Pan American Silver: La Colorada Skarn and Juanicipio site visit: Cornerstones of PAAS’ silver platform

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Pan American Silver: La Colorada Skarn and Juanicipio site visit: Cornerstones of PAAS’ silver platform

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Pan American Silver

La Colorada Skarn and Juanicipio site visit:

Cornerstones of PAAS’ silver platform

Maintain Rating: BUY | PO: 77.00 USD | Price: 47.28 USD

Mexico: a core, low-cost growth engine for PAAS; Buy 09 June 2026

Last week, we attended a site visit to Pan American Silver’s (PAAS’) La Colorada (100% Equity

owned; ~22% of NAV) and Juanicipio (44% owned; ~8% NAV) mines in Mexico. Attending

from PAAS were President & CEO, Michael Steinmann; COO, Scott Campbell; and other Lawson Winder, CFA >> Research Analyst

key members of corporate and site management. We see La Colorada evolving into a Merrill Lynch (Canada)

tier-1 asset, while Juanicipio offers near-term cost savings and long-term exploration +1lawson.winder@bofa.com416 369 7592

upside. Overall, PAAS is well positioned to generate strong near-term free cash flow, Sathish Kasinathan

fund medium-term growth (La Colorada, Jacobina, Timmins) and support continued Research Analyst

BofAS

shareholder returns. We also see long-term optionality (Escobal, Navidad). Maintain Buy. +1 646 855 2769

sathish.kasinathan@bofa.com

La Colorada Skarn: A transformational silver growth asset Adam Smiarowski, CFA >>

La Colorada is transitioning from a legacy vein mine into a flagship, district-scale asset ResearchMerrill LynchAnalyst(Canada)

anchored by the Skarn deposit. The recent PEA outlines a lower-capex, long-hole stoping +1 416 369 7780

adam.smiarowski@bofa.com

approach targeting both high-grade veins and skarn, supporting ~19Moz annual silver

production in the first five years (~3x 2026E) at lower costs via zinc credits. Drilling

success continues to point to upside beyond the PEA.