Ms. Siren Fisekci of Pan American Silver reports

PAN AMERICAN SILVER CORP.: EARLY WARNING NEWS RELEASE

Pan American Silver Corp. has acquired 5,083,780 common shares of New Pacific Metals Corp. at $2.65 per common share for a total investment value of approximately $13.5-million, under the approximately $35-million bought deal financing New Pacific announced on Sept. 25, 2023.

Upon completion of the offering, which occurred on Sept. 29, 2023, Pan American Silver owns, directly and indirectly, 19,807,848 common shares, representing approximately 11.6 per cent of the outstanding common shares. Immediately prior to the acquisition, Pan American Silver held 14,724,068 common shares, representing approximately 9.34 per cent of the issued and outstanding common shares.

New Pacific and Pan American Silver have agreed that, for so long as Pan American Silver beneficially owns at least 10 per cent of the issued and outstanding common shares of New Pacific, Pan American Silver: (i) is entitled to appoint one director to the board of directors of New Pacific; and (ii) has a pre-emptive right to participate in any equity financing by New Pacific to maintain its pro rata shareholding in New Pacific. Currently, Pan American Silver's representative on New Pacific's board of directors is Pan American Silver's senior vice-president technical services and process optimization, Martin Wafforn.

Pan American Silver acquired the common shares of New Pacific for investment purposes. Pan American Silver may from time to time make future investments in, or dispose of, common shares of New Pacific depending upon the business and prospects of New Pacific and depending upon future market conditions.

The foregoing disclosure regarding Pan American Silver's holdings is being disseminated pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). A copy of the early warning report will be filed on New Pacific's SEDAR+ profile and may be obtained by contacting Siren Fisekci, vice-president, investor relations and corporate communications, for Pan American Silver, at 604-684-1175.

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, and it holds interests in exploration and development projects. 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.

It is incorporated under the Business Corporations Act (British Columbia). A copy of the early warning report filed by Pan American Silver with applicable securities commissions in connection with the acquisition of the common shares will be available for viewing under New Pacific's profile on SEDAR+.