Pan American Silver Investor Presentation

1. Investor Presentation
Raymond James: Winnipeg, Toronto & Montreal
October 3-6, 2016

2. Cautionary Note
Non-GAAP Measures
This presentation refers to various Non-GAAP measures, such as cash costs per payable ounce of silver, all-in sustaining cost per silver ounce sold and adjusted (loss) earnings.
Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section in Pan American Silver Corp.’s (the “Company”) Management’s Discussion and Analysis for
the period ended June 30, 2016 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: our estimated production of
silver, gold and other metals in 2016, 2017 and2018; our estimated cash costs per payable ounce of silver and AISCSOS in 2016, 2017 and 2018; our estimated profit margins for
2016, 2017 and 2018; our estimated capital investments, and sustaining capital for 2016; the ability of the Company to successfully complete any capital investment programs
and projects, and the impacts of any such programs and projects on the Company; the ability of the Company to realize value from transactions, including with respect to
Maverix Metals Inc. and Kootenay Silver Inc.; and any anticipated level of financial and operational success in 2016.
These statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions
include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining
as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and recourse estimates and the assumptions upon which they are based; prices for
energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in
scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual
results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the
Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal
prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian Dollar,
Peruvian Sol, Mexican Peso, Argentine Peso and Bolivian Boliviano versus the U.S. Dollar); operational risks and hazards inherent with the business of mining (including
environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe
weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company 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 the Company’s most recent
form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although the
Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated,
estimated, described or intended. Investors are cautioned against 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. The Company 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 has been reviewed or approved by Martin Wafforn, P.Eng., SVP Technical Services and Process
Optimization, who isthe Company’s qualified person for the purposes of National Instrument 43-101. For additional information about the Company’s material mineral
properties, please refer to the Company’s Annual Information Form dated March 24, 2016, filed at www.sedar.com.
2

3. Cautionary Note About Mineral
Reserves and Resources
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws.
Unless otherwise indicated, all mineral reserve and 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
does not recognize them. The requirements of NI 43-101 for identification of ‘‘reserves’’ are 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 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.
3

4. PAS – an investment in silver
• 2nd largest primary silver producer in the world
• Portfolio of high-quality assets in the Americas
• Large reserves: proven + probable of 280 Moz silver
• Solid production profile
• Significant exploration potential
• Experienced management team
• Strong balance sheet
Our strategy is focused on extracting value from our
portfolio of assets, improving operating margins and
deploying proven expertise to pursue profitable growth.
4

5. Our operations
5

6. 0
5
10
15
20
25
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E2017E2018E
Million Silver Ounces Produced
Demonstrated production growth
(1) Please refer to the Company’s news release dated January 19, 2016 for a detailed discussion of these production range estimates.
(1) (1) (1)
Ag Production Forecast
2016: 24.0 -25.0 Moz
2017: 22.5 -24.0 Moz
2018: 25.0 -27.0 Moz
6

7. Profit margins set to widen
2016 Guidance
Revised Aug 11, 2016
(1) Cash costs per payable ounce of silver, net of by-product credits. Actual cash costs for the first half of 2016 based on actual prices. By-product metal prices assumptions used for forecast cash costs
calculation: Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne, Cu $4,600/tonne. For revised 2016 guidance, assumptions for second half of 2016 are: Au $1,300/oz, Zn $2,000/tonne, Pb $1,750/tonne, Cu
$4,700/tonne. Cash cost is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may
differ from the methods used by other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities. Readers should refer to the “Alternative
Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this
measure and its calculation. Exchange rates relative to US$ assumed: Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1, Bolivian Boliviano 7:1.
First half 2016 cash costs: $6.81
7

8. Positioned for strong silver revenue
8%
4%
11%
27%
50%
Copper Lead Zinc Gold Silver
9%
3%
9%
29%
51%
Copper Lead Zinc Gold Silver
2015 Actual 2016 Estimate
Based on actual production and realized prices in 2015
(Ag $15.53; Au $1,162; Zn $1,889; Cu $5,314; Pb $1,745
Based on the mid-point of production estimates for 2016 (Ag
of 24.0 M - 25.0 M ounces, Au of 175,000 - 185,000 ounces,
Zn of 46,000 tonnes - 48,000 tonnes, Pb of 15,000 tonnes -
15,500 tonnes, and Cu of 13,000 tonnes - 13,500 tonnes) and
second half 2016 price deck (Ag $18.50; Au $1,300, Zn $2,000;
Cu $4,700; Pb $1,750)
8

9. First half 2016 achievements
• Cash costs (1) down 35% from first half 2015
• $6.81/ounce of silver (net of by-product credits)
• outlook for 2016 cash costs reduced 30% from initial 2016 estimate
• All-in sustaining costs per silver ounce sold (2) down 15% from first half 2015
• $12.21 (net of by-product credits)
• outlook for 2016 all-in sustaining costs reduced 16% from initial 2016 estimate
• Cost reductions reflect increased productivity at Peruvian mines, by-product sales
and positive market factors (weaker FX and lower input costs, incl. energy)
• Generated operating cash flow before changes in non-cash operating working
capital of $81.9 M and adjusted earnings of $23.4 M (3) at silver prices averaging
$15.82/oz
This slide refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial measures. 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. Refer to
“Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30,
2016. These non-GAAP financial measures include:
(1) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”)
(2) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”)
(3) Adjusted earnings (losses)9

10. Financial strength
US$ Million
Cash and cash equivalents and short-term investments 204.2
Working capital (1) 399.3
Total debt (2) 58.8
Total available liquidity (3) 468.0
At June 30, 2016
(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. Refer to the Company’s management’s discussion and analysis
for the period ended June 30, 2016.
(2) Inclusive of $5.7 million in capital leases.
(3) Includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company’s secured line of credit.
10

11. Capital expenditures to decline
0.0
50.0
100.0
150.0
200.0
2014 2015 2016 E 2017 E 2018 E
Million US$
Sustaining Capital Expansion Capital
Expansion capital estimates includes the investment to expand our La Colorada and
Dolores mines, and does not reflect the expectation that the La Colorada expansion
should be 5-10% under budget.
11

12. Capital allocation priorities
Pan American’s approach to capital management prioritizes investment in projects that
generate a high-rate of return, maintaining a strong balance sheet and returning cash to
shareholders. The Company’s last public equity offering was in 2009.
$361
$491
$542
$423
$330
$227
$204
$0
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 2015 Q2 2016
Millions US$
Cash & STI
Financial debt
Cumulative return to shareholders
$383 M in total cumulative cash returned to
shareholders (dividends and share buy-backs)
since 2010 in addition to investing $343 M in
capital projects.
12

13. La Colorada reserves increase 300%
30.4 MozAg
38.3 MozAg
44.1 MozAg
64.8 MozAg
81.4 MozAg
86 MozAg
91.2 MozAg
13

14. Organic growth – La Colorada expansion
* For La Colorada’s complete mineral reserve details, please see Appendix IV
At Dec 31, 2015 P&P 3.8 Mt*
Ag 436 g/t (53.7 Moz)
Au 0.33 g/t
Pb 1.88%
Zn 3.47%
At Dec 31, 2015 P&P 2.8 Mt*
Ag 378 g/t (34.0 Moz)
Au 0.31 g/t
Pb 0.82%
Zn 1.47%
At Dec 31, 2015 P&P 0.4 Mt*
Ag 303 g/t (3.5 Moz)
Au 0.30 g/t
Pb 1.10%
Zn 1.44%
14

15. La Colorada expansion (1)
Highlights
• 69% increase expected in average annual
silver production to 7.7 Moz by 2018
• 137% and 185% increase expected in zinc
and lead production, respectively, by 2018
Project Scope
• New 600-metre deep mine shaft
• Underground development to open new
production areas
• Construction of sulphide processing plant
• New 115kV power line
Expect to be 5-10% under budget and on
schedule
• Sulphide processing plant began
processing ore in July 2016
• New mine shaft began hoisting ore in
September 2016
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report – Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico”, with an
effective date of December 31, 2013 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in nature, in that it includes inferred mineral resources that are considered
too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the assessment will be realized.
Mineral resources that are not mineral reserves have no demonstrated economic viability.
Estimated total investment of $163.8 M,
including sustaining capital
IRR 22% at Ag $19/oz
15

16. Organic growth – Dolores expansion
N
South extension underground resources at December 31, 2014:
Tonnes Ag g/t Au g/t
Measured 146,000 101 0.74
Indicated 2,907,000 56 1.59
TOTAL 3,054,000 58 1.55
16

17. Dolores expansion (1)
Highlights
• During first 5 years, estimated increases in
average annual production of:
• 40% increase in silver from
4.5 Moz to 6.3 Moz
• 52% increase in gold from
135.1 koz to 205.7 koz
• Reduce cash costs through operational
efficiencies and higher gold production
Project Scope
• New 5,600 tpd pulp agglomeration plant
• New 1,500 tpd underground mine
On budget and on schedule
• New 115 kV power line energized in
September 2016
• Pulp agglomeration plant start-up
estimated for mid 2017
• Underground mine production estimated
to reach 1,500 tpd by end of 2017
(1) For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico - Preliminary Economic Assessment of a Pulp
Agglomeration Treatment and Underground Option”, with an effective date of May 31, 2014 available at www.SEDAR.com. The results of this preliminary economic assessment are preliminary in
nature, in that it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves, and there is no certainty that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.
• Estimated capital investment ~$132.4 M
(including power line)
• IRR 27% at Ag $19/oz & Au $1,200/oz
17

18. Production by mine (2016 Guidance)
16%
3%
22%
15%
14%
11%
18%
23%
4%
14%
15%
10%
18%
15%
Silver Ounces Silver Equivalent Ounces
Based on the mid-point of production estimates for 2016 (Ag of 24.0 M - 25.0 M ounces, Au of 175,000 - 185,000 ounces, Zn of
46,000 tonnes - 48,000 tonnes, Pb of 15,000 tonnes 15,500 tonnes, and Cu of 13,000 tonnes - 13,500 tonnes) and the following price
deck: Ag $18.50; Au $1,300, Zn $2,000; Cu $4,700; Pb $1,750.
18

19. Operations: Mexico
La Colorada Dolores Alamo Dorado
Ownership 100% 100% 100%
Mine type Underground Open pit / heap leach Open pit
Products Silver and gold dore, silver-
rich zinc and lead
concentrates
Silver and gold dore Silver and gold dore
Capacity 1,250 tonnes per day 16,200 tonnes per day 4,000 tonnes per day
2015 Ag
production
5.13 Moz 4.25 Moz 2.97 Moz
2015 Ag grade 379 grams/tonne 44 grams/tonne 62 grams/tonne
2016 Ag
production
forecast
5.60 – 5.70 Moz 3.40 – 3.60 Moz 1.00 – 1.20 Moz
(1) Estimated using a price of $17/oz of silver for La Colorada and Dolores. For Alamo Dorado, all remaining reserves are stockpiled material and estimated using
a price of $15/oz of silver.
(2) See reserves table in the Appendix section for more information.
Silver Reserves (1) (2) La Colorada Dolores Alamo Dorado
Proven (contained Moz) 49.6 20.7 2.9
Probable (contained Moz) 41.6 32.4 0.0
Proven + probable (contained Moz) (2) 91.2 53.1 2.9
19

20. Operations: Peru
Huaron Morococha
Ownership 100% 92.3% (1)
Mine type Underground Underground
Products Silver-rich zinc, lead and copper
concentrates
Silver-rich zinc, lead and copper
concentrates
Capacity 2,300 tonnes per day 2,000 tonnes per day
2015 production 3.71 Moz 2.17 Moz
2015 Ag grade 157 grams/tonne 124 grams/tonne
2016 production
forecast
3.65 – 3.80 Moz 2.45 – 2.60 Moz
(1) Figures reflect Pan American’s 92.3% interest in Morococha
(2) Estimated using a price of $17/oz of silver
(3) See reserves table in the Appendix section for more information.
Silver Reserves (2) (3) Huaron Morococha
Proven (contained Moz) 33.6 13.0
Probable (contained Moz) 19.9 12.6
Proven + probable (contained Moz) (3) 53.5 25.6
20

21. Operations: Bolivia
San Vicente
Ownership 95% (1)
Mine type Underground
Products Silver-rich zinc concentrates
Capacity 950 tonnes per day
2015 production 4.12 Moz
2015 Ag grade 422 grams/tonne
2016 production forecast 4.30 – 4.35 Moz
(1) Figures reflect Pan American’s 95% interest in San Vicente
(2) Estimated using a price of $17/oz of silver
(3) See reserves table in the Appendix section for more information.
Silver Reserves (2) (3)
Proven (contained Moz) 30.4
Probable (contained Moz) 6.9
Proven + probable (contained Moz)(3) 37.3
21

22. Operations: Argentina
Manantial Espejo
Ownership 100%
Mine type Open Pit / Underground
Products Silver and gold dore
Capacity 2,000 tonnes per day
2015 production 3.58 Moz
2015 Ag grade 158 grams/tonne
2016 production forecast 3.60 – 3.75 Moz
(1) Estimated using prices of $14.50/oz of silver and $1,100/oz of gold for planned 2016 production, then using $17/oz of silver and $1,180/oz of gold.
(2) See reserves table in the Appendix section for more information.
Silver Reserves (1) (2)
Proven (contained Moz) 9.4
Probable (contained Moz) 2.4
Proven + probable (contained Moz) (2) 11.8
22

23. Exploration and production growth
• Solid performance on replacing production with new reserves
• Proven and probable reserve replacement of 101% (added 293 Moz of contained silver
to mineral reserves) over last 12 years
• Reserve replacement cost of US$0.44/oz (1)
• La Colorada continues to deliver in both new reserves and extension to mine life
• High potential at Peru operations; near site and greenfield exploration
• Kootenay Silver Inc. option brings an advanced silver exploration project into the
pipeline with excellent regional exploration potential
• Exploration budget for 2016 increased 38% to US$14.5 M
• 100% owner of Navidad, largest undeveloped silver deposit in the world
(1) Over 2004-2015
(2) Estimated using a price of $12.52/oz of silver
Silver Resources (2)
As of Dec. 31, 2015
Contained Ag (Moz) Tonnes (Mt) Ag (g/t)
Measured (contained Moz) 67.8 15.4 137
Indicated (contained Moz) 564.5 139.8 126
Inferred (contained Moz) (2) 119.4 45.9 81
23

24. Strategic initiatives to surface value
Maverix (1)
• Pan American realized value for assets hidden within its portfolio through sale to Maverix
Metals Inc. (royalties, precious metals streams)
• Retained 54% majority ownership (63% fully-diluted) in Maverix
• Provides additional leverage to gold and silver prices
• Opportune timing for Maverix to attract new growth prospects
• Maverix up 79% and has a market cap of about $100 M since acquisition of assets from
Pan American closed (2)
Milpo Shalipayco Joint Venture
• Pan American sold 75% of shares in Compania Minera Shalipayco SAC to Votorantim
Metais – Cajamarquilla SA for US$ 15M cash and 1% Net Smelter Return (sold to
Maverix)
• Pan American receives free carry of its remaining 25% interest to commercial production
in this large zinc development project located in Peru
(1) See press release dated July 11, 2016 available at www.panamericansilver.com/investors/news
(2) Based on Maverix opening price on TSX-V on July 12, 2016 of $0.70/share compared to closing price on Sept. 7, 2016 of $1.25/share.
24

25. TARGETS
• Kootenay Silver Inc. is a publicly traded silver exploration company, exploring and
developing the Promontorio mineral belt in Sonora, Mexico
• Kootenay Silver Inc. discovered two deposits: La Negra and Promontorio
• Pan American has entered into an option agreement to earn 75% interest in the Minera
Promontorio mineral belt properties
• Pan American currently owns approximately 10% of Kootenay Silver
Kootenay option agreement
Promontorio
Mulatos
La Colorada
Dolores
Pinos Altos
Ocampo
Palmarejo
Suazal
Piedras Verdes
Alamo Dorado
La Caridad
Cananea
San Francisco
El Chanate
Monterde
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
La India
HERMOSILLO
OBREGON
KTN Concessions
SONORA
oVulcan
La Negra
x
x
x
ox
REGIONAL MINERAL SETTING CENTRAL-SOUTH SONORA
257+ years between discoveries
x
O Mines and Serious Properties
x Prospects
Alamo Dorado
Discovery 1997
La Colorada
Discovery 1740 and Before
La NegraPromontorio
LA NEGRA-PROMONTORIO DISTRICT
Rio Yaqui
LOOKING SOUTHWESTERLY
25

26. Why invest in PAAS
1. Well positioned for improving profit margins through expansions at La
Colorada and Dolores
2. Driving down costs through operational efficiencies and increased
productivity (mechanization at Peruvian mines)
3. Pipeline of organic growth opportunities
4. Exploration potential – budget increased 38% in the second quarter of 2016
5. Prudent financial management creates value throughout the commodity
price cycle
6. Trading at attractive valuation relative to peers and streaming companies
7. Support for silver prices through weak global economic fundamentals and
increasing use in industrial applications
26

27. Sustainability leadership
Recognized as a leader in sustainability in the mining industry
Plan
• Toolkits
• Program
development
Engage
• Stakeholder
Engagement
• Grievance
Mechanisms
Environmental & Social
Audits
Sustainability
Reporting
Internal Capacity
Building
Evaluate Performance
Metrics
Implement
• Programs and
projects
covering
sustainability
pillars
Sustainability Report & Pillars
Education &
Health
Sustainable
Development
Programs
Local
Procurement
Development
Infrastructure &
Urban Footprint
Water and
Energy
Stewardship
Tailings Facility
Safety
Emergency
Response
Preparedness
Mine Closure
Policy
• CSR
• Environmental
• Health and
Safety
• Governance
27

28. Sustainability awards & recognitions
Corporate
• Corporate Knights ranked Pan American Silver 36th on their Future 40
Responsible Corporate Leaders in Canada.
• The Peruvian-Canadian Chamber of Commerce awarded Pan American Silver
the “Business of the Year 2015” award for our contributions to sustainable
development through our UQLLU/Alpaca de los Andes weaving project.
Mexico
• All mines were awarded with the Socially Responsible Company (ESR) Award
presented by the Centro Mexicano para la Filantropía (CEMEFI).
• All mines maintained the Clean Industry independent environmental
certification by the Mexican Environment Protection Agency (PROFEPA).
28

29. Silver market
In 2015:
• Total global supply declined from 1.06 B to 1.04 B ounces
• Mine production grew 2% to peak at 887 M ounces
• Supply from scrap and recycling declined by 13%
• Silver ETF’s holdings declined 3%
• Total global demand was 1.17 B ounces with growth in key demand
components (jewelry, bullion and photovoltaics)
• Physical market deficit was ~130 M ounces. 2015 was third
consecutive year that demand surpassed supply
• Mine supply expected to decline going forward due to cost-related cuts
and reduced investment in exploration/development
Source: GFMS 2016 Silver Survey released on May 5, 2016
Visit www.silverinstitute.org for the Silver Institute’s publications, including the World Silver Survey 2016
29

30. Appendix I
Company overview
• Listings: NASDAQ (PAAS) and TSX (PAA)
• Market cap: US$2.8 B (1)
• Shares outstanding: approx. 152.2 M
• Average daily volume: 3.4 M (1)
• Paid dividends since 2010 - Current
yield 0.3% (2)
All data as of close Sept. 28, 2016
(1)
Based on Nasdaq exchange
(2)
Based on dividend declared Aug. 11, 2016, annualized
(3)
Source: IPREO
Ownership (3)
Reported Institutional Implied retail Insiders
30

31. Appendix II
2016 Forecast
Consolidated OperationalHighlights 6 Months
ended
June 30,
2016
Forecast
FY 2016
(As at Jan 19, 2016)
Forecast (1)
FY 2016
(As at Aug 11, 2016)
Silver production (Moz) 12.75 24 - 25 24 – 25
Gold production (koz) 89.6 175 - 185 175 – 185
Cash costs(2) (net of by-product credits) $6.81 $9.45 - $10.45 $6.50 - $7.50
All-in Sustaining Costs per Silver Ounce
Sold(3) (net of by-product credits) (“AISCSOS”)
$12.21 $13.60 - $14.90 $11.60 - $12.60
• Total capital expenditures forecast of $200 M to $215 M (including project capital
investment of $135 M to $140 M)
(1) Revised cash costs and AISCSOS forecasts assume by-product credit prices of $2,000/tonne ($0.91/lb) for zinc, $1,750/tonne ($0.79/lb.) for lead, $4,700/tonne ($2.13/lb.) for copper, and $1,300/oz. for gold.
This slide refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial measures. 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. Refer to “Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended
June 30, 2016. These non-GAAP financial measures include: (2) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”) and (3) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”)
31

32. Appendix III
First half 2016 consolidated results
Mine Ag Production (1)
(Moz)
Au Production (1)
(koz)
$ Cash Costs (2) $ AISCSOS (3)
La Colorada 2.75 1.35 7.00 8.98
Dolores 2.04 46.80 2.91 16.69
Alamo Dorado 1.09 5.62 12.68 11.06
Huaron 1.91 0.41 6.83 11.01
Morococha 1.28 1.30 3.51 6.87
San Vicente 2.23 n/a 12.06 15.97
Manantial Espejo 1.46 34.09 2.47 3.42
Total 12.75 89.57 $6.81 $12.21
(1)Totals may not add up due to rounding.
(2)Average realized by-product metal prices for H1 2015 were: Au $1,211/oz, Zn $2,118/tonne, Pb $1,858/tonne, Cu $5,643/tonne. Cash costs is a non-GAAP measure. Readers should refer to
the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a
more detailed description of this measure and its calculation.
(3)All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure that measures a silver mining company’s consolidated operating performance and the ability to generate
cash flow from all operations collectively. We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce
as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that
affect our consolidated earnings and cash flow. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion &
Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.
NOTE: For additional information relating to the Company’s financial and operating results, please refer to the Company’s most recent MD&A and unaudited consolidated financial
statements for the period ended June 30, 2016.
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33. Appendix IV
2016 operating forecast
Mine Ag Production Moz Au Production koz $ Cash Costs (1)
La Colorada 5.6 – 5.7 2.7 – 2.9 7.00 – 7.50
Dolores 3.4 – 3.6 97.0 – 102.0 0 – 1.50
Alamo Dorado 1.0 – 1.2 7.0 – 8.0 14.00 – 15.00
Huaron 3.7 – 3.8 0.7 – 0.8 8.25 – 9.25
Morococha (92.3%) (2) 2.5 – 2.6 3.0 – 3.2 4.75 – 6.50
San Vicente (95%) (2) 4.3 – 4.4 n/a 12.00 – 12.50
Manantial Espejo 3.6 – 3.8 64.6 – 68.1 1.75 – 3.25
Total 24.0 – 25.0 175.0 – 185.0 $6.50 – $7.50
(1) Cash costs per payable silver ounce, net of by-product credits. By-product metal prices assumptions used for 2016 cash costs calculation: Au $1,100/oz, Zn $1,700/tonne,
Pb $1,600/tonne, Cu $4,600/tonne. Cash costs is a non-GAAP measure. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s
Management’s Discussion & Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.
(2) Reflects Pan American’s ownership in the operation.
(3) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure and does not have a standardized meaning or a consistent basis of calculation
prescribed by Canadian accounting standards. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion
& Analysis for the period ended June 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.
• AISCSOS (3) expected to be between $11.60 and $12.60, net of by-product credits
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34. Appendix V
Pan American Silver Proven and Probable Reserves at December 31, 2015 (1) (2)
Property Location Category Tonnes
(Mt)
Ag
g/t
Contained
Ag (Moz)
Au
g/t
Contained
Au (000’s oz)
Cu
%
Pb
%
Zn
%
Huaron Peru Proven 6.1 172 33.6 0.41 1.40 2.99
Probable 3.7 167 19.9 0.27 1.58 3.17
Morococha (92.3%) (3) Peru Proven 2.3 176 13.0 0.78 1.18 3.57
Probable 1.9 202 12.6 0.53 1.35 3.70
La Colorada Mexico Proven 3.3 474 49.6 0.35 36.2 1.69 3.15
Probable 3.7 346 41.6 0.30 35.9 1.18 2.06
Dolores Mexico Proven 23.0 28 20.7 0.96 706.0
Probable 29.2 34 32.4 0.92 864.0
Alamo Dorado Mexico Proven 1.6 55 2.9 0.23 12.2
Probable 0.0 - -
La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0
Probable 6.2 7 1.4 0.57 113.1
Manantial Espejo Argentina Proven 2.5 120 9.4 1.60 126.4
Probable 0.3 262 2.4 3.90 35.6
San Vicente (95%) (3) Bolivia Proven 2.0 482 30.4 0.35 2.66
Probable 0.4 511 6.9 0.48 2.24
Total (4) Proven +
Probable
95.7 91 280.1 0.84 2132.4 0.45 1.30 2.97
(1) As of December 31, 2015. Prices used to estimate mineral reserves for 2015 were $17/oz of silver, $1,180/oz of gold, $1,800/tonne of lead, $1,800/tonne of zinc, and $5,000/tonne of copper, except at
Manantial Espejowhere$14.50/oz of silver and$1,100/oz of gold was used for planned2016 production, reverting to thepreviously stated metal pricesthereafter,and Alamo Dorado stockpileswhere metal
prices of $15/oz of silver and $1,100/ozof goldwere used dueto their planned processing in the short term. Metal prices used for LaBolsawere$14/ozof silver and $825/oz of gold.
(2) Mineralreserve estimateswere prepared under the supervisionof, or were reviewedby MartinG.Wafforn, P.Eng., Sr.Vice President TechnicalServices andProcessOptimization,who isthe QualifiedPerson
as that termis defined in National Instrument 43-101 (“NI43-101). Pleaserefer tothe Company’sAnnual InformationFormdate March24, 2016,availableat www.sedar.com for further information onthese
properties, including with respect to mineralreserves.
(3) This information represents the portionof mineral reserves attributableto Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add updue to rounding.
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35. Suite 1440, 625 Howe Street, V6C 2T6 – Vancouver, BC
Panamericansilver.com
ir@panamericansilver.com
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