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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Pan American Silver Corp.

Reporting Year

From

2024-01-01

To:

2024-12-31

Date submitted

2025-05-28

Reporting Entity ESTMA Identification Number

E202619

Original Submission Amended Report

Other Subsidiaries Included (optional field)

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:

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

2025-05-28

Position Title

Chief Financial Officer

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			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			Payees include: 1) Agencia de Recaudacion y Control Aduanero (ARCA) formerly the Administracion Federal de Ingresos Publicos (AFIP); 2) Ente Nacional de Comunicaciones; 3) Ministerio de la Produccion Comercio E Industria; and, 4) Autoridad Regulatoria Nuclear.			11,040,000			—			50,000			—			—			—			—			11,090,000
Argentina			Province of Santa Cruz			Payees include: 1) Ministerio de Produccion; 2) Ministerio de Economica 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; 5) Consejo Agrario Provincial; and 6) Ministerio de Energia y Mineria.			10,000			8,780,000			1,760,000			—			—			—			5,160,000			15,710,000
Argentina			Municipality of Puerto Deseado						—			—			490,000			—			—			—			80,000			570,000
Argentina			City of Buenos Aires			Payees include: 1) Administracion Gubernamental de Ingresos Publicos (AGIP).			570,000						10,000															580,000
Argentina			Province of Chubut						880,000			—			40,000			—			—			—			—			920,000
Bolivia, Plurinational State of			The National Government of Bolivia						9,750,000			14,470,000			—			—			—			—			—			24,220,000
Bolivia, Plurinational State of			Autonomous City of Potosi						—			7,900,000			—			—			—			—			—			7,900,000
Bolivia, Plurinational State of			Municipality of Atocha						—			1,390,000			—			—			—			—			—			1,390,000

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			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			Payees include: 1)Secretaria de Receita Federal; 2)Agencia Nacional de Mineracao; 3)Anatel - Agencia Nacional de Telecomunicaa; 4)Camara de Comercializacao de Energia Electrica; and, 5)Instituto Brasileiro do Meio Ambiente.			36,550,000			9,110,000			210,000			—			—			—			—			45,870,000
Canada			The Federal Government of Canada						180,000			—			—			—			—			—			—			180,000
Canada -Ontario			City of Timmins						1,170,000			—			10,000			—			—			—			—			1,180,000
Canada -Ontario			FLYING POST FIRST NATION						—			1,320,000			—			—			—			—			—			1,320,000
Canada -Ontario			MATACHEWAN FIRST NATION						—			280,000			—			—			—			—			—			280,000
Canada -Ontario			WAHGOSHIG FIRST NATION						—			280,000			—			—			—			—			—			280,000
Canada -Ontario			MATTAGAMI FIRST NATION						—			1,320,000			—			—			—			—			—			1,320,000
Canada -Ontario			WABUN TRIBAL COUNCIL						—			—			120,000			—			—			—			—			120,000
Chile			National Government of Chile			Payees include: 1) Tesoreria General de la Republica de Chile; 2) Instituto de Investigaciones y Control; 3) Ministerio de defensa nacional; 4) Direccion de Trabajos; and, 5) Servicio Nacional de Aduanas			59,930,000			12,670,000			2,400,000			—			—			—			10,000			75,010,000
Chile			Municipality of Santiago						—			—			150,000			—			—			—			—			150,000
Chile			Municipality of Alhue						—			—			390,000			—			—			—			—			390,000
Chile			Municipality of Antofagasta						—			—			790,000			—			—			—			—			790,000
Guatemala			The National Government of Guatemala			Payee includes: 1) Superintendencia de Administracion Tributaria (SAT); 2) Ministerio de Ambiente y Recursos Naturales; and, 3) Ministerio de Energia y Minas			810,000			—			40,000			—			—			—			—			850,000

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			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
Guatemala			Municipality of San Rafael Las Flores						200,000			420,000			—			—			—			—			650,000			1,270,000
Mexico			The National Government of Mexico			Payees includes: 1) Superintendencia de Administracion Tributaria (SAT); 2) CONAGUA (Comision Nacional del Agua) 3) Secretaria de la Defensa Nacional; 4) Comision reguladora de Energia; and 5) Tesoreia de la Federacion			78,240,000			2,880,000			5,860,000			—			—			—			—			86,980,000
Mexico			State of Chihuahua						—			—			710,000			—			—			—			—			710,000
Mexico			Municipality of Chalchihuites						630,000			—			—			—			—			—			—			630,000
Mexico			Municipality of Madera						110,000			—			—			—			—			—			—			110,000
Peru			The National Government of Peru			Payees includes: 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).			70,850,000			—			3,100,000			—			—			—			—			73,950,000
Additional Notes:			The functional currency is USD which was converted from local currency. The following are the average annual exchange rates: BOB 6.9089; CAD 1.3698; ARS 916.7503; MXN 18.3282; PEN 3.7541; BRL 5.3904; CLP 943.96 and GTQ 7.76152. Amounts were subsequently converted into CAD from USD using the average exchange rate for the year ended December 31, 2024 of 1USD = 1.3698 CAD. Royalty payments related to the Escobal mine (Guatemala) were postponed upon the suspension of mining operations in 2017. The 2024 payments reflect portions of outstanding balances due for pre-suspension production that we paid during the year, under amended royalty agreement which provided for improved transperancy and controls over the allocation and expenditure of the royalties.

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UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			Pan American Silver Corp.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E202619
Subsidiary Reporting Entities (if necessary)			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			Manantial Espejo Mine			360,000			—			120,000			—			—			—			—			480,000
Argentina			Argenta			1,110,000			—			20,000			—			—			—			—			1,130,000
Argentina			Estelar			10,810,000			8,780,000			1,610,000			—			—			—			5,600,000			26,800,000
Argentina			Suyai			220,000			—			70,000			—			—			—			—			290,000
Argentina			Regional Office Argentina (Yamana Argentina de Serv S.A.)			—			—			230,000			—			—			—			—			230,000
Bolivia, Plurinational State of			San Vincente Mine			9,750,000			23,760,000			110,000			—			—			—			—			33,620,000
Brazil			Jacobina Mine			36,710,000			9,110,000			150,000			—			—			—			—			45,970,000
Brazil			Lavra Velha			—			—			80,000			—			—			—			—			80,000
Canada -Ontario			Timmins West Mines			1,390,000			3,190,000			150,000			—			—			—			—			4,730,000
Chile			El Péñon Mine			59,810,000			10,560,000			2,740,000			—			—			—			10,000			73,120,000
Chile			Minera Florida Mine			120,000			2,100,000			710,000			—			—			—			—			2,930,000
Chile			La Pepa			—			—			280,000			—			—			—			—			280,000
Guatemala			Escobal Mine			1,010,000			420,000			40,000			—			—			—			650,000			2,120,000
Mexico			Alamo Dorado Mine			—			—			580,000			—			—			—			—			580,000
Mexico			La Colorada Mine			63,460,000			930,000			690,000			—			—			—			—			65,080,000
Mexico			Dolores Mine			15,510,000			1,960,000			5,310,000			—			—			—			—			22,780,000
Peru			Huaron Mine			11,920,000			—			1,050,000			—			—			—			—			12,970,000
Peru			La Arena Mine			28,390,000			—			990,000			—			—			—			—			29,380,000
Peru			Shahuindo Mine			30,540,000			—			1,070,000			—			—			—			—			31,610,000
Additional Notes3:			The functional currency is USD which was converted from local currency. The following are the average annual exchange rates: BOB 6.9089; CAD 1.3698; ARS 916.7503; MXN 18.3282; PEN 3.7541; BRL 5.3904; CLP 943.96 and GTQ 7.76152. Amounts were subsequently converted into CAD from USD using the average exchange rate for the year ended December 31, 2024 of 1USD = 1.3698 CAD.