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Pan American Silver
Investor Presentation
January 2020
Cautionary Note
Non-GAAP Measures
This presentation of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as “all-
in sustaining costs per ounce sold", “cash costs per ounce sold”, “adjusted earnings” and “basic adjusted earnings per share”, "total debt", "capital", “operating margin”, “cumulative operating margin”
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. Any reference to
“Cash Costs” in this presentation should be understood to mean cash costs per ounce of silver or gold sold, net of by-product credits. Any reference to “AISC” in this presentation should be understood
to mean all-in sustaining costs per silver or gold ounce sold, net of by-product credits.
Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2019,
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.
Integration of Tahoe Resources Inc. (“Tahoe”)
On February 22, 2019, the Company completed the previously announced transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe (“Acquisition”). Tahoe was a mid-
tier publicly traded precious metals mining company with ownership interests in a diverse portfolio of mines and projects including the following principal mines: La Arena and Shahuindo in Peru;
Timmins West and Bell Creek in Canada (together "Timmins"); and Escobal in Guatemala, where operations have been suspended since June 2017 (together the "Acquired Mines"). The Company now
operates three gold mines as a result of the Acquisition. Consequently, the Company's operations have been divided into silver and gold segments for the purposes of our financial reporting. All
production, operating and financial results of the Acquired Mines (including Cash Costs and AISC amounts) and included in the Company's consolidated results and updated guidance, reflect only the
results from February 22, 2019 onwards. Further details of the Acquisition are provided in the "Acquisition of Tahoe" section of the MD&A for the period ended September 30, 2019.
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, anticipated accretion to shareholder value from the Company’s future developments; future
financial and operational performance, including, but not limited to, revenue and operation margins; future production of silver, gold and other metals produced by the Company, including the Acquired
Mines; future Cash Costs and AISC; the sufficiency of the Company’s current working capital, anticipated operating cash flow or its ability to raise necessary funds; the anticipated amount and timing of
production at each of the Company’s properties and in the aggregate; our expectations with respect to future metal prices and exchange rates; the impact of the Escobal mine on the Company’s
performance in the future; the anticipated capital expenditures and the timing thereof and the results of any future exploration, development or expansion programs, including, but not limited to, the La
Colorada skarn discovery; the estimated cost of and availability of funding necessary for sustaining capital; the assumed or actual value of the Company’s portfolio assets; and the Company’s plans and
expectations for its properties, operations and exploration projects.
These statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan
American, 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 mineral resource 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 can be maintained; and our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such laws. The foregoing
list of assumptions is not exhaustive.
…continued on next page
2 January 2020
Cautionary Note
Cautionary Note Regarding Forward Looking Statements and Information (continued)…
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; fluctuations
in currency markets (such as the PEN, MXN, ARS, BOL, GTQ and CAD versus the USD); risks related to the technological and operational nature of the Company’s business; changes in national and
local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other
countries where the Company may carry on business, including the risk of expropriation related to certain of our operations, particularly in Argentina and Bolivia and risks related to the
constitutional court-mandated ILO 169 consultation process in Guatemala; risks and hazards associated with the business of mineral exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to claims and legal proceedings involving or against the
Company and our subsidiaries; 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 the local communities and indigenous populations; availability and increasing
costs associated with mining inputs and labour; the Company’s ability to secure our mine sites or maintain access to our mine sites due to criminal activity, violence, or civil and labour unrest; the
speculative nature of mineral exploration and development, including the risk of obtaining or retaining necessary licenses and permits and the presence of laws, regulations and other legal
impediments that may impose restrictions on mining, including those currently in the province of Chubut, Argentina, or that might otherwise prevent or cause the suspension or discontinuation of
mining activities; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; the Company’s ability to complete and successfully integrate acquisitions
and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company’s title to properties and continued ownership thereof; the actual results of current
exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for
properties, equipment, qualified personnel, and their costs; having sufficient cash to pay obligations as they come due; 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, respectively. 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 attributing undue certainty or 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, and does not assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other
events affecting such statements or information, other than as required by applicable law.
Technical Information
Scientific and 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 Pan American’s qualified persons for the purposes of National Instrument 43-101 (“NI 43-101”).
Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.
See Pan American’s Annual Information Form dated March 12, 2019, available at www.sedar.com for further information on Pan American’s material mineral properties as at December 31, 2018,
including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Pan American to estimate mineral reserves and mineral
resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect Pan American’s business and the potential development of Pan
American’s mineral reserves and resources. Please also refer to Pan American’s news release dated December 11, 2019 with respect to Pan American’s initial mineral resource estimate for the La
Colorada skarn deposit, and our news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, and October 1, 2019 with respect to the La Colorada skarn exploration
results.
For further information on the material mineral properties acquired from Tahoe, please refer to the Company's management information circular dated December 4, 2018, including additional
information contained in Tahoe's disclosure incorporated by reference therein, available at www.sedar.com.
The mineral reserves and resources of Pan American in this presentation reflect our mineral reserves and resources estimates as at June 30, 2019 as announced in our news release dated September
4, 2019. See presentation appendix for more detailed information.
3 January 2020
Cautionary Note to U.S. Investors Concerning
Estimates of Mineral Reserves and Resources
4
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 has not recognized them under Industry Guide 7 prior to the adoption of the modernization of Property Disclosure for Mining Registrants. The
requirements of NI 43-101 for identification of ‘‘reserves’’ has 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 has previously only permitted 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.
January 2020
The World’s Premier Silver Mining Company
5
25-year track record of responsible operations in Latin America
Industry leader in high margin / low cost production
~$1 B in free cash flow generated since 2010(1)

Strong financial position and capital discipline
Diversified asset portfolio with 9 operations in the Americas
Mineral reserves of 557 M ounces of silver and 5.1 M ounces of gold

Three large catalysts for growing shareholder value:
Escobal, Guatemala - large, already-built silver mine
La Colorada, Mexico - new discovery with estimated 72.5 M tonnes of inferred mineral resource
Navidad, Argentina - world’s largest undeveloped silver deposit

January 2020
(1) As at Sept. 30, 2019; Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases,
expansion capital, M&A, short term investment payments and proceeds, debt repayments and proceeds and equity issuances.
A Leader in Responsible Mining
6
Social responsibility is an important pillar of Pan American’s governing philosophy
Culture of Social Responsibility
and Environmental Stewardship
Track Record of Success in Latin America
Transparent Sustainability
Reporting
• Based on annual consultation process with
stakeholder groups
• Report on our efforts towards the UN’s
Sustainable Development Goals
• Report on environmental and social audits
Member of the Mining
Association of Canada’s
Towards Sustainable
Mining Program
25 years of building trust with local communities
and indigenous groups across Latin America
Robert R. Hedley Award for
Excellence in Social and
Environmental Responsibility
(AME, 2019)
Human Rights Policy implemented
Human Rights Officer appointed
• Voluntary Principles on Security and Human Rights and UNICEF
Child Rights and Security Gap Analysis in the mines with
security forces: Dolores and La Colorada mines (Mexico) and
Escobal (Guatemala)
Human Rights Approach to Social Sustainability
January 2020
Responsible Environmental Management
7
Zero material environmental incidents
in Company history
Successfully permitted 2 new
mines and 5 major mine
expansions in the past 13 years
Best Practice Tailings Management
• Implementing Canadian tailings standards
at all operations
• Completed successful independent tailings
dam safety reviews of all facilities in the last
5 years
• Disclosure on tailings according to Investor
Mining and Tailings Safety Initiative
• Advocating for responsible tailings
management through MAC and the Global
Tailings Review
Climate Change Strategy
Disclosure: Reporting Scope 1 and 2 emissions
since 2010. Site-based energy efficiency goals.
Disclosure in line with the Task Force on Climate
Related Disclosure (TCFD).
Benefits: Role of silver in the low-carbon
economy.
Advocacy: Member of the World Economic
Forum’s Alliance of CEO Climate Leaders.
Resilience: Assessment of potential climate
change risks to our operations by Q4 2019.
January 2020
Diversified Portfolio Across the Americas
8 January 2020
25 years of experience working in the Americas
Transformative Tahoe Acquisition
9
Accretive on Production per Share
silver equivalent production per share increased by ~27% to 0.46 AgEqOz/share(2)

Capturing $25-$30 M in annual G&A synergies
Producing mines generating strong cash flow
allowed $60 M of debt reduction in 2019

Accretive on Reserves per Share
silver equivalent reserves per share increased ~50% to 6.5 AgEqOz/share(1)

Added major catalyst to the portfolio
Escobal, Guatemala - large, already-built silver mine
January 2020
(1) Silver equivalent reserves are estimated using annual average market prices for each year as published by the London Metal Exchange (“LME”, for zinc, lead,
copper) and London Bullion Market Association (“LBMA”, for silver and gold). See presentation Appendix for more detailed information on the Company's reserves and
resources.
(2) Based on 2019 preliminary production, as provided on Jan. 15, 2020, and before any potential Escobal production.

January 2020
2019 Preliminary Production(1)
10
(1) Preliminary 2019 production, as provided on Jan. 15, 2020.
(2) Pan American initially provided its guidance for 2019 on Jan. 21, 2019, and subsequently revised the guidance on May 8, 2019, to include certain forecast amounts for the mines
acquired from Tahoe Resources Inc. for the period Feb. 22, 2019 to Dec. 31, 2019. Pan American revised its guidance again on Aug. 7, 2019, reducing 2019 annual consolidated
silver and gold production to between 25.3 and 26.3 million ounces and between 550.0 and 600.0 thousand ounces, respectively, primarily due to the postponement of
commercial production from the COSE and Joaquin projects.
(3) Morococha data represents Pan American’s 92.3% interest in the mine’s production.
(4) San Vicente data represents Pan American’s 95.0% interest in the mine’s production.
(5) Reflects production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan
American’s MD&A for the period ended Sept. 30, 2019.
(6) Totals may not add due to rounding.
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Silver Segment
La Colorada 8.2 4.6
Dolores 5.1 117.6
Huaron 3.8 1.0
Morococha (92.3%)(3) 2.5 1.4
San Vicente (95.0%)(4) 3.5 0.5
Manantial Espejo/COSE/Joaquin 2.6 22.4
Gold Segment
Shahuindo(5) 0.1 145.4
La Arena(5) — 122.5
Timmins(5) — 143.8
Total(6) 25.9 559.2
✓ Met revised guidance for silver and gold production(2)
✓ Gold Segment reflects only ~10 months of production in 2019
Portfolio with Long-Term Silver Exposure
11
(1) For more information on the 2020 Guidance refer to the Jan. 15, 2020 news release.
(2) All-in sustaining costs per ounce (AISC) is a non-GAAP financial measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
(3) 2019 revenue by metal is based on the mid-point of Aug. 7, 2019 guidance range, and realized metal prices for Q3 YTD 2019 and the following metal prices for the remainder of
2019: $17.25/oz for silver, $2,400/tonne ($1.09/lb) for zinc, $2,150/tonne ($0.98/lb) for lead, $5,750/tonne ($2.61/lb) for copper, and $1,475/oz for gold.
(4) The reserves by metal reflect the Company's 2019 mineral reserve estimates as announced in the news release dated Sept. 4, 2019 and metal price assumptions of $17.00/oz for
silver, $1,300/oz for gold, $2,500/tonne for zinc, $2,100/tonne for lead, and $6,000/tonne for copper. See presentation Appendix for more detailed information on the Company's
reserves and resources.
Production
Silver: 27.0 – 28.5 Moz
Gold: 625 – 675 koz
AISC2
Silver segment: $10.25 - $11.75
Gold segment: $1,090 - $1,170
2020 Guidance1
Reserves by Metal4
Silver Gold Zinc Lead Copper
2019F Revenue by Metal3
January 2020
2020 Expenditures Guidance(1)
12
(1) For more information on the 2020 Guidance refer to the Jan. 15, 2020 news release.
January 2020
Sustaining
Sustaining Capital $225.0 - $240.0 M
Brownfield exploration for reserve replacement
Dolores and Shahuindo heap leach pad expansions
La Arena and Shahuindo waste rock storage facilities
La Colorada and Timmins tailings storage facility expansions
Dolores and La Arena open-pit pre-stripping
Huaron and Morococha underground mine development
Project Capital $22.0 - $27.0 M
La Colorada Skarn
Bell Creek Mine Expansion
Care & Maintenance $21.5 - $23.0 M
Greenfield Exploration $11.5 - $12.5 M
Regional, focused on Peru, Mexico and Canada
Corporate G&A $35.0 - $37.0 M
G&A
Greenfield
Exploration
C&M
Project
13
Liquidity and Capital Position
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
January 2020
Cash and Short-term Investments 238.3
Amount drawn on Revolving Credit Facility 275.0
US$ Millions at December 31, 2019
✓ Repaid $60M of debt in 2019
January 2020
$14.49
$11.94
$10.28
$9.68
$6.00 - $7.50
$4.50 - $6.50
$15.53
$17.35 $16.99
$15.61
$16.17
$17.50
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$0
$200
$400
$600
$800
$1,000
$1,200
2015 2016 2017 2018 2019 Guidance 2020 Guidance
$/oz
CumulativeOperatingMargin(Millions)
All-in Sustaining Costs Operating Margin per Ounce Cumulative Operating Margin Average Realized Silver Price
Strong Operating Margins
14
(1) All-in Sustaining Costs per Ounce (AISC), Operating Margin per Ounce and Cumulative Operating Margin are non-GAAP financial measures; see the “Non-GAAP Measures” section of our
Cautionary Note on page 2 of this presentation. Operating Margin per Ounce and Cumulative Operating Margin are calculated as the difference between the average realized silver price and AISC, on
a per ounce sold basis and on a dollar basis, respectively.
(2) 2019 Guidance and forecast operating margin and cumulative operating margin are based on realized silver price for Q3 YTD 2019 and forecast silver price of $17.25/oz for the remainder of
2019 for the 2019 Guidance and the mid-point of the Revised November 2019 Forecast range for AISC on a consolidated silver basis and silver production; for more information on the Revised
November 2019 Forecast, please refer to the MD&A for the period ended Sept. 30, 2019.
(3) 2020 Guidance and forecast operating margin and cumulative operating margin are based on forecast silver price of $17.50/oz and the mid-point of the Forecast range for AISC on a
consolidated silver basis and silver production; for more information on the 2020 Guidance refer to the Jan. 15, 2020 news release. Consolidated silver basis total is calculated per silver ounce sold
and are net of by-product credits from all metals other than silver. G&A costs are included in the consolidated AISC.
Generated a Cumulative Operating Margin1 of ~$0.5 billion dollars over the 2015 to 2018 period.
1 1 1
3
& Forecasted Margin
2
Free Cash Flow Allocation(1)
15
27%
13%
49%
11%
Dividends Share Repurchases Expansion Capital Debt Repayment
~$1
Billion
FCF generated
since 2010(2)
$446 M cumulative cash returned to shareholders (dividends and share buy-backs) since 2010 in
addition to investing $553 M in expansionary capital
CashFlowPriorities
Return to shareholders
through dividends
Invest in high-return
projects
Maintain balance sheet
flexibility, with low to
zero debt
(1) As at September 30, 2019, generated approximately $1.08 billion in free cash flow and allocated approximately $1.12 billion.
(2) Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases, expansion capital, M&A, short
term investment payments and proceeds, debt repayments and proceeds and equity issuances.
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
January 2020
La Colorada Discovery
16
Deposit located adjacent and below Pan American’s La Colorada vein system
Inferred Mineral Resource Estimate(1)
65 diamond drill holes with a total length of 54,000 metres
2020 plans to further define and expand the mineral resource
44,000 metres of drilling
Deposit remains open in nearly all directions for resource expansion

Initial metallurgical testing indicates encouraging flotation metal recoveries
January 2020
Large, high-grade polymetallic skarn deposit
(1) Assuming a cut-off grade of US$60/tonne. Refer to the Dec. 11, 2019 press release for further details. Mineral resources are not mineral reserves and have no
demonstrated economic viability.
For further details on the deposit including drill results, also refer to www.panamericansilver.com/operations/north-and-central-america/la-colorada/.
Million Tonnes Ag g/t Cu % Pb % Zn %
72.5 44 0.17 2.02 4.40

PAAS Company Snapshot
17
Ticker TSX/NASDAQ PAAS
Shares outstanding 209.6 million
Shares issuable upon exchange of CVRs(1) 15.6 million
Market cap(2) $4.7 billion
Avg. daily volume (50 days)(2) 3.8 million shares
Dividend yield(3) 0.6%
Amount drawn on credit facility(4) $275.0 million
(1) Shareholders of Tahoe received one contingent value right ("CVR") for each Tahoe under the plan of arrangement with Pan American Silver. Each CVRs will be exchanged for 0.0497
of a Pan American share upon first commercial shipment of concentrate following restart of operations at the Escobal mine. The CVRs expire in 2029.
(2) All data based on NASDAQ exchange; as of market close January 14, 2020.
(3) Based on closing share price on January 14, 2020 and dividend declared November 6, 2019, annualized.
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
January 2020
Appendix
Silver: Metal of the Future
19
Supply 2019E: Mine 849 Moz
Scrap 168 Moz
Other 1 Moz
TOTAL ~ 1,019 Moz
Demand 2019E: Industrial 514 Moz
Jewelry 210 Moz
Bullion 178 Moz
Silverware 68 Moz
Photography 33 Moz
TOTAL ~ 1,002 Moz
Source: Metals Focus, published November 2019; totals may not add due to rounding
January 2020
2020 Guidance
20
(1) Cash Costs and AISC are non-GAAP measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. The Cash Costs and AISC
forecasts assume average metal prices of $17.50/oz for silver, $1,525/oz for gold, $2,350/tonne ($1.07/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $6,150/tonne
($2.79/lb) for copper; and average annual exchange rates relative to 1 USD of 19.50 for the Mexican peso ("MXN"), 3.34 of the Peruvian sol ("PEN"), 73.64 for the
Argentine peso ("ARS"), 6.91 for the Bolivian boliviano ("BOL"), and $1.30 for the Canadian dollar ("CAD").
(2) Morococha data represents Pan American’s 92.3% interest in the mine’s production.
(3) San Vicente data represents Pan American’s 95.0% interest in the mine’s production.
(4) As shown in the detailed quantification of consolidated AISC, included in the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period
ended September 30, 2019, corporate general and administrative expenses, and exploration and project development expenses are included in Consolidated Silver
Basis AISC, but are not allocated in calculating AISC for the Silver and Gold segments.
(5) Totals may not add due to rounding.
(6) Pan American will no longer be providing guidance for Cash Costs on a Consolidated Silver Basis, determining that AISC guidance is a more appropriate measure of
reflecting costs on a Consolidated Silver Basis.
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($ per ounce)(1)
AISC
($ per ounce)(1)
Silver Segment
La Colorada 8.5 - 8.7 4.0 - 5.0 3.00 - 4.00 5.50 - 6.50
Dolores 4.5 - 5.0 133.5 - 143.5 (8.50) - (5.50) 4.25 – 6.25
Huaron 3.8 - 3.9 0.5 9.25 - 11.00 12.50 – 14.25
Morococha (92.3%)(2) 2.6 - 2.8 1.3 - 1.5 9.50 - 11.75 13.50 – 15.50
San Vicente (95.0%)(3) 3.5 - 3.6 0.5 14.00 - 15.00 16.00 – 17.00
Manantial Espejo/COSE/Joaquin 4.0 - 4.3 33.2 - 36.5 16.75 - 17.75 18.50 – 19.50
Total(4,5) 26.8 – 28.3 173.0 - 187.5 5.75 - 7.50 10.25 - 11.75
Gold Segment
Shahuindo 0.2 162.0 - 172.5 700 - 750 1,070 - 1,150
La Arena — 125.0 - 135.0 800 - 850 1,120 - 1,200
Timmins — 165.0 - 180.0 950 – 1,000 1,090 - 1,170
Total(4,5) 0.2 452.0 - 487.5 820 - 870 1,090 - 1,170
Total Production(4,5) 27.0 – 28.5 625.0 - 675.0 — —
Consolidated Silver Basis — — n/a(6) 4.50 – 6.50
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
La Colorada
21
• 100% owned and operated by Pan American
• Underground mine located in Zacatecas, Mexico
• Expansion completed in 2017 – new mine shaft and
sulphide processing plant
• Currently producing silver-gold doré bars from a
conventional cyanide leach plant for the oxide ore, and
silver-rich lead and zinc concentrates from a flotation
plant treating sulphide ore
Pan American’s Largest Silver Producing Mine
Mexico
La Colorada
Reserves & Resources(2) (as at June 30, 2019)
Grade Contained Metal
Tonnes Ag Au Pb Zn Ag Au Pb Zn
(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)
P&P Reserves 9.4 333 0.29 1.51 2.73 100.4 86 141 256
M&I Resources 2.1 196 0.17 0.58 1.16 13.4 12 12 25
Inferred
Resources
8.1 133 0.12 2.03 4.01 34.5 32 163 324
Silver Production (Moz)
January 2020
7.6 8.2 8.5 - 8.7
2018 2019 2020 Guidance(1)
Dolores
22
Production Reserves & Resources(2) (as at June 30, 2019)
• 100% owned and operated by Pan American
• Located in Chihuahua, Mexico
• Mining is by open pit and underground methods
and uses conventional cyanide heap leaching to
produce gold and silver doré
• Expansion completed in 2017 featuring a pulp
agglomeration plant to process high-grade ore
• Average throughput capacity of 20,000 tpd
Large Silver/Gold Mine
Mexico
Dolores
Grade Contained Metal
Tonnes Ag Au Ag Au
(Mt) (g/t) (g/t) (Moz) (koz)
P&P Reserves 43.7 26 0.84 36.7 1178
M&I Resources 3.5 24 0.44 2.7 49
Inferred
Resources
4.0 47 1.22 6.0 156
January 2020
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
4.1 5.1
4.5-
5.0136.6 117.6
133.5-
143.5
0
20
40
60
80
100
120
140
160
0
1
2
3
4
5
6
2018 2019 2020 Guidance
Silver (Moz)
Gold (koz)
(1)
2018 2019 2020 Guidance(1)
Huaron
23
Reserves & Resources(2) (as at June 30, 2019)
Polymetallic Silver Mine
• 100% owned and operated by Pan American
• Underground mine located in Pasco, Peru
• Average throughput capacity of 2,500 tpd using
flotation technology to produce silver in copper,
lead, and zinc concentrates
• Mechanization of mining methods has improved
efficiency and reduced operating costs
• Upgrades to the flotation circuit have resulted in
improved mill recoveries
Huaron
Grade Contained Metal
Tonnes Ag Cu Pb Zn Ag Cu Pb Zn
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 9.9 168 0.56 1.48 3.01 53.7 55 147 298
M&I Resources 4.6 156 0.60 1.57 2.92 23.0 27 72 134
Inferred
Resources
6.2 155 0.41 1.45 2.77 30.8 25 90 171
Silver Production (Moz)
January 2020
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
3.6 3.8 3.8- 3.9
2018 2019 2020 Guidance(1)
Morococha
24
Reserves & Resources(2) (as at June 30, 2019)
• 92.3% owned and operated by Pan American
• Underground mine located in Yauli, Peru
• Average throughput capacity of 2,000 tpd using
flotation technology to produce silver in zinc,
lead, and copper concentrates
• Mechanization of mining methods has improved
efficiency and reduced operating costs
• Current activities focus on opportunities to
enhance productivity and efficiencies while
designing for the eventual mill relocation
Polymetallic Silver Mine
Peru
Morococha
Grade Contained Metal
Tonnes Ag Cu Pb Zn Ag Cu Pb Zn
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 6.3 156 0.35 1.32 3.76 31.9 22 84 239
M&I Resources 0.6 141 0.24 0.84 2.11 2.8 1 5 13
Inferred
Resources
4.5 138 0.37 1.02 3.26 19.9 17 45 146
Silver Production (Moz)
January 2020
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
(1)
2.9
2.5
2.6 - 2.8
2018 2019 2020 Guidance
San Vicente
25
Reserves & Resources(2) (as at June 30, 2019)
Polymetallic Silver Mine
San Vicente
• 95% owned and operated by Pan American
• Underground mine located in Bolivia
• Average throughput capacity of 950 tpd utilizing
a standard flotation process to produce silver-
zinc and silver-lead concentrates
• Mechanization efforts, enhanced mine dilution
controls and improvements in site infrastructure
underway to lower production costs
Grade Contained Metal
Tonnes Ag Cu Pb Zn Ag Cu Pb Zn
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 1.9 395 0.40 0.37 2.96 24.6 8 7 57
M&I Resources 1.1 160 0.23 0.20 2.14 5.8 3 2 24
Inferred
Resources
3.0 289 0.24 0.38 3.32 27.9 7 11 100
Silver Production (Moz)
January 2020
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
(1)
3.5 3.5 3.5 - 3.6
2018 2019 2020 Guidance
Manantial Espejo/COSE/Joaquin
26
Proven & Probable Reserves(2) (as at June 30, 2019)
• 100% owned and operated by Pan American
• Underground mines located in Santa Cruz, Argentina
• Average throughput capacity of 2,150 tpd, treating ore
by gravity concentration, agitation leaching and Merril
Crowe processing to produce silver-gold doré
• Combined production from the Joaquin, COSE and
Manantial Espejo mines is expected to add a total of 21
million ounces of silver and 135 thousand ounces of gold
to Pan American’s production profile
High-grade ore from Joaquin and COSE
Manantial Espejo
Grade Contained Metal
Tonnes Ag Au Ag Au
(Mt) (g/t) (g/t) (Moz) (koz)
Manantial
Espejo
1.0 175 1.67 5.5 52
Joaquin 0.5 721 0.41 11.0 6
COSE 0.1 918 17.70 2.2 43
Production
January 2020
(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
3.1
2.6
4.0 -
4.3
34.6 22.4
33.2-
36.5
0
5
10
15
20
25
30
35
40
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2018 2019 2020 Guidance
Silver (Moz)
Gold (koz)
(1)
2018 2019 2020 Guidance(1)
Shahuindo
27
Reserves & Resources(3) (as at June 30, 2019)
Large Gold Mine with Significant Growth Potential
• 100% owned and operated by Pan American
• Open pit gold mine located in northern Peru producing
silver by-products from doré
• Average throughput capacity of 36,000 tpd with heap
leach processing
• Commercial production began in 2016 with current
estimated mine life until 2028
• Significant exploration opportunity and ability to
extend mine life
Shahuindo
Grade Contained Metal
Tonnes Au Ag Au Ag
(Mt) (g/t) (g/t) (koz) (Moz)
P&P Reserves 112.6 0.49 6.2 1763 22.3
M&I Resources 12.1 0.48 6.0 187 2.3
Inferred
Resources
107.3 0.71 13.5 2464 46.7
Gold Production (koz)
January 2020
(1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019.
(2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources.
90
145.4
162.0 – 172.5
2018E Tahoe guidance 2019 2020 Guidance
(1) (2)
Grade Contained Metal
Tonnes Au Cu Au Cu
(Mt) (g/t) (%) (koz) (kt)
M&I Resources 742.4 0.24 0.35 5637 2626
Inferred Resources 91.6 0.23 0.17 683 156
Grade Contained Metal
Tonnes Au Au
(Mt) (g/t) (koz)
P&P Reserves 36.8 0.35 410
M&I Resources 3.0 0.39 38
Inferred Resources 1.1 0.30 11
La Arena
28
Reserves & Resources(3) (as at June 30, 2019)
Gold Mine with Sulphide Expansion Potential (La Arena II)
La Arena
• 100% owned and operated by Pan American
• Open pit gold mine located in northern Peru producing
doré
• Run-of-mine heap leach currently processing 36,000
tpd
• PEA released February 2018 on sulphide expansion
(“La Arena II”)
La Arena
La Arena II
Gold Production (koz)
(1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s
MD&A for the period ended Sept. 30, 2019. (2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources.
162
122.5 125.0 – 135.0
2018E Tahoe guidance 2019 2020 Guidance
(1) (2)
Timmins Mines
29
Reserves & Resources(3) (as at June 30, 2019)
Bell CreekTimmins West
Two Producing Mines in Prolific Canadian Mining Camp
• 100% owned and operated by Pan American
• Located in Ontario, Canada and consists of two
underground gold mines, Timmins West and Bell
Creek, which both feed the Bell Creek mill
• Average throughput capacity of 4,400 tpd producing
doré
• Shaft upgrade to 1,080 metres completed in 2019
and contributing to reduced costs
• Significant land position in the Timmins Camp with
potential for exploration upside
Grade Contained Metal
Tonnes Au Au
(Mt) (g/t) (koz)
P&P Reserves 9.9 3.09 988
M&I Resources 7.1 3.52 800
Inferred Resources 3.7 3.74 444
Gold Production (koz)
January 2020
(1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019.
(2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources.
152
143.8
165.0- 180.0
2018E Tahoe guidance 2019 2020 Guidance(1) (2)
Escobal
One of The World’s Best Silver Mines
30
Historical Gold Production & AISC(3) Reserves & Resources(2) (as at June 30, 2019)
(1) Based on development, expansion, and sustaining capital invested from 2011 to 2017. (2) See presentation Appendix for more detailed information on the Company's
reserves and resources. (3) AISC is a non-GAAP financial measure; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
High quality, well built operation with over US$500 million invested(1)

One of the world’s largest primary silver deposits with reserves of 264 Moz(2)
3 consecutive years of production above 20 Moz Ag/year at
AISC consistently below US$10/oz Ag prior to 2017


Mine operations suspended pending completion of an ILO 169 consultation by
the Guatemalan government

Grade Contained Metal
Tonnes Ag Au Pb Zn Ag Au Pb Zn
(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)
P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320
M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106
Inferred
Resources
1.9 180 0.90 0.22 0.42 10.7 54 4 8
20 20 21
$9.15 $9.11
$8.06
2014A 2015A 2016A
Production (Moz) AISC ($/oz)
Huaron
Dolores
2017 Silver Production (Moz Ag)
Source: all information shown in the table has been obtained from CIBC World Markets, as at November 2017, and has not been independently verified by the Company.
Escobal’s silver production and AISC is based on Tahoe’s disclosure for 2016. Escobal has not operated since June 2017. See slides on Escobal in presentation Appendix for further details.
Bubble size represents silver reserves; see presentation Appendix for more detailed information on Pan American’s and Tahoe’s reserves and resources.
AISC (US$/oz) or all-in sustaining costs per silver ounce sold is shown net of by-product credits and considered to be a non-GAAP financial measure.
Escobal
One of The Largest Primary Silver Deposits
31 January 2020
Project comprises 8 individual mineral deposits in 3 separate mineralized
trends
Navidad
One of the Largest Undeveloped Primary Silver Deposits
32
Resources1 (as at June 30, 2019)
Navidad
(1) See presentation Appendix for more detailed information on the Company's reserves and resources.
Grade Contained Metal
Tonnes Ag Cu Pb Ag Cu Pb
(Mt) (g/t) (%) (%) (Moz) (kt) (kt)
M&I Resources 155.2 127 0.05 0.85 632.4 71 1326
Inferred
Resources
45.9 81 0.02 0.57 119.4 9 262
100% owned silver project located in Chubut Province, Argentina
Scalable production profile with high-grade mineralization at surface


Development contingent on provincial mining law change
January 2020
Portfolio Assets Offering Additional Value
33
• Maverix Metals Inc. - Pan American owns ~26% (~29% fully diluted) of this
precious metals royalty and streaming company, representing a market value
of ~$139M(1).
• Shalipayco project (Peru) – Pan American holds a free carried interest of 25%
to commercial production in this zinc development project owned by Nexa
Resources.
• Silver Sand property (Bolivia) – Pan American holds ~17% interest in New
Pacific Metals Corp.(2)
• Amalia project (Mexico) – agreement with Radius Gold whereby Pan
American can earn an initial 65% in the project and may earn an additional
10% by completing a preliminary feasibility study.
(1) Based on Maverix Metals Inc. (“Maverix”) closing price as at Jan. 14, 2020 of $5.03/share on the TSX Venture Exchange (listed as “MMX”) and Pan American’s ownership of ~26% of
Maverix.
(2) Share ownership interest as of October 2019 and calculated on a non-diluted basis.
January 2020
Pan American Silver Proven and Probable Reserves1,2
Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 2019
Property Location Classification Tonnes
(Mt)
Ag
(g/t)
Contained
Ag (Moz)
Au
(g/t)
Contained
Au (koz)
Cu (%) Contained
Cu (kt)
Pb (%) Contained
Pb (kt)
Zn (%) Contained
Zn (kt)
Silver Segment
Huaron Peru Proven 6.2 168 33.5 - - 0.69 43.0 1.44 89.5 3.02 188.1
Probable 3.7 170 20.1 - - 0.33 12.3 1.55 57.1 3.00 110.2
Morococha (92.3%) (3) Peru Proven 4.1 147 19.5 - - 0.38 15.5 1.38 57.1 4.03 166.7
Probable 2.2 173 12.3 - - 0.31 6.9 1.20 26.5 3.26 72.2
La Colorada Mexico Proven 4.0 395 50.8 0.33 42.0 - - 1.72 68.9 3.11 124.4
Probable 5.4 287 49.6 0.26 44.4 - - 1.35 72.4 2.44 131.4
Dolores Mexico Proven 35.9 26 29.8 0.84 967.4 - - - - - -
Probable 7.8 28 6.9 0.84 210.7 - - - - - -
Manantial Espejo Argentina Proven 0.8 170 4.6 1.35 36.2 - - - - - -
Probable 0.1 204 0.9 3.64 16.0 - - - - - -
San Vicente (95%) (3) Bolivia Proven 1.4 414 18.6 - - 0.43 6.0 0.35 4.9 3.06 42.9
Probable 0.5 345 6.0 - - 0.32 1.7 0.42 2.3 2.71 14.5
Joaquin Argentina Probable 0.5 721 11.0 0.41 6.2 - - - - - -
COSE Argentina Probable 0.1 918 2.2 17.7 43.3 - - - - - -
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2 - - 1.02 25.7 1.75 44.4
Probable 22.1 316 225.0 0.34 243.8 - - 0.77 169.9 1.25 275.7
Total Silver
Segment(4)
97.5 169 530.4 0.64 1,644.1 0.47 85.4 1.10 574.1 2.24 1,170.6
Gold Segment
La Arena Peru Proven 27.4 - - 0.36 319.4 - - - - - -
Probable 9.5 - - 0.30 90.9 - - - - - -
Shahuindo Peru Proven 69.8 6 14.4 0.51 1,133.2 - - - - - -
Probable 42.8 6 7.8 0.46 629.9 - - - - - -
Timmins Canada Proven 2.7 - - 3.06 269.1 - - - - - -
Probable 7.2 - - 3.10 718.6 - - - - - -
La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9 - - - - - -
Probable 6.2 7 1.4 0.57 113.1 - - - - - -
Total Gold Segment(4)
175.0 6 26.8 0.62 3,476.9 - - - - - -
Total Gold and Silver
Segments (4)
Proven +
Probable 272.5 77 557.2 0.63 5,121.1 0.47 85.4 1.10 574.1 2.24 1,170.6
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”.
(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. Total average grades of each element are with respect to those mines that produce the element.
34
Pan American Silver Measured and Indicated Resources1,2
Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag
(Moz)
Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%)
Silver Segment
Huaron Peru Measured 2.2 157 11.0 - - 0.59 1.50 2.80
Indicated 2.4 155 12.0 - - 0.61 1.64 3.03
Morococha (92.3%) (3) Peru Measured 0.3 138 1.2 - - 0.29 0.86 2.14
Indicated 0.3 143 1.6 - - 0.20 0.83 2.09
La Colorada Mexico Measured 0.5 229 3.8 0.24 4.0 - 0.65 1.16
Indicated 1.6 185 9.6 0.15 7.8 - 0.56 1.16
Dolores Mexico Measured 2.0 21 1.3 0.35 22.0 - - -
Indicated 1.5 28 1.4 0.56 27.1 - - -
Manantial Espejo Argentina Measured 0.1 164 0.7 1.65 7.1 - - -
Indicated 0.2 241 1.4 2.86 16.5 - - -
San Vicente (95%) (3) Bolivia Measured 0.9 161 4.4 - - 0.22 0.20 2.27
Indicated 0.3 158 1.4 - - 0.27 0.21 1.73
Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 -
Indicated 139.8 126 564.5 - - 0.04 0.79 -
Joaquin Argentina Indicated 0.1 385 0.7 0.58 1.1 - - -
Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7 - 0.31 0.59
Indicated 14.2 201 91.6 0.20 93.0 - 0.38 0.66
Total Silver Segment(4)
184.0 134 792.9 0.27 195.3 0.06 0.82 1.21
Gold Segment
La Bolsa Mexico Measured 1.4 11 0.5 0.90 39.9 - - -
Indicated 4.5 9 1.3 0.50 71.2 - - -
Pico Machay Peru Measured 4.7 - - 0.91 137.5 - - -
Indicated 5.9 - - 0.67 127.1 - - -
La Arena Peru Measured 1.3 - - 0.41 17.5 - - -
Indicated 1.7 - - 0.38 20.6 - - -
Shahuindo Peru Measured 3.7 7 0.8 0.53 63.2 - - -
Indicated 8.4 5 1.5 0.46 123.6 - - -
Timmins Canada Measured 1.7 - - 3.89 212.4 - - -
Indicated 5.4 - - 3.41 587.8 - - -
La Arena II Peru Measured 155.7 - - 0.25 1,265.2 0.37 - -
Indicated 586.7 - - 0.23 4,371.9 0.35 - -
Fenn-Gib Canada Indicated 40.8 - - 0.99 1,298.6 - - -
Whitney Canada Measured 1.0 - - 7.02 218.1 - - -
Indicated 2.3 - - 6.77 490.5 - - -
Gold River Canada Indicated 0.7 - - 5.29 117.4 - - -
Juby Canada Indicated 26.6 - - 1.28 1,094.7 - - -
Marlhill Canada Indicated 0.4 - - 4.52 57.4 - - -
Vogel Canada Indicated 2.2 - - 1.75 125.0 - - -
Total Gold Segment(4)
854.9 7 4.1 0.38 10,439.6 0.35 - -
Total Gold and Silver Segments (4) Measured + Indicated
1,038.8 122.8 797.0 0.38 10,634.9 0.30 0.82 1.21
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”.
(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. Total average grades of each element are with respect to those mines that produce the element.
Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 201935
Pan American Silver Inferred Resources1,2
Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag
(Moz)
Au (g/t) Contained Au
(koz)
Cu (%) Pb (%) Zn (%)
Silver Segment
Huaron Peru Inferred 6.2 155 30.8 - - 0.41 1.45 2.77
Morococha (92.3%) (3) Peru Inferred 4.5 138 19.9 - - 0.37 1.02 3.26
La Colorada Mexico Inferred 8.1 133 34.5 0.12 31.6 - 2.03 4.01
Dolores Mexico Inferred 4.0 47 6.0 1.22 156.3 - - -
Manantial Espejo Argentina Inferred 0.5 194 3.0 2.71 41.4 - - -
San Vicente (95%) (3) Bolivia Inferred 3.0 289 27.9 - - 0.24 0.38 3.32
Navidad Argentina Inferred 45.9 81 119.4 - - 0.02 0.57 -
Joaquin Argentina Inferred 0.01 389 0.1 1.29 0.2 - - -
COSE Argentina Inferred 0.03 382 0.3 7.10 6.3 - - -
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7 - 0.22 0.42
Total Silver Segment(4)
74.0 106 252.5 0.62 289.5 0.10 0.83 3.17
Gold Segment
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6 - - -
Pico Machay Peru Inferred 23.9 - - 0.58 445.7 - - -
La Arena Peru Inferred 1.1 - - 0.30 10.7 - - -
Shahuindo Peru Inferred 10.0 5 1.6 0.44 140.6 - - -
Shahuindo Sulphide Peru Inferred 97.4 14 45.1 0.74 2,323.3 - - -
Timmins Canada Inferred 3.7 - - 3.74 443.8 - - -
La Arena II Canada Inferred 91.6 - 0.23 683.1 0.17 - -
Fenn-Gib Canada Inferred 24.5 - 0.95 750.0 - - -
Whitney Canada Inferred 1.0 - 5.34 170.7 - - -
Gold River Canada Inferred 5.3 - 6.06 1,027.4 - - -
Juby Canada Inferred 96.2 - 0.94 2,908.8 - - -
Vogel Canada Inferred 1.5 - 3.60 168.8 - - -
Total Gold Segment(4)
369.8 13 50.0 0.78 9,297.6 0.17 - -
Total Gold and Silver
Segments (4)
Inferred
443.8 48 302.5 0.78 9,587.1 0.14 0.83 3.17
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”.
(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. Total average grades of each element are with respect to those mines that produce the element.
Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 201936
Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019
Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 2019
Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t
Huaron All categories 17.00 1,300 6,000 2,100 2,500
Morococha All categories 17.00 1,300 6,000 2,100 2,500
La Colorada All categories 17.00 1,300 6,000 2,100 2,500
Dolores
Reserves 17.00 1,300
Resources 22.00 1,400
La Bolsa All categories 14.00 825
Manantial Espejo All categories 16.00 1,300
San Vicente All categories 17.00 1,300 6,000 2,100 2,500
Navidad All categories 12.52 1,100
Pico Machay All categories 700
Joaquin All categories 16.00 1,300
COSE All categories 16.00 1,300
Escobal All categories 20.00 1,300 2,204 2,424
Shahuindo
Reserves 17.00 1,300
Resources 22.00 1,400
Shahuindo
Sulphide
Inferred Resource 15.00 1,400
La Arena
Reserves 17.00 1,400
Resources 22.00 1,500
La Arena II All categories 1,500 8,816
Timmins - Bell
Creek
All categories 1,300
Timmins -
Timmins West
All categories 1,300
Fenn-Gib
Inside pit 1,190
Below pit 1,190
Whitney All categories 1,200
Gold river All categories 1,200
Juby(1) All categories
Marlhill All categories 1,125
Vogel
Inside pit 1,150
Below pit 1,150
(1) Estimation used a cut off grade of 0.40% g/t Au.
37
38
Suite 1440, 625 Howe Street, Vancouver, BC, V6C 2T6
PanAmericanSilver.com
ir@panamericansilver.com
+1.604.684.1175
January 2020

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Jan 2020 paas investor presentation revised

  • 1. Pan American Silver Investor Presentation January 2020
  • 2. Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as “all- in sustaining costs per ounce sold", “cash costs per ounce sold”, “adjusted earnings” and “basic adjusted earnings per share”, "total debt", "capital", “operating margin”, “cumulative operating margin” 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. Any reference to “Cash Costs” in this presentation should be understood to mean cash costs per ounce of silver or gold sold, net of by-product credits. Any reference to “AISC” in this presentation should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of by-product credits. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2019, 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. Integration of Tahoe Resources Inc. (“Tahoe”) On February 22, 2019, the Company completed the previously announced transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe (“Acquisition”). Tahoe was a mid- tier publicly traded precious metals mining company with ownership interests in a diverse portfolio of mines and projects including the following principal mines: La Arena and Shahuindo in Peru; Timmins West and Bell Creek in Canada (together "Timmins"); and Escobal in Guatemala, where operations have been suspended since June 2017 (together the "Acquired Mines"). The Company now operates three gold mines as a result of the Acquisition. Consequently, the Company's operations have been divided into silver and gold segments for the purposes of our financial reporting. All production, operating and financial results of the Acquired Mines (including Cash Costs and AISC amounts) and included in the Company's consolidated results and updated guidance, reflect only the results from February 22, 2019 onwards. Further details of the Acquisition are provided in the "Acquisition of Tahoe" section of the MD&A for the period ended September 30, 2019. 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, anticipated accretion to shareholder value from the Company’s future developments; future financial and operational performance, including, but not limited to, revenue and operation margins; future production of silver, gold and other metals produced by the Company, including the Acquired Mines; future Cash Costs and AISC; the sufficiency of the Company’s current working capital, anticipated operating cash flow or its ability to raise necessary funds; the anticipated amount and timing of production at each of the Company’s properties and in the aggregate; our expectations with respect to future metal prices and exchange rates; the impact of the Escobal mine on the Company’s performance in the future; the anticipated capital expenditures and the timing thereof and the results of any future exploration, development or expansion programs, including, but not limited to, the La Colorada skarn discovery; the estimated cost of and availability of funding necessary for sustaining capital; the assumed or actual value of the Company’s portfolio assets; and the Company’s plans and expectations for its properties, operations and exploration projects. These statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, 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 mineral resource 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 can be maintained; and our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such laws. The foregoing list of assumptions is not exhaustive. …continued on next page 2 January 2020
  • 3. Cautionary Note Cautionary Note Regarding Forward Looking Statements and Information (continued)… 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; fluctuations in currency markets (such as the PEN, MXN, ARS, BOL, GTQ and CAD versus the USD); risks related to the technological and operational nature of the Company’s business; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where the Company may carry on business, including the risk of expropriation related to certain of our operations, particularly in Argentina and Bolivia and risks related to the constitutional court-mandated ILO 169 consultation process in Guatemala; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to claims and legal proceedings involving or against the Company and our subsidiaries; 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 the local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the Company’s ability to secure our mine sites or maintain access to our mine sites due to criminal activity, violence, or civil and labour unrest; the speculative nature of mineral exploration and development, including the risk of obtaining or retaining necessary licenses and permits and the presence of laws, regulations and other legal impediments that may impose restrictions on mining, including those currently in the province of Chubut, Argentina, or that might otherwise prevent or cause the suspension or discontinuation of mining activities; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; the Company’s ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company’s title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs; having sufficient cash to pay obligations as they come due; 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, respectively. 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 attributing undue certainty or 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, and does not assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law. Technical Information Scientific and 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 Pan American’s qualified persons for the purposes of National Instrument 43-101 (“NI 43-101”). Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. See Pan American’s Annual Information Form dated March 12, 2019, available at www.sedar.com for further information on Pan American’s material mineral properties as at December 31, 2018, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Pan American to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect Pan American’s business and the potential development of Pan American’s mineral reserves and resources. Please also refer to Pan American’s news release dated December 11, 2019 with respect to Pan American’s initial mineral resource estimate for the La Colorada skarn deposit, and our news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, and October 1, 2019 with respect to the La Colorada skarn exploration results. For further information on the material mineral properties acquired from Tahoe, please refer to the Company's management information circular dated December 4, 2018, including additional information contained in Tahoe's disclosure incorporated by reference therein, available at www.sedar.com. The mineral reserves and resources of Pan American in this presentation reflect our mineral reserves and resources estimates as at June 30, 2019 as announced in our news release dated September 4, 2019. See presentation appendix for more detailed information. 3 January 2020
  • 4. Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources 4 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 has not recognized them under Industry Guide 7 prior to the adoption of the modernization of Property Disclosure for Mining Registrants. The requirements of NI 43-101 for identification of ‘‘reserves’’ has 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 has previously only permitted 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. January 2020
  • 5. The World’s Premier Silver Mining Company 5 25-year track record of responsible operations in Latin America Industry leader in high margin / low cost production ~$1 B in free cash flow generated since 2010(1)  Strong financial position and capital discipline Diversified asset portfolio with 9 operations in the Americas Mineral reserves of 557 M ounces of silver and 5.1 M ounces of gold  Three large catalysts for growing shareholder value: Escobal, Guatemala - large, already-built silver mine La Colorada, Mexico - new discovery with estimated 72.5 M tonnes of inferred mineral resource Navidad, Argentina - world’s largest undeveloped silver deposit  January 2020 (1) As at Sept. 30, 2019; Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases, expansion capital, M&A, short term investment payments and proceeds, debt repayments and proceeds and equity issuances.
  • 6. A Leader in Responsible Mining 6 Social responsibility is an important pillar of Pan American’s governing philosophy Culture of Social Responsibility and Environmental Stewardship Track Record of Success in Latin America Transparent Sustainability Reporting • Based on annual consultation process with stakeholder groups • Report on our efforts towards the UN’s Sustainable Development Goals • Report on environmental and social audits Member of the Mining Association of Canada’s Towards Sustainable Mining Program 25 years of building trust with local communities and indigenous groups across Latin America Robert R. Hedley Award for Excellence in Social and Environmental Responsibility (AME, 2019) Human Rights Policy implemented Human Rights Officer appointed • Voluntary Principles on Security and Human Rights and UNICEF Child Rights and Security Gap Analysis in the mines with security forces: Dolores and La Colorada mines (Mexico) and Escobal (Guatemala) Human Rights Approach to Social Sustainability January 2020
  • 7. Responsible Environmental Management 7 Zero material environmental incidents in Company history Successfully permitted 2 new mines and 5 major mine expansions in the past 13 years Best Practice Tailings Management • Implementing Canadian tailings standards at all operations • Completed successful independent tailings dam safety reviews of all facilities in the last 5 years • Disclosure on tailings according to Investor Mining and Tailings Safety Initiative • Advocating for responsible tailings management through MAC and the Global Tailings Review Climate Change Strategy Disclosure: Reporting Scope 1 and 2 emissions since 2010. Site-based energy efficiency goals. Disclosure in line with the Task Force on Climate Related Disclosure (TCFD). Benefits: Role of silver in the low-carbon economy. Advocacy: Member of the World Economic Forum’s Alliance of CEO Climate Leaders. Resilience: Assessment of potential climate change risks to our operations by Q4 2019. January 2020
  • 8. Diversified Portfolio Across the Americas 8 January 2020 25 years of experience working in the Americas
  • 9. Transformative Tahoe Acquisition 9 Accretive on Production per Share silver equivalent production per share increased by ~27% to 0.46 AgEqOz/share(2)  Capturing $25-$30 M in annual G&A synergies Producing mines generating strong cash flow allowed $60 M of debt reduction in 2019  Accretive on Reserves per Share silver equivalent reserves per share increased ~50% to 6.5 AgEqOz/share(1)  Added major catalyst to the portfolio Escobal, Guatemala - large, already-built silver mine January 2020 (1) Silver equivalent reserves are estimated using annual average market prices for each year as published by the London Metal Exchange (“LME”, for zinc, lead, copper) and London Bullion Market Association (“LBMA”, for silver and gold). See presentation Appendix for more detailed information on the Company's reserves and resources. (2) Based on 2019 preliminary production, as provided on Jan. 15, 2020, and before any potential Escobal production. 
  • 10. January 2020 2019 Preliminary Production(1) 10 (1) Preliminary 2019 production, as provided on Jan. 15, 2020. (2) Pan American initially provided its guidance for 2019 on Jan. 21, 2019, and subsequently revised the guidance on May 8, 2019, to include certain forecast amounts for the mines acquired from Tahoe Resources Inc. for the period Feb. 22, 2019 to Dec. 31, 2019. Pan American revised its guidance again on Aug. 7, 2019, reducing 2019 annual consolidated silver and gold production to between 25.3 and 26.3 million ounces and between 550.0 and 600.0 thousand ounces, respectively, primarily due to the postponement of commercial production from the COSE and Joaquin projects. (3) Morococha data represents Pan American’s 92.3% interest in the mine’s production. (4) San Vicente data represents Pan American’s 95.0% interest in the mine’s production. (5) Reflects production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019. (6) Totals may not add due to rounding. Silver Production (million ounces) Gold Production (thousand ounces) Silver Segment La Colorada 8.2 4.6 Dolores 5.1 117.6 Huaron 3.8 1.0 Morococha (92.3%)(3) 2.5 1.4 San Vicente (95.0%)(4) 3.5 0.5 Manantial Espejo/COSE/Joaquin 2.6 22.4 Gold Segment Shahuindo(5) 0.1 145.4 La Arena(5) — 122.5 Timmins(5) — 143.8 Total(6) 25.9 559.2 ✓ Met revised guidance for silver and gold production(2) ✓ Gold Segment reflects only ~10 months of production in 2019
  • 11. Portfolio with Long-Term Silver Exposure 11 (1) For more information on the 2020 Guidance refer to the Jan. 15, 2020 news release. (2) All-in sustaining costs per ounce (AISC) is a non-GAAP financial measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. (3) 2019 revenue by metal is based on the mid-point of Aug. 7, 2019 guidance range, and realized metal prices for Q3 YTD 2019 and the following metal prices for the remainder of 2019: $17.25/oz for silver, $2,400/tonne ($1.09/lb) for zinc, $2,150/tonne ($0.98/lb) for lead, $5,750/tonne ($2.61/lb) for copper, and $1,475/oz for gold. (4) The reserves by metal reflect the Company's 2019 mineral reserve estimates as announced in the news release dated Sept. 4, 2019 and metal price assumptions of $17.00/oz for silver, $1,300/oz for gold, $2,500/tonne for zinc, $2,100/tonne for lead, and $6,000/tonne for copper. See presentation Appendix for more detailed information on the Company's reserves and resources. Production Silver: 27.0 – 28.5 Moz Gold: 625 – 675 koz AISC2 Silver segment: $10.25 - $11.75 Gold segment: $1,090 - $1,170 2020 Guidance1 Reserves by Metal4 Silver Gold Zinc Lead Copper 2019F Revenue by Metal3 January 2020
  • 12. 2020 Expenditures Guidance(1) 12 (1) For more information on the 2020 Guidance refer to the Jan. 15, 2020 news release. January 2020 Sustaining Sustaining Capital $225.0 - $240.0 M Brownfield exploration for reserve replacement Dolores and Shahuindo heap leach pad expansions La Arena and Shahuindo waste rock storage facilities La Colorada and Timmins tailings storage facility expansions Dolores and La Arena open-pit pre-stripping Huaron and Morococha underground mine development Project Capital $22.0 - $27.0 M La Colorada Skarn Bell Creek Mine Expansion Care & Maintenance $21.5 - $23.0 M Greenfield Exploration $11.5 - $12.5 M Regional, focused on Peru, Mexico and Canada Corporate G&A $35.0 - $37.0 M G&A Greenfield Exploration C&M Project
  • 13. 13 Liquidity and Capital Position See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. January 2020 Cash and Short-term Investments 238.3 Amount drawn on Revolving Credit Facility 275.0 US$ Millions at December 31, 2019 ✓ Repaid $60M of debt in 2019
  • 14. January 2020 $14.49 $11.94 $10.28 $9.68 $6.00 - $7.50 $4.50 - $6.50 $15.53 $17.35 $16.99 $15.61 $16.17 $17.50 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $0 $200 $400 $600 $800 $1,000 $1,200 2015 2016 2017 2018 2019 Guidance 2020 Guidance $/oz CumulativeOperatingMargin(Millions) All-in Sustaining Costs Operating Margin per Ounce Cumulative Operating Margin Average Realized Silver Price Strong Operating Margins 14 (1) All-in Sustaining Costs per Ounce (AISC), Operating Margin per Ounce and Cumulative Operating Margin are non-GAAP financial measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. Operating Margin per Ounce and Cumulative Operating Margin are calculated as the difference between the average realized silver price and AISC, on a per ounce sold basis and on a dollar basis, respectively. (2) 2019 Guidance and forecast operating margin and cumulative operating margin are based on realized silver price for Q3 YTD 2019 and forecast silver price of $17.25/oz for the remainder of 2019 for the 2019 Guidance and the mid-point of the Revised November 2019 Forecast range for AISC on a consolidated silver basis and silver production; for more information on the Revised November 2019 Forecast, please refer to the MD&A for the period ended Sept. 30, 2019. (3) 2020 Guidance and forecast operating margin and cumulative operating margin are based on forecast silver price of $17.50/oz and the mid-point of the Forecast range for AISC on a consolidated silver basis and silver production; for more information on the 2020 Guidance refer to the Jan. 15, 2020 news release. Consolidated silver basis total is calculated per silver ounce sold and are net of by-product credits from all metals other than silver. G&A costs are included in the consolidated AISC. Generated a Cumulative Operating Margin1 of ~$0.5 billion dollars over the 2015 to 2018 period. 1 1 1 3 & Forecasted Margin 2
  • 15. Free Cash Flow Allocation(1) 15 27% 13% 49% 11% Dividends Share Repurchases Expansion Capital Debt Repayment ~$1 Billion FCF generated since 2010(2) $446 M cumulative cash returned to shareholders (dividends and share buy-backs) since 2010 in addition to investing $553 M in expansionary capital CashFlowPriorities Return to shareholders through dividends Invest in high-return projects Maintain balance sheet flexibility, with low to zero debt (1) As at September 30, 2019, generated approximately $1.08 billion in free cash flow and allocated approximately $1.12 billion. (2) Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases, expansion capital, M&A, short term investment payments and proceeds, debt repayments and proceeds and equity issuances. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. January 2020
  • 16. La Colorada Discovery 16 Deposit located adjacent and below Pan American’s La Colorada vein system Inferred Mineral Resource Estimate(1) 65 diamond drill holes with a total length of 54,000 metres 2020 plans to further define and expand the mineral resource 44,000 metres of drilling Deposit remains open in nearly all directions for resource expansion  Initial metallurgical testing indicates encouraging flotation metal recoveries January 2020 Large, high-grade polymetallic skarn deposit (1) Assuming a cut-off grade of US$60/tonne. Refer to the Dec. 11, 2019 press release for further details. Mineral resources are not mineral reserves and have no demonstrated economic viability. For further details on the deposit including drill results, also refer to www.panamericansilver.com/operations/north-and-central-america/la-colorada/. Million Tonnes Ag g/t Cu % Pb % Zn % 72.5 44 0.17 2.02 4.40 
  • 17. PAAS Company Snapshot 17 Ticker TSX/NASDAQ PAAS Shares outstanding 209.6 million Shares issuable upon exchange of CVRs(1) 15.6 million Market cap(2) $4.7 billion Avg. daily volume (50 days)(2) 3.8 million shares Dividend yield(3) 0.6% Amount drawn on credit facility(4) $275.0 million (1) Shareholders of Tahoe received one contingent value right ("CVR") for each Tahoe under the plan of arrangement with Pan American Silver. Each CVRs will be exchanged for 0.0497 of a Pan American share upon first commercial shipment of concentrate following restart of operations at the Escobal mine. The CVRs expire in 2029. (2) All data based on NASDAQ exchange; as of market close January 14, 2020. (3) Based on closing share price on January 14, 2020 and dividend declared November 6, 2019, annualized. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. January 2020
  • 19. Silver: Metal of the Future 19 Supply 2019E: Mine 849 Moz Scrap 168 Moz Other 1 Moz TOTAL ~ 1,019 Moz Demand 2019E: Industrial 514 Moz Jewelry 210 Moz Bullion 178 Moz Silverware 68 Moz Photography 33 Moz TOTAL ~ 1,002 Moz Source: Metals Focus, published November 2019; totals may not add due to rounding
  • 20. January 2020 2020 Guidance 20 (1) Cash Costs and AISC are non-GAAP measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. The Cash Costs and AISC forecasts assume average metal prices of $17.50/oz for silver, $1,525/oz for gold, $2,350/tonne ($1.07/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $6,150/tonne ($2.79/lb) for copper; and average annual exchange rates relative to 1 USD of 19.50 for the Mexican peso ("MXN"), 3.34 of the Peruvian sol ("PEN"), 73.64 for the Argentine peso ("ARS"), 6.91 for the Bolivian boliviano ("BOL"), and $1.30 for the Canadian dollar ("CAD"). (2) Morococha data represents Pan American’s 92.3% interest in the mine’s production. (3) San Vicente data represents Pan American’s 95.0% interest in the mine’s production. (4) As shown in the detailed quantification of consolidated AISC, included in the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended September 30, 2019, corporate general and administrative expenses, and exploration and project development expenses are included in Consolidated Silver Basis AISC, but are not allocated in calculating AISC for the Silver and Gold segments. (5) Totals may not add due to rounding. (6) Pan American will no longer be providing guidance for Cash Costs on a Consolidated Silver Basis, determining that AISC guidance is a more appropriate measure of reflecting costs on a Consolidated Silver Basis. Silver Production (million ounces) Gold Production (thousand ounces) Cash Costs ($ per ounce)(1) AISC ($ per ounce)(1) Silver Segment La Colorada 8.5 - 8.7 4.0 - 5.0 3.00 - 4.00 5.50 - 6.50 Dolores 4.5 - 5.0 133.5 - 143.5 (8.50) - (5.50) 4.25 – 6.25 Huaron 3.8 - 3.9 0.5 9.25 - 11.00 12.50 – 14.25 Morococha (92.3%)(2) 2.6 - 2.8 1.3 - 1.5 9.50 - 11.75 13.50 – 15.50 San Vicente (95.0%)(3) 3.5 - 3.6 0.5 14.00 - 15.00 16.00 – 17.00 Manantial Espejo/COSE/Joaquin 4.0 - 4.3 33.2 - 36.5 16.75 - 17.75 18.50 – 19.50 Total(4,5) 26.8 – 28.3 173.0 - 187.5 5.75 - 7.50 10.25 - 11.75 Gold Segment Shahuindo 0.2 162.0 - 172.5 700 - 750 1,070 - 1,150 La Arena — 125.0 - 135.0 800 - 850 1,120 - 1,200 Timmins — 165.0 - 180.0 950 – 1,000 1,090 - 1,170 Total(4,5) 0.2 452.0 - 487.5 820 - 870 1,090 - 1,170 Total Production(4,5) 27.0 – 28.5 625.0 - 675.0 — — Consolidated Silver Basis — — n/a(6) 4.50 – 6.50
  • 21. (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. La Colorada 21 • 100% owned and operated by Pan American • Underground mine located in Zacatecas, Mexico • Expansion completed in 2017 – new mine shaft and sulphide processing plant • Currently producing silver-gold doré bars from a conventional cyanide leach plant for the oxide ore, and silver-rich lead and zinc concentrates from a flotation plant treating sulphide ore Pan American’s Largest Silver Producing Mine Mexico La Colorada Reserves & Resources(2) (as at June 30, 2019) Grade Contained Metal Tonnes Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt) P&P Reserves 9.4 333 0.29 1.51 2.73 100.4 86 141 256 M&I Resources 2.1 196 0.17 0.58 1.16 13.4 12 12 25 Inferred Resources 8.1 133 0.12 2.03 4.01 34.5 32 163 324 Silver Production (Moz) January 2020 7.6 8.2 8.5 - 8.7 2018 2019 2020 Guidance(1)
  • 22. Dolores 22 Production Reserves & Resources(2) (as at June 30, 2019) • 100% owned and operated by Pan American • Located in Chihuahua, Mexico • Mining is by open pit and underground methods and uses conventional cyanide heap leaching to produce gold and silver doré • Expansion completed in 2017 featuring a pulp agglomeration plant to process high-grade ore • Average throughput capacity of 20,000 tpd Large Silver/Gold Mine Mexico Dolores Grade Contained Metal Tonnes Ag Au Ag Au (Mt) (g/t) (g/t) (Moz) (koz) P&P Reserves 43.7 26 0.84 36.7 1178 M&I Resources 3.5 24 0.44 2.7 49 Inferred Resources 4.0 47 1.22 6.0 156 January 2020 (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. 4.1 5.1 4.5- 5.0136.6 117.6 133.5- 143.5 0 20 40 60 80 100 120 140 160 0 1 2 3 4 5 6 2018 2019 2020 Guidance Silver (Moz) Gold (koz) (1) 2018 2019 2020 Guidance(1)
  • 23. Huaron 23 Reserves & Resources(2) (as at June 30, 2019) Polymetallic Silver Mine • 100% owned and operated by Pan American • Underground mine located in Pasco, Peru • Average throughput capacity of 2,500 tpd using flotation technology to produce silver in copper, lead, and zinc concentrates • Mechanization of mining methods has improved efficiency and reduced operating costs • Upgrades to the flotation circuit have resulted in improved mill recoveries Huaron Grade Contained Metal Tonnes Ag Cu Pb Zn Ag Cu Pb Zn (Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt) P&P Reserves 9.9 168 0.56 1.48 3.01 53.7 55 147 298 M&I Resources 4.6 156 0.60 1.57 2.92 23.0 27 72 134 Inferred Resources 6.2 155 0.41 1.45 2.77 30.8 25 90 171 Silver Production (Moz) January 2020 (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. 3.6 3.8 3.8- 3.9 2018 2019 2020 Guidance(1)
  • 24. Morococha 24 Reserves & Resources(2) (as at June 30, 2019) • 92.3% owned and operated by Pan American • Underground mine located in Yauli, Peru • Average throughput capacity of 2,000 tpd using flotation technology to produce silver in zinc, lead, and copper concentrates • Mechanization of mining methods has improved efficiency and reduced operating costs • Current activities focus on opportunities to enhance productivity and efficiencies while designing for the eventual mill relocation Polymetallic Silver Mine Peru Morococha Grade Contained Metal Tonnes Ag Cu Pb Zn Ag Cu Pb Zn (Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt) P&P Reserves 6.3 156 0.35 1.32 3.76 31.9 22 84 239 M&I Resources 0.6 141 0.24 0.84 2.11 2.8 1 5 13 Inferred Resources 4.5 138 0.37 1.02 3.26 19.9 17 45 146 Silver Production (Moz) January 2020 (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. (1) 2.9 2.5 2.6 - 2.8 2018 2019 2020 Guidance
  • 25. San Vicente 25 Reserves & Resources(2) (as at June 30, 2019) Polymetallic Silver Mine San Vicente • 95% owned and operated by Pan American • Underground mine located in Bolivia • Average throughput capacity of 950 tpd utilizing a standard flotation process to produce silver- zinc and silver-lead concentrates • Mechanization efforts, enhanced mine dilution controls and improvements in site infrastructure underway to lower production costs Grade Contained Metal Tonnes Ag Cu Pb Zn Ag Cu Pb Zn (Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt) P&P Reserves 1.9 395 0.40 0.37 2.96 24.6 8 7 57 M&I Resources 1.1 160 0.23 0.20 2.14 5.8 3 2 24 Inferred Resources 3.0 289 0.24 0.38 3.32 27.9 7 11 100 Silver Production (Moz) January 2020 (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. (1) 3.5 3.5 3.5 - 3.6 2018 2019 2020 Guidance
  • 26. Manantial Espejo/COSE/Joaquin 26 Proven & Probable Reserves(2) (as at June 30, 2019) • 100% owned and operated by Pan American • Underground mines located in Santa Cruz, Argentina • Average throughput capacity of 2,150 tpd, treating ore by gravity concentration, agitation leaching and Merril Crowe processing to produce silver-gold doré • Combined production from the Joaquin, COSE and Manantial Espejo mines is expected to add a total of 21 million ounces of silver and 135 thousand ounces of gold to Pan American’s production profile High-grade ore from Joaquin and COSE Manantial Espejo Grade Contained Metal Tonnes Ag Au Ag Au (Mt) (g/t) (g/t) (Moz) (koz) Manantial Espejo 1.0 175 1.67 5.5 52 Joaquin 0.5 721 0.41 11.0 6 COSE 0.1 918 17.70 2.2 43 Production January 2020 (1) Guidance as at Jan. 15, 2020. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. 3.1 2.6 4.0 - 4.3 34.6 22.4 33.2- 36.5 0 5 10 15 20 25 30 35 40 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 2018 2019 2020 Guidance Silver (Moz) Gold (koz) (1) 2018 2019 2020 Guidance(1)
  • 27. Shahuindo 27 Reserves & Resources(3) (as at June 30, 2019) Large Gold Mine with Significant Growth Potential • 100% owned and operated by Pan American • Open pit gold mine located in northern Peru producing silver by-products from doré • Average throughput capacity of 36,000 tpd with heap leach processing • Commercial production began in 2016 with current estimated mine life until 2028 • Significant exploration opportunity and ability to extend mine life Shahuindo Grade Contained Metal Tonnes Au Ag Au Ag (Mt) (g/t) (g/t) (koz) (Moz) P&P Reserves 112.6 0.49 6.2 1763 22.3 M&I Resources 12.1 0.48 6.0 187 2.3 Inferred Resources 107.3 0.71 13.5 2464 46.7 Gold Production (koz) January 2020 (1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019. (2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources. 90 145.4 162.0 – 172.5 2018E Tahoe guidance 2019 2020 Guidance (1) (2)
  • 28. Grade Contained Metal Tonnes Au Cu Au Cu (Mt) (g/t) (%) (koz) (kt) M&I Resources 742.4 0.24 0.35 5637 2626 Inferred Resources 91.6 0.23 0.17 683 156 Grade Contained Metal Tonnes Au Au (Mt) (g/t) (koz) P&P Reserves 36.8 0.35 410 M&I Resources 3.0 0.39 38 Inferred Resources 1.1 0.30 11 La Arena 28 Reserves & Resources(3) (as at June 30, 2019) Gold Mine with Sulphide Expansion Potential (La Arena II) La Arena • 100% owned and operated by Pan American • Open pit gold mine located in northern Peru producing doré • Run-of-mine heap leach currently processing 36,000 tpd • PEA released February 2018 on sulphide expansion (“La Arena II”) La Arena La Arena II Gold Production (koz) (1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019. (2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources. 162 122.5 125.0 – 135.0 2018E Tahoe guidance 2019 2020 Guidance (1) (2)
  • 29. Timmins Mines 29 Reserves & Resources(3) (as at June 30, 2019) Bell CreekTimmins West Two Producing Mines in Prolific Canadian Mining Camp • 100% owned and operated by Pan American • Located in Ontario, Canada and consists of two underground gold mines, Timmins West and Bell Creek, which both feed the Bell Creek mill • Average throughput capacity of 4,400 tpd producing doré • Shaft upgrade to 1,080 metres completed in 2019 and contributing to reduced costs • Significant land position in the Timmins Camp with potential for exploration upside Grade Contained Metal Tonnes Au Au (Mt) (g/t) (koz) P&P Reserves 9.9 3.09 988 M&I Resources 7.1 3.52 800 Inferred Resources 3.7 3.74 444 Gold Production (koz) January 2020 (1) 2019 production results subsequent to the Feb. 22, 2019 closing date of the acquisition of Tahoe Resources Inc., as described in the “Acquisition of Tahoe” section of Pan American’s MD&A for the period ended Sept. 30, 2019. (2) Guidance as at Jan. 15, 2020. (3) See presentation Appendix for more detailed information on the Company's reserves and resources. 152 143.8 165.0- 180.0 2018E Tahoe guidance 2019 2020 Guidance(1) (2)
  • 30. Escobal One of The World’s Best Silver Mines 30 Historical Gold Production & AISC(3) Reserves & Resources(2) (as at June 30, 2019) (1) Based on development, expansion, and sustaining capital invested from 2011 to 2017. (2) See presentation Appendix for more detailed information on the Company's reserves and resources. (3) AISC is a non-GAAP financial measure; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation. High quality, well built operation with over US$500 million invested(1)  One of the world’s largest primary silver deposits with reserves of 264 Moz(2) 3 consecutive years of production above 20 Moz Ag/year at AISC consistently below US$10/oz Ag prior to 2017   Mine operations suspended pending completion of an ILO 169 consultation by the Guatemalan government  Grade Contained Metal Tonnes Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt) P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320 M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106 Inferred Resources 1.9 180 0.90 0.22 0.42 10.7 54 4 8 20 20 21 $9.15 $9.11 $8.06 2014A 2015A 2016A Production (Moz) AISC ($/oz)
  • 31. Huaron Dolores 2017 Silver Production (Moz Ag) Source: all information shown in the table has been obtained from CIBC World Markets, as at November 2017, and has not been independently verified by the Company. Escobal’s silver production and AISC is based on Tahoe’s disclosure for 2016. Escobal has not operated since June 2017. See slides on Escobal in presentation Appendix for further details. Bubble size represents silver reserves; see presentation Appendix for more detailed information on Pan American’s and Tahoe’s reserves and resources. AISC (US$/oz) or all-in sustaining costs per silver ounce sold is shown net of by-product credits and considered to be a non-GAAP financial measure. Escobal One of The Largest Primary Silver Deposits 31 January 2020
  • 32. Project comprises 8 individual mineral deposits in 3 separate mineralized trends Navidad One of the Largest Undeveloped Primary Silver Deposits 32 Resources1 (as at June 30, 2019) Navidad (1) See presentation Appendix for more detailed information on the Company's reserves and resources. Grade Contained Metal Tonnes Ag Cu Pb Ag Cu Pb (Mt) (g/t) (%) (%) (Moz) (kt) (kt) M&I Resources 155.2 127 0.05 0.85 632.4 71 1326 Inferred Resources 45.9 81 0.02 0.57 119.4 9 262 100% owned silver project located in Chubut Province, Argentina Scalable production profile with high-grade mineralization at surface   Development contingent on provincial mining law change January 2020
  • 33. Portfolio Assets Offering Additional Value 33 • Maverix Metals Inc. - Pan American owns ~26% (~29% fully diluted) of this precious metals royalty and streaming company, representing a market value of ~$139M(1). • Shalipayco project (Peru) – Pan American holds a free carried interest of 25% to commercial production in this zinc development project owned by Nexa Resources. • Silver Sand property (Bolivia) – Pan American holds ~17% interest in New Pacific Metals Corp.(2) • Amalia project (Mexico) – agreement with Radius Gold whereby Pan American can earn an initial 65% in the project and may earn an additional 10% by completing a preliminary feasibility study. (1) Based on Maverix Metals Inc. (“Maverix”) closing price as at Jan. 14, 2020 of $5.03/share on the TSX Venture Exchange (listed as “MMX”) and Pan American’s ownership of ~26% of Maverix. (2) Share ownership interest as of October 2019 and calculated on a non-diluted basis. January 2020
  • 34. Pan American Silver Proven and Probable Reserves1,2 Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 2019 Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Contained Cu (kt) Pb (%) Contained Pb (kt) Zn (%) Contained Zn (kt) Silver Segment Huaron Peru Proven 6.2 168 33.5 - - 0.69 43.0 1.44 89.5 3.02 188.1 Probable 3.7 170 20.1 - - 0.33 12.3 1.55 57.1 3.00 110.2 Morococha (92.3%) (3) Peru Proven 4.1 147 19.5 - - 0.38 15.5 1.38 57.1 4.03 166.7 Probable 2.2 173 12.3 - - 0.31 6.9 1.20 26.5 3.26 72.2 La Colorada Mexico Proven 4.0 395 50.8 0.33 42.0 - - 1.72 68.9 3.11 124.4 Probable 5.4 287 49.6 0.26 44.4 - - 1.35 72.4 2.44 131.4 Dolores Mexico Proven 35.9 26 29.8 0.84 967.4 - - - - - - Probable 7.8 28 6.9 0.84 210.7 - - - - - - Manantial Espejo Argentina Proven 0.8 170 4.6 1.35 36.2 - - - - - - Probable 0.1 204 0.9 3.64 16.0 - - - - - - San Vicente (95%) (3) Bolivia Proven 1.4 414 18.6 - - 0.43 6.0 0.35 4.9 3.06 42.9 Probable 0.5 345 6.0 - - 0.32 1.7 0.42 2.3 2.71 14.5 Joaquin Argentina Probable 0.5 721 11.0 0.41 6.2 - - - - - - COSE Argentina Probable 0.1 918 2.2 17.7 43.3 - - - - - - Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2 - - 1.02 25.7 1.75 44.4 Probable 22.1 316 225.0 0.34 243.8 - - 0.77 169.9 1.25 275.7 Total Silver Segment(4) 97.5 169 530.4 0.64 1,644.1 0.47 85.4 1.10 574.1 2.24 1,170.6 Gold Segment La Arena Peru Proven 27.4 - - 0.36 319.4 - - - - - - Probable 9.5 - - 0.30 90.9 - - - - - - Shahuindo Peru Proven 69.8 6 14.4 0.51 1,133.2 - - - - - - Probable 42.8 6 7.8 0.46 629.9 - - - - - - Timmins Canada Proven 2.7 - - 3.06 269.1 - - - - - - Probable 7.2 - - 3.10 718.6 - - - - - - La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9 - - - - - - Probable 6.2 7 1.4 0.57 113.1 - - - - - - Total Gold Segment(4) 175.0 6 26.8 0.62 3,476.9 - - - - - - Total Gold and Silver Segments (4) Proven + Probable 272.5 77 557.2 0.63 5,121.1 0.47 85.4 1.10 574.1 2.24 1,170.6 (1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”. (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. Total average grades of each element are with respect to those mines that produce the element. 34
  • 35. Pan American Silver Measured and Indicated Resources1,2 Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%) Silver Segment Huaron Peru Measured 2.2 157 11.0 - - 0.59 1.50 2.80 Indicated 2.4 155 12.0 - - 0.61 1.64 3.03 Morococha (92.3%) (3) Peru Measured 0.3 138 1.2 - - 0.29 0.86 2.14 Indicated 0.3 143 1.6 - - 0.20 0.83 2.09 La Colorada Mexico Measured 0.5 229 3.8 0.24 4.0 - 0.65 1.16 Indicated 1.6 185 9.6 0.15 7.8 - 0.56 1.16 Dolores Mexico Measured 2.0 21 1.3 0.35 22.0 - - - Indicated 1.5 28 1.4 0.56 27.1 - - - Manantial Espejo Argentina Measured 0.1 164 0.7 1.65 7.1 - - - Indicated 0.2 241 1.4 2.86 16.5 - - - San Vicente (95%) (3) Bolivia Measured 0.9 161 4.4 - - 0.22 0.20 2.27 Indicated 0.3 158 1.4 - - 0.27 0.21 1.73 Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 - Indicated 139.8 126 564.5 - - 0.04 0.79 - Joaquin Argentina Indicated 0.1 385 0.7 0.58 1.1 - - - Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7 - 0.31 0.59 Indicated 14.2 201 91.6 0.20 93.0 - 0.38 0.66 Total Silver Segment(4) 184.0 134 792.9 0.27 195.3 0.06 0.82 1.21 Gold Segment La Bolsa Mexico Measured 1.4 11 0.5 0.90 39.9 - - - Indicated 4.5 9 1.3 0.50 71.2 - - - Pico Machay Peru Measured 4.7 - - 0.91 137.5 - - - Indicated 5.9 - - 0.67 127.1 - - - La Arena Peru Measured 1.3 - - 0.41 17.5 - - - Indicated 1.7 - - 0.38 20.6 - - - Shahuindo Peru Measured 3.7 7 0.8 0.53 63.2 - - - Indicated 8.4 5 1.5 0.46 123.6 - - - Timmins Canada Measured 1.7 - - 3.89 212.4 - - - Indicated 5.4 - - 3.41 587.8 - - - La Arena II Peru Measured 155.7 - - 0.25 1,265.2 0.37 - - Indicated 586.7 - - 0.23 4,371.9 0.35 - - Fenn-Gib Canada Indicated 40.8 - - 0.99 1,298.6 - - - Whitney Canada Measured 1.0 - - 7.02 218.1 - - - Indicated 2.3 - - 6.77 490.5 - - - Gold River Canada Indicated 0.7 - - 5.29 117.4 - - - Juby Canada Indicated 26.6 - - 1.28 1,094.7 - - - Marlhill Canada Indicated 0.4 - - 4.52 57.4 - - - Vogel Canada Indicated 2.2 - - 1.75 125.0 - - - Total Gold Segment(4) 854.9 7 4.1 0.38 10,439.6 0.35 - - Total Gold and Silver Segments (4) Measured + Indicated 1,038.8 122.8 797.0 0.38 10,634.9 0.30 0.82 1.21 (1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”. (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. Total average grades of each element are with respect to those mines that produce the element. Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 201935
  • 36. Pan American Silver Inferred Resources1,2 Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%) Silver Segment Huaron Peru Inferred 6.2 155 30.8 - - 0.41 1.45 2.77 Morococha (92.3%) (3) Peru Inferred 4.5 138 19.9 - - 0.37 1.02 3.26 La Colorada Mexico Inferred 8.1 133 34.5 0.12 31.6 - 2.03 4.01 Dolores Mexico Inferred 4.0 47 6.0 1.22 156.3 - - - Manantial Espejo Argentina Inferred 0.5 194 3.0 2.71 41.4 - - - San Vicente (95%) (3) Bolivia Inferred 3.0 289 27.9 - - 0.24 0.38 3.32 Navidad Argentina Inferred 45.9 81 119.4 - - 0.02 0.57 - Joaquin Argentina Inferred 0.01 389 0.1 1.29 0.2 - - - COSE Argentina Inferred 0.03 382 0.3 7.10 6.3 - - - Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7 - 0.22 0.42 Total Silver Segment(4) 74.0 106 252.5 0.62 289.5 0.10 0.83 3.17 Gold Segment La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6 - - - Pico Machay Peru Inferred 23.9 - - 0.58 445.7 - - - La Arena Peru Inferred 1.1 - - 0.30 10.7 - - - Shahuindo Peru Inferred 10.0 5 1.6 0.44 140.6 - - - Shahuindo Sulphide Peru Inferred 97.4 14 45.1 0.74 2,323.3 - - - Timmins Canada Inferred 3.7 - - 3.74 443.8 - - - La Arena II Canada Inferred 91.6 - 0.23 683.1 0.17 - - Fenn-Gib Canada Inferred 24.5 - 0.95 750.0 - - - Whitney Canada Inferred 1.0 - 5.34 170.7 - - - Gold River Canada Inferred 5.3 - 6.06 1,027.4 - - - Juby Canada Inferred 96.2 - 0.94 2,908.8 - - - Vogel Canada Inferred 1.5 - 3.60 168.8 - - - Total Gold Segment(4) 369.8 13 50.0 0.78 9,297.6 0.17 - - Total Gold and Silver Segments (4) Inferred 443.8 48 302.5 0.78 9,587.1 0.14 0.83 3.17 (1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”. (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. Total average grades of each element are with respect to those mines that produce the element. Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 201936
  • 37. Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019 Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 2019 Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t Huaron All categories 17.00 1,300 6,000 2,100 2,500 Morococha All categories 17.00 1,300 6,000 2,100 2,500 La Colorada All categories 17.00 1,300 6,000 2,100 2,500 Dolores Reserves 17.00 1,300 Resources 22.00 1,400 La Bolsa All categories 14.00 825 Manantial Espejo All categories 16.00 1,300 San Vicente All categories 17.00 1,300 6,000 2,100 2,500 Navidad All categories 12.52 1,100 Pico Machay All categories 700 Joaquin All categories 16.00 1,300 COSE All categories 16.00 1,300 Escobal All categories 20.00 1,300 2,204 2,424 Shahuindo Reserves 17.00 1,300 Resources 22.00 1,400 Shahuindo Sulphide Inferred Resource 15.00 1,400 La Arena Reserves 17.00 1,400 Resources 22.00 1,500 La Arena II All categories 1,500 8,816 Timmins - Bell Creek All categories 1,300 Timmins - Timmins West All categories 1,300 Fenn-Gib Inside pit 1,190 Below pit 1,190 Whitney All categories 1,200 Gold river All categories 1,200 Juby(1) All categories Marlhill All categories 1,125 Vogel Inside pit 1,150 Below pit 1,150 (1) Estimation used a cut off grade of 0.40% g/t Au. 37
  • 38. 38 Suite 1440, 625 Howe Street, Vancouver, BC, V6C 2T6 PanAmericanSilver.com ir@panamericansilver.com +1.604.684.1175 January 2020