Cosmos Chiu

Ovais Habib

Don DeMarco

Fahad Tariq

Lawson Winder

Adrian Day

- Pan American Silver reported its estimated mineral reserves and resources as of **June 30, 2025**.  **[771992_0000771992-25-000077_nr2025reserves.htm:0]**  **Proven and probable mineral reserves** are estimated at approximately **452.3 million ounces of silver** and **6.3 million ounces of gold**.  **[771992_0000771992-25-000077_nr2025reserves.htm:0]** 
- **Measured and indicated mineral resources** (excluding P&P reserves) total approximately **1,130.6 million ounces of silver** and **9.9 million ounces of gold**.  **[771992_0000771992-25-000077_nr2025reserves.htm:0]** 
- **Inferred mineral resources** are estimated at approximately **405.6 million ounces of silver** and **8.6 million ounces of gold**.  **[771992_0000771992-25-000077_nr2025reserves.htm:0]** 
- These estimates **do not include** mineral reserves and resources from the acquisition of MAG Silver Corp., which was completed on **September 4, 2025**, and added a **44% joint venture interest** in the Juanicipio silver mine.  **[771992_0000771992-25-000077_nr2025reserves.htm:0]**  Consolidated M&I gold mineral resources **decreased** from **15.5 million ounces** to **9.9 million ounces** for the 12-months ended June 30, 2025, largely due to the sale of the La Arena mine and Joaquin property.  **[771992_0000771992-25-000077_nr2025reserves.htm:2]**

Pan American Silver Reports Mineral Reserves and Resources as of June 30, 2025

- The Mexican Federal Economic Competition Commission (COFECE) has approved Pan American Silver's acquisition of MAG Silver Corp.  **[771992_0000771992-25-000068_cofeceapprovalnr.htm:0]** 
- All required regulatory, shareholder, and court approvals have been received, and the Arrangement is anticipated to be completed on or about **September 4, 2025**.  **[771992_0000771992-25-000068_cofeceapprovalnr.htm:0]** 
- Registered MAG shareholders must make their election by **2:00 p.m. (Vancouver time) on August 27, 2025**, to receive either **$20.54 in cash** or a default of **$0.0001 in cash and 0.755 of a Pan American common share** for each MAG Share.  **[771992_0000771992-25-000068_cofeceapprovalnr.htm:0]** 
- The aggregate consideration for the acquisition will consist of **$500 million in cash** and the remaining consideration paid in Pan American shares, subject to proration.  **[771992_0000771992-25-000068_cofeceapprovalnr.htm:0]**

PAN AMERICAN SILVER (PAAS)