PAAS · Pan American Silver Corp

Pan American Silver Corp. announced an enhanced shareholder return framework targeting the return of 35% to 40% of annual Attributable Free Cash Flow to shareholders through dividends and share repurchases. Based on strong free cash flow generation, the company anticipates returning up to $1 billion to shareholders in 2026. The framework includes aggregate dividends of $305 million for the year, paid in equal quarterly installments of $0.18 per common share. Excess cash flow will be allocated to share repurchases under the existing NCIB, which began on March 6, 2026. Repurchased shares will be cancelled, increasing per-share value and dividends over time. The company reported record liquidity of $1.6 billion in cash and short-term investments (excluding $199 million from Juanicipio) and total available liquidity of $2.4 billion as of March 31, 2026. Q1 2026 Attributable Free Cash Flow was $488 million, including its 44% share from Juanicipio. The framework underscores Pan American's commitment to balancing financial strength, growth investments, and shareholder returns. Management highlighted the company's leading silver exposure, strong balance sheet, and organic growth pipeline as foundations for the enhanced returns.