Mr. Christopher Emerson reports

PAN AMERICAN SILVER REPORTS ADDITIONAL HIGH-GRADE DRILL RESULTS FROM THE LA COLORADA SKARN PROJECT

Pan American Silver Corp. has released results from the continuing infill and geotechnical drill program at its La Colorada skarn project in Zacatecas, Mexico. Eight new drill holes totalling 8,101 metres returned additional wide intercepts from the 902 mineralized zone of the western part of La Colorada skarn. Drill hole U-121-22 returned the highest-grade interval to date with 22.50 metres at 1,435 grams per tonne silver, 31.93 per cent lead and 20.49 per cent zinc.

"The 902 zone at the La Colorada skarn continues to return long intercepts in multiple drill holes, with the most recent drill holes returning some of the highest-grade intercepts since we discovered the La Colorada skarn in 2018. Hole U-121-22 contains the highest-silver-grade intercept in the skarn, to date, of 22 metres averaging 1,435 g/t Ag, 31.9 per cent Pb and 20.5 per cent Zn within a broader interval of 78 metres of 568 g/t Ag, 12.5 per cent Pb and 9.6 per cent Zn," said Christopher Emerson, Pan American's vice-president of exploration and geology. "Exploration drilling continues to define the La Colorada skarn mineral resource, and we look forward to presenting an updated mineral resource estimate in August, 2024."

Drill highlights include:

• U-121-22: 26.85 m at 127 g/t Ag, 7.19 per cent Pb and 11.12 per cent Zn and 77.85 m at 568 g/t Ag, 12.45 per cent Pb and 9.59 per cent Zn, including 22.50 m at 1,435 g/t Ag, 31.93 per cent Pb and 20.49 per cent Zn;
• U-91-23: 372.10 m at 77 g/t Ag, 3.91 per cent Pb and 5.79 per cent Zn, including 83.85 m at 172 g/t Ag, 8.48 per cent Pb and 10.49 per cent Zn and including 26.90 m at 127 g/t Ag, 7.02 per cent Pb and 11.69 per cent Zn;
• U-03-24: 68.00 m at 80 g/t Ag, 3.98 per cent Pb and 6.98 per cent Zn, including 29.00 m at 136 g/t Ag, 7.45 per cent Pb and 12.82 per cent Zn;
• U-121-23: 91.20 m at 31 g/t Ag, 2.61 per cent Pb and 4.98 per cent Zn;
• U-137-23: 87.25 m at 32 g/t Ag, 1.41 per cent Pb and 3.90 per cent Zn and 134.55 m at 29 g/t Ag, 0.14 per cent Pb and 6.58 per cent Zn;
• U-148-22: 23.15 m at 57 g/t Ag, 3.32 per cent Pb and 5.59 per cent Zn.

La Colorada skarn -- summary of drill results

The attached table provides the drill results for La Colorada skarn deposit included in this news release.

Previous drill results that are not included in this table, as well as cross-sections, plans and images of La Colorada skarn mineralized core, are available on the company's website.

General notes with respect to technical information

Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Global, Mexico, using acid digestion with ICP finish for silver, lead, zinc and copper. For samples above the detection limits of ICP, they were finalized with absorption spectrometry (AAS); for lead and zinc grades greater than 30 per cent, the determination was made by volumetric titration. Samples sent to ALS Global were prepared in Zacatecas and Hermosillo, Mexico, laboratories and sent to a Vancouver, B.C., laboratory for assay. Pan American implements a quality assurance and quality control program, including the submission of certified standards, blanks and duplicate samples to the laboratories. The results of the QAQC samples submitted to ALS Global demonstrate acceptable accuracy and precision. The qualified persons have verified the data disclosed in this news release, and they are of the opinion that the sample preparation, analytical and security procedures followed for the samples are sufficient and reliable for the purpose of any future mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. ALS Global is independent from Pan American.

See the company's annual information form dated March 26, 2024, available at SEDAR+, for further information concerning QAQC and data verification matters and for a detailed description of known legal, political, environmental and other risks that could materially affect the company's business and the potential development of the company's mineral reserves and mineral resources.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, vice-president, exploration and geology, and Martin Wafforn, PEng, senior vice-president, technical services and process optimization, each of whom is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Pan American is authorized by the Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in reserved practice under permit to practice No. 1001470.

About Pan American Silver Corp.

Pan American is a leading producer of silver and gold in the Americas, operating 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. It has been operating in the Americas for 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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