Pan American Silver Announces Renewal of Normal Course Issuer Bid

Executive Summary

• Pan American Silver announced TSX approval to renew its normal course issuer bid, authorizing the purchase and cancellation of up to 21,090,323 common shares (≈5% of outstanding shares) from March 6, 2026 to March 5, 2027.
• The company will fund purchases from working capital, using an automatic securities purchase plan (ASPP) to execute trades outside normal market windows.
• Under the current bid (Mar 6 2025‑Mar 5 2026), Pan American repurchased 819,558 shares at a VWAP of C$52.43 and now seeks to increase the authorized amount by ~2.3 million shares.

Key Details

• Bid Authorization: TSX accepted notice to renew bid for up to 21,090,323 common shares (≈5% of total issued & outstanding shares as of Feb 28 2026).
• Bid Period: Commences March 6, 2026 and runs until March 5, 2027, or earlier if the company completes purchases.
• Purchase Mechanics: Shares will be bought on the open market via TSX, NYSE, and alternative trading systems in both Canada and the U.S.; all acquired shares will be cancelled.
• Funding Source: Purchases funded from Pan American’s working capital; no external financing involved.
• Current Bid Snapshot:
• Authorized under prior bid (Mar 6 2025‑Mar 5 2026): up to 18,107,917 shares.
• Shares purchased to date: 819,558 at a volume‑weighted average price of C$52.43 per share.
• Outstanding Shares: As of Feb 28 2026, total issued & outstanding common shares = 421,806,464.
• Daily Purchase Limits:
• TSX: max 304,358 shares per day (25% of average daily volume over six months ending Feb 28 2026).
• NYSE: max 25% of average daily volume for the four weeks preceding each purchase, with block‑purchase exceptions.
• Rationale: Board believes market price may not fully reflect underlying asset value; repurchase is viewed as an accretive use of excess cash, offering attractive risk‑adjusted return on capital.
• Automatic Securities Purchase Plan (ASPP): Established with National Bank Financial Inc.; pre‑cleared by TSX; allows purchases during blackout periods or other times when the company would otherwise be restricted from trading. All ASPP purchases count toward bid totals.
• Regulatory Access: Notice of Intention to Make a Normal Course Issuer Bid filed with TSX is available from the corporate secretary free of charge.

Notable Quotes

(No direct quotes were provided in the release.)