Summary of Pan American Silver Conference Call (February 23, 2026) Company Overview - **Company**: Pan American Silver (NYSE: PAAS) - **Industry**: Silver Mining - **Key Focus**: World-leading silver producer with a diversified portfolio of assets, large reserves, and growing production [1] Core Points and Arguments Production and Assets - **Current Operations**: 10 producing assets across the Americas, primarily focused on silver production, with significant operations in Mexico and Peru [2][3] - **Acquisition**: Acquired MAG Silver last year, coinciding with a rise in silver prices, enhancing the company's asset portfolio [4] - **Juanicipio Mine**: Recognized as one of the best silver-producing assets globally, contributing to lower corporate-wide costs and significant production growth [6][10] - **La Colorada Skarn Project**: Expected to have a mine life of 40-50 years, projected to significantly increase silver production [5][6][21] Financial Performance - **Free Cash Flow**: Generated over $550 million in free cash flow in Q4 2025, with expectations for strong Q1 results due to high silver prices [11][9] - **Cost Management**: Noted a decline in silver production costs, attributed to the addition of the Juanicipio mine, despite some inflationary pressures [10][8] - **Production Guidance**: Seasonal production patterns due to weather in South America, with expectations for stronger performance in the latter half of 2026 [12][13] Cost Structure and Inflation - **Cost Increases**: Anticipated wage cost increases of about 8%, translating to a 3%-4.5% overall cost increase across operations [15][16] - **By-product Credits**: Costs are influenced by by-product metal prices and exchange rates, with a weaker dollar potentially increasing local currency costs but also raising metal prices [18][19] Capital Expenditure and Growth - **CapEx Plans**: Capital expenditures remain similar to the previous year, with a focus on sustaining capital and project capital for La Colorada skarn [20][21] - **Project Development**: La Colorada skarn is expected to produce 10,000-15,000 tons per day, significantly boosting silver output [24][25] Escobal Mine Update - **ILO Convention 169 Process**: Ongoing consultations with indigenous groups, with high metal prices potentially facilitating progress towards reopening the Escobal mine, which could produce 22 million ounces annually at low costs [31][33][34] Shareholder Returns - **Dividend Increases**: Increased dividend by 29% recently, with a commitment to return cash to shareholders through dividends and share buybacks [38][39] - **Debt Management**: Minimal debt with a focus on maintaining shareholder returns while investing in exploration and sustaining capital [38][40] Asset Portfolio Optimization - **Jacobina Mine**: Potential for increased production efficiency and capacity, with plans to enhance extraction methods and reduce operational costs [42][43] - **Timmins Assets**: Exploration of satellite deposits expected to add substantial value, with a focus on optimizing the existing asset portfolio [47] Additional Important Points - **Market Conditions**: The company is positioned to benefit from rising silver prices, with a strong focus on maintaining low production costs and maximizing margins [10][19] - **Long-term Strategy**: Emphasis on sustainable growth through exploration, efficient capital allocation, and maintaining a strong balance sheet [38][40]

Core Viewpoint - Belo Sun Mining Corp. has successfully reinstated its Installation License for the Volta Grande Gold Project in Brazil, allowing the company to resume construction activities after a suspension since 2017 [1][3][6]. Background - The Federal Court of Altamira had previously upheld the suspension of the Installation License, which prompted the company to take legal action to challenge this decision [2]. Court of Appeal Decision - On February 13, 2026, the Federal Regional Court granted interim relief, reinstating the Installation License and permitting Belo Sun to continue installation activities for the Project [3]. Compliance and Consultation - The Court determined that the company had met all conditions set by TRF-1, including the preparation of the Indigenous Component Study based on primary data and conducting consultations with local Indigenous communities in accordance with established protocols [4]. - The Court also noted that FUNAI's reversal of its earlier position regarding the sufficiency of the ECI was not supported by formal administrative procedures, requiring any new requests to follow proper processes [5]. Construction Activities - With the ruling in favor of the company, the Installation License is now fully effective, allowing Belo Sun to proceed with construction and installation activities for the Project [6]. Next Steps - The respondents to the appeal have the opportunity to file a response, and the appeal will be reviewed by the 6th Panel of TRF-1, with further updates to be provided by the company [7]. Company Leadership Comments - The Chairman and CEO of Belo Sun expressed gratitude for the support received from local communities and authorities, emphasizing the importance of this milestone for the company and its stakeholders [8][9]. Project Development Commitment - The company aims to develop the project in line with best international mining practices, focusing on environmental protection and social standards, while contributing to the economic development of the region [10].

Financial Data and Key Metrics Changes - The company reported record-breaking revenue of $126 million, a 51% increase from the previous year [2] - Cash flow from operating activities reached $133 million, up 196%, while free cash flow was $90 million, up 336% from last year [2][3] - Adjusted net income for the quarter was $47.9 million or $0.22 per share, compared to $22 million or $0.10 per share in the same quarter last year, reflecting a 118% increase [3][4] - The company reported a net income of -$15.8 million for the quarter, primarily due to a $60 million non-cash charge on derivative liabilities [3] Business Line Data and Key Metrics Changes - Silver accounted for 72% of total revenue, with an 80% increase in the realized selling price of silver [3] - Production at Ying increased, with tons mined and milled up 23% and 18% respectively compared to Q3 2025 [6] - Q3 production costs averaged $76 per ton at Ying, down 11% from last year, and cash cost per ounce of silver was negative $1.22 [7] Market Data and Key Metrics Changes - The company produced approximately 1.9 million ounces of silver, just over 2,000 ounces of gold, 16 million pounds of lead, and 7 million pounds of zinc in Q3 [5] - Year-to-date production figures showed increases in silver, gold, and lead production by 1%, 42%, and 1% respectively, while zinc production decreased by 6% [6] Company Strategy and Development Direction - The company is focused on expanding mining capacity across its licenses at Ying, with recent permit renewals and expansions [8] - Investment in growth projects at Ying totaled $9 million in Q3, aimed at enhancing underground access and material handling [7] - The company is also advancing its projects in Kyrgyzstan, acquiring a 70% interest in gold projects to diversify its production portfolio [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 but expressed optimism about smoothing out Q4 performance due to additional tons to mill during the Chinese New Year [16] - The company is actively engaged in obtaining necessary permits for its projects, with the environmental impact study for the Condor project approved [11] Other Important Information - The company ended the quarter with a strong cash balance of $463 million, an increase of over $80 million from the previous quarter [5] - A transaction to acquire a gold project in Kyrgyzstan for $162 million was announced, with $92 million paid at closing [5] Q&A Session Summary Question: Guidance and throughput at Ying - Analyst inquired about guidance and throughput expectations, noting that while guidance remains unchanged, throughput may exceed expectations despite lower grades [16] Question: Derivative liability details - Analyst asked if the $60 million derivative liability was solely related to convertible notes, to which management confirmed it was [17]

Medallion Metals has secured approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) for the Ravensthorpe Gold Project development. This represents the final primary environmental consent necessary for its sulphide production strategy, including underground mining at Ravensthorpe and processing at Forrestania. The Ravensthorpe Gold Project is focused on the historic Kundip mining centre, which is situated between the regional centres of Ravensthorpe and Hopetoun. As ...

Core Viewpoint - Rio2 Limited has successfully completed its first official gold pour at the Fenix Gold Mine in Chile, marking a significant milestone in its operations and development [1][2]. Group 1: Operational Milestones - The first gold pour yielded approximately 897 ounces of gold, in addition to about 358 ounces produced during the plant commissioning process in December, totaling approximately 1,255 ounces of gold [2]. - The combined gold pours also produced approximately 131 ounces of silver, establishing Fenix Gold as the newest gold mine in Chile [2]. Group 2: Future Production Plans - Rio2 aims to ramp up operations at Fenix Gold to 20,000 tonnes per day of ore by the end of 2026, targeting gold production of 60,000 to 70,000 ounces for the year [3][6]. - The company plans to provide further updates on project progress and guidance as mining and gold production continue throughout 2026 [6]. Group 3: Leadership Commentary - Alex Black, Executive Chairman, emphasized the achievement as a culmination of an eight-year journey since the merger with Atacama Pacific Gold Corporation, highlighting the team's discipline and determination [4]. - Andrew Cox, President and CEO, expressed pride in the team's accomplishment during a short 14-month construction period, focusing on safe and efficient ramp-up operations [4][6]. Group 4: Company Overview - Rio2 is committed to high environmental standards and responsible development, aiming to balance social, environmental, and economic factors in its mining projects [8]. - The company is focused on the development and mining operations of the Fenix Gold Mine, with a strong emphasis on technical skills and capital markets success [8].

Core Viewpoint - Bayhorse Silver Inc. has appointed Christos Doulis as President, effective immediately, to strengthen its management team as it advances its mining projects [1][3]. Company Management - Christos Doulis replaces Rick Low as President while Low continues as Chief Financial Officer [1]. - Doulis expressed excitement about working on the Bayhorse and Pegasus projects, highlighting the Bayhorse Mine as a potential near-term primary silver producer in the U.S. [2]. - CEO Graeme O'Neill emphasized the importance of a strong management team and acknowledged Rick Low's contributions in his dual roles [3]. Company Overview - Bayhorse Silver Inc. holds a 100% interest in the historic Bayhorse Silver Mine in Oregon, which has an inferred resource of 292,300 tons at a grade of 21.65 opt (673 g/t), equating to approximately 6.3 million ounces of silver [5]. - The Bayhorse Mine is designed for minimal environmental impact, capable of processing up to 200 tons per day, and features a state-of-the-art ore-sorting system that reduces waste rock by up to 85% [5]. - The company has established a mill with a capacity of up to 60 tons per day in Payette County, Idaho, and has an offtake agreement with Ocean Partners UK Limited [5].

Core Viewpoint - The Rhodes Ridge Joint Venture has approved a feasibility study worth $191 million (A$294 million) to advance the development of the Rhodes Ridge project, which is recognized as one of the best undeveloped iron ore deposits globally [1] Group 1: Project Details - The feasibility study will evaluate the development of an operation with an initial annual production capacity of 40 to 50 million tonnes of iron ore [1] - Rio Tinto's share of the feasibility study costs is $96 million (A$147 million) [1] Group 2: Location and Significance - The Rhodes Ridge project is located in Western Australia's Pilbara region, a significant area for iron ore mining [1]

Core Insights - Sandfire Resources and Havilah Resources have entered into a binding term sheet to advance their partnership at the Kalkaroo copper-gold project and establish a strategic exploration alliance in the Curnamona Province, South Australia [1] Group 1: Agreement Details - Sandfire can earn up to an 80% interest in the Kalkaroo project through a two-stage earn-in structure, with an initial consideration of A$105 million (approximately $68.61 million), consisting of 70% scrip and 30% cash [2] - An additional A$105 million (C$96.39 million) will be payable upon the completion of a new pre-feasibility study (PFS), which will include a minimum of 20,000 meters of infill and extension drilling [2] - Sandfire will invest A$30 million in regional exploration over a minimum of 24 months as part of the exploration strategic alliance [2] Group 2: Project Development and Objectives - The initiative aims to unlock new discoveries within Havilah's exploration tenement package in the Curnamona Province, combining Sandfire's mine design and project development capabilities with Havilah's geological expertise [3] - The new PFS will assess the open extent of the Kalkaroo orebody along strike and at depth, with completion targeted within 18–24 months from the finalization of definitive transaction agreements [7] Group 3: Resource and Financial Implications - Kalkaroo currently has an ore reserve of 100 million tonnes (mt) with a copper grade of 0.47% and a gold grade of 0.44 grams per tonne (g/t), supported by a sulphide mineral resource of 224 mt at 0.49% copper and 0.36 g/t gold [6] - Havilah shareholders will benefit from an upfront payment and retain a 20% interest in Kalkaroo, providing exposure to both immediate and long-term value [5]

Core Viewpoint - Zacatecas Silver Corp. has successfully closed an over-subscribed private placement financing, raising C$3.75 million to advance its exploration activities in Mexico's silver and gold portfolio [1][3]. Financing Details - The financing involved the issuance of 62,500,000 units at a price of $0.06 per unit, with total gross proceeds amounting to C$3.75 million, up from an initial target of C$2.5 million [1][3]. - Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $0.10 per share for two years [3]. - Insiders subscribed for 1,000,000 units for $60,000, qualifying as a related party transaction but expected to be exempt from formal valuation requirements [6]. Exploration Strategy - The company is preparing a 4,000-metre drill program targeting the El Cristo and Panuco vein systems, which are considered high-priority [8][9]. - At El Cristo, drilling will explore a large vein system linked to the historic Veta Grande, which produced over 200 million ounces of silver [9]. - The Panuco vein system has a resource estimate of 20.5 million ounces AgEq, with follow-up drilling planned on strong high-grade intercepts [10]. Community Engagement and Project Readiness - The company is working on community engagement agreements and environmental services to support drilling activities, with roadwork and drill pad construction already completed [11]. - Final contractor mobilization for drilling is scheduled for late Q4 2025 [11]. Project Overview - Zacatecas Silver Corp. holds two key projects: the Zacatecas Silver Project and the Esperanza Gold Project, both located in Mexico [13]. - The Zacatecas Silver Project is situated in the Fresnillo silver belt, which has produced over 6.2 billion ounces of silver, and the company holds 7,826 hectares of prospective ground [14]. - The Esperanza Gold Project is characterized as a low-cost, low-capital-intensity project with significant scalability potential [16].

Core Viewpoint - Contango ORE, Inc. has successfully completed a public offering of common shares, raising approximately $50 million to fund its mining projects and general corporate purposes [1][2]. Group 1: Offering Details - The offering consisted of 1,975,000 common shares priced at $20.00 each and included a pre-funded warrant for 525,000 shares at $19.99 each, resulting in gross proceeds of around $50 million before expenses [1]. - Canaccord Genuity acted as the Sole Bookrunner, with Cormark Securities as Lead Manager and other firms as Co-Managers for the offering [3]. Group 2: Use of Proceeds - The net proceeds will be allocated to advance the Lucky Shot project towards a mine production decision within two years, involving drilling and underground development [2]. - Funds will also support the Johnson Tract project, including road construction, camp winterization, exploration tunnel construction, and feasibility planning, pending necessary permits [2]. Group 3: Company Overview - Contango is engaged in gold exploration in Alaska, holding a 30% interest in the Peak Gold project and leases on the Johnson Tract and Lucky Shot projects, along with ownership of additional mining claims [5].