Pan American Silver Corp is principally engaged in the operation and development of, and exploration for, silver and gold producing properties and assets. The company produces silver and gold doré as well as zinc, lead, and copper concentrates from mines located across the Americas. It operates in a mining industry focused on precious and base metal extraction with activities spanning exploration, development, production, and reclamation.

Pan American Silver Corp generates revenue primarily from the sale of silver and gold doré and silver-bearing zinc, lead, and copper concentrates. In 2024, revenue from silver and gold doré amounted to $2,369.1 million, zinc concentrate to $101.3 million, lead concentrate to $201.8 million, copper concentrate to $71.7 million, and silver concentrate to $75.0 million, totaling $2,818.9 million. The company sells its products to arm’s length customers in global commodities markets.

Pan American Silver Corp operates through the following segments: Silver Segment and Gold Segment.

• The Silver Segment comprises the La Colorada, Cerro Moro, Huaron, and San Vicente mines. These operations focus on silver production with by-product recovery of gold, zinc, lead, and copper. In 2024, the Silver Segment milled 2,314,800 tonnes of ore and produced 14,474,600 ounces of silver, 80,100 ounces of gold, 39,040 tonnes of zinc, 19,200 tonnes of lead, and 5,240 tonnes of copper.

• The Gold Segment comprises the Jacobina, El Peñon, Timmins West and Bell Creek, Shahuindo, La Arena (until November 30, 2024), Minera Florida, and Dolores mines. These operations focus on gold production with by-product recovery of silver and other metals. In 2024, the Gold Segment milled 36,959,400 tonnes of ore and produced 892,500 ounces of gold, along with silver and base metal by-products.

Pan American Silver Corp positions itself as one of the world’s leading primary silver mining companies and aims to be the world’s premier silver producer. It competes with other major precious metal producers such as Newmont Corporation, Barrick Gold Corporation, and Wheaton Precious Metals Corp. Its competitive advantages include a diversified portfolio of long-life assets, a strong balance sheet with investment-grade credit ratings, and a commitment to sustainable development through initiatives like the Towards Sustainable Mining framework and adherence to ESG principles.

Pan American Silver Corp serves a global customer base that includes smelters, refiners, and trading companies involved in the processing and distribution of precious and base metals. The company sells its doré and concentrates to arm’s length customers in international markets, with no specific customer names disclosed in the filing.