ENHANCED SHAREHOLDER RETURN FRAMEWORK

Pan American’s enhanced shareholder return framework targets the return of 35% to 40% of annual Attributable Free Cash Flow⁽¹⁾⁽²⁾ to shareholders through a combination of dividends and common share repurchases under Pan American’s normal course issuer bid. Based on the shareholder return framework target and assuming continued strong free cash flow generation, Pan American anticipates being able to return up to $1 billion to shareholders in 2026. See Pan American’s news release dated May 5, 2026 for further details.

(1) Attributable Free Cash Flow and total available liquidity are non-GAAP measures; please refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management Discussion & Analysis for the period ended March 31, 2026, for a detailed reconciliation of these measures to the Q1 2026 Financial Statements.
(2) References to “Attributable” refer to the Company’s 44% ownership in the Juanicipio joint venture.

DIVIDEND PAYMENTS

ICE Program

Registered shareholders of Pan American can elect to receive their dividend payment in their local currency through Computershare’s International Currency Exchange service (the “ICE program”).

Please contact Computershare Investor Services Inc. for further information regarding the ICE program, including how to enroll : ICE Program.

Please note: Pan American provides the details above for convenience only and does not recommend or endorse the ICE program. Registered shareholders should make their own determination on whether enrollment is right for them. The ICE program is available only to registered shareholders. If you hold your shares through a broker or intermediary, you are not eligible to enroll.