PAAS Investor Presentation, March 2018

1. Investor Presentation
March, 2018

2. Cautionary Note
Non-GAAP Measures
This presentation of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as cash costs per payable ounce of silver, net of by-
product credits (“Cash Costs”), all-in sustaining cost per silver ounce sold (“AISCSOS”), total debt, adjusted earnings, adjusted earnings per share, total available liquidity, operating cash flow before changes in non-cash
operating working capital, operating cash flow before changes in non-cash operating working capital per share, operating free cash flow, and working capital. These measures do not have a standardized meaning prescribed by
IFRS as an indicator of performance, and may differ from methods used by other companies. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section of Pan American’s press release dated
February, 20, 2018, available at www.sedar.com.
Reporting Currency and Financial Information
Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or
information in this presentation relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals in 2018 and with respect to future production,
including anticipated production from the Cap-Oeste Sur Este (“COSE”) and Joaquin projects; our expectations with respect to future free cash flow; our estimated Cash Costs and AISCSOS in future years; our estimated capital
investments, including with respect to the Joaquin and the COSE projects, and sustaining capital in future years; the ability of the Company to successfully complete any capital investment programs and projects, and the
impacts of any such programs and projects on the Company; timing of production and the cash costs of production at the Company’s properties, including the anticipated timing of production and results of developments and
operations; the ability of the Company to realize value from transactions, including with respect to its Joaquin and the COSE projects, or its investment in Maverix Metals Inc. or New Pacific Metals Corp.; the Company’s plans
and expectations for its properties and operations, our expectations with respect to future prices of silver or other precious metals, world-wide silver production, or global demand on silver, or other similar metrics relating to
silver, and exchange rates; and any anticipated level of financial and operational success in 2018.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the
Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and
recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and 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 our ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and estimates based on or related to many of these factors. Such factors
include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as
the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks of the Company’s business and hazards inherent with the business of mining (including
environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or
financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations, including
relationships with unions; relationships with, and claims by, local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; our ability to obtain all necessary permits,
licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal
restrictions on mining; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; actual results of current exploration activities, conclusions of economic evaluations, and
changes in project parameters to deal with unanticipated economic and other factors; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption “Risks
Related to Pan American’s Business” in the Company’s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the “SEC”) 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 undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand
management’s current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking
statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Technical Information
Technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris Emerson,
FAusIMM, VP Business Development and Geology, who are the Company’s qualified persons for the purposes of Canadian National Instrument 43-101– Standards of Disclosure for Mineral Projects (‘‘NI 43-101’’). Mineral
reserves and mineral resources in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.
Technical disclosure in this presentation for the Company’s material mineral properties is based on technical reports prepared for those properties, which are filed at www.sedar.com. For additional information about the
Company’s material mineral properties, other than the Joaquin property, please refer to the Company’s Annual Information Form dated March 22, 2017, and technical reports with respect to material mineral properties and
the Joaquin property, each filed at www.sedar.com .
2 March 20, 2018

3. Cautionary Note to U.S. Investors Regarding
References to Mineral Reserves and
Resources
3 March 20, 2018
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 mineral resource estimates
included in this presentation have been disclosed in accordance with Canadian NI 43-101) and the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and
information concerning mineralization, deposits, mineral reserve and resource information contained or referred to
herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the
generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred
resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the
SEC does not recognize them. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of
the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC
standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been
made that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated
resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a
great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be
upgraded to a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis of
feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is
permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report
mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to
unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made public by companies that report in accordance with U.S. standards.

4.  Low-risk production growth
• La Colorada and Dolores mine expansions ramping up
• COSE and Joaquin projects leverage invested capital in Argentina
• Exploration potential across our diversified portfolio (6 mines in 4 countries)
 Low-cost production
• Cash Costs of $4.55/oz, AISCSOS of $10.79 in 2017(1)
 Large, long-life silver reserves and resources(2)
• Proven and probable reserves = 288 Moz
• Measured and indicated resources = 686 Moz; Inferred resources = 245 Moz
• Replaced 103% of proven and probable reserves over last 14 years at average cost of $0.45/oz
 Strong balance sheet
• $527.5 M of total available liquidity(3)
 Proven track record
• Experienced management team with 20+ years of success growing the Company
• Strong record of achieving guidance
4 March 20, 2018
PAAS – A Leading Investment in Silver
(1) Cash Costs and AISCSOS are non-GAAP measures; see the “Alternative Performance (non-GAAP) Measures” section of Pan American’s news release dated Feb. 20, 2018 for a more detailed
discussion of these and other non-GAAP measures and their calculation.
(2) Consolidated as at Dec. 31, 2017; refer to presentation appendix and Pan American’s news release dated Feb. 20, 2018, for more detailed information on the Company’s reserves and
resources.
(3) As at Dec. 30, 2017. Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company’s secured
line of credit.

5. Diversified Mining and Exploration Assets
5 March 20, 2018

6. 0
5
10
15
20
25
30
35
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F
YearPAAScommencedproduction
Million silver ounces produced
Track Record of Building Mines and
Growing Production
6 March 20, 2018
See the Company’s news release dated Jan. 11, 2018 for more informationon the 2017 operating results and the three-year
outlook.

7. World’s 2nd Largest Primary Silver Producer
9%
5%
17%
25%
44%
silver
Copper
Lead
Zinc
Gold
Silver
7 March 20, 2018
Based on 2018 estimated metal sales and prices:
Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne,
Pb $2,350/tonne, Cu $6,500/tonne,
2018 estimate of revenue generated by product
12.0 – 12.5 kt
21 – 22 kt
60 – 62 kt
175 – 185 koz
25.0 – 26.5 Moz
Please refer to the Company’s news release dated Jan. 11, 2018 for more information on the 2017 operating results and the three-year outlook.

8. 2017 Highlights
• Strong record of achieving guidance
• $224.6 M net cash generated from operating activities
• Decade low consolidated Cash Costs of $4.55/oz (1)
• La Colorada, Dolores, Morococha and Huaron had record annual operating
free cash flow (1)
• Solid execution of La Colorada and Dolores expansions, now complete
• Impairment reversal at Morocoha of ~$60 M
• Cash and short-term investment balance of $227.5 M
• Quarterly dividend raised by 40% to $0.035/share (2)
8 March 20, 2018
(1) Cash Costs and operating free cash flow are non-GAAP financialmeasures; see “AlternativePerformance(non-GAAP)Measures” section of Pan American’s
news release dated Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP measures and their calculation.
(2) Declared on Feb. 20, 2018

9. Progress in Reducing Cash Costs
9 March 20, 2018
(1) Cash Costs and AISCSOS are non-GAAPfinancial measures; see “Alternative Performance(non-GAAP) Measures” section of Pan American’s news release
dated Feb. 20, 2018 for a more detailed discussion of this and other non-GAAPmeasures and their calculation.
(2) 2018 Guidance based on the mid-pointof the ranges. Please refer to the Company’s news release dated Jan. 11, 2018 for more information on the 2018
Guidance.
Main drivers of cost reduction:
• Improved productivity
• FX gains
• Higher by-product prices
• Generally lower input costs$12.03
$4.55
$4.10
$22.26
$10.79
$10.05
$0
$5
$10
$15
$20
$25
2012 2013 2014 2015 2016 2017 2018
Guidance
Cash Costs (1) AISCSOS(1)

10. Unaudited Financial Results
Unaudited in millions of US$, except per share amounts Q4 2017 FY 2017
Revenue 226.0 816.8
Net earnings 49.7 123.5
Net earnings per share 0.32 0.79
Adjusted earnings(1) 19.2 77.7
Adjusted earnings per share(1) 0.13 0.51
10
(1) Adjusted earnings is a non-GAAP financialmeasure; see “AlternativePerformance(non-GAAP)Measures” section of Pan American’s news release dated
Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP measures and their calculation. Per share amounts are calculated using the basic
weighted average shares outstanding for the period.
March 20, 2018

11. 2017 Consolidated Cash Flows
11 March 20, 2018
STI (short-term investments)
OCF (operating cash flow)
WC (working capital)
NCI (distributions to non-controlling interests)
RCF (revolving credit facility)
ST (short term loans payable)

12. Strong Financial Capacity
US$ Millions
Cash and cash equivalents and short-term investments 227.5
Working capital(1) 410.8
Total debt(2) 10.6
Total available liquidity(3) 527.5
As at December 31, 2017
12 March 20, 2018
(1) Working capital is a non-GAAP measure calculatedas current assets less current liabilities. The Company and certain investors use this
informationto evaluate whether the Company is able to meet its current obligations using its current assets.
(2) Total debt is a non-GAAP measure; total debt at Dec. 31, 2017 reflects finance lease liabilities and loans payable.
(3) Total availableliquidityis a non-GAAPmeasure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of
the Company’s secured line of credit.

13. Capital Allocation Priorities
13 March 20, 2018
Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend
$361
$491
$542
$423
$330
$227 $218
$228
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 2016 2017
in Millions US$
Cash & Short Term Investments
Financial debt
Cumulative return to shareholders
$402 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $472 M in
expansionary capital.

14. 2018 Silver Production by Mine
14 March 20, 2018
La Colorada,
29%
Dolores, 19%
Huaron, 14%
Morococha,
10%
San Vicente,
15%
Manantial
Espejo, 13%
Mexico
Peru
Bolivia
Argentina

15. La Colorada Expansion at Design Rates
15 March 20, 2018
(1) Cash Costs and AISCSOS are non-GAAPfinancial measures; see “Alternative Performance(non-GAAP)Measures” section of Pan American’s news
release dated Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP measures and their calculation.
For additional information, please refer to the Company’s technical report entitled “Technical Report – PreliminaryEconomic Analysis for the Expansion of
the La Colorada Mine, Zacatecas, Mexico”, with an effective date of Dec. 31, 2013 availableat www.SEDAR.com. The results of this preliminaryeconomic
assessment are preliminaryin nature, in that it includes inferred mineralresources that are considered too geologicallyspeculative to have the economic
considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the assessment will be
realized.Mineral resources that are not mineralreserves have no demonstrated economic viability.
Mining and processing rates of 1,855 tonnes per day during Q4 2017
Q4 2017 FY 2017
Production
Silver –koz 1,870 7,056
Gold – koz 1.26 4.29
Zinc – kt 4.14 15.44
Lead - kt 2.26 8.80
Cash Costs(1) $0.43 $2.08
AISCSOS(1) $2.81 $4.44

16. Dolores Expansion Ramping Up
16 March 20, 2018
(1) Cash Costs and AISCSOS are non-GAAPfinancial measures; see “Alternative Performance(non-GAAP)Measures” section of Pan American’s news release dated
Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP measures and their calculation.
(2) AISCSOS is shown excluding net realizable value inventory adjustments.
For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico”, with an
effective date of Dec. 31, 2016 availableat www.SEDAR.com.
Achieved planned daily stacking rate of 20,000 tonnes
Q4 2017 FY 2017
Production
Silver - koz 1,256 4,232
Gold - koz 31.2 103.0
Cash Costs(1) $(3.93) $(1.65)
AISCSOS(1)(2) $10.27 $8.33

17. (1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Joaquin Property, Santa Cruz, Argentina”, with
an effective date of Nov. 30, 2017 available at www.SEDAR.com.
(2) The results of the preliminaryeconomic assessment for COSE is preliminaryin nature in that they include inferred mineralresources that are considered to be
too geologically speculative to have the economic considerationsapplied to them that would enable them to be categorizedas mineralreserves, and there is
no certainty that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.
Manantial Espejo Regional Strategy
17 March 20, 2018
Joaquin (La Morocha)(1)
• Estimated capital of $37.8 M
• Underground mine
• 474 thousand tonnes at 721 g/t Ag and
0.41g/t Au
• Recovered Ag of 8.9 Moz and Au of 5.1 koz
COSE (2)
• Estimated capital of $23.9 M
(incl. sustaining)
• Underground mine
• 104 thousand tonnes at 775 g/t Ag and
14.85 g/t Au
• Recovered Ag of 2.0 Moz and Au of 41.6 koz
Manantial Espejo
• Stockpiled material and underground mine
• 2,174 thousand tonnes at 161 g/t Ag and
1.34 g/t Au
• Recovered Ag of 10.3 Moz and Au of 88.2
koz
Joaquin is located ~145 km, and
COSE 240 km, from our
Manantial Espejo mine
Material mined from La Morocha and COSE transported by
road to Manantial Espejo’s processing plant
Period 2018 - 2021
Manantial Espejo
Joaquin COSE

18. Strong Argentina Production Profile
18 March 20, 2018
0
2
4
6
8
2018 2019 2020 2021
Million
ounces
Silver production profile
Manantial Espejo COSE Joaquin
0
20
40
60
80
2018 2019 2020 2021
Thousand
ounces
Gold production profile
Manantial Espejo COSE Joaquin
Our mines in the Santa Cruz province are expected to contribute silver production of
21 million ounces over 2018 - 2021
Exploration potential exists for growth beyond 2021

19. Other Portfolio Assets
19 March 20, 2018
• 100% owner of Navidad, one of the world’s largest undeveloped silver deposits:
Navidad Silver Resources(1)
Classification
Contained Ag
(Moz)
Tonnes
(Mt)
Ag (g/t)
Measured 67.8 15.4 137
Indicated 564.5 139.8 126
Inferred 119.4 45.9 81
(1) estimates are as of April 2009 and assume a silver price of $12.52/oz.
• Approximately 10% undiluted interest in Kootenay Silver Inc., a publicly-traded silver exploration
company, and an option agreement to earn a 75% interest in their Promontorio mineral belt property,
including the La Negra and Promontorio deposits.
• Pan American owns ~36% (~40% fully diluted) of Maverix Metals Inc. (“MMX”), a precious metals royalty
and streaming company, representing a market value of ~CAD$102 M(2).
• Free carried interest of 25% to commercial production in the Shalipayco project, a zinc development
project located in Peru.
• ~12% interest in New Pacific Metals Corp. (~16% fully diluted), providing exposure to the Silver Sand
property in Bolivia.
(2) Based on MMX closing price as at Dec. 29, 2017 of $1.85/share on the TSX Venture Exchange and Pan American’s ownership of ~36% of Maverix.

20. Why Invest in PAAS Now
20 March 20, 2018
1. Strong leverage to silver prices –demand for industrial uses and as a
financial asset
2. 3-year outlook of low-cost, growing silver production
3. Positioned for growing free cash flow with completion of La Colorada
and Dolores expansions
4. Advanced project pipeline – La Negra, Joaquin and COSE
5. Optionality of Navidad, one of the world’s largest silver deposits

21. Improving Operating Margins
21 March 20, 2018
Please refer to the Company’s news release dated Feb. 20, 2018 for more information on the 2017 operating results and the three-year outlook.
By-product metal prices assumptions used for forecast AISCSOS calculation:Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne, Cu $6,500/tonne.
Exchange rates relative to US$ assumed: Mexican peso 18.50:1, Peruvian sol 3.23:1, Argentine peso 19.59:1, Bolivian boliviano7:1. AISCSOS is a non-GAAP measure.
Refer to “AlternativePerformance (non-GAAP)Measures” section of Pan American’s news release dated Feb. 20, 2018 for more information.

22. Appendix
22

23. PAAS Company Snapshot
23 March 20, 2018
Ticker TSX/NASDAQ PAAS
Shares outstanding 153.2 million
Market cap1 US$2.4 billion
Avg. daily volume1 1.5 million
Yield2 0.9%
Total debt3 $10.6 million
Total available liquidity4 $527.5 million
All data as of market close Feb. 22, 2018.
(1) Based on NASDAQ exchange.
(2) Based on closing share price at Feb. 22, 2018 and dividend declared Feb. 20, 2018, annualized.
(3) Total debt is a non-GAAP measure; total debt at Dec. 31, 2018.
(4) Total availableliquidityis a non-GAAPmeasure, and includes cash and cash equivalents, short-term investments, and the undrawnportion of the
Company’s secured line of credit.
See the “Alternative Performance(non-GAAP)Measures” section of Pan American’s Management’s news release dated Feb. 20, 2018 for a more detailed
discussion of these and other non-GAAP measures and their calculation.

24. Three-year Outlook
2018 Guidance 2019 Outlook 2020 Outlook
Production
Silver (million ounces) 25.0 – 26.5 27.7 – 29.7 30.5 – 33.0
Gold (thousand ounces) 175 – 185 183 - 193 165 – 179
Zinc (thousand tonnes) 60.0 – 62.0 55.5 – 59.5 60.5 – 64.5
Lead (thousand tonnes) 21.0 – 22.0 21.0 – 23.0 23.0 – 26.0
Copper (thousand tonnes) 12.0 - 12.5 10.5 – 12.5 11.5 – 13.5
Cash Costs(1)($/ounce) 3.60 – 4.60 4.50 – 6.00 4.75 – 6.75
Sustaining capital ($ millions) 100 - 105 100 – 110 75 – 90
AISCSOS(1) ($/ounce) 9.30 - 10.80 9.50 – 11.50 8.50 - 11.00
24 March 20, 2018
(1) Cash Costs and AISCSOS are non-GAAPmeasures. Please refer to the “AlternativePerformance(non-GAAP)Measures" section of Pan
American’s news release dated Feb. 20, 2018 for more information.
Please refer to the Company’s news release dated Jan. 11, 2018 for more information on the three-year outlook.
By-product metal prices assumptions used for forecast Cash Costs calculation:Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne,
Cu $6,500/tonne. Exchange rates relative to US$ assumed: Mexican peso 18.50:1, Peruviansol 3.23:1, Argentine peso 19.59:1, Bolivian
boliviano 7:1.

25. Production and Cash Costs by Mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 7.4 – 7.7 4.2 - 4.3 1.35 - 1.70
Dolores 4.5 - 4.9 138.9 - 147.7 (1.25) - 0.45
Huaron 3.6 - 3.8 1.0 0.75 - 1.50
Morococha (92.3%)(2) 2.5 - 2.7 2.2 - 2.3 (5.80) – (4.30)
San Vicente (95%)(2) 3.9 - 4.1 0.2 10.00 - 10.50
Manantial Espejo 3.2 - 3.3 28.5 - 29.5 17.60 - 19.00
Total(3) 25.0 - 26.5 175.0 - 185.0 3.60 - 4.60
25 March 20, 2018
(1) Cash Costs is a non-GAAP measure and readers should refer to the “Alternative Performance(non-GAAP)Measures"
section of Pan American’s Management’s Discussion and Analysis for the period ended Sept. 30, 2017 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.
2018 Guidance

26. Track record of delivering on guidance
26 March 20, 2018
Source: RBC Capital Markets, June 12, 2017.
Please refer to the Company’s news release dated Jan. 11, 2018 for more information on the 2017 operating results.
PAAS delivered on guidance for the 6th year in a row in 2017
Total aggregate score for 5-year period from 2012 to 2016 (inclusive) on achieving/missing production and cost guidance.

27. Experienced Leadership Team
27 March 20, 2018
Ross J. Beaty, Board Chair - Founded Pan American Silver Corp in 1994. Geologist and resource company
entrepreneur with more than 40 years of experience in the international minerals industry.
Michael Steinmann, President & CEO - Joined Company in 2004 and promoted to CEO in 2016. Over 20 years of
experience in the base and precious metals industry and holds a Ph.D in natural science (geology) from the Swiss
Federal Institute of Technology.
Steve Busby, COO - Mineral processing engineer with 33 years of experience in the precious metals mining
business. Joined Company in 2003 and promoted to Chief Operating Officer in 2008.
Rob Doyle, CFO - CA and CFA with strong background in financial management, particularly in the metals market.
Joined Company as Chief Financial Officer in 2004.
Andres Dasso, SVP, Mining Operations - Mining engineer with 39 years of experience. Joined Company in 1995.
George Greer, SVP, Project Development - Mining engineer with 32 years of industry experience. Joined Company
in 2007.
Martin Wafforn, SVP, Technical Services & Process Optimization - Mining engineer with 35 years of experience,
primarily in underground mining. Joined Company in 2004 and acts as a Qualified Person.
Chris Emerson, VP, Business Development & Geology - Extensive experience managing geological departments in
base metal mines, green and brownfield exploration projects, and joint ventures; has evaluated mines and
projects through the Americas, Europe, and Asia. Joined Company in 2015 and acts as a Qualified Person.
For more information see: https://panamericansilver.com/company/leadership/

28. 2016 CSR Highlights
28 March 20, 2018
11,918
people received
medical attention
through local
health facilities
and campaigns
43 schools are
supported through
supplemented
teachers’ wages,
infrastructure,
materials and
scholarships
5,040 students
attended primary
to post-secondary
school through
our support
$6.2 M
invested in CSR
programs
89% ($640 M)
of the total economic value
generated by the company
benefits the countries
where our mines are
located

29. 2017 Operating Results
Consolidated Q4 2017 FY 2017
Silver production (million ounces) 6.6 25.0
Gold production (thousand ounces) 43.7 160.0
Zinc production (thousand tonnes) 14.7 55.3
Lead production (thousand tonnes) 5.4 21.5
Copper production (thousand tonnes) 3.0 13.4
Cash Costs(1) ($/ounce) 3.18 4.55
29 March 20, 2018
(1) Average metal prices for Q4 2017 were: Ag $16.73/ounce, Au $1,275/ounce, Zn $3,236/tonne, Pb $2,492/tonne, and Cu $6,808/tonne.
Average metal prices for Q4 2016 were: Ag $17.19/ounce, Au $1,222/ounce, Zn $2,517/tonne, Pb $2,149/tonne, and Cu $5,277/tonne.
Cash Costs per payable ounce of silver, net of by-product credits is a non-GAAP measure; see the “Alternative Performance(non-GAAP)
Measures" section of Pan American’s press release dated Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP measure
and their calculation.

30. Q4 2017 Operating Results by Mine
30
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs (1)
La Colorada 1.87 1.26 0.43
Dolores 1.26 31.22 (3.93)
Alamo Dorado 0.03 0.11 2.09
Huaron 0.95 0.19 2.08
Morococha (2) 0.72 0.82 (7.42)
San Vicente (2) 1.10 0.14 9.04
Manantial Espejo 0.65 9.98 26.52
TOTAL (3) 6.58 43.71 3.18
(1) Cash Costs per payable ounce of silver, net of by-product credits. Cash Costs is a non-GAAP measure; see the “Alternative Performance
(non-GAAP) Measures" section of Pan American’s news release dated Feb. 20, 2018 for a more detailed discussion of this and other non-GAAP
measures and their calculation.
(2) Represents the Company’s partial ownership interest.
(3) Totals may not add up due to rounding.
March 20, 2018

31. Pan American Silver Proven and Probable
Reserves at December 31, 2017 (1) (2)
31 March 20, 2018
Notes:
(1) Prices used to estimate mineral reserves for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500
per tonne of copper, except at Manantial Espejo where $16.50 per ounce of silver and $1,250 per ounce of gold were used for planned 2018 production,reverting to $18.50
per ounce of silver and $1,300 per ounce of gold thereafter.Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold.
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, ChristopherEmerson, FAusIMM, Vice PresidentBusiness Development and Geology
and Martin G. Wafforn, P.Eng.,Senior Vice PresidentTechnical Services and Process Optimization,each of whom are Qualified Persons as that term is defined in National
Instrument 43-101.
(3) This information represents the portion of mineral reserves attributableto Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Cu
(%)
Pb
(%)
Zn
(%)
Huaron Peru Proven 5.7 167 30.8 0.47 1.43 2.95
Probable 4.0 169 21.7 0.47 1.55 2.91
Morococha (92.3%) (3) Peru Proven 3.0 160 15.3 0.53 1.06 3.59
Probable 2.9 159 14.9 0.36 1.53 3.64
La Colorada Mexico Proven 3.7 413 48.9 0.33 38.8 1.65 2.97
Probable 4.1 378 49.3 0.31 39.8 1.23 2.14
Dolores Mexico Proven 34.7 30 33.0 0.93 1,040.8
Probable 16.3 25 13.1 0.69 360.3
La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9
Probable 6.2 7 1.4 0.57 113.1
Manantial Espejo Argentina Proven 1.5 91 4.4 0.77 37.5
Probable 0.6 305 5.6 3.37 61.6
San Vicente (95%) (3) Bolivia Proven 1.9 416 25.6 0.43 0.36 3.00
Probable 0.6 449 8.1 0.50 0.46 2.92
Joaquin Argentina Probable 0.5 721 11.0 0.41 6.2
COSE Argentina Probable 0.1 918 2.2 17.7 43.3
TOTALS (4)
Proven +
Probable
95.1 94 288.4 0.79 1,944.4 0.46 1.32 2.98

32. 32
All Pan American Silver Measured and Indicated Resources (1)(2)
Notes:
(1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and
$5,500 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La
Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and
Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in
National Instrument43-101. Please refer to “Cautionary Note Concerning Estimatesof Mineral Reserves and Resources”section in this presentation.
(3) This information represents the portion of mineral resources attributableto Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Cu
(%)
Pb
(%)
Zn
(%)
Huaron Peru Measured 2.2 162 11.3 0.22 1.58 3.00
Indicated 1.5 167 7.9 0.28 1.66 3.20
Morococha (92.3%) (3) Peru Measured 0.3 153 1.4 0.20 0.72 1.66
Indicated 0.5 152 2.3 0.42 1.01 2.32
La Colorada Mexico Measured 0.5 220 3.4 0.22 3.5 0.74 1.04
Indicated 1.8 221 12.9 0.19 11.0 0.39 0.66
Dolores Mexico Measured 4.8 18 2.8 0.28 43.1
Indicated 3.5 21 2.3 0.50 56.2
La Bolsa Mexico Measured 1.4 11 0.5 0.90 39.9
Indicated 4.5 9 1.3 0.50 71.2
Manantial Espejo Argentina Measured 0.1 145 0.4 1.89 4.7
Indicated 0.4 192 2.4 1.91 24.2
San Vicente (95%) (3) Bolivia Measured 0.8 148 3.8 0.20 0.17 2.31
Indicated 0.1 177 0.4 0.23 0.19 1.43
Navidad Argentina Measured 15.4 137 67.8 0.10 1.44
Indicated 139.8 126 564.5 0.04 0.79
Pico Machay Peru Measured 4.7 0.91 137.5
Indicated 5.9 0.67 127.1
Joaquin Argentina Indicated 0.1 385 0.7 0.58 1.1
TOTALS (4)
Measured +
Indicated
188.0 120 686.2 0.59 519.6 0.05 0.86 2.17

33. All Pan American Silver Inferred Resources(1)(2)
33
Notes:
(1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and
$5,500 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La
Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and
Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in
National Instrument43-101 (“NI43-101).
(3) This information represents the portion of mineral resources attributableto Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding.
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Cu
(%)
Pb
(%)
Zn
(%)
Huaron Peru Inferred 6.6 163 34.5 0.41 1.51 2.76
Morococha (92.3%) (3) Peru Inferred 4.4 148 21.0 0.62 1.12 3.31
La Colorada Mexico Inferred 3.7 247 29.4 0.25 30.3 2.11 3.39
Dolores Mexico Inferred 1.7 60 3.3 1.44 79.6
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6
Manantial Espejo Argentina Inferred 0.4 187 2.3 2.69 33.4
San Vicente (95%) (3) Bolivia Inferred 3.3 295 31.6 0.27 0.35 2.92
Navidad Argentina Inferred 45.9 81 119.4 0.02 0.57
Pico Machay Peru Inferred 23.9 0.58 445.7
Joaquin Argentina Inferred 0.0 389 0.1 1.29 0.2
COSE Argentina Inferred 0.0 382 0.3 7.10 6.3
TOTALS (4) Inferred 103.7 96 245.3 0.59 820.2 0.12 0.78 2.79

34. 34 March 20, 2018
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com