InvestorPresentationFebruary2017

CautionaryNoteNon-GAAPMeasuresThispresentationofPanAmericanSilverCorp.(the“Company”)referstovariousnon-GAAPmeasures,suchascashcostsperpayableounceofsilver,netofby-productcredits(“CashCosts”),all-insustainingcostpersilverouncesold(“AISCSOS”)andworkingcapital.ThesemeasuresdonothaveastandardizedmeaningprescribedbyIFRSasanindicatorofperformance,andmaydifferfrommethodsusedbyothercompanies.Readersshouldrefertothe“AlternativePerformance(non-GAAP)Measures”sectionintheCompany’sManagement’sDiscussionandAnalysisfortheperiodendedSeptember30,2016,availableatwww.sedar.com.ReportingCurrencyandFinancialInformationUnlesswehavespecifiedotherwise,allreferencestodollaramountsor$aretoUnitedStatesdollars.CautionaryNoteRegardingForwardLookingStatementsandInformationCertainofthestatementsandinformationinthispresentationconstitute“forward-lookingstatements”withinthemeaningofthe UnitedStatesPrivateSecuritiesLitigationReformActof1995and“forward-lookinginformation”withinthemeaningofapplicableCanadianprovincialsecuritieslaws.Allstatements,otherthanstatementsofhistoricalfact,areforward-lookingstatementsorinformation.Forward-lookingstatementsorinformationinthispresentationrelateto,amongotherthings:ourestimatedproductionofsilver,goldandothermetalsin2017,2018and2019;ourestimatedcashcostsperpayableounceofsilverandAISCSOSin2017,2018and2019;ourestimatedoperatingmarginsfor2017,2018and2019;ourestimatedcapitalinvestments,andsustainingcapitalfor2017,2018and2019;theabilityoftheCompanytosuccessfullycompleteanycapitalinvestmentprogramsandprojects,andtheimpactsofanysuchprogramsandprojectsontheCompany;theabilityoftheCompanytorealizevaluefromtransactions,includingwithrespecttotheJoaquinProjectandMaverix MetalsInc.;expectationswithrespecttofuturepricesofsilverorotherpreciousmetals,world-widesilverproduction,orglobaldemandonsilver,orothersimilarmetricsrelatingtosilver; andanyanticipatedleveloffinancialandoperationalsuccessin2017.ThesestatementsandinformationreflecttheCompany’scurrentviewswithrespecttofutureeventsandarenecessarilybaseduponanumberofassumptionsthat,whileconsideredreasonablebytheCompany,areinherentlysubjecttosignificantoperational,business,economicandregulatoryuncertaintiesandcontingencies.Theseassumptionsinclude:tonnageoforetobeminedandprocessed;oregradesandrecoveries;pricesforsilver,goldandbasemetalsremainingasestimated;currencyexchangerates remainingasestimated;capital,decommissioningandreclamationestimates;ourmineralreserveandrecourseestimatesandtheassumptionsuponwhichtheyarebased;pricesforenergyinputs,labour,materials,suppliesandservices(includingtransportation);nolabour-relateddisruptionsatanyofouroperations;nounplanneddelaysorinterruptionsinscheduledproduction;allnecessarypermits,licensesandregulatoryapprovalsforouroperationsarereceivedinatimelymanner;andourabilitytocomplywithenvironmental,healthandsafetylaws.Theforegoinglistofassumptionsisnotexhaustive.TheCompanycautionsthereaderthatforward-lookingstatementsandinformationinvolveknownandunknownrisks,uncertaintiesandotherfactorsthatmaycauseactualresultsanddevelopmentstodiffermateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatementsorinformationcontainedin thispresentationandtheCompanyhasmadeassumptionsandestimatesbasedonorrelatedtomanyofthesefactors.Suchfactorsinclude,withoutlimitation:fluctuationsinsilver,goldandbasemetalprices;fluctuationsinpricesforenergyinputs,labour,materials,suppliesandservices(includingtransportation);fluctuationsincurrencymarkets(suchastheCanadiandollar,Peruviansol,Mexicanpeso,ArgentinepesoandBolivianbolivianoversustheU.S.dollar);operationalrisksandhazardsinherentwiththebusinessofmining(includingenvironmentalaccidentsandhazards,industrial accidents,equipmentbreakdown,unusualorunexpectedgeologicalorstructuralformations,cave-ins,floodingandsevereweather);risksrelatingtothecreditworthinessorfinancialconditionofsuppliers,refinersandotherpartieswithwhomtheCompanydoesbusiness;inadequateinsurance,orinabilitytoobtaininsurance,tocovertheserisksandhazards;employeerelations;relationshipswith,andclaimsby,localcommunitiesandindigenouspopulations;ourabilitytoobtainallnecessarypermits,licensesandregulatoryapprovalsinatimelymanner;changesinlaws,regulationsandgovernmentpracticesinthejurisdictionswhereweoperate,includingenvironmental,exportandimportlawsandregulations;diminishingquantitiesorgradesofmineralreservesaspropertiesaremined;increasedcompetitionintheminingindustryforequipmentandqualifiedpersonnel;andthosefactorsidentifiedunderthecaption“RisksRelatedtoPanAmerican’sBusiness”intheCompany’smostrecentform40-FandAnnualInformationFormfiledwiththeUnitedStatesSecuritiesandExchangeCommissionandCanadianprovincialsecuritiesregulatoryauthorities.AlthoughtheCompanyhasattemptedtoidentifyimportantfactorsthatcouldcauseactualresultstodiffermaterially,theremaybeotherfactorsthatcauseresultsnottobeasanticipated,estimated,describedorintended.Investorsarecautionedagainstunduerelianceonforward-lookingstatementsorinformation.Forward-lookingstatementsandinformationaredesignedtohelpreadersunderstandmanagement’scurrentviewsofournearandlongertermprospectsandmaynotbeappropriateforotherpurposes.TheCompanydoes notintend,nordoesitassumeanyobligationtoupdateorreviseforward-lookingstatementsorinformation,whetherasaresultofnewinformation,changesinassumptions,futureeventsorotherwise,excepttotheextentrequiredbyapplicablelaw.TechnicalInformationTechnicalinformationcontainedinthispresentationwithrespecttoPanAmericanSilverCorp.hasbeenreviewedandapprovedbyMartinWafforn,P.Eng.,SVPTechnicalServicesandProcessOptimization,andChrisEmerson,FAusIMM,VPBusinessDevelopmentandGeology,whoaretheCompany’squalifiedpersonsforthepurposesofNationalInstrument43-101.Mineralreservesinthispresentationwerepreparedunderthesupervisionof,orwerereviewedby,MartinWafforn andChrisEmerson.ForadditionalinformationabouttheCompany’smaterialmineralproperties,pleaserefertotheCompany’sAnnualInformationFormdatedMarch24,2016,filedatwww.sedar.com.

2 February27,2017

CautionaryNoteAboutMineralReservesandResources

3 February27,2017

CautionaryNotetoUSInvestorsConcerningEstimatesofMineralReservesandResources

Thispresentationhasbeenprepared inaccordancewiththerequirementsofCanadiansecuritieslaws,whichdifferfromtherequirementsofU.S.securitieslaws.Unlessotherwise indicated,allmineral reserveandresourceestimatesincludedinthispresentationhavebeenprepared inaccordancewithCanadianNationalInstrument43-101–StandardsofDisclosureforMineralProjects (‘‘NI43-101’’)andtheCanadianInstituteofMining,MetallurgyandPetroleumclassificationsystem.NI43-101isaruledevelopedbytheCanadianSecuritiesAdministratorsthatestablishesstandardsforallpublicdisclosureanissuermakesofscientificand technicalinformationconcerningmineralprojects.

Canadianstandards,includingNI43-101,differsignificantlyfromtherequirementsoftheUnitedStatesSecuritiesandExchangeCommission(the“SEC”),andinformationconcerningmineralization,deposits,mineral reserveandresourceinformationcontainedorreferredtohereinmaynotbecomparable tosimilarinformationdisclosedbyU.S.companies.Inparticular,andwithoutlimiting thegenerality oftheforegoing,thispresentationusestheterms‘‘measuredresources’’, ‘‘indicatedresources’’and‘‘inferredresources’’.U.S. investorsareadvisedthat,while suchtermsarerecognizedandrequiredbyCanadiansecuritieslaws, theSECdoesnotrecognizethem.The requirementsofNI 43-101foridentificationof‘‘reserves’’arenotthesameasthoseoftheSEC,andreservesreportedbyPanAmericanincompliancewithNI 43-101maynotqualifyas‘‘reserves’’ underSECstandards.UnderU.S.standards,mineralizationmaynotbeclassifiedasa‘‘reserve’’unlessthedeterminationhasbeenmadethatthemineralizationcouldbeeconomicallyandlegallyproducedorextractedatthetime thereserve determination ismade.U.S. investorsarecautionednottoassumethatanypartofa“measuredresource”or“indicatedresource”willever beconvertedintoa“reserve”.U.S.investorsshouldalsounderstandthat“inferredresources”haveagreatamountofuncertaintyastotheirexistenceandgreatuncertaintyastotheireconomicandlegalfeasibility. Itcannotbeassumedthat alloranypartof“inferredresources”exist,areeconomicallyorlegally mineableorwilleverbeupgradedtoahighercategory.UnderCanadiansecuritieslaws,estimated“inferredresources”maynotformthebasisoffeasibilityorpre-feasibility studiesexceptinrarecases.Disclosureof“containedounces”inamineralresourceispermitted disclosureunderCanadiansecuritieslaws.However,theSECnormallyonlypermitsissuerstoreportmineralizationthatdoesnotconstitute“reserves”bySECstandardsasinplacetonnageandgrade,withoutreference tounitmeasures.Accordingly,informationconcerningmineraldepositssetforthhereinmaynotbecomparablewithinformationmadepublicbycompaniesthatreportinaccordancewithU.S. standards.

PAAS– aninvestmentinsilver

ü 2ndlargestprimarysilverproducerintheworldü Portfolioofhigh-qualityassetsintheAmericasü Largereserves:provenandprobableof286Moz silver(1)

ü Growing,low-costproductionprofileü Significantexplorationpotentialü Experiencedminebuilderandoperatorü Strongbalancesheet

Ourstrategyisfocusedonextractingvaluefromourportfolioofassets,improvingoperatingmarginsanddeployingprovenexpertisetopursue

profitablegrowth.

4 February27,2017(1) Pleaserefer totheAppendix formoredetailedinformation ontheCompany’sreserves.

Ouroperations

5 February27,2017

MillionSilverOuncesProduced

Trackrecordofbuildingminesandgrowingproduction

6 February27,2017Pleaserefer totheCompany’snewsreleasedatedFeb.14,2017formoreinformation onthe2016operating resultsandthethree-yearoutlook.

0

5

10

15

20

25

30

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017F2018F2019F

Weightedtosilverexposure

5%5%

15%

24%

51%silver

Copper

Lead

Zinc

Gold

Silver

7 February27,2017

Basedon2017estimatedmetalsalesandprices:Ag$17.00/oz, Au$1,200/oz, Zn$2,500/tonne, Cu$5,400/tonne, Pb $2,100/tonne

Pleaserefer totheCompany’snewsreleasedatedFeb.14,2017formoreinformation onthe2016operating resultsandthethree-yearoutlook.

2017estimateofrevenuegeneratedbyproduct

Strongoperatingperformance

8

35%decreaseincashcosts(1) from2015

32%decreaseinAISCSOS(1)from2015(All-inSustainingCostsPerSilverOunceSold)

to$6.29/ounceof silver(netofby-productcredits)

25.4millionouncesofsilver

to$10.17(netofby-productcredits)

183,900ouncesofgold

(1)Thispresentationreferstomeasuresthatarenotgenerally acceptedaccountingprinciple(“non-GAAP”)financialmeasures,includingcashcostperpayableounceofsilver,netofby-productcredits(“CashCosts”),andall-insustainingcostspersilverouncesold(“AISCSOS”).Pleaserefer to“AlternativePerformance (non-GAAP)Measures”sectionoftheCompany’snewsreleasedatedFeb.14,2017forfurtherinformation.

Consolidated resultsfor2016

Progressoncostreductions(1)

9 February27,2017

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2012 2013 2014 2015 2016

CashCosts AISCSOS

ConsolidatedCashCostsperpayableounceofsilver,netofby-products(“CashCosts”)ConsolidatedAll-inSustainingCostsperSilverOunceSold(“AISCSOS”)

(1) CashCostsandAISCSOSarenon-GAAPfinancialmeasures;pleasereferto“AlternativePerformance (non-GAAP)Measures”sectionof theCompany’snewsreleasedatedFeb.14,2017forfurther information.

Maindriversof2016costreduction:

• Improvedproductivity~45%

• FXgains~30%

• Higherby-productprices~15%

• Generallylowerinputcostsandexportcredits~10%

Financialstrength

10 February27,2017

AtDec.31,2016 USDMillions

Cashandcashequivalentsandshort-term investments 217.6

Working capital(1) 428.6

Total debt(2) 43.3

Totalavailableliquidity (3) 481.4

(1) Workingcapitalisanon-GAAPmeasurecalculated ascurrent assetslesscurrent liabilities. TheCompanyandcertain investorsusethisinformation toevaluatewhether theCompanyisabletomeetitscurrent obligationsusingitscurrent assets.(2) Inclusiveof$7.1million incapitalleases.(3) Includescashandcashequivalents, short-term investments, andtheundrawn portion oftheCompany’ssecuredlineofcredit.

Netincomeof$101.8Min2016($0.66pershare) from2015

2016ConsolidatedCashFlows

Totalsustainingcapital,majorprojectsinvestment,anddividendswerefully coveredbycashflowgeneratedin2016.

11 February27,2017

Improvingoperatingmargins

12 February27,2017

45%cashcostreductionfrom2014to2016

CashCostsisanon-GAAPfinancialmeasures;pleasereferto“AlternativePerformance (non-GAAP)Measures”sectionoftheCompany’snewsreleasedatedFeb.14,2017forfurther information.By-product metalprices assumptionsusedforforecastCashCostscalculation: Au$1,200/oz, Zn$2,500/tonne, Pb$2,100/tonne, Cu$5,400/tonne. Exchangerates relative toUS$assumed:Mexican peso20:1,Peruvian sol3.3:1,Argentine peso17.05:1,Bolivian boliviano7:1.

CashCosts

26.5

29.5

28.0

26.0

24.5

26.0

25.426.126.1

$6.29

$7.45$7.10 $6.80

$5.20$5.60

$6.45

$9.70

$11.46

Capitalexpenditureprofile(1)

13 February27,2017

(1) Guidance asprovidedinPanAmerican’snewsreleasedatedFeb.14,2017.

(inmillionsofUSD)

2017Guidance

2018Outlook

2019Outlook

Sustainingcapitaltotal 82- 88 75- 85 75- 90

ProjectcapitaltotalLaColorada andDolores

58- 62 0 0

Consolidated total 140 - 150 75 - 85 75- 90

2017isexpectedtobethefinalyearofspendingonthecurrentcapitalprojects.

Capitalallocationpriorities

14 February27,2017

$361

$491

$542

$423

$330

$227 $218

$0

$100

$200

$300

$400

$500

$600

2010 2011 2012 2013 2014 2015 2016

MillionsUS$ Cash&STI

Financialdebt

Cumulativereturntoshareholders

$387Mintotalcumulativecashreturned toshareholders (dividends andsharebuy-backs)since2010inadditiontoinvesting$410M inprojectandexpansion capital.

PanAmerican’sapproachtocapitalmanagementprioritizesinvestmentinprojectsthatgenerateahigh-rateofreturn,maintainingastrongbalancesheetandreturningcashtoshareholders.

2016reservesreplacement(1)

15 February27,2017

Overlast13yearsPAASadded332millionouncesofcontainedsilvertomineralreservesthroughmine-siteexploration,fullyreplacing324millionouncesdepletedinthesameperiod.

Millionouncessilvermineralreserves

Forcompletemineral reservedetails, pleaseseeAppendix.

-32.4Moz

38.1Moz

SilverreservesDec2015 ReservesDepleted 2016 ReservesReplaced2016 TotalReservesDec2016

280Moz 285.8 Moz

0

50

100

150

200

250

300

350

400

450

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2010 2011 2012 2013 2014 2015 2016 2017

SilverGrade(g

/tonnes)

MillionTonnes

Probable (Mt)

Proven(Mt)

SilverGrade(g/t)

LaColoradareservesincrease>200%

16 February27,2017

30.4Moz Ag

38.3Moz Ag

44.1Moz Ag

64.8Moz Ag

81.4Moz Ag86Moz Ag

91.2Moz Ag

ForLaColorada’s complete mineralreservedetails, pleaseseeAppendix.

98.1Moz Ag

Organicgrowth– LaColoradaexpansion

17 February27,2017

AtDec31,2016P&P4.5Mt*Ag 418g/t(60.3Moz)

Au0.34g/tPb 1.85%Zn3.35%

AtDec31,2016P&P2.7Mt*Ag 372g/t(32.7.0Moz)

Au0.29g/tPb 0.89%Zn1.42%

AtDec31,2016P&P0.5Mt*Ag 321g/t(5.1Moz)

Au0.34g/tPb 1.17%Zn1.51%

*ForLaColorada’s complete mineralreservedetails, pleaseseeAppendix.

LaColorada expansion(1)

18 February27,2017

Highlights• 69%increaseexpectedinaverageannual

silverproductionto7.7Moz by2018• 137%and185%increaseexpectedinzinc

andleadproduction,respectively, by2018ProjectScope• New618-metredeepmineshaft– fully

commissionedinQ32016• Newsulphide processingplant– began

operatingQ32016• Undergrounddevelopmenttoopennew

productionareas– advancingonscheduleforcompletionin2017

• New115kVpowerline- targetedforcompletionin2017

(1) Foradditionalinformation,pleaserefertotheCompany’stechnicalreportentitled“TechnicalReport– PreliminaryEconomicAnalysisfortheExpansionoftheLaColorada Mine,Zacatecas,Mexico”,withaneffectivedateofDec.31,2013availableatwww.SEDAR.com.Theresultsofthispreliminaryeconomicassessmentarepreliminaryinnature,inthatitincludesinferredmineralresources thatareconsidered toogeologicallyspeculativetohavetheeconomicconsiderationsappliedtothemthatwouldenablethemtobecategorizedasmineralreserves,andthereisnocertaintythattheassessmentwillberealized.Mineralresourcesthatarenotmineralreserveshavenodemonstratedeconomicviability.

Original investmentof$163.8M,including sustainingcapital,generatedanIRRof22%atAg$19/ozNowexpectedtobe~5%under budget

Organicgrowth– Doloresexpansion

19 February27,2017

Undergroundreserves

Tonnes(Mt) Agg/t Agcontained

(Moz) Aug/t Aucontained(koz)

Proven 1.1 81 2.8 1.28 44.3

Probable 3.0 58 5.6 1.73 167.2

Proven+Probable 4.1 64 8.4 1.61 211.5

Notes:1 Mineralreserveswereestimatedusingapriceof$18.50perounceofsilverand$1,300perounceofgold.Mineralresourcesareinadditiontomineralreservesandwereestimatedusingmetal

pricesof $25.00perounceof silverand$1,400perouncegold.2 MineralresourceandreserveestimatesforDoloreswerepreparedunderthesupervisionof,orwerereviewedby,ChristopherEmerson,FAusIMM,andMartinG.Wafforn,P.Eng.,asQualified

PersonsasthattermisdefinedinNI43-101.

Doloresexpansion(1)

20 February27,2017

Highlights

• Duringfirst5years,estimatedincreasesinaverageannualproductionof:

• Silverup40%• Goldup52%

• ReduceCashCosts throughoperationalefficiencies andhighergoldproduction

ProjectScope• New5,600tpd pulpagglomerationplant-

scheduled forstart-upinmid2017

• Newundergroundmine- scheduled toreach1,500tpd byendof2017

• New115kVpowerline- energizedinSeptember2016

(1) Foradditionalinformation,pleaserefertotheCompany’stechnicalreportentitled“TechnicalReportfortheDoloresProperty,Chihuahua,Mexico- PreliminaryEconomicAssessmentof aPulpAgglomerationTreatmentandUndergroundOption”,withaneffectivedateofMay31,2014availableatwww.SEDAR.com.Theresultsofthispreliminaryeconomicassessmentarepreliminaryinnature,inthatitincludesinferredmineralresourcesthatareconsideredtoogeologicallyspeculativetohavetheeconomicconsiderationsappliedtothemthatwouldenablethemtobecategorizedasmineralreserves,andthereisnocertaintythattheassessmentwillberealized.Mineralresourcesthatarenotmineralreserveshavenodemonstratedeconomicviability.

Estimatedcapitalinvestment~$132.4M(incl.powerline)IRR27%atAg$19/oz &Au$1,200/ozOnbudget

Doloresagglomerationplantconstruction

21 February27,2017

AgglomeratorDrum RodMill

FilterBuilding

Explorationandproductiongrowth

22 February27,2017

• 2017explorationbudgetofUS$21M,up45%from2016

• Solidperformanceonreplacing2016production withnewsilverreserves

• LaColorada continuestodeliverbothnewreservesandextensiontominelife

• HighpotentialatPeruoperations;nearsiteandgreenfieldexploration

• LaNegra (KootenaySilverInc.)andJoaquinbringadvancedsilverexplorationprojectsintothepipelinewithexcellentregionalexplorationpotential

• 100%ownerofNavidad,oneofthelargestundeveloped silverdeposit intheworld:

Navidad Silver Resources(1) ContainedAg(Moz)

Tonnes(Mt)

Ag(g/t)

Measured(containedMoz) 67.8 15.4 137

Indicated(containedMoz) 564.5 139.8 126

Inferred(containedMoz) 119.4 45.9 81

(1) Estimatedusingapriceof$12.52/oz ofsilver

Kootenayoptionagreement

23 February27,2017

• KootenaySilverInc.,apublicly-tradedsilverexplorationcompany,discoveredtwodeposits inSonora:LaNegra andPromontorio

• PanAmericanhasenteredintoanoptionagreementtoearn75%interestintheentirePromontoriomineralbelt,includingLaNegra andPromontorio

• PanAmericancurrentlyownsapproximately10%ofKootenaySilverInc.

• Projectlocated200kmNWofPanAmerican’sAlamoDoradomine

JoaquinProject(Argentina)

24 February27,2017

• PanAmericanacquired100%ofCoeurMining’s Joaquinproject:

• US$25M(US$15McashandUS$10MinPAASshares)plus a2%NSR

• SynergieswithPanAmerican’sManantial Espejo operation

• Processing capacityavailableatManantial Espejo plant

• Joaquinwithintruckingdistance

• Potentialforfurtherexplorationsuccess

Joaquinislocatedabout145KmfromourManantial Espejomine

Addinghigh-gradesatellitedepositstorealizefurthervalueatManantial EspejoFormoreinformation seethepressreleasedatedJan.17,2017

StrategicinitiativestosurfacevalueMaverix (1)

• PanAmericanrealizedvalueforassetshiddenwithinitsportfoliothroughsaletoMaverixMetalsInc.(royalties,preciousmetalsstreams)

• Providesadditionalleveragetogoldandsilverprices• Maverix successfulinattractingnewgrowthprospects,suchasrecentacquisitionof

additionalroyaltiesfromGoldFieldsNetherlandsServicesBV• Maverix hasamarketcapofaboutCAD$187Mandisup100%sincetheacquisitionof

PanAmericanassetsclosed(2)

• AsatDec.31,2016,PanAmericanheldapproximately40%ofMaverix (43%fully-diluted)

Milpo Shalipayco JointVenture• PanAmericansold75%ofitssharesinCompania Minera Shalipayco SACtoVotorantim

Metais – Cajamarquilla SAforUS$15Mcashand1%NetSmelterReturn(soldtoMaverix)• PanAmericanreceivesfreecarryofitsremaining25%interesttocommercialproductionin

thislargezincdevelopmentprojectlocatedinPeru

25 February27,2017

(1) SeepressreleasesdatedJuly11,2016andDec.27,2016,availableatwww.sedar.com(2) BasedonMaverix (MMX)openingprice onTSX-VonJuly12,2016ofCAD$0.70/sharecomparedtoclosingprice onFeb.17,2017ofCAD$1.41/share

WhyinvestinPAASnow

26 February27,2017

1. Strong leveragetosilverprices– acommoditywithdemandforindustrialusesandasa“safe-haven”investment

2. Low-costsilverproducerwithgrowing production overthenext3years

3. Advancedexplorationprojectpipeline– LaNegra,Joaquin

4. Increasingfreecashflowpotentialfollowing completionofexpansionsatLaColoradaandDolores

5. OptionalityofNavidad,oneoftheworld’s largestsilverdeposits

Appendix

27

Companyoverview

• Listings:NASDAQ (PAAS)andTSX (PAAS)

• Marketcap:US$3.0B(1)

• Sharesoutstanding: approx.152.3M

• Averagedailyvolumesharestraded:2.1M(1)

• Dividendssince2010- Currentyield0.5%(2)

28 February27,2017

52%46%

2%

Ownership(3)

ReportedInstitutional Impliedretail Insiders

AlldataasofcloseFeb.17,2017(1)BasedonNasdaqexchange(2)Basedonclosingshareprice atFeb.17,2017anddividenddeclared Feb.14,2017,annualized(3)Source:IPREO

Productionbymine2017Guidance

20%

1%

24%

18%

14%

11%

12%

29 February27,2017

26%

1%

17%

15%

10%

18%

13%

SilverOunces SilverEquivalentOunces

Basedonthemid-point ofproduction estimatesfor2017(Agof24.5M– 26.0Mounces,Auof155,000 - 165,000ounces, Znof56,500tonnes- 58,500 tonnes,Pb of19,000tonnes - 20,000 tonnes, andCuof8,750 tonnes - 9,250tonnes).Silverequivalentounceshavebeencalculatedforgoldandthebasemetalby-products usingthefollowing metalprices:Ag$17.00/oz,Au$1,200/oz, Zn$2,500/tonne, Cu$5,400/tonne,andPb $2,100/tonne.

Sustainabilityleadership

30 February27,2017

Recognizedasaleaderinsustainabilityintheminingindustry

Plan

• Toolkits• Program

development

Engage

• StakeholderEngagement

• GrievanceMechanisms

Environmental&SocialAudits

SustainabilityReporting

InternalCapacityBuilding

EvaluatePerformanceMetrics

Implement

• Programsandprojectscoveringsustainabilitypillars

SustainabilityReport&Pillars

Education&Health

SustainableDevelopmentPrograms

LocalProcurementDevelopment

Infrastructure&UrbanFootprint

WaterandEnergy

Stewardship

TailingsFacilitySafety

EmergencyResponse

PreparednessMineClosure

Policy

• CSR• Environmental• Healthand

Safety• Governance

Sustainabilityawards&recognitions

Corporate

• CorporateKnightsrankedPanAmericanSilver36thontheirFuture40ResponsibleCorporateLeadersinCanada.

• ThePeruvian-CanadianChamberofCommerceawardedPanAmericanSilverthe“BusinessoftheYear2015”awardforourcontributionstosustainabledevelopmentthroughourUQLLU/Alpacadelos Andesweavingproject.

Mexico

• AllmineswereawardedwiththeSociallyResponsibleCompany(ESR)AwardpresentedbytheCentroMexicano paralaFilantropía (CEMEFI).

• AllminesmaintainedtheCleanIndustryindependentenvironmentalcertificationbytheMexicanEnvironmentProtectionAgency(PROFEPA).

31 February27,2017

Viewsonthesilvermarket(1)• RealinterestratesintheU.S.likelytoremainlowin2017,despite expectedmonetarytightening

• USGDPgrowthconstrainedbyhighgovernmentdebt,limitinggovernment’s scopefornewroundoffiscalstimulus

• Europe’s bankingsectorremainsvulnerable

• Inflationarypressures arestartingtobuild

• Industrialdemandrepresentsjustunderhalfofthetotaldemandforsilver• Growingdemandthroughtheuseoftechnology, electronicsandrenewablesourcesofpower• Silverdemandfromthephotovoltaics industry nowrepresents14%ofsilver’s industrial demand,

upfromonly 1%adecadeago.• Emergingmarketeconomies, especiallyinChina, arestabilizing,liftingindustrialcommodity

demand

• Littletonogrowthinsilver supply becausemanyexplorationcompanies havenotbeeninvestinginexplorationandnewprojects

• Silversupply deficitexpectedin2017

32 February27,2017

(1)Sourcesinclude: BloombergMetalsFocusDecember, 2016andGFMS,ThomsonReuters /TheSilverInstitute2016

Factorssupportcontinueddemandforsilverforbothindustrialapplicationsandasasafe-havenasset.

Q4andFY2016OperatingResultsConsolidated Q42016 FY2016

Silverproduction (million ounces) 6.3 25.4

Goldproduction (thousandounces) 43.9 183.9

Zincproduction (thousand tonnes) 13.2 51.9

Leadproduction (thousand tonnes) 5.5 20.2

Copper production (thousand tonnes) 3.1 14.4

CashCosts(1) ($/ounce) 6.66 6.29

All-in SustainingCosts perSilverOunceSold (AISCSOS) (1) 10.38 10.17

33 February27,2017

(1) CashCostsandAISCSOSarenon-GAAPmeasures;pleaserefertothe“AlternativePerformance (non-GAAP)Measures"sectionofPanAmerican’spressreleasedatedFeb.14,2017formoreinformation.Averageby-product metalprices forQ42016were:Au$1,222/oz, Zn$2,517/tonne, Pb $2,149/tonne, andCu$5,277/tonne. Averageby-productmetalpricesfor2016were:Au$1,251/oz, Zn$2,095/tonne, Pb $1,872/tonne, andCu$4,860/tonne. CashCostsisanon-GAAPmeasure; pleaserefertothe“AlternativePerformance (non-GAAP)Measures"sectionofPanAmerican’s pressreleasedatedFeb.14,2017formoreinformation.

2016operatingresultsbymine

Mine SilverProduction (millionounces)

GoldProduction (thousand ounces)

CashCosts($/ounce)(1)

LaColorada 5.80 2.93 6.15

Dolores 3.84 102.76 -1.08

AlamoDorado 1.86 8.38 16.02

Huaron 3.81 0.81 5.79

Morococha (92.3%)(2) 2.54 2.14 4.21

SanVicente(95%)(2) 4.43 n/a 11.95

Manantial Espejo 3.14 66.89 4.28

Total(3) 25.42 183.92 6.29

34 February27,2017

(1) CashCostsisanon-GAAPmeasure;pleaserefer tothe“Alternative Performance (non-GAAP)Measures"sectionofPanAmerican’spressreleasedatedFeb.14,2017formoreinformation.

(2) Represents theCompany’spartialownership interest.(3) Totalsmaynotaddupduetorounding.

2017GuidancebymineMine

SilverProduction (millionounces)

GoldProduction(thousand ounces)

CashCosts($/ounce)(1)

La Colorada 6.4- 6.9 3.3- 3.5 3.35- 3.95

Dolores 4.0- 4.5 109.1- 115.0 1.25- 2.25

AlamoDorado 0.3 1.4- 1.5 18.00- 20.00

Huaron 3.7- 3.8 0.3- 0.4 5.95- 6.95

Morococha (92.3%)(2) 2.5- 2.6 2.9- 3.1 3.15- 4.15

SanVicente (95%)(2) 4.4- 4.5 0.5- 0.6 10.90- 11.90

Manantial Espejo 3.3- 3.4 37.5- 41.0 15.35- 16.25

Total(3) 24.5- 26.0 155.0- 165.0 6.45- 7.45

35 February27,2017

(1)CashCostsisanon-GAAPmeasure;pleaserefertothe“AlternativePerformance (non-GAAP)Measures"sectionofPanAmerican’s pressreleasedatedFeb.14,2017formoreinformation.(2)Reflects PanAmerican’s ownership intheoperation.(3)Totalsmaynotaddupduetorounding.

Three-yearoutlookConsolidated 2017Guidance 2018Outlook 2019Outlook

Silver production (millionounces) 24.5– 26.0 26.0- 28.0 26.5– 29.5

Gold production (thousand ounces) 155- 165 170- 185 175- 200

Zinc production (thousand tonnes) 56.5- 58.5 59.0- 63.0 55.0- 65.0

Lead production (thousand tonnes) 19.0- 20.0 23.0- 26.0 23.0- 27.0

Copper production (thousand tonnes) 8.75- 9.25 6.00- 8.00 4.00- 4.20

Cash Costs(1)($/ounce) 6.45- 7.45 5.60- 7.10 5.20– 6.80

Sustaining capital ($millions) 82- 88 75- 85 75- 90

Project Capital ($millions) (2) 58- 62 - -

AISCSOS(1) ($/ounce) 11.50- 12.90 10.00- 12.20 9.30- 11.60

36 February27,2017

(1) CashCostsandAISCSOSarenon-GAAPmeasures;pleaserefer tothe“Alternative Performance (non-GAAP)Measures"section ofPanAmerican’spressreleasedatedFeb.14,2017formoreinformation.

(2) Project capitalrelatestothecurrent mineexpansions atLaColorada andDolores;2017isexpectedtobethefinalyearofproject capitalrelated totheseexpansions.

PanAmericanSilverProvenandProbableReservesatDecember31,2016(1)(2)

Property Location Category Tonnes(Mt)

Agg/t

ContainedAg(Moz)

Aug/t

ContainedAu (000’soz)

Cu%

Pb%

Zn%

Huaron Peru Proven 5.7 169 30.8 N/A 0.37 1.46 3.02Probable 3.8 167 20.6 N/A 0.38 1.62 3.10

Morococha (92.3%) (3) Peru Proven 2.6 173 14.6 N/A 0.58 1.18 3.78Probable 2.2 181 12.8 N/A 0.44 1.64 4.21

La Colorada Mexico Proven 3.7 432 51.3 0.33 39.1 1.72 3.08Probable 4.0 362 46.8 0.32 41.2 1.24 2.06

Dolores Mexico Proven 41.6 27 36.1 0.77 1,034.9Probable 22.5 25 17.9 0.65 472.4

La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0Probable 6.2 7 1.4 0.57 113.1

Manantial Espejo Argentina Proven 2.2 111 8.0 1.17 84.4Probable 0.5 244 3.8 3.32 52.2

SanVicente(95%)(3) Bolivia Proven 2.0 464 29.4 N/A 0.46 0.39 3.00Probable 0.5 531 9.2 N/A 0.56 0.45 2.52

Total (4) Proven+Probable 107.0 83 285.8 0.70 2,040.3 0.43 1.36 3.06

37 February27,2017

(1) Pricesusedtoestimatemineralreservesfor2016were$18.50perounce ofsilver,$1,300 perounceofgold, $2,200pertonne ofzinc,$2,000 pertonne oflead,and$5,000pertonne ofcopper, except atManantialEspejowhere$17.00perounceofsilverand$1,200perounceofgoldwereusedforplanned2017production, reverting to$18.50perounceofsilverand$1,300perounce ofgoldthereafter.Metalprices usedforLaBolsa were$14.00perounceofsilverand$825perounceofgold.

(2) Mineralreserveestimateswereprepared underthesupervision of,orwerereviewedby,Christopher Emerson, FAusIMM,VicePresidentBusinessDevelopmentandGeologyandMartinG.Wafforn,P.Eng.,SeniorVicePresident Technical ServicesandProcessOptimization, eachofwhomareQualifiedPersonsasthattermisdefinedinNationalInstrument 43-101(“NI43-101).

(3) Thisinformation represents theportion ofmineralreservesattributable toPanAmericanbasedonitsownership interest intheoperatingentityasindicated.(4) Totalsmaynotaddupduetorounding.

38

AllPanAmericanSilverMeasuredandIndicatedResources(1)(2)

Property Location Category Tonnes (Mt) Agg/t Aug/t Zn% Pb% Cu%Huaron Peru Measured 2.2 165 2.93 1.57 0.27

Indicated 1.7 164 2.99 1.56 0.33Morococha (92.3%) (3) Peru Measured 0.4 161 3.31 1.09 0.25

Indicated 1.1 127 3.26 0.93 0.56La Colorada Mexico Measured 0.5 206 0.31 0.85 0.45

Indicated 2.0 200 0.18 0.63 0.39Dolores Mexico Measured 1.9 13 0.22

Indicated 3.2 24 0.43La Bolsa Mexico Measured 1.4 11 0.90

Indicated 4.5 9 0.50Manantial Espejo Argentina Measured 0.1 125 1.65

Indicated 0.4 207 2.04San Vicente (95%) (3) Bolivia Measured 0.8 202 2.45 0.14 0.30

Indicated 0.1 194 2.30 0.17 0.33Navidad Argentina Measured 15.4 137 1.44 0.10

Indicated 139.8 126 0.79 0.04Pico Machay Argentina Measured 4.7 0.91

Indicated 5.9 0.67Calcatreu Argentina Measured

Indicated 8.0 26 2.63

Total (4) Measured+Indicated 194.0 118 1.11 2.32 0.86 0.06

Notes:(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of lead, and

$5,000 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for LaBolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. Metal pricesused for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.

(2) Mineral resource estimates were prepared under the supervision of, or were rev iewed by, Christopher Emerson, FAusIMM, Vice President Business Development andGeology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Servic es and Process Optimization, each of whom areQualified Persons as that term is defin ed inNational 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.

AllPanAmericanSilverInferredResources(1)(2)

39

Property Location Category Tonnes (Mt) Agg/t Aug/t Zn% Pb% Cu%Huaron Peru Inferred 6.2 164 2.81 1.56 0.34

Morococha (92.3%) (3) Peru Inferred 3.9 214 3.58 1.30 0.29

La Colorada Mexico Inferred 1.8 313 0.35 4.58 2.65

Dolores Mexico Inferred 1.7 37 1.01

La Bolsa Mexico Inferred 13.7 8 0.51

Manantial Espejo Argentina Inferred 0.5 211 2.60

San Vicente (95%) (3) Bolivia Inferred 2.8 330 2.42 0.33 0.28

Navidad Argentina Inferred 45.9 81 0.57 0.02

Pico Machay Argentina Inferred 23.9 0.58

Calcatreu Argentina Inferred 3.4 17 2.06

Total (4) Inferred 103.7 92 0.70 2.83 0.77 0.08

Notes:(1) Prices used to estimate mineral resources for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,000 per tonne of lead, $2,200 per tonne of zinc, and

$5,000 per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for LaBolsa were $14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead. Metal pricesused for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold.

(2) Mineral resource estimates were prepared under the supervision of, or were rev iewed by, Christopher Emerson, FAusIMM, Vice President Business Development andGeology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Servic es and Process Optimization, each of whom areQualified Persons as that term is defin ed inNational 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.

40 February27,2017

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