08:30 AM EDT, 06/01/2026 (MT Newswires) -- (Correcting to show that all amounts are in U.S. dollars)

Pan American Silver ( PAAS ) is advancing a conceptual plan for a phased development of new mineral resources at the Timmins operation in Ontario, the company said Monday.

An extensive exploration program conducted at Timmins identified new mineral resources at the Bell Creek mine and satellite deposits.

The plan will support a potential expansion of mine life Timmins, the miner said.

The first phase of the Timmins Camp project has commenced following board approval of a US$146 million investment for shaft extension and drift access at the Bell Creek mine, Vogel and Samson deposits.

The initial spending on the first phase was included in Pan American's 2026 guidance of $40 million to $43 million of project capital at Timmins, and there are no changes to the company's 2026 annual guidance.

"The potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform," President and Chief Executive Officer Michael Steinmann said.