Pan American Silver : Q2 2020 Conference Call Slides

Q2 2020 Earnings Review

1	August 6, 2020

Cautionary Note

Non-GAAP Measures

This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "cash costs per ounce sold", "adjusted earnings" and "basic adjusted earnings per share", "total debt", "capital", "operating margin", "cumulative operating 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. Silver segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver, and are calculated per ounce of silver sold. Gold segment Cash Costs and AISC are calculated net of credits for realized silver revenues, and are calculated per ounce of gold sold. Consolidated Cash Costs and AISC are based on total silver ounces sold and are net of by-product credits from all metals other than silver.

Readers should refer to the "Alternative Performance (Non-GAAP) Measures" section of the Company's Management's Discussion and Analysis ("MD&A") for the three months ended June 30, 2020, available at www.sedar.com.

Reporting Currency and Financial Information

Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.

Integration of Tahoe Resources Inc. ("Tahoe")

On February 22, 2019, the Company completed the transaction whereby we acquired all of the issued and outstanding shares of Tahoe ("Acquisition"). Tahoe was a mid-tier publicly traded precious metals mining company with ownership interests in a diverse portfolio of mines and projects including the following principal mines: La Arena and Shahuindo in Peru; Timmins West and Bell Creek in Canada (together "Timmins"); and Escobal in Guatemala, where operations have been suspended since June 2017 (together the "Acquired Mines"). The Company now operates three gold mines as a result of the Acquisition. Consequently, the Company's operations have been divided into silver and gold segments for the purposes of our financial reporting. All 2019 production, operating and financial results of the Acquired Mines (including Cash Costs and AISC amounts) and included in the Company's consolidated results, reflect only the results from February 22, 2019 onwards. Further details of the Acquisition are provided in the "Acquisition of Tahoe" section of the MD&A for the three months ended June 30, 2020.

Cautionary Note Regarding Forward Looking Statements and Information

Certain of the statements and information in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "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, anticipated accretion to shareholder value from the Company's future developments; future financial and operational performance, including, but not limited to, future financial or operational performance, including our estimated production of silver, gold and other metals in 2020, our estimated Cash Costs, AISC and capital expenditures in 2020 and future operating margins and cash flow; the effect of any reductions or suspensions in our operations relating to the COVID-19 pandemic may have on our financial and operational results; the ability of Pan American to continue with its operations, or to successfully maintain our other operations on care and maintenance, or to restart or ramp-up these operations efficiently or economically, or at all; anticipated accretion to shareholder value from the Company's future developments; the sufficiency of the Company's current working capital, anticipated operating cash flow or its ability to raise necessary funds; our expectations with respect to future metal prices and exchange rates; the impact of the Escobal mine on the Company's performance in the future; the anticipated capital expenditures and the timing thereof and the results of any future exploration, development or expansion programs, including, but not limited to, the La Colorada skarn discovery; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our credit facility or otherwise, to sustain our business and operations; the presence and impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business; and whether we will be successful and able to continue with our efforts to protect our personnel, communities and others in respect of our business.

…continued on next page

2	August 6, 2020

Cautionary Note

These forward-looking 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: the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic is minimized or not long-term; successful restart or ramp-up of our suspended operations efficiently or economically, or at all; continuation of our operations at Timmins West and Bell Creek; 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 mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner and can be maintained; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold, and base metal prices; fluctuations in prices for energy inputs; fluctuations in currency markets (such as the PEN, MXN, ARS, BOL, GTQ and CAD versus the USD); 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 claims and legal proceedings involving or against the Company and our subsidiaries; risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; risk of liability relating to our past sale of the Quiruvilca mine in Peru; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by the local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the Company's ability to secure our mine sites or maintain access to our mine sites due to criminal activity, violence, or civil and labour unrest; the speculative nature of mineral exploration and development, including the risk of obtaining or retaining necessary licenses and permits; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where the Company may carry on business, including legal restrictions relating to mining, such as those in Chubut, Argentina, the risk of expropriation, and the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; the Company's ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company's title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs; having sufficient cash to pay obligations as they come due; the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent Form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand Management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, and does not assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Technical Information

Scientific and technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris Emerson, FAusIMM, VP Business Development and Geology, who are Pan American's qualified persons for the purposes of Canadian National Instrument 43- 101 ("NI 43-101"). Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.

See Pan American's Annual Information Form dated March 12, 2020, available at www.sedar.com for further information on Pan American's material mineral properties as at December 31, 2019, 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.

The mineral reserves and mineral resources of Pan American in this presentation reflect our mineral reserves and mineral resources estimates as at June 30, 2020, as announced in our news release dated August 5, 2020. Please refer to our news release for more detailed information. Please also refer to Pan American's news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30, 2019, December 11, 2019, February 13, 2020, and August 4, 2020 with respect to the La Colorada skarn exploration results.

3	August 6, 2020

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources

This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral 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 mineral 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 term ''inferred mineral resource estimate''. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them. The requirements of NI 43-101 for identification of ''reserves'' has not the same as those of the SEC, and mineral 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.

4	August 6, 2020

Status of Operations

Mexico

Operations were suspended in early April 2020.

• La Colorada: operations and exploration drilling of skarn discovery resumed May 24, 2020.
• Dolores: operations resumed June 1, 2020; production from circulation of process solutions on the heap leach pad continued throughout suspension.

Peru

Operations were suspended on March 15, 2020.

• Shahuindo and La Arena: operations resumed May 15, 2020; production from circulation of process solutions on the heap leach pads continued throughout suspension.
• Huaron: operations resumed June 7, 2020, but returned to care and maintenance on July 20, 2020.
• Morococha: operations resumed June 23, 2020, but returned to care and maintenance on July 20, 2020.

Bolivia

Operations were suspended on March 25, 2020.

• San Vicente: operations resumed May 12, 2020.

Argentina

Operations were suspended on March 20, 2020.

• Manantial Espejo: operations resumed April 26, 2020.
• Joaquin: underground mining resumed May 2, 2020.
• COSE: development work on preparing the underground mine resumed May 4, 2020.

Canada

Operations were not suspended.

• Timmins West and Bell Creek: continue to operate at approximately 90% of planned capacity.

5	August 6, 2020

COVID-19: Our Response

Protocols and practices implemented across our operations

Protecting Health & Safety

• Complying with all recommended health & safety protocols in the jurisdictions where we operate.
• Pre-screeningof employees prior to arrival at site, including mandatory COVID-19 testing in certain jurisdictions.
• Daily temperature checks of employees at sites.
• Strict protocols regarding contact tracing of potential exposure to COVID-19 prior to admission to site.
• Suspending non-essential domestic and international company travel.

Compliance & Regulations

• Complying with government regulations in the jurisdictions where we operate.
• Regular, rigorous monitoring and documentation of compliance with safety & health protocols.

Production planning

• Gradual ramp-up of operations to promote physical distancing and adjustment of protocols.
• Structured independent workforce "capsules" to enable isolation of any employee(s) exhibiting COVID-19 symptoms, with medical check and isolation of teammates.
• Work from home protocols for those able to do so.

Facilities & Camps

• Regular sanitization of all facilities (lunchrooms, meeting rooms, machinery, trucks etc.).
• Camps structured as "capsules" to avoid/limit entry of external people.
• Common facilities arranged to maintain social distancing.
• Bus transport of employees at half capacity.
• Ample supply of face masks, antibacterial gels, and soap.

Cultural Awareness

• Training on COVID-19 prevention for all employees.
• Cultivating a culture where working with COVID-19 protocols are part of operations.
• Process for sharing of good operational practices amongst the operations.
• Introducing programs to support employee mental health and stress management at our operations
• Communicating with employees, including those demobilized or working from remote locations, to check on their physical and emotional health

6	August 6, 2020

Crystallizing Value for Portfolio Assets

• Maverix Metals Inc. (MMX) - realized gross proceeds of $45.54M through secondary offering of 10.35M shares. Exercised 8.25M warrants at cost of $15.6M. PAAS now owns a ~19.9% undiluted interest in MMX. (1)
• New Pacific Metals Corp. (NUAG) - realized gross proceeds of C$57.6M through two separate block trades totaling 10.0M shares. PAAS now owns a ~9.96% undiluted interest in NUAG, which is advancing the Silver Sands exploration project in Bolivia.(2)
• Juby and Knight Divestment - sold the Juby and Knight exploration assets in Ontario, Canada for $10M, and retained a 1% NSR royalty.

1. See news releases dated May 28, 2020, May 29, 2020 and June 5, 2020. Share ownership interest as of June 5, 2020.
2. Share ownership interest as of May 19, 2020.

7	August 6, 2020

Consolidated Financial Results

Unaudited in millions of US$, except per share amounts	Q2 2020	Q2 2019
Revenue	249.5	340.5
Mine operating earnings	48.4	51.1
Net income	19.4	18.5
Basic income per share(1)	0.10	0.09
Adjusted income(2)
58.4	13.4
Basic adjusted income per share(1)	0.28	0.06
Net cash generated from operating activities	62.8	83.5

1. Per share amounts are based on basic weighted average common shares.
2. Adjusted earnings is a non-GAAP financial measure; see the "Non-GAAP Measures" section of our Cautionary Note on page 2 of this presentation.

8	August 6, 2020

Q2 2020 Consolidated Cash Flows

(1)

(1)

(2)

(1)

(1)

(1)(1)

1. "STI" means short-term investments, "NCI" means non-controlling interests, and "D&A" means depreciation and amortization.
2. Net cash generated from operating activities before changes in working capital, interest and income taxes paid, and mine care and maintenance.

9	May 7, 2020

Reconciliation of adjusted (loss) earnings to GAAP net (loss) earnings

In US$ millions

$90
$80			$2	$2	$1
	$2
	$5
$70	$47
$60					($14)	$58
					($5)	($1)
$50
$40
$30
$20	$19
$10
$0

Net	COVID-19	Net	Write-down	Loss on sale	Unrealized	Effect of	Effect of	Unrealized	Derivative	Adjusted
earningsfor	related mine	realizable	of other	of assets	foreign	foreign	taxes on	gains on	gains	earnings for
the period	care and	value	assets		exchange	exchange on	adjusting	commodity		the period
	maintenance	adjustment			losses	taxes	items	contracts
		of heap
		inventory

Q2 2020 Adjusted Net Earnings of $0.28 / Basic Share

10	August 6, 2020

Liquidity and Capital Position

US$ Millions	June 30, 2020
Cash and Short-term Investments	261.6
Working Capital(1)	471.6
Amount drawn on Revolving Credit Facility*	200.0
Total Debt(2)	236.9

*In August 2020, Pan American made an additional repayment on the Credit Facility of $40M.

1. Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets.
2. Total debt is a non-GAAP measure calculated as the total of amounts drawn on the Company's $500 million revolving credit facility, finance lease liabilities and loans payable.

See the "Non-GAAP Measures" section of our Cautionary Note on page 2 of this presentation.

11	August 6, 2020

Production

	Silver Production	Gold Production
	(ounces '000s)	(ounces '000s)
	Q2 2020	Q2 2019	Q2 2020	Q2 2019
Silver Segment:
La Colorada	801	2,045	0.6	1.1
Dolores	915	1,226	17.7	28.5
Huaron	211	948	0.1	0.2
Morococha(1)	47	615	-	0.3
San Vicente(2)	265	940	-	0.1
Manantial Espejo/COSE/Joaquin	503	652	3.5	5.4
Gold Segment:
Shahuindo	40	35	26.8	46.8
La Arena	5	6	13.7	28.4
Timmins West/Bell Creek	4	5	34.2	43.8
Total(3)	2,791	6,474	96.6	154.6

1. Morococha data represents Pan American's 92.3% interest in the mine's production.
2. San Vicente data represents Pan American's 95.0% interest in the mine's production.
3. Totals may not add due to rounding.

12	August 6, 2020

Cash Cost and AISC

		Cash Costs (1)	AISC (1)
		($ per ounce)		($ per ounce)
		Q2 2020		Q2 2019	Q2 2020		Q2 2019
La Colorada		7.13		2.82	12.56		5.07
Dolores		2.23		6.87	12.95		22.30
Huaron		3.93		1.64	6.61		4.45
Morococha		12.90		3.69	17.42		10.47
San Vicente		2.61		10.18	4.52		10.60
Manantial Espejo		16.24		18.35	16.54		14.01
Silver Segment Consolidated (2)		6.23		6.67	12.54		10.67
Shahuindo		632		546	747		719
La Arena		1,082		652	1,259		1,441
Timmins(3)		1,092		875	1,171		937
Gold Segment Consolidated (2)(3)		905		696	1,015		977
Consolidated metrics per silver ounce sold (3)(4):
All Operations				(3.14)		6.06
All Operations before NRV inventory adjustments		(3.62)		6.40

1. Cash Costs and AISC are non-GAAP measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the three months ended June 30, 2020 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 2020 financial statements.
2. Silver segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver and are calculated per ounce of silver sold. Gold segment Cash Costs and AISC are calculated net of credits for realized silver revenues and are calculated per ounce of gold sold. Consolidated AISC is based on total silver ounces sold and are net of by-product credits from all metals other than silver.
3. 2019 Timmins, Gold Segment, and Consolidated AISC were adjusted to reflect amounts recast, and presented, for the three months ended June 30, 2019 as if Timmins had not been classified as held for sale.
4. Consolidated silver basis total is calculated per silver ounce sold with total gold revenues included within by-product credits. G&A costs are included in the consolidated AISC, but not allocated in calculating AISC for each operation.

13	August 6, 2020

Free Cash Flow Allocation(1)(2)

• Since 2010, returned $474M to shareholders (dividends and share buy-backs) and invested $582M in expansions
• Increased quarterly dividend by 43% to $0.05/share in February 2020

2%

18%25%

~$1.3

Billion

FCF generated

since 2010	11%
44%

Dividends	Share Repurchases
Expansion Capital	Debt Repayment
Business Development, net of treasury drawdown

Cash Flow Priorities

Return to shareholders

through dividends

Invest in high-return

projects

Maintain balance sheet flexibility, with low to zero debt

1. Free Cash Flow is a non-GAAP measure calculated as net increase (decrease) in cash and cash equivalents before dividend payments, share repurchases, expansion capital, M&A, short term investment payments and proceeds, debt repayments and proceeds and equity issuances. See the "Non-GAAP Measures" section of our Cautionary Note on page 2 of this presentation.
2. As at June 30, 2020, generated approximately $1.32 billion in free cash flow and allocated approximately $1.32 billion since 2010.

Return to Shareholders

Maintained quarterly cash dividend of $0.05 per common share,

payable on or about August 27, 2020(1)

in US$ millions

	$350										$0.60
	$300										$0.50
Cumulative Dividends	$250											Annualized Dividend per Share
										$0.40
$200
										$0.30
$150
										$0.20
$100
	$50										$0.10
	$0										$0.00
	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	YTD

~$331M in total cumulative dividends paid since 2010

2020

1. The amounts and specific distribution dates of any future dividends will be evaluated and determined by the Board of Directors on an ongoing basis.

15	May 7, 2020

La Colorada Discovery

Large, high-grade polymetallic skarn deposit

• Deposit located adjacent and below Pan American's La Colorada vein system

	Inferred Mineral Resource Estimate(1)
	M Tonnes	Ag g/t	Cu %	Pb %	Zn %
	100.4	44	0.20	1.77	4.29

1. • 85 diamond drill holes with a total length of 70,000 metres
   • Laboratoryrecoveries bench-scale metallurgical tests show positive polymetallic flotation
   • Continued drilling, metallurgical and environmental studies, and preliminary project engineering all underway
2. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability. Assuming a cut-off grade of US$60/tonne. Prices used to estimate inferred mineral resources were: US$18.50 per ounce of silver, US$2,600 per tonne of zinc, US$2,200 per tonne of lead, and US$6,500 per tonne of copper. Refer to the August 4, 2020 news release for further details. The effective date of the inferred mineral resources estimate is August 4, 2020. Mineral resources are not mineral reserves and have no demonstrated economic viability. The inferred mineral resource estimate was prepared under the supervision of, or was 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 is a Qualified Person as that term is defined in National Instrument 43-101. Please refer to cautionary information on forward-looking statements and mineral reserve and resources on pages 2 to 4 of this presentation. For further details on the deposit including drill results, see https://www.panamericansilver.com/operations/exploration/la-colorada-skarn/.

16	August 6, 2020

Revised 2020 Guidance

Pan American withdrew its 2020 Guidance, as provided on March 12, 2020, due to uncertainties around COVID-19 on operations. Revised 2020 Guidance is at August 5, 2020(1).

	Silver Production	Gold Production	Cash Costs		AISC
	(million ounces)	(thousand ounces)	($ per ounce)(2)	($ per ounce)(2)
Silver Segment
La Colorada	6.4 - 7.2	4	6.20 - 7.30	9.50	- 10.50
Dolores	4.0 - 4.8	99 - 104	(5.60) - (3.90)	3.90 - 7.40
Huaron	2.0 - 2.2	1	8.20 - 9.10	11.80 - 12.80
Morococha (3)	1.2 - 1.4	1	11.00 - 12.30	16.80	- 18.40
San Vicente (4)	2.2 - 2.6	-	14.30 - 16.20	16.10	- 18.20
Manantial Espejo/COSE/Joaquin	3.0 - 3.5	24 - 27	13.80 - 15.90	15.30	- 17.70
Total(5,6)	18.8 - 21.7	130 - 138	6.20 - 7.70	10.50	- 12.50
Gold Segment
Shahuindo	0.2 - 0.3	147 - 164	590 - 660	860 - 960
La Arena	-	103 - 114	760 - 860	1,140 - 1,260
Timmins	-	145 - 159	1,030 - 1,060	1,175 - 1,240
Total (5,6)	0.2 - 0.3	395 - 437	800 - 860	1,050 - 1,125
Total Production (6)	19.0 - 22.0	525 - 575	-		-
Consolidated Silver Basis (5)			n/a (7)	(3.00) - 0.75

1. These estimates are based on information as at August 5, 2020 and are forward-looking statements and information that are subject to the cautionary note associated with forward-looking statements and information disclosed in the MD&A for the three months ended June 30, 2020 and cautionary information on pages 2 to 4 of this presentation.
2. Cash Costs and AISC are non-GAAP measures. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the three months ended June 30, 2020 for further information on these measures. The Cash Costs and AISC forecasts assume realized prices and exchange rates for the six month period ended June 30, 2020 and the following price and exchange rate assumptions for the period July 1, 2020 to December 31, 2020: metal prices of $18.25/oz for silver, $1,850/oz for gold, $2,050/tonne ($0.93/lb) for zinc, $1,775/tonne ($0.81/lb) for lead, and $6,150/tonne ($2.79/lb) for copper; and for the period July 1, 2020 to December 31, 2020, average exchange rates relative to 1 USD of 22.50 for the Mexican peso ("MXN"), 3.50 for the Peruvian sol ("PEN"), 77.53 for the Argentine peso ("ARS"), 6.91 for the Bolivian boliviano ("BOB"), and $1.35 for the Canadian dollar ("CAD").
3. Morococha data represents Pan American's 92.3% interest in the mine's production.
4. San Vicente data represents Pan American's 95.0% interest in the mine's production.
5. As shown in the detailed quantification of consolidated AISC, included in the "Alternative Performance (Non-GAAP) Measures" section of the MD&A for the three months ended June 30, 2020, corporate general and administrative costs, and exploration and project development expenses are included in Consolidated Silver Basis AISC, but are not allocated in calculating AISC for the Silver and Gold Segments.
6. Totals may not add due to rounding.
7. Pan American does not provide guidance for Cash Costs on a Consolidated Silver Basis, as AISC guidance better reflects costs on a Consolidated Silver Basis.

Revised 2020 Capital Expenditures Guidance(1)

Project

Sustaining

2020 Capital Investment

($ million)

La Colorada	19.0	- 19.5
Dolores	42.0	- 42.5
Huaron	5.5	- 6.0
Morococha	5.5	- 6.0
San Vicente	3.5	- 4.0
Manantial Espejo, COSE, and Joaquin	3.0
Shahuindo	44.5	- 45.5
La Arena	40.0	- 41.0
Timmins	23.0	- 24.0
Sustaining Capital Total	185.0	- 189.0
La Colorada skarn project	13.5	- 14.0
Timmins expansion	4.0	- 4.5
Other	7.5
Project Capital	25.0	- 26.0
Total Capital	210.0	- 215.0

1. Pan American withdrew its 2020 Guidance, as provided on March 12, 2020, due to uncertainties around COVID-19 on operations. Revised 2020 Guidance is at August 5, 2020. These estimates are based on information as at August 5, 2020 and are forward-looking statements and information that are subject to the cautionary note associated with forward-looking statements and information disclosed in the MD&A for the three months ended June 30, 2020 and cautionary information on pages 2 to 4 of this presentation.

18	August 6, 2020

Q&A

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