Pan American Silver Corp. presented its investor presentation for January 2018. The presentation highlights include: 1) Pan American is a leading silver producer with diversified mining and exploration assets in four countries and a track record of growing production over 20+ years. 2) Preliminary 2017 results show a 28% decrease in cash costs per ounce and production of 25 million ounces of silver. 3) The outlook forecasts continued production growth over the next three years, with further reductions in cash costs per ounce and sustained capital expenditures.

1. Investor Presentation
January, 2018

2. Cautionary Note
Non-GAAP Measures
This presentation of Pan American Silver Corp. and its subsidiaries (collectively “Pan American”, “we”, “our” or the “Company”) refers to various non-GAAP measures, such as all-in sustaining cost per silver
ounce sold (“AISCSOS”), cash costs per payable ounce of silver, net of by-product credits (“Cash Costs”), total debt, 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 Sept. 30, 2017, available at www.sedar.com, for a more detailed discussion of these measures and their calculation.
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 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 2017 or in any future years;
our estimated capital investments, including with respect to the Joaquin and the COSE projects, and sustaining capital for 2017; 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 and results of the proposed COSE development (internal rate of return, production, processing rates, and life of mine); the ability of the Company to realize value from transactions, including with
respect to the Joaquin and the COSE projects, or its investment in Maverix Metals Inc. or New Pacific Metals Corp.; the Company’s plans and expectations for its properties and operations, our expectations
with respect to future prices of silver or other precious metals, world-wide silver production, or global demand on silver, or other similar metrics relating to silver; and 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 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 andthe 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; 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. Although the
Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or
intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s
current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking
statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Technical Information
Technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization,
and Chris Emerson, FAusIMM, VP Business Development and Geology, who are the Company’s qualified persons for the purposes of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (‘‘NI 43-101’’). Mineral reserves and mineral resources in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.
Technical disclosure in this presentation for the Company’s material mineral properties is based on technical reports prepared for those properties, which are filed at www.sedar.com. For additional
information about the Company’s material mineral properties, please refer to the Company’s Annual Information Form dated March 22, 2017, and technical reports with respect to material mineral properties,
each filed at www.sedar.com.
2 January 10, 2018

3. Cautionary Note to U.S. Investors Regarding
References to Mineral Reserves and
Resources
3 January 10, 2018
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from
the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates
included in this presentation have been disclosed in accordance with Canadian NI 43-101) and the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects.
Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and
information concerning mineralization, deposits, mineral reserve and resource information contained or referred to
herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the
generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred
resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the
SEC does not recognize them. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of
the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC
standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been
made that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated
resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a
great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be
upgraded to a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis of
feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is
permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report
mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to
unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made public by companies that report in accordance with U.S. standards.

4.  Low-risk production growth
• La Colorada and Dolores mine expansions ramping up
• COSE and Joaquin projects leverage invested capital in Argentina
• Exploration potential across our diversified portfolio (6 mines in 4 countries)
 Low-cost production
• Cash Costs of $5.04/oz, AISCSOS of $10.77 for the nine-month period 2017(1)
 Large, long-life silver reserves and resources(2)
• Proven and probable reserves = 286 Moz
• Measured and indicated resources = 696 Moz; Inferred resources = 237 Moz
• Replaced 102% of proven and probable reserves over last 13 years at average cost of $0.43/oz.
 Strong balance sheet
• $486.3 M of total available liquidity(3) - capacity to invest in new growth opportunities, manage
lower metal price cycles.
 Proven track record
• Experienced management team with 20+ years of success growing the company.
• Met or exceeded guidance for 5 consecutive years.
4 January 10, 2018
PAAS – A Leading Investment in Silver
(1) Cash Costs and AISCSOS are non-GAAP measures; see the “Alternative Performance (non-GAAP)Measures” section of Pan American’s Management’s Discussion & Analysis for
the period ended Sept. 30, 2017 for a more detailed discussion of this and other non-GAAPmeasures and their calculation.
(2) Consolidatedas at December 31, 2016; please refer to the presentationappendix and Pan American’s Management’s Discussionand Analysis for the year ended Dec. 31, 2016,
for more detailed information on the Company’s reserves and resources.
(3) As at Sept. 30, 2017. Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents,short-terminvestments,and the undrawn portion of the
Company’s secured line of credit.

5. Diversified Mining and Exploration Assets
5 January 10, 2018

6. World’s 2nd Largest Primary Silver Producer
9%
5%
17%
25%
44%
silver
Copper
Lead
Zinc
Gold
Silver
6 January 10, 2018
Based on 2018 estimated metal sales and prices:
Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne,
Pb $2,350/tonne, Cu $6,500/tonne,
2018 estimate of revenue generated by product
12.0 – 12.5 kt
21 – 22 kt
60 – 62 kt
175 – 185 koz
25.0 – 26.5 Moz
Please refer to the Company’s news release dated Jan. 10, 2018 for more information on the 2017 operating results and the three-year outlook.

7. 2017 Preliminary Operating Results
7
28% decrease in Cash Costs(1)
from 2016
$4.55/oz of silver
(net of by-product credits)
25.0 M
ounces silver
160,000
ounces gold
(1) This presentation refers to measures that are not generallyaccepted accounting principle(“non-GAAP”)financialmeasures, including cash cost per
payable ounce of silver, net of by-product credits (“Cash Costs”). Please refer to “AlternativePerformance(non-GAAP) Measures” section of the
Company’s Management’s Discussion & Analysis for the period ended Sept. 30, 2017.

8. 0
5
10
15
20
25
30
35
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F
YearPAAScommencedproduction
Million silver ounces produced
Track Record of Building Mines and
Growing Production
8 January 10, 2018
Please refer to the Company’s news release dated Jan. 10, 2018 for more information on the 2017 operating results and the
three-year outlook.

9. Progress in Reducing Cash Costs(1)
9 January 10, 2018
$12.03
$4.55
$0
$5
$10
$15
2012 2013 2014 2015 2016 2017
(1) Cash Costs is a non-GAAP financial measures; see “Alternative Performance(non-GAAP)Measures” section of Pan American’s Management’s Discussion &
Analysis for the period ended Sept. 30, 2017 for a more detailed discussion of this and other non-GAAPmeasures and their calculation.
Main drivers of cost reduction:
• Improved productivity
• FX gains
• Higher by-product prices
• Generally lower input costs

10. Three-year Outlook
2018 Guidance 2019 Outlook 2020 Outlook
Production
Silver (million ounces) 25.0 – 26.5 27.7 – 29.7 30.5 – 33.0
Gold (thousand ounces) 175 – 185 183 - 193 165 – 179
Zinc (thousand tonnes) 60.0 – 62.0 55.5 – 59.5 60.5 – 64.5
Lead (thousand tonnes) 21.0 – 22.0 21.0 – 23.0 23.0 – 26.0
Copper (thousand tonnes) 12.0 - 12.5 10.5 – 12.5 11.5 – 13.5
Cash Costs(1)($/ounce) 3.60 – 4.60 4.50 – 6.00 4.75 – 6.75
Sustaining capital ($ millions) 100 - 105 100 – 110 75 – 90
AISCSOS(1) ($/ounce) 9.30 - 10.80 9.50 – 11.50 8.50 - 11.00
10 January 10, 2018
(1) Cash Costs and AISCSOS are non-GAAP measures. Please refer to the “AlternativePerformance(non-GAAP)Measures"
section of Pan American’s Management’s Discussion and Analysis for the period ended Sept. 30, 2017 for more information.

11. 2018 Silver Production by Mine
11 January 10, 2018
La Colorada,
29%
Dolores, 19%
Huaron, 14%
Morococha,
10%
San Vicente,
15%
Manantial
Espejo, 13%
Mexico
Peru
Bolivia
Argentina

12. Improving Operating Margins
12 January 10, 2018
Please refer to the Company’s news release dated Jan. 10, 2018 for more information on the 2017 operating results and the three-year outlook.
By-product metal prices assumptions used for forecast Cash Costs calculation:Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne, Cu $6,500/tonne.
Exchange rates relative to US$ assumed: Mexican peso 18.50:1, Peruvian sol 3.23:1, Argentine peso 19.59:1, Bolivian boliviano7:1. Cash Costs is a non-GAAP measure.
Refer to “AlternativePerformance (non-GAAP)Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept. 30, 2017.

13. Capital expenditure profile (1)
13 January 10, 2018
(1) Please refer to the Company’s news release dated Jan. 10, 2018 for more information on the three-year outlook.
(in millions of USD)
2018
Guidance
2019
Outlook
2020
Outlook
Sustaining capital total 100 - 105 100 - 110 75 - 90
Project capital total 50 N/A N/A
Consolidated total 150 - 155 100 - 110 75 - 90

14. Capital Allocation Priorities
14 January 10, 2018
Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend
$361
$491
$542
$423
$330
$227 $218
$186
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 2016 Q3 2017
in Millions US$
Cash & Short Term Investments
Financial debt
Cumulative return to shareholders
$402 M in total cumulative cash returned to
shareholders (dividends and share buy-
backs) since 2010 in addition to investing
$460 M in expansionary capital.

15. 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
9.0
2010 2011 2012 2013 2014 2015 2016 2017
SilverGrade(g/tonnes)
MillionTonnes
Probable (Mt)
Proven (Mt)
Silver Grade
(g/t)
La Colorada Reserves Increase >200%
15 January 10, 2018
30.4 Moz Ag
38.3 Moz Ag
44.1 Moz Ag
64.8 Moz Ag
81.4 Moz Ag
86 Moz Ag
91.2 Moz Ag
For La Colorada’s mineral reserve details, please see Appendix and refer to “Cautionary Note Concerning Estimates of Mineral Reserves and Resources”
slide in this presentation.
98.1 Moz Ag

16. La Colorada Expansion at Design Rates(1)
16 January 10, 2018
Mining and processing rates of 1,906 tonnes per day during Q3 2017
Q3 2017 Q3 2016
Production
Silver –koz 1,825 1,385
Gold – koz 1.21 0.72
Zinc – kt 3.93 2.62
Lead - kt 2.37 1.31
Cash Costs(2) 1.71 6.58
AISCSOS(2) 3.48 6.94
(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.
(2) Cash Costs and AISCSOS are non-GAAP financial measures; see “Alternative Performance (non-GAAP) Measures” section of the Management’s Discussion & Analysis for the period ended Sept. 30,
2017 for a more detailed discussion of this and other non-GAAP measures and their calculation.

17. Dolores Expansion Ramping Up(1)
17 January 10, 2018
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico”, with an
effective date of Dec. 31, 2016 availableat www.SEDAR.com.
(2) Cash Costs and AISCSOS are non-GAAPfinancial measures; see “Alternative Performance(non-GAAP)Measures” section of the Management’s Discussion &
Analysis for the period ended Sept. 30, 2017 for a more detailed discussion of this and other non-GAAPmeasures and their calculation.
Pulp Agglomeration Plant started processing high-grade ore in August 2017
Q3 2017 Q3 2016
Production
Silver - koz 974 902
Gold - koz 25.0 27.1
Cash Costs(2) (0.57) (5.26)
AISCSOS(2) 8.03 (4.70)

18. Dolores Agglomeration Plant
18 January 10, 2018
Agglomeration Drum
Agglomerated High-
Grade Ore

19. Dolores Pressure Filter
19 January 10, 2018

20. (1) The results of the preliminaryeconomic assessment for COSE is preliminaryin nature in that they include inferred mineralresources that are considered to be
too geologically speculative to have the economic considerationsapplied to them that would enable them to be categorizedas mineralreserves, and there is no
certainty that the assessment will be realized. Mineralresources that are not mineral reserves have no demonstrated economic viability.
Manantial Espejo Regional Strategy
20 January 10, 2018
Joaquin (La Morocha)
• Estimated capital of $37.8 M
• Underground mine
• 474 thousand tonnes at 721 g/t Ag and
0.41g/t Au
• Recovered Ag of 8.9 Moz and Au of 5.1 koz
COSE (1)
• Estimated capital of $23.9 M
(incl. sustaining)
• Underground mine
• 104 thousand tonnes at 775 g/t Ag and
14.85 g/t Au
• Recovered Ag of 2.0 Moz and Au of 41.6 koz
Manantial Espejo
• Stockpiled material and underground mine
• 2,174 thousand tonnes at 161 g/t Ag and
1.34 g/t Au
• Recovered Ag of 10.3 Moz and Au of 88.2
koz
Joaquin is located ~145 km, and
COSE 240 km, from our
Manantial Espejo mine
Material mined from La Morocha and COSE transported by
road to Manantial Espejo’s processing plant
Period 2018 - 2021
Manantial Espejo
Joaquin COSE

21. Strong Argentina Production Profile
21 January 10, 2018
0
2
4
6
8
2018 2019 2020 2021
Million
ounces
Silver production profile
Manantial Espejo COSE Joaquin
0
20
40
60
80
2018 2019 2020 2021
Thousand
ounces
Gold production profile
Manantial Espejo COSE Joaquin
Our mines in the Santa Cruz province are expected to contribute silver production of
21 million ounces over 2018 - 2021
Exploration potential exists for growth beyond 2021

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

23. Q3 2017 Earnings Review
23

24. Q3 2017 Unaudited Financial Results
Unaudited in millions of US$, except per share amounts Q3 2017 Q3 2016
Revenue 190.8 233.6
Net earnings 17.8 43.4
Net earnings per share 0.11 0.28
Adjusted earnings(1) 23.3 46.7
Adjusted earnings per share(1)(2) 0.15 0.31
Operating cash flow before changes in non-cash
operating working capital(1)
56.9 95.1
Operating cash flow before changes in non-cash
operating working capital per share(1)
0.37 0.62
24
(1) Adjusted earnings and Operating cash flow before changes in non-cash operating working capital are non-GAAP measures. Operating cash flow before
changes in non-cash operating working capital calculated as net cash generated from operating activities less changes in non-cash operating working
capital, per share amounts are calculated using the basic weighted average shares outstanding for the period.
(2) The impact of the unrealizedforeign exchange rate changes on deferred income tax balances was added as a new adjusting item in Q4 2016, along with a
modificationin the quantificationof the estimated effect of taxes. For comparativepurposes, Q3 2016 adjusted earnings have been recalculatedand are
thus different from those originally reported. The effect of these new adjusting items on Q3 2016 adjusted earnings was an increase of $9.7 millionfrom
that originallyreported, resulting in a $0.07 increase to adjusted earnings per share.
January 10, 2018

25. Q3 2017 Consolidated Cash Flows
25 January 10, 2018

26. Strong Financial Capacity
US$ Millions
Cash and cash equivalents and short-term investments 186.3
Working capital(1) 409.7
Total debt(2) 7.5
Total available liquidity(3) 486.3
As at September 30, 2017
26 January 10, 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, 2017 reflects finance lease liabilities.
(3) Total availableliquidityis a non-GAAPmeasure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of
the Company’s secured line of credit.

27. Track record of delivering on guidance
27 January 10, 2018
Source: RBC Capital Markets, June 12, 2017.
Please refer to the Company’s news release dated Jan. 10, 2018 for more information on the 2017 operating results.
PAAS delivered on guidance for the 6th year in a row in 2017
Total aggregate score for 5-year period from 2012 to 2016 (inclusive) on achieving/missing production and cost guidance.

28. Why Invest in PAAS Now
28 January 10, 2018
1. Strong leverage to silver prices –demand for industrial uses and as a
financial asset
2. 3-year outlook of low-cost, growing silver production
3. Positioned for growing free cash flow with completion of La Colorada
and Dolores expansions
4. Advanced project pipeline – La Negra, Joaquin and COSE
5. Optionality of Navidad, one of the world’s largest silver deposits

29. Appendix
29

30. PAAS Company Snapshot
30 January 10, 2018
Ticker TSX/NASDAQ PAAS
Shares outstanding 153.2 million
Market cap1 US$2.4 billion
Avg. daily volume1 1.4 million
Yield2 0.6%
Total debt3 $7.5 million
Total available liquidity4 $486.3 million
All data as of market close Dec. 29, 2017.
(1) Based on NASDAQ exchange.
(2) Based on closing share price at Dec. 29, 2017 and dividend declared Nov. 8, 2017, annualized.
(3) Total debt is a non-GAAP measure, total debt at Sept. 30, 2017 reflects finance lease liabilities.
(4) Total availableliquidityis a non-GAAPmeasure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of the
Company’s secured line of credit.
See the “Alternative Performance(non-GAAP)Measures” section of Pan American’s Management’s Discussion & Analysis for the period ended Sept. 30, 2017
for a more detailed discussion of these and other non-GAAP measures and their calculation.

31. Experienced Leadership Team
31 January 10, 2018
Ross J. Beaty, Board Chair - Founded Pan American Silver Corp in 1994. Geologist and resource company
entrepreneur with more than 40 years of experience in the international minerals industry.
Michael Steinmann, President & CEO - Joined Company in 2004 and promoted to CEO in 2016. Over 20 years of
experience in the base and precious metals industry and holds a Ph.D in natural science (geology) from the Swiss
Federal Institute of Technology.
Steve Busby, COO - Mineral processing engineer with 33 years of experience in the precious metals mining
business. Joined Company in 2003 and promoted to Chief Operating Officer in 2008.
Rob Doyle, CFO - CA and CFA with strong background in financial management, particularly in the metals market.
Joined Company as Chief Financial Officer in 2004.
Andres Dasso, SVP, Mining Operations - Mining engineer with 39 years of experience. Joined Company in 1995.
George Greer, SVP, Project Development - Mining engineer with 32 years of industry experience. Joined Company
in 2007.
Martin Wafforn, SVP, Technical Services & Process Optimization - Mining engineer with 35 years of experience,
primarily in underground mining. Joined Company in 2004 and acts as a Qualified Person.
Chris Emerson, VP, Business Development & Geology - Extensive experience managing geological departments in
base metal mines, green and brownfield exploration projects, and joint ventures; has evaluated mines and
projects through the Americas, Europe, and Asia. Joined Company in 2015 and acts as a Qualified Person.
For more information see: https://panamericansilver.com/company/leadership/

32. 2016 CSR Highlights
32 January 10, 2018
11,918
people received
medical attention
through local
health facilities
and campaigns
43 schools are
supported through
supplemented
teachers’ wages,
infrastructure,
materials and
scholarships
5,040 students
attended primary
to post-secondary
school through
our support
$6.2 M
invested in CSR
programs
89% ($640 M)
of the total economic value
generated by the company
benefits the countries
where our mines are
located

33. Consolidated preliminary 2017 operating results
Q4 2017 Full Year 2017
Silver production (million ounces) 6.6 25.0
Gold production (thousand ounces) 43.7 160.0
Zinc production (thousand tonnes) 14.7 55.3
Lead production (thousand tonnes) 5.4 21.5
Copper production (thousand
tonnes)
3.0 13.4
Cash Costs(1) ($/ounce) 3.18 4.55
33 January 10, 2018
(1) PreliminaryCash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2017 were: Au
$1,257/oz, Zn $2,896/tonne, Pb $2,317/tonne, and Cu $6,166/tonne. Cash Costs is a non-GAAP measure and readers should refer to refer to
the “AlternativePerformance(non-GAAP)Measures" section of Pan American’s Management’s Discussion and Analysis for the period ended
Sept. 30, 2017 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.

34. Preliminary 2017 operating results by mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 7.1 4.3 2.08
Dolores 4.2 103.0 -1.65
Alamo Dorado 0.6 2.1 16.49
Huaron 3.7 1.1 1.35
Morococha (92.3%)(2) 2.6 3.5 -5.34
San Vicente (95%)(2) 3.6 0.5 11.85
Manantial Espejo 3.1 45.3 18.25
Total(3) 25.0 160.0 4.55
34 January 10, 2018
(1) PreliminaryCash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2017 were: Au
$1,257/oz, Zn $2,896/tonne, Pb $2,317/tonne, and Cu $6,166/tonne. Cash Costs is a non-GAAP measure and readers should refer to refer to
the “AlternativePerformance(non-GAAP)Measures" section of Pan American’s Management’s Discussion and Analysis for the period ended
Sept. 30, 2017 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.

35. Production and Cash Costs by Mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($/ounce)(1)
La Colorada 7.4 – 7.7 4.2 - 4.3 1.35 - 1.70
Dolores 4.5 - 4.9 138.9 - 147.7 (1.25) - 0.45
Huaron 3.6 - 3.8 1.0 0.75 - 1.50
Morococha (92.3%)(2) 2.5 - 2.7 2.2 - 2.3 (5.80) – (4.30)
San Vicente (95%)(2) 3.9 - 4.1 0.2 10.00 - 10.50
Manantial Espejo 3.2 - 3.3 28.5 - 29.5 17.60 - 19.00
Total(3) 25.0 - 26.5 175.0 - 185.0 3.60 - 4.60
35 January 10, 2018
(1) Cash Costs is a non-GAAP measure and readers should refer to the “Alternative Performance(non-GAAP)Measures"
section of Pan American’s Management’s Discussion and Analysis for the period ended Sept. 30, 2017 for more information.
(2) Reflects Pan American’s ownership in the operation.
(3) Totals may not add up due to rounding.
2018 Guidance

36. Pan American Silver Proven and Probable
Reserves at December 31, 2016 (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 5.7 169 30.8 N/A 0.37 1.46 3.02
Probable 3.8 167 20.6 N/A 0.38 1.62 3.10
Morococha (92.3%) (3) Peru Proven 2.6 173 14.6 N/A 0.58 1.18 3.78
Probable 2.2 181 12.8 N/A 0.44 1.64 4.21
La Colorada Mexico Proven 3.7 432 51.3 0.33 39.1 1.72 3.08
Probable 4.0 362 46.8 0.32 41.2 1.24 2.06
Dolores Mexico Proven 41.6 27 36.1 0.77 1,034.9
Probable 22.5 25 17.9 0.65 472.4
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 2.2 111 8.0 1.17 84.4
Probable 0.5 244 3.8 3.32 52.2
San Vicente (95%) (3) Bolivia Proven 2.0 464 29.4 N/A 0.46 0.39 3.00
Probable 0.5 531 9.2 N/A 0.56 0.45 2.52
Total (4) Proven +
Probable
107.0 83 285.8 0.70 2,040.3 0.43 1.36 3.06
36 January 10, 2018
Notes:
(1) Prices used to estimate mineral reserves for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of lead, and $5,000
per tonne of copper, except at Manantial Espejo where $17.00 per ounce of silver and $1,200 per ounce of gold were used for planned 2017 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.

37. 37
All Pan American Silver Measured and Indicated Resources (1)(2)
Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu%
Huaron Peru Measured 2.2 165 2.93 1.57 0.27
Indicated 1.7 164 2.99 1.56 0.33
Morococha (92.3%)(3) Peru Measured 0.4 161 3.31 1.09 0.25
Indicated 1.1 127 3.26 0.93 0.56
La Colorada Mexico Measured 0.5 206 0.31 0.85 0.45
Indicated 2.0 200 0.18 0.63 0.39
Dolores Mexico Measured 1.9 13 0.22
Indicated 3.2 24 0.43
La Bolsa Mexico Measured 1.4 11 0.90
Indicated 4.5 9 0.50
Manantial Espejo Argentina Measured 0.1 125 1.65
Indicated 0.4 207 2.04
San Vicente (95%)(3) Bolivia Measured 0.8 202 2.45 0.14 0.30
Indicated 0.1 194 2.30 0.17 0.33
Navidad Argentina Measured 15.4 137 1.44 0.10
Indicated 139.8 126 0.79 0.04
Pico Machay Argentina Measured 4.7 0.91
Indicated 5.9 0.67
Calcatreu Argentina Measured
Indicated 8.0 26 2.63
Total (4) Measured +
Indicated
194.0 118 1.11 2.32 0.86 0.06
Notes:
(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of lead, and
$5,000 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. Metal prices
used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.
(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.

38. All Pan American Silver Inferred Resources(1)(2)
38
Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu%
Huaron Peru Inferred 6.2 164 2.81 1.56 0.34
Morococha (92.3%)(3) Peru Inferred 3.9 214 3.58 1.30 0.29
La Colorada Mexico Inferred 1.8 313 0.35 4.58 2.65
Dolores Mexico Inferred 1.7 37 1.01
La Bolsa Mexico Inferred 13.7 8 0.51
Manantial Espejo Argentina Inferred 0.5 211 2.60
San Vicente (95%)(3) Bolivia Inferred 2.8 330 2.42 0.33 0.28
Navidad Argentina Inferred 45.9 81 0.57 0.02
Pico Machay Argentina Inferred 23.9 0.58
Calcatreu Argentina Inferred 3.4 17 2.06
Total (4) Inferred 103.7 92 0.70 2.83 0.77 0.08
Notes:
(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,000 per tonne of lead, $2,200 per tonne of zinc, and
$5,000 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. Metal prices
used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.
(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.

39. 39 January 10, 2018
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com