Pan American Silver Corp

Q2 results + shareholder returns were strong (good/surprising) - Revenue $1.1B; attributable revenue $1.3B (incl. 44% interest in Juanicipio). - Attributable free cash flow: $344M in Q2. - Returned a record $300M to shareholders in Q2 via $300M buybacks/dividends (per management). - Repurchased 7M+ shares YTD under NCIB; Q2 dividend $0.184/share. - Net earnings $305M (EPS $0.72); adjusted EPS $0.73 (miss vs consensus noted later, partly tax-related).

Silver operational performance strong; guidance maintained (good) - Attributable silver production: 6.5M oz in Q2, high end of guidance. - Full-year silver production guidance reaffirmed: 25M–27M oz. - Silver AISC: $17.80/oz in Q2 (higher than expected drivers): - Inventory drawdown cost effects from La Colorada Q1 - Higher royalties at La Colorada (more tonnes from adjacent third-party concession) - FX headwinds + higher labor-related costs - Costs for the first half were below low end of silver guidance—suggesting volatility by quarter rather than structural deterioration.

Gold guidance revised lower near-term due to Jacobina + El Peñón continuity (bad) - Management expects full-year gold production to be at the low end of 700k–750k oz. - Q3 gold outlook cut by ~3k–6k oz vs prior quarterly range. - Key drivers: - Jacobina (~10k oz lower than original low-end) due to seismicity-related operational mitigation (safety precaution; no infrastructure damage/injuries). - Mitigation: larger pillars, reduced production in some higher-grade areas, and increased development. - Management view: largely short-term postponement, not long-term loss—paste backfill planned would allow recovering pillars. - El Peñón: gold production ~10k oz below original annual low-end due to lower continuity in secondary structures. - Management also reiterated H2 gold improvement (weighted to Q4), supported by higher grades/throughput at Timmins and Shahuindo.