PAN AMERICAN SILVER Business Summary

Pan American Silver Corp. (PAAS) operates as a premier precious metals producer, generating revenue through the extraction, processing, and sale of silver and gold, with significant by-product contributions from zinc, lead, and copper. The company’s business is divided into two primary reporting segments: the Silver Segment, which includes high-margin assets like the La Colorada mine and a 44% interest in the Juanicipio joint venture acquired via the 2025 MAG Silver acquisition, and the Gold Segment, comprising diversified operations such as Jacobina, El Peñon, and Shahuindo. Following its strategic consolidation of Yamana Gold’s Latin American assets and the full integration of MAG Silver, the company has solidified its position as one of the world’s largest primary silver producers. It competes directly with major industry players such as Barrick Gold, Agnico Eagle Mines, First Majestic Silver, and Endeavour Silver, distinguishing itself through a massive reserve base and a balanced geographic footprint across the Americas. Leadership is spearheaded by President and CEO Michael Steinmann, a PhD geologist with over 30 years of industry experience who has led the company’s aggressive M&A strategy since 2016. The executive team includes CFO Ignacio Couturier, who oversees a robust balance sheet with over $2 billion in liquidity, and newly appointed COO Scott Campbell, who transitioned from SVP of Operations in late 2025 to manage the company's expanding production profile. Other key officers include Christopher Lemon (Chief Legal and HR Officer) and Martin Wafforn (SVP, Technical Services). The company was founded by legendary mining financier Ross Beaty, who remains Chairman Emeritus, while the Board of Directors is currently chaired by Gillian Winckler. Notable institutional backing includes significant positions from Van Eck Associates, Vanguard, and BlackRock, reflecting the company’s status as a core holding in global precious metals indices.