UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Pan American Silver Corp.

Reporting Year

From

2025-01-01

To:

2025-12-31

Date submitted

2026-05-21

Reporting Entity ESTMA Identification Number

E202619

Original Submission Amended Report

Original Submission Amended report

Other Subsidiaries Included (optional field)

E314969 Yamana Gold Inc.

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:

E905729 MAG Silver Corp. E547011 Lake Shore Gold Corp.

Not Substituted

Attestation by Reporting Entity

In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

Full Name of Director or Officer of Reporting Entity

Ignacio Couturier

Date

2026-05-21

Position Title

Chief Financial Officer

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2025-01-01			To:			2025-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			E905729 MAG Silver Corp. E547011 Lake Shore Gold Corp.
Payments by Payee
Country			Payee Name1			Departments, Agency, etc… within Payee that Received Payments2			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid to Payee			Notes34
Argentina			The National Government of Argentina						12,820,000			—			110,000						—			—			—			12,930,000			1) Agencia de Recaudacion y Control Aduanero (ARCA) formerly the Administracion Federal de Ingresos Publicos (AFIP); 2) Ente Nacional De Communicaciones; 3) Ministerio de la Produccion Comercio E Industria; 4) Autoridad Regulatoria Nuclear; 5) Registro Nacional de Armas (RENAR) (formerly the Agencia Nacional de Materiales Controlados (ANMAC)); 6) Inspeccion General de Justicia (IGJ); and, 7) Registro Nacional de Precursores Quimicos (RENPRE).
Argentina			Province of Santa Cruz						-			13,230,000			1,860,000			-			-			-			7,130,000			22,220,000			1) Ministerio de Produccion; 2) Ministerio de Economia y Obras Santa Cruz; 3) Fideicomiso Proyecto Unirse Santa Cruz; 4) Tesoreria General de la Provincia de Santa Cruz; 5) Agencia Santacrucena de Ingresos Publicos;Consejo Agarario Provincial; and, 6) Ministerio de Energia y Minera.
Argentina			Municipality of Puerto Deseado						-			-			130,000			-			-			-			1,750,000			1,880,000
Argentina			Province of Chubut						280,000			20,000			50,000			-			-			-			-			350,000			1) Direccion General de Rentas Provincia del Chubut.
Bolivia, Plurinational State of			The National Government of Bolivia			1)			28,200,000			15,570,000			90,000			-			-			-			-			43,860,000			1) Servicios de Impuestos Nacionales (SIN); 2) Corporacion Minera de Boliva (COMIBOL); and, 3) Autoridad de Regulacion y Fiscalizacion de Telecomunicaciones y Transportes (ATT).
Bolivia, Plurinational State of			Autonomous City of Potosi						-			9,930,000			-			-			-			-			-			9,930,000
Bolivia, Plurinational State of			Municipality of Atocha						-			1,750,000			-			-			-			-			-			1,750,000

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2025-01-01			To:			2025-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			E905729 MAG Silver Corp. E547011 Lake Shore Gold Corp.
Payments by Payee
Country			Payee Name1			Departments, Agency, etc… within Payee that Received Payments2			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid to Payee			Notes34
Brazil			The National Government of Brazil						43,230,000			12,880,000			170,000			-			-			-			-			56,280,000			1) Secreataria de Receita Federal; 2) Agencia Nacional de Mineracao; 3) Comando do Exercito; 4) Departmento Estadual de Transito; 5) Instituto do Meio Ambiente e Recursos Hidricos; 6) Fundo Nacional Anti-Drogas (FUNAD); and, 7) Banco Central do Brasil.
Canada -Ontario			City of Timmins						1,020,000			-			-			-			-			-			-			1,020,000
Canada -Ontario			WABUN TRIBAL COUNCIL						-			-			120,000			-			-			-			-			120,000
Canada -Ontario			FLYING POST FIRST NATION						-			1,440,000			-			-			-			-			-			1,440,000
Canada -Ontario			MATACHEWAN FIRST NATION						-			350,000			100,000			-			-			-			-			450,000
Canada -Ontario			WAHGOSHIG FIRST NATION						-			350,000			-			-			-			-			-			350,000
Canada -Ontario			MATTAGAMI FIRST NATION						-			1,440,000			-			-			-			-			-			1,440,000
Canada -Ontario			Apitipi Anicinapek First Nation						-			-			100,000			-			-			-			-			100,000
Chile			Region of Santiago Metropolitan						-			-			160,000			-			-			-			-			160,000			1)Municipalidad de Las Condes
Chile			National Government of Chile						136,220,000			24,690,000			2,920,000			-			-			-			-			163,830,000			1) Tesoreria General de la Rupublica de Chile; 2) Instituto de Investigaciones y Control; 3) Ministerio de defensa nacional; 4) Ministerio de Obras Publicas; 5) Servicio Nacional de Aduanas. 6) Conservador de Bienes Raices de Santiago. 7) Juzgado de conbranza Laboral y Previsiona.
Chile			Municipality of Antofagasta						-			-			770,000			-			-			-			-			770,000			1)Tesorero Minicipal de Antofagasta
Chile			Municipality of Alhue						-			-			630,000			-			-			-			-			630,000			1)Illustre Municipalidad de Alhue
Guatemala			Municipalidad San Rafael Las Flores						200,000			-			-			-			-			-			-			200,000

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2025-01-01			To:			2025-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			E905729 MAG Silver Corp. E547011 Lake Shore Gold Corp.
Payments by Payee
Country			Payee Name1			Departments, Agency, etc… within Payee that Received Payments2			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid to Payee			Notes34
Mexico			The National Government of Mexico						10,010,000			2,000,000			8,350,000			-			-			-			-			20,360,000			1) Superintendencia de Administracion Tributaria (SAT); 2) CONAGUA (Comision Nacional del Agua) 3) Secretaria de la Defensa Nacional; 4) Comision reguladora de Energia; 5) Tesoreia de la Federacion; 6) Secretaria del Medio Anbiente y Recursos Naturales; 7) Comision Nacional Forestal; 8) Comision Federal de Telecomunicaciones; and, 9) Instituto Nacional Investigacaciones Forestales, Agricolas y Pecuarias.
Mexico			State of Zacatecas						-			-			870,000			-			-			-			-			870,000			1)Secretaria de Finanzas de Zacatecas.
Mexico			Municipio de Chalchihuites						1,140,000			-			-			-			-			-			-			1,140,000
Mexico			Municipio de Madera						100,000			-			-			-			-			-			-			100,000
Peru			The National Government of Peru						159,260,000			-			3,960,000			-			-			-			-			163,220,000			1) SUNAT (Superintendencia Nacional de Administracion Tributaria); 2) OSINERGMIN (Organismo Supervisor de la Inversion de Energia y Mineria); 3) OEFA (Organismo de Evaluacion y Fiscalizacion Ambiental); 4) INGEMMET (Instituto Geologico Minero y Metalurgico); 5) ANA (Autoridad Nacional del Agua); and 6) MTC (Ministerio de Transportes y Comunicaciones).
Peru			Municipalidad Provincial de Cajabamba						-			-			-			-			-			-			3,840,000			3,840,000
United States of America			United States of America						-			-			320,000			-			-			-			-			320,000			1)Bureau of Land Managament.
-			-						-			-			-			-			-			-			-
Additional Notes:

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2025-01-01			To:			2025-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			E905729 MAG Silver Corp. E547011 Lake Shore Gold Corp.
Payments by Project
Country			Project Name1			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid by Project			Notes23
Argentina			Cerro Moro Mine			12,270,000			13,230,000			1,740,000			-			-			-			8,880,000			36,120,000
Argentina			Navidad			840,000			20,000			10,000			-			-			-			-			870,000
Argentina			Manantial Espejo Mine			-			70,000			40,000			-			-			-			-			110,000
Argentina			Regional Office Argentina (Yamana Argentina de Serv S.A.)			10,000			-			350,000			-			-			-			-			360,000
Bolivia, Plurinational State of			San Vicente Mine			28,200,000			27,260,000			110,000			-			-			-			-			55,570,000
Brazil			Jacobina Mine			43,310,000			12,880,000			140,000			-			-			-			-			56,330,000
Canada -Ontario			Timmins West/Bell Creek Mines			1,060,000			3,570,000			150,000			-			-			-			-			4,780,000
Canada -Ontario			Larder			10,000			-			210,000			-			-			-			-			220,000
Chile			La Pepa			-			-			310,000			-			-			-			-			310,000
Chile			El Penon Mine			136,220,000			19,750,000			3,170,000			-			-			-			-			159,140,000
Chile			Florida Mine			-			4,940,000			1,000,000			-			-			-			-			5,940,000
Guatemala			Escobal Mine			220,000			-			50,000			-			-			-			-			270,000
Mexico			La Colorada Mine			3,890,000			530,000			1,990,000			-			-			-			-			6,410,000
Mexico			Dolores Mine			7,360,000			1,470,000			5,810,000			-			-			-			-			14,640,000
Mexico			Alamo Dorado Mine			-			-			570,000			-			-			-			-			570,000
Mexico			Cinco de Mayo			-			-			870,000			-			-			-			-			870,000
Peru			Shahuindo Mine			132,490,000			-			1,610,000			-			-			-			3,840,000			137,940,000
Peru			Huaron Mine			26,770,000			-			2,350,000			-			-			-			-			29,120,000
United States of America			Deer Trail Mine			30,000			-			320,000			-			-			-			-			350,000
Additional Notes3:			The functional currency is USD which was converted from local currency. The following are the average annual exchange rates: BOB 6.9022; CAD 1.3978; ARS 1246.4962; MXN 19.1994; PEN 3.5690; BRL 5.5852; CLP 951.6400 and GTQ 7.6836. Amounts were subsequently converted into CAD from USD using the average exchange rate for the year ended December 31, 2025 of 1USD = 1.3978 CAD. On September 4, 2026, the reporting entity acquired 100% of the outstanding shares of MAG Silver Corp. (E905729). Consistent with subsection 8(2) of the Extractive Sector Transparency Measures Act this report consolidates the payment information for MAG Silver Corp. for the period from 2025-01-01 to 2025-12-31.