Ms. Siren Fisekci reports

PAN AMERICAN SILVER PROVIDES AN UPDATE ON THE RESTART OF OPERATIONS AT THE LA COLORADA MINE

Pan American Silver Corp. will commence restarting operations at its La Colorada mine in Mexico on Oct. 16, 2023, following a shift change and the transition from care and maintenance activities. On Oct. 5, 2023, Pan American announced the temporary suspension of operating activities due to security concerns at the mine site and the surrounding area following an armed robbery of two trailers of concentrate from the operation. There were no physical injuries to the company's personnel in connection with that incident.

Pan American acknowledges and appreciates the rapid response and efforts of the Zacatecas state government and federal authorities in Mexico to improve security in the vicinity of the La Colorada mine and to provide an environment that allows for mine operations to resume. The Mexican authorities have taken steps to facilitate the safe transit to and from the mine site for all the employees, contractors and people from the nearby communities. Pan American and the Mexican authorities will maintain direct communications during the period leading up to the resumption of operations.

Pan American does not expect the temporary suspension of La Colorada to have a material impact to its annual consolidated production and cost guidance for 2023, nor to the targeted timing of late 2023 for the release of the La Colorada Skarn preliminary economic assessment.

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.

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