Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) releases results from the ongoing infill and geotechnical drill program at its La Colorada Skarn project in Zacatecas, Mexico. Eight new drill holes totaling 8,101 metres returned additional wide intercepts from the 902 mineralized zone of the western part of the La Colorada Skarn. Drill hole U-121-22 returned the highest-grade interval to date with 22.50 metres at 1,435 g/t Ag, 31.93% Pb and 20.49% Zn.

“The 902 zone at the La Colorada Skarn continues to return long intercepts in multiple drill holes, with the most recent drill holes returning some of the highest grade intercepts since we discovered the La Colorada Skarn in 2018. Hole U-121-22 contains the highest silver grade intercept in the Skarn, to date, of 22 metres averaging 1,435 g/t Ag, 31.9% Pb and 20.5% Zn within a broader interval of 78 metres of 568 g/t Ag, 12.5% Pb and 9.6% Zn,” said Christopher Emerson, Pan American’s Vice President of Exploration and Geology. “Exploration drilling continues to define the La Colorada Skarn mineral resource, and we look forward to presenting an updated mineral resource estimate in August 2024.”

Drill highlights include:

• U-121-22: 26.85 m at 127 g/t Ag, 7.19% Pb and 11.12% Zn and 77.85 m at 568 g/t Ag, 12.45% Pb and 9.59% Zn, including 22.50 m at 1,435 g/t Ag, 31.93% Pb and 20.49% Zn

• U-91-23: 372.10 m at 77 g/t Ag, 3.91% Pb and 5.79% Zn, including 83.85 m at 172 g/t Ag, 8.48% Pb and 10.49% Zn and including 26.90 m at 127 g/t Ag, 7.02% Pb and 11.69% Zn

• U-03-24: 68.00 m at 80 g/t Ag, 3.98% Pb and 6.98% Zn, including 29.00 m at 136 g/t Ag, 7.45% Pb and 12.82% Zn

• U-121-23: 91.20 m at 31 g/t Ag, 2.61% Pb and 4.98% Zn

• U-137-23: 87.25 m at 32 g/t Ag, 1.41% Pb and 3.90% Zn and 134.55 m at 29 g/t Ag, 0.14% Pb and 6.58% Zn

• U-148-22: 23.15 m at 57 g/t Ag, 3.32% Pb and 5.59% Zn

La Colorada Skarn – summary of drill results

The following table provides the drill results for the La Colorada Skarn deposit included in this news release.

Previous drill results that are not included in this table as well as cross sections, plans and images of the La Colorada Skarn mineralized core are available on our website at: https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/

(1) True widths of the mineralized intervals are unknown at this time.

La Colorada Skarn – drill hole collar information

General Notes with Respect to Technical Information

Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Global, Mexico using acid digestion with ICP finish for silver, lead, zinc, and copper. For samples above the detection limits of ICP, they were finalized with absorption spectrometry (“AAS”); For lead and zinc grades greater than 30%, the determination was made by volumetric titration. Samples sent to ALS Global were prepared in Zacatecas and Hermosillo, Mexico laboratories and sent to Vancouver, B.C. Laboratory for assay. Pan American implements a quality assurance and quality control (“QAQC”) program including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to ALS Global demonstrate acceptable accuracy and precision. The Qualified Persons have verified the data disclosed in this news release and they are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of any future 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. ALS Global is independent from Pan American.

See the Company’s Annual Information Form March 26, 2024, available at www.sedarplus.ca for further information concerning QAQC and data verification matters, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s mineral reserves and mineral resources.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Pan American 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.

About Pan American Silver

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management.

La Colorada Skarn Plan View (Graphic: Business Wire)