Company Description:

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. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence, and prudent financial management. We are headquartered in Vancouver, B.C., and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “PAAS”.

Pan American Silver strives to continuously improve its sustainability performance by implementing industry best practices and setting new goals to improve performance and manage risk. Our Environmental, Social and Governance (ESG) values include caring for the environment in which we operate; contributing to the long-term development of our host communities; ensuring safe and secure workplaces for our employees; contributing to the welfare of our employees, local communities, and governments; and operating transparently.

Each of our operations is responsible for the development and implementation of procedures and programs that comply with our policies and standards, and with corporate initiatives such as Towards Sustainable Mining (TSM). By implementing TSM at our operations within and outside of Canada, we are voluntarily exceeding MAC’s membership requirements and setting a consistently high performance standard across all of our operating jurisdictions.

TSM Performance Assessment:

Our operating sites self-assess their performance against the TSM protocols on an annual basis. In 2025, self-assessments were performed at Cerro Moro (Argentina), El Peñon (Chile), Huaron (Peru), Jacobina (Brazil), La Colorada (Mexico), Minera Florida (Chile), San Vicente (Bolivia), Shahuindo (Peru), Timmins (Canada) and our Vancouver head office. Pan American Silver’s overall results for 2025 were strong and the Company achieved high levels of performance across most of the TSM protocols. 

Summary of 2025 TSM Results:

In 2025, we achieved or maintained Level A or higher for all indicators of the TSM protocols at all active sites, except for one indicator of the Health and Safety protocol in Shahuindo and Jacobina. We are implementing action plans to achieve Level A or higher in 2025 for these sites and maintain Level A or higher at all other sites. 

In 2025, we also reported for the first year the Tailings Management Protocol for: a) inactive sites – Manantial Espejo in Argentina and Escobal in Guatemala, and b) inactive tailings facility managed separately within an operating mine – Tranque Adosado in Minera Florida.

TSM External Verification:

In 2022, external verification of TSM performance was completed at our Timmins operations in Canada.

In 2023, the Company expanded the TSM external verification process to include three facilities outside of Canada: La Arena and Shahuindo in Peru, and Dolores in Mexico.

In 2024, external verification of TSM performance was conducted at four facilities outside of Canada: Cerro Moro in Argentina, Huarón in Peru, La Colorada in Mexico and San Vicente in Bolivia.

In 2025, external verification of TSM performance was conducted at three facilities: El Peñon[1] in Chile, Jacobina in Brazil, and Timmins in Canada. External verification was also conducted for the Corporate Crisis Management and Communications Planning protocol. The verification process confirmed that the results of our self-assessments accurately reflect Pan American Silver’s performance against the requirements of all eight TSM protocols.

Improvement Plan:

Pan American Silver is implementing specific action plans to improve its performance in the two facilities where indicators were rated at level B:

Shahuindo – Safety and Health Protocol

• Indicator 5 – Performance: The action plan will be disclosed in the 2025 Sustainability Report: https://panamericansilver.com/sustainability/sustainability-reporting/.

Jacobina – Safety and Health Protocol

• Indicator 5 – Performance: The action plan will be disclosed in the 2025 Sustainability Report: https://panamericansilver.com/sustainability/sustainability-reporting/.

Pan American Silver is also implementing specific action plans to improve its performance in two inactive tailings facilities, where some indicators of the Tailings Management Protocol were rated at level B:

Manantial Espejo – Tailings Management Protocol

• Indicator 2 – Assigned Accountability and Responsibility for Tailings Management, Indicator 3 – Tailings Management System and Emergency Preparedness, and Indicator 4 – Operations, Maintenance and Surveillance (OMS) Manual: The site will work on updating some documentation in accordance with the requirements of the protocol. The site also plans to schedule and perform an Emergency Response Plan simulation in 2026.

Minera Florida’s Inactive Tailings Facility (Tranque Adosado)  – Tailings Management Protocol

• Indicator 2 – Assigned Accountability and Responsibility for Tailings Management, Indicator 3 – Tailings Management System and Emergency Preparedness, and Indicator 4 – Operations, Maintenance and Surveillance (OMS) Manual: The site will work on updating some documentation in accordance with the requirements of the protocol. The site also plans to schedule and perform an Emergency Response Plan simulation in 2026.

[1] Indicator 3 (Effective Indigenous Engagement and Dialogue) of the Indigenous and Community Relations protocol was Not Applicable at the El Peñon Mine, as the nearest indigenous community is located outside of the area of influence of the mine.