Pan American Silver Plans to Return Up to $1B to Shareholders by 2026

Pan American Silver announced an enhanced shareholder return framework targeting the return of 35%-40% of annual Attributable Free Cash Flow to shareholders through a combination of dividends and common share repurchases under Pan American's normal course issuer bid that began on March 6. Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates being able to return up to $1B to shareholders in 2026. Under the Shareholder Return Framework for 2026, Pan American expects to pay aggregate dividends of $305B during the year, paid in equal quarterly installments. Excess Attributable Free Cash Flow that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Repurchased common shares will be cancelled, thereby reducing the number of outstanding common shares of Pan American and enhancing the per-share value. As shares are repurchased and cancelled, the dividend per common share is expected to increase over time to achieve the expected aggregate dividend amount during the year. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American's board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis.