Pan American Silver : Conference Call Slides

2020 Preliminary Production Results

2021 Guidance

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", "working capital" and "free cash flow". 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 September 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 period ended September 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: future financial or operational performance, and estimates of current production levels that remain subject to verification and adjustment, including our estimated production of silver, gold and other metals in 2020 and forecasted for 2021, our estimated Cash Costs, AISC and expenditures in 2021; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; expectations with respect to the future anticipated impact of COVID-19 on our operations, the assumptions related to the global supply of COVID-19 vaccines and the roll-out in each country, and the effectiveness and results of any vaccines, the lessening or increase in pandemic-related restrictions, and the anticipated rate and timing for the same; the effect that 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 operations on care and maintenance, should the situation related to COVID-19 not be as anticipated; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate credit facility or otherwise, to sustain our business and operations; the presence and impact of COVID-19 and COVID-19 related restrictions on our workforce, suppliers and other essential resources and what effect those impacts, if they change, would have on our business; the timing and impact of the replacement of ventilation infrastructure at the La Colorada mine; the effect of scarcity of qualified mining personnel in Argentina and whether such scarcity continues, lessens or increases; the anticipated metals grades at the Dolores operations and their effect on anticipated production; the ability of Pan American to successfully complete any capital projects, the expected economic or operational results derived from those projects, and the impacts of any such projects on Pan American; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; the future results of exploration activities, including with respect to the skarn exploration program at La Colorada; and the ability of Pan American to complete a preliminary economic assessment with respect to the La Colorada skarn project, the timing for the same, and the results of any such preliminary economic assessment.

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2	January 18, 2021

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 and the duration and extent of the COVID-19 pandemic and related restrictions; continuation of operations following shutdowns or reductions in production, our ability to manage reduced operations efficiently and economically, including to maintain necessary staffing; 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 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; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; 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: the duration and effects of COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; 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 PEN, MXN, ARS, BOB, 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 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; 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 Pan American may carry on business, including legal restrictions relating to mining, including in Chubut, Argentina, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; 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, respectively. 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 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"). 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.

3	January 18, 2021

2020 Preliminary Production Results

	Silver Production	Gold Production
	(thousand ounces)	(thousand ounces)
	Q4 2020	FY 2020	Q4 2020	FY 2020
La Colorada	1,186	5,025	0.8	3.5
Huaron	892	2,148	0.3	0.5
Morococha(1)	527	1,173	0.2	0.6
San Vicente(2)	663	2,320	0.1	0.3
Manantial Espejo	742	2,547	8.0	23.4
Dolores	764	3,779	30.5	98.0
Shahuindo	83	268	33.6	142.4
La Arena	11	33	41.4	105.4
Timmins	4	18	38.1	148.4
Total(3)	4,872	17,312	152.9	522.4

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.

4	January 18, 2021

2021 Guidance

	Silver Production	Gold Production	Cash Costs	AISC
	(million ounces)	(thousand ounces)	($ per ounce)(1,7)	($ per ounce)(1,7)
Silver Segment
La Colorada	7.16	- 7.44	4.0	- 4.2	4.00	- 5.00	8.50	- 9.50
Huaron	3.61	- 3.86	0.5	4.80	- 7.90	9.50 - 12.50
Morococha(2)	2.25	- 2.42	0.8	- 0.9	10.00	- 14.20	13.50	- 17.50
San Vicente(3)	3.23	- 3.37	0.5	12.30	- 13.50	16.75	- 17.75
Manantial Espejo	3.18	- 3.46	33.2	- 35.3	16.30	- 17.30	19.00 -20.00
Silver Segment Consolidated(4,5)	19.43	- 20.55	39.0	- 41.4	8.50 - 10.00	12.50	- 14.00
Gold Segment
Dolores	2.73 - 2.97	160.8	- 179.3	665	- 820	850 - 1,000
Shahuindo	0.29	- 0.43	153.9	- 165.0	715	- 795	1,125	- 1,250
La Arena	0.03	102.9	- 110.9	870	- 940	1,275	- 1,400
Timmins	0.02	148.4	- 158.5	1,085	- 1,160	1,375	- 1,450
Gold Segment Consolidated(4,5)	3.07	- 3.45	566.0	- 613.7	825	- 925	1,135	- 1,250
Total Production(4,5)	22.5	- 24.0	605.0	- 655.1	n/a	n/a
Consolidated AISC - Silver Basis(6)							(2.80) - 2.70

1. Cash Costs and AISC are non-GAAP measures. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of this presentation for further information on these measures.
2. Morococha data represents Pan American's 92.3% interest in the mine's production.
3. San Vicente data represents Pan American's 95.0% interest in the mine's production.
4. 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.
5. Totals may not add due to rounding.
6. Consolidated AISC is calculated per silver ounce sold with total gold revenues included within by-product credits. General and administrative ("G&A") and greenfield exploration costs are included in the consolidated AISC, but not allocated in calculating AISC for each operation.
7. The cash costs and AISC forecasts assume average metal prices of $23.50/oz for silver, $1,825/oz for gold, $2,700/tonne ($1.22/lb) for zinc, $1,900/tonne ($0.86/lb) for lead, and $7,400/tonne ($3.36/lb) for copper; and average annual exchange rates relative to 1 USD of 20.00 for the Mexican peso ("MXN"), 3.50 for the Peruvian sol ("PEN"), 96.67 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), and $1.30 for the Canadian dollar ("CAD").

5	January 18, 2021

2021 Expenditures Guidance(1)

Expenditures ($ millions)

Sustaining Capital
La Colorada	27.0	- 29.5
Huaron	14.5	- 15.5
Morococha	6.0	- 7.0
San Vicente	13.5	- 14.5
Manantial Espejo	6.5	- 7.5
Dolores	26.0	- 30.0
Shahuindo	66.5	- 68.0
La Arena	44.5	- 45.0
Timmins	40.5	- 43.0
Sustaining Capital Sub-total	245.0	- 260.0
Project Capital
La Colorada skarn	50.0	- 55.0
Timmins Wetmore exploration	5.0
Project Capital Sub-total	55.0	- 60.0
Total Capital	300.0	- 320.0
Care & Maintenance
Escobal	20.0	- 21.0
Navidad	2.0	- 2.5
Total Care & Maintenance	22.0	- 23.5
Corporate General & Administrative(1)	39.0 - 42.0

(1) Includes stock-based compensation.

6	January 18, 2021

Net Cash Position

(Cash + STI - Bank Debt)

Since the acquisition of Tahoe in Q1 2019, Pan American has improved its financial position by $492 million,

including repaying $335 million of debt.

in Millions US$

Net Cash Position

$400

$300

$200

$100

$0

-$100

$279

$136

$62

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

$(37)

$(21)

-$200

-$300

$(213)

$(138)

$(196)

7	January 18, 2021

Q&A

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Archived recording

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PanAmericanSilver.com

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10	January 18, 2021