PAN AMERICAN SILVER CORP . 1 Pan American Silver drills new La Colorada Skarn extension with 77 metre interval containing 119 g/t Ag, 7.7% Pb and 13.62% Zn, and provides a project development update for the Skarn
Suite 1500 - 625 Howe St.
Vancouver, BC Canada, V6C 2T6
604-684-1175
www.panamericansilver .com
PAN AMERICAN SILVER CORP .
1
Pan American Silver drills new La Colorada Skarn extension with 77 metre interval
containing 119 g/t Ag, 7.7% Pb and 13.62% Zn, and provides a project development update
for the Skarn
Vancouver, B.C. - Nov. 10, 2021 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan
American”, or the “Company”) today provides results of 39 new La Colorada Skarn infill and step-out
holes, all of which contain multiple skarn and breccia intercepts.
“The most recent infill and step-out holes contain some of the highest grade intercepts we have drilled
in the La Colorada Skarn deposit to date and indicate potential for further expansion of the Mineral
Resource in the future,” said Christopher Emerson, Pan American's Vice President Business
Development and Geology.
The 2021 La Colorada Skarn drill program focused on infill drilling to increase confidence in the Mineral
Resource, but also included step-out exploration drilling to evaluate lateral extensions. Over the first
nine months of 2021, a total of 36,000 metres of infill drilling and 14,000 metres of exploration drilling
have been completed. An additional 18,000 metres of drilling is planned for the remainder of 2021.
Considering the potential for expansion of the Mineral Resource and the high grades identified in
some of the step-out holes, Pan American has decided to focus on further infill drilling and engineering
studies, and as a result, will not be issuing the preliminary economic assessment ("PEA”) by end of
2021, as originally anticipated. The project studies will be expanded to include additional exploration
of the deposit and a review of larger scale mining methods, such as sub-level caving versus long-hole
open stoping. In 2022, we intend to drill 60,000 metres to increase geological confidence, follow up on
the recent highest grade intercepts, and provide further geological information for the engineering
studies.
Pan American is advancing infrastructure projects for the La Colorada Skarn that will provide early
benefits to the existing operation, including the construction of a refrigeration plant and the
excavation of a large 5.5-metre diameter 600-metre deep concrete-lined ventilation shaft. Further, the
necessary permits have been received to advance a ramp access from surface to the upper region of
the Skarn deposit. The initial 2.1 km of this ramp is anticipated to be parallel dual ramps, changing to a
single ramp and vertical raise bores closer to the orebody. Pan American intends to develop a surface
road access to the portal location and start development of the dual ramps in 2022.
Please see our website at panamericansilver.com for cross sections and plan.
Drill Highlights Include:
• S-71-21: 31.9 m of 48 g/t Ag, 0.13% Cu, 3.51% Pb and 5.23% Zn and 77.1 m of 119 g/t Ag,
0.26% Cu, 7.70% Pb and 13.62% Zn
• U-67-21: 114.6 m of 133 g/t Ag, 0.04% Cu, 3.60% Pb and 4.83% Zn, including 82.7 m of 175 g/t
Ag, 0.04% Cu, 4.25% Pb and 5.76% Zn
• S-62-21: 70.3 m of 82 g/t Ag, 0.05% Cu, 4.22% Pb and 9.99% Zn, including 34.0 m of 98 g/t Ag,
0.07% Cu, 5.14% Pb and 15.18% Zn
• S-01-21: 204.5 m of 48 g/t Ag, 0.19% Cu, 3.16% Pb and 5.32% Zn
PAN AMERICAN SILVER CORP .
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• U-05-21: 181.7 m of 60 g/t Ag, 0.13% Cu, 3.77% Pb and 4.28% Zn
• U-36-21: 96.3 m of 19 g/t Ag, 0.04% Cu, 2.43% Pb and 3.12% Zn and 89.0 m of 65 g/t Ag,
0.19% Cu, 3.29% Pb and 6.61% Zn
• S-03-A-21: 264.1 m of 60 g/t Ag, 0.23% Cu, 3.43% Pb and 6.77% Zn
• D-67-07-21: 314.1 m of 35 g/t Ag, 0.17% Cu, 1.62% Pb and 2.82% Zn
• D-67-04-21: 169.8 m of 43 g/t Ag, 0.17% Cu, 1.22% Pb and 3.08% Zn
• D-65-02-21: 208.8 m of 44 g/t Ag, 0.23% Cu, 1.81% Pb and 3.01% Zn
• D-01-02-21: 199.2 m of 44 g/t Ag, 0.21% Cu, 2.02% Pb and 3.71% Zn
• D-107-04-21: 243.1 m of 30 g/t Ag, 0.10% Cu, 1.25% Pb and 4.12% Zn
• D-107-05-21: 64.5 m of 69 g/t Ag, 0.15% Cu, 2.15% Pb and 4.73% Zn and 20.3 m of 39 g/t Ag,
0.12% Cu, 1.85% Pb and 7.08% Zn and 111.0 m of 41 g/t Ag, 0.22% Cu, 1.32% Pb and 4.32%
Zn.
• Seven infill drillholes (D-67-01/02/04/05/06/07 and 08) all confirmed wide zones of
continuous mineralization within the core of the La Colorada Skarn.
• Drillhole S-01-21, partially reported on May 12, 2021, now contains an additional 59 metres of
mineralization. The interval now extends over a total length of 204.5 metres of 48 g/t Ag,
3.16% Pb and 5.32% Zn.
• Infill drillhole S-03-A-21 returned 264.1 metres of 60 g/t Ag, 3.43% Pb and 6.77% Zn.
• The La Colorada Skarn zone has expanded over 200 metres to the west and northwest with
high-grade mineralization encountered in recent drilling. Drillholes U-05-21 with 181.7 metres
of 60 g/t Ag, 3.77% Pb and 4.28% Zn and U-67-21 with 114.6 metres of 133 g/t Ag, 3.60% Pb
and 4.83% Zn along with previously reported holes U-40-20, D-57-05-20 and D-57-01-19,
indicate the La Colorada Skarn footprint remains open to the west.
• Drillholes S-62-21 and S-71-21 are the most easterly drilled holes to date with high grade,
polymetallic skarn mineralization, which could guide future exploration. Drillhole S-71-21
contains 77.1 metres of 119 g/t Ag, 7.70% Pb and 13.62% Zn. Drillhole S-62-21 contains 70.3
metres of 82 g/t Ag, 4.22% Pb and 9.99% Zn. Both drillholes are plus 200 metre eastern step-
outs to D-81-04-20 (see news release issued on May 12, 2021).
• Breccia style mineralization has been extended 150 metres to the southeast of the resource
with exploration hole D-95-03-21 intercepting various (20 to 50 metre wide) mineralized zones
over 400 metres in drill length.
PAN AMERICAN SILVER CORP .
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SUMMARY OF DRILL RESULTS
The following table provides the drill results for the La Colorada Skarn deposit from May to November
2021. Previous drill results are not included in this table (see Pan American's news releases dated
October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30, 2019, February 13,
2020, August 4, 2020 and May 12, 2021 for previous drill results).
Hole No. From (m) To (m) Interval (m) (1) Ag g/t Cu% Pb % Zn %
D-01-01-21 1125.8 1258.6 132.8 45 0.23 1.48 2.14
D-01-02-21 1048.2 1247.4 199.2 44 0.21 2.02 3.71
incl. 1154.5 1211.5 57.0 56 0.29 2.77 4.60
D-03-01-21 856.1 892.8 36.7 33 0.06 2.04 3.11
and 924.5 969.7 45.2 31 0.12 2.53 4.61
and 1247.5 1261.2 13.7 70 0.2 0.95 3.17
and 1286.3 1305.0 18.7 66 0.09 0.56 2.66
and 1395.1 1410.2 15.1 8 0.08 0.02 8.21
D-107-04-21 1187.2 1196.6 9.4 208 0.09 5.70 17.53
and 1301.5 1544.6 243.1 30 0.10 1.25 4.12
incl. 1338.2 1401.0 62.8 32 0.14 2.48 5.24
incl. 1475.7 1519.7 44.0 53 0.11 1.03 6.70
D-107-05-21 1295.2 1359.7 64.5 69 0.15 2.15 4.73
and 1382.4 1402.7 20.3 39 0.12 1.85 7.08
and 1428.9 1539.9 111.0 41 0.22 1.32 4.32
D-107-06-21 1141.6 1146.4 4.8 79 0.13 5.53 8.95
and 1318.7 1346.2 27.5 25 0.10 2.41 4.46
D-107-07-21 1319.5 1347.9 28.4 49 0.27 3.90 6.80
and 1413 1429.4 16.4 95 0.06 1.13 4.30
and 1469.2 1527.5 58.3 34 0.13 1.35 4.64
D-17-01-21 1336.3 1348.3 12.0 24 0.16 1.23 4.33
D-17-02-21 1132.9 1154.4 21.5 23 0.12 1.48 2.40
and 1369.2 1405.3 36.1 12 0.12 1.33 2.43
D-30-15-21 888.5 893.8 5.3 56 0.14 3.73 5.77
and 916.4 959.9 43.5 59 0.54 2.79 4.79
and 1077.5 1141.2 63.7 79 0.17 3.78 7.26
incl. 1090.5 1116.3 25.8 110 0.22 7.53 12.76
D-61-01-21 1503.1 1519.4 16.3 23 0.09 2.58 3.61
D-61-02-21 1220.5 1227.7 7.2 71 0.22 5.43 6.14
D-61-03A-21 1529.8 1617.0 87.2 62 0.41 0.66 3.61
D-61-04-21 1538.8 1575.6 36.8 35 0.15 0.80 2.65
and 1611.1 1630.6 19.5 38 0.10 2.16 3.23
D-65-01-21 1015.0 1026.4 11.4 130 0.54 6.22 13.96
and 1125.4 1179.7 54.3 31 0.14 2.24 3.67
and 1216.7 1292.1 75.4 23 0.14 1.66 3.26
PAN AMERICAN SILVER CORP .
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Hole No. From (m) To (m) Interval (m) (1) Ag g/t Cu% Pb % Zn %
and 1304.0 1375.5 71.5 20 0.14 1.92 3.09
D-65-02-21 1066.9 1090.2 23.3 60 0.45 1.79 4.65
and 1116.8 1157.4 40.6 60 0.28 1.69 3.59
and 1175.5 1384.3 208.8 44 0.23 1.81 3.01
D-66-01-21 506.6 514.3 7.7 190 0.03 1.50 2.59
D-67-01-21 1165.2 1219.5 54.3 57 0.26 4.61 7.02
incl. 1165.2 1180.3 15.1 113 0.52 7.11 12.18
and 1298.7 1367.5 68.8 41 0.12 2.20 3.80
incl. 1313.7 1326.4 12.7 63 0.17 4.91 6.28
and 1492.0 1545.3 53.3 60 0.43 1.48 4.19
D-67-02-21 1411.6 1453.2 41.6 66 0.15 1.08 5.00
D-67-04-21 1228.0 1397.8 169.8 43 0.17 1.22 3.08
incl. 1263.2 1301.8 38.6 34 0.21 2.56 4.87
D-67-05-21 1080.6 1151.0 70.4 42 0.21 1.13 2.49
and 1357.1 1406.3 49.2 23 0.10 1.81 3.39
D-67-06-21 1125.2 1238.5 113.3 35 0.17 1.52 2.27
and 1264.4 1389.0 124.6 25 0.16 1.39 2.57
D-67-07-21 1093.2 1407.3 314.1 35 0.17 1.62 2.82
incl. 1120.3 1150.8 30.5 67 0.22 3.09 5.04
D-67-08-21 1101.5 1276.4 174.9 32 0.15 1.15 2.17
and 1310.5 1333.6 23.1 22 0.19 1.16 2.93
D-95-03-21 1128.2 1179.8 51.6 52 0.08 1.78 2.45
and 1202.3 1235.7 33.4 39 0.13 1.91 3.04
and 1252.6 1275.4 22.8 72 0.51 2.65 3.17
and 1563.7 1588 24.3 61 0.52 0.15 2.24
S-01-21 989.1 999.9 10.8 37 0.24 1.94 4.08
and 1049.2 1253.7 204.5 48 0.19 3.16 5.32
incl. 1126.2 1185.4 59.2 57 0.30 4.66 8.17
S-03-A-21 716.9 727.6 10.7 52 0.09 3.91 8.18
and 796.2 805.1 8.9 161 0.15 2.25 3.99
and 930.2 1194.3 264.1 60 0.23 3.43 6.77
incl. 976.2 1064.8 88.6 90 0.35 3.61 8.00
incl. 1099.2 1192.5 93.3 62 0.23 4.78 8.82
and 1206.9 1220.1 13.2 34 0.14 0.89 5.39
S-17-21 17.3 39.5 22.2 284 0.05 0.82 0.04
S-21-21 1409.4 1420.9 11.5 50 0.13 2.63 4.92
S-62-21 969.1 982.0 12.9 131 0.04 4.86 5.31
and 1051.2 1121.5 70.3 82 0.05 4.22 9.99
incl. 1080.8 1114.8 34.0 98 0.07 5.14 15.18
and 1544.2 1551.6 7.4 70 0.20 0.66 6.19
PAN AMERICAN SILVER CORP .
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Hole No. From (m) To (m) Interval (m) (1) Ag g/t Cu% Pb % Zn %
S-66-A-20 566.9 571.4 4.5 316 0.12 0.76 1.34
U-05-21 664.5 846.2 181.7 60 0.13 3.77 4.28
incl. 664.5 730.4 65.9 121 0.15 6.03 7.37
U-22-21 728.3 756.1 27.8 16 0.09 1.98 3.28
U-28-A-21 761.1 809.5 48.4 25 0.08 3.09 3.47
U-36-21 469.0 565.3 96.3 19 0.04 2.43 3.12
and 624.0 633.4 9.4 23 0.04 3.56 6.16
and 793.0 882 89.0 65 0.19 3.29 6.61
U-53-21 328.2 351.6 23.4 47 0.18 2.65 4.08
and 477.2 499.3 22.1 24 0.07 2.70 4.58
and 575.0 579.7 4.7 47 0.07 4.87 12.93
and 723.7 768.3 44.6 14 0.08 1.99 3.33
and 812.6 823.1 10.5 185 0.35 3.44 1.23
U-67-21 591.3 705.9 114.6 133 0.04 3.60 4.83
incl. 591.3 674 82.7 175 0.04 4.25 5.76
and 783.5 800 16.5 228 0.14 3.36 6.45
and 830.0 877.9 47.9 33 0.04 0.98 1.75
and 888.4 898.9 10.5 37 0.06 1.60 3.81
and 971.3 998.8 27.5 50 0.17 2.05 6.02
S-71-21 1122.3 1149.2 26.9 32 0.08 1.68 4.14
and 1165.6 1196.8 31.2 31 0.03 2.23 4.15
and 1240.7 1268.1 27.4 47 0.05 2.01 3.63
and 1418.6 1450.5 31.9 48 0.13 3.51 5.23
and 1517.2 1594.3 77.1 119 0.26 7.70 13.62
(1) True widths of the mineralized intervals are unknown at this time.
(2) No significant results were registered in drillhole S-03-21.
PAN AMERICAN SILVER CORP .
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La Colorada Skarn - Drill Hole Collar Information
Drill Hole ID East Local North Local Elevation Length (m) Azimuth Avg (0) Dip Avg
S-01-21 5365.7 5404.4 2538.8 1338.7 196 -86
S-03-21 5367.9 5476.9 2556.2 598.1 212 -90
S-66-A-20 5060.5 5509.3 2511.2 863.7 305 -76
D-61-01-21 5278.8 5261.0 2564.1 662.7 142 -87
D-67-01-21 5286.5 5376.4 2555.7 680.0 290 -84
D-65-01-21 5288.6 5435.9 2556.9 535.6 178 -82
U-05-21 4845.2 5316.7 1998.5 846.2 191 -81
S-17-21 5247.3 5221.3 2563.7 1434.0 232 -89
D-61-02-21 5278.8 5261.0 2564.1 394.8 144 -86
S-21-21 5279.5 5327.5 2557.0 1453.0 172 -88
D-67-02-21 5286.5 5376.4 2555.7 258.8 303 -79
D-30-15-21 5460.6 5462.9 2555.9 405.0 291 -76
D-61-03A-21 5278.8 5261.0 2564.1 534.5 259 -74
D-107-04-21 5114.4 5573.5 2536.1 452.8 176 -81
U-22-21 4844.7 5320.2 1995.3 849.1 159 -72
D-65-02-21 5288.6 5435.9 2556.9 448.9 189 -80
D-01-01-21 5365.7 5404.4 2538.8 381.5 145 -75
S-03-A-21 5367.1 5477.5 2556.2 834.3 262 -86
D-17-01-21 5247.3 5221.3 2563.7 514.8 240 -84
D-67-04-21 5286.5 5376.4 2555.7 621.9 296 -79
U-28-A-21 4844.9 5320.5 1995.1 895.2 148 -78
D-107-05-21 5114.4 5573.5 2536.1 449.5 167 -79
D-01-02-21 5365.7 5404.4 2538.8 351.9 163 -82
D-61-04-21 5278.8 5261.0 2564.1 585.8 254 -82
D-67-05-21 5286.5 5376.4 2555.7 452.9 175 -86
D-67-06-21 5286.5 5376.4 2555.7 424.6 172 -81
D-17-02-21 5247.3 5221.3 2563.7 695.0 271 -80
D-66-01-21 5060.5 5509.3 2511.2 1067.4 214 -83
U-36-21 4844.9 5320.5 1995.1 995.7 158 -84
D-107-06-21 5114.4 5573.5 2536.1 580.4 196 -76
D-67-07-21 5286.5 5376.4 2555.7 489.7 154 -77
D-107-07-21 5114.4 5573.5 2536.1 662.3 197 -83
S-62-21 5996.9 5753.7 2554.7 1623.6 270 -89
D-95-03-21 5403.1 5126.1 2549.6 1072.7 100 -80
U-53-21 4845.0 5320.8 1995.5 910.1 147 -81
D-03-01-21 5367.1 5477.5 2556.2 1118.5 306 -80
D-67-08-21 5286.5 5376.4 2555.7 396.7 160 -84
U-67-21 4842.9 5321.4 1995.3 1035.1 255 -83
S-71-21 6004.3 5588.6 2529.3 1697.7 241 -90
PAN AMERICAN SILVER CORP .
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Total length 29,613.0
General Notes with Respect to Technical Information
Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news
release, except from drillhole S-71-21, were prepared and analyzed by SGS in Durango, Mexico using acid
digestion with ICP finish for silver, lead, zinc, and copper. Samples from drillhole S-71-21 provided in this press
release were prepared at Actlabs, in Zacatecas, Mexico, using fire assay with gravimetric finish for gold, and acid
digestion with Atomic absorption finish for silver, lead, zinc, and copper. Pan American implements a quality
assurance and quality control ("QAQC") program including the submission of certified standards, blanks, and
duplicate samples to the laboratories. The results of the QAQC samples submitted to SGS and Actlabs
demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample
preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the
purpose of any future Mineral Resource and Mineral Reserve estimates. Pan American is not aware of any
drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data
reported herein. SGS and Actlabs are independent from Pan American.
Mineral Resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No Mineral Reserves
have yet been estimated for the Skarn deposit.
See the Company's Annual Information Form dated February 17, 2021, available at www.sedar.com for further
information concerning QAQC and data verification matters, the key assumptions, parameters and methods used
by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known
legal, political, environmental, and other risks that could materially affect the Company's business and the
potential development of the Company's Mineral Reserves and Resources.
Technical information contained in this news release with respect to Pan American has been reviewed and
approved by Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin
Wafforn, P .Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified
Person for the purposes of NI 43-101.
Pan American Silver Corp is authorized by The Association of Professional Engineers and Geoscientists of the
Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American Silver
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia.
We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced
exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver
production. We have a 27-year history of operating in Latin America, earning an industry-leading reputation for
sustainability performance, operational excellence and prudent financial management. We are headquartered in
Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
For more information contact:
Siren Fisekci
VP , Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release 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 news release relate to, among other things: the anticipated exploration and other
development programs at the Company’s La Colorada property, together with the investment, nature,
implementation and timing thereof; the timing for, and anticipated results of, any exploration programs,
including the potential for expansion of the Mineral Resource in the future; the ability of the Company to
complete additional Skarn project studies, including the review of alternative mining methods, and the results of
any such studies; the potential generation of minerals and the quality thereof; expectations with respect to
additional engineering work and Skarn infrastructure development benefitting existing operations; the ability of
the Company to advance infrastructure projects, such as the dual ramp, refrigeration plant, ventilation shaft and
access roads, and the timing and impact of the same; whether the Company will prepare a PEA in the future and
the timing for the same.
These forward-looking 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: our Mineral Reserve and Mineral Resource estimates and the
assumptions upon which they are based; prices for silver, gold, and base metals remaining as estimated; currency
exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy
inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and
regulatory approvals for the La Colorada mine are received in a timely manner; our ability to secure and maintain
the surface rights necessary for our operations and projects; 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 news release
and the Company has made assumptions and estimates based on or related to many of these factors. Such
factors include, without limitation: the duration and effects of the COVID-19 virus and any other pandemics on
our operations and workforce, and the effects on global economies and society; fluctuations in silver and gold
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, including environmental, export and import laws and regulations; changes in national and
local government, legislation, taxation, controls or regulations and political, legal or economic developments
in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where the Company
may carry on business, including legal restrictions relating to mining; risks relating to expropriation; risk of
liability relating to our past sale of the Quiruvilca mine in Peru; 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, respectively. 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