PAAS.TO · 2017-02-14 12:00:00

Financial information is based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Results are unaudited.

Corporate Updates

Suite 1500 - 625 Howe St.

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www.panamericansilver.com

PAN AMERICAN SILVER CORP.

Pan American Silver corrects error in February 14, 2017 earnings release

All amounts are expressed in US$ unless otherwise indicated. Financial information is based on International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Results are unaudited.

This news release refers to measures that are not generally accepted accounting principle ("Non-GAAP") financial

measures, including adjusted earnings (losses). Please refer to the section titled "Alternative Performance (non-GAAP)

Measures" contained in this news release for further information on these measures.

Vancouver, B.C. - February 15, 2017 - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) (“Pan American”, or the

“Company”) today reported that the press release issued by Pan American Silver Corp. on February 14, 2017 announcing

unaudited results for the fourth quarter ended December 31, 2016 (“Q4 2016”) and full year 2016 contained an error.

The error related to adjusted earnings (a non-GAAP measure) for the fourth quarter of 2016 ("Q4 2016") and for the full

2016 year. The error is due to net realizable value adjustments on the heap pad inventory at the Dolores mine. The impact of

this error, after adjusting for the effect on taxes, was to overstate adjusted earnings for Q4 2016 and for the full 2016

year by $8.6 million.

After correcting this error, adjusted earnings for Q4 2016 were $19.0 million, or $0.12 per share (previously reported as

$27.5 million, or $0.18 per share). For the full 2016 year, adjusted earnings were $86.6 million, or $0.57 per share

(previously reported as $95.2 million, or $0.63 per share).

There is no change to the Company's reported unaudited net earnings of $22.3 million and $101.8 million for Q4 2016

and full year 2016, respectively, or any other financial information contained in the February 14, 2017 press release.

About Pan American Silver

Pan American Silver Corp. is one of the largest primary silver producers in the world. We own and operate seven mines

located in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA,

Mexico, Peru and Argentina. Our vision is to be the world’s pre-eminent silver producer, with a reputation for excellence

in discovery, engineering, innovation and sustainable development. The Company is headquartered in Vancouver, B.C.

and our shares trade on NASDAQ and the Toronto Stock Exchange under the ticker "PAAS".

For more information, visit: www.panamericansilver.com.

For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Alternative Performance (Non-GAAP) Measures

In this press release we refer to Adjusted earnings (loss), and adjusted earnings (loss) per share, which are measures

that are not generally accepted accounting principle ("non-GAAP") financial measures. The Company believes that these

measures better reflect normalized earnings as they eliminate items that may be volatile from period to period relating

to positions that will settle in future periods, and items that are non-recurring. These measures are widely used in the

mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an

indicator of performance, and may differ from methods used by other companies with similar descriptions.

PAN AMERICAN SILVER CORP.