b'GOLD MINESBELL CREEK MINE (TIMMINS OPERATIONS) FROOME MINE (BLACK FOX MINE) Pan American Silver Corp.Lake Shore Gold Corp. McEwen Mining Inc. gold producerundergroundgold producerunderground, 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 ManagerJeremy Gullive 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 Production202130,016 ounces of gold(mill capacity) 202236,652 ounces of goldProduction2021133,850 ounces of gold and 16,160202344,450 ounces of gold andounces of silver (Bell Creek and Timmins5,590 ounces of silver West mines combined) 202429,430 ounces of gold and2022134,640 ounces of gold and4,245 ounces of silver15,300 ounces of silver (Bell Creek and202526,500 ounces of gold Timmins West mines combined) (management projection) 2023132,900 ounces of gold and 16,200Resources19,334,000 tonnes at 3.48 g/t gold, ounces of silver (Bell Creek and Timminscontaining 2,166,000 ounces of gold West combined) (Measured and Indicated 2024123,700 ounces of gold and 15,400December 2024)ounces of silver (Bell Creek and Timmins7,647,000 tonnes at 3.17 g/t gold, West combined) containing 778,000 ounces of gold 2025125,000 ounces of gold (InferredDecember 2024)(estimate for Bell Creek and TimminsOpened2009 (open pit, closed 2015),West combined) 2011 (underground)Resources13,700,000 tonnes at 2.62 g/t gold,Life of Mine2034containing 1,154,019 ounces of goldEmploymentApproximately 250(Measured and IndicatedJune 2025 forNotesFroome Mine is within Black Fox Property Bell Creek and Timmins West combined) (Fox East), the eastern segment of 5,700,000 tonnes at 2.98 g/t gold,McEwens greater Fox Complex. Froome containing 546,300 ounces of goldMine produced a total of 36,536 gold (InferredJune 2025 for Bell Creek andequivalent ounces (GEOs) over the first Timmins West combined) nine months of 2025. During the third Opened2012 quarter of 2025, some production came Life of Mine2026 from the newly discovered high-grade EmploymentApproximately 300 Froome West zone, which is located NotesPan American Silver Corp. Timminsapproximately 200 m west of the Froome operations consist of two undergroundMine. Delineation drilling around Froome gold mines, the Timmins West Mine andMine led to the discovery of Froome the Bell Creek Mine, which both feedWest. The new discovery is expected the Bell Creek Mill. As of Septemberto extend mining life at Froome. 2025 30, 2025, the Timmins operations haveproduction guidance was lowered from produced 3 Koz of attributable Ag and30,000 to 35,000 GEOs to 25,000 to 24.7 Koz of attributable Au. As of June28,000 GEOs due to production shortfall 2025, the combined Timmins operations(adverse winter conditions and labour have a proven reserve of 500.0 Koz atforce challenges) experienced in Q1a grade of 2.79 g/t Au and a probableof 2025. reserve of 460.0 Koz at a grade of 2.68 g/t Au. In 2025, exploration focused on the Timmins West mine (Timmins mine, 144 Gap and Samson zones) and on drilling at depth at the Bell Creek mine, adding an estimated 105.4 thousand ounces of gold to M&I mineral resources and 163.8 thousand ounces of gold to inferred mineral resources.10ONTARIO MINING AND EXPLORATION DIRECTORY AND RESOURCE GUIDE 2026'