Mr. Brent Bergeron reports

PAN AMERICAN SILVER RELEASES 2023 SUSTAINABILITY REPORT

Pan American Silver Corp. has released its 2023 sustainability report describing Pan American Silver's approach and performance in the areas of environment, social and governance. A Spanish and Portuguese version of the report will be released shortly.

Highlights of Pan American Silver's 2023 ESG performance include:

• Achieved strong safety performance with zero fatalities, as well as recording the second-lowest lost-time injury frequency rate (0.69) and the lowest lost-time injury severity rate (40) in the company's history;
• Invested $14.7-million in local communities; in addition, Pan American Silver spent over $2-billion on wages, supplies, services and taxes, benefiting the national, regional and local economies where its operations are located;
• Rehabilitated 89 hectares of land across its operations;
• Received approval of the social closure plan for Manantial Espejo by the government of Santa Cruz in Argentina;
• Trained 100 per cent of security employees and contractors in human rights;
• Hired 24 per cent of women for all approved and budgeted vacant positions.

The report also includes the company's 2024 goals for ESG performance, and has been prepared in accordance with the Global Reporting Initiative Standards, including the GRI Mining and Metals Sector Disclosures, the Sustainability Accounting Standards, and Board Metals and Mining Sustainability Accounting Standard. The report also takes into consideration the Taskforce on Climate-related Financial Disclosures reporting framework.

On March 31, 2023, Pan American Silver completed the acquisition of 100 per cent of the issued and outstanding shares of Yamana Gold Inc., expanding its portfolio to include four new producing mines: Jacobina in Brazil, El Penon and Minera Florida in Chile, and Cerro Moro in Argentina. The Yamana acquisition and integration of the acquired mines have provided an opportunity for Pan American Silver to leverage the best sustainability practices and standards of both companies and to enhance the development of long-term ESG goals.

Other than financial data, which are as of the Yamana acquisition date, the report includes data for the acquired mines for the complete reporting period of Jan. 1, 2023, to Dec. 31, 2023.

The report marks the 14th annual sustainability report published by Pan American Silver. For more information on Pan American Silver's sustainability efforts and to view all reports, visit the Pan American Silver website.

S&P Global ranks Pan American Silver in the top 10 per cent

Pan American Silver's ESG performance in 2023 was recognized by S&P Global, which placed Pan American Silver in the top 9 per cent in the metal and mining industry in 2023. Its improvements in ESG were also noted by Sustainalytics, which ranked Pan American Silver in eighth place out of 27 companies in the precious metal mining sector.

About Pan American Silver Corp.

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. It also owns the Escobal mine in Guatemala that is currently not operating, and it holds interests in exploration and development projects. It has been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. It is headquartered in Vancouver, B.C., and its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol PAAS.