Pan American Silver Announces Normal Course Issuer Bid

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted the Company’s notice of its intention to make a normal course issuer bid (the “Bid”) to purchase up to 18,232,990 of its common shares, representing up to 5% of Pan American’s issued and outstanding shares as at February 29, 2024. Purchases pursuant to the Bid will be made on the open market through the facilities of the TSX and the New York Stock Exchange (“NYSE”) and alternative trading systems in Canada and the United States. The period of the Bid will begin on March 6, 2024 and will continue until March 5, 2025 or an earlier date should the Company complete its purchases.

Pan American will pay the market price at the time of acquisition of any common shares in accordance with the rules and policies of the TSX and NYSE and applicable securities laws. All common shares acquired by the Company under the Bid will be cancelled and purchases will be funded out of Pan American’s working capital. Although the Company has a present intention to acquire its common shares pursuant to the Bid, it is not obligated to make any purchases, and the actual number of common shares to be purchased, and the timing of any purchases, will be at the Company’s discretion.

As at February 29, 2024, the number of Pan American’s issued and outstanding common shares totaled 364,659,809. In accordance with the rules of the TSX, the maximum daily purchases on the TSX under this Bid will be 151,485 common shares, which is 25% of the average daily trading volume for the Company’s common shares on the TSX for the six months ended February 29, 2024, which was 605,942 common shares. In accordance with applicable U.S. securities laws, the maximum daily purchases on the NYSE under this Bid will be 25% of the average daily trading volume for the Company’s common shares in the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

Pan American is undertaking the Bid because, in the opinion of its Board of Directors, the market price of its common shares, from time to time, may not fully reflect the underlying value of its mining operations, properties and future growth prospects. The Company believes that in such circumstances, the outstanding common shares represent an accretive investment for Pan American since a portion of the Company’s excess cash generated on an annual basis can be invested for an attractive risk-adjusted return on capital through the Bid.