Pan American Silver Reports Discovery of Multiple High-Grade Silver Zones at the La Colorada Mine

Executive Summary

• Pan American Silver released extensive drill results from the La Colorada mine (Nov 2024 – Jun 2025), highlighting multiple high‑grade silver, gold and base‑metal intercepts that could expand mineral resources and extend mine life.
• Significant extensions were identified along the Mariana and NC2 vein systems (up to 2 km strike, >500 m vertical) with several intercepts exceeding 3 g/t Au and >10 % Pb/Zn, indicating strong economic potential.
• New replacement‑style mineralization was discovered in the southeast sector, adding a fresh target that will be incorporated into the company’s June 30 2025 resource update.

Key Details

• Drilling program: ~65,000 m in 170 holes across La Colorada (Nov 2024–Jun 2025).
• Mariana vein highlights:
• S‑77‑25 – 3.66 m @ 3,844 g/t Ag, 2.30 g/t Au, 4.53 % Pb, 11.05 % Zn.
• U‑84‑25 – 11.61 m @ 811 g/t Ag, 0.86 g/t Au, 8.21 % Pb, 22.31 % Zn.
• NC2 vein highlights:
• S‑74‑25 – 0.42 m @ 12,309 g/t Ag, 9.70 g/t Au, 2.16 % Pb, 3.60 % Zn (exceptionally high gold).
• U‑59‑25 – 10.61 m @ 729 g/t Ag, 2.99 g/t Au, 1.88 % Pb, 3.83 % Zn.
• Vein extensions: Mariana vein now ~1 km strike, >350 m vertical; NC2 vein >2 km strike, >500 m vertical, with development on four levels (1,900‑2,100 m ASL) extending >300 m eastward.
• San Geronimo & Cristina veins: High‑grade intercepts such as S‑226‑24 – 0.15 m @ 11,076 g/t Ag, 0.93 g/t Au; S‑36‑25 – 0.51 m @ 1,550 g/t Ag, 0.50 g/t Au.
• New replacement‑style mineralization: Contact‑related zones in the southeast (e.g., S‑99‑24 – 50.30 m @ 258 g/t Ag, 0.12 g/t Au) represent a novel target for future resource expansion.
• Skarn intercepts: Notable example – 42.30 m @ 48 g/t Ag, 0.05 g/t Au, 1.51 % Pb, 2.95 % Zn.
• Assay methodology: Samples analyzed by ALS Global and La Colorada Laboratory with QA/QC protocols; grades reported as contained metal before mill recoveries.
• Forward‑looking statements: Results will feed into the company’s annual mineral reserve and resource update to be filed as of June 30 2025.

Notable Quotes

“Our exploration efforts have identified high‑grade intercepts below and along the strike of the known La Colorada vein system… demonstrating opportunities for further mineral resource expansion,” – Christopher Emerson, SVP Exploration & Geology.

Materiality: Material – Positive (high‑grade drill results that could materially increase resources and improve project economics).