the world’s premier silver mining company...costs”), all‐in sustaining cost per silver ounce...

November 14, 2018

The World’s Premier Silver Mining Company

Cautionary NoteNon‐GAAP MeasuresThis presentation of Pan American Silver Corp. (“Pan American”) and Tahoe Resources Inc. (“Tahoe”) 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”), all‐in sustaining cost (“AISC”), gross margin and working capital. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Readers should refer to the “Alternative Performance (non‐GAAP) Measures” section in Pan American’s and Tahoe’s Management’s Discussion and Analysis for the period ended September 30, 2018, 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 Litigation Reform Act of 1995 and “forward‐looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward‐looking statements or information. Forward‐looking statements or information in this presentation relate to, among other things, the anticipated completion of the Transaction and timing for such completion, operating metrics, production targets for Pan American and Tahoe’s operations in 2018, AISC targets for Tahoe’s operations in 2018, growth profile and opportunities, completion of the ILO 169 consultation process, community engagement and re‐issuance of licenses and permits to enable the restart of the Escobal mine and production from such mine, first commercial shipment of concentrate from Escobal following restart of operations and the conversion and exchange of the CVRs following such an event, expansion of the La Colorada mine, the development of Navidad, combined financial position, access to capital, potential non‐core asset sales and timing for such sales, operating synergies, sources and impact of funding of the Transaction, approval of the Transaction by Tahoe and Pan American shareholders, operating margins, shareholder returns, cost profile, integration plans, whether the CVR payment condition will be met, receipt of regulatory approvals, closing conditions for the Transaction being met, and the dates for the Tahoe and Pan American shareholder meetings.These statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and recourse 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.Pan American 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 Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: restart of the Escobal mine, expansion of the La Colorada mine, development of Navidad, 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 Pan American 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; 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 Pan American’s most recent form 40‐F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although Pan American 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. Pan American does not intend, nor does it assume any obligation to update or revise forward‐looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.Technical InformationTechnical 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 Pan American’s qualified persons for the purposes of National Instrument 43‐101. Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. Technical information in this document relating to Tahoe has been approved by Tom Fudge, Vice President Operations, Tahoe Resources Inc., a Qualified Person as defined by NI 43‐101.Scientific and technical data with respect to Pan American has been reviewed, verified, and compiled by Pan American’s geology staff under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology, who is a Qualified Persons as that term is defined in National Instrument 43‐101 (“NI 43‐101").See Pan American’s Annual Information Form dated March 22, 2018, available at www.sedar.com for further information on Pan American’s material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Pan American to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect Pan American’s business and the potential development of Pan American’s mineral reserves and resources. Please also refer to Pan American’s press release dated October 23, 2018, with respect to the La Colorada mine exploration results.

2 November 14, 2018

Cautionary Note About Mineral Reserves and Resources

3 November 14, 2018

Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources (Pan American Silver)

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 National Instrument 43‐101 – Standards of Disclosure for Mineral Projects (‘‘NI 43‐101’’) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. 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 standards, including NI 43‐101, differ significantly from the requirements of the United States Securities and Exchange Commission (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 has not recognized them under Industry Guide 7 prior to the adoption of the modernization of Property Disclosure for Mining Registrants. The requirements of NI 43‐101 for identification of ‘‘reserves’’ has 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 has previously only permitted 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.

Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources (Tahoe Resources)

The Mineral Resource and Mineral Reserve estimates contained in this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws and use terms that are not recognized by the United States Securities and Exchange Commission (“SEC”). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43‐101. The definitions used in NI 43‐101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody difference approaches and definitions. For example, the terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in in NI 43‐101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as "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.

While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43‐101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre‐feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; 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 contained in this press release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

The World’s Premier Silver Mining CompanyTransaction Details

4

Pan American Silver and Tahoe Resources to combine, creating the world’s premier silver mining company• Pan American Silver (“Pan American”) to acquire Tahoe Resources (“Tahoe”) via Plan of Arrangement

• Unanimous support of Pan American and Tahoe Board of Directors and Tahoe Special Committee

• Implied equity value of US$1,288 million, of which a portion is tied to restart of Escobal

1. Base purchase price of US$3.40 per Tahoe share payable at closing

• Tahoe shareholders can elect to receive the base purchase price in cash (up to a maximum of US$275 million), or Pan American shares (up to a maximum of 56.0 million shares), subject to proration1

• Represents an upfront premium of 34.9% to Tahoe’s 20‐day VWAP

2. Contingent consideration of US$0.70 per Tahoe share, payable in common shares of Pan American upon first commercial shipment of concentrate at Escobal

• Structured as transferable Escobal Contingent Value Rights (“CVRs”)2

• Base purchase price and Escobal CVR together represent a 62.8% premium to Tahoe’s 20‐day VWAP

• Pro‐forma ownership of: 68% Pan American / 32% Tahoe, assuming contingent consideration is paid

(1) Tahoe shareholders electing to receive Pan American shares will receive 0.2403 Pan American shares per Tahoe share.(2) Each Escobal CVR would automatically convert into 0.0497 Pan American shares at no additional cost to Tahoe.

New Pan American – The World’s Premier Silver Mining Company

5 November 14, 2018

An industry leader in high margin / low cost production

World class primary silver asset portfolio with the largest silver reserve base

25‐year proven track record of responsibly building and operating mines in Latin America

Non‐core asset sales can be used to strengthen balance sheet and maintain focus on “new” Pan American's exposure to silver mining opportunities

Robust growth profile with Escobal restart, expansion potential at La Colorada following Pan American's recent discovery, and Navidad, one of the world’s largest undeveloped primary silver deposits

Largest publicly traded silver mining company by free float

Maintains a strong financial position, enabling the Company to advance key growth projects

Note: See presentation appendix for more detailed information on the Companies’ reserves and resources.

The World’s Premier Silver Mining CompanyA Compelling Transaction for All Shareholders

6 November 14, 2018

Benefits to Pan American

Shareholders

Benefits to Tahoe Shareholders

• Total consideration represents a 62.8% premium to Tahoe’s 20‐day VWAP

• Cash component enables shareholder choice in terms of stock or cash

• Maintain exposure to Escobal through Escobal contingent payment and ownership in Pan American

• Improved balance sheet, enabling Pan American to pursue internal growth opportunities

• Diversified production profile through exposure to Pan American's portfolio of high quality producing mines in Mexico, Peru, Argentina and Bolivia

• Management team with a long‐term track record of responsibly developing and operating silver mines in Latin America

• Exposure to Pan American's robust growth potential with Escobal restart, expansion potential at La Colorada following Pan American's recent discovery, and Navidad, one of the world’s largest undeveloped silver deposits

• Acquisition of one of the most attractive silver mines in the world

− Escobal produced 21Moz of Ag at US$8.63/oz Ag AISC during the last four quarters of uninterrupted production1

• Escobal is a well built, proven turn‐key operation capable of a rapid restart once the consultation process is completed and social acceptance is re‐established

− Over US$500 million of capital invested into development and infrastructure2

• Contingent payment tied to Escobal restart ensures appropriate risk sharing between Pan American and Tahoe

• Tahoe gold assets well positioned to deliver low cost production following recent capital investments

• Improved cost profile, with further efficiencies through synergies in administration and operations

• Increased geographic diversification while maintaining Americas focus

(1) Period from Q2 2016 to Q1 2017.(2) Based on development, expansion, and sustaining capital invested from 2011 to 2017.

The World’s Premier Silver Mining CompanyEscobal: One of The World’s Best Silver Mines

7 November 14, 2018

20 20 21

$9.15 $9.11

$8.06

2014A 2015A 2016A

Historical Production (Moz Ag) & AISC (US$/oz Ag) Reserves & Resources (as at January 1, 2018)

(1) Based on development, expansion, and sustaining capital invested from 2011 to 2017.Note: See presentation appendix for more detailed information on the Companies’ reserves and resources.

High quality, well built operation with over US$500 million invested1

One of the world’s largest primary silver deposits with reserves of 264Moz

One of the world’s largest primary silver operations with three consecutive years of production above 20Moz Ag per year prior to 2017

AISC consistently below US$10/oz Ag

World Class Silver Mine

Pan American management will bring its Latin American experience towards concluding the consultation process and building social license

Grade Contained MetalTonnes Ag Au Pb Zn Ag Au Pb Zn

(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)

2P Reserves 24.7 334 0.35 0.8% 1.3% 264 278 196 320

M&I Resources 16.4 209 0.21 0.4% 0.7% 110 110 61 107

Inferred 1.9 180 0.90 0.2% 0.4% 11 54 4 8

Bell Creek

Dolores

La Colorada

Escobal

La ArenaHuaron

Morococha

Manantial Espejo

San Vicente

Shahuindo

Timmins West

Navidad

The World’s Premier Silver Mining CompanyA More Geographically Diversified Portfolio

8 November 14, 2018(1) Shows Pan American and Tahoe 2017 revenue. Tahoe revenue inclusive of Escobal from Q2 2016 to Q1 2017, the last four quarters of

undisrupted production at the mine.

Peru33%

Guatemala22%

Mexico22%

Canada12%

Argentina7%

Bolivia4%

Pro‐Forma Segmented Revenue Profile1

Diversified production across the Americas

Pan American AssetsTahoe Assets

Ag49%

Au23%

Zn17%

Cu5%

Pb6%

593 Moz AgEq

(288 Moz Ag)

The World’s Premier Silver Mining CompanyMaintaining Silver Exposure While Doubling Silver Reserves

9 November 14, 2018(1) Reserve value calculated using long‐term analyst consensus commodity prices – Silver: US$18.80/oz, Gold: US$1,313/oz,

Zinc: US$1.11/lb, Copper: US$3.10/lb, Lead: US$0.97/lb.Note: See presentation appendix for more detailed information on the Companies’ reserves and resources.

Ag48%

Au33%

Zn12%

Cu2%

Pb5%

1,205 Moz AgEq

(576 Moz Ag)

Reserve Value by Commodity1

Pan American New Pan American

Transaction increases silver reserves by ~100%

(1) Shows gross profit as reported in company filings, where available. Where gross profit is not explicitly reported in company financials, gross profit calculated as revenue minus production costs. Gross Margin is considered to be non‐GAAP financial measure. See “Cautionary Note on Non‐GAAP Financial Measures”.

Note: See presentation appendix for more detailed information on the Companies’ reserves and resources. New Pan American silver production shown inclusive of Escobal production from Q2 2016 to Q1 2017, the last four quarters of uninterrupted production of the mine.

0

200

400

600

800

1,000

NewPan American

Pan American Fresnillo Coeur Hochschild Hecla

The World’s Premier Silver Mining CompanyNew Pan American Will Be an Industry Leader Across Key Metrics

10

0

140

280

420

560

700

NewPan American

Fresnillo Pan American Hecla Coeur Hochschild

2017 Silver Production (Moz Ag)

Enhances leading position in silver resources

Highest margin operationsStrong production with growth potential

M&I Silver Resources (Moz Ag)

2017 Gross Margin1 (%)

The most significant reserve baseSilver Reserves (Moz Ag)

17% Increase100% Increase

17% Increase

0

20

40

60

80

Fresnillo NewPan American +

Escobal

Pan American Hochschild Coeur Hecla

85% Increase

0%

20%

40%

60%

NewPan American

Fresnillo Pan American Coeur Hecla Hochschild

Ag44%Au

56%

371 Moz AgEq

(165 Moz Ag)

The World’s Premier Silver Mining CompanyNew Pan American Will Have an Enviable Reserve Position Relative to Peers

11 November 14, 2018

New Pan American – Reserve Value by Commodity1Silver Comparables – Reserve Value by Commodity1

Ag32%

Au51%

Zn12%

Pb5%

1,502 Moz AgEq

(502 Moz Ag)

Ag33%

Au35%

Zn18%

Pb14%

547 Moz AgEq (180 Moz Ag)

(1) Reserve value calculated using long‐term analyst consensus commodity prices – Silver: US$18.80/oz, Gold: US$1,313/oz, Zinc: US$1.11/lb, Copper: US$3.10/lb, Lead: US$0.97/lb.


Ag49%

Au51%

124 Moz AgEq

(60 Moz Ag)

Ag48%

Au33%

Zn12%

Cu2%

Pb5%

1,205 Moz AgEq

(576 Moz Ag)

Fresnillo Hecla

Coeur Hochschild

Silver exposure with scale

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

NewPan American

Pan American Fresnillo Hecla Coeur Hochschild

The World’s Premier Silver Mining InvestmentNew Pan American Will be the Largest, Widely‐Traded Silver Mining Company

12 November 14, 2018(1) Free Float as per Bloomberg Financial Markets. Pro‐Forma free float assumes upfront consideration only.Note: Market data as at November 13, 2018.

The largest widely‐traded silver mining company by free float

Free Float Value1 (US$m)

The World’s Premier Silver Mining CompanyTahoe’s Gold Assets


Well positioned to deliver low cost production following recent capital investment

Well built, well run, modern operations in stable jurisdictions

Marketable assets

Anticipated synergies in Peru and North America

(1) As at September 30, 2018.Note: See presentation appendix for more detailed information on the Companies’ reserves and resources.

Key Assets: Shahuindo, La Arena (Peru), Timmins (Canada)

Combined 2017 Production: 442koz Au

Combined 2017 Gross Margin: 47%

Combined Reserves: 3,444 koz Au

Recent Capital Investments:1

US$225m(Shahuindo expansion project and

Bell Creek shaft project)

Significant production

Bell Creek Processing Facility

The World’s Premier Silver Mining CompanyIntegration Plan


Escobal

Corporate• Harvest value from a positive integration of Tahoe and Pan American teams

• Capture head office and Latin American administrative synergies

• Sell non‐core assets to reduce debt, optimize portfolio, and increase silver exposure

• Support the Court Mandated Consultation Process

− Four‐stage Indigenous Consultation Process including: Review, Pre‐Consultation, Consultation and Court Verification

• Complete Court Mandated Administrative Matters

− Developing strategy to address the various court mandated administration measures, including local health assessments, natural disaster analysis, etc.

• Gain the Communities’ Support to Operate

− Open, transparent dialogue

− Acknowledge and learn from the past

− Integrate business in the communities

• Overall approach to stakeholder engagement

− Create a transparent and inclusive environment for dialogue

− Respect and participate in the indigenous consultation process

− Establish long‐term trust and partnerships with all stakeholders

The World’s Premier Silver Mining CompanyEscobal Mining License: Indigenous Consultation Process


Review Pre‐Consultation ConsultationSupreme Court Verification

• Minera San Rafael (“MSR”) to work with 2011 Environmental Impact Study (“EIS”) consultant and experts at two Guatemalan Universities to review, define and recommend Area of Influence to Ministry of Environment (“MARN”)

• MARN to approve the area of influence

• Moderated by MEM• Formal dialogue process

between Xinka indigenous communities and MSR

• MEM to submit results of the consultation process to the Guatemalan Supreme Court (“SC”) and SC certifies with all three parties (MSR, MEM, Xinka) that the ILO 169 consultation has been followed properly

• SC verification is subject to limited appeals process by parties included in the original injunction

• Moderated by the Guatemalan Ministry of Energy and Mines (“MEM”) and includes MSR, various government agencies and ministries, academic institutions and community leaders

• Define and agree to the terms, timeline and mechanisms under which the consultation will take place

The World’s Premier Silver Mining CompanyPast Results are the Best Predictor of Future Results

16 November 14, 2018Note: 2018 production illustrates Pan American 2018 full‐year guidance.

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

1995 2005 2018(Pan AmericanStandalone)

Pro‐Forma includingEscobal & Navidad

Quiruvilca:• Acquired in 1995• Achieved profitability in 1996 following 6

consecutive years of losses by prior owners

La Colorada:• Acquired in 1998 • Achieved small‐scale production in 2001• Expansion completed in 2003

San Vicente:• Acquired in 1999• Achieved small‐scale production in 2002

Huaron:• Acquired in 2000• Financing arranged in only 3 months• Developed on schedule and budget for

production in 2001

Morococha:• Acquired in 2004 adding 1.3Moz Ag of

production

Ag Production (Moz)

Future growth to come from: Escobal, Navidad, and La Colorada

Guidance Range

Potential to increase

>2.8x

Alamo Dorado:• Acquired in 2003• Completed construction in only 1 year,

substantially on budget and schedule• Became the largest silver contributor in 2008

Manantial Espejo:• Acquired in 2002• Production achieved in 2008; Pan American's

first operating mine in Argentina

Dolores:• Acquired from Minefinders in 2012

Expansion Projects:• Dolores expansion to target high‐grade ore

completed in 2017• La Colorada expansion of shaft and new

sulphide processing plant completed in 2017

The World’s Premier Silver Mining CompanyA Leader in Responsible Mining


Social responsibility is an important pillar of Pan American’s governing philosophy

Culture of Social Responsibility and Environmental Performance Track Record of Success in Latin America

Generating Local Benefits+70 local supply companies started with our support

+11 alternative economic (non‐mining) development programs

Successfully permitted 2 new mines and 5 major mine expansions in the past 13 years

Awarded “Business of the Year” in 2016 for our sustainable development work in Peru

Transparent Sustainability Reporting• Based on annual consultation process with all

stakeholder groups

• Report on our efforts towards the UN’s Sustainable Development Goals

• Report on environmental and social audits

Zero material environmental or social incidents in Company history

Member of the Mining Association of Canada’s Towards Sustainable Mining Program

25 years of building trust with local communities and indigenous groups across Latin America

The World’s Premier Silver Mining CompanyTransaction Overview

18

Proposed Transaction

• Pan American to acquire Tahoe via Plan of Arrangement• Implied equity value of US$1,288 million

Consideration

• Base Purchase Price: US$3.40 per Tahoe share payable at closing, representing an immediate 34.9% premium to Tahoe’s 20‐day VWAP− Tahoe shareholders can elect to receive the base purchase price in cash (up to a maximum of US$275

million), or Pan American shares, subject to proration1

− US$275 million cash payment and issuance of 56.0 million common shares of Pan American• Escobal Contingent Consideration: US$0.70 per Tahoe share, payable in common shares of Pan American

upon first commercial shipment of concentrate at Escobal2

• Share exchange ratio on total consideration of 0.2900 and implies a 62.8% premium to Tahoe’s 20‐day VWAP

Ownership• 73% Pan American / 27% Tahoe at transaction closing • 68% Pan American / 32% Tahoe assuming contingent consideration is paid• Tahoe to appoint 2 Directors

Contingent Value Rights

• Contingent consideration will be structured as CVRs• CVRs will be transferable and payable in Pan American shares upon first commercial shipment of

concentrate at Escobal• Number of Pan American shares based on exchange ratio of 0.0497• CVRs will have a 10 year term

(1) Tahoe shareholders electing to receive Pan American shares will receive 0.2403 Pan American shares per Tahoe share.(2) Each Escobal CVR would automatically convert into 0.0497 Pan American shares at no additional cost to Tahoe.


Approvals, Deal Protection, and Conditions

• Transaction has the unanimous approval of the Board of Directors of both Pan American and Tahoe• Subject to approval of 66 2/3% of Tahoe’s shareholders and (1) a simple majority of Pan American's

shareholders and (2) 66 2/3% of Pan American's shareholders to increase its authorized capital to facilitatethe transaction

• Customary deal protection including mutual “no shop” provisions and rights to match any superior proposals

• Mutual break fee of US$38 million, payable in certain circumstances• Customary regulatory approvals, court approvals and closing conditions for a transaction of this nature

Lock‐Ups • Voting support agreements from all of Tahoe’s and Pan American's directors and senior officers

Listing• New Pan American shares will continue to be listed on the NASDAQ and Toronto Stock Exchange• The Escobal CVR will be transferable, but will not be listed

Timeline• Shareholder meeting circulars to be mailed on or about December 6, 2018• Target shareholder meetings in January 2019• Target closing in January 2019 subject to necessary approvals

The World’s Premier Silver Mining CompanyTransaction Overview (Cont’d)

The World’s Premier Silver Mining CompanyStrong Balance Sheet Pro‐Forma

20

New Pan American will have a strong balance sheet to fund growth and development projects going forward

(1) Investment in Associates includes market value of Maverix Metals ownership, as of November 13, 2018, and US$1.45 million in additional investments.

(2) 2019 EBITDA based on analyst consensus estimates for Pan American and Tahoe.Note: Assumes upfront consideration of US$275 million paid in cash and US$792 million paid in Pan American shares. Market data as at November 13, 2018.

Exchange (exchange) TSX / NASDAQ TSX / NYSE / FRA TSX / NASDAQ

Share Price (C$/share) $18.71 $2.90 $18.71

Share Price (US$/share) $14.13 $2.20 $14.13

Shares Outstanding (m) 153.3 314.2 209.4

CVR (m) ‐ ‐ 15.6

Cash & Equivalents (US$m) $253 $48 $301

Debt (US$m) $8 $102 $386

Net Debt / (Net Cash) (US$m) ($244) $54 $85

Non‐Controlling Interest (US$m) $5 ‐ $5

Investment in Associates1 (US$m) $108 ‐ $108

Net Debt / 2019 EBITDA2 (x) Net Cash 0.22x 0.16x

Trading

Capitalization

Incremental debt to finance US$275m cash component of the transaction

New Pan American – The World’s Premier Silver Mining Company

21 November 14, 2018Note: See presentation appendix for more detailed information on the Companies’ reserves and resources.

An industry leader in high margin / low cost production

World class primary silver asset portfolio with the largest silver reserve base

25‐year proven track record of responsibly building and operating mines in Latin America

Non‐core asset sales can be used to strengthen balance sheet and maintain focus on “new” Pan American's exposure to silver mining opportunities

Robust growth profile with Escobal restart, expansion potential at La Colorada following Pan American's recent discovery, and Navidad, one of the world’s largest undeveloped primary silver deposits

Largest publicly traded silver mining company by free float

Maintains a strong financial position, enabling the Company to advance key growth projects


Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BCPanamericansilver.com

[email protected]

Appendix

Shahuindo


Production (koz Au) & AISC (US$/oz Au) Reserves & Resources (as at January 1, 2018)

Sizeable Gold Mine with Significant Growth Potential

• 100% owned open pit gold mine located in Northern Peru producing silver by‐products from dore

• Heap leach processing

• Commercial production began in 2016 with current estimated mine life until 2028

• Significant exploration opportunity and ability to extend mine life

• Full ramp‐up of recent expansion to 36ktpd expected to be achieved during the first half of 2019 Shahuindo

49

79

80 ‐ 110

$1,162 $1,124

2016A 2017A 2018E Tahoe Guidance

$1,050 ‐ $1,100


Grade Contained MetalTonnes Au Ag Au Ag(Mt) (g/t) (g/t) (koz) (Moz)

2P Reserves 127.8 0.46 5.6 1,907 23.1

M&I Resources 28.9 0.40 5.2 371 4.8

Inferred 110.8 0.70 13.2 2,500 47.0

La Arena

204 196160 ‐ 185

$837 $837


$950 ‐ $1,050


Production (koz Au) & AISC (US$/oz Au)

Reserves & Resources (as at January 1, 2018)

Producing Gold Mine with Sulphide Expansion Potential

La Arena

• 100% owned open pit gold mine located in Peru producing dore

• Run‐of‐mine heap leach currently processing 36ktpd

• Commercial production began in 2011 with estimated mine life until 2021

• PEA released in February 2018 on sulphide expansion (“La Arena II”)

• Highlights from the PEA include:

− 21 year mine life

− Average annual production of 149koz gold and 94kt of copper

− US$824m after‐tax NPV8%


La Arena

La Arena II

Tonnes Au Au(Mt) (g/t) (koz)

2P Reserves 44.0 0.40 568M&I Resources 5.9 0.40 75Inferred 0.4 0.31 4

Tonnes Au Cu Au Cu(Mt) (g/t) (%) (koz) (kt)

M&I Resources 742.4 0.24 0.4% 5,637 2,626

Inferred 91.6 0.23 0.2% 683 158

Timmins Mines


Production (koz Au) & AISC (US$/oz Au) Reserves & Resources (as at January 1, 2018)

Bell CreekTimmins West

Two Producing Mines in Prolific Canadian Mining Camp• The Timmins mines are comprised of the 100% owned

Timmins West and Bell Creek mines, both of which are located near Timmins, Ontario

• Underground gold operation with an estimated mine reserve life until 2024, producing dore

• Leach / CIL‐CIP / EW processing at Bell Creek, which has capacity of 4ktpd

• Nearing completion of a shaft upgrade to 1,080 meters depth which will greatly reduce bottlenecks at Bell Creek

• Significant land position in the Timmins Camp with potential for exploration upside

• The Timmins Mines are located near several other high quality gold operations including Goldcorp’s Porcupine mine and Detour’s Detour Lake mine

122

167 160 ‐ 175

$1,057 $1,062


$1,050 ‐ $1,150


Tonnes Au Au

(Mt) (g/t) (koz)

2P Reserves 8.9 3.39 969

M&I Resources 3.8 5.65 690

Inferred 4.1 4.17 548

La Colorada


Production (Moz Ag)

• La Colorada is an underground mine located in Zacatecas, Mexico

• 100% owned and operated by Pan American

• Epithermal silver deposit, with transition at depth to a base metal predominant system

• Currently producing silver‐gold dore bars from a conventional cyanide leach plant for the oxide ore, and silver‐rich lead and zinc concentrates from a flotation plant treating sulphide ore

• Successful exploration drilling at La Colorada has discovered wide zones of mineralization below current production levels

• Potential to substantially expand mineral resources, mine life and ultimately production capacity

Pan American’s Largest Silver Producing Mine with Significant Growth Potential

5.8

7.1 7.4 ‐ 7.7

2016A 2017A 2018E Guidance

Mexico

La Colorada

Reserves & Resources (as at December 31 , 2017)


Grade Contained MetalTonnes Ag Au Pb Zn Ag Au Pb Zn

(Mt) (g/t) (g/t) (%) (%) (Moz) (koz) (kt) (kt)

2P Reserves 7.8 391.6 0.31 1.4% 2.5% 98.2 79 111 196

M&I Resources 2.3 220.4 0.20 0.5% 0.7% 16.3 15 11 17

Inferred 3.7 247.1 0.25 2.1% 3.4% 29.4 30 78 125

La Colorada – Recent Discovery


• Successful exploration drilling at La Colorada has discovered wide zones of mineralization below the current production levels

• High grade mineralization in limestone replacement mantos and thick intercepts of skarn mineralization

• Drill highlights include:− U‐39‐18: 69 g/t Ag, 1.86% Pb and 3.36% Zn over 223 m, including

32 m at 227 g/t Ag− U‐30‐18: 54 g/t Ag, 2.06% Pb and 5.40% Zn over 71.6 m− U‐33‐18: 20 g/t Ag, 1.56% Pb and 2.38% Zn over 66.3 m− U‐28‐18: 76 g/t Ag, 4.29% Pb and 3.66% Zn over 60.3 m− U‐32‐18: 54 g/t Ag, 2.33% Pb and 4.38% Zn over 46.3 m− U‐21‐18: 29 g/t Ag, 1.63% Pb and 4.99% Zn over 47 m− U‐26‐18: 42 g/t Ag, 2.81% Pb and 6.95% Zn over 42.6 m, and 52

g/t Ag, 1.77% Pb and 3.86% Zn over 42 m− U‐29‐18: 80 g/t Ag, 5.30% Pb and 13.55% Zn over 7.4 m and 54 g/t

Ag, 2.30% Pb and 8.22% Zn over 23.4 m

Pan American’s Major Exploration Discovery at La Colorada

La Colorada Cross Section

Mexico

Core Box Photograph of Hole U‐39‐18

U‐39‐18, from 488.05 to 490.45m

Note: Please refer to Pan American’s press release dated October 23, 2018 for additional information. See presentation appendix for more detailed information on the Companies’ reserves and resources.

Dolores


Production (Moz Ag) Reserves & Resources (as at December 31, 2017)

• The Dolores mine is 100% owned and operated by Pan American

• Low sulphidation epithermal deposit with strong structural control. Silver and gold mineralization is hosted in hydrothermal breccias and sheeted vein zones

• Mining at Dolores is by standard open pit methods. The mine uses conventional cyanide heap leaching to produce gold and silver dore

• Expansion completed in 2017 featuring a pulp agglomeration plant to process high‐grade ore from a new underground mine, together with the high‐grade portion of the ore from the open‐pit mine

• Average throughput capacity of 20,000 tpd

Large Silver/Gold Mine

3.8 4.2

4.5 ‐ 4.9


Mexico

Dolores

Grade Contained MetalTonnes Ag Au Ag Au

(Mt) (g/t) (g/t) (Moz) (koz)

2P Reserves 51.0 28.4 0.85 46.1 1,401

M&I Resources 8.3 19.3 0.37 5.1 99

Inferred 1.7 60.0 1.44 3.3 80

Huaron


3.8 3.7 3.6 ‐ 3.8



Polymetallic Silver Mine

• The Huaron underground mine is 100% owned and operated by Pan American

• Huaron is a hydrothermal polymetallic deposit of silver, lead, zinc, and copper occurring in veins, mantos and disseminated volcanic intrusions

• The mine operates at 2,500 tpd using flotation technology to produce silver in copper, lead, and zinc concentrates

• Mechanization of mining methods at Huaron has improved efficiency and reduced operating costs

• Upgrades to the flotation circuit have resulted in improved mill recoveries

Peru

Huaron


Grade Contained MetalTonnes Ag Cu Pb Zn Ag Cu Pb Zn(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)

2P Reserves 9.7 167.8 0.5% 1.5% 2.9% 52.5 46 144 286

M&I Resources 3.7 164.0 0.2% 1.6% 3.1% 19.2 9 60 114

Inferred 6.6 163.0 0.4% 1.5% 2.8% 34.5 2,706 100 182

Morococha



• The Morococha underground mine is 92.3% owned and operated by Pan American

• Polymetallic mineralization comprising silver, lead, zinc, and copper

• Mineralization includes epithermal veins, mantos and replacements ore bodies

• Morococha operates at 2,000 tpd using standard flotation technology to produce silver in zinc, lead, and copper concentrates

• Mechanization of mining methods at Morococha has improved efficiency and reduced operating costs

• Current activities focus on opportunities to enhance productivities and efficiencies while designing for the eventual mill relocation

Polymetallic Mine with Significant By‐Product Credits

2.5 2.6 2.5 ‐ 2.7


Peru

Morococha


Grade Contained MetalTonnes Ag Cu Pb Zn Ag Cu Pb Zn(Mt) (g/t) (%) (%) (%) (Moz) (kt) (kt) (kt)

2P Reserves 5.9 159.5 0.4% 1.3% 3.6% 30.2 26 76 214

M&I Resources 0.8 152.4 0.3% 0.9% 2.1% 3.7 3 7 17

Inferred 4.4 148.0 0.6% 1.1% 3.3% 21.0 2,728 49 146

San Vicente



Polymetallic Silver‐Zinc Mine

4.4 3.6

3.9 ‐ 4.1


San Vicente

• The San Vicente underground mine is 95% owned and operated by Pan American

• Hydrothermal polymetallic deposit consisting of replacement veins in pre‐existing faults, replacements in conglomerates, and mineralization in dacitic dykes

• The San Vicente plant has an average throughput of 950 tpd and utilizes a standard flotation process to produce silver‐zinc and silver‐lead concentrates

• Lower production costs resulting from productivity enhancements associated with mechanization efforts, enhanced mine dilution controls and improvements in site infrastructure


Grade Contained MetalTonnes Ag Pb Zn Ag Pb Zn(Mt) (g/t) (%) (%) (Moz) (kt) (kt)

2P Reserves 2.5 423.2 0.4% 3.0% 33.7 9 74

M&I Resources 0.9 151.2 0.2% 2.2% 4.2 2 20

Inferred 3.3 295.0 0.4% 2.9% 31.6 12 96

Manantial Espejo



• The Manantial Espejo underground mine is 100% owned and operated by Pan American

• Low sulphidation, silver‐gold epithermal deposit

• Ore is treated by gravity concentration, agitation leaching and Merril Crowe processing to produce silver‐gold dore

• Underground mining at the nearby COSE and Joaquin properties will generate further value from the Manantial Espejo plant

• Combined production from the Joaquin, COSE and Manantial Espejo mines is expected to add 21 million silver ounces over the 2018 to 2021 period

• Extending the life of the Manantial Espejo plant allows continued exploration activities and potential to add other high grade deposits

Providing Support to the Development of the Joaquin and COSE Projects

3.1 3.1 3.2 ‐ 3.3


Manantial Espejo


Grade Contained MetalTonnes Ag Au Ag Au(Mt) (g/t) (g/t) (Moz) (koz)

2P Reserves 2.1 152.1 1.63 10.0 99

M&I Resources 0.5 182.6 1.91 2.8 29

Inferred 0.4 187.0 2.69 2.3 33

Location Chubut, Argentina

Mine Type Open Pit

Ownership % 100%

LOM Total Ag Production Moz 276

LOM Total Pb Production kt 632

LOM Total Cu Production kt 18

Mine Life years 17

LOM Average Cash Cost US$/oz Ag $6.96

Base Case After‐Tax NPV5% US$mm $524

Navidad


• 100% owned silver mine located in Chubut Province in Argentina

• Pan American gained control of the project in 2010 through the acquisition of Aquiline Resources

• The project currently comprises eight individual mineral deposits in three separate mineralized trends (Navidad, Esperanza and Argenta trends)

− The six deposits of the Navidad Trend occur along strike over a distance of about 5.8 kilometres and are essentially continuous

• Pan American completed a PEA in 2010 which outlined a 17 year mine life and annual silver production of 19.8Moz1, at a cash cost of US$6.96/oz Ag

PEA Highlights (2010)

One of The World’s Largest Undeveloped Primary Silver Deposits

Resources (as at December 31, 2017)

Navidad


Grade Contained Metal

Tonnes Ag Pb Cu Ag Pb Cu

(Mt) (g/t) (%) (%) (Moz) (kt) (kt)

M&I Resources 155.2 126.7 0.9% 0.0% 632.3 1,326 71

Inferred Resources 45.9 80.9 0.6% 0.0% 119.4 262 9

Pan American Silver Proven and Probable Reserves at December 31, 2017 (1) (2)


Notes: (1) Prices used to estimate mineral reserves for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500

per tonne of copper, except at Manantial Espejo where $16.50 per ounce of silver and $1,250 per ounce of gold were used for planned 2018 production, reverting to $18.50 per ounce of silver and $1,300 per ounce of gold thereafter. Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold.

(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in National Instrument 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.

Property Location Category Tonnes (Mt)

Ag (g/t)

Contained Ag (Moz)

Au (g/t)

Contained Au (koz)

Cu (%)

Pb (%)

Zn (%)

Huaron Peru Proven 5.7 167 30.8 0.47 1.43 2.95Probable 4.0 169 21.7 0.47 1.55 2.91

Morococha (92.3%) (3) Peru Proven 3.0 160 15.3 0.53 1.06 3.59Probable 2.9 159 14.9 0.36 1.53 3.64

La Colorada Mexico Proven 3.7 413 48.9 0.33 38.8 1.65 2.97Probable 4.1 378 49.3 0.31 39.8 1.23 2.14

Dolores Mexico Proven 34.7 30 33.0 0.93 1,040.8Probable 16.3 25 13.1 0.69 360.3

La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9Probable 6.2 7 1.4 0.57 113.1

Manantial Espejo Argentina Proven 1.5 91 4.4 0.77 37.5Probable 0.6 305 5.6 3.37 61.6

San Vicente (95%) (3) Bolivia Proven 1.9 416 25.6 0.43 0.36 3.00Probable 0.6 449 8.1 0.50 0.46 2.92

Joaquin Argentina Probable 0.5 721 11.0 0.41 6.2COSE Argentina Probable 0.1 918 2.2 17.7 43.3

TOTALS (4) Proven + Probable 95.1 94 288.4 0.79 1,944.4 0.46 1.32 2.98

Pan American Silver Measured and Indicated Resources (1)(2)


Notes:(1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500

per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La Bolsa were$14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.

(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geologyand 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 NationalInstrument 43‐101. Please refer to “Cautionary Note Concerning Estimates of Mineral Reserves and Resources” section in this presentation.

(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.(4) Totals may not add up due to rounding.


Ag (g/t)

Contained Ag (Moz)

Au (g/t)

Contained Au (koz)

Cu (%)

Pb (%)

Zn (%)

Huaron Peru Measured 2.2 162 11.3 0.22 1.58 3.00Indicated 1.5 167 7.9 0.28 1.66 3.20

Morococha (92.3%) (3) Peru Measured 0.3 153 1.4 0.20 0.72 1.66Indicated 0.5 152 2.3 0.42 1.01 2.32

La Colorada Mexico Measured 0.5 220 3.4 0.22 3.5 0.74 1.04Indicated 1.8 221 12.9 0.19 11.0 0.39 0.66

Dolores Mexico Measured 4.8 18 2.8 0.28 43.1Indicated 3.5 21 2.3 0.50 56.2

La Bolsa Mexico Measured 1.4 11 0.5 0.90 39.9Indicated 4.5 9 1.3 0.50 71.2

Manantial Espejo Argentina Measured 0.1 145 0.4 1.89 4.7Indicated 0.4 192 2.4 1.91 24.2

San Vicente (95%) (3) Bolivia Measured 0.8 148 3.8 0.20 0.17 2.31Indicated 0.1 177 0.4 0.23 0.19 1.43

Navidad Argentina Measured 15.4 137 67.8 0.10 1.44Indicated 139.8 126 564.5 0.04 0.79

Pico Machay Peru Measured 4.7 0.91 137.5Indicated 5.9 0.67 127.1

Joaquin Argentina Indicated 0.1 385 0.7 0.58 1.1

TOTALS (4) Measured + Indicated 188.0 120 686.2 0.59 519.6 0.05 0.86 2.17

Pan American Silver Inferred Resources(1)(2)


Notes:(1) Prices used to estimate mineral resources for 2017 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,600 per tonne of zinc, $2,200 per tonne of lead, and $5,500

per tonne of copper, except at Dolores and Manantial Espejo, where $25.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for La Bolsa were$14.00 per ounce of silver and $825 per ounce of gold. Metal prices for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.

(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geologyand 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 NationalInstrument 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.


Ag (g/t)

Contained Ag (Moz)

Au (g/t)

Contained Au (koz)

Cu (%)

Pb (%)

Zn (%)

Huaron Peru Inferred 6.6 163 34.5 0.41 1.51 2.76Morococha (92.3%) (3) Peru Inferred 4.4 148 21.0 0.62 1.12 3.31La Colorada Mexico Inferred 3.7 247 29.4 0.25 30.3 2.11 3.39Dolores Mexico Inferred 1.7 60 3.3 1.44 79.6La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6Manantial Espejo Argentina Inferred 0.4 187 2.3 2.69 33.4San Vicente (95%) (3) Bolivia Inferred 3.3 295 31.6 0.27 0.35 2.92Navidad Argentina Inferred 45.9 81 119.4 0.02 0.57Pico Machay Peru Inferred 23.9 0.58 445.7Joaquin Argentina Inferred 0.0 389 0.1 1.29 0.2COSE Argentina Inferred 0.0 382 0.3 7.10 6.3

TOTALS (4) Inferred 103.7 96 245.3 0.59 820.2 0.12 0.78 2.79

Tahoe Resources Mineral Reserves as of January 1, 2018


Gold Location OwnershipProven Probable Proven & Probable

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Bell Creek Canada 100% 0.5 3.90 68 1.9 4.12 246 2.4 4.07 315Escobal Guatemala 100% 2.5 0.42 34 22.1 0.34 244 24.7 0.35 278La Arena Peru 100% 0.3 0.38 3 43.7 0.40 565 44.0 0.40 568Shahuindo Peru 100% 77.9 0.48 1,203 49.9 0.44 704 127.8 0.46 1,907Timmins West Canada 100% 0.4 3.61 47 6.1 3.11 606 6.5 3.15 654Total Gold Mineral Reserves 81.6 0.52 1,356 123.7 0.59 2,366 205.3 0.56 3,721

Silver Location OwnershipProven Probable Proven & Probable

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Escobal Guatemala 100% 2.5 486 39,532 22.1 316 224,961 24.7 334 264,493Shahuindo Peru 100% 77.9 6 14,756 49.9 5 8,384 127.8 6 23,140Total Silver Mineral Reserves 80.4 21 54,288 72.1 101 233,345 152.5 59 287,633

Lead Location OwnershipProven Probable Proven & Probable

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Escobal Guatemala 100% 2.5 1.02 26 22.1 0.77 170 24.7 0.79 196Total Lead Mineral Reserves 2.5 1.02 26 22.1 0.77 170 24.7 0.79 196

Zinc Location OwnershipProven Probable Proven & Probable

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Escobal Guatemala 100% 2.5 1.75 44 22.1 1.25 276 24.7 1.30 320Total Lead Mineral Reserves 2.5 1.75 44 22.1 1.25 276 24.7 1.30 320

Tahoe Resources Mineral Resources as of January 1, 2018


Gold Location OwnershipMeasured Indicated Measured & Indicated Inferred

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Bell Creek Canada 100% 1.2 4.43 167 4.1 4.27 569 5.3 4.31 736 3.0 4.36 415Escobal Guatemala 100% 4.8 0.33 51 36.3 0.29 337 41.1 0.29 388 1.9 0.90 54La Arena Peru 100% 0.3 0.38 3 49.6 0.40 640 49.9 0.40 643 0.4 0.32 4Shahuindo Peru 100% 89.1 0.47 1,358 67.6 0.42 921 156.7 0.45 2,278 110.8 0.70 2,500Timmins West Canada 100% 0.2 4.86 39 7.1 3.87 885 7.4 3.90 923 1.1 3.80 133La Arena II Peru 100% 155.7 0.25 1,265 586.7 0.23 4,372 742.4 0.24 5,637 91.6 0.23 683Fenn‐Gib Canada 100% ‐ ‐ ‐ 40.8 0.99 1,300 40.8 0.99 1,300 24.5 0.95 750Whitney Canada 79% 1.0 7.02 218 2.3 6.77 491 3.2 6.85 709 1.0 5.34 171Gold River Canada 100% ‐ ‐ ‐ 0.7 5.29 117 0.7 5.29 117 5.3 6.06 1,028Juby Canada 100% ‐ ‐ ‐ 26.6 1.28 1,090 26.6 1.28 1,090 96.2 0.94 2,909Marlhill Canada 100% ‐ ‐ ‐ 0.4 4.52 57 0.4 4.52 57 ‐ ‐ ‐Vogel Canada 100% ‐ ‐ ‐ 2.2 1.75 125 2.2 1.75 125 1.5 3.60 169Total Gold Mineral Resources 252.2 0.38 3,101 824.4 0.41 10,904 1,076.6 0.40 14,005 337.2 0.81 8,816

Silver Location OwnershipMeasured Indicated Measured & Indicated Inferred

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Tonnes(M)

Grade(g/t)

Metal(koz)

Escobal Guatemala 100% 4.8 374 58,104 36.3 271 316,520 41.1 283 374,624 1.9 180 10,746Shahuindo Peru 100% 89.1 6 16,807 67.6 5 11,122 156.7 6 27,929 110.8 13 46,980Total Silver Mineral Resources 93.9 25 74,911 103.9 98 327,642 197.8 63 402,552 112.7 16 57,726

Copper Location OwnershipMeasured Indicated Measured & Indicated Inferred

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

La Arena II Peru 100% 155.7 0.37 580 586.7 0.35 2,046 742.4 0.35 2,626 91.6 0.17 158Total Copper Mineral Resources 155.7 0.37 580 586.7 0.35 2,046 742.4 0.35 2,626 91.6 0.17 158

Lead Location OwnershipMeasured Indicated Measured & Indicated Inferred

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Escobal Guatemala 100% 4.8 0.68 33 36.3 0.62 224 41.1 0.62 257 1.9 0.22 4Total Lead Mineral Resources 4.8 0.68 33 36.3 0.62 224 41.1 0.62 257 1.9 0.22 4

Zinc Location OwnershipMeasured Indicated Measured & Indicated Inferred

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Tonnes(M)

Grade(%)

Metal(ktonnes)

Escobal Guatemala 100% 4.8 1.20 58 36.3 1.02 369 41.1 1.04 427 1.9 0.42 8Total Lead Mineral Resources 4.8 1.20 58 36.3 1.02 369 41.1 1.04 427 1.9 0.42 8

Tahoe Resources January 1, 2018 Mineral Reserve and Mineral Resource Notes


1. Technical information in this document has been approved by Tom Fudge, Vice President Operations, Tahoe Resources Inc., a Qualified Person as defined by NI 43‐101.

2. Mineral Resource estimates are classified as Measured, Indicated or Inferred based on the confidence of the input data, geological interpretation and grade estimation parameters. The Mineral Resource estimates were prepared in accordance with NI 43‐101 and classifications adopted by the CIM Council.

3. Mineral Reserve estimates are based on known inputs that include metallurgical performance, taxation/royalty obligations, geologic and geotechnical characterization, operational costs, and other economic parameters. The Company is not currently aware of any known factors that are reasonably likely to have a negative material impact on the Company’s Mineral Reserves. The Mineral Reserve estimates were prepared in accordance with NI 43‐101 and classifications adopted by the CIM Council.

4. Mineral Resources are inclusive of Mineral Reserves.

5. Bell Creek – The basis of the Mineral Resource and Mineral Reserve estimates for the Bell Creek mine is from NI 43‐101 Technical Report, Updated Mineral Reserve Estimate for Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, dated March 27, 2015. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Bell Creek Mineral Resources are reported as in situ resources using a gold cut‐off grade of 2.2 g/t. Mineral Reserves were calculated by applying the life‐of‐mine plan at January 1, 2018 to the Measured and Indicated Mineral Resources using a long‐term gold price of $1,275/oz and reported at a gold cut‐off grade of 2.3 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the Mineral Resource model using operating costs of $87.42 per tonne ore with 95% mining recovery, external dilution of 16% and metallurgical recovery of 94.5%.

6. Escobal – The basis of the Mineral Resource and Mineral Reserve estimates for the Escobal mine is from Escobal Mine Guatemala NI 43‐101 Feasibility Study, dated November 5, 2014. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mine depletion volumes from the Mineral Resource and Mineral Reserve estimates stated in the aforementioned technical report. Mineral Resources are reported using a 100 g/t silver‐equivalent cut‐off grade calculated using metal prices of $20.00/oz, silver, $1,300.00/oz gold, $1.00/lb lead and $1.10/lb zinc. Mineral Reserves as of January 1, 2018 were calculated by applying an updated mine plan to the Mineral Resource estimate stated in the Escobal Feasibility Study taking into account mining depletion through the end of 2017. Cut‐off grades to define the January 1, 2018 Mineral Reserves were calculated from the NSR value of the resource model blocks contained within the life‐of‐mine plan minus the production cost to account for variability in mining method and metallurgical response. Metal prices used to determine the NSR value were $20.00 per ounce silver, $1,300.00 per ounce gold, $1.00 per pound lead and $1.10 per pound zinc. Actual mining, processing and general and administrative (G&A) costs, metallurgical performance and smelter contract rates from the Escobal Mine were used to derive operating costs used in the reserve calculation.

7. La Arena – The basis of the Mineral Resource and Mineral Reserve estimates for the La Arena mine is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed July 1, 2017. Mineral Resources are reported at a cut‐off grade of 0.10 g/t Au within an optimized undiscounted cash flow pit shell using a metal price of $1,400/oz Au and actual costs experienced at the La Arena Mine. Mineral Reserves for the La Arena mine are reported at a 0.10 g/t gold cut‐off grade and have been constrained to the final pit design based on an optimized pit shell using $1,200 per ounce gold and actual operating costs incurred. As the resource block model is a diluted block model, no additional dilution or mining losses were applied. The life‐of‐mine strip ratio is 1.9 (waste:ore).

8. Shahuindo – The basis of the Mineral Resource and Mineral Reserve estimates for the Shahuindo mine is from the NI 43‐101 Technical Report on the Shahuindo Mine, Cajabamba, Peru, dated January 25, 2016. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed July 1, 2017. The Shahuindo Mineral Resources are reported using a gold cut‐off grade for oxide material of 0.15 g/t. Oxide resources are reported within a $1,400/oz gold optimized pit shell. The sulfide Mineral Resources at Shahuindo are classified entirely as Inferred due to limited metallurgical characterization and wider drill spacing than in the oxide portion of the deposit. There have been no economic or mining studies of the sulfide portion of the Shahuindo deposit completed to date; the Inferred sulfide Mineral Resource is reported at a 0.5 g/t gold‐equivalent cut‐off grade using a silver‐to‐gold ratio of 80. Oxide Mineral Reserves are reported at a 0.18 g/t gold cut‐off grade and have been constrained to the final pit design based on an optimized pit shell using US$1,200/oz gold and actual operating costs incurred. The Mineral Reserves were calculated from Measured and Indicated oxide Mineral Resources only and include 5% dilution and mining losses of 2%. The life‐of‐mine strip ratio is 1.1 (waste:ore). There are no sulfide Mineral Reserves reported for Shahuindo.



9. Timmins West – The basis of the Timmins West Mine Mineral Resource and Mineral Reserve estimates is from NI 43‐101 Technical Report, Timmins West Mine, Timmins, Ontario, Canada, dated September 20, 2017. Mineral Resources and Mineral Reserves for the Timmins West Mine reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Timmins West Mine Mineral Resources are reported as in situ resources using a gold cut‐off grade of 1.5 g/t. Mineral Reserves were calculated by applying the life‐of‐mine plan at January 1, 2018 to the Measured and Indicated Mineral Resources using a gold price of $1,275/oz and a gold cut‐off grade of 2.0 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the updated Mineral Resource model using operating costs of US$78.64 per tonne ore with 95% mining recovery, external dilution of 15% and metallurgical recovery of 97%.

10. La Arena II – The basis of the Mineral Resource estimate for the La Arena II project is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018. Mineral Resources for the La Arena II project are reported within an optimized undiscounted cash flow pit shell using metal prices of $4.00 per pound copper and $1,500 per ounce gold and operating cost and metallurgical recovery parameters developed for the La Arena II PEA. Oxide Mineral Resources are reported using a 0.10 g/t gold cut‐off grade; sulfide Mineral Resources are reported using a 0.18% copper‐equivalent cut‐off grade calculated using $4.00 per pound copper and $1,500 per ounce gold.

11. Fenn‐Gib – The Mineral Resource Estimate for the Fenn‐Gib project is from Fenn‐Gib Resource Estimate Technical Report, Timmins Canada, dated December 23, 2011, with an effective date of November 17, 2011. Nearly all of the Indicated Mineral Resources and approximately 90% of Inferred Mineral Resources are reported within a $1,190/oz gold pit shell using a gold cut‐off grade of 0.50 g/t, operating costs of US$13.00/tonne ore and process recovery of 85%. The remaining Indicated and Inferred Mineral Resources which are occur below the pit limits are reported using a gold cut‐off grade of 1.5 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Fenn‐Gib property.

12. Whitney – The Mineral Resource estimate for the Whitney project is from Technical Report and Resource Estimate on the Upper Hallnor, C‐Zone, and Broulan Reef Deposits, Whitney Gold Property, Timmins Area, Ontario, Canada, dated February 26, 2014. Mineral Resources are reported using a gold cut‐off grade of 3.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $96.75/tonne milled, mining dilution of 20% and process recovery of 95%. There are no Mineral Reserves reported for the Whitney property.

13. Gold River – The Mineral Resource estimate for the Gold River project is from Technical Report on the Update of Mineral Resource Estimate for the Gold River Property, Thorneloe Township, Timmins, Ontario, Canada, dated April 5, 2012, with an effective date of January 17, 2012. Mineral Resources are reported using a gold cut‐off grade of 2.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $82.00/tonne milled and process recovery of 85%. A minimum thickness of two meters was used to constrain the reported Mineral Resources. There are no Measured Mineral Resources nor Mineral Reserves reported for the Whitney property.

14. Juby – The Mineral Resource estimate for the Juby project is from Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario, dated February 24, 2014, with an effective date of February 24, 2014. Mineral Resources are reported as in situ resources using a gold cut‐off grade of 0.40 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Juby property.

15. Marlhill – The Marlhill Mineral Resource estimate is from Technical Report on the Marhill Project, Hoyle Township, Timmins, Ontario, Canada, March 1, 2011, with an effective date of March 1, 2011. Mineral Resources are reported as in situ resources using a gold cut‐off grade of 0.2.9 g/t and a minimum width of two meters. The cut‐off grade was determined using a gold price of $1,125/oz, operating costs of C$100/tonne and metallurgical recovery of 90%. There are no Measured or Inferred Mineral Resources nor Mineral Reserves reported for the Marlhill property.

16. Vogel – The Vogel/Schumacher Mineral Resource estimate is from Technical Report on the Initial Mineral Resource Estimate for the Vogel/Schumacher Deposit, Bell Creek Complex, Hoyle Township, Timmins, Ontario, Canada, June 14, 2011, with an effective date of May 2, 2011. Mineral Resources are reported at a gold cut‐off grade of 0.63 g/t inside an optimized pit shell developed using a gold price of $1,150/oz, operating costs of $24.75/tonne and process recovery of 95%. Additional Mineral Resources which occur below the pit shell are reported using a gold cut‐off grade of 2.9 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Vogel/Schumacher property.



The Mineral Resource and Mineral Reserve estimates contained in this document have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws and use terms that are not recognized by the United States Securities and Exchange Commission (“SEC”). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43‐101. The definitions used in NI 43‐101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody difference approaches and definitions. For example, the terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in in NI 43‐101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as "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.

While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43‐101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre‐feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; 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 contained in this press release containing descriptions of the Tahoe’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

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