CIBC MINE TOUR // JUNE 8, 2021

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", "free cash flow" 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 period ended December 31, 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, as described in the Company's MD&A for the period ended December 31, 2020. 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 period ended December 31, 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: the estimated mineral reserves at the Timmins West and Bell Creek mines, and estimated mineral resources for the Whitney Project; 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; the effect of any reductions or suspensions in our operations relating to the COVID-19 pandemic, including on our financial and operational results; the ability of Pan American to continue with its operations or, if necessary, to restart or ramp-up operations efficiently or economically, or at all, if the impacts of COVID-19 prove different than anticipated or become more severe; our expectations with respect to future metal prices and exchange rates; the anticipated timing, results, and impact of any future exploration, development or expansion programs, including, but not limited to, the 144 South West Zone extension, the Wetmore Project, the Bell Creek bulk zone, and the Whitney Project, as well as the timing and impact of the shaft deepening and paste backfill projects at Bell Creek; our ability to extend the mine life of the Timmins West or Bell Creek mines through additional exploration or development projects; whether Pan American 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 and development projects; 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. The foregoing list is not exhaustive.

2

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 us, 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; continuation of our operations at Timmins West and Bell Creek; tonnage of ore to be mined and processed; ore grades and recoveries; that the COVID-19 pandemic, or other pandemics, do not materially impact underlying assumptions used in estimating mineral reserves and mineral resources, such as prices, the costs and availability of necessary labour, energy, supplies, materials and services, and exchange rates, among other things; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; 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 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.

We caution readers 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 we have 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 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 Pan American and our subsidiaries; risks

C O N T I N U E D O N N E X T P A G E

C O N T I N U E D

relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom we do business; 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; scarcity and increasing costs associated with mining inputs and labour; our 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 that might restrict or otherwise negatively impact our ability to operate; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; challenges to, or difficulty in maintaining, our 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 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, respectively. Although we have 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. Pan American 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 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 reserve and mineral resource estimates in this presentation with respect to the years 2019 and 2020 were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson. Mineral reserve and mineral resource estimates for years prior to 2019 were prepared under the supervision of, or were reviewed by, Qualified Persons of Tahoe as described in Tahoe's public disclosure at the time of such estimates.

See Pan American's Annual Information Form dated February 17, 2021, available at www.sedar.com for further information on Pan American's material mineral properties as at December 31, 2020, 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. Pan American does not expect these mineral reserve estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.

Mineral reserves and mineral resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. Pan American reports mineral resources and mineral reserves separately.

2020 mineral reserves and mineral resources of Pan American in this presentation reflect our mineral reserve and mineral resource 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.

Pan American's (or, as applicable, its predecessor Tahoe Resources Inc.'s) Qualified Persons have undertaken verification processes with respect to the data disclosed in this presentation, including sampling, analytical, and test data underlying the estimates.

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

This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities

3

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 public disclosure 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 terms "measured mineral resources" and "indicated mineral resources". 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'' are 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", as referred to in Pan American's public disclosure, 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 mineral resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" is permitted disclosure under Canadian securities laws. 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 concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

ONTARIO, CANADA

  • Two producing mines in prolific Canadian mining camp
  • 100% owned and operated by Pan American
  • Throughput capacity of 6,000 tpd producing doré
  • Shaft upgrade to 1,080 metres completed in 2018 at Bell Creek Mine and contributing to reduced costs

Corporate Office

Timmins

4

Dolores

Skarn Deposit

La Colorada

Escobal*

(currently on care and maintenance)

Shahuindo

La Arena

Huaron

Mining Operations

Morococha

Development & Advanced

Stage Exploration Projects

San Vicente

Navidad

Manantial Espejo

5

  • Advancing 8 of the 17 Sustainable Development Goals (SDGs) where we can have the greatest impact
  • United Nations Global Compact
  • United Nations Guiding Principles (UNGP) for Business and Human Rights
  • Implementation of the Mining Association of Canada Towards Sustainable Mining (TSM) Protocols
  • Reduction of GHG emissions by 11% compared to 2021 base case
  • Participatory water monitoring programs at our Canadian and Peruvian operations
  • Collaboration agreements with our local First Nation communities
  • Implementation of Building Respect Together program to foster a more respectful, safe and inclusive work environment
  • UNICEF Canada's Child Rights and Security Checklist
  • Voluntary Principles on Security and Human Rights
  • Sustainability reporting in accordance with the Global Reporting Initiative (GRI) and taken into consideration the Sustainability Accounting Standards Board (SASB) and Task Force on Climate Related Disclosure (TCFD) reporting frameworks

For more information, see Pan American Silver's 2020 Sustainability Report: https://panamericansilver.com/sustainabilityreport2020/

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Pan American Silver Corporation published this content on 08 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2021 17:14:03 UTC.