5. Q1 2017 Unaudited Financial Results
Consolidated Financial Highlights Q1 2017 Q1 2016
Revenue ($ millions) 198.7 158.3
Net earnings ($ millions) 20.0 1.9
Net earnings per share 0.13 0.01
AISCSOS ($/ounce) (1) 12.63 13.12
Operating cash flow before changes in non-cash
operating working capital ($ millions)(2)
40.8 28.4
Operating cash flow before changes in non-cash
operating working capital per share(2)
0.27 0.19
5
(1) AISCSOS is a non-GAAP measure. Readers should refer to 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 12, 2017
7. 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
7 May 12, 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 $7.6 million in capital leases.
(3) Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents, short-term investments, and the
undrawn portion of the Company’s secured line of credit.
8. Q1 2017 Operating Results
Consolidated Q1 2017 Q1 2016
Silver production (million ounces) 6.2 6.4
Gold production (thousand ounces) 37.7 41.2
Zinc production (thousand tonnes) 12.8 12.8
Lead production (thousand tonnes) 5.3 4.8
Copper production (thousand tonnes) 3.2 3.9
Cash Costs(1) ($/ounce) 6.18 8.03
8 May 12, 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 $4,672/tonne. Cash Costs is a non-GAAP measure and readers should refer to the “Alternative Performance (non-GAAP)
Measures" section of Pan American’s Management’s Discussion & Analysis for the period ended March 31, 2017 for a more detailed discussion of this and other non-
GAAP measures and their calculation.
9. Q1 2017 Capital Expenditures
9 May 12, 2017
Mine US$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
10. Q1 2017 Operating Results by Mine
10
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. Readers should refer to 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 12, 2017
11. Adding high-grade deposits to realize further
value at Manantial Espejo
11 May 12, 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 (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
(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
13. 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
13 May 12, 2017
(1) Cash Costs and AISCSOS are non-GAAP measures. Please refer to 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.
14. Q&A
14
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