Mr. Brent Bergeron reports

PAN AMERICAN SILVER RELEASES 2024 SUSTAINABILITY REPORT

Pan American Silver Corp. today released its 2024 sustainability report, outlining Pan American's approach and performance in environmental, social and governance (ESG) matters. Spanish and Portuguese versions of the report will be available shortly.

Highlights of Pan American's 2024 ESG performance include:

• Reduced water use by over 220,000 cubic metres compared with the 2024 base case;
• Completed the installation of a new filter tailings storage facility at the Huaron mine in Peru;
• Surpassed the annual greenhouse gas emissions (GHG) reduction target, which keeps the company on track to reduce its global Scope 1 and 2 GHG emissions by at least 30 per cent by 2030;
• Contributed $20.3-million (U.S.) to local communities, including the launch of three new economic development programs. Health and education programs are also a focus of the company's community investments;
• Women accounted for 23 per cent of hires in approved and budgeted vacant positions;
• Evaluated 264 suppliers through the new supplier due diligence platform.

The report outlines Pan American's 2025 ESG performance goals and has been prepared in alignment with the Global Reporting Initiative (GRI) standards and the Sustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard. The report also contains information that considers the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).

This report marks the 15th annual sustainability report published by Pan American.

Pan American also reported today its progress toward conformance with the World Gold Council's Responsible Gold Mining Principles (RGMP). These principles establish clear expectations for consumers, investors and the downstream gold supply chain regarding responsible gold mining.

S&P Global ranks Pan American in the top 10 per cent of the metals and mining industry

Pan American's ESG performance in 2024 was recognized by S&P Global, placing the company in the top 7 per cent of the metals and mining industry. Additionally, Pan American was included in the S&P Global Sustainability Yearbook 2025, which distinguishes companies demonstrating strong commitments to responsible mining, environmental stewardship and transparent reporting. The company's ESG performance improvements were also acknowledged by MSCI Inc., which upgraded Pan American's score from BBB to A.

About Pan American Silver Corp.

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The company also owns the Escobal mine in Guatemala that is currently not operating, and the company holds interests in exploration and development projects. The company has been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. The company 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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