Summary of Pan American Silver Conference Call - March 25, 2026 Company Overview - **Company**: Pan American Silver (NYSE: PAAS) - **Focus**: Revised preliminary economic assessment (PEA) for the La Colorada skarn project Key Points Industry and Project Updates - The conference call discussed the revised PEA for the La Colorada skarn project, highlighting significant exploration advancements since the original PEA in early 2024 [2][3] - The exploration program has led to the discovery of multiple high-grade silver zones, adding 52.7 million ounces of silver to inferred mineral resources [3][4] Development Plan - The revised PEA outlines a new development plan for La Colorada, which includes: - Continued production from the existing mine while developing the higher-grade skarn deposit and newly identified silver veins [4][5] - Construction of a decline from the existing mine to access the skarn deposit, with preliminary work expected to begin in 2026 [4][5] - Engineering work for two shafts (production and ventilation) to start in 2026, with completion expected by 2030 [5] - A new processing plant with a capacity of 15,000 tons per day, expected to be operational by 2032, with a total capital investment estimated at $1.9 billion [5][6] Economic Projections - The revised PEA estimates an after-tax net present value (NPV) of approximately $2.6 billion at a 5% discount rate, with an internal rate of return (IRR) of 17% based on long-term metal prices [10] - Under higher metal price scenarios, the NPV could increase to approximately $5.2 billion, and the IRR could rise to 25% [10] - The payback period for the initial investment is estimated at four years under base case prices, improving to three years under higher price scenarios [11] Production Expectations - Average silver production from the expanded La Colorada mine is expected to be 19.1 million ounces annually during the peak five years, declining to 11 million ounces per year for the subsequent ten years [7] - The exploration upside could extend peak production levels due to the discovery of new high-grade veins [7][8] Cost Structure - Silver all-in sustaining costs are projected to average negative $22.67 per ounce over the initial five years, benefiting from significant by-product credits from zinc and lead [12] - Revenue contributions during the initial five years are expected to be approximately 42% from silver, 39% from zinc, and 19% from lead [12] Technical and Operational Considerations - The mining method has shifted from sub-level caving to conventional long-hole open stoping, which is expected to lower technical risks and costs [8][41] - Direct mining costs for the combined skarn and vein resources are estimated at $54.50 per ton, compared to $160-$180 per ton for current operations [41] Exploration and Future Plans - Ongoing exploration efforts are expected to further enhance mineral resource growth, with significant drilling completed but not included in the PEA [13][25] - The company plans to advance towards a pre-feasibility study and continue exploration drilling in both the skarn and vein areas [13][56] Capital Allocation and Funding - The project is expected to be funded through cash flow generated by existing operations, with no immediate need for external financing [6][87] - The company reported strong free cash flow generation, allowing for continued investment in growth projects and shareholder returns [87] Regulatory and Permitting Aspects - The 588 level ramp decline does not require additional permits, but other components of the expansion will need permitting [6][58] - Discussions with regulators are ongoing to determine the permitting requirements for the new processing plant and other infrastructure [58] Conclusion - The La Colorada project is positioned to become one of the largest and lowest-cost silver mines globally, with a strong focus on exploration and development to maximize production and shareholder value [94][95]

Core Viewpoint - Vizsla Silver has reported the tragic loss of several employees who were abducted from its project site in Mexico, with the company expressing deep condolences and focusing on the recovery of those still missing [1][2]. Group 1: Incident Details - The employees were abducted on January 23 while traveling from their camp to the mine, approximately 15 kilometers away, and their bodies were later found in a clandestine grave near El Verde [4]. - The company is awaiting formal confirmation from Mexican authorities regarding the deceased workers [3]. Group 2: Company Response - Following the abductions, Vizsla suspended certain activities at its flagship Panuco silver-gold project as a precaution, with some work remaining halted while security conditions are assessed [6]. - The company is committed to supporting affected families and employees during this difficult time [2]. Group 3: Project Overview - Panuco is described as the world's largest undeveloped high-grade silver resource, with proven and probable reserves of 12.8 million tons grading 2.01 grams of gold per ton and 249 grams of silver per ton, equating to approximately 829,000 ounces of gold and 102.7 million ounces of silver [7]. - Vizsla is advancing permitting and financing efforts for the project, with a construction decision expected in the second half of the year and initial production scheduled for H2 2027, projected to produce an average of 17.4 million silver-equivalent ounces annually [8]. Group 4: Market Reaction - Following the news of the abductions, Vizsla's stock dropped to $3.90, down 12% from its previous close and over 41% since January 23 [5].