PAN AMERICAN SILVER CORP

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

2026 OPERATING PERFORMANCE

Silver Production

Attributable silver production for Q3 2026 was 6.07 million ounces compared with 5.46 million ounces reported in Q3 2025. The increase was primarily attributable to a 0.92 million ounce increase at Juanicipio, reflecting the contribution of the full three months of ownership of a 44% interest in the operation, partially offset by: (i) a 0.12 million ounce reduction at Dolores, as residual heap leaching progresses; and (ii) a 0.11 million ounce decrease at El Peñon due to lower throughput following the exhaustion of low-grade stockpiled ore.

Attributable silver production for the nine months ended September 30, 2026 ("YTD 2026") was 18.97 million ounces compared with 15.56 million ounces in the nine months ended September 30, 2025 ("YTD 2025"). The increase was primarily attributable to: (i) a 4.40 million ounce increase at Juanicipio, reflecting the contribution of the full nine months of ownership of a 44% interest in the operation; and (ii) a 0.22 million ounce increase at La Colorada, driven by higher silver grades as a result of mine sequencing into higher silver grade ore zones. These increases were partially offset by: (i) a 0.49 million ounce reduction at Dolores, as residual heap leaching progresses; (ii) a 0.33 million ounce decrease at Huaron, primarily driven by lower throughput and silver grades from a greater contribution of lower grade development ore; (iii) a 0.22 million ounce decrease at Minera Florida from lower grade ores mined as a result of mine sequencing; and (iv) a decrease of 0.21 million ounces at El Peñon due to the exhaustion of the low-grade stockpiled ore.

Gold Production

Attributable gold production for Q3 2026 was 167.9 thousand ounces compared with 183.5 thousand ounces in Q3 2025. The decrease was primarily driven by: (i) a 7.1 thousand ounce decrease at El Peñon due to lower throughput from the exhaustion of the low-grade stockpiled ore and underperformance of planned higher-grade stopes, which were replaced by production from lower gold grade structures; (ii) a 6.5 thousand ounce reduction at Jacobina due to lower throughput resulting from planned maintenance activities and mine sequencing into lower-grade ore zones to mitigate geotechnical risks and redistribute mining zones to mine closer to the average mineral reserve grade; and (iii) a 4.2 thousand ounce decrease at Shahuindo driven primarily by an increase in leach pad inventory. These decreases were partially offset by: (i) a 4.0 thousand ounce increase at Cerro Moro due to higher grades from mine sequencing into higher gold grade ore zones; and (ii) a 3.6 thousand ounce increase at Juanicipio, reflecting the contribution of the full three months of ownership of a 44% interest in the operation.

Attributable gold production for YTD 2026 was 503.1 thousand ounces compared with 544.4 thousand ounces in YTD 2025. The decrease was primarily attributable to the same factors affecting the quarter-over-quarter performance, in addition to decreased production at Dolores due to the same factors that affected silver production.

AISC

Silver Segment AISC for Q3 2026 of $11.21 per ounce were $4.22 per ounce lower than in Q3 2025, primarily due to: (i) the higher contribution of attributable silver ounces sold from Juanicipio, which has a relatively lower cost structure, reflecting a full three months of ownership; (ii) Cerro Moro, largely reflecting a higher impact of gold by-products as a result of a higher gold-to-silver production ratio and higher gold prices; and (iii) Huaron, mainly driven by a higher impact of base metal by-products from higher zinc prices and production, as well as lower sustaining capital expenditures. These factors decreasing AISC were partially offset by: (i) La Colorada, largely driven by higher sustaining capital expenditures, higher production costs, and higher royalties from net-profit-driven payments to an adjacent concession owner; and (ii) San Vicente, driven by higher royalties due to higher metal prices and increased sustaining capital expenditures.

Silver Segment AISC for YTD 2026 of $12.20 per ounce were $4.01 per ounce lower than in YTD 2025, largely reflecting the same factors that impacted the quarter-over-quarter variance, except at Huaron, where higher production costs and lower grades more than offset the favorable impact of higher zinc prices and production.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Gold Segment AISC for Q3 2026 of $2,281 per ounce were $584 per ounce higher than in Q3 2025, driven by: (i) Jacobina and Minera Florida, mainly due to higher production costs and the cost impact of mining lower grade ores, as well as higher sustaining capital expenditures; (ii) Dolores, mainly driven by increased production costs per ounce resulting from reinitiation of fresh ore heap loading and leaching from low-grade stockpiles, increased cyanide consumption to treat the fresh ore, the construction of a new ramp to facilitate stockpile heap loading and the cost per ounce impact of lower production; (iii) Shahuindo, mainly driven by higher production costs from higher contractor and material costs related to hauling, loading and mine maintenance, and a higher strip ratio; and (iv) Timmins, primarily due to increased contractor and materials costs related to ground support, mine development and maintenance.

Gold Segment AISC for YTD 2026 of $2,036 per ounce were $441 per ounce higher than in YTD 2025, primarily reflecting the same factors that affected the quarter-over-quarter variance, partly offset by lower AISC at El Peñon, mainly reflecting a higher impact of by-product metals from a higher silver-to-gold production ratio and higher silver prices, partially offset by higher production costs related to increased labour costs, ground support activities and additional personnel transportation costs from road closures related to heavy rains during Q3 2026.

2026 Operating Outlook

Based on production and costs to date, the Company reiterates its 2026 Operating Outlook for silver production, zinc, lead and copper ("base metal") production, Silver Segment AISC, and sustaining capital expenditures, as provided in the 2025 Annual MD&A. Project capital is now expected to be between $195 and $210 million in 2026 compared to the previous guidance range of $240 to $255 million, as per the MD&A for the period ended March 31, 2026, due to the timing of spending.

The Company now expects 2026 silver production to be at the low end of the annual 2026 guidance range of 25 to 27 million ounces, primarily due to unplanned downtime in Q4 2026 at Huaron to repair the primary grinding mill foundation, as well as from a higher ratio of gold-to-silver production at Cerro Moro. The Company maintains its original outlook for Silver Segment AISC of $15.75 to $18.25 per silver ounce, with AISC expected to be towards the low end of the range.

The Company has revised its 2026 Operating Outlook for gold production to a range of 660 to 680 thousand ounces, reflecting below-plan gold production at Jacobina, El Peñon, Shahuindo and Timmins in 2026.

At Jacobina, the Company has reduced its full year production forecast to reflect measures being implemented during Q4 2026 to address deficiencies noted during a technical inspection from Brazil's National Mining Agency, mainly related to primary ventilation redundancies and completion of secondary egress in certain areas of the mine. Mine sequencing has been modified to allow the remediation work to occur, resulting in lower-than-planned production from affected areas and substitution of lower-grade material from unaffected areas. The Company has also increased processing of stockpile inventory to partially offset the reduced mine production. The Company expects that the remediation of the deficiencies and adjustments to mine sequencing will result in processing lower grade ores for the remainder of 2026. We are evaluating the potential impact on 2027 production.

In addition, the Company continues to manage risks associated with seismicity, as previously reported; these measures require increased pillar size, resulting in decreased mining rates in some higher-grade areas, partially offset by increased production from lower-grade areas in the mine and increased development rates to open new mining zones.

As previously reported, production at El Peñon has been impacted by underperformance in certain higher-grade stopes, resulting in lower gold grades. The Company is advancing plans for infill drilling in areas scheduled for production in 2027, while continuing resource-definition drilling and evaluating additional exploration targets with potential to define high-grade mineralization.

At Shahuindo, the revision reflects a deferral of some production due to an increase in leach pad inventory and the potential impacts from managing heavier-than-normal rainfall related to a very strong El Niño weather system during Q4 2026.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Timmins production in 2026 has been impacted by a delay in accessing higher grade stopes and grade underperformance.

Gold Segment AISC is now expected to be between $2,000 to $2,150 per gold ounce in 2026 as a result of: the lower estimated production; increased development rates at Jacobina and El Peñon; higher labour and consumables costs, driven in part by currency appreciation and energy markets; and the El Niño-related weather impact on operations.

Please see Pan American's 2025 Annual MD&A, for further details on the Company's original 2026 Operating Outlook, including the original breakdown of the 2026 Operating Outlook by quarter, and the MD&A dated August 12, 2026 for revisions to the original 2026 Operating Outlook. Please also refer to the "Cautionary Note Regarding Forward-Looking Statements and Information" section of this MD&A.

(1)The Original 2026 Operating Outlook was provided in the Company's MD&A dated February 18, 2026. The Original 2026 AISC forecasts assume average metal prices of $70.00/oz for silver, $4,200/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $10,000/tonne ($4.54/lb) for copper; and average annual exchange rates relative to 1 USD of $18.50 for the Mexican peso ("MXN"), $3.45 for the Peruvian sol ("PEN"), $1,427 for the Argentine peso ("ARS"), $7.00 for the Bolivian boliviano ("BOB"), $1.39 for the Canadian dollar ("CAD"), $950 for the Chilean peso ("CLP") and $5.50 for the Brazilian real ("BRL").

(2)The Revised 2026 AISC forecasts assume YTD 2026 realized metal prices and exchange rates, and the following metal prices for Q4 2026: $60.00/oz for silver, $4,150/oz for gold, $3,800/tonne ($1.72/lb) for zinc, $1,800/tonne ($0.82/lb) for lead, and $14,000/tonne ($6.35/lb) for copper; and average exchange rates relative to 1 USD for Q4 2026: of $17.50 for the Mexican peso ("MXN"), $3.40 for the Peruvian sol ("PEN"), $1,579 for the Argentine peso ("ARS"), $11.30 for the Bolivian boliviano ("BOB"), $1.40 for the Canadian dollar ("CAD"), $920 for the Chilean peso ("CLP") and $5.20 for the Brazilian real ("BRL").

(3)Attributable silver production is expected to be at the low end of the Original 2026 Operating Outlook range.

(4)AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of this MD&A for further information on this measure.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Silver Segment Operations

La Colorada, Mexico

(1)Includes 98 thousand tonnes, or 56% of the ore mined, at an average grade of 320 g/t Ag and 0.30 g/t Au, and 267 thousand tonnes, or 52% of the ore mined, at an average grade of 338 g/t Ag and 0.31 g/t Au for Q3 2026 and YTD 2026, respectively, that is subject to a third-party net profit share agreement (Q3 2025 and YTD 2025: 45 thousand tonnes, or 25% of ore mined, at an average grade of 344 g/t Ag and 0.41 g/t Au, and 113 thousand tonnes, or 21% of ore mined, at an average grade of 301 g/t Ag and 0.44 g/t Au, respectively).

(2)Project capital expenditures exclude La Colorada Skarn project capital. Please refer to the 'Project Updates' section of the MD&A for a detailed description of the La Colorada Skarn project.

Silver production increased by 3%, as mine sequencing resulted in higher silver grades through increased mining of higher-silver, lower-base-metal ore zones, including a greater proportion of ore from adjacent third-party concessions, partially offset by a lack of oxide ore mined and processed as in the prior quarter.

AISC increased by $24.88 per ounce, driven by higher sustaining capital expenditures, higher production costs from increased drilling activity and employee bonuses, and higher royalties from net-profit-driven payments to an adjacent concession owner for undertaking increased mining activities on their concession at higher metal prices.

Sustaining capital expenditures increased by $7 million, mainly due to increased mine equipment replacements and mine infrastructure improvements, as well as higher investments for near-mine exploration.

Project capital expenditures increased by $1 million, directed towards exploration and underground development aimed at the mineral resource extensions in the deep eastern and south-eastern sections of the Colorada Vein mine. Please refer to the "Project Updates" section of the MD&A for a detailed description of the La Colorada Skarn project and related investment.

Silver production increased by 5%, due to the same factors that impacted the quarter-over-quarter silver production.

AISC increased by $23.68 per ounce, driven largely by the same factors that impacted quarter-over-quarter AISC.

Sustaining capital expenditures increased by $15 million, due to increased mine equipment replacements, higher investments on near-mine exploration, and increased mine infrastructure improvements.

Project capital expenditures decreased by $3 million as a result of lower expansionary capitalized development and exploration expenditures at the La Colorada vein mine. Please refer to the "Project Updates" section of the MD&A for a detailed description of the La Colorada Skarn project and related investment.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Juanicipio, Mexico (44% ownership interest)

(1)Data represents Pan American's 44% interest.

(2)Juanicipio was acquired on September 4, 2025, thus comparative period operating and financial results are limited to the period following the acquisition.

Attributable silver production increased by 0.92 million ounces, reflecting the operational contribution of the full three months of ownership, despite lower silver grades, as expected as the mine sequence transitions to lower silver grade and higher base metal grade ore zones.

AISC increased by $0.34 per ounce, primarily due to higher production costs per ounce from mining lower silver grade ores, partially offset by a higher impact of by-products per ounce from a higher ratio of base metal to silver sales and higher base metal prices.

Sustaining capital expenditures increased by $4 million, reflecting the contribution of the full three months of operations.

Attributable silver production increased by 4.41 million ounces, reflecting the operational contribution of the full nine months of ownership.

AISC increased by $2.09 per ounce, primarily due to higher production costs per ounce from mining lower silver grade ores and higher direct selling costs per ounce from the timing of the annual true-up for adjustments to benchmarked contracts, partially offset by lower sustaining capital per ounce.

Sustaining capital expenditures increased by $16 million, reflecting the contribution of the full nine months of operations.

Project capital expenditures increased by $6 million, directed towards the underground transfer conveyor project, which is expected to improve efficiency and reduce the cost of transporting ore from the San José del Valle ramp to the surface. Construction of the conveyor was completed in Q3 2026, with commissioning expected to be completed by the end of 2026.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Cerro Moro, Argentina

Silver production andgold production decreased by 14% and increased by 21%, respectively, mainly due to mine sequencing into higher gold grade ore and lower silver grade ore in the Martina zone.

AISC decreased by $37.82 per ounce, mainly driven by a $73.76 per ounce higher impact of gold by-products as a result of a higher gold-to-silver production ratio and higher gold prices. This was partially offset by higher production costs due to higher labour costs from the impact of high local inflation rates outpacing currency devaluation, higher diesel prices and increased mining contractor services, as well as higher royalties from increased metal prices.

Sustaining capital expenditures increased by $1 million due to increased investments for mine equipment replacements and underground mine development.

Project capital expenditures increased by $6 million for exploration initiatives aimed at extending the mine life, as well as investments related to the tailings storage facility expansion.

Silver production andgold production increased by 9% and 27%, mainly due to mine sequencing into higher grade ore zones, as well as higher throughput.

AISC decreased by $54.46 per ounce, mainly driven by a $63.06 per ounce higher impact of gold by-products, primarily due to higher gold prices, and lower sustaining capital expenditures, partly offset by higher royalties from increased metal prices.

Sustaining capital expenditures decreased by $5 million due to sustaining exploration capital being redirected to project capital aimed at extending the mine life.

Project capital expenditures increased by $14 million from the same factors impacting quarter-over-quarter sustaining capital.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Huaron, Peru

Silver production increased by 4%, primarily driven by higher silver grades as a result of mine sequencing, partially offset by lower throughput from unplanned plant downtime to make repairs to the primary grinding mill foundation and equipment. Repairs to the primary grinding mill foundation and equipment are ongoing, and are anticipated to be completed in November, resulting in additional unplanned downtime in Q4 2026.

AISC decreased by $4.58 per ounce, mainly driven by a higher impact of base metal by-products from higher zinc prices and production, as well as lower sustaining capital expenditures, partially offset by higher production costs for ground support and development.

Sustaining capital expenditures decreased by $3 million, primarily due to lower sustaining capitalized development investments.

Project capital expenditures increased by $1 million, reflecting increased investments for capitalized development in order to increase stope inventory and build mine plan flexibility, partially offset by lower spending on the dry-stack tailings storage facility.

Silver production decreased by 13%, primarily driven by lower throughput and lower silver grades due to a greater contribution from lower-grade development ore processed during the first half of the year.

AISC increased by $10.63 per ounce, mainly driven by increased labour costs from higher employee participation, increased dry stack tailings, mine maintenance and ground support costs, mining of lower grade ore, and higher sustaining capital expenditures; partially offset by a higher impact of base metal by-products.

Sustaining capital expenditures increased by $5 million, mainly due to higher investments for mine equipment replacements and mine infrastructure improvements, as well as plant upgrades.

Project capital expenditures increased by $1 million, largely driven by the same factors that impacted the quarter-over-quarter results.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

San Vicente, Bolivia (95% ownership interest)

(1)Data represents Pan American's 95.0% interest.

Attributable silver production decreased by 6%, driven by planned mine sequencing into lower silver grade and higher zinc grade ore zones.

AISC increased by $2.40 per ounce, driven by higher royalties due to higher metal prices, despite lower royalty expense recognition from the timing of exports, and increased sustaining capital expenditures, partly offset by a higher impact of base metal by-products resulting from higher zinc prices, and lower production costs, primarily reflecting lower labour costs driven by Boliviano devaluation.

Sustaining capital expenditures increased by $2 million from higher expenditures on the expansion of the tailings storage facility and mine equipment replacements.

Attributable silver production decreased by 3%, driven by lower throughput from scheduled plant maintenance in Q1 2026.

AISC increased by $16.32 per ounce, primarily driven by higher royalties as a result of higher metal prices and increased sustaining capital expenditures.

Sustaining capital expenditures increased by $4 million from higher expenditures on the expansion of the tailings storage facility and increased investments for plant upgrades as part of the plant maintenance in Q1 2026.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Gold Segment Operations

Jacobina, Brazil

Gold production decreased by 14%, primarily driven by lower throughput resulting from planned maintenance activities and mine sequencing into lower grade ore zones to mitigate geotechnical risks associated with seismic activity and to redistribute mining zones to mine closer to the average mineral reserve grade.

AISC increased by $518 per ounce, mainly driven by higher production costs due to the appreciation of the Brazilian real, increased ground support and maintenance costs, as well as the cost impact of mining lower grade ores. AISC were also impacted by higher sustaining capital expenditures.

Sustaining capital expenditures increased by $3 million, primarily relating to increased mine equipment replacements, higher sustaining exploration expenditures and plant upgrades.

Project capital expenditures decreased by $6 million. Please refer to the "Project Updates" section of the MD&A for a detailed description of the project related investment.

Gold production decreased by 10%, mainly driven by the same factors that impacted the quarter-over-quarter gold production.

AISC increased by $502 per ounce, driven by the same factors that impacted quarter-over-quarter AISC.

Sustaining capital expenditures increased by $18 million, primarily relating to increased investments for mine equipment replacements, plant upgrades and tailings storage facility expansions, partially offset by lower sustaining exploration expenditures.

Project capital expenditures increased by $9 million. Please refer to the "Project Updates" section of the MD&A for a detailed description of the project related investment.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

El Peñon, Chile

Gold production decreased by 25%, primarily due to lower throughput following the exhaustion of low-grade stockpiled ore and underperformance of planned higher-grade stopes, which were replaced by production from lower gold grade structures.

Silver production decreased by 12%, due to lower throughput following the exhaustion of low-grade stockpiled ore, partially offset by higher silver grade ores processed due to the exhaustion of the low-grade stockpiled ore.

AISC decreased by $44 per ounce, mainly driven by a higher impact of by-product metals from a higher silver-to-gold production ratio and higher silver prices, partially offset by higher production costs related to increased labour costs, ground support activities and additional personnel transportation costs from heavy rain-related road closures.

Sustaining capital expenditures were consistent quarter-over-quarter.

Gold production decreased by 23%, primarily due to the same factors that impacted quarter-over-quarter gold production.

Silver production decreased by 8%, mainly due to the same factors that impacted quarter-over-quarter silver production.

AISC decreased by $662 per ounce, due to the same factors that impacted quarter-over-quarter AISC.

Sustaining capital expenditures were consistent period-over-period.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Timmins, Canada

Gold production decreased by 4%, primarily due to the timing of in circuit inventory movements. This was partially offset by higher throughput, driven by increased mine production from Timmins West.

AISC increased by $706 per ounce, driven by higher production costs due to increased contractor costs and materials related to ground support, mine development and maintenance, as well as higher sustaining capital expenditures per ounce sold and increased royalties from higher gold prices.

Sustaining capital expenditures decreased by $1 million, primarily due to decreased spending on the tailings storage facility expansions, offset by increased spending on plant upgrades and mine equipment replacements.

Project capital expenditures increased by $5 million. Please refer to the "Project Updates" section of the MD&A for a detailed description of the project related investment.

Gold production decreased by 5%, mainly due to lower gold grades at Timmins West due to stope underperformance, in addition to lower ore mined at the Bell Creek mine.

AISC increased by $597 per ounce, largely driven by the same factors impacting the quarter.

Sustaining capital expenditures increased by $2 million, primarily due to the construction of a new haul road to improve the haulage route from Timmins West to the Bell Creek mill which was completed in the three months ended June 30, 2026 ("Q2 2026"), increased spending on plant upgrades and additional mine equipment replacements, partially offset by lower spending on the tailings storage facility expansions.

Project capital expenditures increased by $15 million. Please refer to the "Project Updates" section of the MD&A for a detailed description of the project related investment.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Shahuindo, Peru

Gold production decreased by 12%, mainly due to an increase in leach pad inventory, partially offset by higher tonnes stacked.

AISC increased by $390 per ounce, mainly driven by higher production costs from higher contractor and material costs related to hauling, loading and mine maintenance, and a higher strip ratio.

Sustaining capital expenditures decreased by $2 million due to lower investments on leach pad expansions, mine equipment replacements and land purchases to sustain operations.

Project capital expenditures increased by $2 million, and was directed towards land purchases aimed at life-of-mine extensions.

Gold production decreased by 17%, mainly due to lower gold grade ores mined from planned mine sequencing and a lower ratio of ounces recovered to ounces stacked due to the timing of leach sequencing.

AISC increased by $384 per ounce, mainly driven by the same factors that impacted the quarter-over-quarter results, in addition to higher sustaining capital expenditures per ounce.

Sustaining capital expenditures were consistent period-over-period, as increased investments in near-mine exploration were offset by lower spending on land purchases to sustain operations.

Project capital expenditures increased by $9 million, mainly due to the same factors impacting the quarter-over-quarter results.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Minera Florida, Chile

Gold production decreased by 11% reflecting lower grade ores processed due to lower grade ores mined, as well as the processing of some lower grade stockpiled ore due to issues with clay and moisture content with some mined ores related to heavy rains, partially offset by higher throughput.

Silver production decreased by 19%, mainly due to lower silver grades from mine sequencing, partially offset by higher throughput.

AISC increased by $871 per ounce, driven by higher production costs per ounce largely due to higher labour, ground support, plant consumables, and ore purchase costs, as well as the cost impact of mining lower grade ore. Additionally, AISC are impacted by higher sustaining capital expenditures.

Sustaining capital expenditures increased by $2 million, primarily due to increased investments in near-mine exploration expenditures, tailings storage facility expansions and mine equipment replacements.

Gold productionwas largely consistent, as the lower gold grades were offset by higher throughput.

Silver production decreased by 61% due to the same factors that impacted quarter-over-quarter silver production.

AISC increased by $661 per ounce due to the same factors impacting the quarter-over-quarter results.

Sustaining capital expenditures increased by $6 million, largely driven by the same factors that impacted quarter-over-quarter results.

Management Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025(tabular amounts are in millions of U.S. dollars and thousands of shares, options,and warrants except per share amounts and per ounce amounts, unless otherwise noted)

Dolores, Mexico

Q3 2026 and YTD 2026 compared to Q3 2025 and YTD 2025

Gold production decreased by 29% and 50%, respectively, reflecting declining production from residual heap leaching.

AISC increased by $3,007 and $2,114 per ounce, respectively, mainly driven by an increase in production costs per ounce resulting from reinitiation of fresh ore heap loading from available low-grade stockpiles, increased cyanide consumption to process the fresh ore, the construction of a new ramp to facilitate low-grade stockpile heap loading and the cost per ounce impact of lower production, partially offset by a higher impact of by-product metals per ounce.