<SEC-DOCUMENT>0000771992-25-000077.txt : 20250911
<SEC-HEADER>0000771992-25-000077.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250911121727
ACCESSION NUMBER:		0000771992-25-000077
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250911
DATE AS OF CHANGE:		20250911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41683
		FILM NUMBER:		251307741

	BUSINESS ADDRESS:	
		STREET 1:		2100-733 SEYMOUR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		2100-733 SEYMOUR ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6knr2025reserves.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i7d4d3297df464df7a7b1960d3e7d0d64_1"></div><div style="min-height:63.36pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">UNITED STATES</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">SECURITIES AND EXCHANGE COMMISSION</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">Washington, D.C. 20549</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">__________________</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">FORM 6-K&#160;</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">_____________________</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">REPORT OF FOREIGN PRIVATE ISSUER</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">UNDER THE SECURITIES EXCHANGE ACT of 1934</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">September 11, 2025</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">Commission File Number&#58; &#160;001-41683</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">_____________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Pan American Silver Corp.<br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Translation of registrant&#8217;s name into English)</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">2100-733 Seymour Street<br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">VANCOUVER BC CANADA V6B 0S6<br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:174%">(Address of principal executive offices)</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;_____________________</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.305%"><tr><td style="width:1.0%"></td><td style="width:22.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.193%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.193%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.050%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1.02pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Form 20-F&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1.02pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Form 40-F &#160;&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">X</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="height:58.32pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63.36pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">EXHIBIT LIST</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.716%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.068%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Exhibit</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Description</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">99.1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%"><a href="nr2025reserves.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%;text-decoration:none">News Release -</a><a href="nr2025reserves.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%;text-decoration:none"> </a><a href="nr2025reserves.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%;text-decoration:none">Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2025</a></font></div></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:130%">Exhibit 99.1 of this report on Form 6-K is incorporated by reference into the Registrant&#8217;s registration statements on Form S-8 (Nos. 333-180494, 333-180495, 333-206162, and 333-229795) that have been filed with the Securities and Exchange Commission.&#160;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">Signature</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:174%">&#160;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:130%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.027%"><tr><td style="width:1.0%"></td><td style="width:34.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.107%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:58.649%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Pan American Silver Corp.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(Registrant)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Date&#58; September 11, 2025</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#47;s&#47; &#34;Delaney Fisher&#34;</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Delaney Fisher</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">SVP, Associate General Counsel and Corporate Secretary</font></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="height:58.32pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>nr2025reserves.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="ic6669fb2b62c4ed7829616003ae9abcd_1"></div><div style="min-height:81pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt;vertical-align:middle"><div><img alt="paaslogo.jpg" src="paaslogo.jpg" style="height:61px;margin-bottom:5pt;vertical-align:text-bottom;width:289px"></div></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vancouver Centre II<br>2100 - 733 Seymour Street <br>Vancouver, BC Canada, V6B 0S6 <br>604-684-1175 <br>www.panamericansilver.com</font></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#0077b2;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2025</font></div><div id="ic6669fb2b62c4ed7829616003ae9abcd_4"></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Vancouver, B.C. - September 11, 2025</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> - </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Pan American Silver Corp.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (NYSE&#58; PAAS) (TSX&#58; PAAS) (&#34;Pan American&#34; or the &#34;Company&#34;) is pleased to report its estimated mineral reserves and mineral resources as at June 30, 2025. Proven and probable (&#34;P&#38;P&#34;) mineral reserves are estimated to contain approximately 452.3 million ounces of silver and 6.3 million ounces of gold.  Measured and indicated (&#34;M&#38;I&#34;) mineral resources (excluding P&#38;P mineral reserves) are estimated to total approximately 1,130.6 million ounces of silver and 9.9 million ounces of gold. Inferred mineral resources are estimated to total approximately 405.6 million ounces of silver and 8.6 million ounces of gold. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#34;Our exploration program at La Colorada has enabled us to more than replace production at that mine as well as add 52.7 million ounces of silver in the inferred mineral resource category, mostly in the newly discovered high-grade silver zones reported in the news release dated September 8, 2025,&#34; said Christopher Emerson, Pan American&#8217;s Senior Vice President of Exploration and Geology. &#34;Exploration success across our portfolio continues to extend the life of many of our operations.&#34;</font></div><div style="margin-bottom:6pt"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This news release does not report on, nor include, the </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">estimated mineral reserves and mineral resources</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> resulting from Pan American's acquisition of </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">MAG Silver Corp. (&#34;MAG&#34;)</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Pan American completed the acquisition of MAG </font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">on September 4, 2025, which added a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with MAG's interests in the Deer Trail and Larder exploration projects (collectively, the </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#34;</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">MAG Properties</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#34;</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">). For information regarding the MAG Properties, please see MAG's Annual Information Form dated March 24, 2025, available under MAG's profile at www.sedarplus.ca.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Consolidated Proven and Probable Mineral Reserves, as at June 30, 2025 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:700;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">(1,2,3,4) </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.019%"><tr><td style="width:1.0%"></td><td style="width:17.216%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.259%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Segment</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Category</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tonnes </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(millions)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Ag </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Moz)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(koz)</font></div></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Proven Reserves</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">271</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">106.9</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.38</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Probable Reserves</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">291</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">305.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.33</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">342</font></td></tr><tr style="height:38pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proven and Probable Reserves</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">44.9</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">286</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">412.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">0.34</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">491</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Proven Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.15</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,328</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Probable Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">90.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.21</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,519</font></td></tr><tr style="height:38pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proven and Probable Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">153.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">40.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.18</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,847</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Proven Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">75.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.03</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,478</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Probable Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">329.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.97</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,861</font></td></tr><tr style="height:38pt"><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proven and Probable Reserves</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">198.4</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">71</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">452.3</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">0.99</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6,339</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(3) This summary table does not include base metal grades or contents. Please refer to the Reserves &#38; Resources page on Pan American's website for a more complete table, including zinc (&#34;Zn&#34;), lead (&#34;Pb&#34;) and copper (&#34;Cu&#34;) grades and contents.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(6) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Pe&#241;on, Timmins, and Minera Florida.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(7) Totals may not add up due to rounding. Grades are calculated on total tonnes.</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Consolidated Measured and Indicated Mineral Resources, as at June 30, 2025 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(1,2,3,4,5)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.019%"><tr><td style="width:1.0%"></td><td style="width:17.216%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.259%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Segment</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Category</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tonnes </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(millions)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Ag </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Moz)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(koz)</font></div></td></tr><tr style="height:26pt"><td colspan="3" rowspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Measured Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">154</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">103.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.12</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82</font></td></tr><tr style="height:26pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicated Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">426.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">999.4</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.03</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">348</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">M&#38;I Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">447.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">77</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1,103.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">0.03</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">431</font></td></tr><tr style="height:26pt"><td colspan="3" rowspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Measured Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">115.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.06</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,923</font></td></tr><tr style="height:26pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicated Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">146.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.18</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,541</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">M&#38;I Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">261.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">27.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.13</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">9,464</font></td></tr><tr style="height:26pt"><td colspan="3" rowspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(8)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Measured Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.92</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,005</font></td></tr><tr style="height:26pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicated Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,016.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.32</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,889</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">M&#38;I Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">709.1</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">50</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1,130.6</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">0.43</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">9,894</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) Mineral resources are reported exclusive of mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3) Please refer to the complete mineral reserve and resource tables at the end of this news release for more information.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) This summary table does not include base metal grades or contents. Please refer to the Reserves &#38; Resources page on Pan American's website for a more complete table, including Zn, Pb and Cu grades and contents.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(6) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial Espejo, Cerro Moro, and San Vicente.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(7) Gold Segment mineral resources comprised of Jacobina, La Pepa, El Pe&#241;on, Minera Florida, La Bolsa, Lavra Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, and Marlhill.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(8) Totals may not add up due to rounding. Grades are calculated on total tonnes.</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Consolidated Inferred Mineral Resources, as at June 30, 2025 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(1,2,3,4,5)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.019%"><tr><td style="width:1.0%"></td><td style="width:17.216%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.956%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.259%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Segment</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Category</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tonnes </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(millions)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Ag </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Moz)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(koz)</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inferred Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">133.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">87</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">375.2</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">0.08</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">356</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inferred Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">176.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.44</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,204</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(8)</font></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inferred Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">310.7</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">41</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">405.6</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">0.86</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,560</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) Mineral resources are reported exclusive of mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) This summary table does not include base metal grades or contents. Please refer to the Reserves &#38; Resources page on Pan American's website for a more complete table, including Zn, Pb and Cu grades and contents.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(6) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, and Manantial Espejo.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(7) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Pe&#241;on, Arco Sul, Minera Florida, Whitney, Pico Machay, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, and Shahuindo.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(8) Totals may not add up due to rounding. Grades are calculated on total tonnes.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(9) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity, as indicated in this news release. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2025&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">At La Colorada, the eastward extension of the veins and addition of contact-type mineralization in the Manto Sur zone described in a news release dated September 8, 2025, contributed to an estimated 52.7 million ounce increase in silver inferred mineral resources.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">At Timmins, exploration focused on the Timmins West mine (Timmins mine, 144 Gap and Samson zones) and drilling at depth at the Bell Creek mine added an estimated 105.4 thousand ounces of gold M&#38;I mineral resources and 163.8 thousand ounces of gold inferred mineral resources.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">At Jacobina, the majority of mine production was replaced through successful exploration and infill drilling, with the initial reporting of new mineral reserves for the Maricota zone.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">At El Pe&#241;on, essentially 100% of the silver production and 78% of the gold production was replaced. Exploration success was realized in the </font><font style="color:#212121;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Pampa Campamento Norte and Chiquilla Chica zones</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">Consolidated M&#38;I silver mineral resources have not changed significantly from an estimated 1,148.0 million ounces as at June 30, 2024 to an estimated 1,130.6 million ounces as at June 30, 2025, excluding M&#38;I resources acquired through the acquisition of MAG.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">Consolidated M&#38;I gold mineral resources decreased from an estimated 15.5 million ounces to an estimated 9.9 million ounces, largely driven by the sale of the La Arena mine and the Joaquin property.</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">The divestment of the La Arena mine led to a reduction of 241.5 thousand ounces of gold mineral reserves, 17.6 thousand ounces of gold M&#38;I mineral resources, and 39.6 thousand ounces of gold inferred mineral resources. The associated divestment of the La Arena II project resulted in a reduction of 5.3 million ounces of gold M&#38;I mineral resources and 445.2 thousand ounces of gold inferred mineral resources. </font></div><div id="ic6669fb2b62c4ed7829616003ae9abcd_10"></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">MINERAL RESERVES AND MINERAL RESOURCES TABLES</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Consolidated Pan American Mineral Reserves as at June 30, 2025</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(1,2)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Property</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Location</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Classification</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Tonnes </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(millions)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Moz)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(koz)</font></div></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver Segment</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Escobal</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Guatemala</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">486</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">39.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.42</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">34</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">316</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">225.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.34</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">244</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.4</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">300</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">33.2</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.21</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">23</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">295</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">57.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.21</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">40</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Huaron</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">145</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">24.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">138</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">16.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">San Vicente (95%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Bolivia</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">312</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">7.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.5</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">247</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.8</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Property</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Location</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Classification</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Tonnes </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(millions)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Moz)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(koz)</font></div></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Cerro Moro</font></td><td colspan="3" rowspan="2" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">223</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">9.94</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">92</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">282</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.59</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">58</font></td></tr><tr><td colspan="9" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">44.9</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">286</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">412.3</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.34</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">492</font></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Gold Segment</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Jacobina</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">19.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.74</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,069</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">35.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.78</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,058</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Shahuindo</font></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">36.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">9.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.50</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">595</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">44.2</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.27</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">383</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Timmins</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.79</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">451</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.68</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">395</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">El Pe&#241;on</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">187</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.37</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">152</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">120</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">15.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.65</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">474</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Minera Florida</font></td><td colspan="3" rowspan="2" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Proven</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">11</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.14</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">61</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Probable</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">21</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.21</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">210</font></td></tr><tr><td colspan="9" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">153.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">40.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">1.18</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">5,847</font></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold and Silver Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Proven + Probable</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">198.4</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">71</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">452.3</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.99</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">6,339</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3) La Colorada Proven and Probable reserves include 1.6 million tonnes at an average grade of 440 g&#47;t Ag and 0.26 g&#47;t Au containing 23.2 Moz of silver and 13.7 koz of gold that are subject to a net profit share agreement with a third party.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) Totals may not add up due to rounding. Grades are calculated on total tonnes.</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2025 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(1,2,3)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.346%"><tr><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Property</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Location</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Classification</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Tonnes </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(millions)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Moz)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(koz)</font></div></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver Segment</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Navidad</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">15.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">137</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">67.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">139.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">126</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">564.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada Skarn</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">265.4</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">36</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">308.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Escobal</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Guatemala</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">251</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">18.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.23</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">17</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">14.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">201</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">91.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.20</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">93</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Huaron</font></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">120</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">112</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">229</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.12</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">144</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">11.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.35</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">29</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Manantial Espejo</font></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">164</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.40</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">25</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">149</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.9</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.79</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">92</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-bottom:1pt dotted #000;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Cerro Moro</font></td><td colspan="3" rowspan="2" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;text-indent:-1.04pt;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">277</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.87</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">39</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.8</font></td><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">254</font></td><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.1</font></td><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.58</font></td><td colspan="3" style="border-bottom:1pt dotted #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">135</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.346%"><tr><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Property</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Location</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Classification</font></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Tonnes </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(millions)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Moz)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(koz)</font></div></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">San Vicente (95%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Bolivia</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">183</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">174</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="9" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">447.8</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">77</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">1,103.3</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.03</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">431</font></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Gold Segment</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Jacobina</font></div></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">39.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.71</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,171</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">53.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.65</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,851</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Pepa (80.0%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)(7)</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">47.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.61</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">923</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">52.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.49</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">824</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">El Pe&#241;on</font></div></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">138</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.79</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">124</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">91</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">11.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.69</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">327</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Minera Florida</font></div></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">16</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.4</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.12</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">72</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">19</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.17</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">334</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Bolsa</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10.8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.70</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">243</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.54</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">184</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Lavra Velha</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.96</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">282</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pico Machay</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.91</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">138</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.67</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">127</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Timmins</font></td><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.0</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.41</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">153</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.28</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">153</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000000;border-right:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Shahuindo</font></td><td colspan="3" rowspan="2" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Measured</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">9.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.34</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">101</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">7.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.36</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">81</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Vogel</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.60</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">61</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Gold River</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.29</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">117</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Whitney (83.27%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.83</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">142</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Marlhill</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Indicated</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.52</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">57</font></td></tr><tr><td colspan="9" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">261.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">27.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">1.13</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">9,464</font></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold and Silver Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Measured + Indicated</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">709.1</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">50</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">1,130.6</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.43</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">9,894</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) Mineral resources are reported exclusive of mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) La Colorada Measured and Indicated resources include 0.1 million tonnes at an average grade of 95 g&#47;t Ag, and 0.17 g&#47;t Au containing 0.2 Moz of silver and 0.4 koz of gold that are subject to a net profit share agreement with a third party.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.</font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(6) Totals may not add up due to rounding. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Grades are calculated on total tonnes.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(7) Pan American has entered into an agreement to sell its interest in La Pepa&#59; see the news release issued by Mineros S.A. dated August 11, 2025 for further details.</font></div><div style="margin-top:6pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Pan American Inferred Mineral Resources as at June 30, 2025 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">(1,2,3)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Property</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Location</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Classification</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Tonnes </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(millions)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Ag </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(Moz)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(g&#47;t)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Contained Au </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">(koz)</font></div></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver Segment</font></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Navidad</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">45.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">81</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">119.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">15.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">297</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">146.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.27</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">132</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada Skarn</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">61.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">30</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">58.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Huaron</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">130</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">26.1</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">San Vicente (95%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Bolivia</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.6</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">171</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Escobal</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Guatemala</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.9</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">180</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.90</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">54</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Cerro Moro</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">164</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.85</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">146</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Manantial Espejo</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Argentina</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.5</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">106</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.8</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.49</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">25</font></td></tr><tr><td colspan="9" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Silver Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">133.8</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">87</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">375.2</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.08</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">356</font></td></tr><tr><td colspan="24" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Gold Segment</font></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Jacobina</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">52.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.78</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3,026</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Gold River</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.3</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.06</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,027</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">El Pe&#241;on</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">18.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">39</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">23.1</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.15</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">676</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Arco Sul</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.2</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.08</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">614</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Minera Florida</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">16</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.85</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">520</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Whitney (83.27 %)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.6</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.24</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">406</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pico Machay</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">23.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.58</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">446</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Timmins</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.98</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">546</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Pepa (80.0%)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(5)(7)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Chile</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">20.0</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.46</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">296</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Lavra Velha</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Brazil</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4.7</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.56</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">238</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Bolsa</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">13.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.3</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.51</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">225</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Vogel</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Canada</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.2</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">--</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3.52</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">135</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Shahuindo</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Peru</font></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inferred</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">13.7</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.11</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">47</font></td></tr><tr><td colspan="9" style="border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold Segment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">176.9</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">5</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">30.4</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">1.44</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">8,204</font></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Gold and Silver Segments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Inferred</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">310.7</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">41</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">405.6</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">0.86</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt dotted #000;border-right:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">8,560</font></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1) See table below entitled &#34;Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025&#34;.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2) Mineral resources are reported exclusive of mineral reserves.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan American's share of Juanicipio's mineral resources and from the Larder Project.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4) La Colorada Inferred resources include 1.2 million tonnes at an average grade of 560 g&#47;t Ag and 0.25 g&#47;t Au containing 21.3 Moz of silver and 9.5 koz of gold that are subject to a net profit share agreement with a third party.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(6) Totals may not add up due to rounding. Grades are calculated on total tonnes. </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(7) Pan American has entered into an agreement to sell its interest in La Pepa&#59; see the news release issued by Mineros S.A. dated August 11, 2025 for further details.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-top:2pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Metal price assumptions used to estimate mineral reserves and mineral resources <br>as at June 30, 2025</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.190%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Mine</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Category</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Ag US$&#47;oz</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Au US$&#47;oz</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Cu US$&#47;t</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Pb US$&#47;t</font></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Zn US$&#47;t</font></div></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Huaron</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,000</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,100</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,600</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">24.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,000</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,200</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,800</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,900</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,100</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,600</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">24.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,050</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,200</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,800</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Colorada Skarn</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,200</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,800</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">San Vicente</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8,000</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,100</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,600</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">24.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">9,000</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,200</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,800</font></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#ffffff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Shahuindo</font></div></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></div></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,900</font></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">24.00</font></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,050</font></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Timmins</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,250</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,400</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Whitney</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,400</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Gold River</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,200</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Marlhill</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,125</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Vogel</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,250</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jacobina</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,900</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,050</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Cerro Moro</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">28.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,500</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">30.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,650</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">El Pe&#241;on</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">25.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,250</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,400</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Minera Florida</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reserves</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,250</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,100</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,600</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,400</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,200</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,800</font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Bolsa</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">14.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">825</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Manantial Espejo</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></div></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">22.00</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,700</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Navidad</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">12.52</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,100</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Pico Machay</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">700</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Escobal</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">All categories</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">20.00</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,300</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,204</font></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,424</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Arco Sul</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,250</font></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">La Pepa</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,650</font></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:93%">Lavra Velha</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Resources</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,650</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-top:1pt dotted #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;border-left:1pt dotted #000;border-right:1pt solid #000;border-top:1pt dotted #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General Notes with Respect to Technical Information</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All mineral reserves and mineral resources have been estimated in accordance with the </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">CIM Definition Standards on Mineral Resources and Mineral Reserves</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, adopted by the CIM Council, as amended (the &#34;CIM Standards&#34;) and reported in accordance with National Instrument 43-101 &#8211; </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Standards of Disclosure for Mineral Projects</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (&#34;NI 43-101&#34;). Mineral resources are reported exclusives of mineral reserves. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has undertaken a verification process with respect to the data disclosed in this news release. The mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and   underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff.  All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control (&#34;QA&#47;QC&#34;) program including the submission of certified standards, blanks, and duplicate samples.  The results are reviewed monthly by management. The results of the QA&#47;QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quantities and grades of contained metal are shown before metallurgical recoveries. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For further information on the Company's pre-MAG transaction material mineral properties, including detailed information concerning associated QA&#47;QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and mineral resources, see the Company's Annual Information Form dated February 19, 2025, available on the Company&#8217;s profile at www.sedarplus.ca. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, Christopher Wright P.Geo. Vice President Mineral Resource Management and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are all Qualified Persons for the purposes of NI 43-101. </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.</font></div><div id="ic6669fb2b62c4ed7829616003ae9abcd_13"></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">About Pan American</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol &#34;PAAS&#34;. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Learn more at panamericansilver.com</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Follow us on LinkedIn </font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For more information contact&#58;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Siren Fisekci</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VP, Investor Relations &#38; Corporate Communications</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ph&#58; 604-806-3191</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Email&#58; ir&#64;panamericansilver.com</font></div><div id="ic6669fb2b62c4ed7829616003ae9abcd_16"></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cautionary Note Regarding Forward-Looking Statements and Information</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the statements and information in this news release constitute &#34;forward-looking statements&#34; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#34;forward-looking information&#34; within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things&#58; estimated mineral reserve and mineral resource information&#59; estimated mine life and any anticipated changes related thereto&#59; the extent of, and success related </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #26a8ff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PAN AMERICAN SILVER CORP.</font></div><div style="margin-top:3pt;padding-left:36pt;text-align:right"><font style="color:#26a8ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8</font></div><div style="text-align:right"><font><br></font></div></td></tr></table></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to any future exploration or development programs&#59; expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves and mineral resources&#59; expectations regarding planned drilling in 2025, including that it will be focused on near-mine exploration&#59; expectations regarding mineral reserve replacement&#59; and Pan American's planned sale of its interest in La Pepa.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include&#58; the accuracy of our mineral reserve and mineral resource estimates and the assumptions upon which they are based&#59; ore grades and recoveries are as anticipated&#59; prices for silver, gold, and base metals remaining as estimated&#59; currency exchange rates remaining as estimated&#59; capital, decommissioning and reclamation estimates&#59; prices for energy inputs, labour, materials, supplies and services (including transportation)&#59; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner&#59; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners&#59; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation&#58; fluctuations in silver, gold and base metal prices&#59; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation)&#59; fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, CLP, BRL, GTQ and CAD versus the USD)&#59; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather)&#59; employee relations&#59; relationships with, and claims by, local communities and indigenous populations&#59; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner&#59; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations&#59; legal restrictions relating to mining&#59; risks relating to expropriation&#59; diminishing quantities or grades of mineral reserves as properties are mined&#59; increased competition in the mining industry for equipment and qualified personnel&#59; and those factors identified under the caption &#34;Risks Related to Pan American's Business&#34; in the Company's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the &#34;SEC&#34;) and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cautionary Note to US Investors Regarding References to Mineral Reserves and Mineral Resources</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with NI 43-101 and the CIM Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Canadian standards, including NI 43-101, differ significantly from the mineral property disclosure requirements of the SEC (the &#34;U.S. Rules&#34;), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms &#34;measured resources,&#34; &#34;indicated resources&#34; and &#34;inferred resources&#34; as defined in accordance with NI 43-101 and the CIM Standards. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, &#34;inferred mineral resources&#34; have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of &#34;inferred mineral resources&#34; may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are &#34;substantially similar&#34; to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as &#34;proven mineral reserves&#34;, &#34;probable mineral reserves&#34;, &#34;measured mineral resources&#34;, &#34;indicated mineral resources&#34; and &#34;inferred mineral resources&#34; under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
