PAN AMERICAN SILVER CORP — Call Transcript 2026

We will be doing a corporate presentation. Welcome, Michael Steinmann. Thanks. Hi. Yes, good morning, everyone. A pleasure to be here again in Zurich and give you an update on Pan American. Just see if we can get the presentation going. And a lot has changed with Pan Am over the last 12, 24 months. Of course, last year we did the acquisition of MAG, and would probably call it a very timely acquisition when silver was still somewhere around $30. That worked out very well for us, and now we own 44% of one of the best silver mines in the world, which is Juanicipio. But we also announced an updated PEA for our discovery at La Colorada skarn, which actually will become the largest and lowest-cost silver mine in the world here over the next few years. I want to spend quite a bit of time with you to explain what has changed there and how we see that project developing and how we're going to add another about 20 million oz of silver production at La Colorada to our portfolio. You see there where we're working, it's all in the Americas. The reason we are there is really a geological reason. When you want to be a silver producer, you have to work in the Cordillera. That's where the silver is. Mexico, the biggest silver producer in the world, of course, closely followed by Peru. Lots of silver production in Bolivia historically, and of course, Argentina even has it in its name. If you want to be a big silver producer, that's where you have to be, that's where we are working, and that's where we are always growing and look at. I'm not really interested to go to many other different places. That's really where the silver is. That's the places we know and where we're working, and me personally already for over 35 years. Let's spend a little bit more time on La Colorada, because La Colorada, it's with Pan Am for quite a while now. Actually, I joined the company 23 years ago, and the project was already there. I think Ross Beaty at that time bought it about two years before that. It was a small silver mine. The whole system now, obviously, we understand now the geology is in place. You have very narrow veins, high grade on the top, all the way down to a porphyry, which is very deep down and was feeding the whole system. We had the discovery hole in 2018. Just think about La Colorada, what we are mining right now are narrow structures, high-grade veins that may be two, three meters wide. Our discovery hole hit 372 m as an intercept of high-grade or relatively high-grade zinc, lead, and silver mineralization, and turned out to be one of the biggest base metal discoveries in the world that we drilled out over the years. When we put out the first PEA, it was a very, very large base metal development program. It would have been the biggest zinc mine in the world, still producing a lot of silver at that time, but the idea at that time, what we knew about the project was to build first a sub-level cave, then a block cave later on, 50,000 tons a day, very large zinc production with probably about in the 15 million oz silver range, somewhere around there. Very large project and a mining method that we are not really familiar with. Now, fast-forward over the years, we kept drilling. We have probably about 18 rigs drilling at La Colorada right now. We probably have all at any time, in all our active sites and projects, about 85-90 drill rigs drilling. We're drilling over 600,000 m a year in exploration. This is obviously one of these results of this exploration effort. You see there just the big numbers where it's going to go. There's La Colorada the vein mine. Over the years, it will become smaller. Right now, we're still producing over 6 million oz there, but it will go down as an average to about 3.3 just from the veins. We're going to add an average of nearly 16 million oz to that from the skarn mineralization. And then you see there on the zinc, it's still going to be a big zinc producer as well, together about 250,000 ton. And as a result, it's going to be about -$20 for our silver per ounce production cost. But it will be about 52% or 53% of revenue will come from silver. So it's going to be clearly a very, very big silver mine. Just a few numbers there. So it has changed now. So with the exploration over the last few years, we have discovered, and I will show later on this section, we have discovered a lot of more high-grade structures. We have discovered a high-grade core inside the skarn, and that brought us to a place where we can go into, we call it phase I, where we go for the high-grade structures and the high-grade part of the skarn. That phase I is pretty long. You see there, 37 years. I think there's always the chance to go bigger later on and do that block cave for the big deposit. I think this deposit has a chance to be in production for 50+ years. At the moment, those economics are just for the first 37 years. I think that's long enough to start with. It will be only 15,000 tons a day underground, so similar, a little bit bigger than our Jacobina mine in Brazil, and it's the normal mining method that we apply everywhere else as a longhole open stope mine. You see there the return at two different metal prices. One is analyst consensus, 17% return, $2.6 billion NPV, and then at more current prices, about $5.2 billion and a 25% return. Very strong project. The capital now has been reduced from the big project, which was close to $3 billion to $1.9 billion that we can fully fund from our cash flow and cash on hand. That's how the production profile looks like. When you look at the top is silver production. You see the red bars there at the each bar, that's the current La Colorada production. It's obviously winding down over the years. We discovered new high-grade structures, which are the green ones, and then the blue is the added production from the skarn. You see there that the core production, just around 20 million oz a year. We, at the moment, have about 60,000 m of new drilling that we did not publish yet. It's not yet in our reserve and resource update. There's continuously data coming in. We just put the press release out about a month ago with some really stunning high-grade additional veins that we discovered at La Colorada with silver grades around 10 kilos per ton. That's still to come in, and I think will obviously smoothen out the production at the beginning and increase our production faster. We keep finding more skarn mineralization as well, which will continue that big production further into the future. You see there, 37 year, and you see below the zinc production, very strong zinc production as well that comes. By the way, La Colorada is producing one of the world's best zinc concentrate right now. It's running about 61%. It's a very clean concentrate with no iron in it. This will produce a very similar product, very easy metallurgy. We already produce obviously for decades that concentrate and nothing new to us on the metallurgy, no nasties in the concentrate. Great product. A lot of interest, as you can imagine, from the traders in the world when you can produce about a 1/4 million tons a year of that kind of quality of concentrate. It's getting a bit technical here, but just to show, you see on your left side a map. You see those big red circles, that's the skarn. In a plan view, you see some of the main structures. On this side, you see a cut through the mountain. You see on top, gray is the surface. You see the blue block, which is our current La Colorada vein mine. You see in red the skarn below. You see here the new discoveries, which are some of these new very high-grade veins that helped us to go into this mix of high-grade structures, high-grade part of the skarn, which will bring us to that first phase 37-year production increase at La Colorada. Pretty straightforward. We're going to run a ramp from the existing mine down to the skarn. We're going to start doing that probably in the next two month. We have to sink two shafts. It's pretty deep there, but there's already two shafts that we built at La Colorada in the past. Two shafts, one for ventilation and one for extraction of the 15,000 tons in the future. Great project that we're going to start here. That's how it's going to look like. Right now when you look at the silver mines in the world, that's just looking at the resource and reserves. Fresnillo is still a bit bigger, but as I said, we still have a lot of drilling that we are doing and a lot of drilling that will be included here. I think La Colorada will grow bigger and will be one of the biggest silver deposits in the world. When you look at production, it's going to be the biggest silver mine in the world. You have to add, obviously, the two up, La Colorada vein and the skarn, and it will just be closely followed by Juanicipio, which is obviously the addition to our portfolio from last year. Great place to be and a huge leap that La Colorada is going to make from the current 6 million oz all the way in front of the biggest silver mines in the world. As I said, it's going to be the lowest cost one, and you can see that here. Juanicipio is a very low-cost producer. Very happy to have that in our portfolio. As you know, we own 44%. The mine is run by Fresnillo. La Colorada, with the expansion and then the addition of the high-grade structure, will leapfrog Juanicipio and will be bigger and lower cost producer of all these big names of silver producers there in the world. Great place to be. We have discovered that in our portfolio, brownfield discovery, and a great project for us to build out over the next few years. Yeah, to that Juanicipio, just a few words. Obviously, I think most of you are familiar with it. We added that last year, the 44%, by buying MAG Silver. That was before La Colorada was out with the study. You see that Juanicipio was the lowest producing silver mine in the world and largest one as well. Now we have the two biggest ones in the world. Great spot to be when you want to be the biggest silver producer in the world. We are definitely on the way and there. There's other projects as well that we're working on, and we're working on expansion and optimization of our biggest gold-producing mine, which is Jacobina. That came to us through the acquisition of Yamana Gold. Actually, up to now, that's still the biggest cash flow we have in the company. That will be replaced with our big silver production in the future, but a great asset to have. Again, a very long-life asset. At the moment, we have a mine plan until 2053 at Jacobina, and we're looking to increase our production here. We started at 8,000 tons a day when we bought it. We surpassed 9,000 tons a day, and we try to get to 10,000 tons as a first step, and then with the optimization, see how much further we can push that. Get a new permit, because our current permit allows us only to mine 10,000 tons a day. Another multi-decade operation that we have in our portfolio in Brazil, in this case. Just a few words on Escobal. Obviously, there's a few other projects we have on Escobal. We're working quite a while on this, on the consultation. I think we are at a spot now where we exchanged all the information, everything has passed on and we are obviously very open to discuss any kind of participation on that project, together with the indigenous group and the government. You see this very, very small footprint. That's the entire mine, by the way, and Escobal produced 21 million oz of silver when it was in production. The mine is ready to go. We would need about $80 million-$100 million working capital to start it up, about six months to bring it back into production. Obviously I couldn't think in a better metal price environment, to start up a big silver mine in the world. If you look at having communities and governments participating in a project at this metal price, obviously it will make a lot of sense. That would be the other 20+ million-oz producing asset for us that is already there. It doesn't need a lot of capital, but it's obviously not under our control right now because the consultation is done between the Indigenous group and the Government of Guatemala. Thanks to the addition of Juanicipio, we see a nice increase in our silver production. We guided 25 million oz-27 million oz and still very strong gold production as well, up to 750,000 oz at very good cost profile. I just want to show this quickly because a lot of people, especially the generations a bit older, like me, that remember very well earlier runs in metal prices and remember 2010, 2009, where we generated a huge inflation in the mining space, really. The metal prices were running wild, and the cost curve actually crossed over and it ended in a big disappointment. I just want to show you when you look at silver on the left side and gold on the right side. You see here the metal prices for the last eight quarters that we achieved for each of these metals, and in green, our all-in sustaining costs. You see how actually remarkably flat those costs stay, especially on the gold side, because we don't have a lot of by-product credits. Silver is a bit more variable, but you see actually our costs are coming down, and that is the effect of the addition of Juanicipio, a really low-cost producer. You can imagine when we add La Colorada to that with discount at a negative cost of about $20 and nearly doubling our output of silver is going to look very, very interesting, but obviously very, very large margins that we generated hence in Q4 alone, about $553 million free cash flow generation. Metal prices are way higher in Q1. As you can imagine, we have over $2 billion liquidity. At the moment, we're returning about $100 million a quarter to shareholders between share buybacks and dividend. There's, together with the cash in Juanicipio, over $1.4 billion of cash on our balance sheet at the end of 2025. There's enough money here to obviously build the big expansion at La Colorada, and there will be more money coming in as we speak to do that. No problem on the financial side. With very little debt, there is a very cheap money that we have. We're paying dividends. Since 2010, we've returned of the free cash flow about 36%, 35% between dividend and share buybacks. We increased the dividend every quarter over the last three quarters. This is not the reason we're not giving more money back to shareholders because we don't have anything else to do with it. I just showed you the big projects we have, but there's just so much excess cash that we are happy giving dividend and share buybacks back to our shareholders as part of this big bull run in metal prices. When you look at per share, it's really interesting obviously. When you look at earnings, you look at return on invested capital, you look at margins on cash flow. Of course, huge increases over the last, that's I think 10 years, on per share base. Part is obviously metal prices, and the other part is just the increased quality of assets that we purchased, and then we tend to sell off the smaller assets at the end or the other end of our portfolio. Obviously, very strong commitment to sustainable production. It always has been. It was always part of Pan American. Maybe just to end quickly, because silver is a very complex story, much more complex than gold, because silver has two uses, and the use right now on the industrial side is growing so fast, that we are already at about 65% of the world's silver production that is used up. You can imagine with further electrification, not only with clean energy production alone, but self-driving cars, data centers, AI, the use of silver is increasing very, very fast. We can't really produce much more silver. We have the biggest projects, we have the biggest reserve, the biggest resource in the world of silver already. 75% of the production comes actually as a by-product from copper production. Copper is already at an all-time high nearly, and so there's not many big copper mines coming on in the next few years, so hence not much more silver production. I really can see only La Colorada and Escobal as kind of meaningful addition to the silver. Until then we see big deficit. You see there in green, production is actually declining, but we see increased demand on the silver side, now from both sides, obviously from the industrial side and from the investment side, hence the silver price where it sits right now. With that, I'm at my end, so open for a question if you have time. Are there any questions from the audience? Gentleman over here. That $283 million of debt that's due at the end of next year, will you be paying that off entirely or reprice it? Yeah. It's one part of the two bonds that came to us from the Yamana acquisition. You see the big one, $500 million, is only due in 2031. That one runs at about 2.6% interest. The one that is due, yeah, I think we're just going to pay that back. At the moment, we don't need additional money. As I said, there's enough cash coming in, so that will be due in a bit less than two years. If there aren't any questions, maybe Michael, I can ask, and I always ask this. I have to come back to Escobal and what's happening with the indigenous consultations. Maybe just give us an update on where are we exactly with that. Do the indigenous people want something from you? Does it look like we can resolve this this year? Well, look, I never gave you a timing or whenever that will happen. I always maintained the mine in great shape, so when it comes back, we can restart it quickly. As I said, within six months, we could have production. I think I've made very clearly that we are very open and sharing wealth from that project with communities, but also with the government of Guatemala, which obviously jobs are very important, especially now as a lot of jobs getting brought back from the U.S. to Guatemala. Look, as I said, the transfer of information on the consultation is finalized now, and that decision, how we split this up, will be the next part of it. Okay. If I could, listening to you talk about La Colorada, you got your $1.9 billion CapEx. You showed us you don't need money to build it. Do you have within your portfolio non-core assets? I thought Timmins might be non-core. You've got a royalty portfolio. Maybe just share your thoughts on that. Yeah. Look, we sold assets for probably about $1.4 billion cash over the last few years, and I will definitely continue. I like to have, as I said, something big on one side before I sell the other ones. When you look at selling assets right now, because it's such a short time frame that we saw so far with these very high metal prices, there's quite a difference between the buyer's expectation and the seller's expectation on metal prices. I think we have to get a bit closer before we can look at divesting an asset. To get there, I guess, later this year, if we have another 10 months of more stable prices, then I think we will find better a spot that works for both of us. Okay. Thank you so much. We've run out of time. Thank you.

Speaker 2: We will be doing a corporate presentation. Welcome, Michael Steinmann. We will be doing a corporate presentation. we will be doing a corporate presentation Welcome, Michael Steinmann. welcome michael steinmann

Speaker 1: Thanks. Hi. Yes, good morning, everyone. A pleasure to be here again in Zurich and give you an update on Pan American. Just see if we can get the presentation going. And a lot has changed with Pan Am over the last 12, 24 months. Of course, last year we did the acquisition of MAG, and would probably call it a very timely acquisition when silver was still somewhere around $30. That worked out very well for us, and now we own 44% of one of the best silver mines in the world, which is Juanicipio. But we also announced an updated PEA for our discovery at La Colorada skarn, which actually will become the largest and lowest-cost silver mine in the world here over the next few years. Thanks. thanks Hi. hi Yes, good morning, everyone. yes good morning everyone A pleasure to be here again in Zurich and give you an update on Pan American. a pleasure to be here again in zurich and give you an update on pan american Just see if we can get the presentation going. just see if we can get the presentation going And a lot has changed with Pan Am over the last 12, 24 months. and a lot has changed with pan am over the last 12 24 months Of course, last year we did the acquisition of MAG, and would probably call it a very timely acquisition when silver was still somewhere around $30. of course last year we did the acquisition of mag and would probably call it a very timely acquisition when silver was still somewhere around $30 That worked out very well for us, and now we own 44% of one of the best silver mines in the world, which is Juanicipio. that worked out very well for us and now we own 44% of one of the best silver mines in the world which is juanicipio But we also announced an updated PEA for our discovery at La Colorada skarn, which actually will become the largest and lowest-cost silver mine in the world here over the next few years. but we also announced an updated pea for our discovery at la colorada skarn which actually will become the largest and lowest-cost silver mine in the world here over the next few years I want to spend quite a bit of time with you to explain what has changed there and how we see that project developing and how we're going to add another about 20 million oz of silver production at La Colorada to our portfolio. You see there where we're working, it's all in the Americas. The reason we are there is really a geological reason. When you want to be a silver producer, you have to work in the Cordillera. That's where the silver is. Mexico, the biggest silver producer in the world, of course, closely followed by Peru. Lots of silver production in Bolivia historically, and of course, Argentina even has it in its name. If you want to be a big silver producer, that's where you have to be, that's where we are working, and that's where we are always growing and look at. I want to spend quite a bit of time with you to explain what has changed there and how we see that project developing and how we're going to add another about 20 million oz of silver production at La Colorada to our portfolio. i want to spend quite a bit of time with you to explain what has changed there and how we see that project developing and how we're going to add another about 20 million oz of silver production at la colorada to our portfolio You see there where we're working, it's all in the Americas. you see there where we're working it's all in the americas The reason we are there is really a geological reason. the reason we are there is really a geological reason When you want to be a silver producer, you have to work in the Cordillera. when you want to be a silver producer you have to work in the cordillera That's where the silver is. that's where the silver is Mexico, the biggest silver producer in the world, of course, closely followed by Peru. mexico the biggest silver producer in the world of course closely followed by peru Lots of silver production in Bolivia historically, and of course, Argentina even has it in its name. lots of silver production in bolivia historically and of course argentina even has it in its name If you want to be a big silver producer, that's where you have to be, that's where we are working, and that's where we are always growing and look at. if you want to be a big silver producer that's where you have to be that's where we are working and that's where we are always growing and look at I'm not really interested to go to many other different places. That's really where the silver is. That's the places we know and where we're working, and me personally already for over 35 years. Let's spend a little bit more time on La Colorada, because La Colorada, it's with Pan Am for quite a while now. Actually, I joined the company 23 years ago, and the project was already there. I think Ross Beaty at that time bought it about two years before that. It was a small silver mine. The whole system now, obviously, we understand now the geology is in place. You have very narrow veins, high grade on the top, all the way down to a porphyry, which is very deep down and was feeding the whole system. We had the discovery hole in 2018. I'm not really interested to go to many other different places. i'm not really interested to go to many other different places That's really where the silver is. that's really where the silver is That's the places we know and where we're working, and me personally already for over 35 years. that's the places we know and where we're working and me personally already for over 35 years Let's spend a little bit more time on La Colorada, because La Colorada, it's with Pan Am for quite a while now. let's spend a little bit more time on la colorada because la colorada it's with pan am for quite a while now Actually, I joined the company 23 years ago, and the project was already there. actually i joined the company 23 years ago and the project was already there I think Ross Beaty at that time bought it about two years before that. i think ross beaty at that time bought it about two years before that It was a small silver mine. it was a small silver mine The whole system now, obviously, we understand now the geology is in place. the whole system now obviously we understand now the geology is in place You have very narrow veins, high grade on the top, all the way down to a porphyry, which is very deep down and was feeding the whole system. you have very narrow veins high grade on the top all the way down to a porphyry which is very deep down and was feeding the whole system We had the discovery hole in 2018. we had the discovery hole in 2018 Just think about La Colorada, what we are mining right now are narrow structures, high-grade veins that may be two, three meters wide. Our discovery hole hit 372 m as an intercept of high-grade or relatively high-grade zinc, lead, and silver mineralization, and turned out to be one of the biggest base metal discoveries in the world that we drilled out over the years. When we put out the first PEA, it was a very, very large base metal development program. It would have been the biggest zinc mine in the world, still producing a lot of silver at that time, but the idea at that time, what we knew about the project was to build first a sub-level cave, then a block cave later on, 50,000 tons a day, very large zinc production with probably about in the 15 million oz silver range, somewhere around there. Just think about La Colorada, what we are mining right now are narrow structures, high-grade veins that may be two, three meters wide. just think about la colorada what we are mining right now are narrow structures high-grade veins that may be two three meters wide Our discovery hole hit 372 m as an intercept of high-grade or relatively high-grade zinc, lead, and silver mineralization, and turned out to be one of the biggest base metal discoveries in the world that we drilled out over the years. our discovery hole hit 372 m as an intercept of high-grade or relatively high-grade zinc lead and silver mineralization and turned out to be one of the biggest base metal discoveries in the world that we drilled out over the years When we put out the first PEA, it was a very, very large base metal development program. when we put out the first pea it was a very very large base metal development program It would have been the biggest zinc mine in the world, still producing a lot of silver at that time, but the idea at that time, what we knew about the project was to build first a sub-level cave, then a block cave later on, 50,000 tons a day, very large zinc production with probably about in the 15 million oz silver range, somewhere around there. it would have been the biggest zinc mine in the world still producing a lot of silver at that time but the idea at that time what we knew about the project was to build first a sub-level cave then a block cave later on 50,000 tons a day very large zinc production with probably about in the 15 million oz silver range somewhere around there Very large project and a mining method that we are not really familiar with. Now, fast-forward over the years, we kept drilling. We have probably about 18 rigs drilling at La Colorada right now. We probably have all at any time, in all our active sites and projects, about 85-90 drill rigs drilling. We're drilling over 600,000 m a year in exploration. This is obviously one of these results of this exploration effort. You see there just the big numbers where it's going to go. There's La Colorada the vein mine. Over the years, it will become smaller. Right now, we're still producing over 6 million oz there, but it will go down as an average to about 3.3 just from the veins. We're going to add an average of nearly 16 million oz to that from the skarn mineralization. Very large project and a mining method that we are not really familiar with. very large project and a mining method that we are not really familiar with Now, fast-forward over the years, we kept drilling. now fast-forward over the years we kept drilling We have probably about 18 rigs drilling at La Colorada right now. we have probably about 18 rigs drilling at la colorada right now We probably have all at any time, in all our active sites and projects, about 85-90 drill rigs drilling. we probably have all at any time in all our active sites and projects about 85-90 drill rigs drilling We're drilling over 600,000 m a year in exploration. we're drilling over 600,000 m a year in exploration This is obviously one of these results of this exploration effort. this is obviously one of these results of this exploration effort You see there just the big numbers where it's going to go. you see there just the big numbers where it's going to go There's La Colorada the vein mine. there's la colorada the vein mine Over the years, it will become smaller. over the years it will become smaller Right now, we're still producing over 6 million oz there, but it will go down as an average to about 3.3 just from the veins. right now we're still producing over 6 million oz there but it will go down as an average to about 3.3 just from the veins We're going to add an average of nearly 16 million oz to that from the skarn mineralization. we're going to add an average of nearly 16 million oz to that from the skarn mineralization And then you see there on the zinc, it's still going to be a big zinc producer as well, together about 250,000 ton. And as a result, it's going to be about -$20 for our silver per ounce production cost. But it will be about 52% or 53% of revenue will come from silver. So it's going to be clearly a very, very big silver mine. Just a few numbers there. So it has changed now. So with the exploration over the last few years, we have discovered, and I will show later on this section, we have discovered a lot of more high-grade structures. We have discovered a high-grade core inside the skarn, and that brought us to a place where we can go into, we call it phase I, where we go for the high-grade structures and the high-grade part of the skarn. And then you see there on the zinc, it's still going to be a big zinc producer as well, together about 250,000 ton. and then you see there on the zinc it's still going to be a big zinc producer as well together about 250,000 ton And as a result, it's going to be about - $20 for our silver per ounce production cost. and as a result it's going to be about - $20 for our silver per ounce production cost But it will be about 52% or 53% of revenue will come from silver. but it will be about 52% or 53% of revenue will come from silver So it's going to be clearly a very, very big silver mine. so it's going to be clearly a very very big silver mine Just a few numbers there. just a few numbers there So it has changed now. so it has changed now So with the exploration over the last few years, we have discovered, and I will show later on this section, we have discovered a lot of more high-grade structures. so with the exploration over the last few years we have discovered and i will show later on this section we have discovered a lot of more high-grade structures We have discovered a high-grade core inside the skarn, and that brought us to a place where we can go into, we call it phase I, where we go for the high-grade structures and the high-grade part of the skarn. we have discovered a high-grade core inside the skarn and that brought us to a place where we can go into we call it phase i where we go for the high-grade structures and the high-grade part of the skarn That phase I is pretty long. You see there, 37 years. I think there's always the chance to go bigger later on and do that block cave for the big deposit. I think this deposit has a chance to be in production for 50+ years. At the moment, those economics are just for the first 37 years. I think that's long enough to start with. It will be only 15,000 tons a day underground, so similar, a little bit bigger than our Jacobina mine in Brazil, and it's the normal mining method that we apply everywhere else as a longhole open stope mine. You see there the return at two different metal prices. One is analyst consensus, 17% return, $2.6 billion NPV, and then at more current prices, about $5.2 billion and a 25% return. Very strong project. That phase I is pretty long. that phase i is pretty long You see there, 37 years. you see there 37 years I think there's always the chance to go bigger later on and do that block cave for the big deposit. i think there's always the chance to go bigger later on and do that block cave for the big deposit I think this deposit has a chance to be in production for 50+ years. i think this deposit has a chance to be in production for 50+ years At the moment, those economics are just for the first 37 years. at the moment those economics are just for the first 37 years I think that's long enough to start with. i think that's long enough to start with It will be only 15,000 tons a day underground, so similar, a little bit bigger than our Jacobina mine in Brazil, and it's the normal mining method that we apply everywhere else as a longhole open stope mine. it will be only 15,000 tons a day underground so similar a little bit bigger than our jacobina mine in brazil and it's the normal mining method that we apply everywhere else as a longhole open stope mine You see there the return at two different metal prices. you see there the return at two different metal prices One is analyst consensus, 17% return, $2.6 billion NPV, and then at more current prices, about $5.2 billion and a 25% return. one is analyst consensus 17% return $2.6 billion npv and then at more current prices about $5.2 billion and a 25% return Very strong project. very strong project The capital now has been reduced from the big project, which was close to $3 billion to $1.9 billion that we can fully fund from our cash flow and cash on hand. That's how the production profile looks like. When you look at the top is silver production. You see the red bars there at the each bar, that's the current La Colorada production. It's obviously winding down over the years. We discovered new high-grade structures, which are the green ones, and then the blue is the added production from the skarn. You see there that the core production, just around 20 million oz a year. We, at the moment, have about 60,000 m of new drilling that we did not publish yet. It's not yet in our reserve and resource update. There's continuously data coming in. The capital now has been reduced from the big project, which was close to $3 billion to $1.9 billion that we can fully fund from our cash flow and cash on hand. the capital now has been reduced from the big project which was close to $3 billion to $1.9 billion that we can fully fund from our cash flow and cash on hand That's how the production profile looks like. that's how the production profile looks like When you look at the top is silver production. when you look at the top is silver production You see the red bars there at the each bar, that's the current La Colorada production. you see the red bars there at the each bar that's the current la colorada production It's obviously winding down over the years. it's obviously winding down over the years We discovered new high-grade structures, which are the green ones, and then the blue is the added production from the skarn. we discovered new high-grade structures which are the green ones and then the blue is the added production from the skarn You see there that the core production, just around 20 million oz a year. you see there that the core production just around 20 million oz a year We, at the moment, have about 60,000 m of new drilling that we did not publish yet. we at the moment have about 60,000 m of new drilling that we did not publish yet It's not yet in our reserve and resource update. it's not yet in our reserve and resource update There's continuously data coming in. there's continuously data coming in We just put the press release out about a month ago with some really stunning high-grade additional veins that we discovered at La Colorada with silver grades around 10 kilos per ton. That's still to come in, and I think will obviously smoothen out the production at the beginning and increase our production faster. We keep finding more skarn mineralization as well, which will continue that big production further into the future. You see there, 37 year, and you see below the zinc production, very strong zinc production as well that comes. By the way, La Colorada is producing one of the world's best zinc concentrate right now. It's running about 61%. It's a very clean concentrate with no iron in it. This will produce a very similar product, very easy metallurgy. We just put the press release out about a month ago with some really stunning high-grade additional veins that we discovered at La Colorada with silver grades around 10 kilos per ton. we just put the press release out about a month ago with some really stunning high-grade additional veins that we discovered at la colorada with silver grades around 10 kilos per ton That's still to come in, and I think will obviously smoothen out the production at the beginning and increase our production faster. that's still to come in and i think will obviously smoothen out the production at the beginning and increase our production faster We keep finding more skarn mineralization as well, which will continue that big production further into the future. we keep finding more skarn mineralization as well which will continue that big production further into the future You see there, 37 year, and you see below the zinc production, very strong zinc production as well that comes. you see there 37 year and you see below the zinc production very strong zinc production as well that comes By the way, La Colorada is producing one of the world's best zinc concentrate right now. by the way la colorada is producing one of the world's best zinc concentrate right now It's running about 61%. it's running about 61% It's a very clean concentrate with no iron in it. it's a very clean concentrate with no iron in it This will produce a very similar product, very easy metallurgy. this will produce a very similar product very easy metallurgy We already produce obviously for decades that concentrate and nothing new to us on the metallurgy, no nasties in the concentrate. Great product. A lot of interest, as you can imagine, from the traders in the world when you can produce about a 1/4 million tons a year of that kind of quality of concentrate. It's getting a bit technical here, but just to show, you see on your left side a map. You see those big red circles, that's the skarn. In a plan view, you see some of the main structures. On this side, you see a cut through the mountain. You see on top, gray is the surface. You see the blue block, which is our current La Colorada vein mine. You see in red the skarn below. We already produce obviously for decades that concentrate and nothing new to us on the metallurgy, no nasties in the concentrate. we already produce obviously for decades that concentrate and nothing new to us on the metallurgy no nasties in the concentrate Great product. great product A lot of interest, as you can imagine, from the traders in the world when you can produce about a 1/4 million tons a year of that kind of quality of concentrate. a lot of interest as you can imagine from the traders in the world when you can produce about a 1/4 million tons a year of that kind of quality of concentrate It's getting a bit technical here, but just to show, you see on your left side a map. it's getting a bit technical here but just to show you see on your left side a map You see those big red circles, that's the skarn. you see those big red circles that's the skarn In a plan view, you see some of the main structures. in a plan view you see some of the main structures On this side, you see a cut through the mountain. on this side you see a cut through the mountain You see on top, gray is the surface. you see on top gray is the surface You see the blue block, which is our current La Colorada vein mine. you see the blue block which is our current la colorada vein mine You see in red the skarn below. you see in red the skarn below You see here the new discoveries, which are some of these new very high-grade veins that helped us to go into this mix of high-grade structures, high-grade part of the skarn, which will bring us to that first phase 37-year production increase at La Colorada. Pretty straightforward. We're going to run a ramp from the existing mine down to the skarn. We're going to start doing that probably in the next two month. We have to sink two shafts. It's pretty deep there, but there's already two shafts that we built at La Colorada in the past. Two shafts, one for ventilation and one for extraction of the 15,000 tons in the future. Great project that we're going to start here. That's how it's going to look like. You see here the new discoveries, which are some of these new very high-grade veins that helped us to go into this mix of high-grade structures, high-grade part of the skarn, which will bring us to that first phase 37-year production increase at La Colorada. you see here the new discoveries which are some of these new very high-grade veins that helped us to go into this mix of high-grade structures high-grade part of the skarn which will bring us to that first phase 37-year production increase at la colorada Pretty straightforward. pretty straightforward We're going to run a ramp from the existing mine down to the skarn. we're going to run a ramp from the existing mine down to the skarn We're going to start doing that probably in the next two month. we're going to start doing that probably in the next two month We have to sink two shafts. we have to sink two shafts It's pretty deep there, but there's already two shafts that we built at La Colorada in the past. it's pretty deep there but there's already two shafts that we built at la colorada in the past Two shafts, one for ventilation and one for extraction of the 15,000 tons in the future. two shafts one for ventilation and one for extraction of the 15,000 tons in the future Great project that we're going to start here. great project that we're going to start here That's how it's going to look like. that's how it's going to look like Right now when you look at the silver mines in the world, that's just looking at the resource and reserves. Fresnillo is still a bit bigger, but as I said, we still have a lot of drilling that we are doing and a lot of drilling that will be included here. I think La Colorada will grow bigger and will be one of the biggest silver deposits in the world. When you look at production, it's going to be the biggest silver mine in the world. You have to add, obviously, the two up, La Colorada vein and the skarn, and it will just be closely followed by Juanicipio, which is obviously the addition to our portfolio from last year. Right now when you look at the silver mines in the world, that's just looking at the resource and reserves. right now when you look at the silver mines in the world that's just looking at the resource and reserves Fresnillo is still a bit bigger, but as I said, we still have a lot of drilling that we are doing and a lot of drilling that will be included here. fresnillo is still a bit bigger but as i said we still have a lot of drilling that we are doing and a lot of drilling that will be included here I think La Colorada will grow bigger and will be one of the biggest silver deposits in the world. i think la colorada will grow bigger and will be one of the biggest silver deposits in the world When you look at production, it's going to be the biggest silver mine in the world. when you look at production it's going to be the biggest silver mine in the world You have to add, obviously, the two up, La Colorada vein and the skarn, and it will just be closely followed by Juanicipio, which is obviously the addition to our portfolio from last year. you have to add obviously the two up la colorada vein and the skarn and it will just be closely followed by juanicipio which is obviously the addition to our portfolio from last year Great place to be and a huge leap that La Colorada is going to make from the current 6 million oz all the way in front of the biggest silver mines in the world. As I said, it's going to be the lowest cost one, and you can see that here. Juanicipio is a very low-cost producer. Very happy to have that in our portfolio. As you know, we own 44%. The mine is run by Fresnillo. La Colorada, with the expansion and then the addition of the high-grade structure, will leapfrog Juanicipio and will be bigger and lower cost producer of all these big names of silver producers there in the world. Great place to be. We have discovered that in our portfolio, brownfield discovery, and a great project for us to build out over the next few years. Great place to be and a huge leap that La Colorada is going to make from the current 6 million oz all the way in front of the biggest silver mines in the world. great place to be and a huge leap that la colorada is going to make from the current 6 million oz all the way in front of the biggest silver mines in the world As I said, it's going to be the lowest cost one, and you can see that here. as i said it's going to be the lowest cost one and you can see that here Juanicipio is a very low-cost producer. juanicipio is a very low-cost producer Very happy to have that in our portfolio. very happy to have that in our portfolio As you know, we own 44%. as you know we own 44% The mine is run by Fresnillo. the mine is run by fresnillo La Colorada, with the expansion and then the addition of the high-grade structure, will leapfrog Juanicipio and will be bigger and lower cost producer of all these big names of silver producers there in the world. la colorada with the expansion and then the addition of the high-grade structure will leapfrog juanicipio and will be bigger and lower cost producer of all these big names of silver producers there in the world Great place to be. great place to be We have discovered that in our portfolio, brownfield discovery, and a great project for us to build out over the next few years. we have discovered that in our portfolio brownfield discovery and a great project for us to build out over the next few years Yeah, to that Juanicipio, just a few words. Obviously, I think most of you are familiar with it. We added that last year, the 44%, by buying MAG Silver. That was before La Colorada was out with the study. You see that Juanicipio was the lowest producing silver mine in the world and largest one as well. Now we have the two biggest ones in the world. Great spot to be when you want to be the biggest silver producer in the world. We are definitely on the way and there. There's other projects as well that we're working on, and we're working on expansion and optimization of our biggest gold-producing mine, which is Jacobina. That came to us through the acquisition of Yamana Gold. Actually, up to now, that's still the biggest cash flow we have in the company. Yeah, to that Juanicipio, just a few words. yeah to that juanicipio just a few words Obviously, I think most of you are familiar with it. obviously i think most of you are familiar with it We added that last year, the 44%, by buying MAG Silver. we added that last year the 44% by buying mag silver That was before La Colorada was out with the study. that was before la colorada was out with the study You see that Juanicipio was the lowest producing silver mine in the world and largest one as well. you see that juanicipio was the lowest producing silver mine in the world and largest one as well Now we have the two biggest ones in the world. now we have the two biggest ones in the world Great spot to be when you want to be the biggest silver producer in the world. great spot to be when you want to be the biggest silver producer in the world We are definitely on the way and there. we are definitely on the way and there There's other projects as well that we're working on, and we're working on expansion and optimization of our biggest gold-producing mine, which is Jacobina. there's other projects as well that we're working on and we're working on expansion and optimization of our biggest gold-producing mine which is jacobina That came to us through the acquisition of Yamana Gold. that came to us through the acquisition of yamana gold Actually, up to now, that's still the biggest cash flow we have in the company. actually up to now that's still the biggest cash flow we have in the company That will be replaced with our big silver production in the future, but a great asset to have. Again, a very long-life asset. At the moment, we have a mine plan until 2053 at Jacobina, and we're looking to increase our production here. We started at 8,000 tons a day when we bought it. We surpassed 9,000 tons a day, and we try to get to 10,000 tons as a first step, and then with the optimization, see how much further we can push that. Get a new permit, because our current permit allows us only to mine 10,000 tons a day. Another multi-decade operation that we have in our portfolio in Brazil, in this case. Just a few words on Escobal. Obviously, there's a few other projects we have on Escobal. We're working quite a while on this, on the consultation. That will be replaced with our big silver production in the future, but a great asset to have. that will be replaced with our big silver production in the future but a great asset to have Again, a very long-life asset. again a very long-life asset At the moment, we have a mine plan until 2053 at Jacobina, and we're looking to increase our production here. at the moment we have a mine plan until 2053 at jacobina and we're looking to increase our production here We started at 8,000 tons a day when we bought it. we started at 8,000 tons a day when we bought it We surpassed 9,000 tons a day, and we try to get to 10,000 tons as a first step, and then with the optimization, see how much further we can push that. we surpassed 9,000 tons a day and we try to get to 10,000 tons as a first step and then with the optimization see how much further we can push that Get a new permit, because our current permit allows us only to mine 10,000 tons a day. get a new permit because our current permit allows us only to mine 10,000 tons a day Another multi-decade operation that we have in our portfolio in Brazil, in this case. Just a few words on Escobal. another multi-decade operation that we have in our portfolio in brazil in this case. just a few words on escobal Obviously, there's a few other projects we have on Escobal. obviously there's a few other projects we have on escobal We're working quite a while on this, on the consultation. we're working quite a while on this on the consultation I think we are at a spot now where we exchanged all the information, everything has passed on and we are obviously very open to discuss any kind of participation on that project, together with the indigenous group and the government. You see this very, very small footprint. That's the entire mine, by the way, and Escobal produced 21 million oz of silver when it was in production. The mine is ready to go. We would need about $80 million-$100 million working capital to start it up, about six months to bring it back into production. Obviously I couldn't think in a better metal price environment, to start up a big silver mine in the world. If you look at having communities and governments participating in a project at this metal price, obviously it will make a lot of sense. I think we are at a spot now where we exchanged all the information, everything has passed on and we are obviously very open to discuss any kind of participation on that project, together with the indigenous group and the government. i think we are at a spot now where we exchanged all the information everything has passed on and we are obviously very open to discuss any kind of participation on that project together with the indigenous group and the government You see this very, very small footprint. you see this very very small footprint That's the entire mine, by the way, and Escobal produced 21 million oz of silver when it was in production. that's the entire mine by the way and escobal produced 21 million oz of silver when it was in production The mine is ready to go. the mine is ready to go We would need about $80 million-$100 million working capital to start it up, about six months to bring it back into production. we would need about $80 million-$100 million working capital to start it up about six months to bring it back into production Obviously I couldn't think in a better metal price environment, to start up a big silver mine in the world. obviously i couldn't think in a better metal price environment to start up a big silver mine in the world If you look at having communities and governments participating in a project at this metal price, obviously it will make a lot of sense. if you look at having communities and governments participating in a project at this metal price obviously it will make a lot of sense That would be the other 20+ million-oz producing asset for us that is already there. It doesn't need a lot of capital, but it's obviously not under our control right now because the consultation is done between the Indigenous group and the Government of Guatemala. Thanks to the addition of Juanicipio, we see a nice increase in our silver production. We guided 25 million oz-27 million oz and still very strong gold production as well, up to 750,000 oz at very good cost profile. That would be the other 20+ million-oz producing asset for us that is already there. that would be the other 20+ million-oz producing asset for us that is already there It doesn't need a lot of capital, but it's obviously not under our control right now because the consultation is done between the Indigenous group and the Government of Guatemala. it doesn't need a lot of capital but it's obviously not under our control right now because the consultation is done between the indigenous group and the government of guatemala Thanks to the addition of Juanicipio, we see a nice increase in our silver production. thanks to the addition of juanicipio we see a nice increase in our silver production We guided 25 million oz-27 million oz and still very strong gold production as well, up to 750,000 oz at very good cost profile. we guided 25 million oz-27 million oz and still very strong gold production as well up to 750,000 oz at very good cost profile I just want to show this quickly because a lot of people, especially the generations a bit older, like me, that remember very well earlier runs in metal prices and remember 2010, 2009, where we generated a huge inflation in the mining space, really. The metal prices were running wild, and the cost curve actually crossed over and it ended in a big disappointment. I just want to show you when you look at silver on the left side and gold on the right side. You see here the metal prices for the last eight quarters that we achieved for each of these metals, and in green, our all-in sustaining costs. You see how actually remarkably flat those costs stay, especially on the gold side, because we don't have a lot of by-product credits. I just want to show this quickly because a lot of people, especially the generations a bit older, like me, that remember very well earlier runs in metal prices and remember 2010, 2009, where we generated a huge inflation in the mining space, really. i just want to show this quickly because a lot of people especially the generations a bit older like me that remember very well earlier runs in metal prices and remember 2010 2009 where we generated a huge inflation in the mining space really The metal prices were running wild, and the cost curve actually crossed over and it ended in a big disappointment. the metal prices were running wild and the cost curve actually crossed over and it ended in a big disappointment I just want to show you when you look at silver on the left side and gold on the right side. i just want to show you when you look at silver on the left side and gold on the right side You see here the metal prices for the last eight quarters that we achieved for each of these metals, and in green, our all-in sustaining costs. you see here the metal prices for the last eight quarters that we achieved for each of these metals and in green our all-in sustaining costs You see how actually remarkably flat those costs stay, especially on the gold side, because we don't have a lot of by-product credits. you see how actually remarkably flat those costs stay especially on the gold side because we don't have a lot of by-product credits Silver is a bit more variable, but you see actually our costs are coming down, and that is the effect of the addition of Juanicipio, a really low-cost producer. You can imagine when we add La Colorada to that with discount at a negative cost of about $20 and nearly doubling our output of silver is going to look very, very interesting, but obviously very, very large margins that we generated hence in Q4 alone, about $553 million free cash flow generation. Metal prices are way higher in Q1. As you can imagine, we have over $2 billion liquidity. At the moment, we're returning about $100 million a quarter to shareholders between share buybacks and dividend. There's, together with the cash in Juanicipio, over $1.4 billion of cash on our balance sheet at the end of 2025. Silver is a bit more variable, but you see actually our costs are coming down, and that is the effect of the addition of Juanicipio, a really low-cost producer. silver is a bit more variable but you see actually our costs are coming down and that is the effect of the addition of juanicipio a really low-cost producer You can imagine when we add La Colorada to that with discount at a negative cost of about $20 and nearly doubling our output of silver is going to look very, very interesting, but obviously very, very large margins that we generated hence in Q4 alone, about $553 million free cash flow generation. you can imagine when we add la colorada to that with discount at a negative cost of about $20 and nearly doubling our output of silver is going to look very very interesting but obviously very very large margins that we generated hence in q4 alone about $553 million free cash flow generation Metal prices are way higher in Q1. metal prices are way higher in q1 As you can imagine, we have over $2 billion liquidity. as you can imagine we have over $2 billion liquidity At the moment, we're returning about $100 million a quarter to shareholders between share buybacks and dividend. at the moment we're returning about $100 million a quarter to shareholders between share buybacks and dividend There's, together with the cash in Juanicipio, over $1.4 billion of cash on our balance sheet at the end of 2025. there's together with the cash in juanicipio over $1.4 billion of cash on our balance sheet at the end of 2025 There's enough money here to obviously build the big expansion at La Colorada, and there will be more money coming in as we speak to do that. No problem on the financial side. With very little debt, there is a very cheap money that we have. We're paying dividends. Since 2010, we've returned of the free cash flow about 36%, 35% between dividend and share buybacks. We increased the dividend every quarter over the last three quarters. This is not the reason we're not giving more money back to shareholders because we don't have anything else to do with it. I just showed you the big projects we have, but there's just so much excess cash that we are happy giving dividend and share buybacks back to our shareholders as part of this big bull run in metal prices. There's enough money here to obviously build the big expansion at La Colorada, and there will be more money coming in as we speak to do that. there's enough money here to obviously build the big expansion at la colorada and there will be more money coming in as we speak to do that No problem on the financial side. no problem on the financial side With very little debt, there is a very cheap money that we have. with very little debt there is a very cheap money that we have We're paying dividends. we're paying dividends Since 2010, we've returned of the free cash flow about 36%, 35% between dividend and share buybacks. since 2010 we've returned of the free cash flow about 36% 35% between dividend and share buybacks We increased the dividend every quarter over the last three quarters. we increased the dividend every quarter over the last three quarters This is not the reason we're not giving more money back to shareholders because we don't have anything else to do with it. this is not the reason we're not giving more money back to shareholders because we don't have anything else to do with it I just showed you the big projects we have, but there's just so much excess cash that we are happy giving dividend and share buybacks back to our shareholders as part of this big bull run in metal prices. i just showed you the big projects we have but there's just so much excess cash that we are happy giving dividend and share buybacks back to our shareholders as part of this big bull run in metal prices When you look at per share, it's really interesting obviously. When you look at earnings, you look at return on invested capital, you look at margins on cash flow. Of course, huge increases over the last, that's I think 10 years, on per share base. Part is obviously metal prices, and the other part is just the increased quality of assets that we purchased, and then we tend to sell off the smaller assets at the end or the other end of our portfolio. Obviously, very strong commitment to sustainable production. It always has been. It was always part of Pan American. When you look at per share, it's really interesting obviously. when you look at per share it's really interesting obviously When you look at earnings, you look at return on invested capital, you look at margins on cash flow. when you look at earnings you look at return on invested capital you look at margins on cash flow Of course, huge increases over the last, that's I think 10 years, on per share base. of course huge increases over the last that's i think 10 years on per share base Part is obviously metal prices, and the other part is just the increased quality of assets that we purchased, and then we tend to sell off the smaller assets at the end or the other end of our portfolio. part is obviously metal prices and the other part is just the increased quality of assets that we purchased and then we tend to sell off the smaller assets at the end or the other end of our portfolio Obviously, very strong commitment to sustainable production. obviously very strong commitment to sustainable production It always has been. it always has been It was always part of Pan American. it was always part of pan american Maybe just to end quickly, because silver is a very complex story, much more complex than gold, because silver has two uses, and the use right now on the industrial side is growing so fast, that we are already at about 65% of the world's silver production that is used up. You can imagine with further electrification, not only with clean energy production alone, but self-driving cars, data centers, AI, the use of silver is increasing very, very fast. We can't really produce much more silver. We have the biggest projects, we have the biggest reserve, the biggest resource in the world of silver already. 75% of the production comes actually as a by-product from copper production. Maybe just to end quickly, because silver is a very complex story, much more complex than gold, because silver has two uses, and the use right now on the industrial side is growing so fast, that we are already at about 65% of the world's silver production that is used up. maybe just to end quickly because silver is a very complex story much more complex than gold because silver has two uses and the use right now on the industrial side is growing so fast that we are already at about 65% of the world's silver production that is used up You can imagine with further electrification, not only with clean energy production alone, but self-driving cars, data centers, AI, the use of silver is increasing very, very fast. you can imagine with further electrification not only with clean energy production alone but self-driving cars data centers ai the use of silver is increasing very very fast We can't really produce much more silver. we can't really produce much more silver We have the biggest projects, we have the biggest reserve, the biggest resource in the world of silver already. 75% of the production comes actually as a by-product from copper production. we have the biggest projects we have the biggest reserve the biggest resource in the world of silver already 75% of the production comes actually as a by-product from copper production Copper is already at an all-time high nearly, and so there's not many big copper mines coming on in the next few years, so hence not much more silver production. I really can see only La Colorada and Escobal as kind of meaningful addition to the silver. Until then we see big deficit. You see there in green, production is actually declining, but we see increased demand on the silver side, now from both sides, obviously from the industrial side and from the investment side, hence the silver price where it sits right now. With that, I'm at my end, so open for a question if you have time. Copper is already at an all-time high nearly, and so there's not many big copper mines coming on in the next few years, so hence not much more silver production. copper is already at an all-time high nearly and so there's not many big copper mines coming on in the next few years so hence not much more silver production I really can see only La Colorada and Escobal as kind of meaningful addition to the silver. i really can see only la colorada and escobal as kind of meaningful addition to the silver Until then we see big deficit. until then we see big deficit You see there in green, production is actually declining, but we see increased demand on the silver side, now from both sides, obviously from the industrial side and from the investment side, hence the silver price where it sits right now. you see there in green production is actually declining but we see increased demand on the silver side, now from both sides obviously from the industrial side and from the investment side hence the silver price where it sits right now With that, I'm at my end, so open for a question if you have time. with that i'm at my end so open for a question if you have time

Speaker 2: Are there any questions from the audience? Gentleman over here. Are there any questions from the audience? are there any questions from the audience Gentleman over here. gentleman over here

Speaker 3: That $283 million of debt that's due at the end of next year, will you be paying that off entirely or reprice it? That $283 million of debt that's due at the end of next year, will you be paying that off entirely or reprice it? that $283 million of debt that's due at the end of next year will you be paying that off entirely or reprice it

Speaker 1: Yeah. It's one part of the two bonds that came to us from the Yamana acquisition. You see the big one, $500 million, is only due in 2031. That one runs at about 2.6% interest. The one that is due, yeah, I think we're just going to pay that back. At the moment, we don't need additional money. As I said, there's enough cash coming in, so that will be due in a bit less than two years. Yeah. yeah It's one part of the two bonds that came to us from the Yamana acquisition. it's one part of the two bonds that came to us from the yamana acquisition You see the big one, $500 million, is only due in 2031. you see the big one $500 million is only due in 2031 That one runs at about 2.6% interest. that one runs at about 2.6% interest The one that is due, yeah, I think we're just going to pay that back. the one that is due yeah i think we're just going to pay that back At the moment, we don't need additional money. at the moment we don't need additional money As I said, there's enough cash coming in, so that will be due in a bit less than two years. as i said there's enough cash coming in so that will be due in a bit less than two years

Speaker 2: If there aren't any questions, maybe Michael, I can ask, and I always ask this. I have to come back to Escobal and what's happening with the indigenous consultations. Maybe just give us an update on where are we exactly with that. Do the indigenous people want something from you? Does it look like we can resolve this this year? If there aren't any questions, maybe Michael, I can ask, and I always ask this. if there aren't any questions maybe michael i can ask and i always ask this I have to come back to Escobal and what's happening with the indigenous consultations. i have to come back to escobal and what's happening with the indigenous consultations Maybe just give us an update on where are we exactly with that. maybe just give us an update on where are we exactly with that Do the indigenous people want something from you? do the indigenous people want something from you Does it look like we can resolve this this year? does it look like we can resolve this this year

Speaker 1: Well, look, I never gave you a timing or whenever that will happen. I always maintained the mine in great shape, so when it comes back, we can restart it quickly. As I said, within six months, we could have production. I think I've made very clearly that we are very open and sharing wealth from that project with communities, but also with the government of Guatemala, which obviously jobs are very important, especially now as a lot of jobs getting brought back from the U.S. to Guatemala. Look, as I said, the transfer of information on the consultation is finalized now, and that decision, how we split this up, will be the next part of it. Well, look, I never gave you a timing or whenever that will happen. well look i never gave you a timing or whenever that will happen I always maintained the mine in great shape, so when it comes back, we can restart it quickly. i always maintained the mine in great shape so when it comes back we can restart it quickly As I said, within six months, we could have production. as i said within six months we could have production I think I've made very clearly that we are very open and sharing wealth from that project with communities, but also with the government of Guatemala, which obviously jobs are very important, especially now as a lot of jobs getting brought back from the U.S. to Guatemala. i think i've made very clearly that we are very open and sharing wealth from that project with communities but also with the government of guatemala which obviously jobs are very important especially now as a lot of jobs getting brought back from the u.s to guatemala Look, as I said, the transfer of information on the consultation is finalized now, and that decision, how we split this up, will be the next part of it. look as i said the transfer of information on the consultation is finalized now and that decision how we split this up will be the next part of it

Speaker 2: Okay. If I could, listening to you talk about La Colorada, you got your $1.9 billion CapEx. You showed us you don't need money to build it. Do you have within your portfolio non-core assets? I thought Timmins might be non-core. You've got a royalty portfolio. Maybe just share your thoughts on that. Okay. okay If I could, listening to you talk about La Colorada, you got your $1.9 billion CapEx. if i could listening to you talk about la colorada you got your $1.9 billion capex You showed us you don't need money to build it. you showed us you don't need money to build it Do you have within your portfolio non-core assets? do you have within your portfolio non-core assets I thought Timmins might be non-core. i thought timmins might be non-core You've got a royalty portfolio. you've got a royalty portfolio Maybe just share your thoughts on that. maybe just share your thoughts on that

Speaker 1: Yeah. Look, we sold assets for probably about $1.4 billion cash over the last few years, and I will definitely continue. I like to have, as I said, something big on one side before I sell the other ones. When you look at selling assets right now, because it's such a short time frame that we saw so far with these very high metal prices, there's quite a difference between the buyer's expectation and the seller's expectation on metal prices. I think we have to get a bit closer before we can look at divesting an asset. To get there, I guess, later this year, if we have another 10 months of more stable prices, then I think we will find better a spot that works for both of us. Yeah. yeah Look, we sold assets for probably about $1.4 billion cash over the last few years, and I will definitely continue. look we sold assets for probably about $1.4 billion cash over the last few years and i will definitely continue I like to have, as I said, something big on one side before I sell the other ones. i like to have as i said something big on one side before i sell the other ones When you look at selling assets right now, because it's such a short time frame that we saw so far with these very high metal prices, there's quite a difference between the buyer's expectation and the seller's expectation on metal prices. when you look at selling assets right now because it's such a short time frame that we saw so far with these very high metal prices there's quite a difference between the buyer's expectation and the seller's expectation on metal prices I think we have to get a bit closer before we can look at divesting an asset. i think we have to get a bit closer before we can look at divesting an asset To get there, I guess, later this year, if we have another 10 months of more stable prices, then I think we will find better a spot that works for both of us. to get there i guess later this year if we have another 10 months of more stable prices then i think we will find better a spot that works for both of us

Speaker 2: Okay. Thank you so much. We've run out of time. Okay. okay Thank you so much. thank you so much We've run out of time. we've run out of time

Speaker 1: Thank you. Thank you. thank you