Natural Gas Rises To 3-Year High

VANCOUVER, British Columbia--(BUSINESS WIRE)--December 05, 2025--

Pan American Silver Corp. ("Pan American" or the "Company") has acquired ownership of 18,750,000 units of securities (each, a "Unit") of Galleon Gold Corp. ("Galleon"), for C$0.60 per Unit, pursuant to a non-brokered private placement (the "Acquisition"), which was completed in connection with a brokered private placement by Galleon, all for an aggregate of 50,000,000 Units, with each Unit comprised of one common share of Galleon (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Common Share at an exercise price of C$0.75 per Common Share until December 4, 2027.

Prior to the Acquisition, Pan American owned, directly or indirectly, or exercised control or direction over, no Common Shares, but had the right to acquire 17,777,777 Common Shares pursuant to the Debenture (as defined below), which represented approximately 18.66% of the total number of issued and outstanding Common Shares on a partially diluted basis.

Immediately following the Acquisition, Pan American now owns, directly or indirectly, or exercises control or direction over, 18,750,000 Common Shares, 9,375,000 Warrants and the Debenture which represent approximately 14.7% of the total number of issued and outstanding Common Shares on a non-diluted basis and approximately 29.7% of the total number of issued and outstanding Common Shares on a partially diluted basis. Pan American has agreed not to convert its Debenture or exercise its Warrants to the extent that Pan American would own (together with any person acting jointly or in concert with Pan American), directly or indirectly, more than 19.9% of the issued and outstanding Common Shares immediately following such exercise until the disinterested shareholders of Galleon have approved Pan American as a control person.

Galleon had previously issued an unsecured convertible debenture to Pan American for C$8,000,000 on August 13, 2025 (the "Debenture"). The Debenture has a term of 36 months from the date of issuance, bears interest at a rate of 10.0% per annum, payable in cash or Common Shares at the option of Pan American, and is convertible into Common Shares at a price of C$0.45 per Common Share. If the principal amount of the Debenture is converted into Common Shares, it would result in the issuance of up to 17,777,777 Common Shares, subject to the terms and conditions of the Debenture. If Pan American converted the principal amount of the Debenture and exercised its Warrants, Pan American would own 45,902,777 Common Shares, representing approximately 19.6% and 29.7% of the Common Shares on a fully and partially diluted basis, respectively.

The Acquisition was made for investment purposes. Pan American has a long-term view of the investment and may acquire additional securities of Galleon, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The foregoing disclosure regarding Pan American's holdings is being disseminated pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of an early warning report will be filed on Galleon's SEDAR+ profile at www.sedarplus.ca and may be obtained by contacting Ms. Siren Fisekci, VP, Investor Relations & Corporate Communications for Pan American, at 604-806-3191. Galleon's head office is at TD Canada Trust Tower, 161 Bay Street, Suite 2700, Toronto, ON M5J 2S1.

About Pan American

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com

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Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: Pan American's future plans with respect Galleon, including potential acquisitions or dispositions of securities of Galleon; and the potential vote of disinterested shareholders of Galleon with respect to the approval of Pan American as a control person, and the outcome of any such vote. These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251205114967/en/

CONTACT: For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: ir@panamericansilver.com

By Giulia Petroni

Copper prices climbed to a fresh record on Friday, driven by fears of a global supply shortage as traders stockpile in the U.S. and optimism around interest-rate cuts by the Federal Reserve next week.

In afternoon trading in Europe, futures on the London Metal Exchange rose 1.6% to $11,617 a metric ton after hitting an intraday high of $11,705 a ton. Prices have risen more than 32% so far this year.

"While supply disruptions have provided the necessary fuel, the foundation of our bullish outlook for the coming quarters is built on severely dislocated global inventory and the continued pull of refined copper to the U.S.," analysts at J.P.Morgan said.

Fears that the Trump administration could impose new import tariffs next year have prompted traders to ramp up shipments to the U.S., squeezing supply in other regions.

The amount of freely available physical copper stored in London Metal Exchange warehouses has now dropped below 100,000 metric tons, JPM analysts said. Such low stock levels typically trigger steep backwardation--where near-date prices jump above longer-dated contracts--and support a continued rise in prices.

The market has also been shaken this year by unexpected disruptions at major mines in Indonesia, Chile and Congo, deepening concerns over global supply. Meanwhile, traders expect the Federal Reserve to lower interest rates further at its upcoming meeting, with lower borrowing costs typically stimulating economic activity and boosting demand for commodities.

Copper prices are now forecast to average $13,000 a ton in the second quarter of next year, analysts at Citi said, as rising inventories in the U.S. create deficits elsewhere and constrained mine-supply growth collides with strong demand from artificial-intelligence infrastructure and the energy transition.

Demand for copper--a critical metal used in electric vehicles, smartphones and power grids--has been growing at a fast pace in recent years, driven by transport electrification, the AI-led boom in data centers and renewable energy.

Write to Giulia Petroni at giulia.petroni@wsj.com

Gasoline futures for delivery in the New York Harbor were below $1.85 per gallon, the least since the near four-year low of $1.80 in early October amid the outlook of ample supply of crude oil and refined fuel.

Ample supply of crude oil feedstock for refineries was due to persist through the turn of the year as OPEC+ nations delivered a series of output hikes to recover the market share lost after the Covid pandemic drove the cartel to reduce production aggressively.

Additionally, major non-OPEC producers in the US, Canada, and Brazil signaled their major producers shall continue to grow extraction levels.

Consistently, supertanker rates rose to a record high as levels of seaborne oil exports soared in the fourth quarter.

The pressure on gasoline futures persisted despite US sanctions on Russian energy giants Lukoil and Rosneft, which forced major importer India to start sourcing deliveries from other producers and rendered key tankers of Russia's shadow fleet idle in December.

By Giulia Petroni

Global food prices fell in November for the third consecutive month, driven by lower prices for all major staple foods except cereals, the Food and Agriculture Organization of the United Nations said.

The FAO's food price index--which tracks a basket of widely traded food commodities--averaged 125.1 points in November, down 1.2% from October's revised reading and more than 20% below the March 2022 peak after Russia's invasion of Ukraine.

Sugar prices tumbled 5.9% to their lowest level since December 2020, due to strong output from Brazil's key growing regions, an encouraging early start to India's harvest and favorable crop prospects in Thailand.

Dairy fell 3.1% from October, the fifth consecutive monthly drop, with butter and whole-milk prices registering the sharpest declines. Prices were pressured by rising milk production and abundant export availability in the European Union and New Zealand, as well as softer import demand for milk powders in parts of Asia.

Vegetable-oil prices fell 2.6% in November to a five-month low. Palm, rapeseed and sunflower oils all declined, offsetting a modest uptick in soyoil quotations.

Meat prices edged 0.8% lower, led by lower pig and poultry prices. Pig-meat prices fell on the back of ample global supplies and weaker demand, particularly from China due to import duties, while poultry prices declined due to abundant supplies from Brazil and stronger international competition. Still, overall meat prices remain 4.9% higher than a year ago, with bovine largely steady and ovine prices rising.

Cereals bucked the broader trend, climbing 1.8% in November. Wheat prices rose 2.5% amid potential Chinese interest in U.S. supplies, continued tensions in the Black Sea region, and expectations of reduced Russian plantings for the harvest. Maize prices strengthened on firm demand for Brazilian supplies, while rice prices fell as buyers pulled back from Indica and fragrant varieties.

Write to Giulia Petroni at giulia.petroni@wsj.com

Palm oil closed higher, supported by overnight strength in rival oils and potential supply disruptions from flooding in Malaysia, say Kenanga Futures analysts in a note. Potential short covering ahead of the weekend also likely provided upside to palm oil prices, they add. They peg support and resistance levels for the February futures contract at 4,075 ringgit a ton and 4,195 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for February delivery ended 47 ringgit higher at 4,152 ringgit a ton.(megan.cheah@wsj.com)

WASHINGTON (dpa-AFX) - A softer dollar helped lift gold prices on Friday, heading into next week's FOMC meeting.

Spot gold rose 0.3 percent to $4,221.63 per ounce while U.S. gold futures were up 0.2 percent at $4,250.70.

The dollar slipped as focus shifted to the U.S. economic calendar. September's delayed consumer spending and incomes data as well as the personal consumption expenditures index, the Fed's primary inflation gauge, will be in the spotlight later today, heading into next week's Federal Reserve policy meeting.

The PCE index is likely to show price pressures under control, keeping the Fed on track to deliver a 25-basis point interest-rate cut next week in its last meeting of the year.

Also, the University of Michigan will release its consumer survey for December.

The November jobs report, originally due Dec. 5, will be published on Dec. 16 as a result of the record-long government shutdown. The report will also include October payrolls figures.

On Thursday, consulting firm Challenger, Gray and Christmas said that U.S. job cuts bumped past the 1 million threshold for 2025 in November as corporate restructuring, artificial intelligence and tariffs helped pare job rolls.

Official data presented a contrasting scenario, with jobless claims coming at their lowest since September 2022.

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