Nord Precious Metals Mining Inc. press release

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

2025-09-11

TSXV - TSX Venture Exchange · Silver · Cobalt · Nickel · Gold · Copper · Rare Earth Elements · Platinum · Lithium · Cesium · Tantalum · 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, 2025. Proven and probable ("P&P") mineral reserves are estimated to contain approximately 452.3 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 1,130.6 million ounces of silver and 9.9 million ounces of gold. Inferred mineral resources are estimated to total approximately 405.6 million ounces of silver and 8.6 million ounces of gold.

"Our exploration program at La Colorada has enabled us to more than replace production at that mine as well as add 52.7 million ounces of silver in the inferred mineral resource category, mostly in the newly discovered high-grade silver zones reported in the news release dated September 8, 2025," said Christopher Emerson, Pan American’s Senior Vice President of Exploration and Geology. "Exploration success across our portfolio continues to extend the life of many of our operations."

This news release does not report on, nor include, the estimated mineral reserves and mineral resources resulting from Pan American's acquisition of MAG Silver Corp. ("MAG"). Pan American completed the acquisition of MAG on September 4, 2025, which added a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with MAG's interests in the Deer Trail and Larder exploration projects (collectively, the "MAG Properties"). For information regarding the MAG Properties, please see MAG's Annual Information Form dated March 24, 2025, available under MAG's profile at www.sedarplus.ca .

| Consolidated Proven and Probable Mineral Reserves, as at June 30, 2025 (1,2,3,4) | | | | | | | | Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment (5) | Proven Reserves | 12.3 | 271 | 106.9 | 0.38 | 150 | | Probable Reserves | 32.6 | 291 | 305.3 | 0.33 | 342 | | | Proven and Probable Reserves | 44.9 | 286 | 412.3 | 0.34 | 491 | | | Gold Segment (6) | Proven Reserves | 62.7 | 8 | 16.3 | 1.15 | 2,328 | | Probable Reserves | 90.8 | 8 | 23.8 | 1.21 | 3,519 | | | Proven and Probable Reserves | 153.5 | 8 | 40.1 | 1.18 | 5,847 | | | Total Segments (7) | Proven Reserves | 75.0 | 51 | 123.2 | 1.03 | 2,478 | | Probable Reserves | 123.4 | 83 | 329.1 | 0.97 | 3,861 | | | Proven and Probable Reserves | 198.4 | 71 | 452.3 | 0.99 | 6,339 | |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025". | | (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 ("Zn"), lead ("Pb") and copper ("Cu") grades and contents. | | (4) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral reserves. | | (5) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro. | | (6) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, and Minera Florida. | | (7) Totals may not add up due to rounding. Grades are calculated on total tonnes. |

| Consolidated Measured and Indicated Mineral Resources, as at June 30, 2025 (1,2,3,4,5) | | | | | | | | Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment (6) | Measured Resources | 21.0 | 154 | 103.8 | 0.12 | 82 | | Indicated Resources | 426.8 | 73 | 999.4 | 0.03 | 348 | | | M&I Resources | 447.8 | 77 | 1,103.3 | 0.03 | 431 | | | Gold Segment (7) | Measured Resources | 115.0 | 3 | 10.2 | 1.06 | 3,923 | | Indicated Resources | 146.4 | 4 | 17.2 | 1.18 | 5,541 | | | M&I Resources | 261.3 | 3 | 27.3 | 1.13 | 9,464 | | | Total Segments (8) | Measured Resources | 136.0 | 26 | 114.0 | 0.92 | 4,005 | | Indicated Resources | 573.1 | 55 | 1,016.6 | 0.32 | 5,889 | | | M&I Resources | 709.1 | 50 | 1,130.6 | 0.43 | 9,894 | |

| (1) See table below entitled "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) 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 Zn, Pb and Cu grades and contents. | | (5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project. | | (6) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial Espejo, Cerro Moro, and San Vicente. | | (7) Gold Segment mineral resources comprised of Jacobina, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, and Marlhill. | | (8) Totals may not add up due to rounding. Grades are calculated on total tonnes. |

| Consolidated Inferred Mineral Resources, as at June 30, 2025 (1,2,3,4,5) | | | | | | | | Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment (6) | Inferred Resources | 133.8 | 87 | 375.2 | 0.08 | 356 | | Gold Segment (7) | Inferred Resources | 176.9 | 5 | 30.4 | 1.44 | 8,204 | | Total Segments (8) | Inferred Resources | 310.7 | 41 | 405.6 | 0.86 | 8,560 |

| (1) See table below entitled "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) 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 Zn, Pb and Cu grades and contents. | | (5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project. | | (6) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, and Manantial Espejo. | | (7) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney, Pico Machay, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, and Shahuindo. | | (8) Totals may not add up due to rounding. Grades are calculated on total tonnes. | | (9) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity, as indicated in this news release. |

Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2025:

At La Colorada, the eastward extension of the veins and addition of contact-type mineralization in the Manto Sur zone described in a news release dated September 8, 2025, contributed to an estimated 52.7 million ounce increase in silver inferred mineral resources.

At Timmins, exploration focused on the Timmins West mine (Timmins mine, 144 Gap and Samson zones) and drilling at depth at the Bell Creek mine added an estimated 105.4 thousand ounces of gold M&I mineral resources and 163.8 thousand ounces of gold inferred mineral resources.

At Jacobina, the majority of mine production was replaced through successful exploration and infill drilling, with the initial reporting of new mineral reserves for the Maricota zone.

At El Peñon, essentially 100% of the silver production and 78% of the gold production was replaced. Exploration success was realized in the Pampa Campamento Norte and Chiquilla Chica zones.

Consolidated M&I silver mineral resources have not changed significantly from an estimated 1,148.0 million ounces as at June 30, 2024 to an estimated 1,130.6 million ounces as at June 30, 2025, excluding M&I resources acquired through the acquisition of MAG.

Consolidated M&I gold mineral resources decreased from an estimated 15.5 million ounces to an estimated 9.9 million ounces, largely driven by the sale of the La Arena mine and the Joaquin property.

The divestment of the La Arena mine led to a reduction of 241.5 thousand ounces of gold mineral reserves, 17.6 thousand ounces of gold M&I mineral resources, and 39.6 thousand ounces of gold inferred mineral resources. The associated divestment of the La Arena II project resulted in a reduction of 5.3 million ounces of gold M&I mineral resources and 445.2 thousand ounces of gold inferred mineral resources.

MINERAL RESERVES AND MINERAL RESOURCES TABLES

| Consolidated Pan American Mineral Reserves as at June 30, 2025 (1,2) | | | | | | | | | Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34 | | Probable | 22.1 | 316 | 225.0 | 0.34 | 244 | | | | La Colorada (3) | Mexico | Proven | 3.4 | 300 | 33.2 | 0.21 | 23 | | Probable | 6.1 | 295 | 57.5 | 0.21 | 40 | | | | Huaron | Peru | Proven | 5.3 | 145 | 24.6 | -- | -- | | Probable | 3.6 | 138 | 16.1 | -- | -- | | | | San Vicente (95%) (4) | Bolivia | Proven | 0.8 | 312 | 7.6 | -- | -- | | Probable | 0.5 | 247 | 3.8 | -- | -- | | | | Cerro Moro | Argentina | Proven | 0.3 | 223 | 2.1 | 9.94 | 92 | | Probable | 0.3 | 282 | 2.9 | 5.59 | 58 | | | | Total Silver Segment (5) | 44.9 | 286 | 412.3 | 0.34 | 492 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Proven | 19.2 | -- | -- | 1.74 | 1,069 | | Probable | 35.9 | -- | -- | 1.78 | 2,058 | | | | Shahuindo | Peru | Proven | 36.8 | 8 | 9.5 | 0.50 | 595 | | Probable | 44.2 | 5 | 6.8 | 0.27 | 383 | | | | Timmins | Canada | Proven | 5.0 | -- | -- | 2.79 | 451 | | Probable | 4.6 | -- | -- | 2.68 | 395 | | | | El Peñon | Chile | Proven | 1.1 | 187 | 6.5 | 4.37 | 152 | | Probable | 4.0 | 120 | 15.6 | 3.65 | 474 | | | | Minera Florida | Chile | Proven | 0.6 | 11 | 0.2 | 3.14 | 61 | | Probable | 2.0 | 21 | 1.4 | 3.21 | 210 | | | | Total Gold Segment (5) | 153.5 | 8 | 40.1 | 1.18 | 5,847 | | | | Total Gold and Silver Segments (5) | Proven + Probable | 198.4 | 71 | 452.3 | 0.99 | 6,339 | |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025". | | (2) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral reserves. | | (3) La Colorada Proven and Probable reserves include 1.6 million tonnes at an average grade of 440 g/t Ag and 0.26 g/t Au containing 23.2 Moz of silver and 13.7 koz of gold that are subject to a net profit share agreement with a third party. | | (4) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (5) Totals may not add up due to rounding. Grades are calculated on total tonnes. |

| Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2025 (1,2,3) | | | | | | | | | Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | -- | -- | | Indicated | 139.8 | 126 | 564.5 | -- | -- | | | | La Colorada Skarn | Mexico | Indicated | 265.4 | 36 | 308.7 | -- | -- | | Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 17 | | Indicated | 14.2 | 201 | 91.6 | 0.20 | 93 | | | | Huaron | Peru | Measured | 1.6 | 120 | 6.1 | -- | -- | | Indicated | 2.8 | 112 | 10.1 | -- | -- | | | | La Colorada (4) | Mexico | Measured | 0.4 | 229 | 3.0 | 0.12 | 2 | | Indicated | 2.6 | 144 | 11.8 | 0.35 | 29 | | | | Manantial Espejo | Argentina | Measured | 0.3 | 164 | 1.7 | 2.40 | 25 | | Indicated | 1.0 | 149 | 4.9 | 2.79 | 92 | | | | Cerro Moro | Argentina | Measured | 0.3 | 277 | 2.2 | 4.87 | 39 | | Indicated | 0.8 | 254 | 6.1 | 5.58 | 135 | | | | San Vicente (95%) (5) | Bolivia | Measured | 0.7 | 183 | 4.3 | -- | -- | | Indicated | 0.3 | 174 | 1.7 | -- | -- | | | | Total Silver Segment (6) | 447.8 | 77 | 1,103.3 | 0.03 | 431 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Measured | 39.4 | -- | -- | 1.71 | 2,171 | | Indicated | 53.7 | -- | -- | 1.65 | 2,851 | | | | La Pepa (80.0%) (5)(7) | Chile | Measured | 47.1 | -- | -- | 0.61 | 923 | | Indicated | 52.3 | -- | -- | 0.49 | 824 | | | | El Peñon | Chile | Measured | 1.0 | 138 | 4.5 | 3.79 | 124 | | Indicated | 3.8 | 91 | 11.0 | 2.69 | 327 | | | | Minera Florida | Chile | Measured | 0.7 | 16 | 0.4 | 3.12 | 72 | | Indicated | 3.3 | 19 | 2.0 | 3.17 | 334 | | | | La Bolsa | Mexico | Measured | 10.8 | 10 | 3.5 | 0.70 | 243 | | Indicated | 10.6 | 8 | 2.7 | 0.54 | 184 | | | | Lavra Velha | Brazil | Indicated | 4.5 | -- | -- | 1.96 | 282 | | Pico Machay | Peru | Measured | 4.7 | -- | -- | 0.91 | 138 | | Indicated | 5.9 | -- | -- | 0.67 | 127 | | | | Timmins | Canada | Measured | 2.0 | -- | -- | 2.41 | 153 | | Indicated | 2.1 | -- | -- | 2.28 | 153 | | | | Shahuindo | Peru | Measured | 9.3 | 6 | 1.7 | 0.34 | 101 | | Indicated | 7.0 | 6 | 1.4 | 0.36 | 81 | | | | Vogel | Canada | Indicated | 0.5 | -- | -- | 3.60 | 61 | | Gold River | Canada | Indicated | 0.7 | -- | -- | 5.29 | 117 | | Whitney (83.27%) (5) | Canada | Indicated | 1.6 | -- | -- | 2.83 | 142 | | Marlhill | Canada | Indicated | 0.4 | -- | -- | 4.52 | 57 | | Total Gold Segment (6) | 261.3 | 3 | 27.3 | 1.13 | 9,464 | | | | Total Gold and Silver Segments (6) | Measured + Indicated | 709.1 | 50 | 1,130.6 | 0.43 | 9,894 | |

| (1) See table below entitled "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) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project. | | (4) La Colorada Measured and Indicated resources include 0.1 million tonnes at an average grade of 95 g/t Ag, and 0.17 g/t Au containing 0.2 Moz of silver and 0.4 koz of gold that are subject to a net profit share agreement with a third party. | | (5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (6) Totals may not add up due to rounding. Grades are calculated on total tonnes. | | (7) Pan American has entered into an agreement to sell its interest in La Pepa; see the news release issued by Mineros S.A. dated August 11, 2025 for further details. |

| Pan American Inferred Mineral Resources as at June 30, 2025 (1,2,3) | | | | | | | | | Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | -- | -- | | La Colorada (4) | Mexico | Inferred | 15.3 | 297 | 146.5 | 0.27 | 132 | | La Colorada Skarn | Mexico | Inferred | 61.7 | 30 | 58.6 | -- | -- | | Huaron | Peru | Inferred | 6.3 | 130 | 26.1 | -- | -- | | San Vicente (95%) (5) | Bolivia | Inferred | 1.6 | 171 | 8.7 | -- | -- | | Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 54 | | Cerro Moro | Argentina | Inferred | 0.7 | 164 | 3.5 | 6.85 | 146 | | Manantial Espejo | Argentina | Inferred | 0.5 | 106 | 1.8 | 1.49 | 25 | | Total Silver Segment (6) | 133.8 | 87 | 375.2 | 0.08 | 356 | | | | Gold Segment | | | | | | | | | Jacobina | Brazil | Inferred | 52.7 | -- | -- | 1.78 | 3,026 | | Gold River | Canada | Inferred | 5.3 | -- | -- | 6.06 | 1,027 | | El Peñon | Chile | Inferred | 18.4 | 39 | 23.1 | 1.15 | 676 | | Arco Sul | Brazil | Inferred | 6.2 | -- | -- | 3.08 | 614 | | Minera Florida | Chile | Inferred | 5.7 | 16 | 2.9 | 2.85 | 520 | | Whitney (83.27 %) (5) | Canada | Inferred | 5.6 | -- | -- | 2.24 | 406 | | Pico Machay | Peru | Inferred | 23.9 | -- | -- | 0.58 | 446 | | Timmins | Canada | Inferred | 5.7 | -- | -- | 2.98 | 546 | | La Pepa (80.0%) (5)(7) | Chile | Inferred | 20.0 | -- | -- | 0.46 | 296 | | Lavra Velha | Brazil | Inferred | 4.7 | -- | -- | 1.56 | 238 | | La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 225 | | Vogel | Canada | Inferred | 1.2 | -- | -- | 3.52 | 135 | | Shahuindo | Peru | Inferred | 13.7 | 2 | 0.9 | 0.11 | 47 | | Total Gold Segment (6) | 176.9 | 5 | 30.4 | 1.44 | 8,204 | | | | Total Gold and Silver Segments (6) | Inferred | 310.7 | 41 | 405.6 | 0.86 | 8,560 | |

| (1) See table below entitled "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) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project. | | (4) La Colorada Inferred resources include 1.2 million tonnes at an average grade of 560 g/t Ag and 0.25 g/t Au containing 21.3 Moz of silver and 9.5 koz of gold that are subject to a net profit share agreement with a third party. | | (5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (6) Totals may not add up due to rounding. Grades are calculated on total tonnes. | | (7) Pan American has entered into an agreement to sell its interest in La Pepa; see the news release issued by Mineros S.A. dated August 11, 2025 for further details. |

| Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025 | | | | | | | | Mine | Category | Ag US$/oz | Au US$/oz | Cu US$/t | Pb US$/t | Zn US$/t | | Huaron | Reserves | 22.00 | | 8,000 | 2,100 | 2,600 | | Resources | 24.00 | | 9,000 | 2,200 | 2,800 | | | La Colorada | Reserves | 22.00 | 1,900 | | 2,100 | 2,600 | | Resources | 24.00 | 2,050 | | 2,200 | 2,800 | | | La Colorada Skarn | Resources | 22.00 | | | 2,200 | 2,800 | | San Vicente | Reserves | 22.00 | | 8,000 | 2,100 | 2,600 | | Resources | 24.00 | | 9,000 | 2,200 | 2,800 | | | Shahuindo | Reserves | 22.00 | 1,900 | | | | | Resources | 24.00 | 2,050 | | | | | | Timmins | Reserves | | 2,250 | | | | | Resources | | 2,400 | | | | | | Whitney | Resources | | 2,400 | | | | | Gold River | Resources | | 1,200 | | | | | Marlhill | Resources | | 1,125 | | | | | Vogel | Resources | | 2,250 | | | | | Jacobina | Reserves | | 1,900 | | | | | Resources | | 2,050 | | | | | | Cerro Moro | Reserves | 28.00 | 2,500 | | | | | Resources | 30.00 | 2,650 | | | | | | El Peñon | Resources | 25.00 | 2,250 | | | | | Resources | 27.00 | 2,400 | | | | | | Minera Florida | Reserves | 25.00 | 2,250 | | 2,100 | 2,600 | | Resources | 27.00 | 2,400 | | 2,200 | 2,800 | | | La Bolsa | Resources | 14.00 | 825 | | | | | Manantial Espejo | Resources | 22.00 | 1,700 | | | | | Navidad | Resources | 12.52 | | | 1,100 | | | Pico Machay | Resources | | 700 | | | | | Escobal | All categories | 20.00 | 1,300 | | 2,204 | 2,424 | | Arco Sul | Resources | | 1,250 | | | | | La Pepa | Resources | | 1,650 | | | | | Lavra Velha | Resources | | 1,650 | | | |