All amounts are expressed in US$ unless otherwise indicated. Results are preliminary and unaudited and could be adjusted based on final results. This news release contains forward-looking information about expected future events and operating performance of Pan American Silver. Readers should refer to the risks and assumptions set out in the “Cautionary Note Regarding Forward-Looking Statements and Information” at the end of this news release.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") announces its preliminary production results for 2023 and its guidance for 2024. The 2023 production results reflect the addition of four producing mines following Pan American's acquisition of Yamana Gold Inc. ("Yamana"), which was completed on March 31, 2023; accordingly, annual consolidated production results and individual production results from Jacobina, El Peñon, Minera Florida and Cerro Moro (the "Acquired Operations") reflect production from the Acquired Operations during the nine-month period from March 31, 2023 to December 31, 2023, unless otherwise expressly stated. Production for the original Pan American operations reflects the full 12-month period of 2023.

Consolidated silver production of 20.4 million ounces in 2023 was slightly below the 2023 guidance range of 21.0 to 23.0 million ounces provided in Pan American's news release dated April 27, 2023 (the "2023 Guidance"). Silver production increased by 11% compared with 2022.
Consolidated gold production of 882.9 thousand ounces in 2023 was within the 2023 Guidance range of 870.0 to 970.0 thousand ounces. Gold production increased by 60% compared with 2022. Jacobina produced a record 196.1 thousand ounces of gold in 2023, including the first three months of 2023 prior to Pan American's acquisition of the mine (147.8 thousand ounces under Pan American's ownership).
Consolidated zinc production of approximately 38.8 thousand tonnes in 2023 was below the 2023 Guidance of 41.0 to 45.0 thousand tonnes, lead production of approximately 18.7 thousand tonnes was within the 2023 Guidance of 18.0 to 21.0 thousand tonnes, and copper production of approximately 5.0 thousand tonnes met the 2023 Guidance of 5.0 thousand tonnes.
"Our 2023 production results reflect the significant contribution from the assets we acquired through the Yamana transaction, and are broadly in line with our expectations," said Michael Steinmann, President and Chief Executive Officer. "We expect 2024 to deliver a further increase in silver and gold production relative to 2023, with a full year contribution from the Acquired Operations combined with higher production at La Colorada following the completion of the new ventilation infrastructure mid-year. Our priorities for 2024 are the continued focus on the safe, cost-efficient operation of our mines, the completion of a study to define an optimized production rate for Jacobina, and the advancement of our La Colorada Skarn project."

PRELIMINARY 2023 PRODUCTION RESULTS

Figures are preliminary and subject to final adjustment. The final production figures as well as Cash Costs and All-in Sustaining Costs ("AISC") will be provided in Pan American's financial results for the fourth quarter of 2023 ("Q4 2023") and full-year 2023 ("FY 2023").

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