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

58.3
MOZ
Silver Reserves, Proven + Probable*
2.5
Moz
Silver Produced*
$
(3.18)
AISC Per Ounce*
3,750
TPD
Average Plant Throughput**

MAG Silver Corp. Acquisition

Hear from Pan American Silver’s President and CEO, Michael Steinmann, as he shares a short message on the completion of the acquisition of MAG Silver.

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Investor Day 2026 – Juanicipio Exploration

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TECHNICAL & RESERVE INFORMATION

For technical 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 data for Juanicipio in the Reserves & Resources Report below is as at April 30, 2025; Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101.

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2025 Sustainability Report

Technical Report

Mineral Reserves and Resources

Q2 Report Cover

Q2 2026 Financial Report

*The data for Juanicipio Mineral Reserves is as at April 30, 2025; Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. Production and AISC data is displayed at Pan American’s attributable 44% interest and is for the period ended December 31, 2025.
**Pan American calculates throughput as tonnes per day (“tpd”) as annual tonnes divided by 365 days. Throughput is stated on a 100% basis.