Ms. Siren Fisekci reports

PAN AMERICAN SILVER ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has accepted Pan American Silver Corp.'s notice of its intention to make a normal course issuer bid to purchase up to 18,232,990 of its common shares, representing up to 5 per cent of Pan American's issued and outstanding shares as at Feb. 29, 2024. Purchases pursuant to the bid will be made on the open market through the facilities of the TSX and the New York Stock Exchange (NYSE) and alternative trading systems in Canada and the United States. The period of the bid will begin on March 6, 2024, and will continue until March 5, 2025, or an earlier date should the company complete its purchases.

Pan American will pay the market price at the time of acquisition of any common shares in accordance with the rules and policies of the TSX and NYSE and applicable securities laws. All common shares acquired by the company under the bid will be cancelled and purchases will be financed out of Pan American's working capital. Although the company has a present intention to acquire its common shares pursuant to the bid, it is not obligated to make any purchases, and the actual number of common shares to be purchased, and the timing of any purchases, will be at the company's discretion.

As at Feb. 29, 2024, the number of Pan American's issued and outstanding common shares totalled 364,659,809. In accordance with the rules of the TSX, the maximum daily purchases on the TSX under this bid will be 151,485 common shares, which is 25 per cent of the average daily trading volume for the company's common shares on the TSX for the six months ended Feb. 29, 2024, which was 605,942 common shares. In accordance with applicable U.S. securities laws, the maximum daily purchases on the NYSE under this bid will be 25 per cent of the average daily trading volume for the company's common shares in the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

Pan American is undertaking the bid because, in the opinion of its board of directors, the market price of its common shares, from time to time, may not fully reflect the underlying value of its mining operations, properties and future growth prospects. The company believes that in such circumstances, the outstanding common shares represent an accretive investment for Pan American since a portion of the company's excess cash generated on an annual basis can be invested for an attractive risk-adjusted return on capital through the bid.

Pan American has established an automatic securities purchase plan (ASPP) with its broker, National Bank Financial Inc., to allow for the repurchase of common shares under the bid at any time, including when it ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The ASPP has been precleared by the TSX and will be effective contemporaneously with the bid. All purchases made under the ASPP will be included in computing the number of shares purchased and cancelled by the company under the bid.

A copy of the company's notice of intention to make a normal course issuer bid filed with the TSX can be obtained from the corporate secretary of Pan American without charge.

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, Brazil, Bolivia, Chile and Argentina. It also owns the Escobal mine in Guatemala that is currently not operating, and it holds interests in exploration and development projects. Pan American has been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. The company 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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