Mr. Siren Fisekci reports

PAN AMERICAN SILVER COMPLETES THE DIVESTMENT OF MARA AND MOROCOCHA

Pan American Silver Corp. has completed the previously announced divestment of its 56.25-per-cent interest in the MARA project in Argentina and its 92.3-per-cent interest in the Morococha mine in Peru.

The sale of these non-core assets is aligned with Pan American's stated aim of optimizing its portfolio following the acquisition of Yamana Gold Inc. The transactions will allow Pan American to reduce its annual project development, reclamation and care and maintenance costs, which for the MARA project and Morococha amounted to US$15.7 million in the second quarter of 2023.

Under the terms of the agreement for the MARA sale, Glencore International AG ("Glencore") paid US$475 million, in cash and granted to Pan American a life-of-mine copper net smelter return royalty of 0.75%, with the right for Pan American to freely transfer the royalty. Glencore has assumed 100% ownership of the MARA project following completion of the transaction on September 20, 2023.

Under the terms of the agreement for the Morococha sale, Alpayana S.A. paid US$25 million in cash for the 92.3% interest in Compania Minera Argentum S.A., Pan American's Peruvian subsidiary that owned the Morococha mine.

Pan American placed the Morococha mine on care and maintenance in early 2022 while it evaluated alternative strategic opportunities for the asset following the closure of the Amistad processing plant, pursuant to an agreement with Aluminum Corporation of China. The transaction closed on September 22, 2023.

The sale of Pan American's 57.74% interest in Agua de la Falda S.A., that is held by a subsidiary of Pan American, also announced previously on July 31, 2023, is expected to be completed in the fourth quarter of 2023. Under the terms of the agreement, a subsidiary of Rio Tinto Limited will pay US$45.55 million in cash upon closing and will grant to Pan American's subsidiary a net smelter return royalty of 1.25% on all precious metals and a net smelter return royalty of 0.2% on all base metals, on a pro rata basis in accordance with the interest acquired by the Rio Tinto subsidiary, on production from certain mineral concessions.

About Pan American Silver

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. We also own 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 nearly 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 "PAAS".

We seek Safe Harbor.