b'GOLD MINES TIMMINS WEST MINE (TIMMINS OPERATIONS) WILLIAMS MINE (HEMLO MINE)Pan American Silver Corp.Lake Shore Gold Corp. Hemlo Mining Corp. gold producerundergroundgold producerundergroundMailing Address 8215 Highway 101 Mailing AddressP.O. Bag 500Timmins, ONP0N 1C0 Marathon, ONP0T 2E0Tel: (705) 269-4344 Tel: (807) 238-1100Websitewww.panamericansilver.com Websitewww.barrick.comMine ManagerCourtney Nunn Mine ManagerChris Stewart, General ManagerProduction Rate3,300 tonnes per day (target rate),Production Rate11,500 tonnes per day (mill capacity)4,400 tonnes per day (average plantProduction2021150,000 ounces of goldthroughput), 5,400 tonnes per day 2022133,000 ounces of gold(mill capacity) 2023141,000 ounces of goldProduction2021133,850 ounces of gold and 16,1602024143,000 ounces of gold ounces of silver (Bell Creek and Timmins2025150,000 ounces of gold West mines combined) (management projection)2022134,640 ounces of gold andResources63,900,000 tonnes at 1.66 g/t gold, 15,300 ounces of silver (Bell Creek andcontaining 3,400,000 ounces of gold Timmins West mines combined) (Measured and Indicated 2023132,900 ounces of gold and 16,200December 2024)ounces of silver (Bell Creek and Timmins7,700,000 tonnes at 2.50 g/t gold, West combined) containing 620,000 ounces of gold 2024123,700 ounces of gold and 15,400(InferredDecember 2023)ounces of silver (Bell Creek and Timmins8,500,000 tonnes at 2.30 g/t gold, West combined) containing 620,000 ounces of gold 2025125,000 (estimate for Bell Creek(InferredDecember 2024)and Timmins West combined) Opened1985Resources13,700,000 tonnes at 2.62 g/t gold,Life of Mine2030containing 1,154,019 ounces of goldEmployment700 employees including contractors(Measured and IndicatedJune 2025 forNotesBarrick Mining Corporation completed Bell Creek and Timmins West combined) the sale of the Hemlo Gold Mine to 5,700,000 tonnes at 2.98 g/t gold,Carcetti Capital Corp., later renamed containing 546,300 ounces of goldHemlo Mining Corp., for a total (Measured & IndicatedJune 2025 forconsideration of up to $1.09 billion. Bell Creek and Timmins West combined) The Hemlo Gold Camp has produced Opened2012 more than 23 million ounces of gold Life of Mine2025 and has been operating continuously EmploymentApproximately 300 for 40 years. The Williams Mine, an NotesPan American Silver Corp. Timminsunderground operation, is located 350 operations consist of two undergroundkm east of Thunder Bay. Gold production gold mines, the Timmins West Mine andduring the first three quarters of 2025 is the Bell Creek Mine, which both feed97,000 ounces of gold, with an estimated the Bell Creek Mill. As of Septemberproduction for Y2025 at 130,000 ounces 30, 2025, the Timmins operations haveof gold. Williams Mine has 1.6 million produced 3 Koz of attributable Ag andounces of gold grading 1.62 g/t Au in 24.7 Koz of attributable Au. As of JuneProven + Probable Reserve and 3.4 2025, the combined Timmins operationsmillion ounces of gold grading 1.67 g/t Au have a proven reserve of 500.0 Koz atin Measured + Indicated Resources, as of a grade of 2.79 g/t Au and a probableDecember 31, 2024.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.18ONTARIO MINING AND EXPLORATION DIRECTORY AND RESOURCE GUIDE 2026'