March 5, 2026 — Leads & Copy — Pan American Silver Corp. has announced new drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas, Mexico. The exploration drilling between the Cristina and San Gerónimo systems led to 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.
Christopher Emerson, Senior Vice President of Exploration and Geology, stated that exploration at La Colorada continues to deliver exceptional results. He highlighted the discovery of at least four new high-grade veins in the southeastern Candelaria zone. Emerson added that with silver assays exceeding 1,000 g/t in 40% of the reported drill holes, the discovered structures indicate the potential to add to the mineral resources at La Colorada. The company anticipates reporting this in their mineral reserve and mineral resource update as of June 30, 2026. These exploration results further substantiate the company’s 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 summarized in the news release are from drilling completed between November 2025 and January 2026, comprising 17,774 meters 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 in meters (m), 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-meter strike length and a 500-meter vertical extent. These veins follow similar west-northwest trends, contributing to a combined strike length of approximately 2,500 meters 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 aggressive 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 meters, had advanced 170 meters 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 m @ 241 g/t Ag, 0.81 g/t Au, 2.08% Pb, 4.48% Zn (Filomena vein)
S-153-25 with 2.15 m @ 550 g/t Ag, 0.76 g/t Au, 0.34% Pb, 0.70% Zn (Splay)
S-161-25 with 1.03 m @ 9,730 g/t Ag, 6.19 g/t Au, 2.62% Pb, 5.67% Zn (Cristina vein)
S-161-25 with 2.26 m @ 286 g/t Ag, 0.34 g/t Au, 7.82% Pb, 7.99% Zn (Filomena vein)
S-171-25 with 5.13 m @ 1,000 g/t Ag, 0.77 g/t Au, 3.69% Pb, 6.72% Zn (Filomena vein)
S-178-25 with 0.50 m @ 2,616 g/t Ag, 0.28 g/t Au, 1.84% Pb, 2.88% Zn (Splay)
S-184-25 with 2.82 m @ 973 g/t Ag, 0.35 g/t Au, 0.62% Pb, 1.60% Zn (Splay)
S-176-25 with 1.30 m @ 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 meters 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 m @ 114 g/t Ag, 0.11 g/t Au, 0.25% Pb, 1.57% Zn (La Chona)
Incl. with 10.01 m @ 204 g/t Ag, 0.17 g/t Au, 0.59% Pb, 1.40% Zn (La Chona)
Incl. with 8.13 m @ 340 g/t Ag, 0.28 g/t Au, 0.58% Pb, 3.43% Zn (La Chona)
S-176-25 with 65.63 m @ 101 g/t Ag, 0.12 g/t Au, 0.26% Pb, 2.54% Zn (La Chona)
S-183-25 with 10.93 m @ 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 meters 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 m @ 1,297 g/t Ag, 0.43 g/t Au, 2.66% Pb, 8.87% Zn (Mariana vein)
S-160-25 with 1.09 m @ 1,173 g/t Ag, 0.36 g/t Au, 7.87% Pb, 6.72% Zn (Mariana vein)
S-160-25 with 1.67 m @ 901 g/t Ag, 0.33 g/t Au, 1.20% Pb, 2.21% Zn (Estela vein)
S-163-25 with 0.65 m @ 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 m @ 2,670 g/t Ag, 5.25 g/t Au, 1.70% Pb, 3.28% Zn (Mariana vein)
U-179-25 with 1.26 m @ 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 m @ 332 g/t Ag, 0.27 g/t Au, 3.84% Pb, 8.44% Zn (NC2 East vein)
U-207-25 with 0.22 m @ 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 m @ 275 g/t Ag, 0.21 g/t Au, 5.75% Pb, 10.80% Zn (NC2 East vein)
U-210-25 with 1.00 m @ 796 g/t Ag, 1.73 g/t Au, 10.35% Pb, 1.69% Zn (Mariana vein)
U-210-25 with 0.95 m @ 699 g/t Ag, 1.53 g/t Au, 3.69% Pb, 7.38% Zn (Splay)
The company’s Annual Information Form dated February 18, 2026, available at www.sedarplus.ca, or the company’s most recent Form 40-F filed with the United States Securities and Exchange Commission (the “SEC”), contains further information concerning QAQC and data verification matters, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the company’s business and the potential development of the company’s mineral reserves and mineral resources.
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 holds interests in exploration and development projects. Pan American has been operating in the Americas for over three decades and is headquartered in Vancouver, B.C. Its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “PAAS”.
Source: Pan American Silver Corp.
