/t Ag, and 2.29% Zn (ALH4467).
• Key results at Sorpresa – Lo Balta include: 2.95m @ 8.79 g/t Au, 10 g/t Ag, and 1.48% Zn (ALH4657); and 2.14m @ 5.84 g/t Au, 12 g/t Ag, and 1.35% Zn, 1.20m @ 5.99 g/t Au, 12 g/t Ag, and 2.07% Zn, and 1.19m @ 7.29 g/t Au, 7 g/t Ag, and 1.48% Zn (ALH4426).

Whitney Project (Timmins), Canada

Pan American's Timmins West and Bell Creek mines are located near Timmins, Ontario. The Whitney project is situated 4.5 kilometres south of the Bell Creek processing plant, adjacent to the Pamour open pit operated by Newmont Corporation ("Newmont").

• For the period November 2023 to September 2024, drilling totaled 16,941 metres. The drilling confirmed current resources at Hallnor/Bonetal and historic resources at Broulan Reef, located 1.5 km to the west. The Hallnor/Bonetal and Broulan Reef zones are referenced in Pan American's mineral reserves and mineral resources update as at June 30, 2024, under the Whitney project, which is a joint venture (83.27% Pan American / 16.73% Newmont) operated by Pan American. The estimated mineral resources, as provided in the June 30, 2024, mineral resource update, consist of 77,900 ounces of gold in the indicated category and 477,700 ounces of gold in the inferred category.
• Significant assays in the Hallnor/Bonetal zones include: 2.7m at 19.89 g/t Au (TW24-758); 7.2m at 31.50 g/t Au (TW24- 771); 11.7m at 3.28 g/t Au incl. 4.5m at 5.98 g/t Au (TW23-750); 13.7m at 2.11 g/t Au incl. 7.3m at 3.27 g/t Au (TW23-751).
• Significant assays from the drilling at Broulan Reef include: 2.4m at 360.18 g/t Au, incl. 0.4m at 1,940 g/t Au, 0.3m at 140 g/t Au (TW24-793) and 0.8 at 28.4 g/t Au (TW23-749); 7.6m at 6.26 g/t Au (TW24-786); 0.3m at 378.00 g/t Au (TW24-802); and 4.3m at 4.69 g/t Au (TW24-804).

DRILL RESULT HIGHLIGHTS TABLES

Jacobina, Brazil

The following table provides infill and exploration drill result highlights for the Jacobina mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/jacobina/.

Hole No.

Sector

Reef

Incl.

From (m)

To (m)

Int. (m)

Est. True Width (m)

Au g/t

JBS00093

João Belo Sul

LMPC

 

381.45

385.00

3.55

3.26

8.21

JBS00094

João Belo Sul

MPC

 

378.17

380.50

2.33

2.07

5.55

 

 

SPC

 

404.20

410.64

6.44

5.70

4.63

JBS00095

João Belo Sul

LVLPC

 

342.23

347.50

5.27

4.72

3.10

JBEX00126

João Belo Norte

LVLPC

 

400.04

405.06

5.02

3.34

6.88

 

 

LVLPC

incl.

401.00

403.72

2.72

1.81

12.12

MRCEX00025

Maricota

HW

 

140.66

141.50

0.84

0.70

19.22

MRCEX00026

Maricota

FW

 

561.50

571.50

10.00

4.18

2.41

 

 

EMB

 

677.52

680.00

2.48

1.44

7.74

MRCEX00031

Maricota

BAS

 

647.00

664.78

17.78

10.07

2.08

 

 

BAS

incl.

651.50

657.05

5.55

3.14

2.58

MRCEX00032

Maricota

MR

 

379.92

387.50

7.58

5.98

5.12

 

 

MR

incl.

379.92

383.50

3.58

2.83

9.78

 

 

FW

 

403.05

412.50

9.45

7.46

2.05

 

 

FW

incl.

404.50

408.50

4.00

3.16

3.50

MRCEX00034

Maricota

HW

 

488.00

498.69

10.69

5.16

3.92

 

 

HW

incl.

488.00

493.50

5.50

2.70

6.80

MRCEX00037

Maricota

FW

 

541.38

550.50

9.12

6.56

2.75

MRCEX00038

Maricota

MR

 

236.00

239.70

3.70

2.46

5.66

MRCEX00041

Maricota

HW

 

173.15

177.50

4.35

3.27

6.87

MRCEX00044

Maricota

HW

 

152.00

154.76

2.76

2.19

13.00

MRCEX00049

Maricota

FW

 

173.50

175.00

1.50

1.07

10.54

MRCEX00052

Maricota

FW

 

299.50

307.00

7.50

4.31

4.49

 

 

FW

 

314.50

319.00

4.50

2.54

11.56

 

 

FW

 

327.88

351.55

23.67

12.75

3.71

 

 

FW

incl.

328.50

344.00

15.50

8.35

5.26

MRCEX00053

Maricota

LU

 

137.00

141.00

4.00

3.27

3.11

MRCEX00056

Maricota

HW

 

94.00

95.50

1.50

1.42

116.41

 

 

HW

 

106.15

111.00

4.85

4.59

5.45

 

 

HW

incl.

107.00

109.00

2.00

1.89

10.08

 

 

FW

 

129.00

138.20

9.20

8.74

5.86

 

 

FW

incl.

130.00

133.50

3.50

3.33

13.35

MRCEX00059

Maricota

HW

 

115.50

118.50

3.00

2.96

10.23

MRCEX00061

Maricota

HW

 

134.39

136.50

2.11

1.95

9.16

MRCEX00062

Maricota

MR

 

177.50

179.50

2.00

1.59

7.43

 

 

FW

 

202.01

205.00

2.99

2.38

4.81

MVTEX00205

Morro do Vento

FW

 

213.00

228.68

15.68

14.11

1.17

 

 

FW

 

243.50

246.00

2.50

2.20

4.86

MVTEX00207

Morro do Vento

OFF_ R

 

192.00

196.35

4.35

3.62

3.02

MVTEX00216

Morro do Vento

FW

 

439.50

449.50

10.00

6.74

2.65

 

 

FW

incl.

443.50

449.00

5.50

3.70

3.13

MVTEX00217

Morro do Vento

FW

 

327.50

339.50

12.00

6.90

3.13

 

 

FW

incl.

329.21

332.24

3.03

1.74

9.06

MVTEX00219

Morro do Vento

MU

 

256.00

259.50

3.50

2.27

3.32

MVTEX00220

Morro do Vento

FW

 

494.50

513.00

18.50

7.03

2.62

 

 

FW

incl.

499.76

506.50

6.74

2.56

5.08

MVTEX00222

Morro do Vento

FW

 

172.00

178.50

6.50

3.93

2.76

MVTEX00223

Morro do Vento

FW

 

543.29

555.50

12.21

5.75

5.24

 

 

FW

incl.

551.00

555.50

4.50

2.11

11.68

MVTEX00228

Morro do Vento

FW

 

243.00

250.60

7.60

5.50

3.75

 

 

FW

incl.

247.67

250.60

2.93

1.90

8.52

El Peñon Chile

The following table provides infill and exploration drill result highlights for the El Peñon mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with longitudinal sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/el-penon/.

Hole No.

Vein

From (m)

To (m)

Int. (m)

Est. True Width (m)

Au (g/t)

Ag (g/t)

SIH0021

Chiquilla Chica (C1)

184.30

185.90

1.60

0.88

0.77

1019

UIH0049

Chiquilla Chica (C1)

40.05

41.70

1.65

1.46

0.44

2547

UIH0050

Chiquilla Chica (C1)

72.60

75.30

2.70

1.44

1.29

1181

UIH0056

Chiquilla Chica (C1)

85.60

87.10

1.50

0.95

0.22

578

UEH0024

Dominadora

106.15

135.00

28.85

4.10

3.62

1592

UEH0026

Dominadora

50.77

55.67

4.90

1.20

0.23

1349

UIV0077

El Valle

260.20

262.20

2.00

1.38

4.70

183

UIV0078

El Valle

256.30

257.50

1.20

1.20

4.70

257

UIV0079

El Valle

259.95

262.00

2.05

1.54

8.55

154

UIV0080

El Valle

231.20

232.15

0.95

0.83

16.63

721

UIV0083

El Valle

270.15

270.93

0.78

0.76

10.11

30

UIU0052

La Paloma

114.69

116.50

1.81

1.31

10.88

26

SIE0015

Esmeralda

248.60

249.50

0.90

0.54

10.10

1139

UIP0174

Pampa Campamento

351.13

352.10

0.97

0.52

9.50

664

UIP0176

Pampa Campamento

389.88

390.25

0.37

0.32

26.50

42

UIP0177

Pampa Campamento

291.53

293.60

2.07

1.05

18.89

746

UIP0178

Pampa Campamento

213.94

215.49

1.55

0.52

9.50

420

UIP0175

Pampa Campamento (-35)

184.95

186.15

1.20

0.65

15.33

297

UIP0189

Pampa Campamento Diagonal sur

134.70

135.52

0.82

0.76

16.13

258

UIS0028

Pampa Campamento Diagonal sur

60.38

62.19

1.81

1.71

10.65

186

SEP0055

Pampa Sur

374.00

376.00

2.00

1.09

9.90

97

SEP0072

Pampa Sur

464.00

465.00

1.00

0.69

5.50

403

SIP0051

Pampa Sur

364.18

365.70

1.52

0.98

8.49

156

SIP0056

Pampa Sur

398.07

399.29

1.22

0.92

4.76

359

SIP0063

Pampa Sur

410.53

411.44

0.91

0.67

5.63

405

SIP0064

Pampa Sur

352.12

352.60

0.48

0.42

18.80

1017

SIP0067

Pampa Sur (+50)

328.00

330.00

2.00

1.18

6.50

493

SIP0080

Pampa Sur (+50)

358.50

360.00

1.50

0.79

13.90

716

SIP0073

Pampa Sur Este

378.68

379.38

0.70

0.36

16.00

1651

SES0036

Sorpresa

333.80

334.20

0.40

0.30

22.00

838

UIS0023

Sorpresa

199.30

200.90

1.60

1.30

4.29

133

La Colorada, Mexico

The following table provides the drill result highlights for the La Colorada mine for the period May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada/.

Hole No.

Vein

From (m)

To (m)

Interval (m)

Est. True Width (m)

Ag g/t

Au (g/t)

Pb %

Zn %

S-104-24

Mariana Vein

621.50

622.60

1.10

0.95

9618

0.89

4.85

4.82

and

NC2 Splay

795.95

796.70

0.75

0.53

4916

0.08

9.82

1.02

S-115-24

San Geronimo Vein System

461.10

463.65

2.55

1.08

1637

1.22

2.08

3.35

S-119-24

Cristina Vein

596.00

599.40

3.40

1.95

1470

0.03

3.15

3.23

S-138-24

NC2 Vein

695.60

701.60

6.00

4.60

666

0.90

1.32

2.74

S-146-24

Mariana Vein

701.05

704.55

3.50

2.47

1846

0.41

2.66

3.95

S-154-24

Mariana Vein

466.30

469.85

3.55

2.51

1189

0.24

0.82

1.09

and

NC2 Vein

540.25

544.30

4.05

2.32

2615

0.34

2.31

5.16

S-161-24

San Geronimo Splay

703.15

710.45

7.30

5.59

456

0.94

1.10

2.41

S-168-24

Cristina Vein

361.90

367.00

5.10

3.28

308

4.55

10.18

13.09

and

San Geronimo Vein

597.10

602.95

5.85

2.93

528

0.50

3.04

5.54

S-172-24

San Geronimo Splay

670.60

678.75

8.15

4.08

255

0.23

3.28

7.33

S-44-24

San Geronimo Splay

558.60

562.10

3.50

2.25

1420

0.60

2.04

1.93

S-47-24

NC2 Vein

771.85

783.65

11.80

5.90

837

0.39

2.97

8.01

S-75-24

Mariana Vein

616.40

620.00

3.60

1.80

3025

0.49

4.21

3.10

S-81-24

NC2 Splay

678.30

679.75

1.45

1.36

7634

1.83

1.46

3.62

U-09-24

Sofia Vein

268.55

269.40

0.85

0.74

4914

1.34

6.69

0.03

U-151-24

CRD

66.05

84.50

18.45

17.34

110

0.23

2.20

7.96

U-158-24

Jenni Vein

45.95

49.35

3.40

1.70

1825

1.05

2.35

6.16

U-96-24

Real Vein

252.55

255.60

3.05

2.76

749

0.63

13.01

8.97

La Colorada Skarn, Mexico

The following table provides infill and exploration drill result for the La Colorada Skarn deposit May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/.

Hole No.

From (m)

To (m)

Interval (m)(1)

Ag g/t

Cu %

Pb %

Zn %

D-71-12-24

1102.45

1250.60

148.15

39

0.07

1.68

3.12

U-155-24

724.00

997.10

273.10

54

0.17

0.85

5.18

Incl.

872.50

935.05

62.55

84

0.31

1.97

7.57

U-19-24

503.95

564.20

60.25

85

0.08

7.05

10.41

U-58-24

791.75

869.45

77.70

36

0.08

2.88

4.58

U-74-24

629.70

843.90

214.20

33

0.05

2.69

3.21

U-92-24

527.40

582.40

55.00

103

0.06

4.10

5.75

and

806.40

929.65

123.25

134

0.07

1.02

4.38

(1) True widths of the mineralized intervals are unknown at this time.

Huaron, Peru

The following table provides infill and exploration drill result highlights from the medium, lower and Horizonte sectors of the Huaron mine for the period May 2024 to October 2024. Full drill and channel sampling results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/huaron/.

Hole No

Vein

Zone

From (m)

To (m)

Interval (m)

Est. True Width (m)

Ag g/t

Cu%

Pb%

Zn%

DDH-U-040-24

Cuerpo Andres

Horizonte

51.65

52.30

0.65

0.56

722

0.12

6.06

1.90

and

Labor Este

Horizonte

184.10

186.55

2.45

1.70

123

0.06

3.06

5.98

DDH-U-041-24

Martin Ramal

Middle

198.30

200.90

2.60

2.46

369

0.15

2.74

2.01

DDH-U-049-24

Cuerpo Andres

Horizonte

59.95

63.55

3.60

2.77

768

0.02

1.85

0.62

DDH-U-051-24

Martin Ramal

Middle

236.30

237.20

0.90

0.58

409

0.13

9.27

15.82

DDH-U-055-24

Martin Ramal

Middle

176.20

178.45

2.25

2.24

683

0.17

10.65

3.10

DDH-U-056-24

Cuerpo Andres

Horizonte

48.35

53.00

4.65

3.90

162

0.04

4.02

6.06

DDH-U-064-24

Labor Este

Horizonte

186.60

188.25

1.65

1.43

181

0.04

4.34

4.73

DDH-U-065-24

Cometa Ramal

Horizonte

390.80

394.80

4.00

3.04

133

0.13

2.19

4.65

DDH-U-068-24

Cuerpo Andres

Horizonte

56.75

57.60

0.85

0.65

459

0.07

9.43

6.72

and

Labor Este

Horizonte

202.35

205.25

2.90

1.98

243

0.06

3.54

5.20

DDH-U-071-24

Labor Este

Horizonte

141.20

144.00

2.80

2.56

201

0.03

4.81

4.13

DDH-U-073-24

Labor Este

Horizonte

140.10

143.55

3.45

3.21

74

0.03

2.31

2.16

DDH-U-075-24

Cuerpo Andres

Horizonte

39.85

40.45

0.60

0.55

701

0.09

13.64

8.83

DDH-U-084-24

Cuerpo Andres

Horizonte

60.55

63.00

2.45

1.70

61

0.08

1.97

12.73

DDH-U-086-24

Martin Ramal

Middle

12.60

14.20

1.60

1.56

535

0.20

10.02

2.31

DDH-U-088-24

Cometa Ramal

Horizonte

398.85

404.20

5.35

3.66

114

0.10

1.83

3.55

DDH-U-100-24

Cuerpo Andres

Horizonte

264.85

267.25

2.40

1.64

115

0.04

2.85

3.89

DDH-U-105-24

Cuerpo Andres

Horizonte

54.90

56.65

1.75

1.40

87

0.06

1.77

8.47

DDH-U-108-24

Cometa Ramal

Horizonte

489.95

493.00

3.05

1.65

304

0.08

1.86

2.18

DDH-U-110-24

Maria Ramal

Horizonte

66.00

73.15

7.15

4.10

140

0.04

3.10

5.91

DDH-U-111-24

Maria Ramal

Horizonte

47.70

50.55

2.85

2.10

399

0.04

7.39

14.58

DDH-U-113-24

Maria Ramal

Horizonte

37.35

39.00

1.65

1.50

504

0.04

12.77

19.97

DDH-U-114-24

Maria Ramal

Horizonte

36.10

38.80

2.70

2.50

272

0.03

6.06

10.39

DDH-U-116-24

Maria Ramal

Horizonte

48.60

49.65

1.05

0.80

357

0.07

13.66

12.73

Minera Florida, Chile

The following table provides infill and exploration drill result highlights for the Minera Florida mine for January 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/minera-florida/.

Hole

Vein

From (m)

To (m)

Interval (m)

Est. True Width (m)

Au (g/t)

Ag (g/t)

Zn %

ALH4578

Aurora

115.25

116.10

0.85

0.71

12.62

47

0.46

ALH4598

Bandolera

86.50

88.80

2.30

2.19

4.84

4

3.01

ALH4607

Bandolera

109.05

110.65

1.60

1.25

11.15

6

2.61

ALH4482

Central superior 1

119.85

124.65

4.80

2.68

8.80

410

0.20

ALH4426

Cipres_1

143.17

145.08

1.91

1.19

7.29

7

1.48

ALH4460

Cipres_1

138.90

140.05

1.15

0.72

17.92

15

1.14

ALH4421

Don Leopoldo sur

91.45

93.65

2.20

1.53

6.34

9

4.79

ALH4623

Don Leopoldo sur

116.60

118.20

1.60

1.28

8.29

7

0.40

ALH4505

Gasparín Superior

173.65

175.30

1.65

0.90

10.23

13

0.31

ALH4406

Manda Norte

148.40

149.30

0.90

0.62

29.68

13

0.04

ALH4687

Maqui CII

84.45

85.85

1.40

1.16

5.40

173

2.16

ALH4638

Maqui CII

128.85

132.25

3.40

1.97

9.38

23

4.96

ALH4690

Maqui CII

73.35

75.15

1.80

1.64

4.95

28

2.24

ALH4556

Maqui CIII

54.75

56.05

1.30

1.05

5.62

21

12.52

ALH4580

Maqui CIII

58.20

59.55

1.35

1.03

9.10

22

7.10

ALH4588

Maqui CIII

68.75

70.50

1.75

1.19

13.62

11

3.81

ALH4631

Maqui CIII

52.50

53.20

0.70

0.61

12.68

35

18.07

ALH4638

Maqui CIII

111.15

115.30

4.15

1.98

16.11

13

6.44

ALH4673

Maqui CIII

81.40

83.65

2.25

1.28

9.58

15

5.58

ALH4592

Maqui Norte

107.85

110.10

2.25

1.59

10.23

31

5.57

ALH4562

Mila

113.00

117.40

4.40

2.57

10.32

12

0.08

ALH4574

Mila

191.80

196.20

4.40

1.70

8.29

110

3.34

ALH4467

Mila

129.90

132.55

2.65

1.15

6.52

286

2.29

ALH4476

Peque

67.05

68.25

1.20

0.78

10.68

8

10.05

ALH4481

Peque

80.30

81.55

1.25

0.91

12.53

43

8.31

ALH4496

Peque

55.00

57.30

2.30

1.82

4.74

35

1.26

ALH4577

Peque

101.30

103.75

2.45

1.11

11.57

23

7.61

ALH4644

Peque

59.35

60.20

0.85

0.83

13.77

77

1.54

ALH4715

Peque

202.75

207.85

5.10

1.48

10.71

13

2.74

ALH4729

Rafael II

56.35

59.65

3.30

1.95

4.74

415

3.86

ALH4701

Sat. 1 Maqui

152.55

154.40

1.85

0.92

20.61

13

0.09

ALH4424

Satelite Mila Sur 1

371.85

373.35

1.50

1.41

2.62

627

1.44

ALH4534

Satélite Valeria 1

111.35

112.60

1.25

0.92

14.06

27

0.04

ALH4549

Satélite Valeria 1

107.25

109.90

2.65

1.88

9.05

11

0.09

ALH4594

Satélite Valeria 1

166.35

167.70

1.35

0.85

16.60

17

2.09

ALH4516

Satélite Valeria 8

72.65

73.90

1.25

1.05

3.39

1645

0.18

ALH4521

Satélite Valeria 8

91.00

92.15

1.15

0.82

11.64

55

2.60

ALH4617

Satélite Valeria 8

61.75

62.95

1.20

1.18

15.05

15

0.83

ALH4436

Satélite VCS 21

51.50

52.65

1.15

0.68

15.53

56

0.81

ALH4426

Sorpresa

41.85

44.20

2.35

2.14

5.84

12

1.35

ALH4449

Sorpresa

43.60

46.30

2.70

1.82

5.05

7

0.97

ALH4600

Sorpresa

20.90

26.50

5.60

2.93

5.34

18

3.40

ALH4657

Sorpresa

21.70

28.10

6.40

2.95

8.79

10

1.48

ALH4672

Sorpresa

13.25

15.00

1.75

1.34

6.67

13

1.61

Whitney Project (Timmins), Canada

The following table provides infill and exploration drill result highlights from the Hallnor/Bonetal and Broulan Reef deposits of the Whitney Project for the period November 2023 to September 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/timmins/.

Hole No.

Zone

From (m)

To (m)

Int (m)

Est. True Width (m)

Au g/t

TW23-749

Broulan Reef

61.0

62.0

1.0

0.8

28.40

TW23-750

Hallnor

444.2

462.0

17.8

11.7

3.28

 

Incl.

454.0

461.0

7.0

4.5

5.98

TW23-751

Hallnor

411.2

430.0

18.8

13.7

2.11

 

Incl.

415.0

425.0

10.0

7.3

3.27

TW23-754

Hallnor

548.0

561.0

13.0

10.1

3.33

TW23-756

Hallnor

319.0

320.0

1.0

0.6

65.30

 

 

408.5

428.0

19.5

10.8

2.91

 

Incl.

409.0

415.0

6.0

3.3

6.07

TW24-758

Hallnor

472.7

476.9

4.2

2.7

19.89

TW24-759A

Hallnor

500.0

508.0

8.0

5.1

5.15

TW24-765

Hallnor

118.0

119.0

1.0

0.8

58.20

TW24-770

Hallnor

99.0

117.0

18.0

14.5

3.42

 

Incl.

99.0

110.0

11.0

8.8

4.58

 

and

99.7

102.0

2.3

1.8

14.40

TW24-771

Hallnor

120.5

130.0

9.5

7.2

31.50

 

Incl.

122.0

123.0

1.0

0.8

284.00

TW24-772

Bonetal

132.0

133.0

1.0

0.8

71.40

TW24-776

Bonetal

110.0

112.0

2.0

1.5

21.75

TW24-780

Bonetal

193.0

194.0

1.0

0.8

67.80

TW24-782

Bonetal

125.0

140.0

15.0

11.4

3.78

TW24-783

Bonetal

115.0

127.0

12.0

9.8

2.74

 

 

139.0

152.0

13.0

10.6

3.37

TW24-786

Broulan Reef

169.5

180.5

11.0

7.6

6.26

 

Incl.

175.0

176.0

1.0

0.7

11.80

 

also incl.

178.6

179.1

0.5

0.3

86.30

TW24-793

Broulan Reef

197.1

200.0

2.9

2.4

360.18

 

Incl.

197.6

198.1

0.5

0.4

1940.00

 

also incl.

198.1

198.5

0.4

0.3

140.00

 

also incl.

198.5

199.0

0.5

0.4

31.40

TW24-802

Broulan Reef

116.8

117.2

0.4

0.3

378.00

TW24-804

Broulan Reef

138.5

144.3

5.8

4.3

4.69

 

Incl.

140.5

141.0

0.5

0.4

41.20

General Notes with Respect to Technical Information

Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a verification process with respect to the data disclosed in this news release.

Samples are analyzed at a variety of laboratories, including by in-house staff at the mine (Jacobina and La Colorada), mine laboratories operated by third party independent commercial labs (Huaron), and commercial laboratories off-site (La Colorada, El Peñon, Minera Florida, Whitney and Jacobina). All the assay data reported in this news release has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed on a monthly and quarterly basis by management. In general, the assay analytical technique for silver, lead, zinc and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses fire assay and atomic absorption spectrometry (AAS) finish. A gravimetric finish would be used if the gold assay exceeds > 10 g/t (or >5 g/t at El Peñon). The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The offsite commercial laboratories are independent from Pan American and certified by ISO 17025:2017.

The Qualified Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this news release and for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.

Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

See the Company’s Annual Information Form dated March 26, 2024, available at www.sedarplus.com, or the Company’s most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC") for further information on the Company’s material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s mineral reserves and mineral resources.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (‘‘NI 43-101’’). Pan American is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.

Cautionary Note to US Investors

This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of “reserves” are not the same as those of the SEC and may not qualify as “reserves” under SEC standards. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases.

About Pan American Silver

Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com

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Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the extent of, and success related to any future exploration or development programs, including with respect to its Jacobina, El Peñon, La Colorada, Minera Florida, Huaron and Timmins properties and for its La Colorada Skarn and Whitney projects, and the potential impact of any such drill results on the Company’s mineral reserves or mineral resources.

These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments, including legal restrictions relating to mining, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; the duration and effects any pandemics on our operations and workforce; and those factors identified under the caption “Risks Related to Pan American’s Business” in Pan American’s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s current views of our near and longer term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

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For more information contact: Siren Fisekci VP, Investor Relations & Corporate Communications Ph: 604-806-3191 Email: [e-mail]