Unaudited Condensed Interim Consolidated Financial Statements and Notes

 

FOR THE THREE MONTHS ENDING MARCH 31, 2025

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			Condensed Interim Consolidated Statements of Financial Position (unaudited, in millions of U.S. dollars)

			March 31,			December 31,
			2025			2024
Assets
Current assets
Cash and cash equivalents (Note 18)			$	900.1		$	862.8
Investments			22.9			24.5
Trade and other receivables			171.8			165.2
Income tax receivables			29.5			30.6
Inventories (Note 5)			594.6			605.7
Other assets (Note 6)			43.8			31.6
			1,762.7			1,720.4
Non-current assets
Mineral properties, plant and equipment (Note 7)			5,288.7			5,325.1
Long-term inventories (Note 5)			29.3			29.4
Long-term tax receivables			18.9			11.1
Deferred tax assets			33.5			44.5
Other long-term assets (Note 8)			72.5			72.2
Total assets			$	7,205.6		$	7,202.7
Liabilities
Current liabilities
Accounts payable and accrued liabilities (Note 9)			$	434.3		$	489.4
Derivative liabilities (Note 4)			2.1			12.8
Provisions (Note 10)			44.6			35.3
Lease obligations (Note 11)			40.4			40.6
Debt (Note 12)			6.8			6.8
Income tax payables			72.7			102.1
			600.9			687.0
Non-current liabilities
Long-term provisions (Note 10)			429.6			427.1
Long-term lease obligations (Note 11)			53.8			53.9
Long-term debt (Note 12)			703.4			702.0
Other long-term liabilities (Note 13)			95.7			94.4
Deferred tax liabilities			491.9			521.7
Total liabilities			$	2,375.3		$	2,486.1
Equity
Issued capital			5,925.8			5,939.7
Stock-based compensation reserve			94.9			94.2
Investment revaluation reserve			(30.9)			(30.9)
Deficit			(1,173.3)			(1,299.5)
Total equity attributable to Company shareholders			4,816.5			4,703.5
Non-controlling interests			13.8			13.1
Total equity			4,830.3			4,716.6
Total liabilities and equity			$	7,205.6		$	7,202.7

See accompanying notes to the condensed interim consolidated financial statements.

APPROVED BY THE BOARD ON MAY 7, 2025

"signed"

Gillian Winckler, Director

"signed"

Michael Steinmann, Director

			PAN AMERICAN SILVER CORP.			1

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			Condensed Interim Consolidated Statements of Earnings and Comprehensive Earnings (unaudited, in millions of U.S. dollars and thousands of shares)

						Three months ended March 31,
									2025			2024
Revenue (Note 19)									$	773.2		$	601.4
Cost of sales (Note 19)
Production costs (Note 15)									(380.2)			(392.1)
Depreciation and amortization									(119.4)			(124.4)
Royalties									(22.8)			(13.9)
									(522.4)			(530.4)
Mine operating earnings (Note 19)									250.8			71.0
General and administrative									(24.5)			(22.4)
Exploration and project development									(4.1)			(2.8)
Mine care and maintenance									(7.7)			(8.7)
Foreign exchange gains									0.1			11.4
Derivative gains (losses)									15.8			(10.6)
Mineral properties, plant and equipment (losses) gains									(0.5)			0.3
Other expense									(1.7)			(3.4)
Earnings from operations									228.2			34.8
Investment income (loss)									5.3			(10.8)
Interest and finance expense (Note 16)									(19.6)			(20.4)
Earnings before income taxes									213.9			3.6
Income tax expense (Note 20)									(44.6)			(34.4)
Net earnings (loss)									$	169.3		$	(30.8)
Net earnings (loss) attributable to:
Equity holders of the Company									$	168.7		$	(30.9)
Non-controlling interests									0.6			0.1
									$	169.3		$	(30.8)
Other comprehensive earnings (loss), net of taxes
Items that will not be reclassified to net earnings:
Loss on investments									$	—		$	(0.2)
Total other comprehensive loss									$	—		$	(0.2)
Total comprehensive earnings (loss)									$	169.3		$	(31.0)
Total comprehensive earnings (loss) attributable to:
Equity holders of the Company									$	168.7		$	(31.1)
Non-controlling interests									0.6			0.1
									$	169.3		$	(31.0)
Earnings (loss) per share attributable to common shareholders (Note 17)
Basic earnings (loss) per share									$	0.47		$	(0.08)
Diluted earnings (loss) per share									$	0.47		$	(0.08)
Weighted average shares outstanding Basic									362,408			364,486
Weighted average shares outstanding Diluted									362,520			364,486

See accompanying notes to the condensed interim consolidated financial statements.

			PAN AMERICAN SILVER CORP.			2

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			Condensed Interim Consolidated Statements of Cash Flows (unaudited, in millions of U.S. dollars)

						Three months ended March 31,
									2025			2024
Operating activities
Net earnings (loss) for the period									$	169.3		$	(30.8)
Income tax expense (Note 20)									44.6			34.4
Depreciation and amortization									119.4			124.4
Net realizable value inventory (recovery) write-down (Note 15)									(4.1)			14.4
Accretion on reclamation obligations (Notes 10, 16)									6.6			7.9
Investment loss									1.6			10.8
Interest paid									(9.1)			(9.0)
Interest received									6.9			3.4
Income taxes paid									(95.1)			(41.1)
Other operating activities (Note 18)									—			12.7
Net change in non-cash working capital items (Note 18)									(65.3)			(66.0)
									$	174.8		$	61.1
Investing activities
Payments for mineral properties, plant and equipment									$	(68.1)		$	(86.9)
Proceeds from dispositions of mineral property, plant and equipment									—			0.5
Net proceeds (payments) from derivatives									0.2			(0.1)
									$	(67.9)		$	(86.5)
Financing activities
Proceeds from common shares issued									$	0.9		$	—
(Distributions to) contributions from non-controlling interests									(1.1)			0.1
Dividends paid									(36.2)			(36.5)
Shares repurchased under Normal Course Issuer Bid (Note 14(h))									(20.0)			(21.5)
Repayment of debt (Note 12)									(1.7)			(1.7)
Payment of equipment leases									(11.8)			(13.1)
									$	(69.9)		$	(72.7)
Effects of exchange rate changes on cash and cash equivalents									0.3			(0.4)
Increase (decrease) in cash and cash equivalents									37.3			(98.5)
Cash and cash equivalents at the beginning of the period									862.8			399.6
Cash and cash equivalents at the end of the period									$	900.1		$	301.1

Supplemental cash flow information (Note 18).

See accompanying notes to the condensed interim consolidated financial statements.

			PAN AMERICAN SILVER CORP.			3

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			Condensed Interim Consolidated Statements of Changes in Equity (unaudited, in millions of U.S. dollars and thousands of shares)

			Attributable to equity holders of the Company
			Issued shares			Issued capital			Stock-based compensation reserve			Investment revaluation reserve			Deficit			Total			Non- controlling interests			Total equity
Balance, December 31, 2023			364,660			$	5,966.5		$	94.0		$	(30.3)		$	(1,269.5)		$	4,760.7		$	11.8		$	4,772.5
Total comprehensive earnings
Net earnings for the year			—			—			—			—			111.5			111.5			1.2			112.7
Other comprehensive loss			—			—			—			(0.6)			—			(0.6)			—			(0.6)
			—			—			—			(0.6)			111.5			110.9			1.2			112.1
Shares issued on the exercise of stock options			101			1.9			(0.5)			—			—			1.4			—			1.4
Shares repurchased (Note 14(h))			(1,720)			(28.7)			—			—			3.9			(24.8)			—			(24.8)
Share-based compensation on option grants			—						0.7			—			—			0.7			—			0.7
Contributions from non-controlling interests			—			—			—			—			—			—			0.1			0.1
Dividends paid			—			—			—			—			(145.4)			(145.4)			—			(145.4)
Balance, December 31, 2024			363,041			$	5,939.7		$	94.2		$	(30.9)		$	(1,299.5)		$	4,703.5		$	13.1		$	4,716.6
Total comprehensive earnings
Net earnings for the period			—			—			—			—			168.7			168.7			0.6			169.3
Other comprehensive loss			—			—			—			—			—			—			—			—
			—			—			—			—			168.7			168.7			0.6			169.3
Shares issued on the exercise of stock options (Note 14(a))			58			1.2			(0.3)			—			—			0.9			—			0.9
Shares repurchased (Note 14(h))			(909)			(15.1)			—			—			(5.1)			(20.2)			—			(20.2)
Share-based compensation			—			—			1.0			—			—			1.0			—			1.0
(Distributions to) contributions from non-controlling interests			—			—			—			—			(1.2)			(1.2)			0.1			(1.1)
Dividends paid			—			—			—			—			(36.2)			(36.2)			—			(36.2)
Balance, March 31, 2025			362,190			$	5,925.8		$	94.9		$	(30.9)		$	(1,173.3)		$	4,816.5		$	13.8		$	4,830.3

			Attributable to equity holders of the Company
			Issued shares			Issued capital			Share option reserve			Investment revaluation reserve			Deficit			Total			Non- controlling interests			Total equity
Balance, December 31, 2023			364,660			$	5,966.5		$	94.0		$	(30.3)		$	(1,269.5)		$	4,760.7		$	11.8		$	4,772.5
Total comprehensive loss
Net loss for the period			—			—			—			—			(30.9)			(30.9)			0.1			(30.8)
Other comprehensive loss			—			—			—			(0.2)			—			(0.2)			—			(0.2)
			—			—			—			(0.2)			(30.9)			(31.1)			0.1			(31.0)
Shares repurchased (Note 14(h))			(1,720)			(28.2)			—			—			3.9			(24.3)			—			(24.3)
Share-based compensation on option grants			—			—			0.2			—			—			0.2			—			0.2
Contributions from non-controlling interests			—			—			—			—			—			—			0.1			0.1
Dividends paid			—			—			—			—			(36.5)			(36.5)			—			(36.5)
Balance, March 31, 2024			362,940			$	5,938.3		$	94.2		$	(30.5)		$	(1,333.0)		$	4,669.0		$	12.0		$	4,681.0

See accompanying notes to the condensed interim consolidated financial statements.

			PAN AMERICAN SILVER CORP.			4

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

1. NATURE OF OPERATIONS

Pan American Silver Corp. is the ultimate parent company of its subsidiary group (collectively, the “Company”, or “Pan American”). Pan American is a British Columbia corporation domiciled in Canada, and its office is at Suite 2100 – 733 Seymour Street, Vancouver, British Columbia, V6B 0S6. The Company is listed on the Toronto Stock Exchange (TSX: PAAS) (the "TSX"), and the New York Stock Exchange (NYSE: PAAS) (the "NYSE").

Pan American engages in silver and gold mining and related activities, including exploration, mine development, extraction, processing, refining and reclamation. The Company owns and operates mines located in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. The Company also owns the Escobal mine in Guatemala that continues to be on care and maintenance pending satisfactory completion of a consultation process led by the Ministry of Energy and Mines in Guatemala. In addition, the Company is exploring for new silver and gold deposits and opportunities throughout the Americas.

Principal subsidiaries:

The principal subsidiaries, all of which are consolidated, of the Company and their geographic locations at March 31, 2025 were as follows:

Location			Subsidiary			Ownership Interest			Operations and Development Projects
Brazil			Jacobina Mineração e Comércio Ltda.			100%			Jacobina mine
Canada			Lake Shore Gold Corp.			100%			Bell Creek and Timmins West mines (together "Timmins mine")
Chile			Minera Meridian Ltda.			100%			El Peñon mine
			Minera Florida Ltda			100%			Minera Florida mine
			Minera Cavancha SpA.			80%			La Pepa project
Mexico			Plata Panamericana S.A. de C.V.			100%			La Colorada mine
			Compañía Minera Dolores S.A. de C.V.			100%			Dolores mine
Peru			Pan American Silver Huaron S.A.			100%			Huaron mine
			Shahuindo S.A.C.			100%			Shahuindo mine
Bolivia			Pan American Silver (Bolivia) S.A.			95%			San Vicente mine
Guatemala			Pan American Silver Guatemala S.A.			100%			Escobal mine
Argentina			Minera Tritón Argentina S.A.			100%			Manantial Espejo
			Estelar Resources S.A.			100%			Cerro Moro mine
			Minera Argenta S.A.			100%			Navidad project

			PAN AMERICAN SILVER CORP.			5

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

2. BASIS OF PREPARATION

These unaudited condensed interim consolidated financial statements ("Interim Financial Statements") have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and have been condensed with certain disclosures from the Company's audited consolidated financial statements for the year ended December 31, 2024 (the "2024 Annual Financial Statements") omitted. Accordingly, these Interim Financial Statements should be read in conjunction with the 2024 Annual Financial Statements.

3. MATERIAL ACCOUNTING POLICY INFORMATION, STANDARDS, AND JUDGMENTS

a)Changes in accounting policies

The accounting policies applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in the 2024 Annual Financial Statements with the exception of the mandatory adoption of certain amendments noted below:

Effective January 1, 2025, the Company adopted the Amendment to IAS 21 - Lack of Exchangeability. The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not, as well as associated disclosure requirements when it is concluded a currency is not exchangeable. The adoption of this amendment had no impact on the Interim Financial Statements.

b)Significant Judgments and Estimates

In preparing the Company’s Interim Financial Statements for the three months ended March 31, 2025, the Company applied the significant judgments and estimates disclosed in Note 5 of its 2024 Annual Financial Statements.

			PAN AMERICAN SILVER CORP.			6

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

4. FINANCIAL INSTRUMENTS

a)Financial assets and liabilities by categories

March 31, 2025			Amortized cost			FVTPL			FVTOCI			Total
Financial Assets:
Cash and cash equivalents			$	900.1		$	—		$	—		$	900.1
Trade receivables from provisional concentrates sales(1)			—			34.6			—			34.6
Receivables not arising from sale of metal concentrates(1)			128.9			—			—			128.9
Investments			—			22.1			0.8			22.9
Contingent consideration(2)			—			37.5			—			37.5
Derivative assets(3)			—			4.9			—			4.9
			$	1,029.0		$	99.1		$	0.8		$	1,128.9
Financial Liabilities:
Derivative liabilities			$	—		$	2.1		$	—		$	2.1
Debt			$	710.2		$	—		$	—		$	710.2

(1)Included in Trade and other receivables.

(2)Included in Other Long-term assets (Note 8).

(3)Included in Other assets (Note 6).

December 31, 2024			Amortized cost			FVTPL			FVTOCI			Total
Financial Assets:
Cash and cash equivalents			$	862.8		$	—		$	—		$	862.8
Trade receivables from provisional concentrates sales(1)			—			31.2			—			31.2
Receivables not arising from sale of metal concentrates(1)			127.3			—			—			127.3
Investments			—			23.7			0.8			24.5
Contingent consideration(2)			—			36.8			—			36.8
			$	990.1		$	91.7		$	0.8		$	1,082.6
Financial Liabilities:
Derivative liabilities			$	—		$	12.8		$	—		$	12.8
Debt			$	708.8		$	—		$	—		$	708.8

(1)Included in Trade and other receivables.

(2)Included in Other long-term assets (Note 8).

b)Fair value information

i) Fair Value Measurement

The categories of the fair value hierarchy that reflect the inputs to valuation techniques used to measure fair value are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs for the asset or liability based on unobservable market data.

			PAN AMERICAN SILVER CORP.			7

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized on the Interim Financial Statements at fair value on a recurring basis were categorized as follows:

			At March 31, 2025									At December 31, 2024
			Level 1			Level 2			Level 3			Level 1			Level 2			Level 3
Assets and Liabilities:
Investments			$	22.9		$	—		$	—		$	24.5		$	—		$	—
Trade receivables from provisional concentrate sales			—			34.6			—			—			31.2			—
Derivative assets (1)			—			4.9			—			—			—			—
Contingent consideration (2)			—			—			37.5			—			—			36.8
Derivative liabilities			—			(2.1)			—			—			(12.8)			—
			$	22.9		$	37.4		$	37.5		$	24.5		$	18.4		$	36.8

(1)Included in Other assets (Note 6).

(2)Included in Other Long-term assets (Note 8).

The methodology and assessment of inputs for determining the fair value of financial assets and liabilities as well as the levels of hierarchy for the Company’s financial assets and liabilities measured at fair value remains unchanged from that at December 31, 2024.

ii) Valuation Techniques for Level 2 and Level 3 Financial Assets and Liabilities

Derivative assets and liabilities

The Company’s derivative assets and liabilities were comprised of foreign currency and commodity contracts, which are classified within Level 2 of the fair value hierarchy and valued using observable market prices.

Receivables from provisional concentrate sales

A portion of the Company’s trade receivables arose from provisional concentrate sales and are classified within Level 2 of the fair value hierarchy and valued using quoted market prices based on the forward London Metal Exchange for copper, zinc and lead and the London Bullion Market Association P.M. fix for gold and silver.

Contingent consideration ("Contingent Consideration")

The Contingent Consideration (Note 8) receivable from the disposition of La Arena S.A. is contingent upon successful commencement of commercial production at the La Arena II project and is classified within Level 3 of the fair value hierarchy and valued using a discounted future cash flow model ("DCF"). The key unobservable inputs, which are not materially sensitive, include the estimated time to commercial production and the risk-adjusted weighted average cost of capital ("WACC").

c)Financial instruments and related risks

The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are:

i)Credit risk

ii)Liquidity risk

iii)Market risk

1. Currency risk

2. Interest rate risk

3. Price risk

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis.

			PAN AMERICAN SILVER CORP.			8

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s trade receivables and cash and cash equivalents. The carrying value of trade receivables and cash and cash equivalents represents the maximum credit exposure. 

The Company has concentrate contracts to sell the zinc, lead, copper and silver concentrates produced by the Minera Florida, Huaron, San Vicente and La Colorada mines. While the majority of revenue is collected on delivery, the terms of these contracts defer final settlement of revenue, subject to change in both price and quantity, until predefined quotational periods are closed, thereby introducing the Company to credit risk of the buyers of concentrates. At March 31, 2025, the Company had receivable balances associated with buyers of its concentrates of $34.6 million (December 31, 2024 - $31.2 million). The vast majority of the Company’s concentrate is sold to a limited number of concentrate buyers.

Doré production is refined under long-term agreements with fixed refining terms at seven separate refineries worldwide. The Company generally retains the title to the precious metals throughout the process of refining and therefore is exposed to the risk that the refineries will not be able to perform in accordance with the refining contract and that the Company may not be able to fully recover precious metals in such circumstances. At March 31, 2025, the Company had approximately $60.3 million (December 31, 2024 - $68.8 million) of precious metal inventory at refineries. The Company maintains insurance coverage against the loss of precious metals at the Company’s mine sites, and in-transit to refineries. Risk is transferred to the refineries at various stages from mine site to refinery.

Management constantly monitors and assesses the credit risk and considers credit risk when allocating prospective sales and refining business to counterparties. In making allocation decisions, management attempts to avoid high concentration of credit risk to any single counterparty.

The Company invests its cash and cash equivalents, which also has credit risk, with the objective of maintaining safety of principal and providing adequate liquidity to meet all current payment obligations. 

ii) Liquidity Risk

Liquidity risk is the risk that an entity will not be able to meet its financial obligations as they come due. The Company has in place a rigorous planning, budgeting and forecasting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis, its growth plans and its dividend distributions. The Company ensures that sufficient committed loan facilities exist to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents.

As at March 31, 2025, the Company continues to maintain its ability to meet its financial obligations as they come due.

iii) Market Risk

1.Currency Risk

The Company reports its financial statements in U.S. dollars ("USD"); however, the Company operates in jurisdictions that utilize other currencies. As a consequence, the financial results of the Company’s operations as reported in USD are subject to changes in the value of the USD relative to local currencies. Since the Company’s sales are denominated in USD and a portion of the Company’s operating costs and capital spending are in local currencies, the Company is negatively impacted by strengthening local currencies relative to the USD and positively impacted by the inverse.

			PAN AMERICAN SILVER CORP.			9

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

At March 31, 2025, the Company had outstanding positions on its foreign currency exposure of Mexican peso ("MXN"), Peruvian sol ("PEN"), Canadian dollar ("CAD"), Chilean peso ("CLP") and Brazilian real ("BRL") purchases. The Company recorded the following derivative gains and losses on currencies for the three months ended March 31, 2025 and 2024:

						Three months ended March 31,
									2025			2024
Mexican peso gains									$	0.9		$	—
Peruvian sol gains									—			0.4
Canadian dollar gains (losses)									0.3			(1.7)
Chilean peso gains (losses)									5.8			(9.0)
Brazilian real gains (losses)									8.8			(0.2)
									$	15.8		$	(10.5)

2.Interest Rate Risk

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The average interest rate earned by the Company during the three months ended March 31, 2025 on its cash and investments was 3.4% (2024 - 4.0%).

At March 31, 2025, the Company has $nil drawn under its $750.0 million Sustainability-Linked Credit Facility (“SL-Credit Facility”), with a maturity date of November 24, 2028 (Note 12).

The Company has two senior notes (see Note 12): senior notes with a fixed 4.625% coupon and maturing in December 2027; and senior notes with a fixed 2.63% coupon and maturing in August 2031 (collectively "Senior Notes"). As the Senior Notes bear interest at fixed rates, they are not subject to significant interest rate risk.

3.Price Risk

Metal price risk is the risk that changes in metal prices will affect the Company’s revenue or the value of its related financial instruments. The Company derives its revenue from the sale of silver, gold, lead, copper, and zinc. The Company’s sales are directly dependent on metal prices that have shown significant volatility and are beyond the Company’s control. Consistent with the Company’s mission to provide equity investors with exposure to changes in precious metal prices, the Company’s current policy is to not hedge the price of precious metals.

The Company mitigates the price risk associated with its base metal production by committing some of its forecasted base metal production from time to time under forward sales and option contracts. The Board of Directors continually assesses the Company’s strategy towards its base metal exposure, depending on market conditions.

The Company did not have any base metal or diesel contracts outstanding during the three months ended March 31, 2025 and 2024.

			PAN AMERICAN SILVER CORP.			10

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

5. INVENTORIESInventories consist of:

			March 31, 2025			December 31, 2024
Concentrate inventory			$	29.0		$	31.8
Stockpile ore			61.5			67.8
Heap leach inventory and in process			226.2			223.5
Doré and finished inventory			117.7			131.1
Materials and supplies			189.5			180.9
Total inventories			623.9			635.1
Less: current portion of inventories			(594.6)			(605.7)
Non-current portion of inventories(1)			$	29.3		$	29.4

(1)Includes $22.0 million (December 31, 2024 - $22.1 million) in supplies at the Escobal mine, which have been classified as non-current pending the restart of operations.

Total inventories held at net realizable value amounted to $65.0 million at March 31, 2025 (December 31, 2024 – $76.2 million). The Company recorded net realizable value recoveries of $6.9 million for the three months ended March 31, 2025 (2024 - charge of $14.4 million), $2.8 million (2024 - $nil) of which was included in depreciation and amortization and the remaining $4.1 million (2024 - $14.4 million) was included in production costs (Note 15).

6. OTHER ASSETSOther assets consist of:

			March 31, 2025			December 31, 2024
Insurance prepaids			$	7.8		$	7.8
Other prepaids			31.1			23.8
Derivative assets (Note 4)			4.9			—
			$	43.8		$	31.6

			PAN AMERICAN SILVER CORP.			11

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

7. MINERAL PROPERTIES, PLANT AND EQUIPMENT

Mineral properties, plant and equipment consist of:

						March 31, 2025									December 31, 2024
						Cost			Accumulated Depreciation  and  Impairment			Carrying Value			Cost			Accumulated Depreciation  and  Impairment			Carrying  Value
Producing:
Brazil			Jacobina			$	1,632.1		$	(224.1)		$	1,408.0		$	1,617.2		$	(200.1)		$	1,417.1
Chile			El Peñon			508.5			(139.4)			369.1			496.3			(121.6)			374.7
			Minera Florida			187.7			(33.9)			153.8			183.1			(28.9)			154.2
Peru			Huaron			339.9			(166.1)			173.8			337.5			(159.1)			178.4
			Shahuindo			730.5			(345.2)			385.3			724.6			(331.0)			393.6
Mexico			La Colorada			485.5			(247.1)			238.4			473.8			(241.0)			232.8
			Dolores			1,748.3			(1,745.8)			2.5			1,748.3			(1,744.1)			4.2
Argentina			Cerro Moro(1)			165.2			(70.0)			95.2			161.8			(61.1)			100.7
Bolivia			San Vicente			166.1			(138.7)			27.4			165.6			(136.5)			29.1
Canada			Timmins			455.1			(205.3)			249.8			445.3			(197.1)			248.2
			Other			83.5			(29.5)			54.0			83.4			(26.9)			56.5
						$	6,502.4		$	(3,345.1)		$	3,157.3		$	6,436.9		$	(3,247.4)		$	3,189.5
Non-Producing:
			Land			$	13.6		$	(1.0)		$	12.6		$	13.6		$	(1.0)		$	12.6
Brazil			Jacobina			942.4			—			942.4			952.4			—			952.4
Chile			El Peñon(2)			227.7			—			227.7			227.7			—			227.7
			Minera Florida			28.9			—			28.9			28.9			—			28.9
			La Pepa			49.7			—			49.7			49.7			—			49.7
Mexico			Minefinders			77.2			(37.5)			39.7			77.2			(37.5)			39.7
			La Colorada			143.0			—			143.0			139.1			—			139.1
Argentina			Manantial Espejo(3)			493.0			(493.0)			—			493.0			(493.0)			—
			Navidad			566.6			(376.2)			190.4			566.6			(376.2)			190.4
Guatemala			Escobal			261.0			(5.4)			255.6			260.6			(5.1)			255.5
Canada			Timmins			69.9			—			69.9			67.9			—			67.9
			Other(4)(5)			182.8			(11.3)			171.5			182.9			(11.2)			171.7
						$	3,055.8		$	(924.4)		$	2,131.4		$	3,059.6		$	(924.0)		$	2,135.6
Total						$	9,558.2		$	(4,269.5)		$	5,288.7		$	9,496.5		$	(4,171.4)		$	5,325.1

(1)Includes a commitment to Sandstorm Gold Ltd. ("Sandstorm") to deliver, for 30% of the spot silver price, 20% of the silver produced by Cerro Moro up to a maximum of 1.2 million ounces annually until 7.0 million ounces have been delivered, after which the Company is committed to deliver to Sandstorm 9% of the remaining life of mine silver production for 30% of the spot silver price. As at March 31, 2025, the Company delivered 6.8 million ounces.

(2)Includes net smelter royalty interests on the Jeronimo Project ($11.1 million) (2024 - $11.1 million).

(3)Manantial Espejo was placed on care and maintenance in January 2023.

(4)Includes net smelter royalty interests on the MARA Project ($90.0 million) (2024 - $90.0 million).

(5)Includes net smelter royalty interests on the LA Arena II Project ($29.7 million) (2024 - $29.7 million).

			PAN AMERICAN SILVER CORP.			12

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

8. OTHER LONG-TERM ASSETSOther long-term assets consist of:

			March 31, 2025			December 31, 2024
Long-term prepaids			$	15.6		$	23.1
Contingent Consideration			37.5			36.8
Escrow funds			6.7			6.2
Other			12.7			6.1
			$	72.5		$	72.2

Contingent Consideration

On December 2, 2024, the Company completed the disposition of its 100% interest in La Arena S.A., which owns the La Arena gold mine as well as the La Arena II project in Peru (together, "La Arena"), to Zijin Mining Group Co., Ltd. ("Zijin"). In accordance with the share purchase agreement for the sale, Zijin granted the Company Contingent Consideration of $50.0 million payable in cash contingent upon the commencement of commercial production from the La Arena II project.

The Company recorded the Contingent Consideration at a fair value of $36.8 million upon initial recognition, estimated using a DCF. In accordance with IFRS 9 - Financial Instruments, the fair value needs to be re-measured at the end of each reporting period with changes recognized in the Consolidated Statements of Earnings and Comprehensive Earnings. The fair value of the Contingent Consideration as at March 31, 2025 was determined to be $37.5 million (December 31, 2024 - $36.8 million), and the change in the fair value during the three months ended March 31, 2025 of $0.7 million gain (2024 - $nil) was recorded to Other expense.

9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consist of: 

			March 31, 2025			December 31, 2024
Trade account payables(1)			$	165.2		$	194.4
Royalty payables			44.2			38.2
Other accounts payable and accrued liabilities			109.9			118.7
Payroll and severance liabilities			86.8			107.7
Value added tax liabilities			8.8			10.7
Other tax payables			19.4			19.7
			$	434.3		$	489.4

(1)No interest is charged on the trade accounts payable ranging from 30 to 60 days from the invoice date. The Company has policies in place to ensure that all payables are paid within the credit terms.

			PAN AMERICAN SILVER CORP.			13

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

10. PROVISIONS

			March 31, 2025			December 31, 2024
Reclamation obligations, opening balance			$	438.3		$	447.1
Dispositions			—			(89.2)
Revisions in estimates and obligations			7.5			74.2
Expenditures			(3.3)			(25.1)
Accretion expense (Note 16)			6.6			31.3
Reclamation obligations, closing balance			449.1			438.3
Litigation			25.1			25.4
Dispositions			—			(1.3)
Total provisions			$	474.2		$	462.4

Provision classification:			March 31, 2025			December 31, 2024
Current			$	44.6		$	35.3
Non-current			429.6			427.1
			$	474.2		$	462.4

11. LEASES

Right-of-use Assets ("ROU")

The following table summarizes changes in ROU for the three months ended March 31, 2025, which have been recorded in mineral properties, plant and equipment on the Interim Financial Statements:

			March 31, 2025			December 31, 2024
Opening net book value			$	106.3		$	105.0
Additions			10.1			57.6
Depreciation			(9.9)			(44.8)
Dispositions			—			(2.1)
Other			(1.8)			(9.4)
Closing net book value			$	104.7		$	106.3

Lease obligations

The following table presents a reconciliation of the Company's undiscounted cash flows at March 31, 2025 and December 31, 2024 to their present value for the Company's lease obligations:

			March 31, 2025			December 31, 2024
Within one year			$	44.1		$	45.8
Between one and five years			48.2			49.1
Beyond five years			20.6			21.5
Total undiscounted lease obligations			112.9			116.4
Less: future interest charges			(18.7)			(21.9)
Total discounted lease obligations			94.2			94.5
Less: current portion of lease obligations			(40.4)			(40.6)
Non-current portion of lease obligations			$	53.8		$	53.9

			PAN AMERICAN SILVER CORP.			14

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

12. DEBT

			December 31, 2024						Repayments			Accrued Interest									March 31, 2025
Senior note maturing December 2027			$	275.9					$	—		$	0.6								$	276.5
Senior note maturing August 2031			419.5						—			2.5									422.0
Other loans			13.4						(1.7)			—									11.7
Less: current portion of debt			$	(6.8)					$	—		$	—								$	(6.8)
Non-current portion of debt			$	702.0					$	(1.7)		$	3.1								$	703.4

			December 31, 2023			Repayments			Accrued Interest			December 31, 2024
Senior note maturing December 2027			$	273.8		$	—		$	2.1		$	275.9
Senior note maturing August 2031			409.8			—			9.7			419.5
Other loans			20.1			(6.7)			—			13.4
Less: current portion of debt			$	(6.7)		$	—		$	—		$	(6.8)
Non-current portion of debt			$	697.0		$	(6.7)		$	11.8		$	702.0

Senior Notes

The Company has the following Senior Notes: $283.0 million in aggregate principal with a 4.625% coupon and maturing in December 2027; and $500.0 million in aggregate principal with a 2.63% coupon and maturing in August 2031. These Senior Notes are unsecured with interest payable semi-annually. Each series of Senior Notes is redeemable, in whole or in part, at the Company's option, at any time prior to maturity, subject to make-whole provisions. The Senior Notes are accreted to the face value over their respective terms and were recorded at fair value upon acquisition using an effective interest rate of 5.52%.

SL-Credit Facility

The SL-Credit Facility has a limit of $750.0 million plus an accordion feature for up to an additional $250.0 million, which is available at the discretion of the lenders. As of March 31, 2025, the Company was in compliance with all financial covenants under the SL-Credit Facility, which was undrawn. The borrowing costs under the SL-Credit Facility are based on the Company's credit ratings from Moody's and S&P Global at either: (i) SOFR plus 1.25% to 2.40% or; (ii) The Bank of Nova Scotia's Base Rate on U.S. dollar denominated commercial loans plus 0.15% to 1.30%. Under the ratings based pricing, undrawn amounts under the SL-Credit Facility are subject to a stand-by fee of 0.23% to 0.46% per annum, dependent on the Company's credit rating and subject to pricing adjustments based on sustainability performance ratings and scores. The SL-Credit Facility matures on November 24, 2028.

Other loans

Construction loans

In June 2021 and May 2022, the Company entered into Peruvian USD denominated five-year loans with a local financial institution for construction financing. The June 2021 loan bears a 3.6% interest rate per annum and requires quarterly repayments while the May 2022 loan bears 2.2% interest per annum and requires monthly repayments.

As at March 31, 2025, the carrying value of all construction loans was $11.7 million (2024 - $13.4 million).

For the three months ended March 31, 2025, the Company paid $0.6 million (2024 - $0.2 million) in standby charges on undrawn amounts related to the SL-Credit Facility and $8.5 million (2024 - $8.8 million) in interest, both included in interest and finance expense.

			PAN AMERICAN SILVER CORP.			15

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

13. OTHER LONG-TERM LIABILITIES

Other long-term liabilities consist of: 

			March 31, 2025			December 31, 2024
Deferred credit(1)			$	21.5		$	23.6
Deferred revenue(2)			13.1			13.3
Severance liabilities(3)			61.1			57.5
			$	95.7		$	94.4

(1)Represents the obligation to deliver future silver production of Navidad pursuant to a silver stream contract.

(2)Represents the obligation to deliver 100% of the future gold production from La Colorada and 5% of the future gold production from La Bolsa, which is in the exploration stage.

(3)Includes $53.4 million of Chilean severances (2024 - $49.6 million) required by local labour laws.

14. SHARE CAPITAL AND EMPLOYEE COMPENSATION PLANS

a.Stock options, equity-settled restricted share units ("RSUs") and common shares issued as compensation ("Compensation Shares")

For the three months ended March 31, 2025, the total share-based compensation expense relating to stock options, equity-settled RSUs, and Compensation Shares was $1.0 million (2024 - $1.6 million) and is presented as a component of general and administrative expense.

The following table summarizes changes in stock options for the three months ended March 31, 2025 and year ended December 31, 2024:

			Stock Options
			Options			Weighted Average Exercise Price CAD$
As at December 31, 2023			513.2			$	22.32
Exercised			(100.9)			20.07
Forfeited			(15.9)			22.25
As at December 31, 2024			396.4			$	22.90
Exercised			(58.2)			22.17
Forfeited			(2.2)			39.48
As at March 31, 2025			336.0			$	22.91

The following table summarizes information about the Company's stock options outstanding at March 31, 2025:

			Options Outstanding									Options Exercisable
Range of Exercise Prices CAD$			Number Outstanding as at March 31, 2025			Weighted Average Remaining Contractual Life (years)			Weighted Average Exercise Price CAD$			Number Outstanding as at March 31, 2025			Weighted Average Exercise Price CAD$
$17.53 - $23.03			286.7			4.9			$	21.67		124.1			$	21.46
$23.04 - $28.54			16.3			1.7			$	26.54		16.3			$	26.54
$28.55 - $34.04			28.3			3.7			$	30.70		28.3			$	30.70
$34.05 - $39.48			4.7			2.7			$	39.48		4.7			$	39.48
			336.0			4.6			$	22.91		173.4			$	23.94

			PAN AMERICAN SILVER CORP.			16

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

The following table summarizes the changes in RSUs intended to be settled in equity for the three months ended March 31, 2025:

RSUs			Number Outstanding			Weighted Average Fair Value CAD $
As at December 31, 2023			—			$	—
Granted			159.2			31.6
As at December 31, 2024			159.2			$	31.6
Forfeited			(7.6)			31.6
As at March 31, 2025			151.6			$	31.6

b.Performance Share Units ("PSUs")

The Company recorded a $3.8 million expense for PSUs for the three months ended March 31, 2025 (2024 - $0.8 million expense) and is presented as a component of general and administrative expense. 

At March 31, 2025, the following PSUs were outstanding:

PSUs			Number Outstanding
As at December 31, 2023			756.9
Granted			220.0
Paid out			(79.4)
Forfeited			(17.4)
Change in value			—
As at December 31, 2024			880.1
As at March 31, 2025			880.1

c.RSUs

The Company recorded a $2.8 million expense for RSUs that it intends to settled in cash for the three months ended March 31, 2025 (2024 - $1.1 million expense) and is presented as a component of general and administrative expense.

At March 31, 2025, the following cash-settled RSUs were outstanding:

RSUs			Number Outstanding
As at December 31, 2023			805.0
Granted			477.5
Paid out			(299.5)
Forfeited			(124.5)
Change in value			—
As at December 31, 2024			858.5
Forfeited			(39.4)
As at March 31, 2025			819.1

			PAN AMERICAN SILVER CORP.			17

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

d.Deferred Share Units ("DSUs")

The Company recorded a $0.8 million expense for DSUs for the three months ended March 31, 2025 (2024 - $nil million) and is presented as a component of general and administrative expense.

At March 31, 2025, the following DSUs were outstanding:

DSUs			Number Outstanding
As at December 31, 2023			109.0
Granted			47.5
Paid out			(25.7)
Forfeited			—
Change in value			—
As at December 31, 2024			130.8
As at March 31, 2025			130.8

e.Issued share capital

The Company is authorized to issue 800 million common shares without par value.

f.Dividends

The Company declared the following dividends for the three months ended March 31, 2025 and year ended December 31, 2024:

Declaration Date			Record Date			Dividend per common share
May 7, 2025 (1)			May 20, 2025			$	0.10
February 19, 2025			March 4, 2025			$	0.10
November 5, 2024			November 18, 2024			$	0.10
August 7, 2024			August 19, 2024			$	0.10
May 8, 2024			May 21, 2024			$	0.10
February 21, 2024			March 4, 2024			$	0.10

(1)These dividends were declared subsequent to the quarter ended March 31, 2025 and have not been recognized as distributions to owners during the period presented.

g.Contingent Value Rights ("CVRs")

As part of the acquisition of Tahoe Resources Inc. on February 22, 2019, the Company issued 313.9 million CVRs, with a term of 10 years, which are convertible into 15.6 million common shares upon the first commercial shipment of concentrate following the restart of operations at the Escobal mine. As of March 31, 2025 and December 31, 2024, there were 313.9 million CVRs outstanding, which would be convertible into 15.6 million common shares if the payment conditions are satisfied.

h.Normal Course Issuer Bid ("NCIB")

On March 4, 2024, the Company obtained approval of its NCIB from the TSX and the NYSE to purchase for cancellation up to 18,232,990 common shares between March 6, 2024 and March 5, 2025. On March 6, 2025, the Company renewed the NCIB until March 5, 2026 for the ability to purchase up to 18,107,917 of its common shares for cancellation. Daily purchases (other than pursuant to a block purchase exemption) on the TSX and NYSE under the NCIB are limited to a maximum of 186,936 common shares and 25% of the average trading volume for the Company's common shares in the four calendar weeks preceding the date of purchase, respectively.

For the three months ended March 31, 2025, 909,012 (2024 - 1,720,366) common shares were repurchased for cancellation under NCIB at an average price of $22.00 per share for a total consideration of $20.0 million (2024 - average price of $14.16 per share for total consideration of $24.3 million).

			PAN AMERICAN SILVER CORP.			18

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

15. PRODUCTION COSTS

Production costs are comprised of the following: 

						Three months ended March 31,
									2025			2024
Materials and consumables									$	123.1		$	149.0
Salaries and employee benefits									131.7			132.6
Contractors									83.0			105.1
Utilities									18.0			20.0
Insurance									5.1			4.9
Other expense									13.4			2.1
Changes in inventories(1)									5.9			(21.6)
									$	380.2		$	392.1

(1)Includes net realizable value recoveries of $4.1 million for the three months ended March 31, 2025 (2024 – charge of $14.4 million) and were included in cost of sales.

16. INTEREST AND FINANCE EXPENSE

						Three months ended March 31,
									2025			2024
Interest expense									$	11.7		$	11.6
Finance fees									1.3			0.9
Accretion expense (Note 10)									6.6			7.9
									$	19.6		$	20.4

17. EARNINGS PER SHARE (BASIC AND DILUTED)

For the three months ended March 31,						2025						2024
			Earnings(1)			Shares			Per-Share Amount			Earnings(1)			Shares			Per-Share Amount
Net earnings (loss) for the period			$	168.7								$	(30.9)
Basic earnings (loss) per share			$	168.7		362,408			$	0.47		$	(30.9)		364,486			$	(0.08)
Effect of Dilutive Securities:
Stock Options			—			112						—			—
Diluted earnings (loss) per share			$	168.7		362,520			$	0.47		$	(30.9)		364,486			$	(0.08)

(1)Net earnings attributable to equity holders of the Company.

Potentially dilutive securities excluded in the diluted earnings per share calculation were 4.7 thousand options for the three months ended March 31, 2025 (2024 – 513.2 thousand). Also excluded for the three months ended March 31, 2025 were CVRs, which would be convertible into 15.6 million common shares if the payment conditions are satisfied (2024 – 15.6 million common shares).

			PAN AMERICAN SILVER CORP.			19

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

18. SUPPLEMENTAL CASH FLOW INFORMATION

The following tables summarize other adjustments for non-cash income statement items, changes in non-cash operating working capital items and significant non-cash items: 

									Three months ended March 31,
Other operating activities												2025			2024
Adjustments for non-cash income statement items:
			Unrealized foreign exchange losses (gains)									$	5.9		$	(4.8)
			Interest expense (Note 16)									11.7			11.6
			(Gains) losses on derivatives									(15.8)			10.6
			Loss from associates									—			0.1
			Share-based compensation expense									1.0			1.6
			Losses (gains) on sale of mineral properties, plant and equipment									0.5			(0.3)
			Reclamation paid (Note 10)									(3.3)			(6.1)
												$	—		$	12.7

						Three months ended March 31,
Changes in non-cash operating working capital items:									2025			2024
Trade and other receivables									$	(14.3)		$	(10.9)
Inventories									1.0			(39.3)
Prepaid expenses									(8.1)			(1.4)
Accounts payable and accrued liabilities									(44.9)			(14.8)
Legal provisions									1.0			0.4
									$	(65.3)		$	(66.0)

Cash and cash equivalents			March 31, 2025			December 31, 2024
Cash in banks			$	900.1		$	862.8

			PAN AMERICAN SILVER CORP.			20

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

19. SEGMENTED INFORMATION

The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker ("CODM") to review operating segment performance. We have determined that each producing mine and significant development property represents an operating segment. The Company has organized its reportable and operating segments by significant revenue streams and geographic regions.

Significant information relating to the Company’s reportable operating segments is summarized in the table below:

For the three months ended March 31, 2025
Segment/Country			Operation			Revenue			Production costs and royalties			Depreciation			Mine operating earnings (losses)						Capital expenditures(1)
Silver Segment:
Mexico			La Colorada			$	53.5		$	32.1		$	5.8		$	15.6					$	11.2
Peru			Huaron			56.0			32.9			7.7			15.4						7.9
Bolivia			San Vicente			36.2			25.2			2.7			8.3						0.4
Argentina			Cerro Moro			80.0			55.8			8.2			16.0						5.3
Guatemala			Escobal			—			—			—			—						—
Total Silver Segment						225.7			146.0			24.4			55.3						24.8
Gold Segment:
Mexico			Dolores			55.5			18.9			14.7			21.9						0.1
Peru			Shahuindo			97.8			39.1			15.2			43.5						8.5
Canada			Timmins			88.8			53.5			8.7			26.6						15.0
Brazil			Jacobina			131.4			47.4			28.1			55.9						13.6
Chile			El Peñon			120.3			59.6			20.1			40.6						9.9
			Minera Florida			53.7			38.5			5.3			9.9						7.2
Total Gold Segment						547.5			257.0			92.1			198.4						54.3
Other segment:
Canada			Corporate			—			—			2.3			(2.3)						0.6
Other			Other			—			—			0.6			(0.6)						0.2
Total						$	773.2		$	403.0		$	119.4		$	250.8					$	79.9

(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases.

			PAN AMERICAN SILVER CORP.			21

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

For the three months ended March 31, 2024
Segment/Country			Operation			Revenue			Production costs and royalties			Depreciation			Mine operating earnings (losses)						Capital expenditures(1)
Silver Segment:
Mexico			La Colorada			$	27.4		$	26.7		$	3.5		$	(2.8)					$	12.0
Peru			Huaron			35.0			24.0			3.0			8.0						18.0
Bolivia			San Vicente			16.7			13.1			1.6			2.0						0.8
Argentina			Cerro Moro			61.0			44.6			8.7			7.7						3.9
Guatemala			Escobal			—			—			—			—						0.7
Total Silver Segment						140.1			108.4			16.8			14.9						35.4
Gold Segment:
Mexico			Dolores			51.4			54.7			21.4			(24.7)						0.1
Peru			Shahuindo			78.5			36.7			12.0			29.8						7.6
			La Arena (2)			44.6			27.3			8.0			9.3						4.9
Canada			Timmins			69.5			55.0			8.7			5.8						15.1
Brazil			Jacobina			96.0			42.7			28.0			25.3						18.9
Chile			El Peñon			72.1			44.2			16.1			11.8						7.5
			Minera Florida			49.2			37.0			10.7			1.5						6.3
Total Gold Segment						461.3			297.6			104.9			58.8						60.4
Other segment:
Canada			Corporate			—			—			2.1			(2.1)						3.8
Other			Other			—			—			0.6			(0.6)						0.4
Total						$	601.4		$	406.0		$	124.4		$	71.0					$	100.0

(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases.

(2)La Arena was sold on December 2, 2024.

At March 31, 2025
Segment/Country			Operation			Assets			Liabilities			Net assets
Silver Segment:
Mexico			La Colorada			$	479.9		$	49.2		$	430.7
Peru			Huaron			233.4			86.9			146.5
Bolivia			San Vicente			121.1			70.4			50.7
Argentina			Manantial Espejo(1)			1.9			26.5			(24.6)
			Cerro Moro			238.7			103.7			135.0
Guatemala			Escobal			294.1			18.8			275.3
Total Silver Segment						1,369.1			355.5			1,013.6
Gold Segment:
Mexico			Dolores			202.7			160.2			42.5
Peru			Shahuindo			619.0			174.0			445.0
Canada			Timmins			434.3			82.4			351.9
Brazil			Jacobina			2,420.4			415.6			2,004.8
Chile			El Peñon			772.6			204.4			568.2
			Minera Florida			279.1			116.4			162.7
Total Gold Segment						4,728.1			1,153.0			3,575.1
Other segment:
Canada			Corporate			720.7			779.4			(58.7)
Argentina			Navidad			192.8			13.9			178.9
Other			Other			194.9			73.5			121.4
Total						$	7,205.6		$	2,375.3		$	4,830.3

(1) Manantial Espejo was placed on care and maintenance in January 2023.

			PAN AMERICAN SILVER CORP.			22

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

At December 31, 2024
Segment/Country			Operation			Assets			Liabilities			Net assets
Silver Segment:
Mexico			La Colorada			$	470.8		$	52.7		$	418.1
Peru			Huaron			231.5			96.3			135.2
Bolivia			San Vicente			125.0			64.5			60.5
Argentina			Manantial Espejo(1)			2.1			26.4			(24.3)
			Cerro Moro			225.9			112.3			113.6
Guatemala			Escobal			296.1			18.5			277.6
Total Silver Segment						1,351.4			370.7			980.7
Gold Segment:
Mexico			Dolores			193.4			169.6			23.8
Peru			Shahuindo			625.9			211.6			414.3
Canada			Timmins			418.1			84.4			333.7
Brazil			Jacobina			2,436.5			444.2			1,992.3
Chile			El Peñon			732.2			198.5			533.7
			Minera Florida			242.4			122.2			120.2
Total Gold Segment						4,648.5			1,230.5			3,418.0
Other segment:
Canada			Corporate			820.0			789.9			30.1
Argentina			Navidad			192.6			13.3			179.3
Other			Other			190.2			81.7			108.5
Total						$	7,202.7		$	2,486.1		$	4,716.6

(1) Manantial Espejo was placed on care and maintenance in January 2023.

						Three months ended March 31,
Product Revenue									2025			2024
Refined silver and gold									$	622.2		$	519.0
Zinc concentrate(1)									41.4			20.4
Lead concentrate(1)									74.6			36.5
Copper concentrate(1)									9.6			16.6
Silver concentrate(1)									25.4			8.9
Total									$	773.2		$	601.4

(1) Zinc, lead, copper and silver concentrates also include payable quantities of silver and gold.

20. INCOME TAXES

Income tax recognized in net earnings is comprised of the following:

						Three months ended March 31,
									2025			2024
Current income tax expense									$	63.6		$	59.2
Deferred income tax recovery									(19.0)			(24.8)
Income tax expense									$	44.6		$	34.4

Income tax expense differs from the amounts that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the items shown on the following table, which result in effective tax rates that vary considerably from the comparable period. The main factors that impacted the effective tax rate for the three months ended March 31, 2025 and the comparable period for 2024 were changes in the recognition of certain deferred tax assets, foreign exchange rate fluctuations, mining taxes

			PAN AMERICAN SILVER CORP.			23

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			Notes to the Condensed Interim Consolidated Financial Statements
			As at March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024 (unaudited with tabular amounts in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts, unless otherwise noted)

paid, and withholding taxes remitted on payments from foreign subsidiaries. The Company expects that these and other factors will continue to cause fluctuations in effective tax rates in the future.

Reconciliation of Effective Income Tax Rate

						Three months ended March 31,
									2025			2024
Income before taxes and non-controlling interest									$	213.9		$	3.6
Statutory Canadian income tax rate									27.00		%	27.00		%
Income tax expense based on above rates									$	57.8		$	1.0
Increase (decrease) due to:
Non-deductible expenditures									0.9			2.1
Foreign tax rate differences									4.9			(1.9)
Change in net deferred tax assets not recognized									(11.7)			14.4
Effect of other taxes paid (mining and withholding)									9.2			6.5
Effect of foreign exchange on tax expense									(13.0)			2.3
Non-taxable impact of foreign exchange									1.6			(0.2)
Changes to opening temporary differences									(2.3)			—
Impact of inflation									(1.1)			12.9
Other									(1.7)			(2.7)
Income tax expense									$	44.6		$	34.4

			PAN AMERICAN SILVER CORP.			24