Pan American Silver - May 2017

1. May 2017
Investor Presentation

2. Cautionary Note
Non-GAAP Measures
This presentation of Pan American Silver Corp. (the “Company”) refers to various non-GAAP measures, such as cash costs per payable ounce of silver, net of by-product credits (“Cash Costs”), all-in
sustaining cost per silver ounce sold (“AISCSOS”) and working capital. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from
methods used by other companies. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section in the Company’s Management’s Discussion and Analysis for the period
ended March 31, 2017, available at www.sedar.com.
Reporting Currency and Financial Information
Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.
Cautionary Note Regarding Forward Looking Statements and Information
Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995
and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this presentation relate to, among other things: our estimated production of silver, gold and other metals in 2017, 2018 and 2019; our
estimated cash costs per payable ounce of silver and AISCSOS in 2017, 2018 and 2019; our estimated operating margins for 2017, 2018 and 2019; our estimated capital investments, and sustaining
capital for 2017, 2018 and 2019; the ability of the Company to successfully complete any capital investment programs and projects, and the impacts of any such programs and projects on the
Company; the ability of the Company to realize value from transactions, including with respect to the Joaquin Project and Maverix Metals Inc.; expectations with respect to future prices of silver
or other precious metals, world-wide silver production, or global demand on silver, or other similar metrics relating to silver; and any anticipated level of financial and operational success in 2017.
These statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable
by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and
processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation
estimates; our mineral reserve and recourse estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for
our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and
estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour,
materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus
the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local
communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices
in the jurisdictions where we operate, including environmental, export and import laws and regulations; diminishing quantities or grades of mineral reserves as properties are mined; increased
competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption “Risks Related to Pan American’s Business” in the Company’s most recent
form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or
intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand
management’s current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or
revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Technical Information
Technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process
Optimization, and Chris Emerson, FAusIMM, VP Business Development and Geology, who are the Company’s qualified persons for the purposes of National Instrument 43-101. Mineral reserves in
this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.
For additional information about the Company’s material mineral properties, please refer to the Company’s Annual Information Form dated March 22, 2017, filed at www.sedar.com.
2 May 24, 2017

3. Cautionary Note About Mineral Reserves
and Resources
3 May 24, 2017
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (‘‘NI 43-101’’) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed
by the Canadian Securities Administrators that 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 Exchange Commission (the “SEC”), and information
concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred
resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of
NI 43-101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as
‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a
“measured resource” or “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are
economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis of
feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities laws. However,
the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to unit
measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance
with U.S. standards.

4. PAAS – an investment in silver
ü 2nd largest primary silver producer in the world
ü Portfolio of high-quality assets in the Americas
ü Large reserves: proven and probable of 286 Moz silver (1)
ü Growing, low-cost production profile
ü Significant exploration potential
ü Experienced mine builder and operator
ü Strong balance sheet
Our strategy is focused on extracting value from our portfolio of assets,
improving operating margins and deploying proven expertise to pursue
profitable growth.
4 May 24, 2017(1) Please refer to the Appendix for more detailed information on the Company’s reserves.

5. Our operations
5 May 24, 2017

6. Million Silver Ounces Produced
Track record of building mines and
growing production
6 May 24, 2017
Please refer to the Company’s news release dated Feb. 14, 2017 for more information on the 2016 operating results and the
three-year outlook.
0
5
10
15
20
25
30
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017F2018F2019F

7. Weighted to silver exposure
5%
5%
15%
24%
51%
silver
Copper
Lead
Zinc
Gold
Silver
7 May 24, 2017
Based on 2017 estimated metal sales and prices:
Ag $17.00/oz, Au $1,200/oz, Zn $2,500/tonne,
Cu $5,400/tonne, Pb $2,100/tonne
Please refer to the Company’s news release dated Feb. 14, 2017 for more information on the 2016 operating results and the three-year outlook.
2017 estimate of revenue generated by product

8. Strong operating performance
8
35% decrease in cash
costs(1) from 2015
32% decrease in AISCSOS(1)
from 2015 (All-in Sustaining Costs
Per Silver Ounce Sold)
to $6.29/ounce of silver
(net of by-product credits)
25.4
million ounces
of silver
to $10.17 (net of by-product credits)
183,900
ounces of gold
(1) This presentation refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial measures, including cash cost per
payable ounce of silver, net of by-product credits (“Cash Costs”), and all-in sustaining costs per silver ounce sold (“AISCSOS”). Please refer to “Alternative
Performance (non-GAAP) Measures” section of the Management’s Discussion & Analysis for the period ended December 31, 2016 for further information.
Consolidated results for 2016

9. Progress on cost reductions
9 May 24, 2017
$12.03
$6.29
$22.26
$10.17
$0
$5
$10
$15
$20
$25
2012 2013 2014 2015 2016
Cash Costs AISCSOS
Consolidated Cash Costs per payable ounce of silver, net of by-products (“Cash Costs”)1
Consolidated All-in Sustaining Costs per Silver Ounce Sold (“AISCSOS”)1
(1) Cash Costs and AISCSOS are non-GAAP financial measures; see “Alternative Performance (non-GAAP) Measures” section of the Management’s Discussion
& Analysis for the period ended December 31, 2016 for a more detailed discussion of this and other non-GAAP measures and their calculation.
Main drivers of 2016 cost
reduction:
• Improved productivity ~45%
• FX gains ~30%
• Higher by-product prices ~15%
• Generally lower input costs and
export credits ~10%

10. 2016 reserves replacement (1)
10 May 24, 2017
Over last 13 years PAAS added 332 million ounces of contained silver to mineral reserves
through mine-site exploration, fully replacing 324 million ounces depleted in the same period.
Million ounces silver mineral reserves
For complete mineral reserve details, please see Appendix.
-32.4 Moz
38.1 Moz
Silver reserves Dec 2015 Reserves Depleted 2016 Reserves Replaced 2016 Total Reserves Dec 2016
280 Moz 285.8 Moz

11. Q1 2017 unaudited financial results
Consolidated Financial Highlights Q1 2017 Q1 2016
Revenue ($ millions) 198.7 158.3
Net earnings ($ millions)
per share
20.0
0.13
1.9
0.01
AISCSOS ($/ounce) (1) 12.63 13.12
Operating cash flow before changes in non-cash
operating working capital ($ millions)(2)
per share
40.8
0.27
28.4
0.19
11
(1) AISCSOS is a non-GAAP measure; see the “Alternative Performance (non-GAAP) Measures” section of Pan American’s Management’s Discussion & Analysis for the period
ended March 31, 2017 for a more detailed discussion of this and other non-GAAP measures and their calculation.
(2) Operating cash flow before changes in non-cash operating working capital is a non-GAAP measure calculated as net cash generated from operating activities less changes
in non-cash operating working capital, per share amounts are calculated using the basic weighted average shares outstanding for the period.
May 24, 2017

12. Q1 2017 consolidated cash flows
12 May 24, 2017

13. Financial strength
USD Millions
Cash and cash equivalents and short-term investments 205.4
Working capital (1) 423.0
Total debt (2) 43.8
Total available liquidity (3) 469.2
At March 31, 2017
13 May 24, 2017
(1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this
information to evaluate whether the Company is able to meet its current obligations using its current assets.
(2) Total debt is a non-GAAP measure, and is inclusive of $7.6 million in capital leases.
(3) Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of the
Company’s secured line of credit.

14. Q1 2017 operating results
Consolidated Q1 2017 Q1 2016
Silver production (million ounces) 6.2 6.4
Gold production (thousand ounces) 37.7 41.2
Zinc production (thousand tonnes) 12.8 12.8
Lead production (thousand tonnes) 5.3 4.8
Copper production (thousand tonnes) 3.2 3.9
Cash Costs(1) ($/ounce) 6.18 8.03
14 May 24, 2017
(1) Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for Q1 2017 were: Au $1,219/oz, Zn $2,780/tonne,
Pb $2,278/tonne, and Cu $5,831/tonne. Average by-product metal prices for Q1 2016 were: Au $1,183/oz, Zn $1,679/tonne, Pb $1,744/tonne, and Cu
$4,672/tonne. Cash Costs is a non-GAAP measure; see the “Alternative Performance (non-GAAP) Measures" section of Pan American’s Management’s
Discussion & Analysis for the period ended March 31, 2017 for a more detailed discussion of this and other non-GAAP measures and their calculation.

15. Improving operating margins
15 May 24, 2017
45% cash cost
reduction from
2014 to 2016
Cash Costs is a non-GAAP financial measure; see the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion &
Analysis for the period ended March 31, 2017, for a more detailed description of this measure and its calculation. By-product metal prices assumptions used to
forecast Cash Costs calculation: Au $1,200/oz, Zn $2,500/tonne, Pb $2,100/tonne, Cu $5,400/tonne. Exchange rates relative to US$ assumed: Mexican peso 20:1,
Peruvian sol 3.3:1, Argentine peso 17.05:1, Bolivian boliviano 7:1.

16. Capital expenditure profile (1)
16 May 24, 2017
(1) Guidance as provided in Pan American’s news release dated Feb. 14, 2017.
(in millions of USD)
2017
Guidance
2018
Outlook
2019
Outlook
Sustaining capital total 82 - 88 75 - 85 75 - 90
Project capital total
La Colorada and Dolores
58 - 62 0 0
Consolidated total 140 - 150 75 - 85 75 - 90
2017 is expected to be the final year of spending on the current capital projects.

17. Capital allocation priorities
17 May 24, 2017
$361
$491
$542
$423
$330
$227 $218
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 2016
Millions US$
Cash & STI
Financial debt
Cumulative return to shareholders
$387 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $410 M in
project and expansion capital.
Pan American’s approach to capital management prioritizes investment in projects that generate a
high-rate of return, maintaining a strong balance sheet and returning cash to shareholders.

18. 0
50
100
150
200
250
300
350
400
450
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2010 2011 2012 2013 2014 2015 2016 2017
Silver Grade (g/tonnes)
Million Tonnes
Probable (Mt)
Proven (Mt)
Silver Grade
(g/t)
La Colorada reserves increase >200%
18 May 24, 2017
30.4 Moz Ag
38.3 Moz Ag
44.1 Moz Ag
64.8 Moz Ag
81.4 Moz Ag
86 Moz Ag
91.2 Moz Ag
For La Colorada’s complete mineral reserve details, please see Appendix.
98.1 Moz Ag

19. Organic growth – La Colorada expansion
19 May 24, 2017
At Dec 31, 2016 P&P 4.5 Mt*
Ag 418 g/t (60.3 Moz)
Au 0.34 g/t
Pb 1.85%
Zn 3.35%
At Dec 31, 2016 P&P 2.7 Mt*
Ag 372 g/t (32.7.0 Moz)
Au 0.29 g/t
Pb 0.89%
Zn 1.42%
At Dec 31, 2016 P&P 0.5 Mt*
Ag 321 g/t (5.1 Moz)
Au 0.34 g/t
Pb 1.17%
Zn 1.51%
*For La Colorada’s complete mineral reserve details, please see Appendix.

20. La Colorada expansion (1)
20 May 24, 2017
Highlights
• 69% increase expected in average annual
silver production to 7.7 Moz by 2018
• 137% and 185% increase expected in zinc
and lead production, respectively, by 2018
Project Scope
• New 618-metre deep mine shaft – fully
commissioned in Q3 2016
• New sulphide processing plant – began
operating Q3 2016
• Underground development to open new
production areas – advancing on schedule for
completion in 2017
• New 115kV power line - targeted for
completion in 2017
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report – Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico”,
with an effective date of Dec. 31, 2013 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in nature, in that it includes inferred mineral resources that are
considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the assessment
will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.
Original investment of $163.8M, including sustaining
capital. Project expected to be ~5% under budget

21. Organic growth – Dolores expansion
21 May 24, 2017
Underground
reserves
Tonnes
(Mt)
Ag g/t
Ag contained
(Moz)
Au g/t
Au contained
(koz)
Proven 1.1 81 2.8 1.28 44.3
Probable 3.0 58 5.6 1.73 167.2
Proven + Probable 4.1 64 8.4 1.61 211.5
Notes:
1 Mineral reserves were estimated using a price of $18.50 per ounce of silver and $1,300 per ounce of gold.
2 Mineral resource and reserve estimates for Dolores were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, and Martin G. Wafforn, P.Eng., as Qualified
Persons as that term is defined in NI 43-101.

22. Dolores expansion (1)
22 May 24, 2017
Highlights
• Increases average production for the first 5
years to:
5.3 Moz for silver (+39% vs 2016)
151 koz for gold (+47% vs 2016)
Project Scope
• New 5,600 tpd pulp agglomeration plant -
scheduled for start-up in mid 2017
• New underground mine - scheduled to
reach 1,500 tpd by end of 2017
• New 115 kV power line - energized in
September 2016
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico”, with an effective date of Dec. 31, 2016
available at www.SEDAR.com.
Estimated capital investment ~$132.4 M (incl. power line)
Project on time and on budget

23. Dolores agglomeration plant construction
23 May 24, 2017
Pressure Filter Building
Agglomeration Area
Reclaim Feeders in Reclaim Tunnel
Plant Site Area

24. Exploration and production growth
24 May 24, 2017
• 2017 exploration budget of US$21M, up 45% from 2016
• Solid performance on replacing 2016 production with new silver reserves
• La Colorada continues to deliver both new reserves and extension to mine life
• High potential at Peru operations; near site and greenfield exploration
• La Negra (Kootenay Silver Inc.), Joaquin and COSE bring advanced silver exploration
projects into the pipeline with excellent regional exploration potential
• 100% owner of Navidad, one of the largest undeveloped silver deposits in the
world:
Navidad Silver Resources (1) Contained Ag
(Moz)
Tonnes
(Mt)
Ag (g/t)
Measured (contained Moz) 67.8 15.4 137
Indicated (contained Moz) 564.5 139.8 126
Inferred (contained Moz) 119.4 45.9 81
(1) Estimated using a price of $12.52/oz of silver

25. Kootenay option agreement
25 May 24, 2017
• Kootenay Silver Inc., a publicly-
traded silver exploration company,
discovered two deposits in Sonora:
La Negra and Promontorio
• Pan American has entered into an
option agreement to earn 75%
interest in the entire Promontorio
mineral belt, including La Negra and
Promontorio
• Pan American currently owns
approximately 10% of Kootenay
Silver Inc.
• Project located 200 km NW of Pan
American’s Alamo Dorado mine

26. Adding high-grade deposits to realize further
value at Manantial Espejo
26 May 24, 2017
• Pan American acquired 100% of Coeur
Mining’s Joaquin project (1)
• Pan American to acquire 100% of
Patagonia Gold’s Cap-Oeste Sur Este
project (COSE) (2)
• Synergies with Pan American’s Manantial
Espejo operation
• Processing capacity available at Manantial
Espejo plant
• Projects are within trucking distance
• Potential for further exploration success
Joaquin is located about 145
km and COSE 180 km from
our Manantial Espejo mine
(1) For more information see press release dated Jan. 17, 2017
(2) Transaction expected to close May 31, 2017; for more information see press release dated April 25, 2017

27. Strategic initiatives that surfaced value
Maverix (1)
• Pan American realized value for assets hidden within its portfolio through sale to Maverix
Metals Inc. (royalties, precious metals streams)
• Provides additional leverage to gold and silver prices
• Maverix successful in attracting new growth prospects, such as recent acquisition of
additional royalties from Gold Fields Netherlands Services BV
• Maverix has a market cap of approx. CAD $211M and is up 96% since the acquisition of
Pan American assets closed(2)
• As at March 31, 2017, Pan American held approximately 37% of Maverix (41% fully-diluted)
Milpo Shalipayco Joint Venture
• Pan American sold 75% of its shares in Compania Minera Shalipayco SAC to Votorantim
Metais – Cajamarquilla SA for US$15M cash and 1% Net Smelter Return (sold to Maverix)
• Pan American receives free carry of its remaining 25% interest to commercial production in
this large zinc development project located in Peru
27 May 24, 2017
(1) See press releases dated July 11, 2016 and Dec. 27, 2016, available at www.sedar.com
(2) Based on Maverix (MMX) opening price on TSX-V on July 12, 2016 of CAD $0.70/share compared to closing price on May 19, 2017 of CAD $1.37/share

28. Why invest in PAAS now
28 May 24, 2017
1. Strong leverage to silver prices – a commodity with demand for
industrial uses and as a “safe-haven” investment
2. Low-cost silver producer with growing production over the next 3 years
3. Advanced exploration project pipeline – La Negra, Joaquin
4. Increasing free cash flow potential following completion of expansions at
La Colorada and Dolores
5. Optionality of Navidad, one of the world’s largest silver deposits

29. Appendix
29

30. Company overview
• Listings: NASDAQ (PAAS) and TSX (PAAS)
• Market cap: US$2.6 B(1)
• Shares outstanding: approx. 153.1 M
• Average daily volume shares traded: 2.0 M(1)
• Dividends since 2010 - Current yield 0.6%(2)
30 May 24, 2017
51%
47%
2%
Ownership (3)
Reported Institutional
Retail and unidentified institutions
Insiders
All data as of close May 19, 2017
(1) Based on Nasdaq exchange
(2) Based on closing share price at May 19, 2017 and dividend declared May 9, 2017, annualized
(3) Source: IPREO

31. 2016 CSR highlights
31 May 24, 2017
11,918
people received
medical attention
through local
health facilities
and campaigns
43schools are
supported through
supplemented
teachers’ wages,
infrastructure,
materials and
scholarships
5,040students
attended primary
to post-secondary
school through
our support
$6.2 M
invested in CSR
programs
89% ($640 M)
of the total economic value
distributed was allocated to
the countries where our
mines are located

32. Q1 2017 operating results by mine
32
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs (1)
La Colorada 1.63 0.87 3.01
Dolores 0.96 24.39 (1.67)
Alamo Dorado 0.35 1.33 21.29
Huaron 0.90 0.25 0.77
Morococha (2) 0.64 0.60 (3.18)
San Vicente (2) 0.93 0.12 12.47
Manantial Espejo 0.79 10.13 20.38
TOTAL (3) 6.20 37.70 6.18
(1) Cash costs per ounce of silver, net of by-product credits. Cash cost is a non-GAAP measure. Cash costs does not have a standardized meaning
prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may differ from the methods used by
other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities; see the
“Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended March
31, 2017, for a more detailed description of this measure and its calculation.
(2) Represents the Company’s partial ownership interest.
(3) Totals may not add up due to rounding.
May 24, 2017

33. Q1 2017 capital expenditures
33 May 24, 2017
Mine US$M
La Colorada 2.2
Dolores 8.4
Huaron 2.6
Morococha 2.3
San Vicente 1.6
Manantial Espejo 1.1
Total Sustaining Capital 18.2
La Colorada Expansion Project 1.8
Dolores Expansion Project 13.1
Total Non-Sustaining Capital 14.9
Total Capital Expenditures 33.1

34. Production by mine
2017 Guidance
20%
1%
24%
18%
14%
11%
12%
34 May 24, 2017
26%
1%
17%
15%
10%
18%
13%
Silver Ounces Silver Equivalent Ounces
Based on the mid-point of production estimates for 2017 (Ag of 24.5 M – 26.0 M ounces, Au of 155,000 - 165,000 ounces, Zn of 56,500 tonnes
- 58,500 tonnes, Pb of 19,000 tonnes - 20,000 tonnes, and Cu of 8,750 tonnes - 9,250 tonnes). Silver equivalent ounces have been calculated
for gold and the base metal by-products using the following metal prices: Ag $17.00/oz, Au $1,200/oz, Zn $2,500/tonne, Cu $5,400/tonne,
and Pb $2,100/tonne.

35. 2017 Guidance by mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 6.4 - 6.9 3.3 - 3.5 3.35 - 3.95
Dolores 4.0 - 4.5 109.1 - 115.0 1.25 - 2.25
Alamo Dorado 0.3 1.4 - 1.5 18.00 - 20.00
Huaron 3.7 - 3.8 0.3 - 0.4 5.95 - 6.95
Morococha (92.3%)(2) 2.5 - 2.6 2.9 - 3.1 3.15 - 4.15
San Vicente (95%)(2) 4.4 - 4.5 0.5 - 0.6 10.90 - 11.90
Manantial Espejo 3.3 - 3.4 37.5 - 41.0 15.35 - 16.25
Total(3) 24.5 - 26.0 155.0 - 165.0 6.45 - 7.45
35 May 24, 2017
(1) Cash Costs is a non-GAAP measure; see the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s
Discussion & Analysis for the period ended March 31, 2017, for a more detailed description of this measure and its calculation.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.

36. Three-year outlook
Consolidated 2017 Guidance 2018 Outlook 2019 Outlook
Silver production (million ounces) 24.5 – 26.0 26.0 - 28.0 26.5 – 29.5
Gold production (thousand ounces) 155 - 165 170 - 185 175 - 200
Zinc production (thousand tonnes) 56.5 - 58.5 59.0 - 63.0 55.0 - 65.0
Lead production (thousand tonnes) 19.0 - 20.0 23.0 - 26.0 23.0 - 27.0
Copper production (thousand tonnes) 8.75 - 9.25 6.00 - 8.00 4.00 - 4.20
Cash Costs(1)($/ounce) 6.45 - 7.45 5.60 - 7.10 5.20 – 6.80
Sustaining capital ($ millions) 82 - 88 75 - 85 75 - 90
Project Capital ($ millions) (2) 58 - 62 - -
AISCSOS(1) ($/ounce) 11.50 - 12.90 10.00 - 12.20 9.30 - 11.60
36 May 24, 2017
(1) Cash Costs and AISCSOS are non-GAAP measures; see the “Alternative Performance (non-GAAP) Measures" section of Pan American’s
Management’s Discussion and Analysis for the period ended March 31, 2017 for more information.
(2) Project Capital relates to the current mine expansions at La Colorada and Dolores; 2017 is expected to be the final year of spending on
project capital related to these expansions.

37. Pan American Silver Proven and Probable
Reserves at December 31, 2016 (1) (2)
Property Location Category Tonnes
(Mt)
Ag
g/t
Contained
Ag (Moz)
Au
g/t
Contained
Au (000’s oz)
Cu
%
Pb
%
Zn
%
Huaron Peru Proven 5.7 169 30.8 N/A 0.37 1.46 3.02
Probable 3.8 167 20.6 N/A 0.38 1.62 3.10
Morococha (92.3%) (3) Peru Proven 2.6 173 14.6 N/A 0.58 1.18 3.78
Probable 2.2 181 12.8 N/A 0.44 1.64 4.21
La Colorada Mexico Proven 3.7 432 51.3 0.33 39.1 1.72 3.08
Probable 4.0 362 46.8 0.32 41.2 1.24 2.06
Dolores Mexico Proven 41.6 27 36.1 0.77 1,034.9
Probable 22.5 25 17.9 0.65 472.4
La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0
Probable 6.2 7 1.4 0.57 113.1
Manantial Espejo Argentina Proven 2.2 111 8.0 1.17 84.4
Probable 0.5 244 3.8 3.32 52.2
San Vicente (95%) (3) Bolivia Proven 2.0 464 29.4 N/A 0.46 0.39 3.00
Probable 0.5 531 9.2 N/A 0.56 0.45 2.52
Total (4) Proven +
Probable
107.0 83 285.8 0.70 2,040.3 0.43 1.36 3.06
37 May 24, 2017
(1) Prices used to estimate mineral reserves for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of
lead, and $5,000 per tonne of copper, except at Manantial Espejo where $17.00 per ounce of silver and $1,200 per ounce of gold were used for planned
2017 production, reverting to $18.50 per ounce of silver and $1,300 per ounce of gold thereafter. Metal prices used for La Bolsa were $14.00 per ounce of
silver and $825 per ounce of gold.
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business
Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified
Persons as that term is defined in National Instrument 43-101 (“NI 43-101).
(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.

38. 38
All Pan American Silver Measured and Indicated Resources (1)(2)
Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu%
Huaron Peru Measured 2.2 165 2.93 1.57 0.27
Indicated 1.7 164 2.99 1.56 0.33
Morococha (92.3%)(3) Peru Measured 0.4 161 3.31 1.09 0.25
Indicated 1.1 127 3.26 0.93 0.56
La Colorada Mexico Measured 0.5 206 0.31 0.85 0.45
Indicated 2.0 200 0.18 0.63 0.39
Dolores Mexico Measured 1.9 13 0.22
Indicated 3.2 24 0.43
La Bolsa Mexico Measured 1.4 11 0.90
Indicated 4.5 9 0.50
Manantial Espejo Argentina Measured 0.1 125 1.65
Indicated 0.4 207 2.04
San Vicente (95%)(3) Bolivia Measured 0.8 202 2.45 0.14 0.30
Indicated 0.1 194 2.30 0.17 0.33
Navidad Argentina Measured 15.4 137 1.44 0.10
Indicated 139.8 126 0.79 0.04
Pico Machay Argentina Measured 4.7 0.91
Indicated 5.9 0.67
Calcatreu Argentina Measured
Indicated 8.0 26 2.63
Total (4) Measured +
Indicated
194.0 118 1.11 2.32 0.86 0.06
Notes:
(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of lead, and
$5,000 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La
Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. Metal prices
used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and
Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in
National Instrument 43-101 (“NI 43-101).
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.

39. All Pan American Silver Inferred Resources(1)(2)
39
Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu%
Huaron Peru Inferred 6.2 164 2.81 1.56 0.34
Morococha (92.3%)(3) Peru Inferred 3.9 214 3.58 1.30 0.29
La Colorada Mexico Inferred 1.8 313 0.35 4.58 2.65
Dolores Mexico Inferred 1.7 37 1.01
La Bolsa Mexico Inferred 13.7 8 0.51
Manantial Espejo Argentina Inferred 0.5 211 2.60
San Vicente (95%)(3) Bolivia Inferred 2.8 330 2.42 0.33 0.28
Navidad Argentina Inferred 45.9 81 0.57 0.02
Pico Machay Argentina Inferred 23.9 0.58
Calcatreu Argentina Inferred 3.4 17 2.06
Total (4) Inferred 103.7 92 0.70 2.83 0.77 0.08
Notes:
(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,000 per tonne of lead, $2,200 per tonne of zinc, and
$5,000 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La
Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. Metal prices
used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and
Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in
National Instrument 43-101 (“NI 43-101).
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.

40. Views on the silver market (1)
• Global silver production declined in 2016 for the first time since 2002
• Industrial demand represents just under half of the total demand for silver
• Growing demand through the use of technology, electronics and renewable sources of power
• Demand for photovoltaic applications rose 34% in 2016 vs 2015 due to increase in global solar
panel installations. Photovoltaics industry now represents 14% of silver’s industrial demand, up
from only 1% a decade ago.
• Real interest rates in the U.S. likely to remain low in 2017, despite expected monetary tightening
• US GDP growth constrained by high government debt, limiting government’s scope for new round of
fiscal stimulus
• Inflationary pressures are starting to build
40 May 24, 2017
(1) Sources include: Bloomberg Metals Focus December, 2016 and GFMS, Thomson Reuters / The Silver Institute 2017
Factors support continued demand for silver for both industrial applications and
as a safe-haven asset.

41. 41 May 24, 2017
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
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ir@panamericansilver.com