Paas investor presentation sept 2019

Pan American Silver
Investor Presentation
September, 2019

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
such as “all-in sustaining costs per ounce sold", “cash costs per ounce sold”, “adjusted earnings” and “basic adjusted earnings per share”, "total debt", "capital", and “working capital". These measures
do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Any reference to “Cash Costs” in this presentation should
be understood to mean cash costs per ounce of silver or gold sold, net of by-product credits. Any reference to “AISC” in this presentation should be understood to mean all-in sustaining costs per silver or
gold ounce sold, net of by-product credits.
Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the period ended June 30, 2019, available at
www.sedar.com.
Reporting Currency and Financial Information
Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.
Integration of Tahoe Resources Inc. (“Tahoe”)
On February 22, 2019, the Company completed the previously announced transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe (“Acquisition”). The Company's
operations have been divided into silver and gold segments for the purposes of our financial reporting. All production, operating and financial results of the Acquired Mines (including Cash Costs and
AISC amounts) included in the Company's consolidated results and updated guidance, reflect only the results from February 22, 2019 onwards. Further details of the Acquisition are provided in the
"Acquisition of Tahoe" section of the MD&A for the period ended June 30, 2019.
Cautionary Note Regarding Forward Looking Statements and Information
Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this presentation relate to, among other things, future financial and operational performance; future production of silver, gold and other
metals produced by the Company; future Cash Costs and AISC; the sufficiency of the Company’s current working capital, anticipated operating cash flow or its ability to raise necessary funds; the
anticipated amount and timing of production at each of the Company’s properties and in the aggregate; our expectations with respect to future metal prices and exchange rates; the timing and
disclosure of the allocation of purchase price for the Acquisition; any potential future sale of assets (including the Timmins mines) and the timing for any such sale, and the impacts any such sale might
have on the Company; the duration and effect of the license suspensions and any road blocks relating to the Escobal mine; the estimated cost of and availability of funding necessary for sustaining
capital; forecast capital and non-operating spending; and the Company’s plans and expectations for its properties and operations.
These statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan
American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed;
ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our
mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-
related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a
timely manner and can be maintained; and our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such laws. The foregoing
list of assumptions is not exhaustive.
…continued on next page
2 September 2019

Cautionary Note
Cautionary Note Regarding Forward Looking Statements and Information (continued)…
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this MD&A and the Company has made assumptions and
estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold, and base metal prices; fluctuations in prices for energy inputs; fluctuations
in currency markets (such as the PEN, MXN, ARS, BOL, GTQ and CAD versus the USD); risks related to the technological and operational nature of the Company’s business; changes in national and
local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other
countries where the Company may carry on business, including the risk of expropriation related to certain of our operations, particularly in Argentina and Bolivia and risks related to the
constitutional court-mandated ILO 169 consultation process in Guatemala; risks and hazards associated with the business of mineral exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to 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 the local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the Company’s ability to secure our mine sites or maintain
access to our mine sites due to criminal activity, violence, or civil and labour unrest; the speculative nature of mineral exploration and development, including the risk of obtaining or retaining
necessary licenses and permits and the presence of laws, regulations and other legal impediments that may impose restrictions on mining, including those currently in the province of Chubut,
Argentina, or that might otherwise prevent or cause the suspension or discontinuation of mining activities; diminishing quantities or grades of mineral reserves as properties are mined; global
financial conditions; the Company’s ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the
Company’s title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs; having sufficient cash to pay obligations
as they come due; and those factors identified under the caption “Risks Related to Pan American’s Business” in the Company’s most recent Form 40-F and Annual Information Form filed with the
United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that
could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against attributing
undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand Management's current views of our
near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, and does not assume any obligation, to update or revise forward-looking statements
or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.
General Notes with Respect to Technical Information
Scientific and 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 Pan American’s qualified persons for the purposes of National Instrument 43-101 (“NI 43-101”). Mineral
reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.
Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral
reserves have no demonstrated economic viability.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political,
and marketing or other relevant issues.
See the Company's Annual Information Form dated March 12, 2019, available at www.sedar.com for further information on the Company's pre-Tahoe acquisition material mineral properties,
including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral
resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the
Company's mineral reserves and resources.
For further information on the material mineral properties acquired from Tahoe, please refer to the Company's management information circular dated December 4, 2018, including additional
information contained in Tahoe's disclosure incorporated by reference therein, available at www.sedar.com.
Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com. Quantities of contained metal are shown before
metallurgical recoveries.
3 September 2019

Cautionary Note About Mineral Reserves and
Mineral Resources
4
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Mineral 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 and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning mineralization,
deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the
generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred resources’’. U.S. investors are advised that, while such terms are recognized and
required by Canadian securities laws, the SEC has not recognized them under Industry Guide 7 prior to the adoption of the modernization of Property Disclosure for Mining Registrants. The
requirements of NI 43-101 for identification of ‘‘reserves’’ has not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as ‘‘reserves’’
under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated resource” will ever be converted
into a “reserve”. U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated
“inferred resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian
securities laws. However, the SEC has previously only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to
unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
September 2019

The World’s Premier Silver Mining Company
5
25-year proven track record of responsibly building and operating mines in Latin America
An industry leader in high margin / low cost production
Three large catalysts for growing shareholder value:
Navidad, Argentina – world’s largest undeveloped silver deposit
Escobal, Guatemala – one of world’s largest silver mines
Major new silver-zinc-lead discovery at La Colorada, Mexico

Largest publicly traded silver mining company by free float
Strong production profile
2019 production guidance: 25.3 – 26.3 Moz silver and 550 – 600 koz gold, plus base metal by-product
Strong financial position and capital discipline
Returned $438M to shareholders since 2010 and invested $539M in high-quality expansions funded from cash flow

World class primary silver asset portfolio with one of the largest silver reserves of 557 M ounces
See presentation Appendix for more detailed information on the Company’s reserves and resources.
September 2019

Diversified Portfolio Across the Americas
6
25 years of experience working in Latin America
September 2019

Tahoe Acquisition:
Accretive on Reserves per Share
7
The Tahoe transaction increased silver equivalent reserves per share nearly 50%
from 4.3 AgEqOz/share to 6.5 AgEqOz/share.
(1) Silver equivalent reserves are estimated using annual average market prices for each year as published by the London Metal Exchange (“LME”, for zinc, lead, copper) and London Bullion Market
Association (“LBMA”, for silver and gold).
See presentation Appendix for more detailed information on the Company's reserves and resources.
September 2019
346
531
590 603 580 584
639 662
1,315
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
0
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 2015 2016 2017 2018 2019
Silverequivalentreserveounces/share
Silverequivalentreserves(Moz)1
Silver Gold AgEq Zinc AgEq Lead AgEq Copper AgEq Silver equivalent reserve ounces/share

(1) Based on the Revised August 2019 Forecast. Please refer to the MD&A for the period ended June 30, 2019 for more information.
(2) Silver equivalent production is calculated using annual average market prices for each year as published by the LME and LBMA, and realized metal prices for H1 2019 and forecast metal
prices for the remainder of 2019 for the 2019 Guidance.
29.7
35.3
41.1
46.7
51.6 51.5
53.9
58.5
95.4
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019
Guidance
Silverequivalentproduction(oz)/share
Silverequivalentproduction(Moz)2
Silver equivalent production Silver equivalent production (oz)/share
The Tahoe acquisition increased silver equivalent production per share by 27% based on 2019
Guidance, before any potential Escobal production1.
Tahoe Acquisition:
Accretive on Production per Share
8 September 2019

$14.49
$11.94
$10.28
$9.68
$7.00 - $9.00
$15.53
$17.35 $16.99
$15.61
$15.10
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$0
$100
$200
$300
$400
$500
$600
$700
2015 2016 2017 2018 2019 Guidance
$/oz
CumulativeOperatingMargin(Millions)
All-in Sustaining Costs Operating Margin per Ounce Cumulative Operating Margin Average Realized Silver Price
Strong Operating Margins through
Cost Discipline
9
(1) All-in Sustaining Costs per Ounce (AISC), Operating Margin per Ounce and Cumulative Operating Margin are non-GAAP financial measures; see the “Non-GAAP Measures” section of our
Cautionary Note on page 2 of this presentation. Operating Margin per Ounce and Cumulative Operating Margin are calculated as the difference between the average realized silver price and
AISC, on a per ounce sold basis and on a dollar basis, respectively.
(2) 2019 Guidance based on realized silver price for H1 2019 and forecast silver price for the remainder of 2019 for the 2019 Guidance and the mid-point of the Revised August 2019 Forecast
range for AISC on a consolidated silver basis and silver production; for more information on the Revised August 2019 Forecast, please refer to the MD&A for the period ended June 30, 2019.
Generated a Cumulative Operating Margin1 of ~$0.5 billion dollars over the 2015 to 2018 period.
1 1 1
2
September 2019

Free Cash Flow Allocation(1)
10
27%
13%50%
10%
Dividends Share Repurchases Expansion Capital Debt Repayment
~$1
Billion
FCF generated
since 2010(2)
$438 M cumulative cash returned to shareholders (dividends and share buy-backs) since 2010 in
addition to investing $539 M in expansionary capital
CashFlowPriorities
Return to shareholders
through dividends
Invest in high-return
projects
Maintain balance sheet
flexibility, with low to
zero debt
(1) Generated approximately $1.02 billion in free cash flow and distributed approximately $1.08 billion.
(2) Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases, expansion capital, M&A, short
term investment payments and proceeds, debt repayments and proceeds and equity issuances.
See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
September 2019

Product Portfolio with Long-Term
Silver Exposure
11
For more information on the 2019 Guidance, please refer to the MD&A for the period ended June 30, 2019.
(1) All-in sustaining costs per ounce (AISC) is a non-GAAP financial measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
(2) 2019 revenue by metal is based on the mid-point of the Revised August 2019 Forecast range and realized metal prices for H1 2019 and the following metal prices for the remainder of 2019: of
$15.00/oz for silver, $2,400/tonne ($1.09/lb) for zinc, $1,950/tonne ($0.88/lb) for lead, $6,000/tonne ($2.72/lb) for copper, and $1,375/oz for gold.
(3) The reserves by metal reflect the Company's 2019 mineral reserve estimates as announced in the news release dated September 4, 2019 and metal price assumptions of $17.00/oz for silver, $1,300/oz
for gold, $2,500/tonne for zinc, $2,100/tonne for lead, and $6,000/tonne for copper. See presentation Appendix for more detailed information on the Company's reserves and resources.
Silver
Production: 25.3 – 26.3 Moz
AISC: $9.75 - $11.251
Gold
Production: 550 – 600 koz
AISC: $1,025 - $1,1251
2019 Guidance
September 2019
Reserves by Metal3
Silver Gold Zinc Lead Copper
2019 Revenue by Metal2

Strategic Priorities
12
• La Colorada exploration discovery – targeting initial resource estimate in Q4 2019
• Potential development of the Navidad project
• Potential restart of operations at Escobal
• Integrate Tahoe operations and capture synergies
• Divest non-core assets over time
Integration &
Synergies
• Reduce debt incurred through Tahoe acquisition
• Return to shareholders through dividends
• Invest in high-return projects
Capital Allocation
• Focus on cost control to optimize operating margins
• Ramp-up Dolores underground mine to 1,500 tpd
• Begin producing from Joaquin and COSE mines in Q4 2019
Operations
Value Drivers
Vision: The Premier Silver Mining Company
September 2019

Consolidated Q2 2019 Highlights
• Revenue of $282.9M(1), up 31% from Q2 2018 on higher metal sales
volumes
• Net earnings of $18.5M, or $0.09 basic earnings per share
• Silver production of 6.5 Moz and gold production of 154.6 koz
• Quarterly cash dividend of $0.035 per common share paid
• Integration of former Tahoe operations progressing well
• Exploration success continues at La Colorada
14
(1) As described in the "Acquisition of Tahoe" section of the MD&A for the period ended June 30, 2019, the Timmins and Bell Creek (the “Timmins”) mines
are classified as assets-held-for-sale in the Company's Q2 2019 Financial Statements. As such, the consolidated revenue for the three and six months
ended June 30, 2019 excludes $57.5 million and $78.6 million of Timmins' revenue.
September 2019

15
(1) Excludes amounts included in mine care & maintenance.
(2) Excludes amounts included in transaction & integration costs.
(3) “STI” means short-term investments, “OCF” means operating cash flow, “NCI” means non-controlling interests, and “NUAG” means New Pacific Metals Corp.
(1)(3)
(2)
Q2 2019 Consolidated Cash Flows
September 2019
(3)
(3)
(3)

16
Cash and Short-term investments 138.8
Working Capital(1) 793.1
Amount drawn on Revolving Credit Facility 335.0
Total debt(2) 378.8
(1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information
to evaluate whether the Company is able to meet its current obligations using its current assets.
(2) Total debt is a non-GAAP measure calculated as the total of amounts drawn on the Company’s $500 million revolving credit facility, finance lease
liabilities and loans payable.
US$ Millions at June 30, 2019
Liquidity and Capital Position
September 2019

18
Escobal compares favorably against other assets held by large and mid-cap silver companies; it has the
largest production1, largest reserve base2 , and an attractive cost position3
1
Huaron
Dolores
2017 Silver Production (Moz Ag)
Source: all information shown in the table has been obtained from CIBC World Markets, as at November 2017, and has not been independently verified by the Company.
(1) Escobal’s silver production and AISC is based on Tahoe’s disclosure for 2016. Escobal has not operated since June 2017. See slides on Escobal in presentation Appendix for further details.
(2) Bubble size represents silver reserves; see presentation Appendix for more detailed information on Pan American’s and Tahoe’s reserves and resources.
(3) AISC (US$/oz) or all-in sustaining costs per silver ounce sold is shown net of by-product credits and considered to be a non-GAAP financial measure.
Escobal
One of The Largest Primary Silver Deposits
September 2019

Escobal
One of The World’s Best Silver Mines
19
Historical Production (Moz Ag) Reserves & Resources2 (as at June 30, 2019)
(1) Based on development, expansion, and sustaining capital invested from 2011 to 2017.
High quality, well built operation with over US$500 million invested1

One of the world’s largest primary silver deposits with reserves of 264 Moz2
3 consecutive years of production above 20 Moz Ag / year at
AISC consistently below US$10/oz Ag prior to 2017


Implement Pan American’s approach to community engagement and business
practices, and support ILO 169 consultation led by Guatemalan government

Grade Contained Metal
Tonnes Ag Au Pb Zn Ag Au Pb Zn
(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)
P&P Reserves 24.7 334 0.35 0.79 1.30 264.5 278 196 320
M&I Resources 16.5 208 0.21 0.37 0.65 110.1 110 61 106
Inferred
Resources
1.9 180 0.90 0.22 0.42 10.7 54 4 8

Navidad
One of the Largest Undeveloped Primary Silver Deposits
20
• 100% owned silver project located in Chubut Province,
Argentina
• Acquired in 2010 through the acquisition of Aquiline Resources
Inc.
• The project comprises eight individual mineral deposits in
three separate mineralized trends (Navidad, Esperanza and
Argenta trends)
− The six deposits of the Navidad Trend occur along strike
over a distance of about 5.8 km and are essentially
continuous
• “Law 5001”, passed in 2003, prohibits mining in Chubut
Province.
• In March 2018, a “Zonification” bill was submitted to the
Chubut legislature that would permit mining in certain zones of
the province, with Navidad being located in the proposed
permitted zone. This bill has not been debated or passed in the
legislature at this time.
Resources1 (as at June 30, 2019)
Navidad
(1) See presentation Appendix for more detailed information on the Company's reserves and resources.
September 2019
Tonnes Ag Cu Pb Ag Cu Pb
(Mt) (g/t) (%) (%) (Moz) (kt) (kt)
M&I Resources 155.2 127 0.05 0.85 632.4 71 1326
Inferred
Resources
45.9 81 0.02 0.57 119.4 9 262

La Colorada Discovery
Major skarn deposit discovered late 2018
21
Discovery located adjacent and below Pan American’s La Colorada vein system
Drilling encountered wide intercepts with high-grade, polymetallic mineralization
Drill holes currently cover an area of 600 metres x 300 metres
Targeting initial resource estimate late 2019
DRILL HIGHLIGHTS
• U-39-18: 223 m at 69 g/t Ag, 0.2 % Cu, 1.86% Pb and 3.36% Zn
• U-51-19: 114.0 m at 109 g/t Ag, 0.38% Cu, 1.66% Pb and 3.80% Zn
• including 58.2 m at 158 g/t Ag, 0.59% Cu, 2.57% Pb and 5.08% Zn
• U-46-19: 126.0 m at 55 g/t Ag, 0.22% Cu, 3.79% Pb and 6.56% Zn
• and 32.9 m at 74 g/t Ag, 0.44% Cu, 5.38% Pb and 10.29% Zn
• U-22-19: 254 m at 41 g/t Ag, 0.07 % Cu, 0.92 % Pb, 3.68 % Zn
• Including 129 m at 25 g/t Ag, 0.1% Cu, 1.09% Pb, 5.18% Zn
• U-68-18: 308.1 m at 46 g/t Ag, 0.20% Cu, 1.93% Pb, 4.56% Zn
• including 75.0 m at 70 g/t Ag, 0.23% Cu, 3.01% Pb, 6.02% Zn
• U-26-19: 276.1 m at 34 g/t Ag, 0.18% Cu, 1.69% Pb, 3.76% Zn
Drill results have been reported in our news releases dated October 23, 2018, February 21, 2019, May 8, 2019 and August 1, 2019.
For further details please see the Company’s website at www.panamericansilver.com/operations/north-and-central-america/la-colorada/
September 2019

Other Portfolio Assets
22
• Maverix Metals Inc. - Pan American owns ~26% (~29% fully diluted) of this
precious metals royalty and streaming company, representing a market value of
~CAD$181 M1.
• Silver Sand property (Bolivia) – Pan American holds ~16.9% interest in New
Pacific Metals Corp. providing exposure to this prospective silver project2.
• Amalia project (Mexico) – JV agreement with Radius Gold whereby Pan
American can earn an initial 65% in the project and may earn an additional 10%
by completing a preliminary feasibility study.
• Shalipayco project (Peru) – Pan American holds a free carried interest of 25%
to commercial production in this zinc development project owned by Nexa
Resources.
(1) Based on Maverix Metals Inc. (“Maverix”) closing price as at August 30, 2019 of $6.56/share on the TSX Venture Exchange (listed as “MMX”) and Pan
American’s ownership of ~26% of Maverix.
(2) Share ownership interest as of May 22, 2019 and calculated on a non-diluted basis.
September 2019

A History of Replacing Reserves
23
Over the last 14 years, Pan American invested $185 million in exploration, added 356 million ounces
of contained silver to mineral reserves through mine-site exploration and replaced 372 million
ounces produced in the same period, at a reserve replacement cost of $0.52 per ounce (1).
(1) Non-GAAP measure; calculated as total drilling cost divided by ounces found/replaced in reserves.
(2) Includes mineral reserves from assets acquired from Minefinders Corporation.
(3) Includes mineral reserves from assets acquired from Tahoe.
September 2019
213
228 224 232 231 235
317 324
300
280 286 288 280
557
0
100
200
300
400
500
600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019
Millionsoz
Cumulative Contained Silver Production Contained Silver Reserves
(3)
(2)

A Leader in Responsible Mining
24
Social responsibility is an important pillar of Pan American’s governing philosophy
Culture of Social Responsibility and Environmental Performance Track Record of Success in Latin America
Generating Local Benefits
+78 local supply companies started with our support
+11 alternative economic (non-mining) development programs
Successfully 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
Transparent Sustainability Reporting
• Based on annual consultation process with all
stakeholder groups
• Report on our efforts towards the UN’s
Sustainable Development Goals
• Report on environmental and social audits
Zero material environmental or
social incidents in Company history
Member of the Mining
Association of Canada’s Towards
Sustainable Mining Program
25 years of building trust with local communities
and indigenous groups across Latin America
Robert R. Hedley Award for Excellence in Social
and Environmental Responsibility (AME, 2018)
September 2019

PAAS Company Snapshot
25
Ticker TSX/NASDAQ PAAS
Shares Outstanding 209.6 million
Shares issuable upon exchange of CVRs1 15.6 million
Market Cap2 $3.9 billion
Avg. Daily Volume (3 month)2 3.4 million shares
Dividend Yield3 0.8%
Total debt4 $378.8 million
Total available liquidity5 $303.8 million
(1) Shareholders of Tahoe received one contingent value right ("CVR") for each Tahoe under the plan of arrangement with Pan American Silver. Each
CVRs will be exchanged for 0.0497 of a Pan American share upon first commercial shipment of concentrate following restart of operations at the
Escobal mine. The CVRs expire in 2029.
(2) All data based on NASDAQ exchange; as of market close August 30, 2019.
(3) Based on closing share price on August 26, 2019 and dividend declared August 7, 2019, annualized.
(4) Total debt is a non-GAAP measure that includes all financial liabilities; total debt at June 30, 2019.
(5) 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 revolving credit facility.
September 2019

2019 Guidance
27
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($ per ounce)(1)
AISC
($ per ounce)(1)
Silver Segment (Jan 1 – Dec 31)
La Colorada 8.0 - 8.2 4.1 - 4.8 2.50 - 3.50 3.50 - 4.50
Dolores 5.2 - 5.5 114.5 - 120.0 2.80 - 3.40 15.00 - 17.00
Huaron 3.6 - 3.7 0.5 6.00 - 7.00 7.50 - 9.25
Morococha (92.3%)(2) 2.5 - 2.6 1.2 - 1.5 3.10 - 4.00 7.00 - 9.00
San Vicente (95.0%)(3) 3.5 - 3.7 0.3 10.60 - 11.50 12.25 - 13.50
Manantial Espejo/COSE/Joaquin 2.4 - 2.5 20.0 - 25.0 21.70 - 22.60 22.00 - 24.00
Total(4) 25.2 - 26.2 140.5 - 152.5 6.50 - 7.50 9.75 - 11.25
Gold Segment (Feb 22 – Dec 31)
Shahuindo 0.1 137.0 - 165.0 550 - 625 875 - 1,000
La Arena — 117.5 - 122.5 800 - 850 1,275 - 1,325
Timmins(5) — 155.0 - 160.0 890 - 940 1,025 - 1,075
Total(4) 0.1 409.5 - 447.5 740 - 810 1,025 - 1,125
Total Production(6) 25.3 - 26.3 550.0 - 600.0 — —
Consolidated Silver Basis — — (3.30) – (1.80) 7.00 – 9.00
(1) Cash Costs and AISC are non-GAAP measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended June 30, 2019, for a detailed description of these
measures and where appropriate a reconciliation of the measure to the Q2 2019 Financial Statements. The Cash Costs and AISC forecasts assume realized metal prices for H1 2019 and the following metal
prices for the remainder of 2019 of $15.00/oz for silver, $2,400/tonne ($1.09/lb) for zinc, $1,950/tonne ($0.88/lb) for lead, $6,000/tonne ($2.72/lb) for copper, and $1,375/oz for gold; and average annual
exchange rates relative to 1 USD of 19.50 for the Mexican peso ("MXN"), 3.33 of the Peruvian sol ("PEN"), 41.80 for the Argentine peso ("ARS"), 6.91 for the Bolivian boliviano ("BOL"), and $1.30 for the
Canadian dollar ("CAD").
(2) Morococha data represents Pan American’s 92.3% interest in the mine's production.
(3) San Vicente data represents Pan American’s 95.0% interest in the mine's production.
(4) As shown in the detailed quantification of consolidated AISC, included in the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended June 30, 2019, corporate general and
administrative expense, and exploration and project development expense are included in Consolidated Silver Basis AISC, though are not allocated amongst the operations and thus are not included in either
the silver or gold segment totals.
(5) The Timmins mines are classified as assets held for sale in the Company's Q2 2019 Financial Statements, as described in Note 4 of the Company's Q2 2019 Financial Statements, and in the "Acquisition of
Tahoe" section of the MD&A for the period ended June 30, 2019. The gold production from the Timmins mines is included in the consolidated guidance, pending resolution from the sale process.
(6) Totals may not add due to rounding.
Table reflects revisions to the 2019 annual guidance for consolidated Cash Costs, AISC and silver and gold production made on August 7, 2019.
September 2019

Silver Market
28
2018 Supply & Demand (million ounces)
Total Supply 1,004.3
Demand 1,033.5
Jewelry 212.5
Coins & Bars 181.2
Silverware 61.1
Industrial 578.6
Electronics 248.5
Brazing Alloys & Solders 58.0
Photography 39.3
Photovoltaic 80.5
Other Industrial 152.3
ETP & Exchange Inventory Build 50.9
Net Deficit -80.1
Source: The Silver Institute, World Silver Survey 2019
published April 2019
2018 Fundamentals
• Silver price averaged $15.71, down ~8% from 2017.
• Demand greater than supply, resulting in physical deficit of
29.2M oz in 2018.
• Trade dispute between China and U.S. negatively impacted silver
prices by strengthening the USD and weighing down metal
prices.
Outlook for 2019
• Supply demand balance tight, silver/gold ratio at historic heights.
• Investment demand will drive silver prices.
• Increasing importance for exposure to precious metals including
silver in investment portfolio to hedge against potential
downturn in equity markets.
• Pan American is a leading investment for exposure to silver.
September 2019

Silver: Metal of the Future
29
Supply 2018: Mine supply 856 Moz
Scrap supply 155 Moz
TOTAL ~ 1.0 Boz
Demand 2018: Industrial 579 Moz
Jewelry 213 Moz
Bullion 181 Moz
Silverware 61 Moz
TOTAL ~ 1.03 Boz
September 2019
Source: The Silver Institute, World Silver Survey 2019 published April 2019

La Colorada
30
Production1 (Moz Ag)
• La Colorada is an underground mine located in Zacatecas,
Mexico
• 100% owned and operated by Pan American
• Epithermal silver deposit, with transition at depth to a base
metal predominant system
• Currently producing silver-gold doré bars from a conventional
cyanide leach plant for the oxide ore, and silver-rich lead
and zinc concentrates from a flotation plant treating
sulphide ore
• Successful exploration drilling at La Colorada has discovered
wide zones of mineralization below current production levels
• Potential to substantially expand mineral resources, mine life
and ultimately production capacity
Pan American’s Largest Silver Producing Mine with Significant Growth Potential
Mexico
La Colorada
Reserves & Resources2 (as at June 30, 2019)
(1) Guidance as reported on Q2 Management, Discussion and Analysis dated August 7, 2019.
September 2019
Tonnes Ag Au Pb Zn Ag Au Pb Zn
(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)
P&P Reserves 9.4 333 0.29 1.51 2.73 100.4 86 141 256
M&I Resources 2.1 196 0.17 0.58 1.16 13.4 12 12 25
Inferred
Resources
8.1 133 0.12 2.03 4.01 34.5 32 163 324

Dolores
31
Production1 (Moz Ag) Reserves & Resources2 (as at June 30, 2019)
• The Dolores mine is 100% owned and operated by
Pan American
• Low sulphidation epithermal deposit with strong
structural control. Silver and gold mineralization is
hosted in hydrothermal breccias and sheeted vein
zones
• Mining at Dolores is by open pit and underground
methods. The mine uses conventional cyanide heap
leaching to produce gold and silver doré
• Expansion completed in 2017 featuring a pulp
agglomeration plant to process high-grade ore from
a new underground mine, together with the high-
grade portion of the ore from the open-pit mine
• Average throughput capacity of 20,000 tpd
Large Silver/Gold Mine
Mexico
Dolores
September 2019
Tonnes Ag Au Ag Au
(Mt) (g/t) (g/t) (Moz) (koz)
P&P Reserves 43.7 26 0.84 36.7 1178
M&I Resources 3.5 24 0.44 2.7 49
Inferred
Resources
4.0 47 1.22 6.0 156

Huaron
32
Polymetallic Silver Mine
• The Huaron underground mine is 100% owned and
operated by Pan American
• Huaron is a hydrothermal polymetallic deposit of silver,
lead, zinc, and copper occurring in veins, mantos and
disseminated volcanic intrusions
• The mine operates at 2,500 tpd using flotation
technology to produce silver in copper, lead, and zinc
concentrates
• Mechanization of mining methods at Huaron has
improved efficiency and reduced operating costs
• Upgrades to the flotation circuit have resulted in
improved mill recoveries
Peru
Huaron
September 2019
Tonnes Ag Cu Pb Zn Ag Cu Pb Zn
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 9.9 168 0.56 1.48 3.01 53.7 55 147 298
M&I Resources 4.6 156 0.60 1.57 2.92 23.0 27 72 134
Inferred
Resources
6.2 155 0.41 1.45 2.77 30.8 25 90 171

Morococha
33
• The Morococha underground mine is 92.3% owned
and operated by Pan American
• Polymetallic mineralization comprising silver, lead,
zinc, and copper
• Mineralization includes epithermal veins, bedded
silver-base metal replacements or mantos and
intrusive-sediment contact skarns.
• Morococha operates at 2,000 tpd using standard
flotation technology to produce silver in zinc, lead,
and copper concentrates
• Mechanization of mining methods at Morococha has
improved efficiency and reduced operating costs
• Current activities focus on opportunities to enhance
productivities and efficiencies while designing for the
eventual mill relocation
Polymetallic Mine
Peru
Morococha
September 2019
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 6.3 156 0.35 1.32 3.76 31.9 22 84 239
M&I Resources 0.6 141 0.24 0.84 2.11 2.8 1 5 13
Inferred
Resources
4.5 138 0.37 1.02 3.26 19.9 17 45 146

San Vicente
34
Polymetallic Silver-Zinc Mine
San Vicente
• The San Vicente underground mine is 95% owned
and operated by Pan American
• Hydrothermal polymetallic deposit consisting of
replacement veins in pre-existing faults,
replacements in conglomerates, and mineralization
in dacitic dykes
• The San Vicente plant has an average throughput of
950 tpd and utilizes a standard flotation process to
produce silver-zinc and silver-lead concentrates
• Lower production costs resulting from productivity
enhancements associated with mechanization
efforts, enhanced mine dilution controls and
improvements in site infrastructure
September 2019
(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)
P&P Reserves 1.9 395 0.40 0.37 2.96 24.6 8 7 57
M&I Resources 1.1 160 0.23 0.20 2.14 5.8 3 2 24
Inferred
Resources
3.0 289 0.24 0.38 3.32 27.9 7 11 100

Manantial Espejo
35
Production1 (Moz Ag) Proven & Probable Reserves2 (as at June 30, 2019)
• The Manantial Espejo underground mine is 100% owned and
operated by Pan American
• Low sulphidation, silver-gold epithermal deposit
• Ore is treated by gravity concentration, agitation leaching and
Merril Crowe processing to produce silver-gold doré
• Underground mining at the nearby COSE and Joaquin
properties will generate further value from the Manantial
Espejo plant
• Combined production from the Joaquin, COSE and Manantial
Espejo mines is expected to add 21 million silver ounces over
the 2018 to 2021 period
• Extending the life of the Manantial Espejo plant allows
continued exploration activities and potential to add other
high grade deposits
Providing Support to the Development of the Joaquin and COSE Projects
Manantial Espejo
September 2019
Tonnes Ag Au Ag Au
(Mt) (g/t) (g/t) (Moz) (koz)
Manantial
Espejo
1.0 175 1.67 5.5 52
Joaquin 0.5 721 0.41 11.0 6
COSE 0.1 918 17.70 2.2 43

30.7
79 90
137 - 165
2017A 2018A 2019 Guidance
Shahuindo
36
Production1 (koz Au) Reserves & Resources2 (as at June 30, 2019)
Sizeable Gold Mine with Significant Growth Potential
• 100% owned open pit gold mine located in northern Peru
producing silver by-products from doré
• Heap leach processing
• Commercial production began in 2016 with current
estimated mine life until 2028
• Significant exploration opportunity and ability to extend
mine life
• Full ramp-up of recent expansion to 36 ktpd expected to be
achieved during the first half of 2019 Shahuindo
(3) Shaded region represents 30.7koz of gold production in 2019 prior to Pan American Silver acquiring ownership as of February 22, 2019.
3
September 2019
Tonnes Au Ag Au Ag
(Mt) (g/t) (g/t) (koz) (Moz)
P&P Reserves 112.6 0.49 6.2 1763 22.3
M&I Resources 12.1 0.48 6.0 187 2.3
Inferred
Resources
107.3 0.71 13.5 2464 46.7

Tonnes Au Cu Au Cu
(Mt) (g/t) (%) (koz) (kt)
M&I Resources 742.4 0.24 0.35 5637 2626
Inferred Resources 91.6 0.23 0.17 683 156
Tonnes Au Au
(Mt) (g/t) (koz)
P&P Reserves 36.8 0.35 410
M&I Resources 3.0 0.39 38
Inferred Resources 1.1 0.30 11
32.8
196
162
117.5 -
122.5
La Arena
37
Production1 (koz Au)
Reserves & Resources2 (as at June 30, 2019)
Producing Gold Mine with Sulphide Expansion Potential
La Arena
• 100% owned open pit gold mine located in Peru producing
doré
• Run-of-mine heap leach currently processing 36 ktpd
• Commercial production began in 2011 with estimated mine
life until 2021
• PEA released in February 2018 on sulphide expansion (“La
Arena II”)
• Highlights from the PEA include:
− 21 year mine life
− Average annual production of 149 koz gold and 94 kt of
copper
− US$824M after-tax NPV8%
− Mineral resources that are not mineral reserves do not have
demonstrated economic viability. This PEA is preliminary in
nature and includes inferred mineral resources that are
considered too speculative geologically to be categorized as
mineral reserves and there is no certainty that the PEA will be
realized.
La Arena
La Arena II
3

37.3
167 152
155 - 160
Timmins Mines
38
Production1 (koz Au) Reserves & Resources2 (as at June 30, 2019)
Bell Creek
Timmins West
Two Producing Mines in Prolific Canadian Mining Camp
• The Timmins mines are comprised of the 100% owned
Timmins West and Bell Creek mines, both of which are
located near Timmins, Ontario
• Underground gold operation with an estimated mine
reserve life until 2024, producing doré
• Leach / CIL-CIP / EW processing at Bell Creek, which has
capacity of 4 ktpd
• Shaft upgrade to 1,080 metres depth in commission,
which will greatly reduce bottlenecks at Bell Creek
• Significant land position in the Timmins Camp with
potential for exploration upside
• The Timmins Mines are located near several other high
quality gold operations including Goldcorp’s Porcupine
mine and Detour’s Detour Lake mine
3
September 2019
Tonnes Au Au
(Mt) (g/t) (koz)
P&P Reserves 9.9 3.09 988
M&I Resources 7.1 3.52 800
Inferred Resources 3.7 3.74 444

Pan American Silver Proven and Probable Reserves1,2
Pan American Silver Mineral Reserve and Mineral Resource Information as at June 30, 2019
Property Location Classification Tonnes
(Mt)
Ag
(g/t)
Contained
Ag (Moz)
Au
(g/t)
Contained
Au (koz)
Cu (%) Contained
Cu (kt)
Pb (%) Contained
Pb (kt)
Zn (%) Contained
Zn (kt)
Silver Segment
Huaron Peru Proven 6.2 168 33.5 - - 0.69 43.0 1.44 89.5 3.02 188.1
Probable 3.7 170 20.1 - - 0.33 12.3 1.55 57.1 3.00 110.2
Morococha (92.3%) (3) Peru Proven 4.1 147 19.5 - - 0.38 15.5 1.38 57.1 4.03 166.7
Probable 2.2 173 12.3 - - 0.31 6.9 1.20 26.5 3.26 72.2
La Colorada Mexico Proven 4.0 395 50.8 0.33 42.0 - - 1.72 68.9 3.11 124.4
Probable 5.4 287 49.6 0.26 44.4 - - 1.35 72.4 2.44 131.4
Dolores Mexico Proven 35.9 26 29.8 0.84 967.4 - - - - - -
Probable 7.8 28 6.9 0.84 210.7 - - - - - -
Manantial Espejo Argentina Proven 0.8 170 4.6 1.35 36.2 - - - - - -
Probable 0.1 204 0.9 3.64 16.0 - - - - - -
San Vicente (95%) (3) Bolivia Proven 1.4 414 18.6 - - 0.43 6.0 0.35 4.9 3.06 42.9
Probable 0.5 345 6.0 - - 0.32 1.7 0.42 2.3 2.71 14.5
Joaquin Argentina Probable 0.5 721 11.0 0.41 6.2 - - - - - -
COSE Argentina Probable 0.1 918 2.2 17.7 43.3 - - - - - -
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2 - - 1.02 25.7 1.75 44.4
Probable 22.1 316 225.0 0.34 243.8 - - 0.77 169.9 1.25 275.7
Total Silver
Segment(4)
97.5 169 530.4 0.64 1,644.1 0.47 85.4 1.10 574.1 2.24 1,170.6
Gold Segment
La Arena Peru Proven 27.4 - - 0.36 319.4 - - - - - -
Probable 9.5 - - 0.30 90.9 - - - - - -
Shahuindo Peru Proven 69.8 6 14.4 0.51 1,133.2 - - - - - -
Probable 42.8 6 7.8 0.46 629.9 - - - - - -
Timmins Canada Proven 2.7 - - 3.06 269.1 - - - - - -
Probable 7.2 - - 3.10 718.6 - - - - - -
La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9 - - - - - -
Probable 6.2 7 1.4 0.57 113.1 - - - - - -
Total Gold
Segment(4)
175.0 6 26.8 0.62 3,476.9 - - - - - -
Total Gold and Silver
Segments (4)
Proven +
Probable 272.5 77 557.2 0.63 5,121.1 0.47 85.4 1.10 574.1 2.24 1,170.6
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019”.
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G.
Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in National Instrument 43-101 (“NI 43-101).
(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element.

Pan American Silver Measured and Indicated Resources1,2
Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag
(Moz)
Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%)
Silver Segment
Huaron Peru Measured 2.2 157 11.0 - - 0.59 1.50 2.80
Indicated 2.4 155 12.0 - - 0.61 1.64 3.03
Morococha (92.3%) (3) Peru Measured 0.3 138 1.2 - - 0.29 0.86 2.14
Indicated 0.3 143 1.6 - - 0.20 0.83 2.09
La Colorada Mexico Measured 0.5 229 3.8 0.24 4.0 - 0.65 1.16
Indicated 1.6 185 9.6 0.15 7.8 - 0.56 1.16
Dolores Mexico Measured 2.0 21 1.3 0.35 22.0 - - -
Indicated 1.5 28 1.4 0.56 27.1 - - -
Manantial Espejo Argentina Measured 0.1 164 0.7 1.65 7.1 - - -
Indicated 0.2 241 1.4 2.86 16.5 - - -
San Vicente (95%) (3) Bolivia Measured 0.9 161 4.4 - - 0.22 0.20 2.27
Indicated 0.3 158 1.4 - - 0.27 0.21 1.73
Navidad Argentina Measured 15.4 137 67.8 - - 0.10 1.44 -
Indicated 139.8 126 564.5 - - 0.04 0.79 -
Joaquin Argentina Indicated 0.1 385 0.7 0.58 1.1 - - -
Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7 - 0.31 0.59
Indicated 14.2 201 91.6 0.20 93.0 - 0.38 0.66
Total Silver Segment(4)
184.0 134 792.9 0.27 195.3 0.06 0.82 1.21
Gold Segment
La Bolsa Mexico Measured 1.4 11 0.5 0.90 39.9 - - -
Indicated 4.5 9 1.3 0.50 71.2 - - -
Pico Machay Peru Measured 4.7 - - 0.91 137.5 - - -
Indicated 5.9 - - 0.67 127.1 - - -
La Arena Peru Measured 1.3 - - 0.41 17.5 - - -
Indicated 1.7 - - 0.38 20.6 - - -
Shahuindo Peru Measured 3.7 7 0.8 0.53 63.2 - - -
Indicated 8.4 5 1.5 0.46 123.6 - - -
Timmins Canada Measured 1.7 - - 3.89 212.4 - - -
Indicated 5.4 - - 3.41 587.8 - - -
La Arena II Peru Measured 155.7 - - 0.25 1,265.2 0.37 - -
Indicated 586.7 - - 0.23 4,371.9 0.35 - -
Fenn-Gib Canada Indicated 40.8 - - 0.99 1,298.6 - - -
Whitney Canada Measured 1.0 - - 7.02 218.1 - - -
Indicated 2.3 - - 6.77 490.5 - - -
Gold River Canada Indicated 0.7 - - 5.29 117.4 - - -
Juby Canada Indicated 26.6 - - 1.28 1,094.7 - - -
Marlhill Canada Indicated 0.4 - - 4.52 57.4 - - -
Vogel Canada Indicated 2.2 - - 1.75 125.0 - - -
Total Gold Segment(4)
854.9 7 4.1 0.38 10,439.6 0.35 - -
Total Gold and Silver Segments (4) Measured + Indicated
1,038.8 122.8 797.0 0.38 10,634.9 0.30 0.82 1.21

Pan American Silver Inferred Resources1,2
Property Location Classification Tonnes (Mt) Ag (g/t) Contained Ag
(Moz)
Au (g/t) Contained Au
(koz)
Cu (%) Pb (%) Zn (%)
Silver Segment
Huaron Peru Inferred 6.2 155 30.8 - - 0.41 1.45 2.77
Morococha (92.3%) (3) Peru Inferred 4.5 138 19.9 - - 0.37 1.02 3.26
La Colorada Mexico Inferred 8.1 133 34.5 0.12 31.6 - 2.03 4.01
Dolores Mexico Inferred 4.0 47 6.0 1.22 156.3 - - -
Manantial Espejo Argentina Inferred 0.5 194 3.0 2.71 41.4 - - -
San Vicente (95%) (3) Bolivia Inferred 3.0 289 27.9 - - 0.24 0.38 3.32
Navidad Argentina Inferred 45.9 81 119.4 - - 0.02 0.57 -
Joaquin Argentina Inferred 0.01 389 0.1 1.29 0.2 - - -
COSE Argentina Inferred 0.03 382 0.3 7.10 6.3 - - -
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7 - 0.22 0.42
Total Silver Segment(4)
74.0 106 252.5 0.62 289.5 0.10 0.83 3.17
Gold Segment
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6 - - -
Pico Machay Peru Inferred 23.9 - - 0.58 445.7 - - -
La Arena Peru Inferred 1.1 - - 0.30 10.7 - - -
Shahuindo Peru Inferred 10.0 5 1.6 0.44 140.6 - - -
Shahuindo Sulphide Peru Inferred 97.4 14 45.1 0.74 2,323.3 - - -
Timmins Canada Inferred 3.7 - - 3.74 443.8 - - -
La Arena II Canada Inferred 91.6 - 0.23 683.1 0.17 - -
Fenn-Gib Canada Inferred 24.5 - 0.95 750.0 - - -
Whitney Canada Inferred 1.0 - 5.34 170.7 - - -
Gold River Canada Inferred 5.3 - 6.06 1,027.4 - - -
Juby Canada Inferred 96.2 - 0.94 2,908.8 - - -
Vogel Canada Inferred 1.5 - 3.60 168.8 - - -
Total Gold Segment(4)
369.8 13 50.0 0.78 9,297.6 0.17 - -
Total Gold and Silver
Segments (4)
Inferred
443.8 48 302.5 0.78 9,587.1 0.14 0.83 3.17

Metal price assumptions used to estimate mineral reserves and resources as at June 30, 2019
Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t
Huaron All categories 17.00 1,300 6,000 2,100 2,500
Morococha All categories 17.00 1,300 6,000 2,100 2,500
La Colorada All categories 17.00 1,300 6,000 2,100 2,500
Dolores
Reserves 17.00 1,300
Resources 22.00 1,400
La Bolsa All categories 14.00 825
Manantial Espejo All categories 16.00 1,300
San Vicente All categories 17.00 1,300 6,000 2,100 2,500
Navidad All categories 12.52 1,100
Pico Machay All categories 700
Joaquin All categories 16.00 1,300
COSE All categories 16.00 1,300
Escobal All categories 20.00 1,300 2,204 2,424
Shahuindo
Shahuindo
Sulphide
Inferred Resource 15.00 1,400
La Arena
La Arena II All categories 1,500 8,816
Timmins - Bell
Creek
All categories 1,300
Timmins -
Timmins West
All categories 1,300
Fenn-Gib
Inside pit 1,190
Below pit 1,190
Whitney All categories 1,200
Gold river All categories 1,200
Juby(1) All categories
Marlhill All categories 1,125
Vogel
Inside pit 1,150
Below pit 1,150
(1) Estimation used a cut off grade of 0.40% g/t Au.

43
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com
September 2019

Paas investor presentation sept 2019

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