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Exploration-stage asset in Chihuahua, Mexico, with lead, zinc, silver, gold, and molybdenum mineralization, including carbonate replacement type deposits. Pan American Silver holds an earn-in and option agreement with Apollo Silver Corp., which is advancing the project.

The Amalia Project is a high-grade exploration-stage project located in the State of Chihuahua, Mexico. It consists of epithermal silver-gold mineralisation found in several veins, vein breccias, and disseminated zones.

drilling equipment includes NQ and HQ size tooling

As of June 2022, the workforce at Shahuindo consisted of 669 Pan American employees and 2,091 contractors.

The Shahuindo mine is an open-pit, heap leach gold mine with silver by-products, located in the district of Cachachi, province of Cajabamba, department and region of Cajamarca, Peru. It is situated approximately 59 kilometres southeast of the town of Cajamarca.

In 2023, the Shahuindo mine produced 141,100 ounces of gold. The production forecast for 2024 is between 122,000 and 144,000 ounces of gold.

heap leaching of the ore, followed by a carbon-in-column, adsorption-desorption-refining (ADR) process to recover the gold.

mining fleet and equipment are provided by a contractor, STRACON GyM

Minera Florida is an active, underground mine located in the Metropolitan Region of Chile. It is operated by Minera Florida Ltda., a wholly-owned subsidiary of the Canadian mining company Pan American Silver Corp.

In 2023 (March 31 to December 31), the mine produced 72.4 koz of gold, 283 koz of silver, 3.2 kt of zinc, and 0.9 kt of lead. During this period, 692 kt of ore were mined and 760 kt were processed. For the full year 2025, attributable gold production was 68.6 thousand ounces.

flotation and leaching circuits, primary, secondary, and tertiary crushing stages, jaw crusher, conveyors, double-deck screens, grinding circuit, ball mill

loaders and trucks

100 employees laid off prior to shutdown

The La Colorada Mine is an open-pit operation focused on the extraction of gold and silver. As of late 2023, the mine was placed on care and maintenance, with some residual gold production continuing from the heap leach pads.

produced over 400,000 ounces of gold through 2020. For the first quarter of 2024, residual production from the mine amounted to 4,007 gold equivalent ounces.

heap leaching

three-stage crushing plant with a capacity of 12,000 tonnes per day, conveyors, multi-lift single-use leach pads, a carbon absorption circuit, and a stripping and electro-winning circuit

Heliostar Metals has announced plans to restart crushing and stacking operations in January 2025, initially processing material from the historic Junkyard Stockpile

2,431 people, which includes 1,283 Pan American Silver employees and 1,148 contractors

The Jacobina mine is an operating underground gold mine in Bahia State, Brazil, wholly owned by Pan American Silver Corp. The mine is located approximately 280 kilometres northwest of the state capital of Salvador. The Jacobina mining complex consists of several underground mines, including Canavieiras, João Belo, Morro do Cuscuz, Morro do Vento, and Serra do Córrego.

197,000 ounces of gold in 2024. A phased expansion of the processing plant to a throughput of 8,500 tonnes per day was completed in mid-2022.

conventional carbon-in-leach (CIL) process to produce gold doré. Key equipment in the processing plant includes a primary jaw crusher, semi-autogenous grinding (SAG) mill, ball mills, gravity concentrators, a carbon-in-leach circuit, and an elution and gold recovery circuit. There are plans for a tailings filtration plant and a filtered tailings stack.

jumbo drills, production drills, rock bolters, load-haul-dump (LHD) vehicles, and haul trucks

351 employees in one union and 121 in the supervisors' union (as of March 2021)

El Peñón is an operating underground gold and silver mine in the Atacama Desert, Antofagasta Region, Chile, owned 100% by Pan American Silver Corp. It is a significant contributor to Chile's gold production.

In 2024, 126.8 thousand ounces of gold and 3.87 million ounces of silver. For the full year 2025, 115.2 thousand ounces of gold and 3.91 million ounces of silver.

Crushing and grinding followed by a leaching and Merrill-Crowe process to produce doré. The processing plant infrastructure includes a primary crusher, a SAG mill, and a ball mill. The process continues with pre-leaching thickening, leaching, counter-current decantation for concentrate solution recovery, clarification, zinc precipitation, and refining. The facility also has a filtered tailings stack storage facility.

16 Caterpillar AD30 haul trucks, 11 scoops with a 6 cubic yard capacity, 4 Toro-LH 203 scoops with a 2 cubic yard capacity, 1 Toro-LH 210 scoop with a 1 cubic yard capacity, 7 Atlas Copco M2C jumbo drills, 1 Atlas Copco Boomer 282 jumbo drill, 2 Atlas Copco Boltec drills (H235 and another unspecified model)

The Dolores mine is owned and operated by Compañía Minera Dolores S.A. de C.V., a wholly-owned subsidiary of Pan American Silver Corp. Royal Gold, Inc. holds a 3.25% net smelter return royalty on gold and a 2.0% royalty on silver. Construction on the mine began in late 2006, with the first doré produced in November 2008 and commercial production starting in May 2009. Mining activities from known ore reserves concluded in the third quarter of 2024. Following the completion of processing low-grade stockpiles in the first quarter of 2025, the mine entered the residual leaching phase, which is expected to continue until the end of 2026. The underground operation was placed on care and maintenance in April 2022. The company is advancing closure studies and conducting progressive closure work for the site.

971 thousand ounces of silver and 37.6 thousand ounces of gold for the year ending December 31, 2025

crushing plant, conveying and stacking facilities, heap leach pads, solution ponds, and Merrill-Crowe and refining facilities; pulp agglomeration plant

crushing plant, conveying and stacking facilities, heap leach pads, solution ponds, Merrill-Crowe and refining facilities, pulp agglomeration plant

An expansion in 2017 added a pulp agglomeration plant to process high-grade ore from both the open-pit and a new underground mine.

In 2013, it was projected that the project would create 1,000 direct and indirect jobs. During COVID-19 related restrictions in April 2020, the mine was operating with about 20% of personnel.

In 2021, production was 79,988 ounces of gold and 5,582,197 ounces of silver. For the fourth quarter of 2025, the mine produced 27,600 ounces of gold and 920,000 ounces of silver. Gold production for the full year 2025 saw a 7% year-over-year increase, while silver production dipped 15% from 2024 due to mine sequencing into lower-grade zones. The production forecast for 2026 is projected to be between 2.80 and 3.00 million ounces of silver.

Ore is processed at a plant with a throughput of 1,000 tonnes per day. The processing method involves crushing, grinding, and gravity recovery circuits, followed by intensive leaching with cyanide for high-grade concentrate. A flotation circuit and a Merrill-Crowe plant are used to recover remaining metals. The final product is a gold/silver doré created on site through electro-winning and smelting.

Underground operations are carried out by the owner-operator, with some development work handled by a contractor. The underground equipment fleet was purchased new when operations began and is reported to be in excellent condition. A 2017 report indicated that mobilization for open-pit operations was underway.

Approximately 1,300 direct employees for preservation and safe management duties (following halt of operations in November 2023).

The mine is situated in the Donoso District, Colón Province, Panama, approximately 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea coast. As of November 2023, the mine was placed into a phase of Preservation and Safe Management and production was halted following a Supreme Court ruling that declared its mining concession contract unconstitutional.

At full capacity, the plant was designed to process up to 100 million tonnes per annum (Mtpa) of ore. Annual production was expected to be over 300,000 tonnes of copper, along with gold, silver, and molybdenum. In 2022, the mine produced 139,751 ounces of gold and 2,813,129 ounces of silver. In the third quarter of 2023, Cobre Panamá produced 112,734 tonnes of copper. Total copper production for the full year 2023 was 330,863 tonnes.

The facility includes in-pit crushing and conveying (IPCC) systems. The processing plant features a multi-stream concentrator with three 28-megawatt SAG mills and four 16.5-megawatt ball mills. The process involves secondary and pebble crushing, grinding in SAG and ball mills, followed by froth flotation to separate copper and molybdenum minerals. Differential flotation is then used to separate the copper and molybdenum.

Mining Fleet: The operation utilises conventional truck and shovel methods. The primary fleet includes up to 13 rotary electric drills, up to five P&H 4100XPC-(AC) electric rope shovels, and up to 45 Liebherr L284 (or equivalent) 360-tonne capacity haul trucks. By the end of 2021, the fleet included four rope shovels, three ultraclass loaders, and thirty ultraclass trucks, with a fifth rope shovel and eight additional trucks added in 2022. Infrastructure: The site is supported by a 300-megawatt coal-fired power station and an international port at Punta Rincón.

The Haquira project is an undeveloped copper deposit, a porphyry copper system with near-surface secondary copper mineralisation and a larger, underlying body of primary copper-molybdenum-gold-silver mineralisation.

annual copper production of around 200,000 tonnes.

conventional mill and concentrator for the primary sulphide ore, with the potential for solvent extraction and electrowinning (SX-EW) for the near-surface secondary copper mineralisation.

estimates of 4,000 jobs during the construction phase and approximately 2,000 jobs during operations. Another source suggests up to 4,000 indirect jobs during construction and 2,800 direct jobs during the operational phase.

The Taca Taca project is a development-stage, conventional open-pit mine located in the Puna region of Salta Province, in northwest Argentina. It is a porphyry copper-gold-molybdenum deposit.

Projected production figures for the first ten years of operation are an average of 291,000 tonnes of copper and 133,000 ounces of gold annually. Over the full life of the mine, the average annual production is expected to be approximately 209,000 tonnes of copper and 96,000 ounces of gold.

conventional flotation circuit to produce separate copper-gold and molybdenum concentrates. The process plant is designed with an initial capacity of 40 million tonnes per annum (Mtpa), with a planned expansion to 60 Mtpa starting in the fifth year of operation. The processing train design is similar to those used at First Quantum's Sentinel and Cobre Panamá operations and includes two 28 MW SAG mills and two 22 MW ball mills for the initial phase.

blasthole drills, diesel hydraulic excavators, electric shovels, and off-highway haul trucks

over 1,200 people

Guelb Moghrein is an open-pit copper-gold mine located in Mauritania, 250 kilometres northeast of the capital, Nouakchott, near the town of Akjoujt.

Processes approximately 3.4 million tonnes of sulphide ore annually. In 2015, produced 45,001 tonnes of copper and 64,007 ounces of gold. Recent figures indicate 13,000 tonnes of copper concentrate and 570,000 tonnes of high-grade magnetite concentrate annually. In 2019, gold production was 1,389 kg (44,673 troy ounces) and copper production was 29,600 tonnes.

flotation plant for copper-gold concentrate, magnetite plant, and a carbon-in-leach (CIL) circuit introduced in late 2023 to enhance gold recovery.

hydraulic excavators and mechanical drive haul trucks

The mine employs more than 13,000 people. The S3 Expansion project created 1,800 jobs during construction and is expected to add approximately 800 to 900 permanent jobs. The expansion is expected to secure over 15,000 jobs in total, comprising 7,100 direct employees and 7,800 contractors.

The Kansanshi mine consists of three open pits with a new pit, the South East Dome, being developed. It is owned and operated by Kansanshi Mining PLC. First Quantum Minerals owns 80% of Kansanshi Mining PLC, and the state-owned ZCCM Investment Holdings holds the remaining 20%.

For 2023, copper production was 134,827 tonnes. Production guidance for 2024 is 130,000 to 150,000 tonnes of copper and 65,000 to 75,000 ounces of gold. Once the S3 expansion is complete, copper production is expected to average about 250,000 tonnes per year, with potential to reach 280,000 tonnes per year.

The integrated metallurgical processing facility is undergoing a major expansion, known as the S3 Expansion. This includes a new standalone 25 million-tonne-a-year processing plant, which will increase the total yearly throughput to 53 million tonnes. The S3 processing train features a 28 MW semi-autogenous grinding mill and a 22 MW ball mill. First ore was fed through the S3 expansion in July 2025. The on-site smelter's throughput capacity is being increased from 1.38 million tonnes a year to 1.65 million tonnes a year of concentrate, enabling production of more than 400,000 tonnes per year of copper anode.

The mining fleet includes new electric loading and drilling equipment and an extension of the electric trolley assist infrastructure. A full battery dump truck from Hitachi was shipped to the mine in January 2024 for technological feasibility trials.

The S3 Expansion is a $1.25 billion investment to extend the mine life and increase production. This capital expenditure includes $900 million for the new processing plant and mine fleet, and $350 million for pre-stripping the South East Dome pit.

The Suma Heksa Sinergi project, also known as the Kerta project, is a gold and silver mining operation in Lebak, Banten, Indonesia. It is operated by PT Suma Heksa Sinergi, a subsidiary of PT Bumi Resources Minerals Tbk (BRMS), which holds an 80% stake. The project, covering 7,291 hectares, received its production permit in November 2019, valid until 2039. As of late 2024, it is in the construction stage, with ongoing technical studies and infill drilling.

Approximately 1,570 (338 direct, 1,232 contractor) as of January 2023.

The Poboya gold mine is located in Sulawesi, Indonesia, and is owned by PT Citra Palu Minerals (CPM), a subsidiary of PT Bumi Resources Minerals Tbk. Australian mining services company, Macmahon Holdings, has been contracted for both open-cut and underground mining operations. In September 2024, Macmahon was selected as the mining services contractor for open-cut activities, with the contract expected to be completed in September 2026. In March 2025, Macmahon was also appointed to provide underground mining services. The development of the underground mine began in early 2025 and is targeted to start operations in the second half of 2027.

Production overview - 2023: gold 236 kg; 2022: gold 174 kg.

The mine currently operates two gold ore processing plants using Carbon-In-Leach (CIL) technology. The first plant has a capacity of 500 tonnes of ore per day, and the second has a capacity of 4,000 tonnes of ore per day. A third plant using the heap leach method is expected to be operational in 2025. The first CIL plant is undergoing an expansion to 2,000 tonnes per day, which is expected to be completed by October 2026. The second plant's capacity is being optimised to 4,500 tpd.

Macmahon provides drilling, loading, and hauling equipment for both open-cut and underground operations. CPM is responsible for supplying all major capital equipment and infrastructure for the project. In February 2025, SouthSeas signed a contract to provide key electrical equipment for the Poboya Gold Mining project.

Macmahon Holdings secured an interim contract for underground mining services in March 2025, which will transition to a five-year alliance-style contract. This is in addition to their existing open-cut mining services contract which commenced in September 2024. The underground development is a significant expansion for the mine. CPM is also constructing a third processing plant using the heap leach method, which is expected to be operational in 2025. The first Carbon-in-Leach (CIL) plant is being expanded from a capacity of 500 tonnes per day to 2,000 tonnes per day, with completion scheduled for October 2026. The larger 4,000 tpd facility is also being optimised to 4,500 tpd.

The San Nicolas Project is a copper-zinc development project located in Zacatecas, Mexico. It is a volcanogenic massive sulphide (VMS) deposit and is considered the largest undeveloped VMS deposit in Mexico.

expected to produce an average of 63,000 tonnes of copper and 147,000 tonnes of zinc in concentrate per year for the first five years of operation

flotation plant to produce copper and zinc concentrates

Approximately 4,000 jobs during construction and 1,400 jobs during operation.

Combines the former Relincho and El Morro (La Fortuna) projects, located approximately 40 kilometres apart. Considered one of the largest undeveloped copper-gold-molybdenum projects in the Americas.

A 2018 pre-feasibility study indicated average annual production for the first five years of 224,000 tonnes of copper, 269,000 ounces of gold, and 1,700 tonnes of molybdenum. A PEA estimated an initial capacity of 90,000 to 110,000 tonnes per day, producing an average of approximately 190,000 tonnes of copper and 315,000 ounces of gold per year for the first 10 years.

Single-line mill and concentrator facility at the Relincho site, utilizing desalinated seawater.

Conveyor, single-line mill and concentrator facility, desalinated seawater system, single concentrator plant, one tailings deposit.

During construction: approximately 3,000 direct and 1,000 indirect jobs. Once operational: approximately 834 direct and 423 indirect jobs.

The Zafranal Project is a copper-gold project in the Arequipa region of southern Peru, a joint venture between Teck Resources Limited (80%) and Mitsubishi Materials Corporation (20%). It is currently under development, with regulatory approval received. Construction could start in 2025, with production commencing in 2028 or 2029.

Average of 133,000 tonnes of copper in concentrate during the first five years of operation. Over the entire mine life, the average annual production is estimated to be 76,000 tonnes of copper and 29,000 ounces of gold.

Conventional concentration process with a plant capacity of up to 80,000 tonnes of ore per day, including primary crushing, grinding, flotation with regrinding, thickening, and filtering.

Open-pit mine utilising truck and shovel operations. Processing plant includes primary crusher, grinding circuit, flotation circuit, thickening, filtering. Plans for two additional mobile crushers and a 3,600-metre-long tunnel with a conveyor belt.

Approximately 1,200 direct employees once operational.

One of the world's largest undeveloped copper-gold-silver deposits, currently in the pre-feasibility stage.

Approximately 60,000 tonnes of ore per day.

Conventional grinding and flotation circuit to produce a copper-gold concentrate with gold and silver credits. Ore processed through a single gyratory crusher, conveyed to a coarse ore stockpile, then to a single-line grinding and flotation concentrator.

large haul trucks, shovels, and drills. Potential for a fully electric haulage fleet.

622 permanent workers and 578 contract workers.

The Andacollo mine, officially named Carmen de Andacollo, is an open-pit copper and gold mine located in the Coquimbo Region of central Chile. It is situated approximately 350 kilometers north of Santiago.

copper production of 39,000 tonnes in 2023, 40,000 tonnes in 2024, and projected 51,000 tonnes in 2025. Flotation plant capacity up to 55,000 tonnes of ore per day.

processing hypogene ore through a semi-autogenous grinding and flotation plant

semi-autogenous grinding and flotation plant

operational continuity project to extend mine life until 2031

Approximately 1,200 workers (as of November 2025).

Trail Operations is a metallurgical facility located in Trail, British Columbia, Canada. It is one of the world's largest fully integrated zinc and lead smelting and refining complexes, processing lead concentrates, recycled lead-acid batteries, and e-waste.

In 2025, produced 229,900 tonnes of refined zinc (Q4 2025: 68,100 tonnes). In 2024, produced 256,000 tonnes of refined zinc (Q4 2024: 20,900 tonnes refined lead). Capacity to recycle 30,000 tonnes of e-waste and 36,000 tonnes of lead-acid batteries annually.

Processes lead concentrates, recycled lead-acid batteries, and residues from zinc circuits in a KIVCET flash furnace to produce lead bullion, which is then electro-refined. Utilizes electrolytic refining for zinc. Also processes e-waste for metals reclamation. Historically developed differential flotation.

KIVCET flash furnace, lead refinery with anode casting machines, automated machines for casting lead ingots, electrolytic and melting plants, two acid plants.