Pan American Silver Investor Presentation Highlights

Pan American Silver
Investor Presentation
February 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 February 2020

Cautionary Note
3 February 2020
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 MD&A 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; risk of liability relating to
our past sale of the Quiruvilca mine in Peru; 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 releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30, 2019, December
11,2019 and February 13, 2020 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.

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.
February 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
Generated ~$1.2 B in free cash flow 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

(1) As at Dec. 31, 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.
February 2020

Responsible Environmental Management
6
Best Practice Tailings and Water Management
Independent dam safety reviews completed at all sites
Implementing the Towards Sustainable Mining Tailings and Water Stewardship Protocols
Public disclosure on tailings included in Investor Mining Tailings Safety Initiative online database

Climate change strategy
Reporting direct GHG emissions (Scope 1 and 2) since 2010
Plan to report on climate resilience, estimated value chain (Scope 3) emissions, and align disclosure with
TCFD recommendations in 2020 (fully aligned reporting under TCFD in 2021)

Transparent Sustainability Reporting
Reporting our ESG data since 2010 under the GRI framework
Reporting on efforts towards the UN’s Sustainable Development Goals

February 2020

Transformative Tahoe Acquisition
7
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
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
(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.

February 2020

Diversified Portfolio Across the Americas
8
25 years of experience working in the Americas
February 2020

Portfolio with Long-Term Silver Exposure
9
(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) 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 Metal3
Silver Gold Zinc Lead Copper
2019 Revenue by Metal
February 2020

Consolidated 2019 Highlights
• Strong Cash flow from Operations of $282.0 million
• Record quarterly cash flow in Q4 of $129.5 million
• Net earnings of $111.2M, or $0.55/share
• Met revised guidance for production and costs(1)
• Repaid $60M of debt
• Increased quarterly dividend by 43% to $0.05/share
• Successfully integrated former Tahoe operations
• Released initial inferred mineral resource estimate for the
La Colorada skarn deposit
10
(1) 2019 Guidance represents Management’s revised forecast as at November 6, 2019.
February 2020

FY 2019 Consolidated Cash Flows
11
(1) “STI” means short-term investments, “NCI” means non-controlling interests, and “NUAG” means New Pacific Metals Corp.
(2) Net cash generated from operating activities before changes in working capital, interest and income taxes paid, and mine care and maintenance.
(3) Excludes Tahoe transaction and integration expenditures captured as growth expenditures.
(2)
(1)
(1)
(1)
(3)
February 2020

Liquidity and Capital Position
12
December 31, 2019
Cash and Short-term Investments 238.3
Working Capital(1) 517.2
Amount drawn on Revolving Credit Facility 275.0
Total debt(2) 316.2
(1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is
able to meet its current obligations using its current assets.
(2) Total debt is a non-GAAP measure calculated as the total of amounts drawn on the Company’s $500 million revolving credit facility, finance lease liabilities and loans payable.
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
US$ Millions
February 2020
 Repaid $60M of debt in 2019

(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) 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.
$14.49
$11.94
$10.28
$9.68
$4.44
$4.50 - $6.50
$15.53
$17.35 $16.99
$15.61
$16.34
$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 2020 Guidance
$/oz
CumulativeOperatingMargin(Millions)
All-in Sustaining Costs Operating Margin per Ounce Cumulative Operating Margin Average Realized Silver Price
Strong Operating Margins
13
Generated a Cumulative Operating Margin1 of ~$0.8 billion dollars over the 2015 to 2019 period.
1 1 1
2
& Forecasted Margin
February 2020

Free Cash Flow Allocation(1)
14
26%
12%
48%
14%
Dividends Share Repurchases Expansion Capital Debt Repayment
~$1.2
Billion
FCF generated
since 2010(2)
$453 M cumulative cash returned to shareholders (dividends and share buy-backs) since 2010
in addition, invested $563 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 December 31, 2019, generated approximately $1.21 billion in free cash flow and allocated approximately $1.18 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.
February 2020

La Colorada Discovery
15
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
Large, high-grade polymetallic skarn deposit
(1) Assuming a cut-off grade of US$60/tonne. Prices used to estimate mineral resources were: US$18.50 per ounce of silver, US$2,600 per tonne of zinc, US$2,200 per tonne of lead, and US$6,500 per tonne of copper Refer to the
December,11, 2019 press release for further details. The effective date of the mineral resources estimate is December 11, 2019. Mineral resources are not mineral reserves and have no demonstrated economic viability. The mineral
resource estimate was prepared under the supervision of, or was 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 is a Qualified Person as that term is defined in National Instrument 43-101. Please refer to cautionary information on forward-looking statements and mineral reserve and resources on pages 2
to 4 of this presentation. 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

February 2020

La Colorada Skarn Discovery: Drill Hole U-79-19
16 February 2020

PAAS Company Snapshot
17
Ticker TSX/NASDAQ PAAS
Shares outstanding 209.8 million
Shares issuable upon exchange of CVRs(1) 15.6 million
Market cap(2) $5.2 billion
Avg. daily volume (50 days)(2) 2.7 million shares
Dividend yield(3) 0.8%
(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 February 19, 2020.
(3) Based on closing share price on February 19, 2020 and dividend declared February 19, 2020, annualized.
February 2020

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

2020 Guidance
20
(1) Cash Costs and AISC are non-GAAP measures; refer to the section “Alternative Performance (Non-GAAP) Measures” of the January 15, 2020 press release for a detailed description of these measures. 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 $1.30 for the Canadian dollar ("CAD").
(2) Morococha data represents Pan American’s 92.3% interest in the mine’s production.
(3) San Vicente data represents Pan American’s 95.0% interest in the mine’s production.
(4) As shown in the detailed quantification of consolidated AISC, included in the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended September 30, 2019, corporate general and
administrative expenses, and exploration and project development expenses are included in Consolidated Silver Basis AISC, but not allocated in calculating AISC for the Silver and Gold segments.
(5) Timmins refers to both the Timmins West and Bell Creek mines.
(6) Totals may not add due to rounding.
(7) Pan American will no longer be providing guidance for Cash Costs on a Consolidated Silver Basis, determining that AISC guidance is a more appropriate measure of reflecting costs on a Consolidated Silver Basis.
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($ 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(2) 2.6 - 2.8 1.3 - 1.5 9.50 - 11.75 13.50 – 15.50
San Vicente(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) 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(5) — 165.0 - 180.0 950 – 1,000 1,090 - 1,170
Total 0.2 452.0 - 487.5 820 - 870 1,090 - 1,170
Total Production(6) 27.0 – 28.5 625.0 - 675.0 — —
Consolidated Silver Basis — — n/a(7) 4.50 – 6.50
Management’s guidance as at January 15, 2020.
7% increase in silver and 16% increase in gold production over 2019
February 2020

2020 Expenditures Guidance(1)
21
(1) For more information on the 2020 Guidance refer to the Jan. 15, 2020 news release.
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
February 2020

February 2020
2019: Guidance Achieved
22
(1) 2019 Guidance represents Management’s revised forecast as at November 6, 2019.
(2) Cash Costs and AISC are non-GAAP measures. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
(3) Silver Segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver ("by-product credits"), divided by per ounce of silver
sold.
(4) Gold Segment Cash Costs and AISC are calculated net of credits for realized silver revenues divided by per ounce of gold sold.
(5) Consolidated silver basis total is calculated per silver ounce sold with total gold revenues included within by-product credits. G&A costs are included in the consolidated
AISC, but are not allocated in calculating AISC for each operation.
2019 Actual 2019 Guidance(1)
Cash Costs(2) ($/ounce)
Silver Segment(3) 6.39 6.00 – 7.00
Gold Segment(4) 712 725 – 775
Consolidated Silver Basis(5) (4.89) (5.50) – (3.80)
AISC(2) ($/ounce)
Silver Segment(3) 10.46 9.50 – 11.00
Gold Segment(4) 948 1,000 – 1,100
Consolidated Silver Basis(5) 4.44 6.00 – 7.50
Production
Silver (Moz) 25.9 25.3 – 26.3
Gold (koz) 559.2 550.0 – 600.0
 Met revised guidance for production and costs(2)
 Gold Segment reflects only ~10 months of production in 2019

(1) Guidance as at Jan. 15, 2020.
(2) See presentation Appendix for more detailed information on the Company's reserves and resources.
La Colorada
23
• 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)
7.6 8.2 8.5 - 8.7
2018 2019 2020 Guidance(1)
February 2020

Dolores
24
Production Reserves & Resources(2) (as at June 30, 2019)
• 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
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
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)
February 2020

Huaron
25
Polymetallic Silver Mine
• 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
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
3.6 3.8 3.8- 3.9
2018 2019 2020 Guidance(1)
February 2020

Morococha
26
• 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
Peru
Morococha
(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
(1)
2.9
2.5
2.6 - 2.8
2018 2019 2020 Guidance
February 2020

San Vicente
27
San Vicente
• 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
(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
(1)
3.5 3.5 3.5 - 3.6
2018 2019 2020 Guidance
February 2020

Manantial Espejo/COSE/Joaquin
28
Proven & Probable Reserves(2) (as at June 30, 2019)
• 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
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
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)
February 2020

Shahuindo
29
Large Gold Mine with Significant Growth Potential
• 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
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)
(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)
February 2020

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
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
30
Gold Mine with Sulphide Expansion Potential (La Arena II)
La Arena
• 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
(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
31
Bell CreekTimmins West
Two Producing Mines in Prolific Canadian Mining Camp
• 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
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
(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)
February 2020

Escobal
One of The World’s Best Silver Mines
32
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

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
33 February 2020

Project comprises 8 individual mineral deposits in 3 separate mineralized
trends
Navidad
One of the Largest Undeveloped Primary Silver Deposits
34
Resources1 (as at June 30, 2019)
Navidad
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
February 2020

Portfolio Assets Offering Additional Value
35
• Maverix Metals Inc. - Pan American owns ~21% (~26% fully diluted) of this
precious metals royalty and streaming company.
• 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) Share ownership interest as of December 2019.
(2) Share ownership interest as of October 2019 and calculated on a non-diluted basis.
February 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.
36

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

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

Metal price assumptions used to estimate mineral reserves and resources 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
Shahuindo
Sulphide
Inferred Resource 15.00 1,400
La Arena
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.
39

La Colorada Skarn Deposit
40
Classification Cut-off Tonnes Ag Cu Pb Zn
US$/tonne millions g/t % % %
Inferred 60 72.5 44 0.17 2.02 4.40
Mineral Resource Estimate Details
Notes:
• CIM definition standards were followed for the estimation of mineral resources.
• Mineral resources are not mineral reserves and have no demonstrated economic viability.
• Prices used to estimate mineral resources were: US$18.50per ounce of silver, US$2,600 per tonne of zinc, US$2,200 per tonne of lead, and US$6,500 per tonne of
copper.
• The mineral value per tonne was estimated using metallurgical recoveries of 91% Ag, 90% Pb, 85% Zn and 38% Cu, with mineral concentrate qualities from the testing
at 60% Pb in lead concentrate, 55% Zn in zinc concentrate and 22% Cu in copper concentrate. The mineral value per tonne also includes estimates for transport and
refining/selling costs based on experience and long-term views of the marketing, treating and refining of these types of mineral concentrates.
• The mineral resource estimate is undiluted and mining parameters have not been applied.
• Three million tonnes from the skarn deposit was included as inferred resources in Pan American's mineral resource and reserve estimates effective June 30, 2019.
• Totals may not add up due to rounding.
• This mineral resource estimate was prepared under the supervision of, or was 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 is a Qualified Person as that term is
defined in National Instrument 43-101 (“NI 43-101").
• The effective date of the mineral resources estimate is December 11, 2019.
February 2020

41
Suite 1440, 625 Howe Street, Vancouver, BC, V6C 2T6
PanAmericanSilver.com
ir@panamericansilver.com
+1.604.684.1175
February 2020

Pan American Silver Investor Presentation Highlights

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