Pan American Silver discovers high-grade veins at La Colorada Mine, Mexico

Pan American Silver Corp. [NYSE: PAAS; TSX: PAAS] reported new drill results from the southeastern and eastern Candelaria zones of the La Colorada Mine in Zacatecas, Mexico. Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization featuring wide mineralized intercepts with high silver, gold, and base metal grades.

“Exploration at La Colorada continues to deliver exceptional results, highlighted most recently by the discovery of at least four new high-grade veins in the southeastern Candelaria zone,” said Christopher Emerson, Senior Vice President of Exploration and Geology. “With silver assays exceeding 1,000 g/t in 40% of the reported drill holes, many with attendant high base-metal and gold grades, the discovered structures indicate the potential to add to the mineral resources at La Colorada, which we look forward to reporting in our mineral reserve and mineral resource update as at June 30, 2026. Importantly, these exploration results further substantiate our revised approach for a phased development plan at La Colorada that targets the higher grade zones of the vein mine and skarn deposit.”

The results in this news release are from drilling completed between November 2025 and January 2026, comprising 17,774 metres in 38 holes, and build on the results previously reported in news releases dated September 8, 2025 and December 1, 2025.  All intercepts are reported as estimated true widths, unless indicated otherwise.

Drilling between the Cristina and San Gerónimo systems in the southeastern Candelaria Mine has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization. These features exhibit wide mineralized intercepts characterized by high silver, gold, and base metals grades. The currently defined Filomena, Nicolasa, Bernardina and Josefina veins, together with their associated splays, form a structural cluster delineated over an approximate 500-metre strike length and a 500-metre vertical exte

These veins follow similar west-northwest trends, contributing to a combined strike length of approximately 2,500 metres between the previously recognized Cristina and San Gerónimo veins.

Mineralization widens near lithological contacts with a combination of vein and contact-related replacement styles. This reinterpretation constitutes a significant advancement that continues to drive exploration success in the southeastern zone.

An infill and extensional drilling campaign and underground development program is currently underway with the intention of expanding and defining this mineralized zone. A new exploration crosscut on Level 588, planned for a total of 570 metres, had advanced 170 metres by the end of January 2026. A second crosscut on Level 448 was initiated in the first quarter of 2026 to improve zone access and drill coverage.

Drill hole result highlights from the Cristina/Filomena and San Gerónimo vein systems include S-153-25 with 11.60 metres at 241 g/t Ag, 0.81 g/t Au, 2.08% Pb, 4.48% Zn (Filomena vein); S-153-25 with 2.15 metres at 550 g/t Ag, 0.76 g/t Au, 0.34% Pb, 0.70% Zn (Splay); S-161-25 with 1.03 metres at 9,730 g/t Ag, 6.19 g/t Au, 2.62% Pb, 5.67% Zn (Cristina vein); S-161-25 with 2.26 metres at 286 g/t Ag, 0.34 g/t Au, 7.82% Pb, 7.99% Zn (Filomena vein); S-171-25 with 5.13 metres at 1,000 g/t Ag, 0.77 g/t Au, 3.69% Pb, 6.72% Zn (Filomena vein); S-178-25 with 0.50 metres at 2,616 g/t Ag, 0.28 g/t Au, 1.84% Pb, 2.88% Zn (Splay); S-184-25 with 2.82 metres at 973 g/t Ag, 0.35 g/t Au, 0.62% Pb, 1.60% Zn (Splay) and S-176-25 with 1.30 metres at 528 g/t Ag, 3.55 g/t Au, 2.78% Pb, 2.16% Zn (Cristina vein).

Drilling has delineated the new La Chona Breccia as a vertically extensive brecciated zone with estimated widths of 10 to 65 metres within the same southeastern structural corridor. The breccia hosts wide intervals of locally elevated silver and base‑metal grades, further enhancing the exploration potential of the area.

Drill hole result highlights from the La Chona Breccia include S-159-25 with 31.15 metres at 114 g/t Ag, 0.11 g/t Au, 0.25% Pb, 1.57% Zn (La Chona), including 10.01 metres at 204 g/t Ag, 0.17 g/t Au, 0.59% Pb, 1.40% Zn (La Chona), including 8.13 metres at 340 g/t Ag, 0.28 g/t Au, 0.58% Pb, 3.43% Zn (La Chona); S-176-25 with 65.63 metres at 101 g/t Ag, 0.12 g/t Au, 0.26% Pb, 2.54% Zn (La Chona) and S-183-25 with 10.93 metres at 67 g/t Ag, 0.08 g/t Au, 1.35% Pb, 2.82% Zn (La Chona).

Drilling along the eastern extensions of the Mariana and NC2 veins in the northeastern Candelaria Mine continues to return high‑grade intercepts, extending known mineralization by approximately 200 metres to the east and infilling areas previously classified as inferred mineral resources. Results from this program will be incorporated in the mineral reserve and mineral resource update as at June 30, 2026.

Drill hole result highlights from the Mariana and NC2 vein system include S-147-25 with 1.90 metters at 1,297 g/t Ag, 0.43 g/t Au, 2.66% Pb, 8.87% Zn (Mariana vein); S-160-25 with 1.09 meters at 1,173 g/t Ag, 0.36 g/t Au, 7.87% Pb, 6.72% Zn (Mariana vein); S-160-25 with 1.67 metres at 901 g/t Ag, 0.33 g/t Au, 1.20% Pb, 2.21% Zn (Estela vein); S-163-25 with 0.65 metres at 1,425 g/t Ag, 0.26 g/t Au, 1.04% Pb, 2.17% Zn (NC2 East vein); U-179-25 with 0.45 metres at 2,670 g/t Ag, 5.25 g/t Au, 1.70% Pb, 3.28% Zn (Mariana vein); U-179-25 with 1.26 metres at 1,040 g/t Ag, 0.35 g/t Au, 5.18% Pb, 10.74% Zn (NC2 East vein); S-181-25 with 9.27 metres at 332 g/t Ag, 0.27 g/t Au, 3.84% Pb, 8.44% Zn (NC2 East vein); U-207-25 with 0.22 metres at 10,305 g/t Ag, 0.66 g/t Au, 9.99% Pb, 16.00% Zn (NC2 East vein); S-188-25 with 3.53 metres at 275 g/t Ag, 0.21 g/t Au, 5.75% Pb, 10.80% Zn (NC2 East vein); U-210-25 with 1.00 metres at 796 g/t Ag, 1.73 g/t Au, 10.35% Pb, 1.69% Zn (Mariana vein) and U-210-25 with 0.95 metres at 699 g/t Ag, 1.53 g/t Au, 3.69% Pb, 7.38% Zn (Splay).

Estimated true widths are unknown at this time; reported widths are core interval widths. Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The company also owns a 44% joint venture interest in the operating Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects.