PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 155,980 Value ($000) $8,081 Avg Close $41.86 Range $33.08 - $55.85

Q2 2025

Shares 151,999 Value ($000) $4,317 Avg Close $25.88 Range $20.55 - $29.66

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	155,980	$8,081	$41.86	$33.08 - $55.85
Q2 2025	151,999	$4,317	$25.88	$20.55 - $29.66