Pan American Silver Corp. · TSX:PAAS
Pan American Silver — CIBC Mine Tour 2021
25 slides from Pan American Silver's conference presentation, Jun 8, 2021
Slide 1: CIBC Mine Tour, June 8, 2021
a PAN AMERICAN — sila — CIBC MINE TOUR // JUNE 8, 2021 ea Ls fa i ~ TSX: PAAS
Slide 2: Cautionary Note and Non-GAAP Measures
2 Acquisition. Consequently, the Company's operations have been divided into These forward-looking statements and information reflect Pan American’s silver and gold segments for the purposes of our financial reporting, as current views with respect to future events and are necessarily based upon a d
Slide 3: Technical Information (continued)
3 CONTINUED Technical Information laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this presentation have been prepared in accordance with relating to the credit worthiness or financial condition of suppliers, refiners Scientific and technical informat
Slide 4: Two producing mines in prolific Canadian mining camp
Corporate Office 4 ONTARIO, CANADA Timmins // Two producing mines in prolific Canadian mining camp • 100% owned and operated by Pan American Dolores • Throughput capacity of 6,000 tpd producing doré Skarn Deposit La Colorada • Shaft upgrade to 1,080 metres completed in 2018 at Bell Creek Mine and co
Slide 5: Advancing 8 of the 17 Sustainable Development Goals
5 • Advancing 8 of the 17 Sustainable Development Goals (SDGs) where we can have the greatest impact • United Nations Global Compact • United Nations Guiding Principles (UNGP) for Business and Human Rights • Implementation of the Mining Association of Canada Towards Sustainable Mining (TSM) Protocol
Slide 6: Timmins Operations - Location
TIMMINS OPERATIONS - LOCATION ERY 3 Pe LAKE SHORE GOLD { aM BELL CREEK MINE \ 2 ui ? ( NY pA ‘ als < + —f{ City of Timmins oo C *t - fa “~V ai Pa . b > 4 a en p 4 \ ie i fi SSS) LAKE SHORE GOLD ¢ TIMMINS WEST MINE Saeco Pp a at AN, f' . LAKE SHORE GOLD a ad (eT i: 3 wD PAN AMERICAN oh ae =} : — SILV
Slide 7: Timmins Operations Reserves
Bell Creek Mine Reserve 7 Contained Tonnes Grade Au Ounces Bell Creek Mine Reserve Proven Reserve 2,283,380 3.20 232,221 Probable Reserve 2,686,339 2.90 247,523 Total 4,969,719 3.00 479,744 Timmins West Mine Reserve Contained Tonnes Grade Au Ounces Timmins Deposit Probable Reserve 573,661 3.00 56,11
Slide 8: Timmins West Mine ore bodies
8 Timmins Deposit Thunder Creek 144 Timmins West Mine is divided into 3 producing/past producing Ore bodies: Timmins Deposit, Thunder Creek Deposit and 144 Gap Deposit. Since June 2009, Timmins West has produced 1.1M ounces - 8.9Mt of ore at a grade of 3.8 g/t
Slide 9: Timmins West P&P Reserves 2016-2020
9 7.0 4.00 6.0 3.50 3.00 5.0 Tonnes ( millions) Au Grade (g/t) 2.50 4.0 2.00 3.0 In 2017, the 144 ore body was 1.50 2.0 added to the reserve, 1.00 1.0 significantly increasing the 0.50 tonnage. 0.0 0.00 2016 2017 2018 2019 2020 Tonnes Au g/t P&P Reserves* 2016 2017 2018 2019 2020 Tonnes 1,961,685 6,
Slide 10: Extension to the 144 exploration plan
10 TWC Underground Isometric View – Looking East Main Shaft 144: currently ~85% of TWC yearly production tonnes Recently approved plan 650L allows the exploration of an extension to the 144 Porphyry called the South ~800m West Zone. ~800m Good potential for an incremental extension to the Timmins We
Slide 11: Bell Creek Mine production history
11 • Since 2011 under Lake Shore Gold, Bell Creek Mine has produced 474k ounces – 3.7Mt at a grade of 3.9 g/t. • Under previous ownership from 1987-1994, 113k ounces were produced at the mine (514kt at a grade of 6.82 g/t). • In 2018, the shaft was extended and completed down to 1,080m level. 1080m
Slide 12: Bell Creek P&P Reserves 2016-2020
12 6.0 5.00 4.50 5.0 4.00 3.50 A combination of improved Tonnes ( millions) 4.0 Au Grade (g/t) 3.00 3.0 2.50 operational efficiencies, higher 2.0 2.00 gold price, deeper drilling and 1.50 closer spaced diamond drilling 1.00 1.0 0.50 led to a jump in the reserves in 0.0 0.00 2019. 2016 2017 2018 2019
Slide 13: Wetmore Project East and West Zones
13 East Zone West Zone 610L Exploration Drift is currently being developed in order to provide diamond drilling platforms to define the Wetmore East and West Zones. 610 Exploration Drift Main Shaft 144: currently ~85% of TWC yearly production tonnes The Wetmore Project is located approximately 900m
Slide 14: Bell Creek seismic system and ground conditions
14 • Commissioned in 2021, the seismic system implemented at Bell Creek is the same system as installed at Timmins West Mine (IMS geophones). • The system is being used as a risk management tool, helping to identify areas of elevated mining induced seismic activity. • A graphitic seam identified in
Slide 15: Bulk Zone 1250L Mining Extraction Sequence
15 Bulk Zone – 1250L Mining In Q2 2021, mining of a bulk zone will start on the 1250 level. The bulk zone is expected to be more productive as the orebody in this zone is wider and the mining sequence has been designed to allow multiple simultaneous mining horizons. Extraction Sequence 1185L 1205L 1
Slide 16: Bell Creek conceptual projects
16 There are 2 conceptual projects in scoping study at Bell Creek intended on extending the Life of Mine and improving ore recovery – adding value to the mine and reducing costs Shaft Deepening – access lower level ore Paste Backfill – access more ore, increase ore recovery, improve and deepen the m
Slide 17: History of Production (mill)
17 // History of Production • 2002 - Placed on care and maintenance • 2009 - Recommissioned at the start of 2009 at 800 MTPD (33 TPH) • 2009 - Expanded to 1500 MTPD (63 TPH). Added secondary grinding. • 2010 - Expanded to 2000 MTPD (83 TPH). Added a CIL tank. • 2012 – Expanded to 2500 MTPD (104 TPH)
Slide 18: Whitney Project and Mineral Resource
18 • The Whitney Project, located 4.5km from the Bell Creek Complex, was acquired from Temex by Lake Shore Gold in 2015. Bell Creek Complex • The historical production at the Hallnor mine from 1938-1961 (and 1981) was 2.7M ounces - 3.8Mt @ 13.57 g/t. • The project is under a Joint Venture Partnershi
Slide 19: Timmins, Thunder Creek, 144 Gap Deposits Exploration Targets
19 Timmins // Thunder Creek // 144 Gap Deposits Timmins 3-D View Looking Northwest Deposit Thunder 2021 Exploration Targets Creek 200mL 300mL 144 Gap ~ 1.2km 730mL 144 SW Explore the near-mine HW and FW targets Explore the West and Exploration drilling East Porphyry of the 144 SW zone extensions at
Slide 20: 2021 Exploration Targets
20 // 2021 Exploration Targets Explore Bell Creek upper mine targets (e.g. E zones and WOD) E-Veins ~ 2.2km NA NAX NA2 NB/NB2 Exploration drilling of the Bell Creek zones at depth ~ 300m
Slide 21: 2021 Targets
21 // 2021 Targets Explore the Wetmore and Whitney projects Wetmore Whitney Trend Explore regional targets in the Timmins West area HWY 144 along the Trend HWY144 Gold River trend
Slide 22: Timmins Operations key takeaways
22 In a safe, established jurisdiction Skilled team Good reserves portfolio with a track record of growth Produces solid returns - generated $131.7 million in Free Cash Flow* at average gold price of $1608/oz Projects with good future potential Solid exploration strategy * Free Cash Flow generated s
Slide 23: Investor Relations contact
23 Siren Fisekci VP, INVESTOR RELATIONS & CORPORATE COMMUNICATIONS +1.604.806.3191 ir@panamericansilver.com PanAmericanSilver.com Suite 1440, 625 Howe Street Vancouver, BC, V6C 2T6
Slide 24: Appendix
PAN AMERICAN APPENDIX
Slide 25: PAAS Snapshot and Investment Highlights
25 // PAAS SNAPSHOT 1 // INVESTMENT HIGHLIGHTS ~$7.1 B $0.07 MARKET CAP QUARTERLY DIVIDEND2 Long-life silver reserves 210.3 M 0.8% SHARES OUTSTANDING DIVIDEND YIELD Major catalysts for silver growth 3.5 M 10 3-MONTH DAILY SELL SIDE Experienced management team AVERAGE ANALYSTS Strong financial positi