Galleon Gold Corp press release

Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026

2026-09-16

TSXV - TSX Venture Exchange · Gold · Copper · Canada · Resource Estimate

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to report its estimated mineral reserves and mineral resources as at June 30, 2026. Proven and probable ("P&P") mineral reserves are estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 437.0 million ounces of silver and 7.2 million ounces of gold.

These figures include Pan American’s 44% attributable share of the Juanicipio mineral reserves and mineral resources following the Company’s acquisition of MAG Silver Corp., which was completed on September 4, 2025.

“Our substantial silver and gold mineral inventory reflects the strength of our diversified portfolio and the continued success of our exploration and mine development programs. We achieved meaningful mineral reserve growth across the operations, replacing over 100% of the silver extracted, while the inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base,” said Michael Steinmann, President and CEO. “Exploration success at La Colorada, Jacobina, and Timmins continues to demonstrate the quality of our asset base and our commitment to extending mine life, driving innovation, and creating long-term value for shareholders.”

As of August 31, 2026, Pan American completed 351,000 metres of drilling out of a planned total of over 500,000 metres for the calendar year 2026 across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.

Consolidated Proven and Probable Mineral Reserves, as at June 30, 2026 (1,2,3,5,7)

| Category | Tonnes (millions) | Silver (g/t) | Contained Ag (Moz) | Gold (g/t) | Contained Au (koz) | | Silver Segment (4,5) | | | | | | | Proven Reserves | 13.2 | 288 | 122.6 | 0.36 | 154 | | Probable Reserves | 44.0 | 252 | 356.8 | 0.55 | 783 | | Silver Segment Total | 57.2 | 261 | 479.4 | 0.51 | 937 | | Gold Segment (6) | | | | | | | Proven Reserves | 56.4 | 9 | 15.5 | 1.04 | 1,879 | | Probable Reserves | 90.7 | 6 | 16.2 | 1.20 | 3,511 | | Gold Segment Total | 147.2 | 7 | 31.7 | 1.14 | 5,390 | | Total P&P Reserves | 204.4 | 78 | 511.1 | 0.96 | 6,327 |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026". | | (2) | | Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information. | | (3) | | This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents. | | (4) | | Silver Segment mineral reserves comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, and Escobal. | | (5) | | Juanicipio mineral reserves are included with an effective date of April 30, 2025. | | (6) | | Gold Segment mineral reserves comprised of Jacobina, Timmins, El Peñon, Minera Florida, and Shahuindo. | | (7) | | Totals may not add up due to rounding. |

Consolidated Measured and Indicated Mineral Resources, as at June 30, 2026 (1,2,3,4,6,8)

| Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment (5,6) | | | | | | | Measured Resources | 20.8 | 157 | 105.0 | 0.11 | 70 | | Indicated Resources | 426.3 | 73 | 995.2 | 0.02 | 297 | | Silver Segment Total | 447.1 | 77 | 1,100.2 | 0.03 | 367 | | Gold Segment (7) | | | | | | | Measured Resources | 65.7 | 5 | 10.1 | 1.37 | 2,884 | | Indicated Resources | 84.6 | 6 | 16.5 | 1.56 | 4,248 | | Gold Segment Total | 150.2 | 6 | 26.6 | 1.48 | 7,132 | | Total M&I Resources | 597.3 | 59 | 1,126.7 | 0.39 | 7,499 |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026". | | (2) | | Mineral resources are reported exclusive of mineral reserves. | | (3) | | Please refer to the complete mineral reserve and resource tables at the end of this news release for more information. | | (4) | | This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents. | | (5) | | Silver Segment mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal, La Colorada Skarn, Navidad, and Manantial Espejo. | | (6) | | Juanicipio mineral resources are included with an effective date of April 30, 2025. | | (7) | | Gold Segment mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold River, Marhill, Whitney, and La Bolsa. | | (8) | | Totals may not add up due to rounding. |

Consolidated Inferred Mineral Resources, as at June 30, 2026 (1,2,3,4,6,8)

| Category | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment Inferred Resource (5,6) | 150.9 | 85 | 410.1 | 0.09 | 447 | | Gold Segment Inferred Resources (7) | 125.2 | 7 | 26.9 | 1.68 | 6,773 | | Total Inferred Resources | 276.2 | 49 | 437.0 | 0.81 | 7,220 |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026". | | (2) | | Mineral resources are reported exclusive of mineral reserves. | | (3) | | Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information. | | (4) | | This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents. | | (5) | | Silver Segment inferred mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal, La Colorada Skarn, Navidad, and Manantial Espejo. | | (6) | | Juanicipio mineral resources are included with an effective date of April 30, 2025. | | (7) | | Gold Segment inferred mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold River, Whitney, and La Bolsa. | | (8) | | Totals may not add up due to rounding. |

Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2026:

At La Colorada, 3.5 million ounces of contained silver were added to P&P mineral reserves, net of depletion from mining, through the discovery of four new veins and associated contact-related replacement mineralization in the Cristina and San Gerónimo systems, the eastward extension of the NC2 vein system, and the discovery of the La Chona Breccia. At Jacobina, 72% of mine production was replaced through successful exploration and infill drilling, specifically in the Morro do Vento and Maricota zones, after accounting for the removal of larger pillars from mineral reserves following geotechnical recommendations in certain sectors of the mine. At Timmins, the Vogel project added over 192,000 ounces of gold to inferred mineral resources. An access drift is advancing on the 610 level of the Timmins mine towards the Vogel deposit for exploration and integration into the mine infrastructure. As described in the Company’s news release dated June 1, 2026, Pan American is advancing a phased development of new mineral resources at Timmins to support potential production growth and extension of mine life. Huaron added 1.9 million ounces of contained silver to P&P mineral reserves, net of depletion from production, due to exploration success and improved economics resulting from increased metal prices exceeding increases in operating costs. San Vicente added 1.8 million ounces of contained silver to P&P mineral reserves, net of depletion from production, due to drilling and development, re-evaluation of legacy areas for mechanized development, and mining at lower cutoff grades resulting from higher metal prices. Cerro Moro added 1.6 million ounces of contained silver and 12 thousand ounces of contained gold to P&P mineral reserves, net of depletion from production, due to infill drilling and bench mapping to convert the Naty Condor mineral resources to mineral reserves, and lower cutoff grades resulting from higher metal prices. Minera Florida added 27.5 thousand ounces of contained gold to P&P mineral reserves, net of depletion from production, due to successful infill drilling on the Maqui and Mila zones and improved economics with metal price increases exceeding increases in operating costs. Contained gold in M&I mineral resources changed from 9,894 thousand ounces to 7,499 thousand ounces, largely due to the divestment of the La Pepa, Pico Machay and Lavra Velha projects. The aforementioned divestments, combined with the divestment of the Arco Sul project, resulted in a change in contained gold in inferred mineral resources from 8,560 thousand ounces to 7,220 thousand ounces.

MINERAL RESERVES AND MINERAL RESOURCES TABLES

Consolidated Pan American Mineral Reserves as at June 30, 2026 (1,4,6)

| Property | Location | Category | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (Koz) | | Silver Segment | | | | | | | | | La Colorada (2) | Mexico | Proven | 3.6 | 325 | 37.3 | 0.23 | 26 | | Probable | 7.0 | 252 | 56.9 | 0.24 | 55 | | | | Juanicipio (44%) (3,4) | Mexico | Proven | 1.0 | 410 | 13.7 | 1.30 | 43 | | Probable | 8.2 | 169 | 44.6 | 1.41 | 373 | | | | Huaron | Perú | Proven | 4.5 | 138 | 19.8 | | | | Probable | 5.5 | 129 | 22.8 | | | | | | Cerro Moro | Argentina | Proven | 0.3 | 199 | 1.9 | 5.27 | 50 | | Probable | 0.8 | 181 | 4.7 | 4.31 | 112 | | | | San Vicente (95%) (3) | Bolivia | Proven | 1.3 | 243 | 10.4 | | | | Probable | 0.4 | 249 | 2.8 | | | | | | Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34 | | Probable | 22.1 | 316 | 225.0 | 0.34 | 244 | | | | Total Silver Segment | 57.2 | 261 | 479.4 | 0.51 | 937 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Proven | 14.1 | | | 1.71 | 778 | | Probable | 41.0 | | | 1.74 | 2,295 | | | | Timmins | Canada | Proven | 3.7 | | | 2.80 | 334 | | Probable | 4.5 | | | 2.76 | 399 | | | | El Peñon | Chile | Proven | 1.0 | 169 | 5.5 | 4.28 | 140 | | Probable | 2.9 | 106 | 9.7 | 3.24 | 298 | | | | Minera Florida | Chile | Proven | 0.6 | 21 | 0.4 | 2.94 | 55 | | Probable | 2.5 | 21 | 1.7 | 3.00 | 243 | | | | Shahuindo (5) | Perú | Proven | 37.0 | 8 | 9.5 | 0.48 | 572 | | Probable | 39.9 | 4 | 4.9 | 0.22 | 277 | | | | Total Gold Segment | 147.2 | 7 | 31.7 | 1.14 | 5,390 | | | | Total P&P Reserves | 204.4 | 78 | 511.1 | 0.96 | 6,327 | | |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026". | | (2) | | La Colorada P&P mineral reserves include 2.03 million tonnes ("Mt") at an average grade of 404 g/t Ag and 0.22 g/t Au containing 26.3 million ounces of silver and 14.1 thousand ounces of gold that are subject to a net profit share agreement with a third party. | | (3) | | Represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) | | Juanicipio mineral reserves are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. | | (5) | | Shahuindo P&P mineral reserves include 8.6 Mt of blending material at zero grade. | | (6) | | Totals may not add up due to rounding. |

Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2026 (1,2,5,6)

| Property | Location | Category | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (Koz) | | Silver Segment | | | | | | | | | La Colorada (3) | Mexico | Measured | 0.3 | 276 | 2.9 | 0.13 | 1 | | Indicated | 0.7 | 209 | 4.6 | 0.16 | 3 | | | | Juanicipio (44%) (4,5) | Mexico | Measured | 0.4 | 566 | 6.4 | 1.48 | 17 | | Indicated | 0.7 | 190 | 4.6 | 1.36 | 33 | | | | Huaron | Perú | Measured | 1.4 | 92 | 4.1 | | | | Indicated | 3.6 | 90 | 10.4 | | | | | | Cerro Moro | Argentina | Measured | 0.1 | 174 | 0.4 | 4.77 | 11 | | Indicated | 0.6 | 212 | 4.2 | 3.81 | 76 | | | | San Vicente (95%) (4) | Bolivia | Measured | 0.6 | 161 | 3.1 | | | | Indicated | 0.3 | 170 | 1.7 | | | | | | Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 17 | | Indicated | 14.2 | 201 | 91.6 | 0.20 | 93 | | | | La Colorada Skarn | Mexico | Indicated | 265.4 | 36 | 308.7 | | | | Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | | | | Indicated | 139.8 | 126 | 564.5 | | | | | | Manantial Espejo | Argentina | Measured | 0.3 | 164 | 1.7 | 2.40 | 25 | | Indicated | 1.0 | 149 | 4.9 | 2.79 | 92 | | | | Total Silver Segment | 447.1 | 77 | 1,100.2 | 0.03 | 367 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Measured | 41.2 | | | 1.65 | 2,189 | | Indicated | 54.1 | | | 1.58 | 2,745 | | | | Timmins | Canada | Measured | 2.2 | | | 2.29 | 161 | | Indicated | 3.4 | | | 2.32 | 251 | | | | El Peñon | Chile | Measured | 1.0 | 136 | 4.4 | 3.97 | 127 | | Indicated | 3.7 | 94 | 11.2 | 2.91 | 348 | | | | Minera Florida | Chile | Measured | 0.6 | 13 | 0.3 | 2.61 | 52 | | Indicated | 3.1 | 14 | 1.4 | 2.54 | 254 | | | | Shahuindo | Perú | Measured | 9.8 | 6 | 1.9 | 0.35 | 111 | | Indicated | 6.3 | 6 | 1.2 | 0.37 | 74 | | | | Vogel | Canada | Indicated | 0.7 | | | 3.35 | 74 | | Gold River | Canada | Indicated | 0.7 | | | 5.29 | 117 | | Marhill | Canada | Indicated | 0.4 | | | 4.52 | 57 | | Whitney (84.26%) (4) | Canada | Indicated | 1.6 | | | 2.83 | 142 | | La Bolsa | Mexico | Measured | 10.8 | 10 | 3.5 | 0.70 | 243 | | Indicated | 10.6 | 8 | 2.7 | 0.54 | 184 | | | | Total Gold Segment | 150.2 | 6 | 26.6 | 1.48 | 7,132 | | | | Total M&I Resources | 597.3 | 59 | 1,126.7 | 0.39 | 7,499 | | |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026". | | (2) | | Mineral resources are reported exclusive of mineral reserves. | | (3) | | La Colorada M&I mineral resources include 0.06 Mt at an average grade of 248 g/t Ag, and 0.06 g/t Au containing 0.5 million ounces of silver and 0.1 thousand ounces of gold that are subject to a net profit share agreement with a third party. | | (4) | | Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (5) | | Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. | | (6) | | Totals may not add up due to rounding. |

Pan American Inferred Mineral Resources as at June 30, 2026 (1,2,5,6)

| Property | Location | Category | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (Koz) | | Silver Segment | | | | | | | | | La Colorada (3) | Mexico | Inferred | 24.0 | 187 | 144.3 | 0.20 | 152 | | Juanicipio (44%) (4,5) | Mexico | Inferred | 4.8 | 167 | 25.7 | 0.60 | 92 | | Huaron | Perú | Inferred | 9.2 | 116 | 34.4 | | | | Cerro Moro | Argentina | Inferred | 0.8 | 139 | 3.5 | 4.95 | 124 | | San Vicente (95%) (4) | Bolivia | Inferred | 2.1 | 172 | 11.7 | | | | Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 54 | | La Colorada Skarn | Mexico | Inferred | 61.7 | 30 | 58.6 | | | | Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | | | | Manantial Espejo | Argentina | Inferred | 0.5 | 106 | 1.8 | 1.49 | 25 | | Total Silver Segment | 150.9 | 85 | 410.1 | 0.09 | 447 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Inferred | 56.2 | | | 1.65 | 2,988 | | Timmins | Canada | Inferred | 7.0 | | | 2.66 | 596 | | El Peñon | Chile | Inferred | 17.5 | 36 | 20.3 | 1.05 | 592 | | Minera Florida | Chile | Inferred | 6.4 | 13 | 2.6 | 2.73 | 560 | | Shahuindo | Perú | Inferred | 10.8 | 2 | 0.7 | 0.12 | 41 | | Vogel | Canada | Inferred | 2.8 | | | 3.73 | 338 | | Gold River | Canada | Inferred | 5.3 | | | 6.06 | 1,028 | | Whitney (84.26%) (4) | Canada | Inferred | 5.6 | | | 2.24 | 406 | | La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 225 | | Total Gold Segment | 125.2 | 7 | 26.9 | 1.68 | 6,773 | | | | Total Inferred Resources | 276.2 | 49 | 437.0 | 0.81 | 7,220 | | |

| (1) | | See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025". | | (2) | | Mineral resources are reported exclusive of mineral reserves. | | (3) | | La Colorada Inferred mineral resources include 2.14 Mt at an average grade of 267 g/t Ag and 0.15 g/t Au containing 18.3 million ounces of silver and 10.3 thousand ounces of gold that are subject to a net profit share agreement with a third party. | | (4) | | Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (5) | | Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. | | (6) | | Totals may not add up due to rounding. |

Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026

| Mine | Category | Ag US$/Oz | Au US$/Oz | Cu US$/t | Pb US$/t | Zn US$/t | | La Colorada | Reserves | 26 | 2,250 | -- | 2,000 | 2,800 | | Resources | 29 | 2,450 | -- | 2,100 | 3,000 | | | Juanicipio | Reserves | 26.50 | 2,100 | -- | 2,072 | 2,645 | | Resources | 30 | 2,300 | -- | 2,006 | 2,755 | | | Huaron | Reserves | 26 | -- | 9,000 | 2,000 | 2,800 | | Resources | 29 | -- | 10,000 | 2,100 | 3,000 | | | Cerro Moro | Reserves | 40 | 3,500 | -- | -- | -- | | Resources | 43 | 3,700 | -- | -- | -- | | | San Vicente | Reserves | 26 | -- | 9,000 | 2,000 | 2,800 | | Resources | 29 | -- | 10,000 | 2,100 | 3,000 | | | Escobal | All Cat. | 20 | 1,300 | -- | 2,204 | 2,424 | | La Colorada Skarn | Resources | 22 | -- | -- | 2,200 | 2,800 | | Navidad | Resources | 12.52 | -- | -- | 1,100 | | | Manantial Espejo | Reserves | 19 | 1,500 | -- | -- | -- | | Resources | 22 | 1,700 | -- | -- | -- | | | Jacobina | Reserves | -- | 2,250 | -- | -- | -- | | Resources | -- | 2,450 | -- | -- | -- | | | Timmins | Reserves | -- | 2,250 | -- | -- | -- | | Resources | -- | 2,450 | -- | -- | -- | | | El Peñon | Reserves | 30 | 2,600 | -- | -- | -- | | Resources | 33 | 2,800 | -- | -- | -- | | | Minera Florida | Reserves | 30 | 2,600 | -- | -- | 2,800 | | Resources | 33 | 2,800 | -- | -- | 3,000 | | | Shahuindo | Reserves | 26 | 2,250 | -- | -- | -- | | Resources | 29 | 2,450 | -- | -- | -- | | | Vogel | Resources | -- | 2,450 | -- | -- | -- | | Gold River | Resources | -- | 1,200 | -- | -- | -- | | Marhill | Resources | -- | 1,125 | -- | -- | -- | | Whitney | Resources | -- | 2,400 | -- | -- | -- | | La Bolsa | Resources | 14 | 825 | -- | -- | -- |

General Notes with Respect to Technical Information

With the exception of Juanicipio, all other mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards") and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. The Mineral Resources were initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards). As the confidence categories are the same, no modifications to the confidence categories were required. The Juanicipio mineral reserves were estimated by Fresnillo. Paul Salmenmaki, P.Eng. (EGBC #40227), a Competent Person, reviewed and audited the mineral reserves. Juanicipio mineral resources were estimated by Fresnillo. Justin Glanvill (SACNASP), Principal Geologist of AMC Mining Consultants reviewed and audited the mineral resources.