Q4 2025EARNINGS REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX: PAAS 1 2 CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings", "attributable revenue", "attributable cash flow from operations", "attributable free cash flow", "basic adjusted earnings per share", "total debt", and "working capi ...

Operational Performance - Q3 2025 production totaled 74k GEO, a 16% increase compared to Q2 2025, aligning with expectations and maintaining guidance[11] - Borborema production reached 10,219 GEO in Q3 2025, marking its first full quarter of production[26] - Apoena's production increased by 13% compared to Q2 2025, driven by a 95% recovery rate[24] - Almas saw a 17% increase in production compared to Q2 2025 (12,917 GEO), attributed to higher ore processed volumes and improved grades[25] Financial Highlights - Adjusted EBITDA reached a record high of US$152 million in Q3 2025, driven by increased production and cost control[11] - In the Last Twelve Months (LTM), Adjusted EBITDA reached US$419 million, with an average gold market price of $3,068/Oz[11] - AISC decreased by 4% to US$1,396/GEO in Q3 2025 compared to Q2 2025 (US$1,449/GEO)[11] - Net profit was US$6 million, but adjusted net income, excluding non-cash losses, was positive at US$69 million[11] Safety and Stability - The company achieved 15 consecutive months without a Lost Time Incident (LTI) across all operations and projects[13] - Borborema surpassed 1,000 days without an LTI from the project's beginning through the start of commercial production[14] Financial Position - Net debt was US$64 million at the end of Q3 2025[44] - The company's cash and equivalents totaled US$351 million as of September 30, 2025[52]

Core Viewpoint - Alphamin Resources Corp. provided an operational update highlighting production and financial performance for Q2 2025, indicating a recovery in sales and cash position despite production challenges due to security concerns [1][5][9]. Operational Performance - Contained tin production for Q2 2025 was 4,106 tonnes, below the target of 5,000 tonnes due to a temporary operational halt on March 13, 2025, with a phased restart beginning April 15, 2025 [5][10]. - The overall plant recovery rate improved to 77% from 75% in the previous quarter [2][5]. - Contained tin sales increased by 19% to 4,587 tonnes, aided by clearing a sales backlog from Q1 2025 [6][10]. Financial Performance - EBITDA guidance for Q2 2025 is set at US$75 million, a 21% increase from the previous quarter's actual EBITDA of US$62 million, primarily driven by higher sales [8][10]. - The All-In Sustaining Cost (AISC) for Q2 2025 is estimated at US$16,500 per tonne sold, slightly higher than the previous quarter's US$16,279 due to operational disruptions [7][10]. - The company reported a net cash position of US$50 million, an improvement of US$52 million from a net debt position of US$2 million in the prior quarter [9][10]. Exploration Update - The exploration strategy focuses on increasing the resource base at Mpama North and Mpama South, discovering new tin deposits, and ongoing grassroots exploration [11][12]. - Drilling at Mpama South has shown visible mineralization, with the first drill hole intersecting multiple narrow cassiterite veins [13][10]. - Exploration drilling at Mpama North has also indicated potential for further cassiterite mineralization at depth [14][15]. Corporate Governance - The company has amended its Constitution to enhance corporate governance, with changes approved by shareholders at the annual general meeting on June 18, 2025 [17].

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's gold production reached 551,000 ounces (17.14 tons), representing an 18.75% year-on-year increase, but a 14.44% decrease quarter-on-quarter [2] - The All-In Sustaining Cost (AISC) for Q1 2025 was $1,625 per ounce (381.39 CNY per gram), a 6.50% decrease year-on-year, but a 15.25% increase quarter-on-quarter [2] - The average gold price in Q1 2025 was $2,900 per ounce (680.63 CNY per gram), reflecting a 39.49% year-on-year increase and a 9.10% quarter-on-quarter increase [2] Production and Operational Updates - Salares Norte's production increased to 50,000 ounces in Q1 2025, a 13% increase from 45,000 ounces in Q4 2024, with expectations to reach commercial production by Q3 2025 [3][4] - The expected gold equivalent production for Salares Norte in 2025 is between 325,000 ounces and 375,000 ounces, with total sustaining costs (AISC) projected between $975 and $1,125 per ounce [4] - The Windfall project is focused on advancing the permitting process, aiming to obtain necessary environmental approvals in the second half of 2025 [4][6] Acquisition and Strategic Moves - On May 5, 2025, the company announced a binding agreement to acquire 100% of Gold Road Resources Limited, which is expected to enhance its portfolio and improve cash flow [7] - The company has reached an agreement with the Ghanaian government regarding the future development of the Damang mine, including a 12-month lease extension starting April 2025 [8][9] 2025 Guidance - The company maintains its 2025 production and cost guidance, expecting gold equivalent production between 2.25 million ounces and 2.45 million ounces, with AISC projected between $1,500 and $1,650 per ounce [10]

Core Viewpoint - Aura Minerals Inc. has reported its Q1 2025 financial and operational results, highlighting a strong start to the year with expectations for improved performance in upcoming quarters, particularly with the Borborema project entering commercial production in Q3 2025 [2][4]. Financial Performance - Total production in Q1 2025 was 60,087 gold equivalent ounces (GEO), a decrease of 10% from Q4 2024 and 12% from Q1 2024 [2][4]. - Net revenue for Q1 2025 reached $161.8 million, a 23% increase compared to Q1 2024 but a 6% decrease from Q4 2024 [2][6]. - Adjusted EBITDA for Q1 2025 was $81.5 million, marking a 53% increase year-over-year and setting a record high for the company [2][6]. Production Details - The Borborema project has commenced operations and is expected to produce between 33,000 and 40,000 ounces in 2025, with commercial production anticipated by Q3 2025 [4][5]. - Aranzazu produced 20,456 GEO in Q1 2025, a 10% decrease from Q4 2024, primarily due to reduced ore milled and increased maintenance downtime [4][6]. - Minosa's production totaled 17,654 GEO, reflecting a 9% decrease from the previous quarter, attributed to lower ore grades [6]. Cost Metrics - Cash cost per GEO sold was $1,149, a 5% increase from Q4 2024, while All In Sustaining Cost (AISC) was $1,461, up 6% from the previous quarter [2][6]. - The net debt at the end of Q1 2025 was $271.9 million, with a net debt-to-last-12-months EBITDA ratio of 0.92x [2][6]. Market Conditions - The average realized gold sales price in Q1 2025 was $2,786 per ounce, an 8% increase from Q4 2024 and 39% higher than Q1 2024 [6]. - Average copper sales prices rose to $4.26 per pound, reflecting a 3% increase from Q4 2024 and 11% higher than the same period in 2024 [6]. Strategic Outlook - The company is focused on developing efficient operations and has set a benchmark for ESG performance with the Borborema project, which incorporates renewable energy and local water resources [5][6]. - Management anticipates a supportive economic environment for commodity prices in the short to medium term, despite potential volatility [7].