Pan American Silver Early Warning News Release Regarding Investment in New Oroperu Resources Inc.

Pan American Silver Early Warning News Release Regarding Investment in New Oroperu

Resources Inc.

Vancouver, B.C. - July 13, 2020 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan

American”) has acquired ownership and control of an additional 450,000 common shares of New

Oroperu Resources Inc. (TSXV: ORO) (“New Oroperu”) through the exercise of 450,000 previously

acquired Common Share purchase warrants (the “Warrants”) with an exercise price of CAD$0.20 per

common share of New Oroperu (“Common Shares”) on July 13, 2020, for gross proceeds to New

Oroperu of CAD$90,000 (the “Warrant Exercise”).

Immediately following the completion of the Warrant Exercise, Pan American owns directly or

indirectly, or exercises control or direction over 4,850,000 Common Shares, representing

approximately 18.61% of the total issued and outstanding Common Shares on a non-diluted basis, and

approximately 14.33% of the total issued and outstanding Common Shares on a fully-diluted basis.

Prior to the Warrant Exercise, Pan American held directly or indirectly, or exercised control or

direction over 4,400,000 Common Shares and 450,000 Warrants, representing approximately 17.18%

of the total number of issued and outstanding Common Shares on a non-diluted basis.

Pan American’s acquisition pursuant to the exercise of the Warrants was made for investment

purposes. Pan American may from time to time and at any time acquire additional securities or

instruments of New Oroperu in the open market or otherwise, and reserves the right to dispose of any

or all of such securities in the open market or otherwise at any time and from time to time, and to

engage in similar transactions with respect to such securities, the whole depending on market

conditions, the business and prospects of New Oroperu and other relevant factors.

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. As the world's

second largest primary silver producer with the largest silver reserve base globally, we provide

enhanced exposure to silver in addition to a diversified portfolio of gold producing assets. Pan

American has a 25-year history of operating in Latin America, earning an industry-leading reputation

for corporate social responsibility, 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 and to obtain a copy of the related Early Warning Report, please contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: [email protected]

Suite 1500 - 625 Howe St.

Vancouver, BC Canada, V6C 2T6

604-684-1175

www.panamericansilver.com

PAN AMERICAN SILVER CORP.

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