NYSE | TSX PAAS 1 INTRODUCING THE EXPANDED LA COLORADA MINE P R E S E N T A T I O N / / M A R C H 2 0 2 6 NYSE | TSX PAAS 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". These measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by oth ...

Core Viewpoint - Torex Gold Resources Inc. has reported year-end 2025 mineral reserves and resources for its Morelos Complex and the Los Reyes Project, highlighting a systematic approach to exploration and resource drilling that has added new reserves and reinforced long-term resource potential [2][3]. Mineral Reserves and Resources Summary - Proven and Probable Reserves for Morelos are estimated at 4,839 koz AuEq with an average grade of 3.80 gpt, reflecting a 5% decrease from 2024 due to depletion, although there was a 4% increase prior to depletion [8][9]. - Measured and Indicated Resources for Morelos increased to 7,262 koz AuEq at an average grade of 4.25 gpt, representing a 2% decrease from 2024, but a 3% increase prior to ore mined [12][13]. - Inferred Resources for Morelos increased significantly to 2,906 koz AuEq at an average grade of 4.10 gpt, marking a 30% increase from 2024, driven by successful drilling at Media Luna North and ELG Underground [13][14]. Los Reyes Project Summary - The Los Reyes project, acquired in 2025, has an Indicated Resource of 2,047 koz AuEq and an Inferred Resource of 765 koz AuEq, with estimates unchanged from previous reports by Prime Mining [19][20]. - A preliminary economic assessment for Los Reyes is expected to be completed by mid-2026, followed by a prefeasibility study later in the year [21]. Investment and Exploration Strategy - Torex plans to invest a record $77 million in exploration and resource drilling in 2026 to enhance and extend the production profile at Morelos and advance the Los Reyes project [4][23]. - The company aims to maintain annual production of at least 420 koz AuEq beyond 2030 at Morelos while maximizing the value of Los Reyes [23][30]. Metal Price Assumptions - Metal prices used for estimating mineral reserves and resources for Morelos have increased, with gold prices at $1,650/oz for reserves and $1,800/oz for resources, compared to previous assumptions of $1,500/oz and $1,650/oz respectively [6][22].

Core Viewpoint - G Mining Ventures Corp. has reported a significant increase in its consolidated Mineral Reserves and Resources as of December 31, 2025, primarily due to the Oko West Feasibility Study, indicating strong growth potential for the company in the gold mining sector [1][6][9]. Summary by Category Mineral Reserves and Resources - As of December 31, 2025, G Mining Ventures reports Proven and Probable Mineral Reserves totaling 6.52 million ounces (Moz) of gold at an average grade of 1.60 grams per tonne (g/t), representing a 221% year-over-year increase [6][9]. - The total global Mineral Resources are reported as 9.17 Moz Measured and Indicated and 1.17 Moz Inferred across the company's portfolio [6][9]. Project-Specific Highlights - **Tocantinzinho Project**: - Proven and Probable Reserves of 1.87 Moz at an average grade of 1.17 g/t Au, supporting ongoing operations in Brazil [10][11]. - Achieved commercial production in H2 2024, processing approximately 189,000 ounces of gold in its first full year of operations [10]. - **Oko West Project**: - Reports Proven and Probable Reserves of 4.64 Moz at an average grade of 1.89 g/t Au following the completion of the 2025 Feasibility Study [6][11]. - The project has a robust 12.3-year mine life with an average annual production target of approximately 350,000 ounces, with first gold production expected in H2 2027 [11][12]. - **Gurupi Project**: - Reports 1.83 Moz of Indicated Resources and 0.77 Moz of Inferred Resources, with an updated Mineral Resource Estimate and Preliminary Economic Assessment targeted for H2 2026 [12][13]. Financial and Operational Outlook - The company is advancing its three-asset platform, which provides multiple pathways for production growth and portfolio diversification [2][12]. - The exploration budget for 2026 is set at $42–50 million, supporting a 110,000-meter drill program across its portfolio [14][12]. - The 2026 exploration budget for Gurupi totals $21 million, aimed at resource definition drilling and advancing the Environmental and Social Impact Assessment [12][14]. Future Catalysts - Key milestones include the completion of detailed engineering for Oko West by Q3 2026 and the filing of the Environmental and Social Impact Assessment for Gurupi in H2 2026 [13][12].

Core Viewpoint - Magna Mining Inc. has announced the initial Mineral Reserves for the McCreedy West Mine, marking a significant milestone for the company and indicating a three-year production profile based on the reserves [1][3]. Mineral Reserves Summary - The 2026 Mineral Reserve estimate is effective as of December 31, 2025, comprising a total of 987,000 tonnes with a grade of 1.59% Cu, 0.32% Ni, 0.01% Co, 1.15 g/t Pt, 1.23 g/t Pd, 0.32 g/t Au, and 6.65 g/t Ag [3][4]. - The reserves are located within the 700 Copper and PM Copper-PGE Zones, consisting of structural-controlled, chalcopyrite-rich veins [3][4]. - The mining method employed is long hole stoping with unconsolidated rock backfill, designed with a minimum mining width of 5 feet (1.52 meters) [3][4]. Production Profile - The Mineral Reserve estimate supports a three-year production profile for the 700/PM Copper Zones, based on similar production rates outlined in the company's 2026 guidance [3][4]. - The Intermain Nickel Zone is not included in the Mineral Reserve estimate but is part of the Mineral Resource estimate [3][4]. Mineral Resource Summary - Indicated Mineral Resources are estimated at 5,632,000 tonnes with a grade of 1.10% Cu, 0.98% Ni, 0.03% Co, 0.82 g/t Pt, 0.92 g/t Pd, 0.23 g/t Au, and 5.15 g/t Ag [6]. - Inferred Mineral Resources are estimated at 874,000 tonnes with a grade of 1.37% Cu, 1.00% Ni, 0.02% Co, 1.26 g/t Pt, 1.24 g/t Pd, 0.26 g/t Au, and 4.12 g/t Ag [6]. Technical and Financial Aspects - The Mineral Reserve estimate was prepared under the supervision of qualified professionals and is based on metal prices of $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, and $50/oz Ag [11][14]. - A cut-off grade of CAD$180.00 per short ton was applied, considering sustaining development and operating costs [3][11]. Company Overview - Magna Mining Inc. is a producing mining company with a focus on copper, nickel, and Platinum Group Metals (PGM) assets in the Sudbury mining district of Ontario, Canada [18][19]. - The company aims to unlock long-term shareholder value through continued production, exploration, and development opportunities across its asset base [19].

Core Viewpoint - Alamos Gold Inc. reported a significant increase in its Mineral Reserves and Resources as of December 31, 2025, with a total of 16 million ounces, marking the seventh consecutive year of growth and a 24% increase in grades over that period. The majority of this growth occurred within the Island Gold District, which is set to expand further due to successful exploration efforts and a record exploration budget of nearly $100 million planned for 2026 [1][2][8]. Mineral Reserves - Global Proven and Probable Mineral Reserves increased by 32% to 15.9 million ounces of gold, with grades rising by 5% to 1.87 grams per tonne [2][7]. - Island Gold's Mineral Reserves more than doubled, increasing by 125% to 5.1 million ounces, reflecting successful conversion of Mineral Resources [2][9]. - Magino's Mineral Reserves increased by 56% to 3.1 million ounces, primarily due to the conversion of Mineral Resources [2][10]. - Young-Davidson's Mineral Reserves remained largely unchanged at 3.0 million ounces, while Mulatos saw a decrease to 1.2 million ounces due to depletion [11][39]. Mineral Resources - Global Measured and Indicated Mineral Resources increased by 6% to 5.5 million ounces, with grades slightly higher at 1.44 g/t Au [15]. - Global Inferred Mineral Resources decreased by 63% to 2.0 million ounces, reflecting successful conversion to Mineral Reserves [15][21]. Island Gold District - The Island Gold District saw a 2% increase in total Mineral Reserves and Resources to 6.8 million ounces, marking the 10th consecutive year of growth [17]. - The exploration program focused on delineation drilling, resulting in a 125% increase in Mineral Reserves to 5.1 million ounces [18]. - The average grade at Island Gold decreased by 7% to 10.61 g/t Au, with significant potential for further growth due to open areas laterally and at depth [19]. Exploration Budget and Plans - A record exploration budget of $97 million is planned for 2026, up 37% from 2025, with a focus on the Island Gold District, Young-Davidson, and Lynn Lake [2][28]. - The exploration program includes 50,000 meters of underground drilling at Island Gold and 48,000 meters of surface drilling targeting areas between Island Gold and Magino [30][31]. Young-Davidson and Mulatos District - Young-Davidson's Mineral Reserves decreased slightly to 3.0 million ounces, but Measured and Indicated Mineral Resources increased by 26% to 1.5 million ounces [34][38]. - The Mulatos District saw a 14% decrease in Mineral Reserves to 1.2 million ounces, while Measured and Indicated Mineral Resources increased by 26% to 0.8 million ounces [39][42]. Lynn Lake District - Total Mineral Reserves for the Lynn Lake District increased by 3% to 3.4 million ounces, driven by additions within the Linkwood deposit [45]. - A budget of $6 million is allocated for exploration at Lynn Lake in 2026, up from $3 million in 2025 [46].

Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share, implying a consideration of $851 per New Gold share, representing a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Financial Highlights (2026E) - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow[10] - The combined entity is projected to have $390 million in cash[40] - The combined entity is projected to have $761 million in debt[40] Production and Revenue - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] - The combined company's 2026 estimated gold equivalent production is 1243 Koz Au Eq[46] - Gold is expected to account for 72% of the combined 2026 estimated revenue, silver 20%, and copper 8%[13] New Gold Asset Overview (YTD 2025) - New Afton's operating cash flow is $197 million and free cash flow is $115 million[21] - New Afton's copper production is 391 million pounds and gold production is 502K ounces[21] - Rainy River's operating cash flow is $412 million and free cash flow is $215 million[28] - Rainy River's gold production is 1958K ounces[28]

Core Viewpoint - Carcetti Capital Corp. has entered into a definitive agreement to acquire a 100% interest in the Hemlo Gold Mine from Barrick Mining Corporation for $875 million in cash and 34.6 million common shares, with additional contingent cash payments of up to $165 million based on gold price thresholds [1][8][18]. Transaction Highlights - The total consideration for the acquisition includes $875 million in cash and 34.6 million shares, plus up to $165 million in contingent payments [1][8][18]. - The transaction is fully funded with at least $1.0 billion in gross proceeds from a gold stream, an underwritten term loan, and a bought deal private placement [8][23]. - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions [21][40]. Leadership Team - Jason Kosec will serve as President & CEO, bringing experience from Millennial Precious Metals Corp. and Integra Resources Corp. [5][10]. - Jonathan Awde will be the Executive Chairman, previously co-founder and CEO of Dakota Gold Corp. [4]. - Other key appointments include Robert Quartermain, Audra Walsh, and Glenn Kumoi, all with extensive mining industry experience [6][7][10]. Hemlo Overview - The Hemlo gold mining complex has produced approximately 25 million ounces of gold since its initial production in 1985 [13]. - The mine is located in Ontario, Canada, and has a long life with average annual gold production of 154,000 ounces at an all-in sustaining cost of under $1,550 per ounce over a 14-year mine life [9][19]. Financing Structure - The financing package includes a $400 million gold stream with Wheaton Precious Metals, a $200 million term loan, and a $25 million revolving credit facility [23][25]. - The bought deal private placement is expected to raise approximately $415 million [29]. Economic Analysis - The after-tax net present value (NPV) of the Hemlo project is estimated at $1.1 billion based on consensus gold prices and a 5% discount rate [19][52]. - The average annual gold production is projected to be 154,000 ounces over a 14-year mine life, with significant mineral reserves and resources identified [19][47]. Community Engagement - The company is committed to working with local First Nations and the Hemlo community to ensure shared benefits and sustainable economic opportunities [22][28].

Financial Performance - Revenue increased by 30% to $65309 million in Q2 2025[18], driven by a 39% increase in the average gold price to $3186/oz[18] - Net profit attributable to shareholders of the Company rose by 147% to $20487 million in Q2 2025[18] - Adjusted earnings per share increased by 155%[16] - Operating cash flow increased to $281 million[16] - The company's net cash position was $82 million, excluding $18 million in fixed term deposits[16] Operational Highlights - Blanket Mine production increased to 21442 ounces in Q2 2025[18], a 1% increase compared to Q2 2024[18] - Full-year production guidance for Blanket Mine was raised to 75500–79500 ounces[16] - Blanket Mine's on-mine cost per ounce increased by 44%[30] - Blanket Mine's AISC per ounce increased by 74%[32] Strategic Initiatives - The solar plant was sold for $224 million[13] - Exploration program underway at Motapa, with diamond drilling of 178798 meters and reverse circulation drilling of 9638 meters completed[59] - The company is exploring cost-saving and phasing options for the Bilboes feasibility study[16] Reporting Changes - Caledonia will no longer publish quarterly financial statements and MD&A reports[41]

Financial Performance - The company's consolidated production reached 1202 thousand gold equivalent ounces (GEOs) with a cost of sales of $1396 per ounce and all-in sustaining costs (AISC) of $2068 per ounce (or $1858 per ounce excluding Çöpler)[14] - Revenue increased significantly to $4055 million in Q2 2025, compared to $1848 million in Q2 2024[15] - Net income attributable to SSRM shareholders was $901 million in Q2 2025, a substantial increase from $97 million in Q2 2024[15] - Operating cash flow was $1578 million and free cash flow was $984 million for the quarter[14] Liquidity and Capital Allocation - The company maintained a strong balance sheet with a total liquidity of $9121 million, including $4121 million in cash and cash equivalents and an undrawn $400 million revolving credit facility plus a $100 million accordion feature[9, 14] - Approximately $162 million was spent at Hod Maden in Q2 2025, bringing the year-to-date spend to $291 million[14] Operational Highlights - Marigold produced 359 thousand ounces of gold at a cost of sales of $1584 per ounce and AISC of $1977 per ounce[14] - CC&V attributable production was 441 thousand ounces of gold at a cost of sales of $1116 per ounce and AISC of $1339 per ounce[14] - Puna produced 28 million ounces of silver at a cost of sales of $1503 per ounce and AISC of $1257 per ounce[14] Çöpler Incident and Remediation - Second quarter remediation spend at Çöpler totaled $61 million, with care and maintenance costs totaling $367 million[14] - The revised estimate for reclamation and remediation costs associated with the Çöpler incident is $3129 million, reflecting an increase of $129 million above the previously disclosed estimated cost range[20]