Pan American Silver Discovers New High-Grade Veins at the La Colorada Mine .bwalignc { text-align: center; list-style-position: inside } .bwalignl { text-align: left } .bwblockalignl { margin-left: 0px; margin-right: auto } .bwcellpmargin { margin-bottom: 0px; margin-top: 0px } .bwleftsingle { border-left: solid black 1pt } .bwlistdisc { list-style-type: disc } .bwpadb3 { padding-bottom: 4px } .bwpadl0 { padding-left: 0px } .bwpadl1 { padding-left: 5px } .bwpadr0 { padding-right: 0px } .bwrightsingle { border-right: solid black 1pt } .bwsinglebottom { border-bottom: solid black 1pt } .bwtablemarginb { margin-bottom: 10px } .bwtopsingle { border-top: solid black 1pt } .bwvertalignb { vertical-align: bottom } .bwvertalignm { vertical-align: middle } .bwwidth100 { width: 100% } .bwwidth11 { width: 11% } .bwwidth17 { width: 17% } .bwwidth8 { width: 8% } Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports new drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas, Mexico. Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization featuring wide mineralized intercepts with high silver, gold, and base metal grades. "Exploration at La Colorada continues to deliver exceptional results, highlighted most recently by the discovery of at least four new high-grade veins in the southeastern Candelaria zone," said Christopher Emerson, Senior Vice President of Exploration and Geology. "With silver assays exceeding 1,000 g/t in 40% of the reported drill holes, many with attendant high base-metal and gold grades, the discovered structures indicate the potential to add to the mineral resources at La Colorada, which we look forward to reporting in our mineral reserve and mineral resource update as at June 30, 2026. Importantly, these exploration results further substantiate our revised approach for a phased development plan at La Colorada that targets the higher grade zones of the vein mine and skarn deposit." The results summarized in this news release are from drilling completed between November 2025 and January 2026, comprising 17,774 metres in 38 holes, and build on the results previously reported in news releases dated September 8, 2025 and December 1, 2025. All intercepts are reported as estimated true widths in metres ("m"), unless indicated otherwise. Please refer to the "La Colorada Drill Result Highlights" table in this news release for additional details. The full table of drill results, collars, plans and long sections for this period is available at https://panamericansilver.com/operations-2/silver-segment/la-colorada/ together with previously reported drill results for La Colorada. EXPLORATION HIGHLIGHTS San Gerónimo, Cristina and new Secondary Veins Drilling between the Cristina and San Gerónimo systems in the southeastern Candelaria Mine has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization. These features exhibit wide mineralized intercepts characterized by high silver, gold, and base metals grades. The currently defined Filomena, Nicolasa, Bernardina and Josefina veins, together with their associated splays, form a structural cluster delineated over an approximate 500-metre strike length and a 500-metre vertical extent. These veins follow similar west-northwest trends, contributing to a combined strike length of approximately 2,500 metres between the previously recognized Cristina and San Gerónimo veins. Mineralization widens near lithological contacts with a combination of vein and contact-related replacement styles. This reinterpretation constitutes a significant advancement that continues to drive exploration success in the southeastern zone. An aggressive infill and extensional drilling campaign and underground development program is currently underway with the intention of expanding and defining this mineralized zone. A new exploration crosscut on Level 588, planned for a total of 570 metres, had advanced 170 metres by the end of January 2026. A second crosscut on Level 448 was initiated in the first quarter of 2026 to improve zone access and drill coverage. Drill hole result highlights from the Cristina/Filomena and San Gerónimo vein systems include: S-153-25 with 11.60 m @ 241 g/t Ag, 0.81 g/t Au, 2.08% Pb, 4.48% Zn (Filomena vein) S-153-25 with 2.15 m @ 550 g/t Ag, 0.76 g/t Au, 0.34% Pb, 0.70% Zn (Splay) S-161-25 with 1.03 m @ 9,730 g/t Ag, 6.19 g/t Au, 2.62% Pb, 5.67% Zn (Cristina vein) S-161-25 with 2.26 m @ 286 g/t Ag, 0.34 g/t Au, 7.82% Pb, 7.99% Zn (Filomena vein) S-171-25 with 5.13 m @ 1,000 g/t Ag, 0.77 g/t Au, 3.69% Pb, 6.72% Zn (Filomena vein) S-178-25 with 0.50 m @ 2,616 g/t Ag, 0.28 g/t Au, 1.84% Pb, 2.88% Zn (Splay) S-184-25 with 2.82 m @ 973 g/t Ag, 0.35 g/t Au, 0.62% Pb, 1.60% Zn (Splay) S-176-25 with 1.30 m @ 528 g/t Ag,