Mr. Siren Fisekci reports

PAN AMERICAN SILVER PROVIDES EXPLORATION UPDATE FOR ITS TIMMINS OPERATIONS; ADVANCES PLANS FOR POTENTIAL PRODUCTION GROWTH AND MINE LIFE EXTENSION

Pan American Silver Corp. has provided an update on an extensive exploration program conducted at its Timmins operation in Ontario, Canada, which has identified new mineral resources at the Bell Creek mine and satellite deposits. Based on the success of this program, Pan American is advancing a conceptual plan for a phased development of these new mineral resources to support potential production growth and extension of mine life at Timmins.

The first phase of the Timmins camp project has commenced following approval by the company's board of directors for a 625-metre shaft extension project at the Bell Creek mine, an 814 m drift to access the Vogel deposit and a 1.3-kilometre exploration drift to access the Samson deposit, with a total investment of approximately $146-million. The initial spending on the first phase was included in the company's 2026 guidance of $40-million to $43-million of project capital at Timmins, and there are no changes to the company's 2026 annual guidance.

"With significant installed processing capacity and infrastructure already in place, projects such as the Bell Creek shaft extension and the Vogel and Samson access drifts allow the development of new mineral resources and position Timmins for future production growth and extended mine life," said Michael Steinmann, president and chief executive officer of Pan American. "The potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform."

The Timmins operations are currently comprised two underground gold mines approximately 34 km apart, the Timmins West mine and the Bell Creek mine, which both supply ore to the Bell Creek processing plant. The plant has a design capacity of approximately 5,600 tonnes per day (tpd) with current throughput of approximately 4,400 tpd. The Timmins camp project is aimed at increasing infrastructure utilization to support sustained production from the Timmins operations over time. Pan American is advancing the Timmins camp project through further engineering studies, mine planning, metallurgical evaluations, underground development and mineral resource conversion programs.

In 2026, the company is planning to drill a total of approximately 118,000 m at Timmins focused on near-mine exploration and mineral resource conversion. Pan American anticipates publishing an update to the estimated mineral reserves and mineral resources for Timmins, Vogel and Gold River, as of June 30, 2026, with the corporate-wide update in the third quarter of 2026.

Bell Creek mine exploration highlights

The Bell Creek mine and mill complex is located approximately 14 km northeast of the city of Timmins, Ont.

The current mineral reserves at the Bell Creek mine extend to a depth of approximately 1,925 m below surface (1925 Level). A 48,000 m exploration drill program began in 2023 to define mineral resources between the 1925 Level and 2,600 m below surface (2600 Level). Over the past 18 months, 16,814 m of drilling has been completed, targeting the deep projection of the mineralized veins. Results indicate two mineralized shoots approximately 100 m apart and splitting the main mineralized body into eastern and western extents. The drill results demonstrate strong continuity of the mineralization to the 2600 Level.

The following reflects the Bell Creek drill highlights for the period January, 2025, to April, 2026. All intercepts are reported as estimated true widths. Please refer to the "Drill Results Highlights" tables beginning on page four of this news release for additional details.

• 18.6 metres at 3.06 grams per tonne Au and 9.8 m at 5.0 g/t Au (drill hole BC1495-5934B-EX);
• 9.4 m at 3.69 g/t Au and 5.9 m at 5.32 g/t Au (drill hole BC1495-5934D);
• 7.4 m at 2.88 g/t Au and 3.5 m at 8.49 g/t Au (drill hole BC1495-5934C-LR);
• 6.2 m at 3.50 g/t Au and 4.0 m at 5.65 g/t Au (drill hole BC1495-5931C).

Bell Creek shaft extension project

The Bell Creek shaft extension project is designed to deepen the existing shaft by 625 m, from 1,080 m (below surface) to 1,705 m below surface, enabling access to mine deeper mineralization identified through recent exploration drilling. On-site activities are anticipated to commence in July, 2026, and the Bell Creek shaft extension project is expected to require approximately three years to complete, with commissioning in the first half of 2029.

The deepening of the Bell Creek mine shaft is expected to extend the mine life at Bell Creek and position the operation as the long-term infrastructure anchor to support development of additional mineral sources and a district-scale integrated mine plan over the coming years. In addition, the Bell Creek shaft extension project is anticipated to: provide cost-efficiencies through reduced haulage distances and requirements for trucking fleet and ventilation; and reduce annual CO2 (carbon dioxide) emissions associated with deeper mining operations.

Vogel project

The Vogel project is located approximately 1.5 kilometres east-southeast of the Bell Creek mine complex and was previously assessed as an open pit with an underground mine below the pit. In 2025, the Vogel project was remodeled and assessed solely for underground mining potential.

Drilling between October, 2025, and March, 2026, comprised of 28 holes totalling 12,429 m, tested mineralization along strike and at depth beyond the limits of the current geological model and mineral resources. The drill results identified down-dip extension, as well as areas of thicker and higher-grade gold mineralization farther down-dip than previously modelled, significantly expanding the mineralized zone. Drilling is continuing and has transitioned to infill drilling of the inferred mineral resources.

To support future development and accelerate infill drilling of the deeper part of the deposit, an 814 m underground drift from the Bell Creek 610 Level commenced in April, 2026. Underground drilling is planned for the second half of 2026, following up on the strong drill intercepts from the 2025 and 2026 programs.

The following reflects Vogel drill highlights for the period from December, 2025, to April, 2026. All intercepts are reported as estimated true widths. Please refer to the "Drill Result Highlights" tables beginning on page four of this news release for additional details.

• 19.9 m at 8.11 g/t Au, including 1.7 m at 77.74 g/t Au and 8.7 m at 3.21 g/t Au (drill hole V-26-117A);
• 10.5 m at 8.82 g/t Au and 15.7 m at 2.00 g/t Au (drill hole V-25-102);
• 9.0 m at 8.73 g/t Au, including 2.2 m at 29.33 g/t Au and 18.7 m at 1.45 g/t Au (drill hole V-26-119);
• 5.1 m at 6.30 g/t Au (drill hole V-25-106);
• 12.2 m at 2.62 g/t Au (drill hole V-25-104).

As of June 30, 2025, Vogel is estimated to contain 61,000 ounces of indicated gold mineral resources ((0.5 million tonnes (Mt) grading 3.60 Au grams per tonne (g/t)) and 135,000 ounces of inferred gold mineral resources (1.2 mt grading 3.52 Au g/t) down to an elevation 400 m to 450 m below surface. Please refer to the company's mineral reserves and mineral resources as at June 30, 2025, provided in the company's management's discussion and analysis (MD&A) for the period ending Dec. 31, 2025, and available on the company's profile on SEDAR+.

Timmins West mine/Samson project

The Samson project (previously known as the 144 south) is located approximately 3.3 km southwest of the Timmins West mine shaft and forms part of Pan American's broader Timmins mineral resource base. As of June 30, 2025, Samson was reported under the Timmins West mine and is estimated to contain 118,000 ounces of gold inferred mineral resources (1.7 mt grading 2.20 Au g/t) with the bulk of this mineral resource centred around an elevation that is approximately 800 m below surface. Please refer to the company's mineral reserves and mineral resources as at June 30, 2025, provided in the company's MD&A for the period ending Dec. 31, 2025, and available on the company's profile on SEDAR+. The company anticipates providing an updated mineral resource estimate for Vogel as of June 30, 2026.

In 2025, Pan American commenced development of a 1.3 km underground exploration drift on the 820 Level from the farthest southwest existing Timmins West mine infrastructure to support underground drilling and future development activities.

Over 60,000 m have been drilled between 2013 to 2026 on the Samson project, which has improved confidence and geological knowledge of the deposit. Drilling targeted the deep, down plunge and lateral extents of the known gold mineralization envelope and a gap in previous drilling programs between the upper and lower zones.

The following reflects Timmins West/Samson project drill highlights. All intercepts are reported as estimated true widths. Please refer to the "Drill Results Highlights" tables beginning on page four of this news release for additional details.

Drill highlights previously released by Lake Shore Gold Corp.:

• 2.01 g/t Au over 41.7 m, including 14.76 g/t Au over 3.0 m and 3.82 g/t Au over 5.6 m (Hwy-12-45) (released on Jan. 21, 2013);
• 12.60 g/t Au over 1.3 m and 1.30 g/t Au over 57.7 m, including 4.06 g/t Au over 7.6 m (Hwy-11-28) (released on Jan. 21, 2013);
• 202 g/t Au over 0.30 m (Hwy-11-30) (released on Jan. 21, 2013);
• 3.11 g/t Au over 19.1 m, 5.38 g/t Au over 3.6 m, 5.30 g/t Au over 2.7 m and 4.22 g/t Au over 2.7 m (Hwy-15-142) (released on Oct. 28, 2015).

Drill highlights for the period from August, 2023, to December, 2025, include:

• 10.3 m at 1.94 g/t Au (wedge drill hole HWY-15-148A);
• 2.8 m at 4.54 g/t Au including 0.8 m at 11.70 g/t Au (HWY-24-199A);
• 5.6 m at 2.65 g/t Au (HWY-25-200A);
• 3.8 m at 2.14 g/t Au (wedge drill hole HWY-15-140W4).

Gold River project

The Gold River satellite deposit is located approximately 3.6 km southeast of the Timmins West mine. It is estimated to contain approximately 117,000 ounces of indicated gold mineral resources (0.7 mt grading 5.29 Au g/t) and 1.03 million ounces of inferred gold mineral resources (5.3 mt grading 6.06 Au g/t), as of June 30, 2025. Please refer to the company's mineral reserves and mineral resources as at June 30, 2025, provided in the company's MD&A for the period ending Dec. 31, 2025, and available on the company's profile on SEDAR+.

Between 2017 and 2019, Tahoe Resources Inc. completed 66,253 m of infill drilling in 151 holes, with significant intervals such as:

• 7.5 m at 66.87 g/t Au (TH-17-164);
• 2.0 m at 107.62 g/t Au, including 0.2 m at 896 g/t Au (TH-18-225);
• 14.7 m at 5.85 g/t Au (TH-18-228);
• 3.4 m at 21.71 g/t Au (TH-18-202A).

Multiple mineralized zones have been delineated over a 3.3 km strike length and remain open at depth, highlighting significant potential for continued mineral resource expansion within a well-endowed structural setting.

Pan American has been advancing metallurgical and engineering studies for the Gold River deposit, including evaluating various enhancements to the processing circuit to address the metallurgy of Gold River, culminating in a recently completed scoping-level assessment of the conceptual addition of flotation and pressure oxidation processing capabilities at the Bell Creek processing plant to treat the single refractory mineralization of the Gold River deposit. As technical studies continue to progress, Gold River shows the potential to become an important future production source.

Additional district opportunities

Pan American continues to advance exploration, technical work and evaluation of the Whitney project (84.26-per-cent Pan American interest), located approximately 4.5 km south of the Bell Creek mine and mill complex. The company also maintains exposure to additional district opportunities through its strategic investment in Galleon Gold Corp., which owns the West Cache gold project adjacent to the Timmins West mine.

Drill results highlight tables

Bell Creek mine

The attached table provides exploration results from the deep drilling program targeting the extension of the Bell Creek zones down to approximately the 2,600 Level. Full infill and exploration drill results not included in this table, together with cross sections, plans and locations, are available at the company's website.

Vogel project

The attached table provides infill and exploration drill result highlights from the Vogel project. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at the company website.

Samson project

The attached table provides infill and exploration drill result highlights from the Samson project. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at the company's website.

Gold River project

The attached table provides infill and exploration drill result highlights from the Gold River project. Full infill and exploration drill 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. All samples provided in this news release were assayed by ALS Ltd. assay laboratory in Vancouver, B.C., or Rouyn-Noranda, Que., Activation Laboratories Ltd. in Timmins, Ont., or SGS Canada Inc. laboratory in Cochrane, Ont. These labs operate a full preparation and fire assay, and one or more of atomic absorption, gravimetry and ICP-OES analysis. Fire assay with atomic absorption finish is conducted on a 50-gram aliquot taken from the pulp. For overlimit assay values (greater than 10.0 g/t gold), another 50-gram aliquot is used for fire assay with gravimetric finish. All labs are independent of Pan American and accredited by ISO/IEC 17025:2017.

Pan American implements a quality assurance and quality control (QAQC) program including the submission of certified standards, blanks and duplicate samples to the laboratories. The results of the QAQC samples submitted to Actlabs and NMAL demonstrate acceptable accuracy and precision. The qualified persons have verified the data disclosed in this news release and they are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable 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.

See the company's annual information form dated Feb. 18, 2026, available at SEDAR+, or the company's most recent Form 40-F filed with the United States Securities and Exchange Commission, for further information concerning QAQC and data verification matters, 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, senior vice-president, exploration and geology, Martin Wafforn, PEng, senior vice-president, technical services and process optimization, and Christopher Wright, PGeo, vice-president, mineral resource management, each of whom is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 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 a 44-per-cent joint venture interest in the operating Juanicipio mine in Mexico, a 100-per-cent interest in 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.

We seek Safe Harbor.