Core Viewpoint - The article highlights a significant increase in the prices of gold and silver, with notable gains in related mining stocks, indicating a positive trend in the precious metals market [1]. Group 1: Precious Metals Performance - Spot gold rose by 0.76%, reaching $5,184.5 [1] - Spot silver increased by over 4%, reaching $90.77 [1] Group 2: Mining Stocks Movement - Barrick Mining (B.US) saw an increase of over 1.2% [1] - Newmont Corporation (NEM.US) rose by 0.92% [1] - Agnico Eagle Mines (AEM.US) increased by over 1% [1] - First Majestic Silver (AG.US) surged by over 3% [1] - Fortuna Silver Mines (FSM.US) rose by over 2% [1] - Pan American Silver (PAAS.US) increased by nearly 2% [1]

Key Takeaways PAAS reported record 2025 revenues of $3.62B, up 28.4% y/y, with Q4 revenues of $1.18B.PAAS produced 22.8M ounces of silver in 2025, up 8% y/y, with a record 7.3M ounces in Q4.PAAS sees 2026 silver output rising to 25-27M ounces, signaling 14% y/y growth at the mid-point.Pan American Silver Corp. (PAAS) reported record revenues of $3.62 billion in 2025, marking an improvement of 28.4% from 2024. This includes a record $1.18 billion in revenues reported in the fourth quarter of 2025. This impre ...

PresentationMichael SteinmannPresident, CEO & Director Thanks, and good afternoon, everyone. Always a pleasure to be here. Normally, it's the nice warm day out there. It's colder here than Vancouver looks like, but I'm sure the sun will come back. Great to give you an update on Pan American Silver. A lot has changed over the last year, of course. And let me just step in there and show you on the plan. Of course, I will use forward-looking statements in my presentation. And we can spend some time here on the ...

Summary of Pan American Silver Conference Call (February 23, 2026) Company Overview - **Company**: Pan American Silver (NYSE: PAAS) - **Industry**: Silver Mining - **Key Focus**: World-leading silver producer with a diversified portfolio of assets, large reserves, and growing production [1] Core Points and Arguments Production and Assets - **Current Operations**: 10 producing assets across the Americas, primarily focused on silver production, with significant operations in Mexico and Peru [2][3] - **Acquisition**: Acquired MAG Silver last year, coinciding with a rise in silver prices, enhancing the company's asset portfolio [4] - **Juanicipio Mine**: Recognized as one of the best silver-producing assets globally, contributing to lower corporate-wide costs and significant production growth [6][10] - **La Colorada Skarn Project**: Expected to have a mine life of 40-50 years, projected to significantly increase silver production [5][6][21] Financial Performance - **Free Cash Flow**: Generated over $550 million in free cash flow in Q4 2025, with expectations for strong Q1 results due to high silver prices [11][9] - **Cost Management**: Noted a decline in silver production costs, attributed to the addition of the Juanicipio mine, despite some inflationary pressures [10][8] - **Production Guidance**: Seasonal production patterns due to weather in South America, with expectations for stronger performance in the latter half of 2026 [12][13] Cost Structure and Inflation - **Cost Increases**: Anticipated wage cost increases of about 8%, translating to a 3%-4.5% overall cost increase across operations [15][16] - **By-product Credits**: Costs are influenced by by-product metal prices and exchange rates, with a weaker dollar potentially increasing local currency costs but also raising metal prices [18][19] Capital Expenditure and Growth - **CapEx Plans**: Capital expenditures remain similar to the previous year, with a focus on sustaining capital and project capital for La Colorada skarn [20][21] - **Project Development**: La Colorada skarn is expected to produce 10,000-15,000 tons per day, significantly boosting silver output [24][25] Escobal Mine Update - **ILO Convention 169 Process**: Ongoing consultations with indigenous groups, with high metal prices potentially facilitating progress towards reopening the Escobal mine, which could produce 22 million ounces annually at low costs [31][33][34] Shareholder Returns - **Dividend Increases**: Increased dividend by 29% recently, with a commitment to return cash to shareholders through dividends and share buybacks [38][39] - **Debt Management**: Minimal debt with a focus on maintaining shareholder returns while investing in exploration and sustaining capital [38][40] Asset Portfolio Optimization - **Jacobina Mine**: Potential for increased production efficiency and capacity, with plans to enhance extraction methods and reduce operational costs [42][43] - **Timmins Assets**: Exploration of satellite deposits expected to add substantial value, with a focus on optimizing the existing asset portfolio [47] Additional Important Points - **Market Conditions**: The company is positioned to benefit from rising silver prices, with a strong focus on maintaining low production costs and maximizing margins [10][19] - **Long-term Strategy**: Emphasis on sustainable growth through exploration, efficient capital allocation, and maintaining a strong balance sheet [38][40]

Key Takeaways EXK and PAAS are riding a 143% surge in silver prices amid strong demand and supply deficits.EXK's Q4 silver output jumped 146% on Terronera and Kolpa, with 2026 AgEq seen up 35%.PAAS expects 2026 silver output of 25-27M oz, up 14% at the mid-point.Pan American Silver Corp. (PAAS) and Endeavour Silver Corporation (EXK) are well-known names in the silver mining sector, sharing several key similarities that define their strategic positioning and investor appeal. Silver prices have skyrocketed 14 ...

Core Viewpoint - The prices of spot gold and silver have increased significantly, with gold rising over 1% to $5050.83 and silver rising over 3% to $81.1, indicating a positive trend in precious metals [1] Group 1: Precious Metals Market - Spot gold has increased by more than 1%, reaching $5050.83 [1] - Spot silver has increased by more than 3%, reaching $81.1 [1] Group 2: Mining Stocks Performance - Barrick Mining (B.US) has slightly decreased by 0.46% [1] - Newmont Corporation (NEM.US) has dropped by over 1% [1] - Agnico Eagle Mines (AEM.US) has increased by over 1.6% [1] - First Majestic Silver (AG.US) has risen by over 2.4% [1] - Fortuna Silver Mines (FSM.US) has increased by over 4.6% [1] - Pan American Silver (PAAS.US) has risen by over 1.8% [1]

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [3][4] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [4] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [4] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [4] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [5] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [5] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [6] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] - The silver market is expected to remain in a deficit for the sixth consecutive year in 2026, supporting the company's outlook [13] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][9] - Increased project capital is planned for La Colorada Skarn and Jacobina, with a focus on exploration and preliminary engineering [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and capital returns to shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, which has coincided with increased silver production, driving higher free cash flow [13] - The company is optimistic about the potential for strong free cash flow and high returns of capital to shareholders in 2026 [12] - Management noted ongoing discussions with potential partners for La Colorada Skarn and emphasized the importance of the consultation process for Escobal [29][30] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - The consultation process for Escobal is ongoing, with the Guatemalan Ministry of Energy and Mines confirming compliance with court orders [10][30] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management expressed satisfaction with Juanicipio's performance, noting strong production and low costs, while acknowledging potential long-term changes in metal grades [16][17] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for Phase 1 [19][20] Question: Commitment to Cerro Moro and exploration in Argentina - Management confirmed a willingness to invest in exploration at Cerro Moro, citing positive changes in Argentina and increased capital for exploration programs [22][23] Question: Progress on potential partnership for La Colorada Skarn - Discussions on potential partnerships have progressed, but specific details were not disclosed due to ongoing negotiations [27] Question: Update on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates from the government regarding the consultation process [30]

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [3][4] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [4] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [4] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [4] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [5] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [5] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [6] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] - The silver market is expected to remain in a deficit for the sixth consecutive year in 2026, supporting the company's outlook [13] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][9] - Increased project capital is planned for La Colorada Skarn and Jacobina, with part directed towards satellite deposits [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and strong cash flow generation [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, with silver prices averaging around $58 and gold prices over $4,100 in Q4 [42] - The company anticipates strong free cash flow and high returns of capital to shareholders in 2026, alongside funding for exploration and growth projects [12][13] - Management expressed confidence in the operational strength and the potential for increased production from Juanicipio [17] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - Discussions regarding potential partners for the La Colorada Skarn project are ongoing, with a focus on the new phased approach [27] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management reported a positive experience with Juanicipio, noting strong production and low costs, with expectations of long-term changes in metal grades [16][17] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for phase one [19][20] Question: Commitment to Cerro Moro and exploration in Argentina - Management expressed willingness to commit resources to Cerro Moro, highlighting positive changes in Argentina and increased capital for exploration programs [21][23] Question: Update on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates on the consultation process [28][30] Question: Juanicipio dividends and financial arrangements - Management clarified that dividends from Juanicipio are paid out of tax-paid retained earnings, with expectations for another dividend soon [36] Question: Consideration for early repayment of senior notes - Management stated that early repayment of the 2027 senior notes is a consideration, depending on market conditions and liquidity [39]

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [4][5] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [5] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [5] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [5] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [6] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [6] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [7] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][10] - Increased project capital is planned for La Colorada Skarn and Jacobina, with a focus on exploration and preliminary engineering [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and strong cash flow generation [13][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, with silver expected to remain in a deficit for the sixth consecutive year in 2026 [13] - The company is optimistic about strong free cash flow and high returns of capital to shareholders, while funding exploration and growth projects [12][14] - The management noted that the increase in metal prices is expected to drive superior returns, as evidenced by record earnings and cash flow in Q4 [11][14] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - Discussions regarding potential partners for the La Colorada Skarn project are ongoing, with a focus on the new phased approach [28] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management expressed satisfaction with Juanicipio's performance, noting strong production and low costs, while acknowledging potential long-term changes in metal grades [17][18] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for phase one [20][21] Question: Commitment to Cerro Moro and exploration in Argentina - Management confirmed a willingness to invest in exploration at Cerro Moro, citing positive changes in Argentina and increased capital for exploration programs [22][24] Question: Update on La Colorada Skarn partnership discussions - Management stated that discussions are progressing but did not provide specific details on economic terms [28] Question: Progress on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates from the government regarding the consultation process [29][30] Question: Juanicipio dividends and financial arrangements - Management clarified that dividends from Juanicipio are paid out of tax-paid retained earnings, with expectations for another dividend soon [36] Question: Consideration of early repayment of senior notes - Management indicated that early repayment of the 2027 senior notes is a consideration, depending on market conditions and liquidity [39]

Q4 2025EARNINGS REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX: PAAS 1 2 CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings", "attributable revenue", "attributable cash flow from operations", "attributable free cash flow", "basic adjusted earnings per share", "total debt", and "working capi ...