Denver Gold ForumSeptember 19‐21, 2016

Cautionary NoteNon‐GAAP MeasuresThis presentation refers to various Non‐GAAP measures, such as cash costs per payable ounce of silver, all‐in sustaining cost per silver ounce sold and adjusted (loss) earnings.Readers should refer to the “Alternative Performance (Non‐GAAP) Measures” section in Pan American Silver Corp.’s (the “Company”) Management’s Discussion and Analysis forthe period ended June 30, 2016 available at www.sedar.com.

Reporting Currency and Financial InformationUnless we have specified otherwise, all references to dollar amounts or $ are to United States dollars. 

Cautionary Note Regarding Forward Looking Statements and InformationCertain of the statements and information in this presentation constitute “forward‐looking statements” within the meaning of the United States Private Securities LitigationReform Act of 1995 and “forward‐looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historicalfact, are forward‐looking statements or information. Forward‐looking statements or information in this presentation relate to, among other things: our estimated production ofsilver, gold and other metals in 2016, 2017 and 2018; our estimated cash costs per payable ounce of silver and AISCSOS in 2016, 2017 and 2018; our estimated profit margins for2016, 2017 and 2018; our estimated capital investments, and sustaining capital for 2016; the ability of the Company to successfully complete any capital investment programsand projects, and the impacts of any such programs and projects on the Company; the ability of the Company to realize value from transactions, including with respect toMaverix Metals Inc. and Kootenay Silver Inc.; and any anticipated level of financial and operational success in 2016.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, whileconsidered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptionsinclude: 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 remainingas estimated; capital, decommissioning and reclamation estimates; our mineral reserve and recourse estimates and the assumptions upon which they are based; prices forenergy inputs, labour, materials, supplies and services (including transportation); no labour‐related disruptions at any of our operations; no unplanned delays or interruptions inscheduled 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 actualresults and developments to differ materially from those expressed or implied by such forward‐looking statements or information contained in this presentation and theCompany 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 metalprices; 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 (includingenvironmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave‐ins, flooding and severeweather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, orinability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability toobtain 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; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in themining 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 recentform 40‐F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although theCompany 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 informationare 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 doesnot 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 InformationTechnical information contained in this presentation with respect to Pan American has been reviewed or approved by Martin Wafforn, P.Eng., SVP Technical Services and ProcessOptimization, who isthe Company’s qualified person for the purposes of National Instrument 43‐101. For additional information about the Company’s material mineralproperties, please refer to the Company’s Annual Information Form dated March 24, 2016, filed at www.sedar.com.

2

Cautionary Note About Mineral Reserves and Resources

3

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 prepared in accordance with Canadian NationalInstrument 43‐101 – Standards of Disclosure for Mineral Projects (‘‘NI 43‐101’’) and the Canadian Institute of Mining, Metallurgy and Petroleum classificationsystem. NI 43‐101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific andtechnical information concerning mineral projects.

Canadian standards, including NI 43‐101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), andinformation concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similarinformation 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 SECdoes 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 PanAmerican 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 reservedetermination 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 theireconomic 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 upgradedto a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis of feasibility or pre‐feasibility studies except in rarecases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permitsissuers 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 inaccordance with U.S. standards.

PAS – an investment in silver

• 2nd largest primary silver producer in the world• Portfolio of high‐quality assets in the Americas• Large reserves – Proven + probable of 280 Moz silver• Solid production profile• Significant exploration potential• Experienced management team • Strong balance sheet

Our strategy is focused on extracting value from our portfolio of assets, improving operating margins and 

deploying proven expertise to pursue profitable growth. 4

Our operations

5

0

5

10

15

20

25

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E2017E2018E

Million Silver Ounces Produced

Demonstrated production growth

6(1) Please refer to the Company’s news release dated January 19, 2016 for a detailed discussion of these production range estimates.

(1) (1) (1)

Ag Production Forecast2016: 24.0 ‐ 25.0 Moz2017: 22.5 ‐ 24.0 Moz2018: 25.0 ‐ 27.0 Moz

Profit margins set to widen

2016 Guidance Revised Aug 11, 2016

7

(1) Cash costs per payable ounce of silver, net of by-product credits. Actual cash costs for the first half of 2016 based on actual prices. By-product metal prices assumptions used for forecast cash costs calculation:Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne, Cu $4,600/tonne. For revised 2016 guidance, assumptions for second half of 2016 are: Au $1,300/oz, Zn $2,000/tonne, Pb $1,750/tonne, Cu $4,700/tonne. Cashcost is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may differ from the methods usedby other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP) Measures”section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation. Exchange ratesrelative to US$ assumed: Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1, Bolivian Boliviano 7:1.

First half 2016 cash costs: $6.81

Positioned for strong silver revenue

8%4%

11%

27%

50%

Copper Lead Zinc Gold Silver

8

9%3%

9%

29%

51%

Copper Lead Zinc Gold Silver

2015 Actual 2016 Estimate

Based on actual production and realized prices in 2015 (Ag $15.53; Au $1,162; Zn $1,889; Cu $5,314; Pb $1,745

Based on the mid‐point of production estimates for 2016 (Agof 24.0 M ‐ 25.0 M ounces, Au of 175,000 ‐ 185,000 ounces, Zn of 46,000 tonnes ‐ 48,000 tonnes, Pb of 15,000 tonnes ‐15,500 tonnes, and Cu of 13,000 tonnes ‐ 13,500 tonnes) and second half 2016 price deck (Ag $18.50; Au $1,300, Zn $2,000; Cu $4,700; Pb $1,750)

First half 2016 achievements

9

Strong Production: 35% decrease in cash costs(1) from First Half 2015

15% decrease in AISCSOS(2)from First Half 2015 (All‐in Sustaining Costs Per Silver Ounce Sold)

$6.81/ounce of silver(net of by‐product credits)

12.75million ouncesof silver

$12.21 (net of by‐product credits)

89,570ounces of gold

(1) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”) is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by IFRS as anindicator of performance. The Company’s method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company’s cash costs may not becomparable to similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’sDiscussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.(2) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure and does not have a standardized meaning or a consistent basis of calculation prescribed byCanadian accounting standards. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for theperiod ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

2016 capital expenditures forecast

Mine  Capital Expenditures(1) $ million

La Colorada 8.0 ‐ 10.5

Dolores 39.0 ‐ 42.0

Huaron 6.0 ‐ 7.5

Morococha (92.3%)  7.0 ‐ 8.5

San Vicente (95%)  3.0 ‐ 4.0

Manantial Espejo 2.0 ‐ 2.5

Total Sustaining Capital $65.0 ‐ $75.0 

La Colorada Projects 64.0 ‐ 66.5

Dolores Projects 71.0 ‐ 73.5

Total Capital Expenditures $200.0 ‐ $215.0

10(1) Capital expenditures on a cash and commitment basis

First half 2016 consolidated results

11

Financial Highlights First Half 2015 First Half 2016

Revenue ($ million) 352.3 350.5

Operating cash flow before changes in non‐cash working capital ($ million)

25.3 81.9

Net earnings/(loss) ($ million) (27.1) 36.1

Adjusted earnings/(loss) (1) ($ million) (31.1) 23.4

Operating cash flow before changes in non‐cash working capital per share

0.17 0.54

Net earnings/(loss) per share (0.18) 0.23

Adjusted earnings/(loss) (1) per share (0.21) 0.15

(1) Adjusted earnings (loss) is a non-GAAP measure. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

Financial strength

12

US$ million 

Cash and cash equivalents and short‐term investments 204.2

Working capital(1) 399.3

Total debt(2) 58.8

Total available liquidity(3) 468.0

At June 30, 2016

(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. Refer to the Company’s management’s discussion and analysis for the period ended June 30, 2016.(2) Inclusive of $5.7 million in capital leases.(3) Includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company’s secured line of credit.

La Colorada expansion

13

Reserve increase: 300%

30.4 M oz Ag

38.3 M oz Ag

44.1 M oz Ag

64.8 M oz Ag

81.4 M oz Ag

86 M oz Ag91.2 M oz Ag

Organic growth – La Colorada expansion

14 * For La Colorada’s complete mineral reserve details, please see Appendix IV

La Colorada expansion(1)Highlights 

• 69% increase expected in average annual silver production to 7.7 Moz by 2018

• 137% and 185% increase expected in zinc and lead, respectively, by 2018

Project Scope

• New 600‐metre deep mine shaft

• Underground development to open new production areas

• Construction of sulphide processing plant

• New 115kV power line

Expect to be 5‐10% under budget and on schedule

• Sulphide processing plant began processing ore in July 2016

• New mine shaft began hoisting ore in September 2016 

(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 December 31, 2013 available at www.SEDAR.com. 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.15

Estimated total investment of $163.8 M, including sustaining capital IRR 22% at Ag $19/oz

Organic growth – Dolores expansion

16

N

South extension underground resources at December 31, 2014:

Tonnes Ag g/t Au g/t

Measured 146,000 101 0.74

Indicated 2,907,000 56 1.59

TOTAL 3,054,000 58 1.55

Dolores expansion(1)

Highlights

• 40% increase expected in average annual Ag production to 6.3 Moz by 2018

• 52% increase expected in average annual Au production to 205.7 koz by 2018

• Reduce cash costs through operational efficiencies and higher gold production

Project Scope

• New 5,600 tpd pulp agglomeration plant

• New 1,500 tpd underground mine

On budget and on schedule

• New 115 kV power line energized in September 2016

• Pulp agglomeration plant start‐up estimated for mid 2017

• Underground mine production estimated to reach 1,500 tpd by end of 2017

(1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico - Preliminary Economic Assessment of a Pulp AgglomerationTreatment and Underground Option”, with an effective date of May 31, 2014 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in nature, in that it includesinferred 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 nocertainty that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.17

• Estimated capital investment ~$132.4 M (including power line)

• IRR 27% at Ag $19/oz & Au $1,200/oz

Exploration and production growth• Solid performance on replacing production with new reserves

• Proven and probable reserve replacement of 101% (added 293 Moz of contained silver to mineral reserves) over last 12 years

• Reserve replacement cost of US$0.44/oz (1)

• La Colorada continues to deliver in both new reserves and extension to mine life

• High potential at Peru operations; near site and greenfield exploration• Greenfield program to explore portfolio of greenfield and Joint Venture projects 

• Kootenay Silver Inc. option brings an advanced silver exploration project into the pipeline with excellent regional exploration potential

• Exploration budget for 2016 increased 38% to US$14.5 M• 100% owner of Navidad, largest undeveloped silver deposit in the world

• Measured and indicated resources of 632 Moz silver and inferred resource of 119 Mozsilver

18

(1) Over 2004-2015

Strategic initiatives to surface value

19

Maverix (1)

• Pan American realized value for assets hidden within its portfolio through sale to Maverix Metals Inc. (royalties, precious metals streams)

• Retained 54% majority ownership (63% fully‐diluted) in Maverix• Provides additional leverage to gold and silver prices• Opportune timing for Maverix to attract new growth prospects• Maverix up ~28% since acquisition of assets from Pan American closed (2)

Milpo Shalipayco Joint Venture • Pan American sold 75% of shares in Compania Minera Shalipayco SAC to 

Votorantim Metais – Cajamarquilla SA for US$ 15M cash and 1% Net Smelter Return (sold to Maverix)

• Pan American receives free carry of its remaining 25% interest to commercial production in this large zinc development project located in Peru

(1) See press release dated July 11, 2016(2) Based on Maverix closing price on TSX-V on July 11, 2016 compared to closing price on Sept. 7, 2016

TARGETS

20

• Kootenay Silver Inc. is a publicly traded silver exploration company, exploring and developing the Promontorio mineral belt in Sonora, Mexico

• Kootenay Silver Inc. discovered two deposits: La Negra and Promontorio• Pan American has entered into an option agreement to earn 75% interest in the Minera Promontorio mineral belt properties 

• Pan American currently owns approximately 10% of Kootenay Silver

Kootenay option agreement

Why invest in PAAS

21

1. Well positioned for improving profit margins through expansions at La Colorada and Dolores

2. Driving down costs through operational efficiencies and increased productivity (mechanization at Peruvian mines)

3. Pipeline of organic growth opportunities

4. Exploration potential – budget increased 38% in the second quarter of 2016

5. Prudent financial management creates value throughout the commodity price cycle

6. Trading at attractive valuation relative to peers and streaming companies

7. Support for silver prices through weak global economic fundamentals and increasing use in industrial applications

Appendix ICompany overview

• Listings: NASDAQ (PAAS) and TSX (PAA)

• Market cap: US$3 B (1)

• Shares outstanding: approx. 152.2 M 

• Average daily volume: 3.4 M (1)

• Paid dividends since 2010 ‐ Current  yield 0.3% (2)

22

All data as of close Sept. 6, 2016(1) Based on Nasdaq exchange(2) Based on dividend declared Aug. 11, 2016, annualized

Appendix IIFirst half 2016 consolidated results

23

Mine Ag Production(1)

(Moz)Au Production(1)

(koz)$ Cash Costs(2) $ AISCSOS(3)

La Colorada 2.75 1.35 7.00 8.98

Dolores 2.04 46.80 2.91 16.69

Alamo Dorado 1.09 5.62 12.68 11.06

Huaron 1.91 0.41 6.83 11.01

Morococha 1.28 1.30 3.51 6.87

San Vicente 2.23 n/a 12.06 15.97

Manantial Espejo 1.46 34.09 2.47 3.42

Total 12.75 89.57 $6.81 $12.21(1) Totals may not add up due to rounding.(2) Average realized by‐product metal prices for H1 2015 were: Au $1,211/oz, Zn $2,118/tonne, Pb $1,858/tonne, Cu $5,643/tonne. Cash costs is a non‐GAAP measure. Readers should refer to the 

“Alternative Performance (Non‐GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

(3) All‐In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non‐GAAP measure that measures a silver mining company’s consolidated operating performance and the ability to generate cash flow from all operations collectively. We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect our consolidated earnings and cash flow. Readers should refer to the “Alternative Performance (Non‐GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

NOTE: For additional information relating to the Company’s financial and operating results, please refer to the Company’s most recent MD&A and unaudited consolidated financial statements for the period ended June 30, 2016.

Appendix III2016 operating forecast

Mine  Ag Production Moz Au Production koz $ Cash Costs(1)

La Colorada 5.6 – 5.7 2.7 – 2.9 7.00 – 7.50

Dolores 3.4 – 3.6 97.0 – 102.0 0 – 1.50

Alamo Dorado 1.0 – 1.2 7.0 – 8.0 14.00 – 15.00

Huaron 3.7 – 3.8   0.7 – 0.8 8.25 – 9.25

Morococha (92.3%)(2) 2.5 – 2.6  3.0 – 3.2 4.75 – 6.50

San Vicente (95%)(2) 4.3 – 4.4  n/a 12.00 – 12.50

Manantial Espejo 3.6 – 3.8 64.6 – 68.1 1.75 – 3.25

Total 24.0 – 25.0 175.0 – 185.0 $6.50 – $7.50

(1) Cash costs per payable silver ounce, net of by-product credits. By-product metal prices assumptions used for 2016 cash costs calculation: Au $1,100/oz, Zn $1,700/tonne, Pb$1,600/tonne, Cu $4,600/tonne. Cash costs is a non-GAAP measure. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation. (2) Reflects Pan American’s ownership in the operation.(3) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure and does not have a standardized meaning or a consistent basis of calculation prescribed by Canadian accounting standards. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

• AISCSOS(3) expected to be between $11.60 and $12.60, net of by‐product credits 

24

Appendix IVAll Pan American Silver Proven and Probable Reserves1,2

25 TSX: PAA   |   NASDAQ: PAAS

Property Location Category Tonnes(Mt)

Ag g/t Au g/t Zn% Pb% Cu%

Huaron Peru Proven 6.1 172 2.99 1.40 0.41

Probable 3.7 167 3.17 1.58 0.27

Morococha (92.3%)3 Peru Proven 2.3 176 3.57 1.18 0.78

Probable 1.9 202 3.70 1.35 0.53

La Colorada Mexico Proven 3.3 474 0.35 3.15 1.69

Probable 3.7 346 0.30 2.06 1.18

Dolores Mexico Proven 23.0 28 0.96

Probable 29.2 34 0.92

Alamo Dorado Mexico Proven 1.6 55 0.23

Probable 0.0 ‐ ‐

La Bolsa Mexico Proven 9.5 10 0.67

Probable 6.2 7 0.57

Manantial Espejo Argentina Proven 2.5 120 1.60

Probable 0.3 262 3.90

San Vicente (95%)3 Bolivia Proven 2.0 482 2.66 0.35

Probable 0.4 511 2.24 0.48

Total4 Proven + Probable 95.7 91 0.84 2.97 1.30 0.45(1) Prices used to estimate mineral reserves for 2015 were $17.00 per ounce of silver, $1,180 per ounce of gold, $1,800 per tonne of lead, $1,800 per tonne of zinc, and $5,000 per tonne of copper,

except at Manantial Espejo where $14.50 per ounce of silver and $1,100 per ounce of gold was used for planned 2016 production, reverting to the previously stated metal prices thereafter, andAlamo Dorado stockpiles where metal prices of $15.00 per ounce of silver and $1,100 per ounce of gold were used due to their planned processing in the short term. Metal prices used for LaBolsa 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 Martin G. Wafforn, P. Eng., Sr. Vice President Technical Services and Process Optimization, who is theQualified Person 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.

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