Paas investor presentation march

Investor
Presentation
March 2019

Cautionary Note
Non-GAAP Measures
This 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 Information
Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.
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, growth profile and opportunities as result of our acquisition of Tahoe, operating metrics, production targets for Pan American and Tahoe’s operations in
2018, AISC targets for Tahoe’s operations in 2018, our 2019 forecast, 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, whether the CVR payment condition will be met and the subsequent exchange of the CVRs, 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 from integration with Tahoe, operating margins, shareholder returns, cost profile, integration plans.
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: our ability to successfully integrate the operations and employees and realize
synergies and cost savings at the times, and to the extent, anticipated; 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, Bolivian boliviano and Guatemalan quetzal
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 and under the caption “Risk Factors” in Pan American’s management information circular filed in respect to the
special meeting of its shareholders on January 8, 2019, as well as those factors identified in the section entitled "Risk Factors" in the Company's management information circular dated December 4, 2018 with respect to
the arrangement with Tahoe, each 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
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 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 March 5, 2019

Cautionary Note About Mineral Reserves and
Resources
3 March 5, 2019
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources (Pan American)
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 of Tahoe assets contained in this presentation 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 presentation containing descriptions of 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.

New Pan American – The World’s Premier
Silver Mining Company
4 March 5, 2019
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 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

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.

Bell Creek
Dolores
La Colorada
Escobal
La Arena
Huaron
Morococha
Manantial Espejo
San Vicente
Shahuindo
Timmins West
Navidad
Geographically Diversified Portfolio
5 March 5, 2019
(1) Shows Pan American and Tahoe 2017 revenue. Tahoe revenue inclusive of Escobal from Q2 2016 to Q1 2017, the last four quarters of uninterrupted
production at the mine.
Peru
33%
Guatemala
22%
Mexico
22%
Canada
12%
Argentina
7%
Bolivia
4%
Pro-Forma Segmented Revenue Profile1
Diversified production across the Americas
Pan American Assets
Tahoe Assets

Ag
49%
Au
23%
Zn
17%
Cu
5%
Pb
6%
593 Moz AgEq
(288 Moz Ag)
Maintaining Silver Exposure While Doubling
Silver Reserves
6 March 5, 2019(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.
Ag
48%
Au
33%
Zn
12%
Cu
2%
Pb
5%
1,205 Moz AgEq
(576 Moz Ag)
Reserve Value by Commodity1
Pan American New Pan American
Transaction increases silver reserves by ~100%

(1) 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. (2) 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 a non-GAAP financial measure. See “Cautionary Note on Non-GAAP Financial Measures”.
0
200
400
600
800
1,000
New
Pan American
Pan American Fresnillo Coeur Hochschild Hecla
New Pan American Will Be an Industry
Leader Across Key Metrics
7
0
140
280
420
560
700
New
Pan American
Fresnillo Pan American Hecla Coeur Hochschild
2017 Silver Production1 (Moz Ag)
Enhances leading position in silver resources
Highest margin operationsStrong production with growth potential
M&I Silver Resources (Moz Ag)
2017 Gross Margin2 (%)
The most significant reserve base
Silver Reserves (Moz Ag)
17% Increase
100% Increase
17% Increase
0
20
40
60
80
Fresnillo New
Pan American +
Escobal
Pan American Hochschild Coeur Hecla
85% Increase
0%
20%
40%
60%
New
Pan American
Fresnillo Pan American Coeur Hecla Hochschild

$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
New
Pan American
Pan American Fresnillo Hecla Coeur Hochschild
New Pan American Will be the Largest,
Widely-Traded Silver Mining Company
8 March 5, 2019
(1) Free Float as per Bloomberg Financial Markets. Pro-Forma free float is and estimate and assumes upfront consideration only. Note: Market data as at November 13, 2018.
The largest widely-traded silver mining company by free float
Free Float Value1 (US$m)

Escobal: One of the Largest Primary Silver Deposits
9
(1) Escobal’s silver production and AISC are based on Tahoe’s disclosure for 2016. See “Cautionary Note on Non-GAAP Financial Measures” (2) Bubble size
represents silver reserves. See presentation appendix for more detailed information on Pan American’s and Tahoe’s reserves and resources. (3) AISC
(US$/oz) or all-in sustaining costs per silver ounce sold in USD is shown net of by-product credits and considered to be a non-GAAP financial measure.
Source: CIBC World Markets and company public disclosure.
2
San Julian
La Encantada
La Parrilla
San Martin Greens Creek
Lucky Friday
San Sebastian
San Jose
Pirquitas
Dolores
Huaron
La Colorada
San Jose
Manantial Espejo
Morococha
San Vicente
Del Toro
Escobal
Fresnillo
Palmarejo Complex
Rochester
Inmaculada
Saucito
($5)
$0
$5
$10
$15
$20
0 5 10 15 20 25
AISC(US$/oz)3
2017 Silver Production (Moz Ag)1
264 Moz Ag
reserves
1
Escobal compares favorably against other assets held by large and mid-cap silver companies; it has the largest production1, largest
reserve base2, and an attractive cost position3

Other Portfolio Assets
10 March 5, 2019
• Pan American owns ~26% (~29% fully diluted) of Maverix Metals Inc. (“MMX”), a
precious metals royalty and streaming company, representing a market value of
~CAD$134 M(1).
• ~12% interest in New Pacific Metals Corp. (~16% fully diluted), providing
exposure to the Silver Sand property in Bolivia.
• Near Surface Silver Mineralization Intercepted in 190 out of total 195 holes(2)
• Free carried interest of 25% to commercial production in the Shalipayco project,
a zinc development project located in Peru owned by Nexa Resources.
1) Based on MMX closing price as at Dec. 31, 2018 of $2.42/share on the TSX Venture Exchange and Pan American’s ownership of ~26% of Maverix.
2) New Pacific Metals Corp. news release dated Feb. 20, 2019

Pan American Operating Results
FY 2018(1) 2018 Guidance(2)
Silver production (million ounces) 24.78 25.00 - 26.50
Gold production (thousand ounces) 178.9 175.0 - 185.0
Zinc production (thousand tonnes) 64.8 60.0 - 62.0
Lead production (thousand tonnes) 22.4 21.0 - 22.0
Copper production (thousand tonnes)(2) 9.8 9.0 - 10.4
Cash Costs ($/ounce)(2)(3) 3.35 2.80 - 3.80
AISCSOS, excluding NRV inventory adjustments(2)(3) 9.68 8.50 - 10.00
Sustaining capital ($ millions) 105.2 100 - 105
Project capital ($ millions)(2) 41.3 40.0
11 March 5, 2019
(1) Unaudited results as at Dec. 31, 2018; does not include Tahoe assets.
(2) Our estimated project capital was revised on Nov. 6, 2018 from original guidance provided on Jan. 11, 2018. Annual forecasts for 2018 cash costs, AISCSOS and copper
production were revised on Aug. 8, 2018. Please refer to the Company’s news releases dated Jan. 11, 2018, Aug. 8, 2018, and Nov. 6, 2018 for more information. This
guidance does not include Tahoe assets.
(3) Realized metal prices for Q4 2018 were: Ag $14.35/ounce, Au $1,232/ounce, Zn $2,508/tonne, Pb $1,914/tonne, and Cu $6,098/tonne. Realized metal prices for FY 2018 were:
Ag $15.61/ounce, Au $1,272/ounce, Zn $2,846/tonne, Pb $2,189/tonne, and Cu $6,519/tonne. Cash Costs per payable ounce of silver, net of by-product credits, and AISCSOS
are non-GAAP measures; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
Figures do not include the assets acquired under the Plan of Arrangement with Tahoe Resources Inc., completed on Feb. 22, 2019

Pan American Silver Financial Results
Unaudited in millions of US$, except per share amounts FY 2018
Revenue 784.5
Mine operating (loss) earnings 100.9
Net earnings 12.0
Per share 0.07
Adjusted earnings(1) 59.4
Per share 0.39
Net cash generated from operating activities 155.0
12
(1) Adjusted (loss) earnings is a non-GAAP financial measure; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
Per share amounts are calculated using the basic weighted average shares outstanding for the period.
March 5, 2019
Figures do not include the assets acquired under the Plan of Arrangement with Tahoe Resources Inc., completed on Feb. 22, 2019

FY 2018 Consolidated Cash Flows
13 March 5, 2019
STI (short-term investments)
OCF (operating cash flow)
WC (working capital)
NCI (distributions to non-controlling interests)

Strong Financial Position
As at Dec. 31, 2018
Cash and cash equivalents + short-term investments 212.5
Working capital(1)
397.8
Total debt(2)
6.7
Revolving credit facility (undrawn)(3)(4)
300.0
Total available liquidity(3)(4)
512.5
US$ Millions
14 March 5, 2019
(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; total debt at Dec. 31, 2018 reflects finance lease liabilities. See the “Non-GAAP Measures” section of our
Cautionary Note on page 2 of this presentation.
(3) As at Feb. 1, 2019, Pan American has amended and extended our revolving credit facility. The amended and restated facility has been
increased to US$500 million, of which US$301 million was drawn as of Feb. 22, 2019. Please refer to the Company’s news release dated Feb.
22, 2018 for more information.
(4) Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents, short-term investments, and the undrawn portion of
the Company’s secured revolving credit facility.

2019 Guidance
2019 Guidance as at January 21, 2019
Production
Silver (million ounces) 26.5 – 27.5
Gold (thousand ounces) 162.5 – 172.5
Zinc (thousand tonnes) 65.0 – 67.0
Lead (thousand tonnes) 24.0 – 25.0
Copper (thousand tonnes) 9.8 - 10.3
Cash Costs(1)($/ounce) 6.50 – 7.50
AISCSOS(1) ($) 10.80 – 12.30
Sustaining capital ($ millions) 85 - 90
Project capital ($ millions) 30
15 March 5, 2019
(1) Cash Costs per payable ounce of silver, net of by-product credits, and AISCSOS are non-GAAP measures; see the “Non-GAAP Measures” section of our Cautionary Note on
page 2 of this presentation.
Please refer to the Company’s news release dated Jan. 21, 2019 for more information and assumptions used for our forecast. Our 2019 guidance does not currently include the
Tahoe assets acquired as of Feb. 22, 2019; By-product metal prices assumptions used for forecast Cash Costs calculation: Ag $14.50/oz, Au $1,250/oz, Zn $2,600/tonne, Pb
$1,950/tonne, Cu $6,150/tonne. Exchange rates relative to US$ assumed: Mexican peso 19.50:1, Peruvian sol 3.33:1, Argentine peso 41.80:1, Bolivian boliviano 6.91:1.

2018 reserves replacement(1)
16 March 5, 2019
Over last 14 years, PAAS added 385.1 million ounces of contained silver to mineral reserves
through mine-site exploration, fully replacing 383.8 million ounces depleted in the same period.
Million ounces silver mineral reserves
(1) For complete mineral reserve details, please see Appendix.
21.1 Moz
Silver Reserves 2017 Reserves Depleted 2018 Reserves Replaced 2018 Total Reserves 2018
288.4 Moz 279.8 Moz29.7 Moz

La Colorada Skarn
Discovery
Hole U-68-18
17 March 5, 2019
• Exploration at La Colorada mine, Mexico discovered
wide zones of polymetallic mineralisation below
current production levels
• 12,800m drilled in 2018
• Skarn footprint now defined over 400m x 400m area
• Drill Highlights
• U-39-18 223m at 69g/t Ag, 1.86%Pb, 3.36%Zn
• U-30-18 71m at 54g/t Ag, 2.06%Pb, 5.4%Zn
• U-28-18 60.3m at 76g/t Ag, 4.29%Pb, 3.66%Zn
• U-68-18 308m at 46g/t Ag,1.93%Pb, 4.56%Zn
• U-60-18 44.5m at 40g/t Ag, 1.97%Pb, 4.71%Zn and 48.8m at
29g/tAg, 1.39%Pb, 4.33%Zn and 67.9m @ 18g/tAg, 0.57%Pb,
4.67%Zn
• 42,000m budgeted for 2019 drill program
• Initial resource to be released late 2019

Capital Allocation Priorities
18 March 5, 2019
Invest in high-return projects, avoid equity dilution, maintain low debt, flexible dividend
$361
$491
$542
$423
$330
$227 $218
$228
$213
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 2016 2017 2018
in Millions US$
Cash & Short Term Investments
Financial debt
Cumulative return to shareholders
$424 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $517 M in
expansionary capital.

Pan American a Leader in Responsible Mining
19 March 5, 2019
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
Robert R. Hedley Award for Excellence
in Social and Environmental
Responsibility (AME, 2018)

Consolidated Financial Results
Unaudited in millions of US$, except per share amounts Q4 2018 FY 2018
Revenue 173.4 784.5
Mine operating (loss) earnings (4.7) 100.9
Net (loss) earnings (63.6) 12.0
Per share (0.42) 0.07
Adjusted (loss) earnings(1) (2.0) 59.4
Per share (0.01) 0.39
Net cash generated from operating activities 11.9 155.0
21
(1) Adjusted (loss) earnings is a non-GAAP financial measure; see the “Non-GAAP Measures” section of our Cautionary Note on page 2 of this presentation.
Per share amounts are calculated using the basic weighted average shares outstanding for the period.
March 5, 2019

Q4 2018 Consolidated Cash Flows
22 March 5, 2019
STI (short-term investments)
OCF (operating cash flow)
WC (working capital)
NCI (distributions to non-controlling interests)

2018 Operating Results by Mine
23
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs(1)
La Colorada 7.6 4.4 2.02
Dolores 4.1 136.6 (1.87)
Huaron 3.6 0.8 1.63
Morococha(2) 2.9 2.1 (4.34)
San Vicente(2) 3.5 0.5 10.12
Manantial Espejo 3.1 34.6 13.91
TOTAL(3) 24.8 178.9 3.35
(1) Cash Costs per payable ounce of silver, net of by-product credits. Cash Costs is a non-GAAP measure; see the “Non-GAAP Measures” section of our Cautionary
Note on page 2 of this presentation.
(2) Represents the Company’s partial ownership interest.
(3) Totals may not add up due to rounding.
March 5, 2019

2019 Guidance by Mine
24
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs(1)
La Colorada 8.0 – 8.2 4.1 – 4.8 2.50 – 3.50
Dolores 5.2 – 5.5 114.5 - 120.0 4.50 – 5.50
Huaron 3.6 – 3.7 0.5 6.00 – 7.00
Morococha(2) 2.8 - 2.9 1.2 – 1.5 3.10 – 4.00
San Vicente(2) 3.5 – 3.7 0.3 10.60 – 11.50
Manantial Espejo 3.4 – 3.6 42.0 – 45.0 17.00 – 18.50
TOTAL(3) 26.5 – 27.5 162.5 - 172.5 6.50 – 7.50
(1) Cash Costs per payable ounce of silver, net of by-product credits. Cash Costs is a non-GAAP measure; see the “Non-GAAP Measures” section of our Cautionary
Note on page 2 of this presentation.
(2) Represents the Company’s partial ownership interest.
March 5, 2019
As at Jan. 21, 2019 and excludes assets acquired under the Plan of Arrangement with Tahoe Resources Inc., completed on Feb. 22, 2019

Transaction Overview
25
Transaction
Announcement
• Pan American announced its proposed acquisition of Tahoe via Plan of Arrangement on Nov. 14, 2018
Consideration
• Base Purchase Price: US$3.40 per Tahoe share payable at closing. Tahoe shareholders could 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 approximately 56.0 million
common shares of Pan American), subject to proration1
• Escobal Contingent Consideration: in the form of contingent value rights (“CVRs”) valued at approximately US$0.70 per Tahoe
share, as described in more detail below2
• Share exchange ratio on total consideration of 0.2900
Ownership
• 73% Pan American / 27% Tahoe at transaction closing
• 68% Pan American / 32% Tahoe assuming contingent consideration is paid
• Tahoe appointed 2 Directors at closing
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 from Escobal mine
following restart of operations
• Number of Pan American shares based on exchange ratio of 0.0497
• CVRs will have a 10 year term
Listing
• New Pan American shares issued pursuant to the transaction will be listed on the NASDAQ and Toronto Stock Exchange
• The Escobal CVR will be freely traded securities in Canada and freely transferable securities in the U.S. (subject to certain
exceptions), but will not be listed
Timeline
• Shareholders of both Pan American and Tahoe respectively approved the transaction on Jan. 8, 2019
• B.C. court approval received Jan. 11, 2019
• Completed acquisition of Tahoe on Feb. 22, 2019
(1) Please refer to the Company’s news release dated Feb. 22, 2019 announcing completion of our acquisition of Tahoe for more information on
elections by Tahoe shareholders and pro-rated receipt of cash and Pan American shares. (2) Each Escobal CVR would automatically convert into
0.0497 Pan American shares at no additional cost to Tahoe. The implied value for each CVR of US$0.70 is calculated by multiplying the closing price of
the Pan American shares on Nasdaq as at Nov. 13, 2018 by 0.0497; however, this value may change over time as the market price of Pan American
shares fluctuates because the number of Pan American shares payable under the CVRs is fixed.

Integration Plan
26 March 5, 2019
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

Tahoe’s Gold Assets
27 March 5, 2019
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) Guidance at at Feb. 22, 2018; please refer to Tahoe’s news release dated Feb. 22, 2018 for more information.
(2) As at September 30, 2018.
Key Assets:
Shahuindo, La Arena (Peru),
Timmins (Canada)
Combined
2018 Guided Production1:
400 – 475 koz Au
Combined Reserves: 3,444 koz Au
Recent Capital
Investments2:
US$225m
(Shahuindo expansion project
and Bell Creek shaft project)
Significant production


Bell Creek Processing Facility

Escobal: One of The World’s Best Silver Mines
28 March 5, 2019
Historical Production (Moz Ag) Reserves & Resources2 (as at January 1, 2018)
(1) Based on development, expansion, and sustaining capital invested from 2011 to 2017. (2) Mineral resources are inclusive of mineral reserves. 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 Metal
Tonnes 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

Shahuindo
29 March 5, 2019
Production1 (koz Au) Reserves & Resources2 (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
Tonnes 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
(2) Mineral resources are inclusive of mineral reserves. See presentation appendix for more detailed information on the Companies’ reserves and resources.

La Arena
30 March 5, 2019
Production1 (koz Au)
Reserves & Resources2 (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 0.40 568
M&I Resources 5.9 0.40 75
Inferred 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
31 March 5, 2019
Production1 (koz Au) Reserves & Resources2 (as at January 1, 2018)
Bell Creek
Timmins 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
• Shaft upgrade to 1,080 meters depth in commission,
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
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
32 March 5, 2019
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
Mexico
La Colorada
Reserves & Resources (as at December 31 , 2017)
Tonnes 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

Dolores
33 March 5, 2019
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
Mexico
Dolores
Tonnes 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
34 March 5, 2019
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
Tonnes 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
35 March 5, 2019
• 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
Peru
Morococha
Tonnes 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
36 March 5, 2019
Polymetallic Silver-Zinc Mine
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
Tonnes 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
37 March 5, 2019
• 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
Manantial Espejo
Tonnes 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
38 March 5, 2019
• 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
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

Ag
44%Au
56%
371 Moz
AgEq
(165 Moz Ag)
New Pan American Will Have an Enviable
Reserve Position Relative to Peers
39 March 5, 2019
New Pan American – Reserve Value by Commodity1Silver Comparables – Reserve Value by Commodity1
Ag
32%
Au
51%
Zn
12%
Pb
5%
1,502 Moz
AgEq
(502 Moz Ag)
Ag
33%
Au
35%
Zn
18%
Pb
14%
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.
Ag
49%
Au
51%
124 Moz
AgEq
(60 Moz Ag)
Ag
48%
Au
33%
Zn
12%
Cu
2%
Pb
5%
1,205 Moz AgEq
(576 Moz Ag)
Fresnillo Hecla
Coeur Hochschild
Silver exposure with scale

All Pan American Silver Proven and Probable Reserves1,2
Property Location Category Tonnes (Mt) Ag g/t Au g/t Zn% Pb% Cu%
Huaron Peru Proven 6.3 156 2.84 1.36 0.55
Probable 4.1 163 2.84 1.49 0.42
Morococha (92.3%)3 Peru Proven 3.7 160 4.17 1.36 0.44
Probable 3.1 150 3.32 1.26 0.32
La Colorada Mexico Proven 4.3 387 0.31 2.92 1.66
Probable 4.3 346 0.27 2.13 1.21
Dolores Mexico Proven 35.8 27 0.86
Probable 8.7 27 0.79
La Bolsa Mexico Proven 9.5 10 0.67
Probable 6.2 7 0.57
Manantial Espejo Argentina Proven 1.2 156 1.26
Probable 0.1 204 3.64
San Vicente (95%)3 Bolivia Proven 1.5 396 3.00 0.34 0.43
Probable 0.7 383 2.90 0.37 0.40
Joaquin Argentina Probable 0.5 721 0.41
COSE Argentina Probable 0.1 918 17.7
Total4 Proven + Probable 90.0 97 0.76 2.98 1.31 0.45
Notes:
(1) Prices used to estimate mineral reserves for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,400 per tonne of zinc, $2,100 per tonne of lead, and $6,000 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 2019 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 (“NI 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.

All Pan American Silver Measured and Indicated Resources1,2
Huaron Peru Measured 2.1 155 2.91 1.56 0.19
Indicated 1.7 151 2.76 1.47 0.30
Morococha (92.3%)3 Peru Measured 0.3 145 2.15 0.87 0.21
Indicated 0.5 151 2.93 0.98 0.26
La Colorada Mexico Measured 0.6 193 0.22 1.00 0.60
Indicated 2.0 156 0.15 1.11 0.54
Dolores Mexico Measured 4.5 20 0.25
Indicated 1.6 27 0.53
La Bolsa Mexico Measured 1.4 11 0.90
Manantial Espejo Argentina Measured 0.1 169 1.66
San Vicente (95%)3 Bolivia Measured 0.8 154 2.23 0.17 0.21
Indicated 0.2 148 1.73 0.22 0.22
Navidad Argentina Measured 15.4 137 1.44 0.10
Indicated 139.8 126 0.79 0.04
Pico Machay Argentina Measured 4.7 0.91
Indicated 5.9 0.67
Joaquin Argentina Indicated 0.1 385 0.58
Total4 Measured + Indicated 186.3 121 0.58 2.18 0.86 0.05
Notes:
(1) Prices used to estimate mineral resources for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,400 per tonne of zinc, $2,100 per tonne of lead, and $6,000 per tonne of copper, except at
Dolores and Manantial Espejo, where $24.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for Joaquin were $25.00 per ounce of silver and $1,400 per ounce of gold. 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 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 (“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.

All Pan American Silver Inferred Resources1,2
Huaron Peru Inferred 6.2 157 2.75 1.50 0.37
Morococha (92.3%)3 Peru Inferred 4.7 140 4.30 1.08 0.38
La Colorada Mexico Inferred 6.2 185 0.20 4.09 2.08
Dolores Mexico Inferred 4.3 45 1.15
La Bolsa Mexico Inferred 13.7 8 0.51
Manantial Espejo Argentina Inferred 0.5 194 2.71
San Vicente (95%)3 Bolivia Inferred 2.5 322 3.44 0.33 0.27
Navidad Argentina Inferred 45.9 81 0.57 0.02
Pico Machay Argentina Inferred 23.9 0.58
Joaquin Argentina Inferred 0.01 389 1.29
COSE Argentina Inferred 0.03 382 7.10
Total4 Inferred 108.0 92 0.59 3.64 0.83 0.10
Notes:
(1) Prices used to estimate mineral resources for 2018 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,100 per tonne of lead, $2,400 per tonne of zinc, and $6,000 per tonne of copper, except at
Dolores and Manantial Espejo, where $24.00 per ounce of silver and $1,400 per ounce of gold were used. Metal prices used for Joaquin were $25.00 per ounce of silver and $1,400 per ounce of gold. 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 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 (“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.

Tahoe Resources Mineral Reserves as of January 1, 2018
43 March 5, 2019
Gold Location Ownership
Proven 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 4.07 315
Escobal Guatemala 100% 2.5 0.42 34 22.1 0.34 244 24.7 0.35 278
La Arena Peru 100% 0.3 0.38 3 43.7 0.40 565 44.0 0.40 568
Shahuindo Peru 100% 77.9 0.48 1,203 49.9 0.44 704 127.8 0.46 1,907
Timmins West Canada 100% 0.4 3.61 47 6.1 3.11 606 6.5 3.15 654
Total Gold Mineral Reserves 81.6 0.52 1,356 123.7 0.59 2,366 205.3 0.56 3,721
Silver Location Ownership
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 24.7 334 264,493
Shahuindo Peru 100% 77.9 6 14,756 49.9 5 8,384 127.8 6 23,140
Total Silver Mineral Reserves 80.4 21 54,288 72.1 101 233,345 152.5 59 287,633
Lead Location Ownership
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Total Lead Mineral Reserves 2.5 1.02 26 22.1 0.77 170 24.7 0.79 196
Zinc Location Ownership
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Total 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
44 March 5, 2019
Gold Location Ownership
Measured 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 4.36 415
Escobal Guatemala 100% 4.8 0.33 51 36.3 0.29 337 41.1 0.29 388 1.9 0.90 54
La Arena Peru 100% 0.3 0.38 3 49.6 0.40 640 49.9 0.40 643 0.4 0.32 4
Shahuindo Peru 100% 89.1 0.47 1,358 67.6 0.42 921 156.7 0.45 2,278 110.8 0.70 2,500
Timmins West Canada 100% 0.2 4.86 39 7.1 3.87 885 7.4 3.90 923 1.1 3.80 133
La Arena II Peru 100% 155.7 0.25 1,265 586.7 0.23 4,372 742.4 0.24 5,637 91.6 0.23 683
Fenn-Gib Canada 100% - - - 40.8 0.99 1,300 40.8 0.99 1,300 24.5 0.95 750
Whitney Canada 79% 1.0 7.02 218 2.3 6.77 491 3.2 6.85 709 1.0 5.34 171
Gold River Canada 100% - - - 0.7 5.29 117 0.7 5.29 117 5.3 6.06 1,028
Juby Canada 100% - - - 26.6 1.28 1,090 26.6 1.28 1,090 96.2 0.94 2,909
Marlhill 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 3.60 169
Total 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 Ownership
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 10,746
Shahuindo Peru 100% 89.1 6 16,807 67.6 5 11,122 156.7 6 27,929 110.8 13 46,980
Total 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 Ownership
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 0.17 158
Total 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 Ownership
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Total 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 Ownership
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Tonnes
(M)
Grade
(%)
Metal
(ktonnes)
Total 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
45 March 5, 2019
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.

46 March 5, 2019
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.

47 March 5, 2019
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.

48 March 5, 2019
Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com

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