Investor Presentation. June, 2018

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1 Investor Presentation June, 2018

2 Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, Pan American, Pan American Silver, the Company, we or our ) refers to various non-gaap measures, such as cash costs per payable ounce of silver, net of by-product credits ( Cash Costs ), all-in sustaining cost per silver ounce sold ( AISCSOS ), total debt, adjusted earnings, adjusted earnings per share, total available liquidity, operating cash flow before changes in non-cash operating working capital, operating cash flow before changes in non-cash operating working capital per share and working capital. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Readers should refer to the Alternative Performance (Non-GAAP) Measures section of the Company s Management s Discussion and Analysis for the period ended March 31, 2018, 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: future financial or operational performance, including our estimated production of silver, gold and other metals in 2018 and with respect to future production, including anticipated production from the Cap-Oeste Sur Este ( COSE ) and Joaquin projects; our expectations with respect to future free cash flow; our estimated Cash Costs and AISCSOS in future years; our estimated capital investments, including with respect to the Joaquin and the COSE projects, and sustaining capital in future years; the ability of the Company to successfully complete any capital investment programs and projects, and the impacts of any such programs and projects on the Company; timing of production and the cash costs of production at the Company s properties, including the anticipated timing of production and results of developments and operations; the ability of the Company to realize value from transactions, including with respect to its Joaquin and the COSE projects; the Company s plans and expectations for its properties and operations, our expectations with respect to future prices of silver or other precious metals, world-wide silver production, or global demand on silver, or other similar metrics relating to silver, and exchange rates; and any anticipated level of financial and operational success in These forward-looking statements and information reflect the Company s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. If the current securities issues at Dolores are not resolved and they significantly restrict access to the mine site, this may impact our annual guidance for 2018 and future financial and operating performance. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks of the Company s business and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations, including relationships with unions; relationships with, and claims by, local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions on mining; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic and other factors; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption Risks Related to Pan American s Business in the Company s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the SEC ) and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management s current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. Technical Information Technical information contained in this presentation with respect to Pan American has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris Emerson, FAusIMM, VP Business Development and Geology, who are the Company s qualified persons for the purposes of Canadian National Instrument Standards of Disclosure for Mineral Projects ( NI ). Mineral reserves and mineral resources in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. Technical disclosure in this presentation for the Company s material mineral properties is based on technical reports prepared for those properties, which are filed at For additional information about the Company s material mineral properties, please refer to the Company s Annual Information Form dated March 22, 2018, and technical reports with respect to material mineral properties and the Joaquin property, each filed at 2 June 1, 2018

3 Cautionary Note to 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 mineral resource estimates included in this presentation have been disclosed in accordance with Canadian 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. 3 June 1, 2018

4 PAAS A Leading Investment in Silver Low-risk production growth La Colorada and Dolores mine expansions complete COSE and Joaquin projects leverage invested capital in Argentina Exploration potential across our diversified portfolio Low-cost production Cash Costs of $1.18/oz and AISCSOS of $6.98 in Q (1) Large, long-life silver reserves and resources (2) Proven and probable reserves = 288 Moz Measured and indicated resources = 686 Moz; Inferred resources = 245 Moz Replaced 103% of proven and probable reserves over last 14 years at average cost of $0.45/oz Strong balance sheet $524.8 M of total available liquidity (3) Proven track record Experienced management team with 20+ years of success growing the Company Strong record of achieving guidance (1) Cash Costs and AISCSOS are non-gaap measures. (2) Consolidated as at Dec. 31, 2017; see presentation appendix and Pan American s news release dated Feb. 20, 2018, for more detailed information on the Company s reserves and resources. (3) As at March 31, 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. 4 See the Non-GAAP Measures section of our Cautionary Note on page 2 of this June presentation. 1, 2018

5 World s 2nd Largest Primary Silver Producer 2018 estimate of revenue generated by metal 9% 5% 47% silver 17% 25% Copper Lead Zinc Gold Silver kt kt kt koz Moz Based on 2018 estimated metal sales and prices: Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne, Cu $6,500/tonne, 5 June 1, 2018

6 Diversified Mining and Exploration Assets 6 June 1, 2018

7 Year PAAS commenced production Track Record of Building Mines and Growing Production Million silver ounces produced F 2019F 2020F 7 June 1, 2018 See the Company s news release dated Jan. 11, 2018 for more information on the 2017 operating results and the three-year outlook.

8 Progress in Reducing Cash Costs $25 $20 $15 $10 $22.26 $12.03 $10.05 Main drivers of cost reduction: Improved productivity Higher by-product prices Lower treatment and refining charges Generally lower input costs FX gains $5 $4.10 $ Guidance Cash Costs (1) AISCSOS(1) (1) Cash Costs and AISCSOS are non-gaap financial measures; see the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. (2) 2018 Guidance based on the mid-point of the ranges; For all references in this presentation to the 2018 Guidance, please refer to the Company s news release dated Jan. 11, 2018 for more information. If the current securities issues at Dolores are not resolved and they significantly restrict access to the mine site, this may impact our annual guidance for 2018 and future financial and operating performance. 8 June 1, 2018

9 Q Highlights 9

10 Q Highlights Produced 6.1 Moz of silver and 46.2 koz of gold $207.0 million of revenue Cash Costs of $1.18 per ounce, lowest in a decade (1) All-In Sustaining Costs per Silver Ounce Sold ( AISCSOS ) of $6.98 (1) Production on pace to achieve annual guidance (2) Cash and short-term investment balance of $224.8 million No bank debt Quarterly cash dividend of $0.035 per common share approved (1) Cash Costs and AISCSOS are non-gaap financial measures; see the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. (2) Please refer to the Company s news release dated Jan. 11, 2018 for more information on the 2018 guidance. 10 June 1, 2018

11 Consolidated Financial Results Unaudited in millions of US$, except per share amounts Q Q Revenue Mine operating earnings Net earnings Net earnings per share Adjusted net earnings (1) Adjusted net earnings per share (1) (1) Adjusted earnings is a non-gaap financial measure; see the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. Per share amounts are calculated using the basic weighted average shares outstanding for the period. 11 June 1, 2018

12 Q Consolidated Cash Flows STI (short-term investments) OCF (operating cash flow) WC (working capital) NCI (distributions to non-controlling interests) 12 June 1, 2018

13 Strong Financial Capacity As at March 31, 2018 US$ Millions Cash and cash equivalents and short-term investments Working capital (1) Total debt (2) 10.0 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 March 31, 2018 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. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. 13 June 1, 2018

14 Capital Allocation Priorities $600 $500 in Millions US$ $491 $542 $408 M in total cumulative cash returned to shareholders (dividends and share buy-backs) since 2010 in addition to investing $482 M in expansionary capital. $423 $400 $361 $330 $300 Cash & Short Term Investments Financial debt $227 $218 $228 $225 Cumulative return to shareholders $200 $100 $ Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend 14 June 1, 2018

15 Manantial Espejo Regional Strategy Period COSE Joaquin Manantial Espejo Joaquin is located ~145 km, and COSE 240 km, from our Manantial Espejo mine Joaquin (La Morocha) (1) Estimated capital of $37.8 M Underground mine 474 k tonnes at 721 g/t Ag and 0.41g/t Au Recovered Ag of 8.9 Moz and Au of 5.1 koz COSE (2) Estimated capital of $23.9 M (incl. sustaining) Underground mine 104 k tonnes at 775 g/t Ag and g/t Au Recovered Ag of 2.0 Moz and Au of 41.6 koz Manantial Espejo Stockpiled material and underground mine 2,174 k tonnes at 161 g/t Ag and 1.34 g/t Au Recovered Ag of 10.3 Moz and Au of 88.2 koz Material mined from La Morocha and COSE transported by road to Manantial Espejo s processing plant (1) For additional information, please refer to the Company s technical report entitled Technical Report for the Joaquin Property, Santa Cruz, Argentina, with an effective date of Nov. 30, 2017 available at (2) The results of the preliminary economic assessment for COSE is 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. 15 June 1, 2018

16 Other Portfolio Assets 100% owner of Navidad, one of the world s largest undeveloped silver deposits: Navidad Silver Resources (1) Classification Contained Ag (Moz) Tonnes (Mt) Ag (g/t) Measured Indicated Inferred (1) estimates are as of April 2009 and assume a silver price of $12.52/oz. Approximately 10% undiluted interest in Kootenay Silver Inc., a publicly-traded silver exploration company, and an option agreement to earn a 75% interest in their Promontorio mineral belt property, including the La Negra and Promontorio deposits. Pan American owns ~36% (~40% fully diluted) of Maverix Metals Inc. ( MMX ), a precious metals royalty and streaming company, representing a market value of ~CAD$97 M (2). Free carried interest of 25% to commercial production in the Shalipayco project, a zinc development project located in Peru. ~12% interest in New Pacific Metals Corp. (~16% fully diluted), providing exposure to the Silver Sand property in Bolivia. (2) Based on MMX closing price as at May 31, 2018 of $1.75/share on the TSX Venture Exchange and Pan American s ownership of ~36% of Maverix. 16 June 1, 2018

17 Improving Operating Margins Q1 $7.91 (1) (1) Please refer to the Company s news release dated Jan. 11, 2018 for more information on the 2018 Guidance. (2) Please refer to the Company s news releases dated Feb. 20, 2018 and Jan. 11, 2018 for more information on the 2017 operating results and the three-year outlook. 17 By-product metal prices assumptions used for forecast AISCSOS calculation: Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne, Cu $6,500/tonne. Exchange rates relative to US$ assumed: Mexican peso 18.50:1, Peruvian sol 3.23:1, Argentine peso 19.59:1, Bolivian boliviano 7:1. AISCSOS June is a 1, non-gaap 2018 measure. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation.

18 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 18 June 1, 2018

19 Appendix 19

20 PAAS Company Snapshot Ticker TSX/NASDAQ Shares outstanding Market cap 1 Avg. daily volume 1 PAAS million $2.7 billion 1.2 million Yield 2 0.8% Total debt 3 Total available liquidity 4 $10.0 million $524.8 million (1) All data based on NASDAQ exchange; as of market close May 31, (2) Based on closing share price at May 31, 2018 and dividend declared May 9, 2018, annualized. (3) Total debt is a non-gaap measure; total debt at March 31, (4) Total available liquidity is a non-gaap measure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company s secured line of credit. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. 20 June 1, 2018

21 Q Operating Results by Mine Mine Ag Production (Moz) Au Production (koz) $ Cash Costs (1) La Colorada Dolores (3.11) Huaron (1.51) Morococha (2) (11.36) 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 Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. (2) Represents the Company s partial ownership interest. (3) Totals may not add up due to rounding. 21 June 1, 2018

22 2018 Silver Production by Mine Manantial Espejo, 13% Argentina La Colorada, 29% San Vicente, 15% Bolivia Mexico Morococha, 10% Huaron, 14% Peru Dolores, 19% 22 June 1, 2018

23 Production and Cash Costs by Mine 2018 Guidance Mine Silver Production (million ounces) Gold Production (thousand ounces) Cash Costs ($/ounce) (1) La Colorada Dolores (1.25) Huaron Morococha (92.3%) (2) (5.80) (4.30) San Vicente (95%) (2) Manantial Espejo Total (3) (1) Cash Costs is a non-gaap measure. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. (2) Reflects Pan American s ownership in the operation. (3) Totals may not add up due to rounding. 23 June 1, 2018

24 Capital Expenditures 2018 Guidance (1) La Colorada Dolores Huaron Morococha Morococha Mexico Joaquin & COSE $100 - $105 M Sustaining Capital San Vicente Manantial Espejo $50 M Project Capital (1) Please refer to the Company s news release dated Jan. 11, 2018 for more information on the 2018 guidance. 24 June 1, 2018

25 Three-year Outlook Production 2018 Guidance 2019 Outlook 2020 Outlook Silver (million ounces) Gold (thousand ounces) Zinc (thousand tonnes) Lead (thousand tonnes) Copper (thousand tonnes) Cash Costs (1) ($/ounce) Sustaining capital ($ millions) AISCSOS (1) ($/ounce) (1) Cash Costs and AISCSOS are non-gaap measures. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. Please refer to the Company s news release dated Jan. 11, 2018 for more information on the three-year outlook. By-product metal prices assumptions used for forecast Cash Costs calculation: Ag $16.50/oz, Au $1,250/oz, Zn $3,100/tonne, Pb $2,350/tonne, Cu $6,500/tonne. Exchange rates relative to US$ assumed: Mexican peso 18.50:1, Peruvian sol 3.23:1, Argentine peso 19.59:1, Bolivian boliviano 7:1. 25 June 1, 2018

26 Pan American Silver Proven and Probable Reserves at December 31, 2017 (1) (2) Property Location Category Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%) Huaron Peru Proven Probable Morococha (92.3%) (3) Peru Proven Probable La Colorada Mexico Proven Probable Dolores Mexico Proven ,040.8 Probable La Bolsa Mexico Proven Probable Manantial Espejo Argentina Proven Probable San Vicente (95%) (3) Bolivia Proven Probable Joaquin Argentina Probable COSE Argentina Probable Proven + TOTALS (4) Probable , Notes: (1) Prices used to estimate mineral reserves for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500 per tonne of copper, except at Manantial Espejo where $16.50 per ounce of silver and $1,250 per ounce of gold were used for planned 2018 production, reverting to $18.50 per ounce of silver and $1,300 per ounce of gold thereafter. Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. (2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, 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. (4) Totals may not add up due to rounding. 26 June 1, 2018

27 Pan American Silver Measured and Indicated Resources (1)(2) Property Location Category Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) Cu (%) Pb (%) Zn (%) 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 Peru Measured Indicated Joaquin Argentina Indicated Measured + TOTALS (4) Indicated Notes: (1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in National 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 asindicated. (4) Totals may not add up due to rounding. 27

28 Pan American Silver Inferred Resources (1)(2) Property Location Category Tonnes (Mt) Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (koz) 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 Peru Inferred Joaquin Argentina Inferred COSE Argentina Inferred TOTALS (4) Inferred Cu (%) Pb (%) Zn (%) Notes: (1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in National Instrument ( NI ). (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity asindicated. (4) Totals may not add up due to rounding. 28

29 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: 29 June 1, 2018

30 Silver: Metal of the Future (Ag) 30 June 1, 2018

31 Suite 1440, 625 Howe Street, V6C 2T6 Vancouver, BC Panamericansilver.com 31 June 1, 2018

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