泛美白银 2025年度报告

FORM 40-F Pan American Silver Corp. (Exact name of Registrant as specified in its charter) (Province or other Jurisdiction(Primary Standard Industrial(I.R.S. Employerof Incorporation or Organization)Classification Code Number)Identification No.) (604) 684-1175 Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (“ExchangeAct”). Title of Each ClassTrading SymbolName of Each Exchange on WhichRegisteredCommon Shares, No Par ValuePAASThe New York Stock Exchange Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act. Title of Each ClassContingent Value Rights Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act. None For annual reports, indicate by check mark the informationfiled with this Form[X] Annual information form[X] Audited annualfinancial statements Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close ofthe period covered by this annual report: The Registrant had 421,847,046 Common Shares outstanding as at December 31, 2025. indicate by check mark whether the Registrant (1) hasfiled all reports required to befiled by Section 13 or 15(d) of theExchange Act during the preceding 12 months (or for such shorter period that the Registrant was required tofile suchreports) and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or forsuch shorter period that the Registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of theExchange Act. Emerging growth company☐ If an emerging growth company that prepares itsfinancial statements in accordance with U.S. GAAP, indicate by checkmark if the Registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards* provided pursuant Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment ofthe effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancialstatements of the registrant included in thefiling reflect the correction of an error to previously issuedfinancialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b).☐ NOTE TO UNITED STATES INVESTORS CONCERNINGESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES Unless otherwise indicated, all reserve and resource estimates included in this Annual Report on Form 40-F have been prepared inaccordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CanadianInstitute of Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves,adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administratorsthat establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and ExchangeCommission (the “SEC”), and reserve and resource information included herein may not be comparable to similar information disclosedby U.S. companies. In particular, and without limiting the generality of the foregoing, this Annual Report on Form 40-F uses the termsterms “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources,” “indicated mineral resources” and“inferred mineral resources” as defined in accordance with NI 43-101 and the CIM Standards. A.Disclosure Controls and Procedures Disclosure controls and procedures are defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as those controls andother procedures that are designed to ensure that information required to be disclosed by the Registrant in reportsfiled orsubmitted by it under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in theSEC’s rules and forms.Rules 13a-15(e) and 15d-15(e) also provide that disclosure controls and procedures include,