Investor Day. November 21, 2017

Transcription

1 Investor Day November 21, 2017

2 Presentation webcast link & slides The audio and presentation slides for Pan American s 2017 Investor Day are available on our website at: 2

3 Agenda Topic Speaker Time Allotted Welcome and opening remarks Siren Fisekci 8:00 8:05 5 minutes PAAS overview and strategy Michael Steinmann 8:05 8:20 10 minutes, 5 minutes Q&A Operations Steve Busby 8:20 9:30 60 minutes,10 minutes Q&A Safety and CSR Steve Busby Martin Wafforn Break 9:45 10:00 15 minutes Major Projects George Greer Martin Wafforn 9:30 9:45 10 minutes, 5 minutes Q&A 10:00 11:00 50 minutes, 10 minutes Q&A Exploration Christopher Emerson 11:00 11:30 20 minutes, 10 minutes Q&A Finance Rob Doyle 11:30 11:45 10 minutes, 5 minutes Q&A Closing remarks Michael Steinmann 11:45 - noon 10 minutes, 5 minutes Q&A 3 November 23, 2017

4 Participants Michael Steinmann President & CEO Steve Busby COO Rob Doyle CFO Martin Wafforn Senior VP, Technical Services & Process Optimization George Greer Senior VP, Project Development Chris Emerson VP, Business Development & Geology 4 November 23, 2017

5 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 cash costs per payable ounce of silver, net of by-product credits ( Cash Costs ), all-in sustaining cost per silver ounce sold ( AISCSOS ), total debt, and working capital. These measures do not have a standardized meaning) Measuresprescribed 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 section in the Company s Management s Discussion and Analysis for the period ended Sept. 30, 2017, available at 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 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; the Company s plans and expectations for its properties and operations; the Company s 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. 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 and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks of the Company s business and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations, including relationships with unions; relationships with, and claims by, local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions to mining; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic and other factors; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption Risks Related to Pan American s Business in the Company s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the SEC ) and Canadian provincial securities regulatory authorities. 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 National Instrument Mineral reserves and resources in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. 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 these mineral properties, filed at 5 November 23, 2017

6 Cautionary Note About Mineral Reserves and Resources 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 disclosed in accordance with Canadian National Instrument Standards of Disclosure for Mineral Projects ( NI ) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. NI 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 , 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 for identification of reserves are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 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 thetime 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. 6 November 23, 2017

7 Pan American Overview and Strategy Michael Steinmann, President & CEO 7

8 PAAS A Leading Investment in Silver World s 2 nd largest primary silver producer Growing near-term production profile Large, long-life silver reserves and resources (1) Proven and probable reserves = 286 Moz Measured and indicated resources = 696 Moz Inferred resources = 237 Moz Strong balance sheet Paying dividends since 2010 Portfolio of opportunities La Negra, Joaquin, and COSE Navidad - one of the world s largest undeveloped silver deposits Proven track record Met or exceeded guidance for 5 consecutive years (1) Consolidated as at December 31, 2016; please refer to the presentation appendix and Pan American s Management s Discussion and Analysis for the year ended Dec. 31, 2016, for more detailed information on the Company s reserves and resources. 8 November 23, 2017

9 PAAS Strategy Provide investors with enhanced exposure to silver by leveraging our competitive advantages to grow low-cost, un-hedged silver production. Competitive advantages: 20+ years of experience in major silver producing jurisdictions: Mexico, Peru, Bolivia and Argentina Long-life portfolio of producing mines offers flexibility and provides sustainable cash flow Strong financial capacity 9 November 23, 2017

10 PAAS Objectives Grow our silver portfolio through acquisitions of late stage exploration projects or operating mines, and organically through exploring, expanding and optimizing our existing asset portfolio. Replace mined silver reserves through mine-site exploration programs Replaced 102% of proven and probable reserves over last 13 years (added Moz mineral reserves) at a reserve replacement cost averaging $0.43/oz Add new silver resources through near-site exploration programs and business development initiatives Joaquin and COSE in exploration budget of US$21 M, up 45% from 2016 Generate strong cash flows and sustainable profits through the efficient operation of our portfolio of mining assets Mine expansions at La Colorada and Dolores Mechanization of Peruvian mining operations Leading CSR programs 10 November 23, 2017

11 Diversified Mining and Exploration Assets 11 November 23, 2017

12 World s 2nd Largest Primary Silver Miner 2017 estimate of revenue generated by product 5% 5% 51% silver 15% Copper Lead Zinc Gold kt kt kt koz 24% Silver Moz 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 See Pan American s Management s Discussion & Analysis for the period ended Sept. 30, 2017 for further detail on 2017 guidance. 12 November 23, 2017

13 Experienced Leadership Team Ross J. Beaty, Board Chair - Founded Pan American Silver Corp in 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 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 Rob Doyle, CFO - CA and CFA with strong background in financial management, particularly in the metals market. Joined Company as Chief Financial Officer in Andres Dasso, SVP, Mining Operations - Mining engineer with 39 years of experience. Joined Company in George Greer, SVP, Project Development - Mining engineer with 32 years of industry experience. Joined Company in 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: 13 November 23, 2017

14 Operations Steve Busby, COO 14

15 For the nine-month period ended Sept. 30, 2017 vs Guidance Consolidated Nine-month period 2017 Guidance as at Jan. 12, 2017 Guidance as at Nov. 8, 2017 Silver production (million ounces) Gold production (thousand ounces) Zinc production (thousand tonnes) Lead production (thousand tonnes) Copper production (thousand tonnes) Cash Costs (1)(2) ($/ounce) Sustaining capital ($ millions) Project capital (2)(3) ($ millions) AISCSOS (1)(2) ($/ounce) (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-gaap measures and their calculation. (2) Estimates for Cash Costs, AISCSOS and project capital were previously revised in Pan American s Management s Discussion & Analysis for the period ended Sept. 30, 2017 (3) 15 Project capital relates to development of the Joaquin and COSE November projects, 23, and 2017 the mine expansions at La Colorada and Dolores.

16 Operating Results by Mine For the nine-month period ended Sept. 30, 2017 Mine Ag Production (Moz) Au Production (koz) $ Cash Costs (1) La Colorada Dolores (0.69) Alamo Dorado Huaron Morococha (2) (4.56) San Vicente (2) Manantial Espejo TOTAL (3) (1) Cash Costs per payable ounce of silver, net of by-product credits. Cash Costs is a non-gaap measure; 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-gaap measures and their calculation. (2) Represents the Company s partial ownership interest. (3) Totals may not add up due to rounding. 16 November 23, 2017

17 Silver Production by Mine For the nine-month period ended Sept. 30, 2017 Manantial Espejo, 14% Argentina La Colorada, 28% San Vicente, 14% Bolivia Mexico Morococha, 10% Peru Dolores, 16% Huaron, 15% Alamo Dorado, 3% 17 November 23, 2017

18 2017 Regional Political Situations Mexico Peru The Presidential election is scheduled for July Overall Mexico remains a highly desirable silver mining jurisdiction with the world s best silver resources, a largely stable mining business environment, tremendously valuable mining support industries and an incredibly capable mining workforce. The Zacatecas Congress approved the Revenue Law that includes provisions for applying Green Taxes to mitigate environmental impacts created by all industries, including mining operations, which affects our LaColorada mine. There has been a concerning trend of rising acts of violence associated with criminal activity and community conflicts located throughout Mexico. Argentina Peru is a highly desirable and prospective jurisdiction for mining, which is an important contributor to the economy, with strong legislative and Government support and a skilled workforce. Peru s economy is recovering from the extremely heavy rains and flooding that occurred in several parts of the Country during the first half of the year. Bolivia President Macri s party (Cambiemos), who have been supportive of the mining sector, became the first party since 1985 to win in Argentina s five largest electoral districts. Efforts to curb the relentless wage inflation across many industries, and particularly mining, continues to face strong headwinds. The Bolivian Government has been actively attracting new foreign investments in mining. Government mandated wage increases combined with a flat currency exchange rate are pressuring operating margins. 18

19 2017 Achievements México Perú La Colorada achieved 1,800 tpd expansion design six months earlier than plan and continues with steady state operations The Dolores 2017 Mineral Resource Model is performing well with positive silver and gold grade reconciliations. Completed the Dolores pulp agglomeration plant construction and achieved 20,000 tpd expanded heap loading rates while commissioning the new plant during Q Dolores underground development proceeding as planned reaching nearly 8 kilometers of overall development and generating over 33 thousands tonnes of development ore mined YTD through Q Huaron and Morococha have been successful in their multi-year effort to mechanize narrow vein mining methods, culminating in improved productivity during Benefiting from historically low third party treatment charges for the concentrates. Zinc, lead and silver recoveries have improved by 22%, 7% and 3%, respectively, compared to the average of Initiated another level of mine deepening (approximately 80 meters below the 180 level) at Huaron with advancements on two access ramps. Continued exploration success at both mines. Argentina Bolivia Focusing on processing ores from stockpiles, the underground mine and high-grade ores trucked from the newly acquired COSE and Joaquin projects, following conclusion of open pit mining at Manantial Espejo. Potential exploration targets exist at Manantial Espejo underground and we continue to look for other regional satellite opportunities. Continue to optimize mine operations focusing on mechanization and reducing mining dilution. Continue to build on positive employee, community and Government relations. Continue exploration program to extend resources beyond current levels. 19 November 23, 2017

20 Thousands of Ounces Silver Production by Mine 30,000 28,000 26,000 24,000 26,112 26,119 25,419 26,000 24,500 28,000 26,000 29,500 26,500 22,000 20, Guidance 2018 Outlook 2019 Outlook (Excludes Joaquin and COSE projects) Silver (Thousand Oz) Guidance** La Colorada 4,979 5,327 5,795 6,400-6,900 Alamo Dorado 3,473 2,970 1, Dolores 3,982 4,250 3,838 4,000-4,500 Huaron 3,635 3,705 3,812 3,650-3,800 Morococha* 2,370 2,165 2,541 2,500-2,600 San Vicente* 3,949 4,118 4,433 4,400-4,500 Manantial Espejo 3,725 3,583 3,136 3,300 3,400 Total 26,112 26,119 25,419 24,500-26,000 * Reflects Pan American Silver's share. * Based on Pan American s share of ownership ** Based on Q updates ** Guidance as provided in Pan American s Management s Discussion & Analysis for the period ended Sept. 30, November 23, 2017

21 Thousands of Ounces Gold Production by Mine Guidance 2018 Outlook 2019 Outlook (Excludes Joaquin and COSE projects) Gold (Thousand Oz) Guidance** La Colorada Alamo Dorado Dolores Huaron Morococha* San Vicente* Manantial Espejo Total * Reflects Pan American Silver's share. ** Based on Q updates * Based on Pan American s share of ownership ** Guidance as provided in Pan American s Management s Discussion & Analysis for the period ended Sept. 30, November 23, 2017

22 YTD$/oz 2017 Guidance Consolidated $/oz Cash Costs (1) Q3-YTD Guidance La Colorada Alamo Dorado Dolores Huaron Morococha San Vicente Manantial Espejo Consolidated Revised Consolidated Original Cash Costs per payable ounce of silver, net of by-product credits. Cash Costs is a non-gaap measure; 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-gaap measures and their calculation. * Based on for the period ended Sept. 30, 2017 ** Outlook for 2018 and 2019 based on metal prices assumptions provided in the Mid-Term Outlook of Pan American s Management s Discussion & Analysis for the period ended Dec. 31, 2016; excludes any contribution from the Joaquin and COSE projects 22 November 23, 2017

23 $-Millions Capital Expenditures Guidance2018 Outlook*2019 Outlook* Capital (US$ Millions) Guidance La Colorada Alamo Dorado Dolores Huaron Morococha (92.18%) San Vicente (95%) Manantial Espejo Sustaining Capital Sub-total La Colorada Project Dolores Project Joaquin/COSE Project Capital Sub-total Total *- Excludes any future Projects beyond 2017 (for instance COSE/Joaquin/etc ) 23 November 23, 2017

24 Sustaining Projects 2017 Major Sustaining Capital Items Huarón: Raise Bores / Mining Equipment Replacements & Overhauls / Exploration / Tailing Dam / Flotation Cells. Morococha: Raise Bores / Mining Equipment Replacements & Overhauls / Exploration / Manuelita Deepening. Dolores: Mining Equipment Replacements & Overhauls / Exploration / Leach Pad / Solution Pumping Expansions. La Colorada: Mining Equipment Replacements & Overhauls / Exploration/ Tailing Dam / Infrastructure Upgrades. Manantial Espejo: UG Development / Mining Equipment Replacements & Overhauls / Exploration. San Vicente: Mining Equipment Replacements & Overhauls / Exploration / Replacements Infrastructure / Raise bores. TOTAL: US$ Million 24 November 23, 2017

25 Million tonnes kilometers Developments & Waste Mining Underground Underground Development (meters) F. La Colorada 5,378 4,862 7,960 9,818 Dolores ,609 Huaron 19,640 17,921 19,266 22,694 Morococha 19,794 17,947 18,666 23,966 San Vicente 6,000 5,934 9,353 8,357 Manantial Espejo 1,959 2,018 1,702 3,041 Total 52,771 48,682 56,948 72, F. Open Pit Open Pit Waste Mined (tonnes) F. Alamo Dorado 4,960,101 3,841, Dolores 35,663,599 32,457,733 36,159,320 35,911,026 Manantial Espejo 6,294,576 5,591,596 5,133,685 1,825,350 Total 46,918,276 41,890,731 41,293,005 37,736, F. 25

26 Risks México Ventilation raise boring at La Colorada has always been challenging. Dolores open pit waste haul distances may be extended depending on time required to obtain some permit modifications and land acquisitions. There has been escalations of violence in the regions near our mines. Commissioning the Dolores pulp agglomeration plant pressure filters to achieve design throughput rates. Increase underground mine stope fill cycle rates at La Colorada to match the increased production rates. Perú Managing union and community expectations. Uncertainty surrounding Chinalco s Toromocho mine development driving the schedule for the Morococha mill relocation. Aging infrastructure at Huaron, particularly with respect to the underground mine. Argentina Bolivia Social tensions that come with the Government s programs to curb high inflation and reset the economy. Powerful and influential labor unions. Conflicts between the National and Provincial Governments, particularly in the Santa Cruz Province. The Bolivian mining code currently requires a migration of our joint venture agreement with COMIBOL to an Association Agreement, but specific regulations for accomplishing this are pending. Demanding labour union. Controlling excessive mining dilution during the transitioning to more mechanized mining methods will take time. Rising inflationary pressures, particularly with the high legislated wage increases over the past several years. 26 November 23, 2017

27 Opportunities México Perú Throughput rates at La Colorada. Underground exploration potential at both La Colorada and Dolores. Dolores mine plan optimisation and ability to reduce mining dilution. additional mechanization at La Colorada. Mechanization programs continue at both mines. Excellent exploration potential remains at both Huaron and Morococha. Improving Mill efficiencies at both mines with the introduction of new processing technologies. Argentina Bolivia Potential for resource additions both on-site at Manantial Espejo and from nearby third-party projects. Federal Government is building support for mining. Early signs indicate inflation rates are finally reducing after several years of near hyper-rates. Potential exists for further currency devaluations that could lead to reduced US dollar operating costs. Excellent community relations has provided stability for our business. Increasing productivities and improving plant recoveries to offset the effects of increasing wages. Government has shown a strong desire to attract foreign investments into the mining sector. San Vicente is an important revenue generator for Bolivia and particularly the state owned mining company Comibol. 27 November 23, 2017

28 Producing mines: Dolores Chihuahua, Mexico Highlights Mine type Ownership 100% Products Capacity Deposit type Open pit / underground Silver and gold dore 20,000 tonnes per day Epithermal veins, stockworks, breccias and replacements Guidance Silver (million ounces) Gold (thousand ounces) Cash costs (1) $(1.08) $(1.00) 1.00 All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $8.29 $ $8.50 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven ,034.9 Probable (1) Estimated using a price of $18.50 per ounce of silver and $1,300 per ounce of gold. 28

29 Producing mines: La Colorada Highlights Mine type Underground Ownership 100% Products Silver and gold dore, silver-rich lead and zinc concentrates Zacatecas, Mexico Capacity Deposit type 1,800 tpd Epithermal veins, breccia pipes, mantos and replacements Guidance Silver (million ounces) Gold (thousand ounces) Cash costs (1) $6.15 $ $2.50 All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $7.49 $ $5.50 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven Probable (1) Estimated using a price of $18.50 per ounce of silver and $1,300 per ounce of gold.

30 Producing mines: Huaron Pasco, Peru Highlights Mine type Underground Ownership 100% Products Silver-rich zinc, lead, and copper concentrates Capacity 2,300 tonnes per day Deposit type Epithermal veins, mantos, and replacements Guidance Silver (million ounces) Gold (thousand ounces) Cash costs (1) $5.79 $ $1.00 All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $11.11 $ $7.75 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven n/a n/a Probable n/a n/a 30 (1) Estimated using a price of $18.50 per ounce of silver.

31 Producing mines: Morococha Junin, Peru Highlights Mine type Underground Ownership 92.3%* Products Silver-rich zinc, lead and copper concentrate Capacity 2,000 tonnes per day Deposit type Epithermal veins, mantos, and replacements Guidance Silver (million ounces) Gold (thousand ounces) Cash costs (1) $4.21 $(5.00) - $(5.50) All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $9.32 $ $7.50 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven n/a n/a Probable n/a n/a 31 (1) Estimated using a price of $18.50 per ounce of silver. * Figures reflect Pan American s 92.3% interest in Morococha.

32 Producing mines: San Vicente Potosi, Bolivia Highlights Mine type Underground Ownership 95%* Products Silver-rich concentrates Capacity 950 tonnes per day Deposit type Epithermal veins Guidance Silver (million ounces) Gold (thousand ounces) n/a Cash costs (1) $11.95 $ $12.25 All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $14.30 $ $14.75 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven n/a n/a Probable n/a n/a 32 (1) Estimated using a price of $18.50 per ounce of silver. * Figures reflect Pan American s 95% interest in San Vicente.

33 Producing mines: Manantial Espejo Santa Cruz, Argentina Highlights Mine type Open Pit / Underground Ownership 100% Products Silver and gold dore Capacity 2,000 tonnes per day Deposit type Epithermal veins, breccias and stockworks Guidance Silver (million ounces) Gold (thousand ounces) Cash costs (1) $4.28 $ $17.50 All-in Sustaining Costs per Silver Ounce Sold ( AISCSOS ) (1) $(2.08) $ $19.75 (1) Cash costs per ounce and AISCSOS are non-gaap measures. Refer to Alternative Performance (non-gaap) Measures section in Company s Management s Discussion & Analysis for period ended Sept 30, 2017 for detailed reconciliation of how these measures are calculated AISCSOS guidance based on assumptions for H of $2,700/tonne Zn, $2,200/tonne Pb, $5,700/tonne Cu, $1,300/oz Au and $16.50/oz Ag cash costs per ounce guidance based on assumptions for Q of $3,300/tonne Zn, $2,500/tonne Pb, $6,550/tonne Cu, $1,280/oz Au and $16.90/oz Ag. Reserve Tonnes (Mt) Grams Category (1) Ag/Tonne Contained Ag (Moz) Grams Au/Tonne Contained Au (koz) Proven Probable (1) Estimated using prices of $17.00 per ounce of silver and $1,200 per ounce of gold for planned 2017 production, then using $18.50 per ounce of silver and $1,300 per ounce of gold.

34 Safety and CSR Martin Wafforn, Senior Vice President, Technical Services & Process Optimization 34

35 TRIFR per 1 million hours worked Safety Peru: ISEM awarded Morococha 1 st place in the underground mine category for outstanding safety performance in Total Recordable Injury Frequency Rate (TRIFR) ICMM ytd ICMM data sourced from PAAS International Council on Mining & Metals (ICMM ) is an organization with 25 mining and metals companies. Mexico: Camimex announced that La Colorada will be the recipient of the Casco de Plata for safety performance in 2016 (underground mines with +500 employees) for the 6 th time. 35 November 21, 2017

36 Emergency Preparedness We continue to invest in emergency preparedness and providing our rescue teams with equipment and training. 36 November 21, 2017

37 Environment 2016 Highlights ZERO Significant Environmental Incidents 86% of water used at our Mexican operations was recycled Audits performed over show overall improvement by our mines *Index 0 to 10, where 10 is a perfect result and 0 non compliance 37 November 23, 2017

38 CSR Highlights 11,918 people received medical attention through local health facilities and campaigns 89% ($640 M) of the total economic value generated by the company benefits the countries where we operate $149 M paid in wages, 98% within the countries where we operate National International Regional Local 38 November 23, 2017

39 Major Projects Martin Wafforn, Senior Vice President, Technical Services & Process Optimization George Greer, Senior Vice President, Project Development 39

40 Cautionary Note For additional information, please refer to the Company s technical reports 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, The results of these preliminary economic assessments are preliminary in nature, in that they include 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. 40 November 23, 2017

41 Dolores Expansion Project (1) Project Highlights Increases Dolores average production for initial 5 years to: 5.3 Moz for silver (+39% vs 2016) 151 koz for gold (+47% vs 2016) Project approved in May 2015 with an estimated capital investment of $132.4 M (including power line) Project Scope New pulp agglomeration plant - began commissioning and producing in Q New underground mine initial stope production to commence in early 2018; production from orebody development is currently ongoing. New 115 kv power line was energized in September (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 available at 41 November 23, 2017

42 Pulp Agglomeration Plant Flowsheet 42 November 23, 2017

43 Pulp Agglomeration Plant Crushing Area 43 November 23, 2017

44 Pulp Agglomeration Plant Reclaim Area 44 November 23, 2017

45 Pulp Agglomeration Plant Milling Area 45 November 23, 2017

46 Pulp Agglomeration Plant Filtration Area 46 November 23, 2017

47 Pulp Agglomeration Plant Agglomeration Area 47 November 23, 2017

48 Dolores agglomeration plant Grinding Building Filter Plant Agglomeration Drum Agglomeration Plant Final Solution 48 November 23, 2017

49 Agglomerated Product Currently recovering 56% of contained Au and 43% of contained Ag directly in agglomeration plant. To date, the permeability on the leach pad with the addition of the agglomerated product has achieved permeability specifications. We are currently stacking on the leach pad at the expansion design rate of 20,000 tpd by supplementing the higher grade agglomerated product with increased normal heap ore throughputs. 49 November 23, 2017

50 Pulp Agglomeration Plant Status The project capital was estimated at $73.0 million; projected total cost is $68.5 million. The cost savings were realized as a result of the favourable Mexican peso exchange rate, as well as favourable process equipment pricing due to the low activity level in the industry. The construction period commenced on May 2016 once permits were received for the government authorities, and was completed by the end of June Plant commissioning began on Aug. 15, In Q3 2017, a total of 120,000 tonnes of ore were processed through the agglomeration plant, resulting in direct immediate recovery of 123,248 oz Ag and 4,557 oz Au. The plant is currently ramping up. 50 November 23, 2017

51 Dolores Underground Mine Development Development commenced late 2014 with an access ramp from surface; to date a total of 7,832 meters has been developed. A total of 33,700 tonnes of development ore has been produced to date. Deposit has been divided into three separate zones : the central zone, which will be the first to be mined commencing in 2018; the wider and potentially higher grade south zone, commencing mining in late 2019; and the north zone, which includes deposits underneath the final open pit, which will be mined last. The orebody is open to the south, as well as at depth in the south zone. 51 November 23, 2017

52 Dolores Underground Isometric View Open Pit Lateral South Main Ramp Approx. 1 km Drill Station No

53 Dolores Underground Life-of-Mine Plan 2018 to 2025 North Zone Central Zone RB1 RB2 RB3 South Zone Mine July

54 Development Plan The underground mine is designed to operate at a production rate of 1,500 tpd to partially supply the ore for the pulp agglomeration plant. The underground mine will be low cost and highly mechanized with longhole open stoping as the primary mining method. Stoping will start at the bottom of each of the ore zones and progress upwards to avoid leaving any sill pillars. 54 November 23, 2017

55 Progress to-date Dolores Underground Mine Development Underground mine service and support systems have been developed, including mine dewatering, electrical systems, compressed air supply, and the mine ventilation system. Two of three planned ventilation raises have been developed, with the third commencing raise boring in late The operations production fleet has been ordered and is currently arriving on site. Exploration and infill diamond drilling continued. Ore control drilling has commenced to define stope shapes. In general, the ground conditions encountered during the mine development have been of good quality. 55 November 23, 2017

56 Cautionary Note For additional information, please refer to the Company s technical reports entitled Technical Report Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico, with an effective date of December 31, The results of these preliminary economic assessments are preliminary in nature, in that they include 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. 56 November 23, 2017

57 La Colorada Expansion (1) Project Scope New 618-metre deep mine shaft fully commissioned in Q New sulphide processing plant began operating Q3 2016, and full production rate of 1,800 tpd achieved in June 2017, 6 months ahead of schedule New 115kV power line energized Q Q Performance Silver production 1.82 Moz Cash Costs of $1.71 and AISCSOS of $3.48 (2) Project approved in December 2013 with an estimated capital investment of $163.8 M (incl. sustaining capital) (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 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. 57 November 23, 2017

58 Project Results The initial capital expenditures for the construction of the plant, underground mine, and associated facilities were completed under budget at $125.3 million versus the original budget of $131.9 million, with an excellent safety record (zero lost-time accidents). The designed production increase to 1,800 tonnes per day was achieved 6 months ahead of schedule in June The 115 kv powerline was commissioned in Q2 2017, which will provide a more reliable long-term source of energy for the entire operation. The shaft has an ultimate capacity of up to 2,500 tonnes per day, hoisting from the current shaft depth of 618 meters. The new sulphide flotation plant having a capacity of 1,600+ tonnes per day of sulphide ore, in addition to the 400 tonnes of oxide ore processed in the existing oxide plant. 58 November 23, 2017

59 Project Details - Mine The headframe and shaft were designed and installed by J.S. Redpath Ltd. based out of North Bay, Ontario on a target-price contract basis. The 10 ft. diameter double-drum hoist was manufactured in Ontario by Hepburn Engineering Inc. of Toronto. By utilizing Canadian-based contractors and suppliers, we were able to take advantage of the favourable CDN:USD exchange rates during the time the work was performed. The shaft was installed using a raise boring and slashing technique, as compared to conventional sinking. All underground mine expansion development work was performed by Pan American Silver operations crews, and no outside contractors were required. In addition to additional ore hoisting capacity, the shaft has reduced the oneway transport time of workers to the face from the previous 45 minutes to 10 minutes. 59 November 23, 2017

60 New Shaft and Mine Development Candelaria Mine Recompensa Mine New La Colorada Shaft and Associated Loading Pocket Development (magenta) Estrella Mine Looking West Not to scale Proven Reserves Probable Reserves Resources 60 November 23, 2017

61 New Shaft Double-Drum Hoist Headframe Underground Loading Pocket Area 61 November 23, 2017

62 Project Details - Plant The sulphide plant was designed, fabricated and installed on an EPC basis by the contractor PMICSA based in Leon, Mexico. The grinding mill was purchased used and refurbished, however all other major process equipment was purchased new through Metso, Outotec, Diemme and Petimex. The existing filters and one thickener in the existing (old) sulphide plant were re-utilized in the new circuit. Favourable Mexican peso exchange rates were also realized through the plant construction process. The existing (old) sulphide plant remains available. We are currently in the execution stage of a tailing dam optimization project that will reduce the cost of future expansion to our tailings facilities. 62 November 23, 2017

63 New Sulphide Plant Ball Mill Plant Area Flotation Cell 63 November 23, 2017

64 COSE Project Martin Wafforn, Senior Vice President, Technical Services & Process Optimization 64

65 COSE Current Status Acquired 100% of COSE from Patagonia Gold ($7.5M paid plus $7.5M payable next year) (1). Estimated investment of $23.9M in a 200 tpd underground mine, processing at Manantial Espejo. Key components of initial mine development equipment fleet on-site (jumbo, scoop) and the remainder awaiting delivery (truck, scissor lift, bolter). Ramp and construction permits in place, operating permit process on schedule. Trained miners on the new equipment at Manantial Espejo. Box cut excavation completed. First blast in the decline taken Nov 8, COSE is adjacent to Patagonia Gold s open pit heap leach operation, COSE and Patagonia Gold to share some infrastructure and costs. (1) For more information see press release dated April 25, November 23, 2017

66 COSE Photos Upper left: box cut Bottom left: new equipment Top right: new magazines Bottom right: first blast 66 November 23, 2017

67 COSE Project - Metallurgy Run of mine ore will be trucked 240 Km. to Manantial Espejo for processing. COSE ore will be crushed and ground separately in a small circuit, then leached in existing gravity concentrate leach tanks. Capital cost for modifications to the Manantial Espejo plant estimated at $2.0M (included in $23.9M capex estimate). Metallurgical recovery estimated to be Au: 84% Ag: 78% based on prior test data. Processing costs are estimated to be higher than Manantial ore (+$9/T) primarily due to higher reagent consumption. Additional diamond drill holes are planned for further confirmatory and optimization testing. 67 November 23, 2017

68 COSE Project Mine Plan Ramp development will continue throughout 2018 with first ore production assumed to be at the end of Development in the mine plan totals 3.8 Km. Geotechnical conditions range from fair to poor, cemented backfill will be required. Ground support will be installed throughout. Ore production will continue through 2019 and the first half of 2020 and total an estimated 104k tonnes grading 14.9 g/t gold and 775 g/t silver (includes inferred resources of 27kt grading 7.1 g/t Au and 383 g/t Ag). Recovered gold production estimated to total 41.6k ounces. Recovered silver production estimated to total 2,043k ounces. The estimated internal rate of return on the total investment, including $15 million of acquisition costs, is 18% assuming a flat silver price of $18.50 per ounce and a flat gold price of $1,300 per ounce. The results of this preliminary economic assessment are preliminary in nature in that they include inferred mineral resources that are considered to be 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. 68 November 23, 2017

69 Exploration Christopher Emerson, VP Business Development and Geology 69

70 Cautionary Note Concerning Estimates of Mineral Reserves and Resources 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 disclosed in accordance with Canadian National Instrument Standards of Disclosure for Mineral Projects ( NI ) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. NI 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 , 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 for identification of reserves are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 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. 70 November 23, 2017

71 Exploration and production growth 2017 exploration budget of US$21M, up 45% from 2016 Added 38 million ounces of new silver mineral reserves, more than replacing the 32.4 million ounces mined in 2016 On track to complete 137 km of near site exploration drilling in 2017 High potential at Peru operations; near site and greenfield exploration La Negra (Kootenay Silver Inc.), Joaquin and COSE bring advanced silver exploration projects into the pipeline with regional exploration potential 71 November 23, 2017

72 Exploration Highlights Years 2004 to 2016 Proven and probable reserve replacement of 101% Reserve addition of Moz (depleted by mining Moz) Reserve replacement cost of US$0.43 per oz Year 2017 Mine and near site exploration budget of US$14.7M, total drill program of 137 km Greenfield program to explore portfolio of early stage and Joint Venture projects, total drill metres of 22 km e.g. Kootenay, Mal Paso (Total spend $6M) 72 November 23, 2017

73 2016 Silver Reserves Replacement (1) Silver Mineral Reserves Replacement Reserves 2016 (Moz) (2) Mined 2016 (Moz) gained/(lost) (Moz) Reserves 2017 (Moz) (1,2) Addition Variation 16/17 Morococha (92.3%) (3) 25.7 (2.9) % 7% Huaron 53.5 (4.6) % -4% La Colorada 91.2 (6.4) % 8% San Vicente (95%) (3) 37.3 (4.8) % 3% Manantial Espejo 11.8 (3.5) % 0% Dolores 53.1 (7.6) % 2% La Bolsa % 0% TOTAL (4) (29.8) % 3.1% (1) For complete Mineral Reserves and Resources information please see appendix. (2) 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. 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 ( NI "). (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. 73 November 23, 2017

74 La Colorada Geology East to north-east striking faults control the mineralization. The largest silver resource and reserve of current operating mines in our portfolio 2017 reserve has 98 Moz with silver grade of 396 g/t Ag 74 November 23, 2017

75 Exploration Highlights - La Colorada Recompensa continues to return good drill results as PAAS completes the infill program. Successful exploration program on the east extension of NC6 vein (continuation of the NC 2 vein system). Added Moz of silver reserves from exploration between 2006 and 2015, replacing 257% of the 47.7 Moz silver depleted by mining. Following table provides selective 2017 drill results: Vein Width Ag g/t Au gr/t Pb % Zn % NC , Splay NC , Splay NC , Recompensa Veta , NC Veta NC NC NC November 23,

76 Million Tonnes Silver Grade (g/tonnes) La Colorada Reserves Increase >200% Moz Ag Probable (Mt) Proven (Mt) Silver Grade (g/t) 64.8 Moz Ag 86 Moz Ag 81.4 Moz Ag 91.2 Moz Ag Moz Ag Moz Ag 38.3 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 November 23, 2017

77 La Colorada Main vein structures and reserve distribution At Dec 31, 2016 P&P 4.5 Mt* Ag 418 g/t (60.3 Moz) Au 0.34 g/t Pb 1.85% Zn 3.35% At Dec 31, 2016 P&P 0.5 Mt* Ag 321 g/t (5.1 Moz) Au 0.34 g/t Pb 1.17% Zn 1.51% At Dec 31, 2016 P&P 2.7 Mt* Ag 372 g/t ( Moz) Au 0.29 g/t Pb 0.89% Zn 1.42% 77

78 La Colorada NC6 Long Section + plan width 1.45 Ag 436 Au 0.14 Pb 0.88 Zn 2.00 width 2.12 Ag 878 Au 0.65 Pb 1.53 Zn 4.67 width 1.28 Ag 819 Au 0.19 Pb 1.87 Zn 5.30 width 1.22 Ag 244 Au 0.27 Pb 4.65 Zn 8.22 width 3.91 Ag 419 Au 0.54 Pb 4.57 Zn 5.69 width 2.94 Ag 328 Au 0.50 Pb 1.50 Zn 3.63 Width 6.62 Ag 327 Au 0.45 Pb 2.59 Zn

79 Dolores - Surface Geology Low to medium sulphidation silver-gold deposit. Mineralisation occurs as epithermal veins, silica stockwork, breccias and replacement style; economic mineralization is found in the Lower Volcanic Series ; andesites and latites host units - Those units were then cut by a diorite stock and faulted by the NNW-SSE San Francisco and Alma Maria structures The fracturing was used as conduits for latite dykes and hydrothermal precious metal bearing fluids Deeper resource is contained within high grade trends; accessible by underground development 79 November 23, 2017

80 Exploration - Dolores Underground infill drilling continued in 2017, Q3-YTD 21,214 metres drilled from 9 drill locations Definition drilling to define resources at 25 metres spacing Program of re-logging, infill drilling, and detailed geological reinterpretation to increase confidence in the R&R estimate was completed during 2016 Underground reserve contains 4.1 M 64g/tAg, 1.61g/tAu (8.4 MozAg/ 210k Oz Au) Surface exploration has started on the southern extension of the San Francisco vein 80 November 23, 2017

81 81 Diagram showing UG development with structures

82 Underground drilling - selected infill program results 10.10m m m 8.97gptAuEq 13.70m m m 2.26gptAuEq 18.0m 3.31gptAuEq 6.5m m 3.89gptAuEq 11.45m m 4.58gptAuEq 4.95m m 6.50gptAuEq 12m m 2.42gptAuEq 18.0m m 2.66gptAuEq 14m m 2.37gptAuEq 4.90m m 2.12gptAuEq 11.4m m 4.69gptAuEq Open pit contour Ore body outline 100m 100m Length (m) - Ag gpt - Au gpt Drill hole intercept 82

83 Exploration Highlights - Manantial Espejo Located in Santa Cruz province, South Argentina Epithermal Ag-Au mineralization The main potential remains on the Maria East vein in down dip and along strike Reserve as of Dec. 31, 2016 was g/tAg, 1.57g/tAu The following table provides selected drill results: Vein Width (m) Ag g/t Au g/t Maria East Maria East Maria East Maria East Maria East splay November 23, 2017

84 Manantial Espejo Long section Maria vein Lv 150 Lv 130 Lv 110 Lv 90 Inferred Resources Measured and Indicated Resources

85 Exploration Highlights San Vicente Located in the Potosi department, Bolivia Hydrothermal vein deposit (Ag-Zn) associated with intrusions 125% replacement of silver reserves depleted by mining with large increases for the Vanessa and Litoral R2 veins Drilling of the Union vein at depth from surface discovered the Yesenia vein in the footwall Reserves proven and probable Dec. 31, g/tAg The following table provides select drill results: Vein Width (m) Ag g/t Cu % Pb % Zn % Guernica Guernica Vanesa Vanesa Yesenia Yesenia Yesenia Yesenia November 23, 2017

86 Exploration Highlights - Morococha Underground Ag-Pb-Zn-Cu mine located in the province of Yauli in the central highlands of Peru. Mine split into 3 main areas: Alapampa (vein and skarn), Codiciada (vein, Manto, skarn) and Manualita (Vein). Manuelita zone (below Kingsmill drainage level) has been a target for exploration drilling over the past year and the potential at depth on veins 10, 11, Don Pedro, Rosalvina and Eneida has been tested. Discovery of high grade Zn mineralization at Mitu/ Pucara contact (Rosita ore body); resource definition drilling through 2016 and 2017 has allowed mine planning to access this zone. Within the Codiciada zone, successful drilling of the Alianza splay has increased potential moving east. Exploration ground east-northeast between the intrusives Toromocho and Puy Puy/ Gloria remain a high priority. The following table provides select drill results: Vein Width m Ag g/t Cu % Pb % Zn % Contacto Mitu - Pucará Kris Manto Morro Solar Rosalvina Rosalvina Rosita Ore Body Rosita Ore Body Veta Jasmin Veta Jasmin November 23, 2017

87 Morococha Mine Plan of major structures 87

88 Morococha Near Site Exploration 88

89 Exploration Highlights - Huaron Located in the province of Pasco, central highlands of Peru underground Ag-Cu-Pb-Zn mine 2016 exploration program drilled the down dip extension of major structures below 180 level for potential future deepening of the mine; 2017 focused on the extension east of the Shishua-Warren fault. Discovery of the Pozo D north/ south splay within this large regional fault A resource sits below the 180 level awaiting engineering study to confirm economic viability and conversion to reserves Still good exploration potential to the East of the Huaron anticline The following table provides select drill results: Vein Width m Ag g/t Cu % Pb % Zn % Constancia Llacsacocha Ochentaycinco Pozo D north splay 2.6 1, Pozo D north splay Pozo D north splay 2.9 1, Pozo D north splay 2.2 1, Pozo D north splay Pozo D South splay Pozo D South splay Pozo D splay 3.6 1, November 23, 2017

90 Huaron - Near Site Exploration Main Structures ISLAY H HUARON I A A B Shiusha Warren Pozo D vein Principal vein (Islay Animon) G C Llacsacocha vein F D E Cometa Sur vein Gavia 9 vein E F Travieso vein C ANIMON D G H Cecilia Yanacreston vein Patrick Este vein B I Pozo D Body 90

91 Near Mine 2017 Exploration Budget Near Mine Exploration Exploration (Drilling and Development) US$M Drilling cost US$M Other Exploration Cost US$M Metres Morococha $4.50 $4.00 $ ,660 Huaron $3.48 $3.03 $ ,615 San Vicente $2.55 $1.86 $ ,845 La Colorada $1.37 $1.20 $ ,525 Manantial Espejo $1.95 $1.01 $0.95 8,400 Dolores $0.87 $0.53 $0.34 5,900 Total Near Mine $14.73 $11.62 $ , November 23, 2017

92 Kootenay option agreement Kootenay Silver Inc., a publiclytraded silver exploration company, discovered two deposits in Sonora: La Negra and Promontorio Pan American has entered into an option agreement to earn 75% interest in the Promontorio mineral belt, including La Negra and Promontorio Pan American currently owns approximately 10% of Kootenay Silver Inc. Project located 200 km NW of Pan American s Alamo Dorado mine 92 November 23, 2017

93 Kootenay La Negra and Promontorio La Negra Hydrothermal breccia with quartztourmaline-sericite with a low sulphidation Ag overprint PAAS over the past 1.5 years have completed 11,000m of infill drilling on La Negra, geophysics surveys and regional mapping. Drillhole Interval Ag_g/t Au_g/t Pb % LN LN LN LN LN LN LN November 23, 2017

94 Joaquin update La Morocha Looking SW at La Morocha deposit site. Low relief and scattered outcrops of upper portion of the Chon Aike Formation. Central portion of the Deseado Massif, Santa Cruz province, 150km NNE of Gobernador Gregores, m elevation. Geology Two defined deposits to date, La Negra and La Morocha Mineralisation located in the volcanics of the Chon Aike formation, Principal Structural control NW/ N Intermediate sulphidation Ag-Au system with minor component of Pb, Zn Infill drill programmed completed in 3 months between July-Sept; total 7,106m (La Morocha 6,589m in 39 drillholes; La Negra 517m in 12 holes) Total spend to date on exploration was US$ 1.14M (outside of the original 2017 geology budget). 94

95 Some photos from the La Morocha drill core this is what it s all about! Silver.. DDH m DDH m 95

96 PAAS Claims & Greenfield Budget WATERLOO Washington Country Near site (Ha) Operations and Advanced Projects Greenfield (Ha) Greenfield Stage Exploration TOTAL México 52, , ,528 Perú 17,474 80,913 98,387 Argentina 65, , ,027 USA 3,470 3,470 TOTAL 139, , ,412 LA BOLSA DOLORES LA COLORADA México Lima HUARON MOROCOCHA PICOMACHAY Santiago NAVIDAD COSE JOAQUIN Buenos Aires CALCATREU MANANTIAL ESPEJO 96 November 23, 2017

97 Summary Total 2017 exploration investment (near site and greenfield) of US$21 M Solid performance on replacing production with new reserves; effective near site mine exploration Commitment from PAAS to drill near mine targets and find new/ replace resources La Colorada continues to add important resources in secondary structures; still open at depth Exploration at Dolores focusing on the southern extension of San Francisco vein Exploration potential at both Peru operations; near site and greenfields exploration; Morococha skarn and replacement style mineralization within the limestones and Huaron district. Kootenay option, purchase of Joaquin brings advanced Ag projects into the pipeline with excellent regional geology to expand 97 November 23, 2017

98 Finance Rob Doyle, CFO 98

99 Approximate Product Distribution Net Revenues Concentrate Tonnes (thousand) Zinc Concentrate 110 Copper Concentrate 63 Lead Concentrate 44 Silver Concentrate 8 11% 34% 44% 56% 25% 30% Concentrate Dore Lead Concentrate Copper Concentrate Zinc Concentrate Silver Concentrate *Based on YTD average metal prices and midpoint production guidance 99 November 23, 2017

100 Approximate Payable Silver Breakdown Silver Concentrate, 13% 3.1 Moz Dore, 39% Copper Concentrate, 16% 3.6 Moz 9.0 Moz 6.7 Moz 0.7 Moz Lead Concentrate, 29% Zinc Concentrate, 3% 100 November 23, 2017

101 Products Concentrates Mine Product Payable Metals La Colorada Zinc Concentrate Silver, Zinc Lead Concentrate Silver, Lead, Gold Huaron Zinc Concentrate Silver, Zinc Lead Concentrate Silver, Lead Copper Concentrate Silver, Copper, Gold Morococha Zinc Concentrate Silver, Zinc Lead Concentrate Silver, Lead, Gold Copper Concentrate Silver, Copper, Gold San Vicente Zinc Concentrate Silver, Zinc Silver Concentrate Silver, Lead, Gold, Copper Dore Mine Product Payable Metals Refineries La Colorada Dore Silver, Gold Asahi Dolores Dore Silver, Gold Asahi, Republic Metals, Penoles Manantial Espejo Dore Silver, Gold Asahi, Aurubis 101 November 23, 2017

102 Typical PAAS Zinc Concentrate Specifications Zinc Concentrate La Colorada San Vicente Morococha Huaron Annual tonnage ~26.2kt ~9.1kt ~33.6kt ~42.4kt Moisture content 6% - 9% 6% - 9% 6% - 9% 6% - 9% Quantity & Quality Terms Zinc grade (%) 56% - 59% 45% - 48% 49% - 51% 46% - 47% Silver grade (g/t) , Indicative Economics Revenue / concentrate tonne* $1,350 - $1,550/DMT $1,500 - $1,700/DMT $1,150 - $1,350/DMT $1,050 - $1,200/DMT Treatment and refining charges, and penalties / concentrate tonne $50 - $75/DMT $185 - $225/DMT $75 - $125/DMT $130 - $200/DMT *2017 monthly average market metal prices 102 November 23, 2017

103 Typical PAAS Lead Concentrate Specifications Lead Concentrate La Colorada Morococha Huaron Annual tonnage ~19.5kt ~6.7kt ~17.5kt Moisture content 6% - 9% 6% - 9% 6% - 9% Quantity & Quality Terms Lead grade (%) 43% - 46% 52% - 55% 50% - 54% Silver grade (g/t) 7,500-9,500 2,300-2,700 1,900-2,100 Indicative Economics Revenue / concentrate tonne* $5,000 - $6,000/DMT $2,300 - $2,500/DMT $2,000 - $2,200/DMT Treatment and refining charges, and penalties / concentrate tonne $200 - $300/DMT $175 - $225/DMT $175 - $225/DMT *2017 monthly average market metal prices 103 November 23, 2017

104 Typical PAAS Copper Concentrate Specifications Copper Concentrate Morococha Huaron Huaron (High Ag) Annual tonnage ~36.9kt ~14.8kt ~11.1kt Moisture content 6% - 9% 6% - 9% 6% - 9% Quantity & Quality Terms Copper grade (%) 20% - 22% 25% - 26% 25% - 26% Silver grade (g/t) 1,400-2, ,500-6,000 Indicative Economics Revenue / concentrate tonne* $1,900 - $2,200/DMT $1,000 - $1,700/DMT $4,000 - $4,500/DMT Treatment and refining charges, and penalties / concentrate tonne $325 - $375/DMT $100 - $500/DMT $1,000 - $1,100/DMT *2017 monthly average market metal prices 104 November 23, 2017

105 Typical PAAS Silver Concentrate Specifications Silver Concentrate San Vicente Annual tonnage ~8.2kt Moisture content 6% - 9% Quantity & Quality Terms Lead grade (%) 9% - 11% Copper grade (%) 13% - 16% Silver grade (g/t) 11,000-15,000 Indicative Economics Revenue / concentrate tonne* Treatment and refining charges, and penalties / concentrate tonne $5,500 - $8,500/DMT $650 - $850/DMT 105 November 23, 2017

106 Historical Lead Concentrate TC Spot Rates $400 Spot TC per tonne conc high silver content $350 $300 $250 $200 $150 $100 $50 $0 106 November 23, 2017

107 Historical Zinc Concentrate TC Spot Rates $350 Spot TC per tonne conc $300 $250 $200 $150 $100 $50 $0 107 November 23, 2017

108 Net Smelter Return (%) Approximate Return by Product Product value received divided by product value shipped 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Zinc Concentrate Lead Concentrate Copper Concentrate Silver Concentrate Dore La Colorada Huaron Morococha San Vicente Dolores Manantial Espejo *Product value shipped represents gross value (before refining and smelting payabilities); product value received is net of smelting and refining TCRCs and payabilities 108 November 23, 2017

109 Consolidated Cash Flows For the nine-month period ended Sept. 30, November 23, 2017

110 Strong Financial Capacity As at September 30, 2017 US$ Millions Cash and cash equivalents and short-term investments Working capital (1) Total debt (2) 7.5 Total available liquidity (3) (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; total debt at Sept. 30, 2017 reflects finance lease liabilities. (3) Total available liquidity is a non-gaap measure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company s secured line of credit. 110 November 23, 2017

111 Hedging Strategy Unhedged silver and gold production Base metals, currency and fuel hedging provides the opportunity to de-risk some of the Company s naturally long and short positions from price volatility All hedging initiatives require approval by the Finance Committee of the Board of Directors Our hedging charter provides that we can hedge up to 60% of production, and 70% of the notional dollar value of inputs within a specific period Correlations, basis risk and matching settlement periods always considered Exposures Underlying Units ('000) Revenue Exposures (Output) USD$ Exposure - Annual ($'000)* *2017 budget assumptions Silver 25,300 Oz $ 430,100 Gold 160 Oz $ 192,000 Zinc 57.5 Tonnes $ 143,800 Lead 19.5 Tonnes $ 41,000 Copper 9.0 Tonnes $ 48,600 Expense Exposures (Inputs) CAD 17,500 CAD $ 13,000 MXN 1,538,000 MXN $ 76,900 PEN 251,000 PEN $ 76,000 ARS 590,000 ARS $ 34,600 BOB 201,000 BOB $ 28,700 Diesel 43,200,000 liters $ 18, November 23, 2017

112 Summary of Hedging Positions Commodity Coverage Period Ending Total Outstanding Positions (in DMT; US$) Monthly Consumption/ Production Coverage Type of Trade Put Price ($/ tonne) Call Price ($/ tonne) Zinc June-18 11,250 30% Min / Max $ 2,487 $ 3,540 Lead June-18 3,600 30% Min / Max $ 2,200 $ 2,500 Copper June-18 1,080 30% Min / Max $ 5,900 $ 6,960 Mexican Peso December-17 USD 18,000,000 70% OPEX Min / Max $ $ Positions added in Q Zinc June-18 3,900 15% Min / Max $ 2,500 $ 3,350 Zinc June-18 3,900 15% Min / Max $ 2,640 $ 3,700 Lead June-18 3,600 30% Min / Max $ 2,200 $ 2,500 Copper June-18 1,080 30% Min / Max $ 5,900 $ 6, November 23, 2017

113 Closing Remarks Michael Steinmann, President & CEO 113

114 Progress in Reducing Costs $25 $20 $15 $10 $22.26 $12.03 Main drivers of cost reduction: Improved productivity FX gains Higher by-product prices Generally lower input costs $11.00 $5 $4.85 $ F (1) Cash Costs (2) AISCSOS (2) (1) 2017F based on the mid-point of ranges; See Pan American s Management s Discussion & Analysis for the period ended Sept. 30, 2017 for further detail on 2017 guidance. (2) Cash Costs and AISCSOS are 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-gaap measures and their calculation. 114 November 23, 2017

115 Track record of delivering on guidance Total aggregate score for 5-year period from 2012 to 2016 (inclusive) on achieving/missing production and cost guidance. PAAS on track to meet or beat guidance for the 6 th year in a row Source: RBC Capital Markets, June 12, See Pan American s Management s Discussion & Analysis for the period ended Sept. 30, 2017 for further detail on 2017 guidance. 115 November 23, 2017

116 Capital Allocation Priorities $600 $500 in Millions US$ $491 $542 $398 M in total cumulative cash returned to shareholders (dividends and share buybacks) since 2010 in addition to investing $460 M in expansionary capital. $423 $400 $300 $361 $330 Cash & Short Term Investments Financial debt $227 $218 Cumulative return to shareholders $200 $186 $100 $ Q Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend 116 November 23, 2017

117 Silver Institute Outlook Silver Survey Update November 2017 Johann Wiebe, Lead Analyst, Precious Metals Demand

118 Silver Price Range, US$/OZ Source: Thomson Reuters Eikon

119 World Silver Supply and Demand Moz e % % Mine Production % 6% Total Supply 988 1,051 1,043 1,007 1, % 2% Jewelry & Silverware % -5% Coins & Bars % -46% Industrial Fabrication % -4% Physical Demand 1,124 1,117 1,151 1, % -13% Physical Surplus/Deficit Annual Average Silver Price $/oz % -28% Source: GFMS, Thomson Reuters

120 Silver Institute Outlook In terms of prices we remain moderately optimistic and forecast average price $18.80/oz next year. Investment demand expected to show signs of recovery, although the next boom will be dependent on economic backdrop. PV demand in the solar sector is expected to continue to be the star performer of industrial offtake. Electronics will also be a positive driver. Mine supply is expected to decline in the long run and we believe that 2016 was the beginning of this protracted decline. Meanwhile, scrap will stabilise if not increase marginally on rising IP. Above ground stocks are likely to continue to grow particularly those held in custodian vaults. In the case of lack in significant demand increases, this could dampen sustainable price rises in the next years.

121 Why Invest in PAAS Now 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 121 November 23, 2017

122 Appendix 122

123 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) Huaron Peru Proven N/A Probable N/A Morococha (92.3%) (3) Peru Proven N/A Probable N/A La Colorada Mexico Proven Probable Dolores Mexico Proven ,034.9 Probable La Bolsa Mexico Proven Probable Manantial Espejo Argentina Proven Probable San Vicente (95%) (3) Bolivia Proven N/A Probable N/A Total (4) Proven + Probable , Cu % Pb % Zn % 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, 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 (3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. 123 November 23, 2017 (4) Totals may not add up due to rounding.

124 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 Indicated Morococha (92.3%) (3) Peru Measured Indicated La Colorada Mexico Measured Indicated Dolores Mexico Measured Indicated La Bolsa Mexico Measured Indicated Manantial Espejo Argentina Measured Indicated San Vicente (95%) (3) Bolivia Measured Indicated Navidad Argentina Measured Indicated Pico Machay Argentina Measured Calcatreu Argentina Measured Indicated Indicated Total (4) Measured + Indicated 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 Instrument Please refer to Cautionary Note Concerning Estimates of Mineral Reserves and Resources section in this presentation. (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) 124Totals may not add up due to rounding.

125 All Pan American Silver Inferred Resources (1)(2) Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu% Huaron Peru Inferred Morococha (92.3%) (3) Peru Inferred La Colorada Mexico Inferred Dolores Mexico Inferred La Bolsa Mexico Inferred Manantial Espejo Argentina Inferred San Vicente (95%) (3) Bolivia Inferred Navidad Argentina Inferred Pico Machay Argentina Inferred Calcatreu Argentina Inferred Total (4) Inferred 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 Instrument ( NI ). (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) Totals may not add up due to rounding. 125

126 Suite 1440, 625 Howe Street, V6C 2T6 Vancouver, BC Panamericansilver.com 126 November 23, 2017