This presentation provides an overview of Pan American Silver Corp., a leading primary silver producer. Some key points: - Pan American is a diversified silver mining company with operating mines in Mexico, Peru, Argentina and Bolivia. It is the world's second largest primary silver producer. - The company has a track record of growing production organically over 20+ years through mine expansions and new projects. Production is forecast to be 25-26.5 million ounces of silver in 2018. - Pan American has a strong balance sheet with $552.7 million in total available liquidity as of Q3 2018. It focuses on investing in high-return projects while maintaining low debt and returning capital to shareholders.

1. Investor
Presentation
November 2018

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 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 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 the Company’s Management’s Discussion and
Analysis for the period ended September 30, 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; 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 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, please refer to the Company’s Annual Information Form dated March 22, 2018, and technical reports with respect to material mineral properties and the Joaquin property, each filed at
www.sedar.com .
2 November 23, 2018

3. Cautionary Note to U.S. Investors Concerning
Estimates of Mineral Reserves and Resources
3 November 23, 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 complete
• COSE and Joaquin projects leverage invested capital in Argentina
• Exploration potential across our diversified portfolio
 Low-cost production
• Cash Costs of $2.45/oz and AISCSOS of $9.21 for YTD 2018(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
• $552.7 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 November 23, 2018
PAAS – A Leading Investment in Silver
(1) Cash Costs and AISCSOS are non-GAAP measures. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
(2) Consolidated as at Dec. 31, 2017; see 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 September 30, 2018. 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. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.

5. World’s 2nd Largest Primary Silver Producer
7%
5%
17%
26%
45%
silver
Copper
Lead
Zinc
Gold
Silver
5 November 23, 2018
2018 estimate of revenue generated by metal
Based on mid-point of production guidance, and realizedprices for the nine months ended September 30, 2018, and forecast metal prices for the remainder
of 2018 as reported in the Company’s Management’s Discussion & Analysis for the period ended September 30, 2018.
9.0 – 10.4 kt
21 – 22 kt
60 – 62 kt
175 – 185 koz
25.0 – 26.5 Moz

6. Diversified Mining and Exploration Assets
6 November 23, 2018

7. 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
Millionsilverouncesproduced
Track Record of Building Mines and
Growing Production
7 November 23, 2018See the Company’s news release dated Jan. 11, 2018 for more informationon 2017 operating results and the 3-year outlook.

8. Meeting Market Expectations
8 November 23, 2018
(1)Cash Costs are a non-GAAP financialmeasures; see the “Non-GAAPMeasures” section of our Cautionary Note on page 2 of this presentation.
2013 2014 2015 2016 2017 YTD 2018
$-
$2
$4
$6
$8
$10
$12
$14
0
5
10
15
20
25
30
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
CashCosts($/oz)(1)
SilverOunces(millions)
Forecast vs Actual Production and Cash Costs
Actual Ag Production Forecast Ag Production Low Forecast Ag Production High
Actual Cash Costs Forecast Cash Costs

9. Capital Allocation Priorities
9 November 23, 2018
Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend
$361
$491
$542
$423
$330
$227 $218
$228
$253
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 2016 2017 YTD
2018
in Millions US$
Cash & Short Term Investments
Financial debt
Cumulative return to shareholders
$418 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $504 M in
expansionary capital.

10. Progress in Reducing Cash Costs
10 November 23, 2018
(1) Cash Costs and AISCSOS are non-GAAPfinancial measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
(2) 2018 Guidance based on the mid-pointof the ranges; For all references in this presentation to the 2018 Guidance, please refer to the Company’s news release
dated Aug. 8, 2018 for more information.
$12.03
$3.30
$22.26
$9.25
$0
$5
$10
$15
$20
$25
2012 2013 2014 2015 2016 2017 2018
Guidance
Cash Costs (1) AISCSOS(1)
Main drivers of cost reduction:
• Improved productivity
• Higher by-product prices
• Lower treatment and refining charges
• Generally lower input costs
• FX gains
(2)

11. Improving Operating Margins
11 November 23, 2018
(1) Please refer to the Company’s Management’s Discussion & Analysis for the period ended September 30, 2018 for more information on the 2018 Revised Guidance.
(2) Please refer to the Company’s news releases dated Feb. 20, 2018 and Jan. 11, 2018 for more information on the outlook for 2019 and 2020.
By-product metal prices assumptions used for the revised 2018 guidance calculation: Ag $16.50/oz, Au $1,250/oz, Zn $2,600/tonne, Pb $2,300/tonne, Cu $6,200/tonne. Exchange rates relative to US$ assumed:
Mexican peso 18.50:1, Peruvian sol 3.23:1, Argentine peso 27:1, Bolivian boliviano 7:1. AISCSOS is a non-GAAP measure. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this
presentation.
YTD
$8.59
2018
Revised
Guidance

12. Operations Turnaround in Peru
12 November 23, 2018
-$15
-$10
-$5
$-
$5
$10
$15
$20
$25
$30
$35
$40
2013 2014 2015 2016 2017 2018 YTD
Millions
Free Cash Flow(1)
Morococha Huaron
Our investment in mechanization and conversion to long hole mining resulted in
safer, more productive and higher margin mines.
(1) Free Cash Flow is a non-GAAPmeasure and is calculated as operating cash flow less
sustaining capital; see the “Non-GAAPMeasures” section of our Cautionary Note on page 2
of this presentation.
Over the 2013 to 2017 period:
• 11% increase in silver
production
• 22%, 27%, and 135% increase
in zinc, lead, and copper
production
• ~25% decrease in unit costs
• ~$70M increase in annual
free cash flow

13. Disciplined Approach to Exploration
• Large land package totaling 580,000 hectares of concessions across 5 countries
(75% associated to grass roots exploration)
13 November 23, 2018
Pan American Exploration
Near site mine exploration
drives replacement of
resources and reserves
Green field exploration
continues on Pan American
concessions to fill the project
pipe line
Joint Ventures/ Strategic partnerships
New Pacific Metals
(Silver Sand project, Bolivia)
Kootenay Silver
(Promontorio project,
Mexico)
Radius Gold
(Amalia project, Mexico)
Purchase of projects around current
operations
Recent bolt-on acquisitions
of Joaquin and COSE to our
Manantial Espejo operation
in Argentina
Increaselifeofmineand
expandtheassetportfolio
Minimizing Risk

14. 14 November 23, 2018
La Colorada Discovery

15. La Colorada
Discovery
15 November 23, 2018

16. Other Portfolio Assets
16 November 23, 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.
• Pan American owns ~26% (~29% fully diluted) of Maverix Metals Inc. (“MMX”), a precious metals royalty
and streaming company, representing a market value of ~CAD$138 M(2).
• ~12% interest in New Pacific Metals Corp. (~16% fully diluted), providing exposure to the Silver Sand
property in Bolivia.
• Free carried interest of 25% to commercial production in the Shalipayco project, a zinc development
project located in Peru owned by Nexa Resources, who have indicated production likely to start in 2021.
• 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.
(2) Based on MMX closing price as at Nov. 22, 2018 of $2.50/share on the TSX Venture Exchange and Pan American’s ownership of ~26% of Maverix.

17. Consolidated Financial Results
Unaudited in millions of US$, except per share amounts Q3 2018 YTD 2018
Revenue 187.7 611.1
Mine operating (loss) earnings (4.4) 105.6
Net (loss) earnings (9.2) 75.6
Per share (0.06) 0.48
Adjusted (loss) earnings(1) (4.7) 61.5
Per share (0.03) 0.40
17
(1) Adjusted (loss) earnings is a non-GAAP financialmeasure; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
Per share amounts are calculatedusing the basic weighted average shares outstanding for the period.
November 23, 2018

18. Q3 2018 Consolidated Cash Flows
18 November 23, 2018
STI (short-term investments)
OCF (operating cash flow)
WC (working capital)
NCI (distributions to non-controlling interests)

19. Financial Capacity has Strengthened
As at Sept. 30,
2018
As at Dec. 31,
2017
Cash and cash equivalents + short-term investments 252.7 227.5
Working capital(1)
443.6 410.8
Total debt(2)
8.4 10.6
Revolving credit facility (undrawn) 300.0 300.0
Total available liquidity(3)
552.7 527.5
US$ Millions
19 November 23, 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 Sept. 30, 2018 reflects finance lease liabilities; total debt at Dec. 31, 2017 reflects finance lease
liabilitiesand 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 revolvingcredit facility.
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.

20. Operating Results
Consolidated Q3 2018 YTD 2018 Guidance
Silver production (million ounces) 6.25 18.65 25.00 - 26.50
Gold production (thousand ounces) 42.1 141.7 175.0 - 185.0
Zinc production (thousand tonnes) 16.7 46.3 60.0 - 62.0
Lead production (thousand tonnes) 5.7 16.1 21.0 - 22.0
Copper production (thousand tonnes) 2.6 7.6 9.0 - 10.4
Cash Costs(1) ($/ounce) 5.24 2.45 2.80 - 3.80
AISCSOS(1) 13.73 9.21 8.50 - 10.00
20 November 23, 2018
(1) Realized metal prices for Q3 2018 were: Ag $14.88/ounce, Au $1,212/ounce, Zn $2,472/tonne, Pb $2,072/tonne, and Cu $6,105/tonne.
Realized metal prices for YTD 2018 were: Ag $15.98/ounce, Au $1,283/ounce, Zn $2,981/tonne, Pb $2,286/tonne, and Cu $6,641/tonne.
Cash Costs per payable ounce of silver, net of by-product credits, and AISCSOS are non-GAAP measures; see the “Non-GAAPMeasures” section of
our Cautionary Note on page 2 of this presentation.

21. Commitment to Social Responsibility and
Environmental Performance
21 November 23, 2018
Transparent Sustainability Reporting
•Publish Global Reporting Initiative
Sustainability Report
•Report on our efforts towards UN’s
Sustainable Development Goals
•Report on environmental and social
audits
ZERO material environmental or
social incidents in Company history
0SUCCESSFULLY
permitted 2 new mines and 5 major
mine expansions in the past 13 years
Awarded “Business of the Year” in 2016 for
our sustainable development work in Peru.
Member of the Mining
Association of Canada’s
Towards Sustainable Mining
Program
Generating Positive Local Impacts
+70 Local supply companies started
with our support
+11 Alternative economic (non-
mining) development programs

22. Silver: Metal of the Future
22 November 23, 2018
(Ag)
2017 Supply & Demand (million ounces)
Total Supply 991.6
Demand 1017.6
Jewelry 209.1
Coins & Bars 151.1
Silverware 58.4
Industrial 599.0
Electronics 242.9
Brazing Alloys & Solders 57.5
Photography 44.0
Photovoltaic 94.1
Other Industrial 160.6
ETP & Exchange Inventory
Build
9.2
Net Deficit -35.2
Source: GFMS Team at Thomson Reuters as of April 2018

23. Photovoltaic Market
23 November 23, 2018
The solar photovoltaic industry (PV) is a key subset of industrial demand for silver
Gigawatt
*Index is based on the silver loading per cell, and indicates further reduction in amount of
silver used is limited.
Source: Metals Focus, European Photovoltaic Industry Association as of August 2018

24. Why Invest in PAAS Now
24 November 23, 2018
1. Low-cost silver production from a diversified portfolio
2. Near-term silver and gold production growth – Joaquin and COSE
3. Free cash flow generation boosted by expansion of La Colorado and Dolores
and mechanization of Huaron and Morococha
4. Optionality of Navidad, one of the world’s largest silver deposits, and Silver
Sands (New Pacific Metals)
5. Solid financial position to fund growth opportunities
6. Strong exposure to silver - a precious metal with growing industrial demand

25. Appendix
25

26. PAAS Company Snapshot
26 November 23, 2018
Ticker TSX/NASDAQ PAAS
Shares outstanding 153.3 million
Market cap1 $2.1 billion
Avg. daily volume1 1.7 million
Yield2 1.0%
Total debt3 $8.4 million
Total available liquidity4 $552.7 million
(1) All data based on NASDAQ exchange; as of market close Nov 21, 2018.
(2) Based on closing share price at Nov 21, 2018 and dividend declared Nov 6, 2018, annualized.
(3) Total debt is a non-GAAP measure; total debt at September 30, 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 “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.

27. YTD 2018 Silver Production by Mine
27 November 23, 2018
La Colorada,
30%
Dolores, 17%
Huaron, 14%
Morococha,
11%
San Vicente,
14%
Manantial
Espejo, 13%
Mexico
Peru
Bolivia
Argentina

28. YTD 2018 vs Guidance(1)
28 November 23, 2018
Consolidated
YTD 2018
Actual
Guidance as at
Nov. 6, 2018
Guidance as at
Jan. 11, 2018
Silver production (million ounces) 18.65 25.0 – 26.5 25.0 – 26.5
Gold production (thousand ounces) 141.7 175 - 185 175 - 185
Zinc production (thousand tonnes) 46.3 60.0 – 62.0 60.0 – 62.0
Lead production (thousand tonnes) 16.1 21.0 – 22.0 21.0 – 22.0
Copper production (thousand tonnes) 7.6 9.0 – 10.4 12.0 – 12.5
Cash Costs(2) ($/ounce) 2.45 2.80 – 3.80 3.60 – 4.60
AISCSOS(2) ($/ounce) 9.21 8.50 – 10.00 9.30 – 10.80
Sustaining capital ($ millions) 73.9 100 – 105 100 – 105
Project capital ($ millions) 29.4 40 50
(1) Please refer to the Company’s news releases dated Nov. 6, 2018 and Jan. 11, 2018 for more information on the respective guidance referenced above.
(2) Cash Costs and AISCSOS are non-GAAP financial measures; See the “Non-GAAPMeasures” section of our Cautionary Note on page 2 of this presentation.The revised guidance
assumes metal prices for the remainder of 2018 of: Ag $16.50/oz,Au $1,250/oz, Zn $2,600/tonne,Pb $2,300/tonne,and Cu $6,200/tonne.Exchange rates relative to US$1.00
assumed were: Mexican peso 18.50, Peruvian sol 3.23, Argentine peso 27.00, and Bolivian boliviano 7.00.

29. 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) 9.0 - 10.4 10.5 – 12.5 11.5 – 13.5
Cash Costs(1)($/ounce) 2.80 – 3.80 4.50 – 6.00 4.75 – 6.75
Sustaining capital ($ millions) 100 - 105 100 – 110 75 – 90
AISCSOS(1) ($/ounce) 8.50 - 10.00 9.50 – 11.50 8.50 - 11.00
29 November 23, 2018
(1) Cash Costs and AISCSOS are non-GAAPmeasures. See the “Non-GAAPMeasures” section of our Cautionary Note on page 2 of this presentation.
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 to forecast Cash Costs: 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. The revised guidance
for 2018 assumes metal prices for the remainder of 2018 of: Ag $16.50/oz, Au $1,250/oz, Zn $2,600/tonne, Pb $2,300/tonne, and Cu $6,200/tonne.
Exchange rates relative to US$1.00 assumed were: Mexican peso 18.50, Peruvian sol 3.23, Argentine peso 27.00, and Bolivian boliviano7.00.

30. Pan American Silver Proven and Probable
Reserves at December 31, 2017 (1) (2)
30 November 23, 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

31. 31
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

32. Pan American Silver Inferred Resources(1)(2)
32
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

33. 33 November 23, 2018
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Panamericansilver.com
ir@panamericansilver.com