b'GOLD MINESBELL CREEK MINE (TIMMINS OPERATIONS) BLACK FOX MINE (FOX COMPLEX) Pan American Silver Corp.Lake Shore Gold Corp. McEwen Mining Inc. gold producer undergroundgold producer underground, open pitMailing Address3160 Florence Street Mailing Address2839 Hwy. 101 East, P.O. Box 605South Porcupine, ONP0N 1C0 Matheson, ONP0K 1N0Tel: (705) 269-4344 Tel: (705) 273-1077Websitewww.panamericansilver.com Fax: (705) 273-1097Mine ManagerNot Available Websitewww.mcewenmining.comProduction Rate3,300 tonnes per day (target rate),Mine ManagerJack Korppi4,400 tonnes per day (average plantProduction Rate1,400 tonnes per day (mill capacity)throughput), 5,400 tonnes per day (millProduction202130,016 ounces of goldcapacity) 202236,652 ounces of goldProduction2021133,850 ounces of gold and 16,160202344,450 ounces of gold and 5,590 ounces of silver (Bell Creek and Timminsounces of silver West mines combined) 202430,150 ounces of gold 2022134,640 ounces of gold and(management projection) 15,300 ounces of silver (Bell Creek and202532,500 ounces of gold Timmins West mines combined) (management projection) 2023132,900 ounces of gold and 16,200Resources13,821,000 tonnes at 4.15 g/t gold, ounces of silver (Bell Creek and Timminscontaining 1,843,000 oz of Au (Measured West combined) and IndicatedMay 2024)2024123,700 ounces of gold and 15,0004,635,000 tonnes at 3.59 g/t gold, ounces of silver (Bell Creek and Timminscontaining 536,000 ounces of gold West combined) (InferredMay 2024)2025125,000 (estimate for Bell CreekOpened2009 (open pit, closed 2015), 2011 and Timmins West combined) (underground)Resources12,200,000 tonnes at 2.70 g/t gold,Life of Mine2034containing 1,067,300 ounces of goldEmploymentApproximately 250(Measured and IndicatedJune 2024 forNotesFox Complex ore is processed at the Bell Creek and Timmins West combined) Black Fox Mill, which has a capacity of 3,500,000 tonnes at 3.37 g/t gold,2,000 TPD. Production from the Black containing 382,500 ounces of goldFox mining area ceased in 2021 and (InferredJune 2024 for Bell Creek andstarted at the Froome mining area of Timmins West combined) the Black Fox property. In early 2022, a Opened2012 preliminary economic assessment (PEA) Life of Mine2025 was released evaluating an expansion of EmploymentApproximately 300 the Black Fox Mill to 2,400 tonnes per NotesPan American Silver Corp. Timminsday and development at the Stock West, operations consists of two undergroundGrey Fox and Fuller deposits. Grey Fox gold mines, the Timmins West Mine andexploration drill results from 2021 to the Bell Creek Mine, which both feedOctober 21 st , 2024, will be incorporated the Bell Creek Mill. As of September 30,into the latest Grey Fox resource update 2024, the Timmins operations mined(1.4 million Indicated and Inferred gold 1,239,000 tonnes of ore at a grade ofounces) which will be released in Q1 of 2.47 g/t for a total of 95,800 oz of Au2025 as part of an updated total mineral and 8,000 oz of Ag. As of June 2024,resource estimate for the Fox Complex.the combined Timmins operations have a reserve of 481.4 koz in the proven category at a grade of 2.79 g/t and 386.2 koz probable reserve at a grade of 2.74 g/t Au. Gold production in Q3 2024 was five-per-cent higher than production in Q3 2023, attributed to higher throughput at both the Bell Creek and Timmins West mines. Exploration drilling continued at the Whitney Project, located 4.5 km south of the Bell Creek processing plant. Drilling confirmed current resources at Hallnor/Bonetal and historic resources at Broulan Reef, which were referenced in the June 30 mineral resource and reserve updates under the Whitney Project.10ONTARIO MINING AND EXPLORATION DIRECTORY AND RESOURCE GUIDE 2025'