Pan American Silver Provides 2025 Year End Exploration Update
Pan American Silver Provides 2025 Year End Exploration Update
Vancouver, B.C. – December 1, 2025 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") released new drill results for its Jacobina, El Peñon, La Colorada, Huaron, Timmins, Minera Florida and
Cerro Moro mines.
“In 2025, we continued to advance our long-term exploration strategy aimed at replacing and growing our mineral
resources, with strong results across several key operations,” said Christopher Emerson, SVP Exploration and
Geology. “At Jacobina, drilling to the north of the Maricota deposit is confirming the potential to expand the
resource beyond currently defined limits. At El Peñon, drilling is identifying new mineralized structures both within
the main mine area and at nearby targets, including Fortuna and the newly discovered Dominadora vein. At La
Colorada, recent drilling in the eastern and deeper parts of the mine continues to return compelling grades and
widths, and we are also advancing a highly prospective replacement-style target along the contact between
limestone and volcanic rocks.”
Pan American's exploration program focuses on near-mine exploration and resource conversion throughout its
portfolio of operating mines. This release provides an exploration update on the 333,830 metres that have been
drilled at the mines referenced in this news release, which represents 70% of the total metres drilled for the
period November 1, 2024 to October 30, 2025. The Company plans to drill a total of approximately 540,000 metres
in 2025.
EXPLORATION HIGHLIGHTS:
All intercepts are reported as estimated true widths in metres ("m"). Please refer to the Drill Result Highlights
Tables beginning on page seven of this news release for additional details.
• Jacobina – Exploration focused on the Maricota zone, with infill and exploration drilling building on the
estimated 800 thousand ounces of inferred gold mineral resource defined in recent years. Exploration drill
hole MRCEX00027A, returning 8.97m @ 5.67 g/t Au, incl. 3.07m @ 12.03 g/t Au and 6.51m @ 3.43 g/t Au,
incl. 3.59m @ 5.59 g/t Au, has extended inferred mineral resources approximately 300m down dip and
300m along strike, where mineralization remains open. Surface drilling north of Maricota confirms
geologic continuity into the Lagartixa target, representing a 1,400 metre long lower conglomerates
package with Au-bearing reefs, indicated by drill hole LGX0010 that intercepted 6.59m @ 2.01 g/t Au, incl.
2.33m @ 3.61 g/t Au.
• El Peñon – Increased exploration in 2025 extended drilling of core mine structures and satellite deposits.
At Pampa Campamento, mineralization was confirmed and extended to depth and toward the Magenta
vein, with results including 1.40m @ 31.20 g/t Au, 81 g/t Ag (UIP0214) and 1.18m @ 26.19 /t Au, 221 g/t
Ag (UIP0220). Economic mineralization was also confirmed in the under-explored lower andesite unit. At
Pampa Sur NE splay, infill drilling yielded 0.75m @ 22.50 g/t Au, 855 g/t Ag (SIP0079) and 0.88m @ 24.52
g/t Au, 917 g/t Ag (SIP0087). Satellite deposits within 20 kilometres of the core mine reported key results,
including:
◦ Chiquilla Chica mine and newly discovered Dominador vein: 0.64m @ 0.78 g/t Au, 4,306 g/t Ag
(SIH0041) and 2.30m @ 0.23 g/t Au, 1,349 g/t Ag and 2.10m @ 0.16 g/t Au, 569 g/t Ag (UEH0026),
respectively.
◦ Tostado Sur target: 1.22m @ 6,624 g/t Ag (SEZ0006).
◦ Fortuna mine: 0.94m @ 63.76 g/t Au, 4,460 g/t Ag (SEF0002).
• La Colorada veins –infill and exploration drilling continue to build on the estimated 52.7 million ounces of
newly identified inferred silver mineral resource across mineralization styles, as described in the
September 8, 2025 and September 11, 2025 news releases. The expansion of the mineral resource is the
result of successful exploration campaigns targeting the eastern extensions of multiple high-grade veins
along the NC2 and Mariana vein systems. A key contribution to the recent exploration success is the
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discovery of new southeastern contact-related replacement style mineralization, as described in the
September 11, 2025 news release. Drilling has expanded this high potential target over an approximate
500 metre x 200 metre area beneath the NC2-Marianna vein system with notable results including: 15.7m
@ 201 g/t Ag, 0.91 g/t Au, 1.89% Pb, 2.76% Zn (U-131-25) and 3.71m @ 241 g/t Ag, 0.56 g/t Au, 2.96% Pb,
9.27% Zn (U-128-25).
• Timmins Projects (Whitney and Vogel) – at Whitney, drilling targeted remnant mineralization in unmined
veins and wall rock near historic stopes at the Bonwhit, Broulan, and Hallnor deposits, indicating mineral
resource potential. Infill drilling was completed at the Vogel deposit. Significant results include:
◦ Bonwhit: 0.42m @ 67.50 g/t Au (TW24-814); 0.47m @ 46.10 g/t Au (TW24-822).
◦ Broulan Reef: 1.15m @ 399.43 g/t Au incl. 0.34m @ 1,350.00 g/t Au (WHT-25-855); 0.55m @
61.80 g/t Au (WHT-25-835); 2.89m @ 36.44 g/t Au incl. 0.38m @ 270.00 g/t Au (WHT-25-848).
◦ Hallnor: 4.03m @ 6.47 g/t Au (WHT-25-870); 15.76m @ 1.33 g/t Au (WHT-25-865).
◦ Vogel: 6.50m @ 9.98 g/t Au incl. 0.48m @ 116.00 g/t Au (V-25-96D); 2.05m @ 31.62 g/t Au incl.
0.51m @ 121.00 g/t Au (V-25-96E).
• Huaron - Drilling in the Horizonte zone extended mineral resources east of the Cometa Ramal vein, while
exploration of the northern Pozo D structure yielded thick polymetallic intercepts. Significant results
include: 1.57m @ 627 g/t Ag, 15.46% Pb and 10.22% Zn (U-125-24 - Cometa Ramal); 10.50m @ 261 g/t Ag,
6.96% Pb and 7.25% Zn (U-136-24 - Cometa Ramal); 3.40m @ 312 g/t Ag, 1.96% Cu, 1.17% Pb, 6.39% Zn
(U-098-25 – Pozo D), 6.30m @ 176 g/t Ag, 0.12% Cu, 0.97% Pb, 8.65% Zn (U-104-25 – Pozo D).
• Minera Florida – infill and exploration drilling within the main mine area, encompassing over 50
economically important structures associated with five primary district trends, continue to extend
mineralization beyond the current inferred mineral resources, underscoring the potential to extend mine
life. Drill highlights include: 1.06m @ 20.19 g/t Au, 11 g/t Ag, 0.28% Zn (ALH5025-Maqui Norte); 1.2m @
23.60 g/t Au, 10 g/t Ag, 0.45% Zn (ALH 5034 – Sat Mila 12); 1.13m @ 22.4 g/t Au, 18 g/t Ag, 0.03% Zn (ALH
4845 – Las Lauras); 1.39m @ 18.71 g/t Au, 17 g/t Ag, 1.57% Zn (ALH4976 – Sorpresa); 1.05m @ 18.75 g/t
Au, 86 g/t Ag, 1.16% Zn (ALH 4736 - Peque 3); and 1.49m @ 15.39 g/t Au, 11 g/t Ag, 0.95% Zn (ALH4653-
Lorena).
• Cerro Moro - shallow exploration and infill drilling at the recent Naty Condor discovery, located 11
kilometres southwest of the mine complex, generated notable results: 17.95m @ 13.51 g/t Au, 228 g/t Ag,
incl. 2.94m @ 55.14 g/t Au, 956 g/t Ag (MD4812); 16.80m @ 9.24 g/t Au, 36 g/t Ag (MD5153); 0.59m @
99.60 g/t Au, 3,167 g/t Ag and 9.25m @ 10.16 g/t Au, 101 g/t Ag (MD5147); and 17.85m @ 21.84 g/t Au,
975 g/t Ag, incl. 6.24m @ 34.16 g/t Au, 1,254 g/t Ag (MD5037).
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 complex and resources extend over eight kilometres with exploration targets extending over an eight
kilometre trend of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along
strike.
• For the period November 2024 to October 2025, exploration drilling totaled 56,074 metres, focused
mainly on infill drilling and extension of mineral resources across seven of the known deposits. Exploratory
drilling of Lagartixa and Canavieiras Extension, north of Maricota and Canavieiras North Mine,
respectively, represent new target areas north of the classified mineral resources with significant
potential to add new mineral resources.
• Infill drilling at the Morro do Vento deposit has extended high-grade zones in the central upper
conglomerate. Significant intercepts include: 9.42m @ 3.39 g/t Au, incl. 4.16m @ 6.00 g/t Au
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(MVTEX00227); 2.49m @ 39.67 g/t Au (MVTEX00236); 5.99m @ 6.89 g/t Au (MVTEX00234). In the lower
conglomerate where mineralization remains mostly open to depth, infill drilling highlights included: 5.50m
@ 3.75 g/t Au, incl. 1.90m @ 8.52 g/t Au (MVTEX00228).
• Infill and exploration drilling at the Maricota deposit continue to confirm the continuity and grade of
mineralization in the lower conglomerate and to extend mineralization to depth and along strike.
Exploration drilling highlights include: 8.97m @ 5.67 g/t Au, incl. 3.07m @ 12.03 g/t Au and 6.51m @ 3.43
g/t Au, incl. 3.59m @ 5.59 g/t Au (MRCEX00027A). Hole MRCEX00027A extends inferred mineral resources
at Maricota approximately 300 metres down dip and 300 metres along strike, representing an opportunity
to add mineral reserves and mineral resources close to existing underground infrastructure. Maricota
remains a focus of ongoing exploration.
• Infill drilling at the Joao Belo Sul deposit continued to confirm the continuity of mineralization at shallower
levels and in the connector zone with Joao Belo Norte, where exploration drilling is extending
mineralization to depth. At Joao Belo Sul, drilling highlights include: 3.68m @ 4.95 g/t Au (JBS00101);
7.28m @ 3.40 g/t Au, incl. 2.06m @ 10.34 g/t Au (JBS00098); and 7.20m @ 3.31 g/t Au, incl. 1.98m @ 8.98
g/t Au (JBS00107). At Joao Belo Norte, highlights include: 1.86m @ 4.52 g/t Au and 1.23m @ 6.01 g/t Au
(JBEX00129).
• At the Morro do Cuscuz deposit, infill drilling near the boundary with Maricota confirmed the high-grade
nature of mineralization in this sector. Highlights include: 4.36m @ 14.43 g/t Au (MRCEX00081); 3.02m @
20.58 g/t Au (MRCEX00082); 6.47m @ 5.65 g/t Au, incl. 2.14m @ 11.10 g/t Au (MCZEX00019); and 4.41m
@ 22.25 g/t Au (MCZEX00020).
• At the Serra do Corrego deposit, infill drilling returned positive results, including: 16.81m @ 4.85 g/t Au
(SCOEX00021); 2.10m @ 6.31 g/t Au and 2.51m @ 17.02 g/t Au (SCOEX00023).
• At the Lagartixa target, surface exploration drilling directly north of Maricota returned positive initial
results, including: 6.59m @ 2.01 g/t Au, incl. 2.33m @ 3.61 g/t Au (LGX00010). These results confirm the
continuation of the Maricota geology into the Lagartixa target along an approximate 1,400 metre strike
length hosting the lower conglomerate reefs.
El Peñon mine, Chile
El Peñon is a large, high-grade gold-silver epithermal system located in the Antofagasta region of northern Chile.
• For the period November 2024 to October 2025, exploration drilling totaled 94,825 metres, including
60,600 metres of infill drilling aimed at converting inferred mineral resources to the indicated category at
all principal veins, including Pampa Campamento. Additionally, 34,225 metres of exploration drilling was
completed to delineate new inferred mineral resources.
• Drilling at Pampa Campamento within the intrusive and lower andesite sequence continues to confirm and
extend mineralization to depth and north toward the Magenta vein. Infill drill highlights include: 1.40m @
31.20 g/t Au, 81 g/t Ag (UIP0214); 0.76m @ 61.00 g/t Au, 191g/t Ag (UIP0221); 1.18m @ 26.19 g/t Au, 221
g/t Ag (UIP0220); 1.30m @ 8.34 g/t Au, 265 g/t Ag and 0.44m @ 108.74 g/t Au, 606 g/t Ag (-10 splay)
(UIP0235). At the adjacent Pampa Campamento Diagonal Sur splay vein, infill drilling returned 1.30m @
10.06 g/t Au, 378 g/t Ag (UIP0193). Mineralization within the lower andesite unit now extends more than
200 metres below the rhyolite contact, underscoring the mineral potential of this underexplored
stratigraphic level across the mine. Exploration drilling highlights at Pampa Campamento include:
UEP0078, with 1.05m @ 13.13 g/t Au, 97 g/t Ag and 0.78m @ 5.50 g/t Au, 262 g/t Ag (+5 splay); UEP0070,
with 0.49m @ 8.36 g/t Au, 399 g/t Ag; and UEP0086, with 0.78m @ 8.52 g/t Au, 72 g/t Ag. Mineralization
at Pampa Campamento now spans nearly 800 metres vertically. The implications of these deeper results
are under evaluation and may suggest mineralization potential at greater depths in other veins.
• Exploration and infill drilling in the central core mine area yielded strong results from principal and
secondary structures. Highlights at Vista Norte and Diablada include: 0.80m @ 15.50 g/t Au, 437 g/t Ag
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(Vista Norte), 0.57m @ 13.50 g/t Au, 31 g/t Ag (Diablada) and 0.83m @ 8.52 g/t Au, 250 g/t Ag (Vista
Norte) (UIV0088); 0.50m @ 309.20 g/t Au, 285 g/t Ag (UIV0098 - Vista Norte); 1.20m @ 8.46 g/t Au, 34 g/t
Ag (UEV0043 - Vista Norte); 1.45m @ 8.22 g/t Au, 22 g/t Ag (UIV0094 - Diablada); and at Dorada FW:
0.44m @ 22.40 g/t Au, 370 g/t Ag (UED0082); 0.83m @ 116.49 g/t Au, 230 g/t Ag and 0.69m @ 9.70 g/t
Au, 101 g/t Ag (UED0083). These results highlight the potential for secondary structures at the main core
mine structures to add mineral resources near existing mine infrastructure.
• At the Chiquilla Chica mine and the recently discovered Dominadora vein to the north, infill and
exploration drilling continue to return positive results. Drill highlights at Chiquilla Chica include: 0.64m @
0.78 g/t Au, 4,306 g/t Ag (SIH0041); 0.84m @ 0.46 g/t Au, 1,270 g/t Ag (SIH0042); and 0.70m @ 0.95 g/t
Au, 976 g/t Ag (UIH0073); at Dominadora: 2.30m @ 0.23 g/t Au, 1,349 g/t Ag and 2.10m @ 0.16 g/t Au,
569 g/t Ag (UEH0026); 0.95m @ 0.21 g/t Au, 3,306 g/t Ag (UEH0027); 2.20m @ 0.84 g/t Au, 992 g/t Ag
(SEH0012); and 0.77m @ 8.76 g/t Au, 1,443 g/t Ag (UEH0028). Exploration drilling east of Dominadora
returned 0.60m @ 0.01 g/t Au, 1,091 g/t Ag (UEH0037), interpreted as a new parallel structure located
approximately 700 metres east of Dominadora.
• Drilling in the Peñon Sur sector south of the core mine area continued to return positive results. Infill
drilling at the recently defined Pampa Sur NE splay returned 0.75m @ 22.50 g/t Au, 855 g/t Ag (SIP0079),
2.44m @ 4.75 g/t Au, 338 g/t Ag (SIP0080); and 0.88m @ 24.52 g/t Au, 917 g/t Ag (SIP0087). At Pampa Sur,
highlights include: infill drill hole SIP0091, with 0.95m @ 7.68 g/t Au, 499 g/t Ag; and exploration drill hole
UEO0040, returning 0.96m @ 7.80 g/t Au, 6 g/t Ag.
• Exploration and infill drilling on other structures at El Peñon continue to generate significant results,
including from the silver-rich Tostado Sur target and Fortuna mine, located approximately 20 kilometres
and nine kilometres southwest of El Peñon, respectively. Drill highlights from these areas include: 0.98m
@ 0.03 g/t Au, 1,334 g/t Ag (SEZ003) and 1.22m @ 0.03 g/t Au, 6,624 g/t Ag (SEZ0006) at Tostado; and
0.94m @ 63.76 g/t Au, 4,460 g/t Ag (SEF0002) at Fortuna. Drilling at Fortuna is testing the down plunge
extension of higher-grade mineral shoots, which remain open to depth.
La Colorada mine, Mexico
The La Colorada mine is a silver-rich polymetallic operation located in the state of Zacatecas, Mexico.
• For the period July 2025 to October 2025, the Company completed 22,996 metres of exploration drilling,
successfully building on the estimated 52.7 million ounces of inferred silver mineral resources in all
mineralization styles, as described in the news releases dated September 8, 2025 and September 11, 2025.
• On the eastern extension of the NC2 vein, infill and exploration drilling continued to confirm grade and
structure, extending mineralization along strike to the east and to depth beyond current mineral
resources. Highlights include: 2.86m @ 578 g/t Ag, 0.30 g/t Au, 0.31% Pb, 0.72% Zn (S-126-25), 2.25m @
683 g/t Ag, 0.27 g/t Au, 0.80% Pb, 1.71% Zn (S-83-25), 1.84m @ 437 g/t Ag, 0.15 g/t Au, 4.54% Pb, 1.83%
Zn (S-136-25), 1.17m @ 581 g/t Ag, 0.54 g/t Au, 3.07% Pb, 5.80% Zn (U-157-25).
• Exploration and infill drilling on the east extension of the Mariana vein continue to return strong results
from both the main and footwall splay structures. Highlights include: 2.45m @ 1,442 g/t Ag, 3.73 g/t Au,
1.12% Pb, 2.62% Zn (U-141-25), 2.37m @ 952 g/t Ag, 0.30 g/t Au, 5.97% Pb, 11.40% Zn (U-128-25), 2.86m
@ 519 g/t Ag, 1.01 g/t Au, 2.00% Pb, 3.27% Zn (U-137-25) and 2.03m @ 673 g/t Ag, 0.27 g/t Au, 2.71% Pb,
5.14% Zn (U-144-25).
• Based on the mineral reserves and mineral resources reported as at June 30, 2025, several new structures
have been defined. The East 1.5 vein is now defined between the Intermedia Este and Intermedia Este 2
veins. The Sofia vein is modeled as an antithetic structure between the San Geronimo and NC2 vein
systems. Both the Jade and Rubi veins occur as splay veins within the hanging wall of the NC2 vein.
Significant results include:
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◦ Intermedia Este 1.5 vein: 0.38m @ 1,018 g/t Ag, 0.29 g/t Au, 0.39% Pb, 0.31% Zn (U-137-25) and
0.69m @ 495 g/t Ag, 0.55 g/t Au, 6.83% Pb, 8.81% Zn (U-123-25).
◦ Sofia vein: 0.44m @ 1,994 g/t Ag, 0.16 g/t Au, 2.06% Pb, 5.39% Zn (U-164-25) and 0.8m @ 326 g/t
Ag, 0.19 g/t Au, 4.09% Pb, 11.51% Zn (U-143-25).
◦ Jade vein: 1.20m @ 2,096 g/t Ag, 0.45 g/t Au, 3.16% Pb, 7.51% Zn (U-164-25) and 1.38m @ 292 g/t
Ag, 0.28 g/t Au, 5.11% Pb, 11.01% Zn (U-154-25).
◦ Rubi vein: 1.21m @ 372 g/t Ag, 0.21 g/t Au, 3.81% Pb, 6.61% Zn (U-145-25) and 0.95m @ 417 g/t
Ag, 0.25 g/t Au, 0.14% Pb, 0.14% Zn (S-83-25).
• A key contributor to recent exploration success at La Colorada is the discovery of new southeastern
contact-related replacement-style mineralization, as detailed in the September 11, 2025 news release.
Drilling has expanded this high-potential target north of the San Geronimo/Cristina corridor to an
approximate 500 metre x 200 metre area beneath the NC2 and Marianna veins, with notable intercepts
including: 15.70m @ 201 g/t Ag, 0.91 g/t Au, 1.89% Pb, 2.76% Zn (U-131-25), 3.71m @ 241 g/t Ag, 0.56 g/t
Au, 2.96% Pb, 9.27% Zn (U-128-25) and 2.98m @ 242 g/t Ag, 0.25 g/t Au, 1.73% Pb, 6.18% Zn (U-143-25).
Huaron mine, Peru
The Huaron mine is a polymetallic (Zn-Pb-Ag-Cu) deposit situated in the Pasco Department of central Peru.
• For the period November 2024 to October 2025, a total of 35,844 metres of exploration drilling was
completed, including 27,064 metres focused on delineating new inferred mineral resources, and 8,780
metres of infill drilling aimed at converting inferred mineral resources to the indicated category.
• High-grade polymetallic mineralization within the Cometa Ramal vein (Horizonte zone) was extended 200
metres along strike and 300 metres to depth with 22 drillholes. The zone remains open at depth to the
east. Results include: 1.57m @ 627 g/t Ag, 0.09% Cu, 15.46% Pb, 10.22% Zn (U-125-24), 10.50m @ 261 g/t
Ag, 0.11% Cu, 6.96% Pb, 7.25% Zn (U-136-24), and 4.00m @ 182 g/t Ag, 0.09% Cu, 4.69% Pb, 8.08% Zn
(U-131-24).
• Drilling extended the Fastidiosa vein 100 metres on strike to the east and 90 metres below current mine
workings. Notable results include: 4.80m @ 272 g/t Ag, 0.76% Cu, 3.61% Pb, 2.07% Zn (U-094-25), 1.40m
@ 224 g/t Ag, 0.03% Cu, 7.66% Pb, 4.26% Zn (U-089-25), 3.05m @ 195 g/t Ag, 0.63% Cu, 4.16 % Pb, 2.11%
Zn (U-070-25).
• The Pozo D Ramal Norte vein returned thick high-grade results along a 150 metre extension of
mineralization west of the main structure, which are expected to result in converting inferred mineral
resources to indicated mineral resources. Highlights include: 3.40m @ 312 g/t Ag, 1.96% Cu, 1.17% Pb,
6.39% Zn (U-098-25), 5.40m @ 394 g/t Ag, 0.34% Cu, 0.12% Pb, 1.24% Zn (U-093-25), 6.30m @ 176 g/t Ag,
0.12% Cu, 0.97% Pb, 8.65% Zn (U-104-25).
Timmins projects (Whitney and Vogel), 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. The Hallnor/Bonetal and Broulan Reef/Bonwhit
zones are referenced in Pan American's mineral reserves and mineral resources reported as at June 30, 2025,
under the Whitney project, which is a joint venture operated by Pan American.
• Drilling at Whitney comprised 64 holes totaling 19,489 metres, and tested mineralization remaining in
both unmined veins and the wall rock of mined stopes in the Upper Hallnor, Broulan Reef zones and
Bonwhit zones 500 metres east of Broulan Reef.
• The drilling at Bonwhit comprised 11 holes totaling 4,437 metres; results confirm historic mineral resource
shapes and in some cases, intersected mineralization outside the current models, including: 0.42m @
67.50 g/t Au (TW24-814), and 0.47m @ 46.10 g/t Au (TW24-822).
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• Drilling at Hallnor comprised two holes totaling 1,056 metres to evaluate remaining mineralization in
unmined veins and the wall rock adjacent to previously mined stopes in the upper Hallnor zone. Significant
intercepts include: 15.76m @ 1.33 g/t Au (WHT-25-865) and 4.03m @ 6.47 g/t Au (WHT-25-870).
• Drilling at Broulan Reef comprised 51 holes totaling 13,996 metres, targeting shallow areas with historic
mineral resource estimates. Results confirmed historic shapes and intersected mineralization outside the
current models in some instances. Significant intercepts include:
◦ 0.55m @ 61.80 g/t Au (drill hole WHT-25-835), 4.94m @ 4.32 g/t Au, incl. 0.93m @ 13.33 g/t Au
(WHT-25-839), 2.89m @ 36.44 g/t Au incl. 0.38m @ 270 g/t Au (WHT-25-848), 1.15m @ 399.43 g/t
Au incl. 0.34m @ 1350.00 g/t Au (WHT-25-855)
◦ 3.15m @ 11.75 g/t Au incl. 0.36m @ 89.50 g/t Au (WHT-25-859), and 16.97m @ 6.18 g/t Au incl.
0.41m @ 34.60 g/t Au(WHT-25-876).
• The Vogel project is located approximately 1.5 kilometres east-southeast of the Bell Creek processing
plant. Previously assessed as an open pit operation with an underground component, the project was
remodeled in early 2025 solely for underground mining. Drilling from July to October 2025 comprised 10
holes totaling 4,124 metres testing mineralization approximately 100 metres to 200 metres below current
mineral resources. Many assays are pending with significant assays received to date including: 6.50m @
9.98 g/t Au incl. 0.48m @ 116.00 g/t Au (V-25-96D), and 2.05m @ 31.62 g/t Au incl. 0.51m @ 121.00 g/t
Au (V-25-96E).
Minera Florida mine, Chile
Minera Florida is an epithermal to mesothermal gold-silver-zinc underground mine located in the coastal region of
central Chile, southwest of Santiago.
• For the period November 2024 to October 2025, a total of 69,838 metres of infill and exploration drilling
was completed across several core mine structures, including: Lorena-Peque, Mila, Lo Balta-Sorpresa-
Centenario Superior, Maqui Norte, PBE, Don Leopoldo, Las Lauras, and others.
• At Lorena and Peque, infill and exploration drilling confirmed mineralization continuity and grade
extending along strike and to depth from the current mineral resources. Drilling highlights include: 2.63m
@ 4.59 g/t Au, 6 g/t Ag, 2.80% Zn (ALH4659-Lorena); 1.49m @ 15.39 g/t Au, 11 g/t Ag, 0.95% Zn (ALH4653-
Lorena); 1.30m @ 8.09 g/t Au, 6 g/t Ag, 3.12% Zn (ALH4664-Lorena); 1.10m @ 17.18 g/t Au, 69 g/t Ag,
0.06% Zn (ALH4782-Peque); 1.79m @ 6.06 g/t Au, 47 g/t Ag, 0.07% Zn (Peque) and 1.05m @ 18.75 g/t Au,
86 g/t Ag, 1.16% Zn at Peque 3 (ALH4736); 0.84m @ 12.63 g/t Au, 17 g/t Ag, 4.78% Zn (ALH4679-Peque 3).
• At Maqui Norte, infill and exploration drilling generated new inferred and indicated mineral resource,
extending approximately 150 metres north of the reported mineral reserves and infrastructure. The
structure remains open down-dip and along approximately 300 metres strike length to the north to the
PBE vein intersection. Drilling highlights include: 1.66m @ 11.34 g/t Au, 48 g/t Ag, 2.06% Zn (ALH5065);
and 1.06m @ 20.19 g/t Au, 11 g/t Ag, 0.28% Zn (ALH5025-Maqui C IV).
• At Don Leopoldo Sur, infill and exploration drilling extended mineralization approximately 50 metres
below current mine infrastructure. Highlights include: 1.84m @ 5.03 g/t Au, 11 g/t Ag, 3.11% Zn
(ALH5059); and 1.98m @ 9.56 g/t Au, 18 g/t Ag, 8.37% Zn (ALH5035). Mineralization remains open at
depth at Don Leopoldo Sur and W, with future drilling planned.
• At Lo Balta, exploration and infill drilling extended inferred mineral resource and indicated mineral
resource approximately 150 metres east along Lo Balta and Cipres structures, with an additional 150
metre strike potential open to the Centenario vein intersection. Key results include: exploration drill hole
ALH4691 at Lo Balta, with 1.08m @ 8.78 g/t Au, 13 g/t Ag, 1.55% Zn; infill drill holes ALH4773, Lo Balta
Norte vein, with 0.82m @ 15.15 g/t Au, 28 g/t Ag, 7.36% Zn; ALH4804, Cipres vein, with 0.91m @ 16.60 g/t
Au, 73 g/t Ag, 2.39% Zn; and 3.28m @ 13.84 g/t Au, 11 g/t Ag, 1.42% Zn (Centenario 1 vein – ALH5009).
NEWS RELEASE
PAN AMERICAN SILVER CORP. 6
Cerro Moro, Argentina
Cerro Moro is an underground and open pit epithermal gold-silver mine located in the Patagonia region of
southern Argentina.
• For the period November 2024 to October 2025, exploration drilling totaled 34,764 metres, including
28,871 metres of infill drilling targeting conversion of inferred mineral resource, 4,544 metres of
exploration drilling to delineate new inferred mineral resources, and 1,349 metres of exploratory drilling
to identify new mineralization. Efforts focused primarily on defining and expanding the new Naty Condor
discovery (approximately 11 kilometres south of the operation.). Additionally, drilling was carried out
along the 3.5 kilometre-long Nini core mine structure, and on the newly defined Vein 4 structure at the
Naty open pit, approximately 23 kilometres south-southwest of the operation.
• Naty Condor, discovered in late 2023 with initial drilling in mid-2024, features mineralization along an
approximately 700 metre long northwest-trending corridor, delineated to depths of 50 to 90 metres below
surface within multiple coalescing structures that form wide, often high-grade zones. Mineralization is
hosted by and proximal with the contact between bedded sedimentary strata and felsic volcaniclastic
rocks. Mineralization remains partially open to depth and along strike to the northwest and southeast.
Notable intercepts include: 17.95m @ 13.51 g/t Au, 228 g/t Ag, incl. 2.94m @ 55.14 g/t Au, 956 g/t Ag
(MD4812); 10.35m @ 8.22 g/t Au, 265 g/t Ag (MD4951); 16.80m @ 9.24 g/t Au, 36 g/t Ag (MD5153);
0.59m @ 99.60 g/t Au, 3,167 g/t Ag and 9.25m @ 10.16 g/t Au, 101 g/t Ag (MD5147); 10.54m @ 14.00 g/t
Au, 137 g/t Ag, incl. 0.90m @ 87.60 g/t Au, 280 g/t Ag (MD4881); 20.27m @ 4.20 g/t Au, 69 g/t Ag, incl.
1.45m @ 29.66 g/t Au, 71 g/t Ag (MD5046); and 17.85m @ 21.84 g/t Au, 975 g/t Ag, incl. 6.24m @ 34.16
g/t Au, 1,254 g/t Ag (MD5037).
• At the Nini zone, shallow infill and exploration drilling returned positive results, which are expected to add
new mineral resources to be reported as at June 30, 2026. Drilling highlights include: 1.37m @ 6.50 g/t Au,
777 g/t Ag (MD4936); 4.64m @ 9.51 g/t Au, 564 g/t Ag (MD4943); 1.28m @ 6.36 g/t Au, 1,167 g/t Ag
(MD4976); and 1.84m @ 31.91 g/t Au, 1,095 g/t Ag (MD5129).
• Drill results from the Naty mine Vein 4 include: 1.94m @ 3.58 g/t Au, 176 g/t Ag (MD4979); and 0.92m @
4.26 g/t Au, 387 g/t Ag (MD5051). Vein 4 is a new structure at the western margin of the Naty open pit
that remains open to depth and along strike.
DRILL RESULT HIGHLIGHTS TABLES
Jacobina, Brazil
The following table provides infill and exploration drill result highlights for the Jacobina mine for the period
November 2024 to October 2025. 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 ./
JBS00101 Joao Belo Sur LMPC 522.50 529.72 7.22 3.68 4.95
JBS00098 Joao Belo Sur LVLPC
281.83 289.50 7.67 7.28 3.40
incl. 281.83 284.00 2.17 2.06 10.34
JBS00107 Joao Belo Sur LVLPC
329.00 336.87 7.87 7.20 3.31
incl. 329.84 332.00 2.16 1.98 8.98
JBEX00129 Joao Belo Norte OFF_ R
264.50 266.00 1.50 1.23 6.01
443.00 445.00 2.00 1.86 4.52
JBEX00134 Joao Belo Norte LMPC 312.80 321.00 8.20 4.42 2.66
JBEX00135 Joao Belo Norte FW 413.50 416.05 2.55 1.33 4.64
Hole No. Sector Reef Incl. From (m) To (m) Interval
(m)
Est. True
Width (m)
Au g/t
NEWS RELEASE
PAN AMERICAN SILVER CORP. 7
MVTEX00227 Morro do Vento MU
224.65 238.22 13.57 9.42 3.39
incl. 225.00 231.00 6.00 4.16 6.00
MVTEX00228 Morro do Vento
FW 243.00 250.60 7.60 5.50 3.75
incl. 247.67 250.60 2.93 1.90 8.52
MVTEX00234 Morro do Vento LVLPC 241.00 248.03 7.03 5.99 6.89
MVTEX00236 Morro do Vento LU 222.58 225.50 2.92 2.49 39.67
MVTEX00239 Morro do Vento HOL 156.91 160.60 3.69 3.08 9.10
MVTEX00238A Morro do Vento LVLPC
148.88 160.43 11.55 10.50 3.02
187.19 191.73 4.54 4.13 6.63
MVTEX00246 Morro do Vento LVLPC 188.59 194.50 5.91 4.53 5.04
MVTEX00255 Morro do Vento LVLPC 235.50 246.00 10.50 6.67 4.48
MRCEX00027A Maricota
MR
383.03 394.39 11.36 8.97 5.67
incl. 390.50 394.39 3.89 3.07 12.03
FW
401.73 409.97 8.24 6.51 3.43
incl. 401.73 406.27 4.54 3.59 5.59
MRCEX00054 Maricota BAS 628.50 632.00 3.50 2.31 5.24
MRCEX00056 Maricota
FW 129.00 138.20 9.20 8.74 5.86
incl. 130.00 133.50 3.50 3.33 13.35
MRCEX00070 Maricota
FW 300.77 317.44 16.67 11.94 2.44
incl. 313.00 317.44 4.44 3.17 5.79
MRCEX00088 Maricota BAS 563.75 565.00 1.25 1.21 34.35
MRCEX00075 Maricota FW
488.30 497.50 9.20 9.01 3.61
incl. 492.89 496.00 3.11 3.04 8.54
MRCEX00095 Maricota FW
353.74 359.25 5.51 4.04 7.05
incl. 356.50 359.00 2.50 1.83 14.85
SCOEX00021 Serra do Corrego ITV_VALE 3.10 32.50 29.40 16.81 4.85
SCOEX00023 Serra do Corrego
ITV_VALE 29.70 35.00 5.30 2.51 17.02
HOL 115.90 118.50 2.60 2.10 6.31
MCZEX00019 Morro do Cuscuz HW
330.55 341.00 10.45 6.47 5.65
incl. 332.50 336.00 3.50 2.14 11.10
MCZEX00020 Morro do Cuscuz FW 362.00 369.00 7.00 4.41 22.25
MRCEX00081 Morro do Cuscuz FW 214.00 218.50 4.50 4.36 14.43
MRCEX00082 Morro do Cuscuz FW 228.50 232.00 3.50 3.02 20.58
CANEX00150 Canavieiras Norte MAN 157.90 160.40 2.50 1.94 2.82
LGX00010 Lagartixa MR
431.00 440.50 9.50 6.59 2.01
431.00 434.35 3.35 2.33 3.61
Hole No. Sector Reef Incl. From (m) To (m) Interval
(m)
Est. True
Width (m)
Au g/t
El Peñon Chile
The following table provides infill and exploration drill result highlights for the El Peñon mine for the period
November 2024 to October 2025. 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/.
NEWS RELEASE
PAN AMERICAN SILVER CORP. 8