This document provides cautionary notes about mineral reserve and resource estimates included in Pan American Silver Corp.'s investor presentation. It notes that the estimates have been prepared in accordance with Canadian standards (NI 43-101) and not U.S. standards under SEC regulations. Key differences are highlighted, such as the use of terms like "measured resources" and "indicated resources" which the SEC does not recognize. It cautions U.S. investors not to assume that measured or indicated resources will be converted to reserves or that inferred resources exist or are economically viable.

1. Investor Presentation
January 2017

2. Cautionary Note
Non-GAAP Measures
This presentation of Pan American Silver Corp. (the “Company”) 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”) 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 in the Company’s Management’s Discussion and Analysis for the period
ended September 30, 2016, 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: our estimated production of silver, gold and other metals in 2017, 2018 and 2019; our
estimated cash costs per payable ounce of silver and AISCSOS in 2017, 2018 and 2019; our estimated operating margins for 2017, 2018 and 2019; our estimated capital investments, and sustaining
capital for 2017, 2018 and 2019; 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; the ability of the Company to realize value from transactions, including with respect to the Joaquin Project and Maverix Metals Inc.; 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 any anticipated level of financial and operational success in 2017.
These 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 recourse 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 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; relationships with, and claims by, local
communities and indigenous populations; 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; diminishing quantities or grades of mineral reserves as properties are mined; 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 and Canadian provincial securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual results to differ materially, there may be other factors thatcause 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, who is the Company’s qualified person for the purposes of National Instrument 43-101. Mineral reserves in this presentation were prepared under the supervision of, or were
reviewed by, Martin Wafforn.
For additional information about the Company’s material mineral properties, please refer to the Company’s Annual Information Form dated March 24, 2016, filed at www.sedar.com.
2 January 17, 2017

3. Cautionary Note About Mineral Reserves
and Resources
3 January 17, 2017
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources
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 andtechnical 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 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. PAS – an investment in silver
ü 2nd largest primary silver producer in the world
ü Portfolio of high-quality assets in the Americas
ü Large reserves: proven and probable of 280 Moz silver (1)
ü Solid production profile
ü Significant exploration potential
ü Experienced management team
ü Strong balance sheet
Our strategy is focused on extracting value from our portfolio of assets,
improving operating margins and deploying proven expertise to pursue
profitable growth.
4 January 17, 2017(1) Please refer to the Appendix for more detailed information on the Company’s reserves.

5. Our operations
5 January 17, 2017

6. Million Silver Ounces Produced
History of production growth
6 January 17, 2017
Please refer to the Company’s news release dated Jan. 12, 2017 for more information on the 2016 preliminary operating
results and the three-year outlook.
0
5
10
15
20
25
30
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F2018F2019F

7. Positioned for strong silver revenue
5%
5%
15%
24%
51%
silver
Copper Lead Zinc Gold Silver
7 January 17, 2017
8%
4%
12%
27%
50%
silver
Copper Lead Zinc Gold Silver
2016 Preliminary
Results
2017 Estimate
Based on 2016 preliminary metal sales and prices:
Ag $17.35/oz, Au $1,251/oz, Zn $2,095/tonne,
Cu $4,860/tonne, Pb $1,872/tonne)
Based on 2017 estimated metal sales and prices:
Ag $17.00/oz, Au $1,200/oz, Zn $2,500/tonne, Cu $5,400/tonne,
Pb $2,100/tonne
Please refer to the Company’s news release dated Jan. 12, 2017 for more information on the 2016 preliminary operating
results and the 2017 forecast.

8. 2016 preliminary operating results
8
35% decrease in Cash Costs(1)
from 2015
$6.29/oz of silver
(net of by-product credits)
25.4 M
ounces silver
183,900
ounces gold
(1) This presentation refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial
measures, including cash cost per payable ounce of silver, net of by-product credits (“Cash Costs”). Please refer to
“Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the
period ended Sept. 30, 2016.

9. Financial strength
USD Millions
Cash and cash equivalents and short-term investments 245.3
Working capital (1) 434.2
Total debt (2) 47.0
Total available liquidity (3) 509.1
At Sept. 30, 2016
9 January 17, 2017
(1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors
use this information to evaluate whether the Company is able to meet its current obligations using its current assets. Refer to
“Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period
ended Sept. 30, 2016.
(2) Inclusive of $5.7 million in capital leases.
(3) Includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company’s secured line of credit.

10. Improving operating margins
10 January 17, 2017
By-product metal prices assumptions used for forecast Cash Costs calculation: Au $1,200/oz, Zn $2,500/tonne, Pb $2,100/tonne, Cu $5,400/tonne. Exchange rates
relative to US$ assumed: Mexican peso 20:1, Peruvian sol 3.3:1, Argentine peso 17.05:1, Bolivian boliviano 7:1. Cash Costs is a non-GAAP measure. Refer to
“Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept. 30, 2016.

11. Capital expenditure profile (1)
11 January 17, 2017(1) Guidance as provided in Pan American’s news release dated Jan. 12, 2017.
(in millions of USD)
2017
Guidance
2018
Outlook
2019
Outlook
Sustaining capital total 82 - 88 75 - 85 75 - 90
Project capital total 58 - 62 N/A N/A
Consolidated total 140 - 150 75 - 85 75 - 90

12. Capital allocation priorities
$361
$491
$542
$423
$330
$227
$245
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 YTD Q3
2016
Millions US$
Cash & STI
Financial debt
Cumulative return to shareholders
$385 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $376 M in
capital projects.
12 January 17, 2017
Pan American’s approach to capital management prioritizes investment in projects that generate
a high-rate of return, maintaining a strong balance sheet and returning cash to shareholders.
The Company’s last public equity financing was in 2009.
Cash & short term investments

13. 0
50
100
150
200
250
300
350
400
450
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2010 2011 2012 2013 2014 2015 2016
Silver Grade g/t
Million Tonnes
Proven and Probable Reserves 2010-2016
Probable (Mt)
Proven (Mt)
Silver Grade
(g/t)
La Colorada reserves increase 300%
13 January 17, 2017
30.4 MozAg
38.3 MozAg
44.1 MozAg
64.8 MozAg
81.4 MozAg
86 MozAg
91.2 MozAg
For La Colorada’s complete mineral reserve details, please see Appendix.

14. Organic growth – La Colorada expansion
14 January 17, 2017
At Dec 31, 2015 P&P 3.8 Mt*
Ag 436 g/t (53.7 Moz)
Au 0.33 g/t
Pb 1.88%
Zn 3.47%
At Dec 31, 2015 P&P 2.8 Mt*
Ag 378 g/t (34.0 Moz)
Au 0.31 g/t
Pb 0.82%
Zn 1.47%
At Dec 31, 2015 P&P 0.4 Mt*
Ag 303 g/t (3.5 Moz)
Au 0.30 g/t
Pb 1.10%
Zn 1.44%
For La Colorada’s complete mineral reserve details, please see Appendix.

15. La Colorada expansion (1)
15 January 17, 2017
Highlights
• 69% increase expected in average annual
silver production to 7.7 Moz by 2018
• 137% and 185% increase expected in zinc
and lead production, respectively, by 2018
Project Scope
• New 618-metre deep mine shaft – fully
commissioned in Q3 2016
• New sulphide processing plant – began
operating Q3 2016
• Underground development to open new
production areas – advancing on schedule for
completion in 2017
• New 115kV power line - targeted for
completion in 2017
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report – Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico”,
with an effective date of Dec. 31, 2013 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in nature, in that it includes inferred mineral resources that are
considered too geologically speculative 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 mineral reserves have no demonstrated economic viability.
Original investment of $163.8 M, including sustaining
capital, generated an IRR of 22% at Ag $19/oz
Now expected to be 5-10% under budget

16. Organic growth – Dolores expansion
16 January 17, 2017
N
South extension underground resources at December 31, 2014:
Tonnes Ag g/t Au g/t
Measured 146,000 101 0.74
Indicated 2,907,000 56 1.59
Total 3,054,000 58 1.55

17. Dolores expansion (1)
17 January 17, 2017
Highlights
• During first 5 years, estimated increases in
average annual production of:
• Silver up 40%
• Gold up 52%
• Reduce Cash Costs through operational
efficiencies and higher gold production
Project Scope
• New 5,600 tpd pulp agglomeration plant -
scheduled for start-up in mid 2017
• New underground mine - scheduled to
reach 1,500 tpd by end of 2017
• New 115 kV power line - energized in
September 2016
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico - Preliminary Economic Assessment of a Pulp
Agglomeration Treatment and Underground Option”, with an effective date of May 31, 2014 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in
nature, in that it includes inferred mineral resources that are considered too geologically speculative 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 mineral reserves have no demonstrated economic viability.
Estimated capital investment ~$132.4 M (incl. power line)
IRR 27% at Ag $19/oz & Au $1,200/oz
On budget

18. Production by mine
2017 Guidance
20%
1%
24%
18%
14%
11%
12%
18 January 17, 2017
26%
1%
17%
15%
10%
18%
13%
Silver Ounces Silver Equivalent Ounces
Based on the mid-point of production estimates for 2017 (Ag of 24.5 M – 26.0 M ounces, Au of 155,000 - 165,000 ounces, Zn of 56,500 tonnes
- 58,500 tonnes, Pb of 19,000 tonnes - 20,000 tonnes, and Cu of 8,750 tonnes - 9,250 tonnes). Silver equivalent ounces have been calculated
for gold and the base metal by-products using the following metal prices: Ag $17.00/oz, Au $1,200/oz, Zn $2,500/tonne, Cu $5,400/tonne,
and Pb $2,100/tonne.

19. January 17, 2017
Exploration and production growth
• 2017 exploration budget of US$21M, up 45% from 2016
• Solid performance on replacing production with new reserves during the period
2004 - 2015(1)
• Added 293 Moz of contained silver to mineral reserves during the period
• Average reserve replacement cost of US$0.44/oz (2)
• La Colorada continues to deliver in both new reserves and extension to mine life
• High potential at Peru operations; near site and greenfield exploration
• Kootenay Silver Inc. option brings an advanced silver exploration project into the
pipeline with excellent regional exploration potential
• 100% owner of Navidad, one of the largest undeveloped silver deposit in the
world:
19 (1) Mineral reserve and resource information at Dec. 31, 2016 is expected to be released in February, 2017
(2) Over the period 2004-2015
(3) Estimated using a price of $12.52/oz of silver
Silver Resources (3)
As of Dec. 31, 2015
Contained Ag (Moz) Tonnes (Mt) Ag (g/t)
Measured (contained Moz) 67.8 15.4 137
Indicated (contained Moz) 564.5 139.8 126
Inferred (contained Moz) 119.4 45.9 81

20. Strategic initiatives to surface value
Maverix (1)
• Pan American realized value for assets hidden within its portfolio through sale to Maverix
Metals Inc. (royalties, precious metals streams)
• Provides additional leverage to gold and silver prices
• Opportune timing for Maverix to attract new growth prospects, as indicated by Maverix’s
recent acquisition of additional royalties from Gold Fields Netherlands Services BV
• Maverix has a market cap of about CAD $232M and is up 149% since the acquisition of
Pan American assets closed (2)
• Pan American holds approximately 40% of Maverix (43% fully-diluted)
Milpo Shalipayco Joint Venture
• Pan American sold 75% of its shares in Compania Minera Shalipayco SAC to Votorantim
Metais – Cajamarquilla SA for US$15M cash and 1% Net Smelter Return (sold to Maverix)
• Pan American receives free carry of its remaining 25% interest to commercial production in
this large zinc development project located in Peru
20 January 17, 2017
(1) See press releases dated July 11, 2016 and Dec. 27, 2016, available at www.sedar.com
(2) Based on Maverix (MMX) opening price on TSX-V on July 12, 2016 of CAD $0.70/share compared to closing price on Jan. 12, 2017 of CAD $1.75/share.

21. Joaquin Project (Argentina)
21
• Pan American to acquire 100% of
Coeur Mining’s Joaquin project:
• US$25 M (US$15M cash and US$10M in
PAAS shares) plus a 2% NSR
• Synergies with Pan American’s
Manantial Espejo operation
• Processing capacity available at
Manantial Espejo plant
• Joaquin within trucking distance
• Potential for further exploration
success
Joaquin is located about 145 Km from our
ManantialEspejomine
Adding high-grade satellite deposits to realize further value at Manantial Espejo
For more information see the press release dated Jan. 17, 2017

22. Why invest in PAAS
22 January 17, 2017
1. Strong leverage to silver prices – a commodity with demand for
industrial uses and as a “safe-haven” investment
2. Low-cost silver producer with growing production over the next 3 years
3. Increasing free cash flow potential following completion of expansions at
La Colorada and Dolores
4. Pipeline of organic growth opportunities
5. Prudent financial management creates value throughout the commodity
price cycle

23. Appendix
23

24. Company overview
• Listings: NASDAQ (PAAS) and TSX (PAA)
• Market cap: US$2.6 B (1)
• Shares outstanding: approx. 152.2 M
• Average daily volume: 2.6 M (1)
• Paid dividends since 2010 - Current yield 0.3% (2)
52%
46%
2%
Ownership (3)
Reported Institutional Implied retail Insiders
24 January 17, 2017
All data as of close Jan. 10, 2017
(1) Based on Nasdaq exchange
(2) Based on dividend declared Nov. 14, 2016, annualized
(3) Source: IPREO

25. Sustainability leadership
25 January 17, 2017
Recognized as a leader in sustainability in the mining industry
Plan
• Toolkits
• Program
development
Engage
• Stakeholder
Engagement
• Grievance
Mechanisms
Environmental & Social
Audits
Sustainability
Reporting
Internal Capacity
Building
Evaluate Performance
Metrics
Implement
• Programs and
projects
covering
sustainability
pillars
Sustainability Report & Pillars
Education &
Health
Sustainable
Development
Programs
Local
Procurement
Development
Infrastructure &
Urban Footprint
Water and
Energy
Stewardship
Tailings Facility
Safety
Emergency
Response
Preparedness
Mine Closure
Policy
• CSR
• Environmental
• Health and
Safety
• Governance

26. Sustainability awards & recognitions
Corporate
• Corporate Knights ranked Pan American Silver 36th on their Future 40
Responsible Corporate Leaders in Canada.
• The Peruvian-Canadian Chamber of Commerce awarded Pan American Silver
the “Business of the Year 2015” award for our contributions to sustainable
development through our UQLLU/Alpaca de los Andes weaving project.
Mexico
• All mines were awarded with the Socially Responsible Company (ESR) Award
presented by the Centro Mexicano para la Filantropía(CEMEFI).
• All mines maintained the Clean Industry independent environmental
certification by the Mexican Environment Protection Agency (PROFEPA).
26 January 17, 2017

27. Views on the silver market (1)
27 January 17, 2017(1) Sources include: Bloomberg Metals Focus December, 2016 and GFMS, Thomson Reuters / The Silver Institute 2016
• Real interest rates in the U.S. likely to remain low in 2017, despite expected monetary tightening
• US GDP growth constrained by high government debt, limiting government’s scope for new round of
fiscal stimulus
• Europe’s banking sector remains vulnerable
• Inflationary pressures are starting to build
• Industrial demand represents just under half of the total demand for silver
• Growing demand through the use of technology, electronics and renewable sources of power
• Silver demand from the photovoltaics industry now represents 14% of silver’s industrial demand,
up from only 1% a decade ago.
• Emerging market economies, especially in China, are stabilizing, lifting industrial commodity
demand
• Little to no growth in silver supply because many exploration companies have not been investing in
exploration and new projects
• Silver supply deficit expected in 2017
Factors support continued demand for silver for both industrial applications and
as a safe haven asset

28. Consolidated preliminary 2016 operating results
Q4 2016 Full Year 2016
Silver production (million ounces) 6.3 25.4
Gold production (thousand ounces) 43.9 183.9
Zinc production (thousand tonnes) 13.2 51.9
Lead production (thousand tonnes) 5.5 20.2
Copper production (thousand
tonnes)
3.1 14.4
Cash Costs(1) ($/ounce) 6.66 6.29
28 January 17, 2017
Preliminary Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2016 were:
Au $1,251/oz, Zn $2,095/tonne, Pb $1,872/tonne, and Cu $4,860/tonne. Cash Costs is a non-GAAP measure and readers
should refer to the “Alternative Performance (non-GAAP) Measures" section of Pan American’s Management’s Discussion and
Analysis for the period ended Sept. 30, 2016 for more information.

29. Preliminary 2016 operating results by mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 5.80 2.93 6.15
Dolores 3.84 102.76 -1.08
Alamo Dorado 1.86 8.38 16.02
Huaron 3.81 0.81 5.79
Morococha (92.3%)(2)
2.54 2.14 4.21
San Vicente (95%)(2)
4.43 n/a 11.95
Manantial Espejo 3.14 66.89 4.28
Total(3)
25.42 183.92 6.29
29 January 17, 2017
(1) Preliminary Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2016
were: Au $1,251/oz, Zn $2,095/tonne, Pb $1,872/tonne, and Cu $4,860/tonne. Cash Costs is a non-GAAP measure and readers
should refer to refer to the “Alternative Performance (non-GAAP) Measures" section of Pan American’s Management’s
Discussion and Analysis for the period ended Sept. 30, 2016 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.

30. 2017 Guidance by mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 6.4 - 6.9 3.3 - 3.5 3.35 - 3.95
Dolores 4.0 - 4.5 109.1 - 115.0 1.25 - 2.25
AlamoDorado 0.3 1.4 - 1.5 18.00 - 20.00
Huaron 3.7 - 3.8 0.3 - 0.4 5.95 - 6.95
Morococha (92.3%)(2)
2.5 - 2.6 2.9 - 3.1 3.15 - 4.15
SanVicente (95%)(2)
4.4 - 4.5 0.5 - 0.6 10.90 - 11.90
Manantial Espejo 3.3 - 3.4 37.5 - 41.0 15.35 - 16.25
Total(3)
24.5 - 26.0 155.0 - 165.0 6.45 - 7.45
30 January 17, 2017
(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, 2016 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.

31. Three-year outlook
2017 Guidance 2018 Outlook 2019 Outlook
Silverproduction (million ounces) 24.5 – 26.0 26.0 - 28.0 26.5 – 29.5
Gold production (thousand ounces) 155 - 165 170 - 185 175 - 200
Zinc production (thousand tonnes) 56.5 - 58.5 59.0 - 63.0 55.0 - 65.0
Lead production (thousand tonnes) 19.0 - 20.0 23.0 - 26.0 23.0 - 27.0
Copper production (thousand tonnes) 8.75 - 9.25 6.00 - 8.00 4.00 - 4.20
Cash Costs(1)
($/ounce) 6.45 - 7.45 5.60 - 7.10 5.20 – 6.80
Sustaining capital ($ millions) 82 - 88 75 - 85 75 - 90
AISCSOS(1)
($/ounce) 11.50 - 12.90 10.00 - 12.20 9.30 - 11.60
31 January 17, 2017
(1) Cash Costs and AISCSOS are non-GAAP measures. Please refer to the “Alternative Performance (non-GAAP) Measures"
section of Pan American’s Management’s Discussion and Analysis for the period ended Sept. 30, 2016 for more information.

32. Pan American Silver Proven and Probable
Reserves at December 31, 2015 (1) (2)
Property Location Category Tonnes
(Mt)
Ag
g/t
Contained
Ag (Moz)
Au
g/t
Contained
Au (000’s oz)
Cu
%
Pb
%
Zn
%
Huaron Peru Proven 6.1 172 33.6 0.41 1.40 2.99
Probable 3.7 167 19.9 0.27 1.58 3.17
Morococha (92.3%) (3) Peru Proven 2.3 176 13.0 0.78 1.18 3.57
Probable 1.9 202 12.6 0.53 1.35 3.70
La Colorada Mexico Proven 3.3 474 49.6 0.35 36.2 1.69 3.15
Probable 3.7 346 41.6 0.30 35.9 1.18 2.06
Dolores Mexico Proven 23.0 28 20.7 0.96 706.0
Probable 29.2 34 32.4 0.92 864.0
Alamo Dorado Mexico Proven 1.6 55 2.9 0.23 12.2
Probable 0.0 - -
La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0
Probable 6.2 7 1.4 0.57 113.1
Manantial Espejo Argentina Proven 2.5 120 9.4 1.60 126.4
Probable 0.3 262 2.4 3.90 35.6
San Vicente (95%) (3) Bolivia Proven 2.0 482 30.4 0.35 2.66
Probable 0.4 511 6.9 0.48 2.24
Total (4) Proven +
Probable
95.7 91 280.1 0.84 2132.4 0.45 1.30 2.97
32 January 17, 2017
(1) As of Dec. 31, 2015. Prices used to estimate mineral reserves for 2015 were $17/oz of silver, $1,180/oz of gold, $1,800/tonne of lead, $1,800/tonne of zinc,
and $5,000/tonne of copper, except at Manantial Espejo where $14.50/oz of silver and $1,100/oz of gold was used for planned 2016 production, reverting
to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metal prices of $15/oz of silver and $1,100/oz of gold were used due to
their planned processing in the short term. Metal prices used for La Bolsa were $14/oz of silver and $825/oz of gold.
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by Martin G. Wafforn,P. Eng.,Sr. Vice President Technical Services and
Process Optimization, who is the Qualified Person as that term is defined in National Instrument 43-101 (“NI 43-101). Please refer to the Company’s Annual
Information Form date March 24, 2016, available at www.sedar.com for further information on these properties, including with respect to mineral reserves.
(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.

33. 33 January 17, 2017
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com