Ms. Siren Fisekci reports

PAN AMERICAN SILVER EARLY WARNING NEWS RELEASE REGARDING SHARES OF ANACORTES MINING CORP.

Pan American Silver Corp. and its wholly owned subsidiary, Pan American Silver (Barbados) Corp. (PASB), sold an aggregate of 4.2 million common shares of Anacortes Mining Corp. on May 17, 2023, pursuant to a private agreement. Pursuant to the sale, Pan American Silver received 41 cents per common share of Anacortes, for aggregate gross proceeds of $1,722,000. Pan American Silver now owns, directly and indirectly, less than 10 per cent of the issued and outstanding common shares of Anacortes.

Prior to the sale, Pan American Silver held, directly or indirectly, or exercised control or direction over, 4,700,458 common shares of Anacortes, representing approximately 11.04 per cent of the total issued and outstanding common shares of Anacortes. Following the completion of the sale, Pan American Silver owns, directly or indirectly, or exercises control or direction over, 500,458 common shares of Anacortes, representing approximately 1.18 per cent of the total issued and outstanding Anacortes common shares.

Pan American Silver completed the sale as a result of investment considerations. Pan American Silver may, from time to time and at any time, acquire or dispose of securities of Anacortes in the open market or otherwise, depending on market conditions, the business and prospects of Anacortes, and other relevant factors.

This news release is issued under the early warning provisions of applicable Canadian securities legislation. A copy of the early warning report filed by Pan American Silver with applicable securities commissions in connection with this disposition will be available for viewing under Anacortes's profile on SEDAR.

About Pan American Silver Corp.

Pan American Silver is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. It also owns the Escobal mine in Guatemala that is currently not operating. It has been operating in the Americas for nearly three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. It is headquartered in Vancouver, B.C., and its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol PAAS.