Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2023

Pan American Silver Corp. ("Pan American" or the "Company") reports its estimated mineral reserves and mineral resources as at June 30, 2023, inclusive of the assets acquired through the Yamana Gold Inc. ("Yamana") transaction. Please see the Company's news release dated March 31, 2023, announcing the completion of the Yamana transaction for further information.

Proven and probable mineral reserves are estimated to contain approximately 576.6 million ounces of silver and 12.9 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding proven and probable reserves) are estimated to total approximately 959.1 million ounces of silver and 17.5 million ounces of gold. Inferred mineral resources total 479.4 million ounces of silver and 9.2 million ounces of gold.

"The addition of the assets from the Yamana transaction has resulted in a significant increase in Pan American's reserve and resource base," said Christopher Emerson, Pan American’s Vice President of Exploration and Geology. "Our exploration and geology teams are currently designing the drill programs across the combined portfolio with an emphasis on near site exploration and further resource conversion. Pan American plans to complete over 480,000 metres of drilling in 2023."

Consolidated Proven and Probable Mineral Reserves, as at June 30, 2023^(1,2,3)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(4) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(5) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and Jeronimo.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(7) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.

Consolidated Mineral Resources, as at June 30, 2023^(1,2,3,4)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(5) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(6) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and Jeronimo.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(8) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.

Consolidated Inferred Mineral Resources, as at June 30, 2023^(1,2,3,4)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(5) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(6) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and Jeronimo.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(8) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.

Mineral Resource Estimate for the La Colorada Skarn, as at September 13, 2022, and Previously Reported:

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) See news release dated September 14, 2022 for further information.

Pan American plans to provide an update for the La Colorada Skarn mineral resource estimate and a Preliminary Economic Assessment of the Skarn project, as part of an updated Technical Report for the La Colorada Property to be released late 2023.

Consolidated Reserve and Resource Highlights for the 12 Months Ended June 30, 2023:

• Silver mineral reserves increased from 515 million ounces to 577 million ounces, net of mining depletion. Gold mineral reserves increased from 3.6 million ounces to 12.9 million ounces.
• M&I mineral resources exclusive of proven and probable mineral reserves increased from 839 million ounces to 959 million ounces for silver and from 8.1 million ounces to 17.5 million ounces for gold.
• The marked increase in year-over-year mineral reserves and M&I mineral resources reflects the inclusion of the mineral resource and mineral reserves for the assets acquired through the Yamana transaction.
• Inferred silver mineral resource decreased from 508 million ounces to 479 million ounces, which reflects the removal of the inferred mineral resource for the Shahuindo sulphides following metallurgical test work that indicated that the resource would not have a reasonable prospect for eventual economic extraction, as described in the technical report for Shahuindo dated November 30, 2022.
• Inferred gold mineral resource increased from 5.7 million ounces to 9.2 million ounces, largely through the inclusion of the inferred mineral resources of the assets acquired through the Yamana transaction.

A detailed summary of the silver and gold mineral reserves and mineral resources as at June 30, 2023 is provided in the following tables.

Consolidated Pan American Mineral Reserves as at June 30, 2023^(1,2)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
(5) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.

Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2023^(1,2,3)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(4) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(5) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.

Pan American Inferred Mineral Resources as at June 30, 2023^(1,2,3)

(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(4) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(5) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.

Metal Price Assumptions Used to Estimate Mineral Reserves and Mineral Resources as at June 30, 2023

General Notes with Respect to Technical Information

All mineral reserves and mineral resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101. Mineral resources are reported exclusives of mineral reserves.

Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.

The Company has undertaken a verification process with respect to the data disclosed in this news release. The mineral resource and mineral reserves databases comprising drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this 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.

For additional information regarding Pan American's material mineral properties prior to the completion of the acquisition of Yamana, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods (collectively, the "Assumptions and Methods") used by Pan American to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Pan American’s business and the potential development of the Pan American’s mineral reserves and mineral resources, please refer to Pan American’s Annual Information Form dated February 22, 2023, filed at www.sedarplus.ca, or Pan American's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC").

For further information about the material mineral projects acquired pursuant to the acquisition of Yamana, including detailed information concerning associated Assumptions and Methods, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the potential development of the mineral reserves and mineral resources, please refer to Yamana’s Annual Information Form dated March 29, 2023, filed at www.sedarplus.ca, or Yamana’s most recent Form 40-F filed with the SEC.

Quantities and grades of contained metal are shown before metallurgical recoveries. There may be non-material changes to the Assumptions and Methods between the date of the most recent Annual Information Forms filed for each of Pan American and Yamana and this date of this news release.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Sébastien Bernier P. Geo., Senior Director, Reserves and Resources, Christopher Emerson, FAusIMM., Vice President of Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Pan American Silver Corp. 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 number 1001470.