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Pan American Silver: Investor Update

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This was recorded on the 12th and 21th of May. / Guidance and Q1 / 0:00 - CEO Michael Steinmann 2:09 - Actual Performance vs 2025 Guidance 3:33 - Impact of By-Product Metals on AISC 6:38 - 2026 Guidance 8:58 - Higher Metal Prices' Impact on Cost Guidance 11:25 - Higher Fuel Prices' Impact 13:43 - Q1 in Short and Financial Position 15:54 - Sensitivity of Free Cash Flows to Silver and Gold Prices 17:40 - Valuation 21:02 - 2026 Exploration Program / Expanded La Colorada Mine / 24:19 - Background on the Expanded La Colorada Mine 30:31 - Overview of the PEA for the Expanded La Colorada Mine 34:33 - Drilling at La Colorada 36:15 - Potential to Expand The Vein Mine 37:52 - Is Pan American Still Pursuing Partnership Discussions? 40:16 - Special Advisor Steve Busby 42:33 - Technical Overview of Expanded La Colorada Mine 50:44 - Initial Capex 54:46 - Development Work 58:14 - Permitting 1:02:50 - Risks 1:06:11 - Production from Third-Party Concession / Assets / 1:08:51 - Escobal 1:11:48 - Review of MAG Silver Acquisiton 1:14:56 - Juanicipio Update 1:16:46 - Grade Profile 1:18:04 - Jacobina Update 1:23:49 - Cerro Moro Update 1:25:36 - El Peñón Update 1:26:57 - Shahuindo Update 1:29:03 - Timmins Update 1:36:08 - Steve's Closing Remarks / Capital Allocation, M&A and Vision / 1:37:03 - Capital Allocation 1:41:35 - M&A 1:45:02 - Three-Year Vision For Pan American Silver

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