Mr. Christopher Emerson reports

PAN AMERICAN SILVER PROVIDES MID-YEAR EXPLORATION UPDATE

Pan American Silver Corp. has released new drill results for its Jacobina, El Penon, La Colorada and Huaron properties, reflecting the potential for continued mineral resource replacement at these assets. In particular, drill results from La Colorada and El Penon reveal the significant exploration potential to find additional mineralized structures in underexplored ground surrounding these operations, highlighting the potential for mineral resource growth close to existing mine infrastructure.

"At La Colorada, we discovered an entirely new set of vein structures with high silver grades to the east and southeast of the main NC2 vein. At El Penon, drill results from the Pampa Sur zone bode well for potential mineral resource additions close to the existing mine infrastructure, with additional potential in the largely unexplored southern area of the mine," said Christopher Emerson, Pan American's vice-president of exploration and geology.

Pan American's exploration program focuses on near-mine exploration and mineral resource conversion throughout its portfolio. Since the last exploration update provided on Dec. 5, 2023, a total of 223,157 metres have been drilled over the Nov. 1, 2023, to April 30, 2024, period. The company plans to drill an additional 200,000 metres from May, 2024, to December, 2024.

The drill results disclosed in this news release, together with the results from the second half of the 2023 drill program, will be integrated into the company's mineral reserves and mineral resources update as at June 30, 2024, which is expected to be released in August, 2024. All intercepts are reported as estimated true widths in metres (m).

Exploration highlights

Jacobina mine, Brazil

Jacobina is an underground paleo-placer gold mine located in the state of Bahia in northeastern Brazil. Mineralization is hosted by a series of steeply to moderately dipping quartz pebble conglomerate reefs, which range up to several metres in width. The mine complex extends over eight kilometres north/south, with mineral resources and exploration targets extending over a 14-kilometre trend. Mineralization remains open at depth and along strike in multiple areas.

• Recent drilling at Jacobina totalled 30,426 metres, utilizing up to 13 surface and underground diamond drill rigs. The program included 18,847 m of infill drilling to support conversion of inferred to indicated mineral resources at Joao Belo Sul, Morro do Vento, Serra do Corrego and Maricota zones. Exploration drilling totalling 7,930 m was aimed at adding new mineral resources at the Maricota, Joao Belo Sul, Joao Belo Norte and Morro do Vento zones. In addition, 3,649 m of exploration drilling tested new targets proximal to the mine area.
• A total of 7,088 m of infill drilling at Joao Belo Sul confirms mineralization continuity, with drill hole JBS00062 returning 6.42 m at 2.37 grams per tonne Au, including 2.72 m at 3.90 g/t Au and 6.23 m at 2.77 g/t Au, including 2.87 m at 4.12 g/t Au.
• At Morro do Vento, infill drilling confirms continuity and higher grades in the upper reefs in areas that had limited previous drilling. Hole MVTEX00195 returned 3.29 m at 15.40 g/t Au and 6.11 m at 2.48 g/t Au, including 2.10 m at 3.77 g/t Au. Hole MVTEX00191 included 8.14 m at 4.31 g/t Au, including 2.22 m at 6.38 g/t Au. A portion of the lower conglomerate zone was successfully converted to indicated mineral resources with infill hole MVTEX00193 returning 6.76 m at 3.91 g/t Au and 2.48 m at 4.53 g/t Au and MVTEX00198, with 7.02 m at 2.35 g/t Au, including 2.64 m at 4.24 g/t Au.
• Exploration and infill drilling at Maricota also confirmed grade continuity. Drill highlights include holes MRCEX0019, with 8.45 m at 2.22 g/t Au, including 4.84 m at 3.05 g/t Au, MRCEX0016 with 2.56 m at 4.04 g/t Au (LVLPC reef) and 1.19 m at 56.48 g/t Au (HW reef), and infill hole MRCEX00020, with 2.88 m at 5.88 g/t Au. The Maricota zone remains open at depth and along strike to the north.
• Infill drill results at Serra do Corrego confirm higher grades characteristic of this sector. Highlights include drill hole SCOEX00017 with 11.59 m at 3.37 g/t Au (including 4.17 m at 4.90 g/t Au and 2.83 m at 4.17 g/t Au), and 14.00 m at 5.55 g/t Au (including 3.30 m at 15.92 g/t Au and 2.47 m at 6.07 g/t Au).

El Penon, Chile

El Penon is a high-grade low-sulphidation epithermal vein Au-Ag (gold-silver) deposit, located at an average elevation of 1,800 m above sea level within the Paleocene mineral belt of northern Chile. The deposit consists of a series of steeply to moderately dipping, north-south-striking quartz veins, which extend within a 14-kilometre-long northeast-trending corridor. The 122,000 ha property hosts several satellite deposits and targets, which are actively being explored.

• Recent drilling totalled 44,645 m (20,538 m infill drilling and 24,107 m exploration) with up to 14 drill rigs. Infill drilling focused on conversion of inferred to indicated mineral resources in several main structures (El Valle, Pampa Campamento and Martillo Flats SSE (south-southeast) veins) and at the Chiquilla Chica and Tostado Sur zones, located 20 kilometres and eight kilometres southwest of the core mine area, respectively.
• Continued positive infill and exploration drilling at the central El Valle vein and northern extension of the Pampa Campamento vein. Highlights at Pampa Campamento include UIP0163, with 0.95 m at 11.0 g /t Au and 258 g/t Ag and 1.80 m at 12.2 g/t Au and 182 g/t Ag, and UIP0155, with 0.72 m at 21.5 g/t Au and 748 g/t Ag and UEP0060 returned 0.76 m at 7.6 g/t Au and 207 g/t Ag. Infill drilling at El Valle confirms high-grade structures with SIV0007 returning 1.33 m at 13.1 g/t Au and 403 g/t Ag, and 0.61 m at 28.5 g/t Au and 204 g/t Ag, UIV0076 with 1.67 m at 11.7 g/t Au and 449 g/t Ag and hole SEV0009 intersected 1.11 m at 12.0 g/t Au and 356 g/t Ag.
• Initial exploration drilling at the newly discovered Pampa Sur vein, south of the core mine area, returned positive results in hole SEP0050, with 0.80 m at 15.6 g/t Au and 94 g/t Ag, and hole SEP0032 with 1.22 m at 22.2 g/t Au and 1,005 g/t Ag. Pampa Sur represents an excellent opportunity to add new mineral resources close to existing mine infrastructure.
• High-grade silver results have been confirmed in infill drilling at Tostado Sur zone with 1.03 m at 7,574 g/t Ag and 0.1 g/t Au (drill hole SIH0015), 1.02 m at 3,802 g/t Ag (SIH0014), and 7.50 m at 1,217 g/t Ag and 0.1 g/t Au (SIH0016).

La Colorada mine, Mexico:

The La Colorada mine is a silver-rich polymetallic vein mine located in the state of Zacatecas, Mexico. The deposit is an intermediate sulphidation epithermal vein system, with associated splays. Individual veins are typically one to two metres wide with strike lengths of between 900 metres and 1.5 kilometres.

• A total of 75 holes for 15,705 m of infill drilling was completed, focusing on the vein targets (NC2, Mariana, Intermedia, Veta 3, SE system and Liz) from both surface and underground. 15 surface exploration holes successfully extended the NC2 vein to the east and intercepted two new structures (Mariana and Intermedia).
• Results from drilling on the east extension of the NC2 vein returned high-grade silver intercepts. Drill highlights include: S-108-23 with 1.42 m at 1,131 g/t Ag (silver), 3.05 per cent Pb (lead), 5.50 per cent Zn (zinc) (NC2 vein) and 0.85 m at 760 g/t Ag, 0.48 per cent Pb, 0.86 per cent Zn (Mariana vein) and S-27-24, with 1.04 m at 5,991 g/t Ag, 4.06 per cent Pb, 8.74 per cent Zn (NC2 vein), 0.59 m at 2,291 g/t Ag, 3.27 per cent Pb, 6.08 per cent Zn (Intermedia East vein) and 2.51 m at 426 g/t Ag, 1.22 per cent Pb, 3.63 per cent Zn (Mariana vein).
• S-05-24 drill hole, planned as part of the La Colorada Skarn infill program, intercepted several structures in the San Geronimo vein system south of the NC2 Vein. Drill hole S-05-24 intersected a new vein with 1.41 m at 825 g/t Ag, 4.48 per cent Pb, 9.26 per cent Zn, a splay vein with 1.95 m at 1,755 g/t Ag, 2.69 per cent Pb, 5.78 per cent Zn and a second structure with 2.16 m at 1,190 g/t Ag, 1.19 per cent Pb, 2.22 per cent Zn. This drill hole confirms additional structures at the San Geronimo vein system in addition to the three already-known veins covering an area of 400 m along strike and 600 m vertical.
• A new vein system parallel to the NC2 vein was discovered in the SE area of the mine based on the drilling of S-20-24 and S-71-24. S-20-24 intersected the Cristina vein with 5.67 m at 614 g/t Ag, 2.10 per cent Pb and 5.95 per cent Zn, and new splay veins with 0.36 m at 2,336 g/t Ag, 2.24 per cent Pb, 4.52 per cent Zn, 1.12 m at 1,212 g/t Ag, 2.32 per cent Pb, 2.59 per cent Zn and 0.65 m at 1,551 g/t Ag, 5.28 per cent Pb and 7.93 per cent Zn. S-71-24 intersected the Cristina vein with 1.89 m at 3,342 g/t Ag, 0.96 g/t Au, 4.62 per cent Pb and 4.67 per cent Zn, and a second vein with 29.51 m at 128 g/t Ag, 0.85 g/t Au, 2.28 per cent Pb and 5.80 per cent Zn.

Huaron mine, Peru

The Huaron mine, situated in the western cordillera of the Andes within the Cerro de Pasco department of central Peru, is a polymetallic deposit featuring zinc, lead, silver and copper. The deposit is defined by hydrothermal veins and replacement bodies hosted in folded and faulted sedimentary rocks.

• A total of 78 holes for 18,419 m were drilled, focused on brownfield extensions to define new inferred mineral resources along principal structures in the mid and lower portion of the mine area as well as the Horizonte zone. The Horizonte zone is an emerging multiple vein system southwest of the core mine area. Development along these veins continues to define mineral resources in this area.
• High-grade mineralization on the Patrick vein was extended by 200 m and remains open at depth. Results include DDH-U-041-24 with 1.66 m at 819 g/t Ag, 11.53 per cent Pb and 14.48 per cent Zn, and hole DDH-U-047-24 with 5.46 m at 331 g/t Ag, 1.32 per cent Pb and 3.58 per cent Zn.
• The east extension on the Cometa Ramal vein was confirmed with DDH-U-049-24 with 2.32 m at 627 g/t Ag, 3.36 per cent Pb and 17.77 per cent Zn, hole DDH-U-018-24 with 4.0 m at 333 g/t Ag, 5.50 per cent Pb and 20.44 per cent Zn, and DDH-U-085-23 with 1.50 m at 528 g/t Ag, 4.01 per cent Pb and 7.47 per cent Zn.
• Drilling on the Labor Este vein confirmed a 300-metre extension along strike and 100 metres down dip. New results include hole DDH-U-027-24 with 1.68 m at 332 g/t Ag, 6.77 per cent Pb and 6.78 per cent Zn.

Drill result highlight tables

Jacobina, Brazil

The attached table provides infill and exploration drill result highlights for the Jacobina mine. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available.

El Penon, Chile

The attached table provides infill and exploration drill result highlights for the El Penon mine. Full infill and exploration drill results not included in this table, together with longitudinal sections and plans, are available at the company's website.

La Colorada, Mexico

The attached table provides the drill result highlights for the La Colorada mine. Full drill results not included in this table, together with cross sections and plans, are available at the company's website.

Huaron, Peru

The attached table provides infill and exploration drill result highlights from the medium, lower and Horizonte sectors of the Huaron mine. Full drill and channel sampling results not included in this table, together with cross sections and plans, are available at the company's website.

General notes with respect to technical information

Grades are shown as contained metal before mill recoveries are applied. The company has undertaken a verification process with respect to the data disclosed in this news release.

Samples are analyzed at a variety of laboratories, including by in-house staff at the mine (Jacobina and La Colorada), mine laboratories operated by third party independent commercial labs (Huaron), and commercial laboratories off site (La Colorada, El Penon and Jacobina). All the assay data reported in this news release has been subjected to the industry standard quality assurance and quality control (QA/QC) program including the submission of certified standards, blanks and duplicate samples. The results are reviewed on a monthly and quarterly basis by management. In general, the assay analytical technique for silver, lead, zinc and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses fire assay and atomic absorption spectrometry (AAS) finish. A gravimetric finish would be used if the gold assay exceeds greater than 10 g/t (or greater than five g/t at El Penon). The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The off-site commercial laboratories are independent from Pan American and certified by ISO 17025:2017.

The qualified persons are of the opinion that the sample preparation, analytical and security procedures followed for the samples are sufficient and reliable for the purpose of this news release and for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the qualified persons' verification process. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.

Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

See the company's annual information form dated March 26, 2024, available at SEDAR+, or the company's most recent Form 40-F filed with the United States Securities and Exchange Commission for further information on the company's material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters, and methods used by the company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the company's business and the potential development of the company's mineral reserves and mineral resources.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, vice-president of exploration and geology, and Martin Wafforn, PEng, senior vice-president technical services and process optimization, each of whom is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). Pan American is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in reserved practice under permit to practice No. 1001470.

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.

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