PAS Sustainability Report 2024

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# PAS Sustainability Report 2024

Source: https://panamericansilver.com/wp-content/uploads/2025/05/PAS-Sustainability-Report-2024.pdf
Published: 2025-05-29T00:00:00+00:00
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# PAS Sustainability Report 2024
1 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
2024
SUSTAINABILITY
REPORT
2 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
TABLE OF CONTENTS
INTRODUCTION GOVERNANCE APPENDIX
About Pan American Silver 3 Our Approach to Governance and Compliance 27 Climate, Energy and Greenhouse
President & CEO’s Message 4 Governing for Sustainability 28 Gas Emissions Report 78
Board Chair’s Message 6 Risk Management 30 Escobal 90
2024 Highlights 8 Human Rights Management 32 Acronyms 92
About This Report 9 Business Ethics 34 Forward-Looking Statements 94
Supply Chain Management 36
COMPANY INFORMATION ENVIRONMENT SUPPORTING DOCUMENTS
AVAILABLE ON OUR WEBSITE
Vision and Values 10 Water Stewardship 38
Memberships, Partnerships and Initiatives 10 Tailings Facilities Management 2024 Sustainability Performance Data Book
Where We Operate 11 & Waste Management 42 2024 Reporting Index
Our Value Chain 12 Biodiversity and Land Use 47 ESG Management Approach
Mine Closure and Rehabilitation 51
Energy Consumption and GHG Emissions 54
SUSTAINABILITY AT PAN AMERICAN SOCIAL
Our Sustainability Journey 13 Occupational Health and Safety 56
Our Approach to Sustainability 13 Relationships with Communities
2024 Sustainability Performance 15 & Indigenous Peoples 59
ESG Audits and Performance Monitoring 18 Socio-Economic Contributions 64
2025 ESG Goals 21 Security Practices 69
Stakeholder Engagement 22 Human Capital Management 71
Materiality Assessment 25 Inclusion and Diversity 74
INTRODUCTION COMPANY INFORMATION SUSTAINABILITY AT PAN AMERICAN GOVERNANCE ENVIRONMENT SOCIAL APPENDIX
About Pan American Silver President & CEO’s Message Board Chair’s Message 2024 Highlights About This Report
3 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
ABOUT PAN AMERICAN SILVER
GRI: 2-1
(1)
2024 KEY FACTS & FIGURES
Pan American Silver is a leading
producer of silver and gold in the
Americas, with operating mines
31 16,806 10 2
in Canada, Mexico, Peru, Brazil, YEARS OPERATING EMPLOYEES & PRODUCING DEVELOPMENT
Bolivia, Chile and Argentina. IN THE AMERICAS CONTRACTORS MINES PROJECTS
We also own the Escobal mine in
Guatemala that is currently not
operating, and we hold interests
in large-scale exploration and
OUR JURISDICTIONS
development projects. We have
been operating in the Americas CANADA, MEXICO, GUATEMALA, PERU, BRAZIL, BOLIVIA, CHILE, & ARGENTINA
for over three decades, earning
an industry-leading reputation
for sustainability performance,
operational excellence, and
2024 OPERATING PERFORMANCE
prudent financial management.
Ag 21.1 MOZ 468 MOZ
CONSOLIDATED PROVEN + PROBABLE
Au 892.5 KOZCONSOLIDATED
6.7 MOZ
PROVEN + PROBABLE
PRODUCTION RESERVES(2) PRODUCTION RESERVES(2)
(1) Figures as of the end of 2024.
(2) See the Mineral Reserves and Mineral Resources on page 54 of our 2024 Annual Financial Report.
INTRODUCTION COMPANY INFORMATION SUSTAINABILITY AT PAN AMERICAN GOVERNANCE ENVIRONMENT SOCIAL APPENDIX
About Pan American Silver President & CEO’s Message Board Chair’s Message 2024 Highlights About This Report
4 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
“
PRESIDENT & CEO’S MESSAGE
Pan American’s operational and financial results the construction of a paste backfill plant at the Bell An additional important development in 2024
Sustainability remains
of 2024 demonstrated the strength of our Creek mine. That plant is now fully operational and was the establishment of our Enterprise Risk
expanded operations combined with buoyant is expected to provide enhanced ground stability Management (ERM) system, which allows us to
commodity prices. It was the first full year
operating the mines acquired through the Yamana
and increased mineral resource recovery. take a comprehensive, enterprise-wide view of
our risks and create a cohesive risk management
central to our business.
In 2024, we successfully
While we achieved operational milestones
Gold Inc. transaction, which closed on March system across all sites and departments. We
in 2024, our top priority was to continue our
achieved 19 out of our
31, 2023. These assets, and the accomplished also launched a new supply chain due diligence
strong safety performance of 2023. I am deeply
operating teams managing them, are now well system, evaluating over 250 critical suppliers to
22 ESG goals, an 86%
saddened that we experienced two fatalities at
integrated into our organization. enhance ethical and responsible sourcing.
our operations in 2024, one each at Dolores and
ACHIEVED 2024 PRODUCTION GUIDANCE
Huaron. We are steadfast in our commitment to
safety and continuing with the implementation
Pan American was included in the S&P Global
Sustainability Yearbook 2025, recognizing our
success rate.
We achieved our production guidance for 2024 of the “Doing Safety Differently” program. This efforts in ESG performance. This Yearbook aims
with 21.1 million ounces of silver and 892.5 initiative encourages the reporting of high to distinguish individual companies, within their
thousand ounces of gold, while silver segment potential incidents to identify areas where safety industries, which have demonstrated strong
costs were marginally above guidance, and gold improvements are needed before they result in commitment to sustainability and transparent
segment costs were in line with guidance. Overall, injury. Safety is the cornerstone of our approach to communication of progress. Pan American
our operations generated record free cash flow(1) operational excellence, and we will not relent in our ranked within 15% of the Metals & Mining
People are at the core of our success. To ensure
of $445.1 million in 2024. We also returned to pursuit to continuous improvement. industry’s top-performing companies in 2024.
a strong pipeline of leaders for the future, we
shareholders $145.4 million in aggregate dividends
relaunched our Leadership Development Program
and $24.3 million in share buybacks during 2024, SUSTAINABILITY AT OUR CORE INVESTING IN PEOPLE AND COMMUNITIES
(LDP), with 105 participants graduating in 2024.
while continuing to invest in our business.
Sustainability remains central to our business. In We invested $20.3 million in local community This program allows managers from within
2024, we successfully achieved 19 out of our 22 development projects, and our Community
SUCCESSFUL COMPLETION OF PROJECTS the Company to receive dedicated training in
ESG goals, an 86% success rate. Development Initiative (CDI) Performance concentrated workshops regarding leadership
Pan American successfully completed several Index(2) reflected a 91% positive impact, skills development.
Efficiency in water management continued to be a
projects in 2024. At our La Colorada silver mine in demonstrating the effectiveness of our
priority this year, with new initiatives implemented
Mexico, new infrastructure to improve ventilation community programs. Our social closure
across operations and ongoing collaboration with
began operating in July. At our Huaron mine in programs remain a key focus, ensuring that Pan
stakeholders through community participatory (1) Free cash flow and all-in sustaining costs are non-GAAP
Peru, we completed the construction of a new American leaves a lasting, positive economic
monitoring committees. We also remain on track measures; free cash flow is calculated as net cash generated from
filter plant and filter-stack tailings storage facility, impact in the communities where we have operating activities less sustaining capital expenditures.
to achieving our 2030 goals to reduce our global (2) The CDI Performance Index is a tool designed to monitor and
providing additional capacity for this long-life mine operated, well beyond the life of the mine. evaluate the effectiveness of economic development projects.
Scope 1 and Scope 2 GHG emissions by at least The Index is measured on a scale from 0 to 100% and includes
while enhancing environmental performance. At
30% from 2019 baseline emissions. variables such as budget execution, progress on key performance
our Timmins operation in Canada, we completed indicators, family income, and beneficiary participation.
INTRODUCTION COMPANY INFORMATION SUSTAINABILITY AT PAN AMERICAN GOVERNANCE ENVIRONMENT SOCIAL APPENDIX
About Pan American Silver President & CEO’s Message Board Chair’s Message 2024 Highlights About This Report
5 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
As we enter 2025, our balance sheet is in excellent
ADVANCING GROWTH OPPORTUNITIES
shape. Total available liquidity of $1.6 billion at
Looking forward, we are focused on advancing the end of 2024, including cash and short-term
opportunities for growth within our existing investments of $887.3 million and $750 million
portfolio. Our La Colorada Skarn project in Mexico available under the revolving Credit Facility,
represents large scale, long-life silver and zinc positions Pan American well to execute our
production. Following further exploration and infill strategic priorities.
drilling of the deposit, the estimate for indicated
In closing, Pan American manages its operations
mineral resources of contained silver increased by
by adhering to the following principles: providing
69% to 308.7 million ounces.
a safe and healthy workplace, fostering respectful
The Jacobina mine in Brazil has proven to be relationships with our communities and
one of the most valuable assets in our portfolio employees, investing in social and environmentally
and possesses extensive exploration potential sustainable practices, and delivering strong
for further upside. We are currently conducting a operating margins through operational excellence.
comprehensive study to evaluate opportunities
The success of our approach is demonstrated by
to optimize the long-term economics of the
our performance in 2024, and we look forward
mine, including potential changes to the mining
to continuing that success in the coming years.
method and productivity improvements, such as
This approach relies on the contribution of our
automating ore handling systems and streamlining
stakeholders, and I wish to thank our employees,
the process flowsheet. These improvements could
communities and our board of directors for
lead to expanded production capacity and reduced
helping to make Pan American the leading
unit operating costs.
producer of silver and gold in the Americas.
WELL POSITIONED FOR THE FUTURE
Pan American is fortunate to hold some of the best
silver projects globally. With a strong foothold in
the Americas, where we have been operating for
over 31 years, we believe this experience affords us Michael Steinmann | President & CEO
an advantage in the region. May 29, 2025
INTRODUCTION COMPANY INFORMATION SUSTAINABILITY AT PAN AMERICAN GOVERNANCE ENVIRONMENT SOCIAL APPENDIX
About Pan American Silver President & CEO’s Message Board Chair’s Message 2024 Highlights About This Report
6 | 2024 SUSTAINABILITY REPORT PAN AMERICAN SILVER
“
BOARD CHAIR’S MESSAGE
In 2024, Pan American achieved several strategic In 2024, we continued with the implementation essential role in how we manage our operations
Pan American believes that
objectives that position the Company well for the of our “Doing Safety Differently” program and and create value for our stakeholders.
future. We continued to rationalize our portfolio encouraged initiatives and ideas from our
Our relationships with local communities
following the Yamana Acquisition(3), strategically
invested capital in our producing mines, and
employees to promote a bottom-up learning
approach. We added a new safety component
are a core strength for our organization. Our a diverse and inclusive
advanced our organic opportunities, positioning to senior management’s compens

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