Q4 and FY 2018 Earnings Review

Q4 and FY 2018 Earnings Review 1

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 net earnings, adjusted net earnings per share, total available liquidity, operating cash flow before changes in non-cash operating working capital and interest and taxes paid. 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 September 30, 2018, available at www.sedar.com. Reporting Currency and Financial Information Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars. Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forwardlooking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forwardlooking 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 2019, our estimated Cash Costs and AISCSOS in 2019, and our expectations with respect to future metal prices and exchange rates; the ability of the Company to successfully complete any capital projects, the expected economic or operational results derived from those projects, and the impacts of any such projects on the Company, the approval or the amount of any future cash dividends; our growth profile and opportunities as results of the Arrangement; the increase of our credit facility and the timing thereof; the anticipated completion date of the Arrangement; and any update of our guidance subsequent to completion of the Arrangement, and the disclosure and timing of any such update. 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: the completion date of the Arrangement; the ability of the Company to realize the anticipated benefits and opportunities as a result of the Arrangement; access to capital and other financing, if required; 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 and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining, including in Chubut, Argentina; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent form 40-F and Annual Information Form, as well as those factors identified in the section entitled Risk Factors in the Company s management information circular dated December 4, 2018 with respect to the Arrangement, each filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against 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. 2 February 20, 2019

Cautionary Note 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 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ). Mineral reserves and mineral resources in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. 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 these mineral properties, filed at www.sedar.com or the Company s most recent Form 40-F filed with the SEC. Cautionary Note to US Investors Regarding Reference to Mineral Reserves and Mineral Resources This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this presentation have been disclosed in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms measured resources, indicated resources and inferred resources. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of reserves are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as reserves under SEC standards. Under U.S. standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a measured resource or indicated resource will ever be converted into a reserve. U.S. investors should also understand that inferred resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of inferred resources exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated inferred resources may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of contained ounces in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute reserves by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. 3 February 20, 2019

Consolidated Q4 2018 Highlights Revenue in Q4 2018 of $173.4 million impacted by lower quantities of silver, gold and copper sold due to an inventory build, and lower production at Dolores. Net loss of $63.6 million ($0.42 basic loss per share) includes $27.8 million impairment charge of Manantial Espejo/COSE/Joaquin, plus negative net realizable value ("NRV") inventory adjustments, Tahoe transaction costs, tax expense from foreign exchanges and a credit loss. Adjusted loss was $2.0 million ($0.01 basic adjusted loss per share). Quarterly cash dividend of $0.035 per common share approved At December 31, 2018, the cash and short-term investment balance was $212.5 million and working capital totaled $397.8 million. Year-end debt of $6.7 million related entirely to lease liabilities. 4 February 20, 2019

Consolidated Operating Results FY 2018 2018 Guidance (1) Silver production (million ounces) 24.78 25.00-26.50 Gold production (thousand ounces) 178.9 175.0-185.0 Zinc production (thousand tonnes) 64.8 60.0-62.0 Lead production (thousand tonnes) 22.4 21.0-22.0 Copper production (thousand tonnes) (2) 9.8 9.0-10.4 Cash Costs ($/ounce) (2)(3) 3.35 2.80-3.80 AISCSOS, excluding NRV inventory adjustments (2)(3) 9.68 8.50-10.00 Sustaining capital ($ millions) 105.2 100-105 Project capital ($ millions) (2) 41.3 40.0 (1) Guidance as at Nov. 6, 2018; please refer to the Company s news release dated Nov. 6, 2018 for more information on the respective guidance. (2) Guidance was revised on Nov. 6, 2018 from original guidance provided on Jan. 11, 2018; please refer to the Company s news releases dated Jan. 11, 2018 for more information on the original guidance. (3) Realized metal prices for Q4 2018 were: Ag $14.35/ounce, Au $1,232/ounce, Zn $2,508/tonne, Pb $1,914/tonne, and Cu $6,098/tonne. Realized metal prices for FY 2018 were: Ag $15.61/ounce, Au $1,272/ounce, Zn $2,846/tonne, Pb $2,189/tonne, and Cu $6,519/tonne. Cash Costs per payable ounce of silver, net of by-product credits, and AISCSOS 5 are non-gaap measures; see the Non-GAAP Measures section of our February Cautionary 20, 2019 Note on page 2 of this presentation.

Consolidated Financial Results Unaudited in millions of US$, except per share amounts Q4 2018 FY 2018 Revenue 173.4 784.5 Mine operating (loss) earnings (4.7) 100.9 Net (loss) earnings (63.6) 12.0 Per share (0.42) 0.07 Adjusted (loss) earnings (1) (2.0) 59.4 Per share (0.01) 0.39 Net cash generated from operating activities 11.9 155.0 (1) Adjusted (loss) 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. 6 February 20, 2019

Q4 2018 Consolidated Cash Flows STI (short-term investments) OCF (operating cash flow) WC (working capital) NCI (distributions to non-controlling interests) 7 February 20, 2019

FY 2018 Consolidated Cash Flows STI (short-term investments) OCF (operating cash flow) WC (working capital) NCI (distributions to non-controlling interests) 8 February 20, 2019

Strong Financial Position US$ Millions As at Dec. 31, 2018 Cash and cash equivalents + short-term investments 212.5 Working capital (1) 397.8 Total debt (2) 6.7 Revolving credit facility (undrawn) 300.0 Total available liquidity (3) 512.5 (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 Dec. 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 revolving credit facility. See the Non-GAAP Measures section of our Cautionary Note on page 2 of this presentation. 9 February 20, 2019

2019 Guidance 2019 Guidance as at January 21, 2019 Production Silver (million ounces) 26.5 27.5 Gold (thousand ounces) 162.5 172.5 Zinc (thousand tonnes) 65.0 67.0 Lead (thousand tonnes) 24.0 25.0 Copper (thousand tonnes) 9.8-10.3 Cash Costs (1) ($/ounce) 6.50 7.50 AISCSOS (1) ($) 10.80 12.30 Sustaining capital ($ millions) 85-90 Project capital ($ millions) 30 (1) Cash Costs per payable ounce of silver, net of by-product credits, 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. 21, 2019 for more information on the three-year outlook. By-product metal prices assumptions used for forecast Cash Costs calculation: Ag $14.50/oz, Au $1,250/oz, Zn $2,600/tonne, Pb $1,950/tonne, Cu $6,150/tonne. Exchange rates relative to US$ assumed: Mexican peso 19.50:1, Peruvian sol 3.33:1, Argentine peso 41.80:1, Bolivian boliviano 6.91:1. 10 February 20, 2019

2018 reserves replacement (1) Million ounces silver mineral reserves 288.4 Moz 29.7 Moz 21.1 Moz 279.8 Moz Silver Reserves 2017 Reserves Depleted 2018 Reserves Replaced 2018 Total Reserves 2018 Over last 14 years PAAS added 385.1 million ounces of contained silver to mineral reserves through mine-site exploration, fully replacing 383.8 million ounces depleted in the same period. (1) For complete mineral reserve details, please see Appendix. 11 February 20, 2019

La Colorada Skarn Discovery Hole U-68-18 12 February 20, 2019

All Pan American Silver Proven and Probable Reserves 1,2 Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu% Huaron Peru Proven 6.3 156 2.84 1.36 0.55 Probable 4.1 163 2.84 1.49 0.42 Morococha (92.3%) 3 Peru Proven 3.7 160 4.17 1.36 0.44 Probable 3.1 150 3.32 1.26 0.32 La Colorada Mexico Proven 4.3 387 0.31 2.92 1.66 Probable 4.3 346 0.27 2.13 1.21 Dolores Mexico Proven 35.8 27 0.86 Probable 8.7 27 0.79 La Bolsa Mexico Proven 9.5 10 0.67 Probable 6.2 7 0.57 Manantial Espejo Argentina Proven 1.2 156 1.26 Probable 0.1 204 3.64 San Vicente (95%) 3 Bolivia Proven 1.5 396 3.00 0.34 0.43 Probable 0.7 383 2.90 0.37 0.40 Joaquin Argentina Probable 0.5 721 0.41 COSE Argentina Probable 0.1 918 17.7 Total 4 Proven + Probable 90.0 97 0.76 2.98 1.31 0.45 Notes: (1) Prices used to estimate mineral reserves for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,400 per tonne of zinc, $2,100 per tonne of lead, and $6,000 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 2019 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 43-101 ( NI 43-101). (3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. (4) Totals may not add up due to rounding.

All Pan American Silver Measured and Indicated Resources 1,2 Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu% Huaron Peru Measured 2.1 155 2.91 1.56 0.19 Indicated 1.7 151 2.76 1.47 0.30 Morococha (92.3%) 3 Peru Measured 0.3 145 2.15 0.87 0.21 Indicated 0.5 151 2.93 0.98 0.26 La Colorada Mexico Measured 0.6 193 0.22 1.00 0.60 Indicated 2.0 156 0.15 1.11 0.54 Dolores Mexico Measured 4.5 20 0.25 Indicated 1.6 27 0.53 La Bolsa Mexico Measured 1.4 11 0.90 Indicated 4.5 9 0.50 Manantial Espejo Argentina Measured 0.1 169 1.66 Indicated 0.2 241 2.86 San Vicente (95%) 3 Bolivia Measured 0.8 154 2.23 0.17 0.21 Indicated 0.2 148 1.73 0.22 0.22 Navidad Argentina Measured 15.4 137 1.44 0.10 Indicated 139.8 126 0.79 0.04 Pico Machay Argentina Measured 4.7 0.91 Indicated 5.9 0.67 Joaquin Argentina Indicated 0.1 385 0.58 Total 4 Measured + Indicated 186.3 121 0.58 2.18 0.86 0.05 Notes: (1) Prices used to estimate mineral resources for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,400 per tonne of zinc, $2,100 per tonne of lead, and $6,000 per tonne of copper, except at Dolores and Manantial Espejo, where $24.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for Joaquin were $25.00 per ounce of silver and $1,400 per ounce of gold. 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 43-101 ( NI 43-101). (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.

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 6.2 157 2.75 1.50 0.37 Morococha (92.3%) 3 Peru Inferred 4.7 140 4.30 1.08 0.38 La Colorada Mexico Inferred 6.2 185 0.20 4.09 2.08 Dolores Mexico Inferred 4.3 45 1.15 La Bolsa Mexico Inferred 13.7 8 0.51 Manantial Espejo Argentina Inferred 0.5 194 2.71 San Vicente (95%) 3 Bolivia Inferred 2.5 322 3.44 0.33 0.27 Navidad Argentina Inferred 45.9 81 0.57 0.02 Pico Machay Argentina Inferred 23.9 0.58 Joaquin Argentina Inferred 0.01 389 1.29 COSE Argentina Inferred 0.03 382 7.10 Total 4 Inferred 108.0 92 0.59 3.64 0.83 0.10 Notes: (1) Prices used to estimate mineral resources for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,100 per tonne of lead, $2,400 per tonne of zinc, and $6,000 per tonne of copper, except at Dolores and Manantial Espejo, where $24.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for Joaquin were $25.00 per ounce of silver and $1,400 per ounce of gold. 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 43-101 ( NI 43-101). (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.

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