CIBC MINE TOUR // JUNE 8, 2021 - Pan American Silver
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CIBC MINE TOUR // JUNE 8, 2021
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Acquisition. Consequently, the Company's operations have been divided into These forward-looking statements and information reflect Pan American’s
silver and gold segments for the purposes of our financial reporting, as current views with respect to future events and are necessarily based upon a
described in the Company’s MD&A for the period ended December 31, number of assumptions that, while considered reasonable by us, are
2020. All 2019 production, operating and financial results of the Acquired inherently subject to significant operational, business, economic and
Mines (including Cash Costs and AISC amounts) and included in the Company's regulatory uncertainties and contingencies. These assumptions include: the
consolidated results, reflect only the results from February 22, 2019 onwards. world-wide economic and social impact of COVID-19 is managed and the
Further details of the Acquisition are provided in the "Acquisition of Tahoe" duration and extent of the COVID-19 pandemic is minimized or not long-term;
Non-GAAP Measures section of the MD&A for the period ended December 31, 2020. continuation of our operations at Timmins West and Bell Creek; tonnage of ore
to be mined and processed; ore grades and recoveries; that the COVID-19
This presentation of Pan American Silver Corp. and its subsidiaries (collectively, Cautionary Note Regarding Forward Looking Statements and Information pandemic, or other pandemics, do not materially impact underlying
“Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers assumptions used in estimating mineral reserves and mineral resources, such
to various non-GAAP measures, such as “AISC", “cash costs per ounce sold”, Certain of the statements and information in this presentation constitute as prices, the costs and availability of necessary labour, energy, supplies,
“adjusted earnings” and “basic adjusted earnings per share”, "total debt", “forward-looking statements” within the meaning of the United States Private materials and services, and exchange rates, among other things; prices for
"capital", “operating margin”, “free cash flow” and “working capital". These Securities Litigation Reform Act of 1995 and “forward-looking information” silver, gold and base metals remaining as estimated; currency exchange rates
measures do not have a standardized meaning prescribed by IFRS as an within the meaning of applicable Canadian provincial securities laws. All remaining as estimated; our mineral reserve and mineral resource estimates
indicator of performance, and may differ from methods used by other statements, other than statements of historical fact, are forward-looking and the assumptions upon which they are based; prices for energy inputs,
companies. Silver segment Cash Costs and AISC are calculated net of credits for statements or information. Forward-looking statements or information in this labour, materials, supplies and services (including transportation); no labour-
realized revenues from all metals other than silver, and are calculated per presentation relate to, among other things: the estimated mineral reserves at related disruptions at our operations; no unplanned delays or interruptions in
ounce of silver sold. Gold segment Cash Costs and AISC are calculated net of the Timmins West and Bell Creek mines, and estimated mineral resources for scheduled production; all necessary permits, licenses and regulatory approvals
credits for realized silver revenues, and are calculated per ounce of gold sold. the Whitney Project; future financial and operational performance, including, for our operations are received in a timely manner and can be maintained; our
Consolidated Cash Costs and AISC are based on total silver ounces sold and are but not limited to, future financial or operational performance, including our ability to secure and maintain title and ownership to properties and the
net of by-product credits from all metals other than silver. estimated production of silver, gold and other metals; the effect of any surface rights necessary for our operations; our ability to comply with
reductions or suspensions in our operations relating to the COVID-19 environmental, health and safety laws, particularly given the potential for
Readers should refer to the “Alternative Performance (Non-GAAP) Measures” pandemic, including on our financial and operational results; the ability of Pan modifications and expansion of such laws. The foregoing list of assumptions is
section of the Company’s Management’s Discussion and Analysis (“MD&A”) for American to continue with its operations or, if necessary, to restart or ramp-up not exhaustive.
the period ended December 31, 2020, available at www.sedar.com. operations efficiently or economically, or at all, if the impacts of COVID-19
prove different than anticipated or become more severe; our expectations We caution readers that forward-looking statements and information involve
Reporting Currency and Financial Information with respect to future metal prices and exchange rates; the anticipated timing, known and unknown risks, uncertainties and other factors that may cause
results, and impact of any future exploration, development or expansion actual results and developments to differ materially from those expressed or
Unless we have specified otherwise, all references to dollar amounts or $ are programs, including, but not limited to, the 144 South West Zone extension, implied by such forward-looking statements or information contained in this
to United States dollars. the Wetmore Project, the Bell Creek bulk zone, and the Whitney Project, as presentation and we have made assumptions and estimates based on or
well as the timing and impact of the shaft deepening and paste backfill projects related to many of these factors. Such factors include, without limitation:
Integration of Tahoe Resources Inc. (“Tahoe”) at Bell Creek; our ability to extend the mine life of the Timmins West or Bell fluctuations in silver, gold, and base metal prices; fluctuations in prices for
Creek mines through additional exploration or development projects; whether energy inputs; fluctuations in currency markets (such as the CAD versus the
On February 22, 2019, the Company completed the transaction whereby we Pan American is able to maintain a strong financial condition and have USD); operational risks and hazards inherent with the business of mining
acquired all of the issued and outstanding shares of Tahoe (“Acquisition”). sufficient capital, or have access to capital through our credit facility or (including environmental accidents and hazards, industrial accidents,
Tahoe was a mid-tier publicly traded precious metals mining company with otherwise, to sustain our business and operations and development projects; equipment breakdown, unusual or unexpected geological or structural
ownership interests in a diverse portfolio of mines and projects including the the presence and impact of COVID-19 on our workforce, suppliers and other formations, cave-ins, flooding and severe weather); risks relating to claims and
following principal mines: La Arena and Shahuindo in Peru; Timmins West and essential resources and what effect those impacts, if they occur, would have legal proceedings involving or against Pan American and our subsidiaries; risks
Bell Creek in Canada (together "Timmins"); and Escobal in Guatemala, where on our business; and whether we will be successful and able to continue with
operations have been suspended since June 2017 (together the "Acquired our efforts to protect our personnel, communities and others in respect of our
Mines"). The Company now operates three gold mines as a result of the business. The foregoing list is not exhaustive. CONTINUED ON NEXT PAGE
3
CONTINUED Technical Information laws. Unless otherwise indicated, all mineral reserve and mineral resource
estimates included in this presentation have been prepared in accordance with
relating to the credit worthiness or financial condition of suppliers, refiners Scientific and technical information contained in this presentation with respect Canadian National Instrument 43-101 – Standards of Disclosure for Mineral
and other parties with whom we do business; inadequate insurance, or to Pan American has been reviewed and approved by Martin Wafforn, P.Eng., Projects (‘‘NI 43-101’’) and the Canadian Institute of Mining, Metallurgy and
inability to obtain insurance, to cover these risks and hazards; employee SVP Technical Services and Process Optimization, and Chris Emerson, Petroleum classification system. NI 43-101 is a rule developed by the Canadian
relations; relationships with and claims by the local communities and FAusIMM, VP Business Development and Geology, who are Pan American’s Securities Administrators that establishes standards for all public disclosure an
Indigenous populations; scarcity and increasing costs associated with mining qualified persons for the purposes of Canadian National Instrument 43-101 issuer makes of scientific and technical information concerning mineral
inputs and labour; our ability to secure our mine sites or maintain access to our (“NI 43-101”). Mineral reserve and mineral resource estimates in this projects.
mine sites due to criminal activity, violence, or civil and labour unrest; the presentation with respect to the years 2019 and 2020 were prepared under the
speculative nature of mineral exploration and development, including the risk supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. Canadian public disclosure standards, including NI 43-101, differ significantly
of obtaining or retaining necessary licenses and permits; changes in national Mineral reserve and mineral resource estimates for years prior to 2019 were from the requirements of the United States Securities and Exchange
and local government, legislation, taxation, controls or regulations and prepared under the supervision of, or were reviewed by, Qualified Persons of Commission (the “SEC”), and information concerning mineralization, deposits,
political, legal or economic developments that might restrict or otherwise Tahoe as described in Tahoe’s public disclosure at the time of such estimates. mineral reserve and mineral resource information contained or referred to
negatively impact our ability to operate; diminishing quantities or grades of See Pan American’s Annual Information Form dated February 17, 2021, herein may not be comparable to similar information disclosed by U.S.
mineral reserves as properties are mined; global financial conditions; available at www.sedar.com for further information on Pan American’s companies. In particular, and without limiting the generality of the foregoing,
challenges to, or difficulty in maintaining, our title to properties and continued material mineral properties as at December 31, 2020, including information this presentation uses the terms “measured mineral resources” and “indicated
ownership thereof; the actual results of current exploration activities, concerning associated QA/QC and data verification matters, the key mineral resources”. U.S. investors are advised that, while such terms are
conclusions of economic evaluations, and changes in project parameters to assumptions, parameters and methods used by the Pan American to estimate recognized and required by Canadian securities laws, the SEC has not
deal with unanticipated economic or other factors; increased competition in mineral reserves and mineral resources, and for a detailed description of recognized them. The requirements of NI 43-101 for identification of
the mining industry for properties, equipment, qualified personnel, and their known legal, political, environmental, and other risks that could materially ‘‘reserves’’ are not the same as those of the SEC, and mineral reserves
costs; having sufficient cash to pay obligations as they come due; the duration affect Pan American’s business and the potential development of Pan reported by Pan American in compliance with NI 43-101 may not qualify as
and effects of the coronavirus and COVID-19, and any other pandemics on our American’s mineral reserves and resources. Pan American does not expect ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not
operations and workforce, and the effects on global economies and society; these mineral reserve estimates to be materially affected by metallurgical, be classified as a ‘‘reserve’’ unless the determination has been made that the
and those factors identified under the caption “Risks Related to Pan environmental, permitting, legal, taxation, socio-economic, political, and mineralization could be economically and legally produced or extracted at the
American’s Business” in the Pan American’s most recent Form 40-F and Annual marketing or other relevant issues. time the reserve determination is made. U.S. investors are cautioned not to
Information Form filed with the United States Securities and Exchange Mineral reserves and mineral resources are as defined by the Canadian assume that any part of a “measured resource” or “indicated resource” will
Commission and Canadian provincial securities regulatory authorities, Institute of Mining, Metallurgy and Petroleum. Pan American reports mineral ever be converted into a “reserve”. U.S. investors should also understand that
respectively. Although we have attempted to identify important factors that resources and mineral reserves separately. “inferred resources”, as referred to in Pan American’s public disclosure, have a
could cause actual results to differ materially, there may be other factors that 2020 mineral reserves and mineral resources of Pan American in this great amount of uncertainty as to their existence and great uncertainty as to
cause results not to be as anticipated, estimated, described, or intended. presentation reflect our mineral reserve and mineral resource estimates as at their economic and legal feasibility. It cannot be assumed that all or any part of
Investors are cautioned against attributing undue certainty or reliance on June 30, 2020, as announced in our news release dated August 5, 2020. Please “inferred mineral resources” exist, are economically or legally mineable or will
forward-looking statements or information. Forward-looking statements and refer to our news release for more detailed information. ever be upgraded to a higher category. Under Canadian securities laws,
information are designed to help readers understand management's current Pan American’s (or, as applicable, its predecessor Tahoe Resources Inc.’s) estimated “inferred mineral resources” may not form the basis of feasibility or
views of our near and longer term prospects and may not be appropriate for Qualified Persons have undertaken verification processes with respect to the pre-feasibility studies except in rare cases. Disclosure of “contained ounces” is
other purposes. Pan American does not intend, and does not assume any data disclosed in this presentation, including sampling, analytical, and test data permitted disclosure under Canadian securities laws. However, the SEC
obligation, to update or revise forward-looking statements or information to underlying the estimates. normally only permits issuers to report mineralization that does not constitute
reflect changes in assumptions or in circumstances or any other events “reserves” by SEC standards as in place tonnage and grade, without reference
affecting such statements or information, other than as required by applicable Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves to unit measures. Accordingly, information concerning mineral deposits set
law. and Mineral Resources forth herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
This presentation has been prepared in accordance with the requirements of
Canadian securities laws, which differ from the requirements of U.S. securities
Corporate Office 4
ONTARIO, CANADA Timmins
// Two producing mines in prolific Canadian mining camp
• 100% owned and operated by Pan American Dolores
• Throughput capacity of 6,000 tpd producing doré Skarn Deposit
La Colorada
• Shaft upgrade to 1,080 metres completed in 2018 at Bell Creek
Mine and contributing to reduced costs
Escobal*
(currently on care and maintenance)
Shahuindo
La Arena
Huaron
Mining Operations Morococha
Development & Advanced
Stage Exploration Projects San Vicente
Navidad
Manantial Espejo
5
• Advancing 8 of the 17 Sustainable Development Goals (SDGs) where we can have the greatest impact
• United Nations Global Compact
• United Nations Guiding Principles (UNGP) for Business and Human Rights
• Implementation of the Mining Association of Canada Towards Sustainable Mining (TSM) Protocols
• Reduction of GHG emissions by 11% compared to 2021 base case
• Participatory water monitoring programs at our Canadian and Peruvian operations
• Collaboration agreements with our local First Nation communities
• Implementation of Building Respect Together program to foster a more respectful, safe and inclusive work environment
• UNICEF Canada’s Child Rights and Security Checklist
• Voluntary Principles on Security and Human Rights
• Sustainability reporting in accordance with the Global Reporting Initiative (GRI) and taken into consideration the Sustainability Accounting
Standards Board (SASB) and Task Force on Climate Related Disclosure (TCFD) reporting frameworks
For more information, see Pan American Silver's 2020 Sustainability Report: https://panamericansilver.com/sustainabilityreport2020/
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Bell Creek Mine Reserve 7
Contained
Tonnes Grade
Au Ounces
Bell Creek Mine Reserve
Proven Reserve 2,283,380 3.20 232,221
Probable Reserve 2,686,339 2.90 247,523
Total 4,969,719 3.00 479,744
Timmins West Mine Reserve
Contained
Tonnes Grade
Au Ounces
Timmins Deposit
Probable Reserve 573,661 3.00 56,113
Subtotal 573,661 3.00 56,113
Thunder Creek
Probable Reserve 29,501 2.70 2,597
Subtotal 29,501 2.70 2,597
144
Proven Reserve 729,543 2.70 63,590
Probable Reserve 3,780,919 3.00 359,287
Subtotal 4,510,462 2.92 422,877
Total Timmins West Mine Reserve
Proven Reserve 729,543 2.71 63,590
Probable Reserve 4,384,081 2.97 417,998
Total 5,113,624 2.93 481,587
Timmins Operations Reserves
Contained
Tonnes Grade
Au Ounces
Proven Reserve 3,012,923 3.05 295,811
Probable Reserve 7,070,420 2.93 665,521
TOTAL 10,083,343 2.97 961,332
1. Estimate is effective as of June 30, 2020.
2. Estimated using prices of $1,350 per ounce of gold. Totals may not add due to rounding.
3. Mineral reserve estimates were prepared under the supervision of, or were reviewed by Christopher Emerson, FAusIMM, and Martin G. Wafforn, P.Eng., as Qualified Persons as that term is defined in NI 43-101.
4. Please refer to the information under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Mineral Resources” on Slide 3 of this presentation.
.
8
Timmins
Deposit Thunder
Creek
144
Timmins West Mine is divided into 3 producing/past producing Ore bodies:
Timmins Deposit, Thunder Creek Deposit and 144 Gap Deposit.
Since June 2009, Timmins West has produced 1.1M ounces - 8.9Mt of ore at a grade of 3.8 g/t
9
7.0 4.00
6.0 3.50
3.00
5.0
Tonnes ( millions)
Au Grade (g/t)
2.50
4.0
2.00
3.0 In 2017, the 144 ore body was
1.50
2.0 added to the reserve,
1.00
1.0
significantly increasing the
0.50
tonnage.
0.0 0.00
2016 2017 2018 2019 2020
Tonnes Au g/t
P&P Reserves* 2016 2017 2018 2019 2020
Tonnes 1,961,685 6,462,255 5,898,042 5,199,244 5,113,624
Au g/t 3.69 3.15 3.02 3.04 2.93
Gold Price ($CAD) $ 1,625 $ 1,625 $ 1,563 $ 1,690 $ 1,755
Effective Date Dec 31, 2016 **Jan 1, 2018 Dec 31, 2018 Jun 30, 2019 ***Jun 30, 2020
*P&P Reserves - Please refer to the information under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Mineral Resources” on Slide 3 of this presentation.
**2017 Reserves republished due to acquisition by Tahoe Resources.
***Please see Slide 7 for additional information
10
TWC Underground Isometric View –
Looking East
Main Shaft 144: currently ~85%
of TWC yearly
production tonnes Recently approved plan
650L allows the exploration of an
extension to the 144
Porphyry called the South
~800m West Zone.
~800m
Good potential for an
incremental
extension to the
Timmins West Life of
Mine plan11
• Since 2011 under Lake Shore Gold, Bell Creek Mine has
produced 474k ounces – 3.7Mt at a grade of 3.9 g/t.
• Under previous ownership from 1987-1994, 113k ounces
were produced at the mine (514kt at a grade of 6.82 g/t).
• In 2018, the shaft was extended and completed down to
1,080m level.
1080m12
6.0 5.00
4.50
5.0
4.00
3.50
A combination of improved
Tonnes ( millions)
4.0
Au Grade (g/t)
3.00
3.0 2.50 operational efficiencies, higher
2.0
2.00 gold price, deeper drilling and
1.50
closer spaced diamond drilling
1.00
1.0
0.50
led to a jump in the reserves in
0.0 0.00 2019.
2016 2017 2018 2019 2020
Tonnes Au g/t
P&P Reserves* 2016 2017 2018 2019 2020
Tonnes 1,752,543 2,397,772 2,394,711 4,736,149 4,969,719
Au g/t 4.35 4.07 3.82 3.15 3.00
Gold Price ($CAD) $ 1,625 $ 1,625 $ 1,563 $ 1,690 $ 1,755
Effective Date Dec 31, 2016 **Jan 1, 2018 Dec 31, 2018 Jun 30, 2019 ***Jun 30, 2020
*P&P Reserves - Please refer to the information under the headings “Technical Information” and “Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Mineral Resources” on Slide 3 of this presentation.
**2017 Reserves republished due to acquisition by Tahoe Resources.
***Please see Slide 7 for additional information13
East Zone West Zone
610L Exploration Drift is currently being
developed in order to provide diamond drilling
platforms to define the Wetmore East and
West Zones.
610 Exploration Drift
Main Shaft 144: currently ~85%
of TWC yearly
production tonnes
The Wetmore Project is located approximately 900m southwest of
the current Bell Creek Mine workings with the ~800m
surface and mining
rights being fully owned by Lake Shore Gold. Based on current ~800m
exploration results the geology appears to be similar to the Bell
Creek Mine. The mineralization has been defined from surface to ~250m
a depth just below 700m.14
• Commissioned in 2021, the seismic system implemented at Bell Creek is the same system as installed at Timmins West Mine
(IMS geophones).
• The system is being used as a risk management tool, helping to identify areas of elevated mining induced seismic activity.
• A graphitic seam identified in the current mining area and as shown on 1095 level has required cable bolting on each sub
level.
• The mining sequence is being modified to reduce the problems associated with diminishing pillars as shown on the 985
level.
1095L Plan View
985L NA2W Isometric View – Uppers
S1 S2 S3 S415
Bulk Zone – 1250L Mining
In Q2 2021, mining of a bulk zone will start on the 1250 level. The bulk zone is expected to be
more productive as the orebody in this zone is wider and the mining sequence has been
designed to allow multiple simultaneous mining horizons.
Extraction Sequence
1185L
1205L
1230L
1250L16
There are 2 conceptual projects in scoping study at Bell Creek intended on extending the Life of Mine
and improving ore recovery – adding value to the mine and reducing costs
Shaft Deepening – access lower level ore Paste Backfill – access more ore, increase ore recovery, improve
and deepen the mine stope cycle, and improve stability (as per TW)
Ore Pillar Recovery
SURFACE
PASTE PLANT
BELL CREEK
595m TO 700m
1275m TO 1820m17
// History of Production
• 2002 - Placed on care and maintenance
• 2009 - Recommissioned at the start of 2009 at 800 MTPD (33 TPH)
• 2009 - Expanded to 1500 MTPD (63 TPH). Added secondary grinding.
• 2010 - Expanded to 2000 MTPD (83 TPH). Added a CIL tank.
• 2012 – Expanded to 2500 MTPD (104 TPH). Added 2 more CIL tanks.
• 2013 – Expanded to 4800 MTPD (200 TPD). Added new crushing circuit and SAG mill.
• 2020 – Expanded to 6000 MTPD (250 TPH). Augmented screening, pumping and piping.
Gold recovery from Timmins West Mine ore is 97%, while the
recovery from Bell Creek Mine is 95%.
The life of mine plan for the Tailings Storage Facility includes a
series of annual raises and expansions to accommodate the
required storage capacity.
The current tailings management facility is built using both a
downstream and centreline methodology.18
• The Whitney Project, located 4.5km from the Bell Creek Complex, was acquired
from Temex by Lake Shore Gold in 2015.
Bell Creek Complex
• The historical production at the Hallnor mine from 1938-1961 (and 1981) was
2.7M ounces - 3.8Mt @ 13.57 g/t.
• The project is under a Joint Venture Partnership (Lake Shore Gold owns 79%
and Newmont Inc owns remaining 21%).
4.5km • Underground dewatering is one of the challenges that is under investigation.
144:
2020 currently
Whitney ~85%
Au Mineral Resource
Whitney Project of TWC yearly
Cat production
Tonnes (Mt) Gradetonnes
(g/t)
Contained Au
Ounces (koz)
M 0.8 7.02 172.3
IND 1.8 6.77 387.5
Total: 2.6 6.85 559.8
1. Estimate is effective as of June 30, 2020. This information represents the portion of mineral resources attributable to Lake
Shore Gold based on its 79.0% ownership interest in the operating entity.
~800m
2.
3.
~800m
Estimated using prices of $1,200 per ounce of gold. Totals may not add due to rounding.
Mineral reserve estimates were prepared under the supervision of, or were reviewed by Christopher Emerson, FAusIMM,
and Martin G. Wafforn, P.Eng., as Qualified Persons as that term is defined in NI 43-101.
4. Please refer to the information under the headings “Technical Information” and “Cautionary Note to U.S. Investors
~250m
Concerning Estimates of Mineral Reserves and Mineral Resources” on Slide 3 of this presentation.
5. Figures referenced from Feb 26, 2014 Technical Report on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney
Whitney UG Gold Property, Timmins Area, Ontario, Canada authored by P&E Consultants for Temex Resources Corp.
Project
Area The current proposal is to continue drilling in order to
prove up internal grade of the massive bulk stopes
surrounding previously mined ore veins, which would be
supported by mining of in-situ (unmined) narrow veins.19
Timmins // Thunder Creek // 144 Gap Deposits
Timmins
3-D View Looking Northwest Deposit
Thunder
2021 Exploration Targets Creek
200mL
300mL
144 Gap
~ 1.2km
730mL
144 SW Explore the
near-mine
HW and
FW targets
Explore the West and
Exploration drilling East Porphyry
of the 144 SW zone extensions at depth
after the exploration Explore the
drift is completed extension of
the TM zones at
depth
~ 2.5km20
// 2021 Exploration Targets
Explore Bell
Creek upper
mine targets
(e.g. E zones and
WOD)
E-Veins
~ 2.2km NA
NAX
NA2
NB/NB2
Exploration
drilling of the
Bell Creek
zones at
depth
~ 300m21
// 2021 Targets
Explore the
Wetmore
and Whitney
projects
Wetmore
Whitney Trend
Explore
regional
targets in
the Timmins
West area
HWY 144
along the Trend
HWY144
Gold River
trend22
In a safe, established jurisdiction
Skilled team
Good reserves portfolio with a track
record of growth
Produces solid returns - generated
$131.7 million in Free Cash Flow* at
average gold price of $1608/oz
Projects with good future potential
Solid exploration strategy
* Free Cash Flow generated since Pan American acquired the asset on February 22, 2019 to March 31, 2021. Free Cash Flow is a non-GAAP measure calculated as Operating Cash Flow less sustaining capital and
excludes corporate overhead charges such as G&A costs, which are a deduction to the Company’s free cash flow. See the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.23 Siren Fisekci VP, INVESTOR RELATIONS & CORPORATE COMMUNICATIONS +1.604.806.3191 ir@panamericansilver.com PanAmericanSilver.com Suite 1440, 625 Howe Street Vancouver, BC, V6C 2T6
25
// PAAS SNAPSHOT 1
// INVESTMENT HIGHLIGHTS
~$7.1 B $0.07
MARKET CAP QUARTERLY
DIVIDEND2
Long-life silver reserves 210.3 M 0.8%
SHARES
OUTSTANDING DIVIDEND YIELD
Major catalysts for silver growth
3.5 M 10
3-MONTH DAILY SELL SIDE
Experienced management team AVERAGE ANALYSTS
Strong financial position MEMBER OF THE MSCI WORLD AND
S&P/TSX COMPOSITE INDICES
Proven free cash flow generation 1. All market data based on NASDAQ exchange as of market close on May 31, 2021.
~$1.5 B generated since 2010 2. Dividend declared May 12, 2021; amounts and specific distribution dates of any
future dividends will be evaluated and determined by the Board of Directors.You can also read
