Pan American Silver Increases Stake In Galleon Gold Through Private Placement

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

Toronto, Ontario--(Newsfile Corp. - December 4, 2025) - Galleon Gold Corp. (FSE: 3H90) ("Galleon Gold" or the "Company") is pleased to announce that it has closed its previously announced equity financings, consisting of (i) a non-brokered private placement with Pan American Silver Corp. (the "Private Placement") and (ii) a "best efforts" private placement (the "Brokered Offering", and together with the Private Placement, the "Offerings").

Under the Offerings, the Company issued an aggregate of 50,000,000 units of the Company (the "Units") at a price of $0.60 per Unit for total gross proceeds of $30,000,000. Of this amount, 31,250,000 Units were issued pursuant to the Brokered Offering including the full exercise of the over-allotment option and 18,750,000 Units were issued pursuant to the Private Placement.

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one additional Common Share (a "Warrant Share") at an exercise price of $0.75 per Common Share until December 4, 2027.

The net proceeds of the Offerings, together with existing cash and cash equivalents, will be applied to advance exploration activities on the West Cache Gold Project. The majority of the net proceeds will be allocated to surface infrastructure and development work required to support the Bulk Sample. The remaining balance of the net proceeds will be used for general corporate purposes and working capital.

Strategic Participation from Lead Investors

The Offerings received strong support from cornerstone mining investors, including:

• Pan American Silver Corp. ("Pan American Silver") subscribed for $11,250,000 in the Private Placement. Pan American Silver has agreed not to convert its convertible debenture or to exercise its warrants to the extent that they will own (together with any person acting jointly or in concert with the them), directly or indirectly, more than 19.9% of the issued and outstanding Common Shares immediately following such exercise until the disinterested shareholders of the Company have approved Pan American Silver as a control person of the Company at the next annual general and special meeting of the Company. If Pan American Silver is approved as a control person of the Company, Pan American Silver will then own 19.60% and 29.68% of the Common Shares on a fully and partially diluted basis, respectively.

• Eric Sprott subscribed for $3,000,000 in the Brokered Offering.

CEO Comment

David Russell, President and CEO of Galleon Gold commented "We are very pleased to have closed this financing with the continued participation of Pan American Silver and the strong support of respected mining investors including Michael Gentile, alongside several other institutional investors. Their involvement underscores the quality of the West Cache Gold Project and our strategy to advance it toward development in a disciplined, value-focused approach."

The Brokered Offering was led by Cormark Securities Inc. (the "Lead Agent") on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the "Agents"). In consideration for the services provided by the Agents in connection with the Brokered Offering, the Company paid to the Agents an aggregate cash commission of $1,106,640 and issued to the Agents an aggregate of 1,844,400 broker warrants of the Company (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Common Share at a price of $0.60 per Common Share until December 4, 2027.

Directors, Officers and other insiders of the Company subscribed for a total of 5,550,000 Units for aggregate gross proceeds of $3,330,000. The participation of insiders in the Offerings constitutes a "related party transaction", within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, in respect of the related party participation in the Offerings, as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the interested party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).

Pan American Silver acquired the Units for investment purposes. Pan American Silver has a long-term view of the investment and may acquire additional securities of the Company, 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. A copy of Pan American Silver's early warning report will appear on the Company's profile on SEDAR+ at www.sedarplus.com and may also be obtained by calling Ms. Siren Fisekci, VP, Investor Relations & Corporate Communications for Pan American Silver, at 604-806-3191. Pan American Silver shall only be entitled to exercise its Warrants to the extent that it owns (together with any person acting jointly or in concert with it), directly or indirectly, not more than 19.9% of the issued and outstanding Common Shares immediately following such exercise until such time as shareholders of the Company have approved Pan American Silver as a control person of the Company in accordance with the requirements of the TSX Venture Exchange. Pan American Silver and the Company have also amended the convertible debenture Pan American Silver holds to include the same restriction provision. At the time the Units were issued to Pan American Silver, it beneficially owned and controlled Common Shares representing an aggregate of 17,777,777 Common Shares of the Company, representing approximately 18.66% of the Company's outstanding Common Shares on a partially diluted basis. Pan American Silver now beneficially owns and controls Common Shares, convertible debentures and warrants, representing an aggregate of 45,902,777 common shares of the Company and upon a successful shareholder vote at the next annual general meeting of the Company to make Pan American Silver a control person, Pan American Silver will own 19.60% and 29.68% of the Common Shares on a fully and partially diluted basis, respectively.

Hold Period & Approvals

The Units issued pursuant to the Brokered Offering were issuing either (a) in respect of Units issued to Canadian purchasers, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"), or (b) in respect of Units issued to purchasers in the United States, pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, or (c) in respect of Units issued to purchasers in certain other jurisdictions outside of Canada and the United States, pursuant to OSC Rule 72-503. The Common Shares and the Warrant Shares underlying the Units sold to purchasers resident in Canada pursuant to the Listed Issuer Financing Exemption are immediately freely tradeable in accordance with applicable Canadian securities legislation. Securities issued under the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance, ending April 5, 2026, in accordance with applicable Canadian securities laws.

The Offering remains subject to final approval of the TSX Venture Exchange.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act), absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.‎

About Galleon Gold

Galleon Gold Corp. is a Canadian exploration and development company focused on advancing its 100%-owned West Cache Gold Project located west of Timmins, Ontario, a prolific and well-established mining camp with excellent infrastructure and access to skilled labour. The Company's strategy is to de-risk and advance West Cache through resource expansion, engineering studies, and permitting, with the objective of realizing long-term value for shareholders. For more information, please visit www.galleongold.com.

For further information:

Galleon Gold

R. David Russell

Chairman and CEO

T. (416) 644-0066

info@galleongold.com

Investor Relations

North Star Investor Relations

Graham Farrell T. (416) 842-9003

graham@northstarir.ca

Forward-Looking Information

This news release contains certain "forward-looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to the expected timing and completion of the Offerings and the anticipated use of proceeds of the Offerings. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates.

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Forward-looking information includes, but is not limited to, statements with respect to the use of proceeds of the Offerings, including the repurchase of the royalty, resale restrictions on the securities being offered under the Offerings, final approval of the Offerings by the TSXV, whether the shareholders' vote at the next annual general meeting of the Company to make Pan American Silver a control person will be successful, and potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276935

Highlights:

• Company consolidates proximal complementary assets in the Kirkland Lake Gold camp.
• Mistango rebrands as Stardust Metal Corp., signalling a new era of growth.
• Major corporate transformation including Share Consolidation and New Ticker "ZIGY".
• Stardust secures strategic option to acquire high-grade McGarry project adjacent to its Omega project.
• Stardust will own multiple, high-potential resource-stage projects directly on the Cadillac Break.
• Stardust neighbours major players including Agnico Eagle, Pierre Lassonde's Gold Candle, Pan American Silver, and Barrick.
• Clear path forward focusing on resource growth and long-term value creation.

Toronto, Ontario--(Newsfile Corp. - November 18, 2025) - Mistango River Resources Inc. ("Mistango" or the "Company") is pleased to announce a fundamental corporate transformation, including a change of its corporate name, share consolidation, corporate rebranding, and the execution of a binding letter of intent dated November 17, 2025 (the "Agreement") to acquire up to a 75% interest in the McGarry Project ("McGarry") from Orecap Invest Corp. ("Orecap") (the "Transaction").

Corporate Transformation: Rebranding and Share Consolidation

The Company is changing its corporate name from Mistango River Resources Inc. to "Stardust Metal Corp." reflecting a renewed corporate direction and focus on its Kirkland Lake projects.

Name Change and Ticker: The name change and share consolidation are expected to take effect on November 21, 2025, subject to CSE approval. The Company's common shares are expected to commence trading under the new symbol "ZIGY" on November 21, 2025.

• Share Consolidation: Mistango will consolidate its common shares on the basis of one (1) new common share for every existing five (5) common shares.
• Following the consolidation, there are expected to be 35,656,368 Common Shares issued and outstanding, subject to rounding.
• A new CUSIP number (854947108) replaces the old one to distinguish between the pre- and post-consolidated shares.

Strategic Acquisition of the McGarry Project

Mistango has entered into an option agreement with Orecap, which will see Orecap option its 100%-owned McGarry project to Mistango. This transaction is highly strategic and shares existing synergies with Mistango's Omega Project, located less than 5km west of McGarry.

Renewal of McGarry and Omega: Legacy Data, New Resources and a Modern Gold Price

Both McGarry and Omega have extensive historical work, including a large drilling database and past gold production. While historical resource estimates exist, they were prepared by previous owners and at significantly lower gold prices.

The new company has taken a rigorous, ground-up approach: returning to original source data and logs, rebuilding and validating the database, and reinterpreting the geology. This work will lead to new NI 43-101-compliant mineral resource estimates for both assets, developed within the context of modern gold prices and current technical standards.

Strategic Rationale: Complementary, High-Value Assets in a Strategic Camp

The consolidation of McGarry and Mistango's Omega project under Stardust provides both projects the strategic focus they currently lack. Integrating McGarry and Omega provides significant operational synergies for a future potential district-scale, integrated operation.

McGarry Advantages: McGarry hosts a historical underground gold resource and established mining infrastructure, including a shaft and headframe, which offers accessibility for underground resources.

Tailings Potential: McGarry contains a tailings facility hosting historical Kerr Addison tailings. Kerr Addison historically produced 11 million ounces at 9 g/t gold[1]. Tailings from the historic Kerr Addison operation, estimated to cover 73 hectares which represent over 1Mt per vertical meter[2] are situated within the McGarry property limit. While definitive tonnage and grade data has not been established, historical documentation suggest potential presence of residual gold within the tailings. Establishing a potential resource on these tailings could provide early and easily accessible ounces boosting project economics of any future mining operation. Omega also has high-value, near-surface ounces and tailings reprocessing potential.

Strategic Location and Neighbours: Stardust's assets are located in Kirkland Lake Gold camp, situated directly on the Cadillac Break and surrounded by gold majors, positioning Stardust adjacent to major operations and projects run by:

Agnico Eagle - Upper Beaver & Macassa

• Upper Beaver (advanced development): Agnico's Upper Beaver is being advanced toward a potential production phase. Agnico's Upper Beaver is a combined gold-copper opportunity with both open-pit and underground development options.

• Macassa (high-grade underground mine): Macassa is Agnico's operating, high-grade underground asset in the Kirkland Lake camp. Stardust's Kirkland West project is immediately adjacent to Macassa.

Gold Candle (Private Company with Pierre Lassonde as Chair): Kerr-Addison project

• Leadership & strategic push: Pierre Lassonde joined Gold Candle as Executive Chairman in 2025, to advance the Kerr-Addison redevelopment.

• Kerr-Addison project status & resources: Gold Candle has published an updated 2025 mineral resource estimate and corporate presentation describing Kerr-Addison as one of Canada's largest undeveloped, historic gold assets (historic production ~11 Moz at high grades)[3].

Pan American Silver: Larder Project

• The Larder project had been advanced by MAG Silver as a district-scale exploration target prior to Pan American Silver's acquisition (bringing MAG's projects, including Larder, into Pan American's portfolio).

Barrick

• Recent Ontario permitting records show Barrick applying for early exploration permits (mechanized surface work, multi-year exploration permits) adjacent to Mistango's Kirkland West Project.

The ongoing development at Agnico Eagle's Upper Beaver and Pierre Lassonde's Gold Candle aligns to make this a very attractive strategic position for Stardust.

Transaction Details: Key Option Agreement Terms

Option 1 (To Earn 50% Interest): Mistango is committed to spending $13.0 million over four years to earn a 50 percent interest in McGarry. This commitment consists of Milestone Payments totaling $500,000 cash and a Work Obligation totaling $12.5 million, as per Table 1 below. The work obligation specifically includes expenditures related to the identification of possible resources within tailings situated within the McGarry property boundary. Upon successful completion of Option 1, a Joint Venture will be formed, with Mistango acting as Operator.

Table 1) Milestone Payments

Option 2 (To Earn an Additional 25% Interest): Upon earning the 50% interest, Mistango will have the option to acquire an additional 25% interest in McGarry for a $50 million cash payment, exercisable within two years from the completion of Option 1.

The $50 million for Option 2 reflects the past structure of Kirkland Lake Gold's strategic partnership from 2021 (see news release dated April 21, 2021).

Governance and Shareholder Protections

The Agreement is subject to acceptance by the Canadian Securities Exchange (the "Exchange").

The Transaction will be a Non-Arm's Length Transaction under TSXV policies, and will be treated as a "related ‎party transaction" for Mistango under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special ‎Transactions ("MI 61-101") as certain directors and officers of Mistango are also ‎directors, officers and/or shareholders Orecap‎. In addition, Orecap holds approximately 13.9% of the Shares of Mistango. These directors and officers own, directly or indirectly, 15,746,572 Orecap Shares.‎

MI 61-101 requires that an issuer obtain approval of a majority of the disinterested shareholders as well ‎as a formal valuation for a transaction that constitutes a related party transaction, absent an exemption ‎from such requirements. Mistango expects to be exempt from the formal valuation requirement but that it may be required to seek disinterested shareholder approval for the Transaction under MI 61-101.‎ This special meeting of shareholders, if required, is expected to be held in early 2026 at a date to be published following discussions with the Exchange.

The Company did not file a material change report more than 21 days before the announcement because the details of the Transaction were not settled until shortly prior to entering into the Agreement.

There were no finders fees paid in connection with the Transaction.

QP Statement

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of Mistango River Resources, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." For the exploration undertaken by Mistango, all assay batches are accompanied by rigorous Quality Assurance procedures, including the insertion of standards and blanks.

For the latest videos from Mistango, Ore Group, and all things mining, subscribe to our YouTube Channel here.

To Speak to the Company directly, please contact:

Stephen Stewart, ChairmanPhone: 416.644.1567

Email: info@oregroup.ca

www.mistango.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking information or forward-looking statements under applicable Canadian securities laws (collectively, "forward-looking statements"). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the Company receiving disinterested Shareholder approval for the Transaction; the Agreement including the Company's intentions for exploration and the Agreement terms, the expected terms, the anticipated timing of closing and; receipt of all regulatory and Shareholder approvals; the Company fulfilling its obligations under the Agreement; and future exploration and acquisition of mineral properties by the Company.

Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: receipt of disinterested Shareholder approval; receipt of all regulatory and Shareholder approvals; the Company will fulfil its obligations under the Agreement; and the Company will acquire and explore mineral properties.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates and the Company's ability to continue to meet the listing requirements of the CSE. Please see the other risks, uncertainties and factors set out under the Company's continuous disclosure documents, which are available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward looking statements contained in this press release are expressly qualified by this cautionary statement.

[1] Refer to Gold Candle's Corporate Presentation dated September 2025 on goldcandle.com.

Cautionary Statement: Orecap cautions readers that historical production or current mineral resources at Kerr Addison are not necessarily indicative of mineralization at McGarry.

[2] Assumed density 1.55 grams per cubic centimeter.

[3] Refer to Gold Candle's Corporate Presentation dated September 2025 on goldcandle.com.

Cautionary Statement: Historical production at Kerr Addison is not indicative of the mineralization at McGarry.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274983

Pan American Silver Corp. PAAS has gained 4% since reporting solid third-quarter 2025 results on Wednesday, delivering year-over-year increases in its top and bottom lines. However, PAAS missed the Zacks Consensus Estimate on both metrics.

Year to date, PAAS shares have surged 95.5%. In comparison, the industry has skyrocketed 121.4%, the Basic Materials sector has risen 27.2% and the S&P 500 has rallied 19.5%.

Record Q3 2025 free cash flow and strong adjusted earnings were driven by higher silver and gold production, successful integration of Juanicipio, and reduced AISC guidance. Liquidity remains robust at $1.7B, with increased silver production outlook and stable gold segment metrics.

Original document: Pan American Silver Corp. [PAAS] Slides Release — Nov. 13 2025