Pan American acquired a 44% joint venture interest in the Juanicipio Mine through the acquisition of MAG Silver Corp. in 2025.

The Juanicipio mine is a high-grade silver-gold-zinc-lead epithermal vein system on the Fresnillo Silver Trend in Mexico, the world’s premier silver mining belt. The mill was commissioned in 2022 and achieved nameplate production in 2023. Significant exploration potential exists across the approximately 7,679 hectares of the project.

The mine is operated by Fresnillo plc (56% interest).

  • Ownership
    44%
  • Products
    Silver, Gold, Zinc, Lead
  • Type of Mine
    Underground

Producing Mine

8.2
Moz
Silver Produced*
$
5.54
AISC Per Ounce*
3,750
TPD
Average Plant Throughput**
100
%
Nameplate Plant Capacity
  1. Home
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  3. Operations
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  5. Silver Segment
  6. ■
  7. Juanicipio

TECHNICAL & RESERVE INFORMATION

For technical and reserve information, please see MAG Silver Corp.’s Annual Information Form dated March 24, 2025, available under MAG’s profile at www.sedarplus.ca [sedarplus.ca]. The Reserves & Resources Report below is as at June 30, 2025; it does not include the estimated mineral reserves and mineral resources resulting from Pan American’s acquisition of MAG Silver Corp., which was completed on September 4, 2025.

2024 Sustainability Report

Technical Report

Reserves & Resources

Q2 Report Cover

Q2 2025 Financial Report

*Data is displayed at Pan American’s attributable 44% interest and is for the period ended December 31, 2024.
**Throughput reported by Pan American does not tie to MAG’s disclosure as Pan American calculates tonnes per day (“tpd”) as annual tonnes divided by 365 days, while MAG calculated as annual tonnes divided by operating days. Throughput is stated on a 100% basis.