Pan American Silver reports cash flow from operations of $62.8 million in Q2 2020 and updates 2020 guidance
Pan American Silver reports cash flow from operations of $62.8 million in Q2 2020 and updates 2020 guidance
Vancouver, B.C. - August 5, 2020 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") today reported unaudited results for the second quarter ended June 30, 2020 ("Q2 2020"). Pan
American's unaudited condensed interim consolidated financial statements and notes ("financial statements"), as
well as Pan American’s management's discussion and analysis ("MD&A") for the three and six months ended
June 30, 2020, are available on Pan American’s website at panamericansilver.com and on SEDAR
at www.sedar.com.
“The global COVID-19 pandemic had a significant impact on Q2 results, with all our Latin American operations
placed in care and maintenance mode for periods of time during the quarter. Except for our two polymetallic
underground mines in Peru, all operations are now back in production under comprehensive health and safety
protocols," said Michael Steinmann, President and Chief Executive Officer. "Our ability to successfully navigate the
extraordinary challenges over the first half of this year demonstrates the resilience of our business and the
capability and efforts of our team. With the updated guidance for 2020 that we provided today and rising precious
metal prices, we are looking forward to strong cash flow generation over the remainder of 2020."
Added Mr. Steinmann: "Despite the challenges, we further improved our financial position during Q2. We had the
opportunity to crystallize value through the divestiture of some non-core assets, including portions of certain
equity investment interests held within our diversified portfolio. As of June 30, 2020, our cash and short term
investment balances increased to approximately $262 million, while the amount drawn on our Credit Facility was
reduced to $200 million. In August, we repaid an additional $40 million on our Credit Facility."
Q2 2020 Highlights:
• Revenue was $249.5 million. Strong precious metal prices, with gold and silver averaging $1,708 per ounce
and $16.58 per ounce, respectively, helped offset the impact of the COVID-19 related suspensions at our
Latin American operations.
• Consolidated silver production of 2.8 million ounces and gold production of 96.6 thousand ounces
primarily reflect the COVID-19 related suspensions.
• Net cash generated from operations was $62.8 million, which included $46.5 million of COVID-19 related
mine care and maintenance costs. Working capital changes resulted in a $31.3 million source of cash,
mainly driven by the draw-down in inventories from continued leaching at the Company's three heap
leach operations during the COVID-19 related suspensions.
• Net income of $19.4 million ($0.10 basic income per share) reflects mine operating earnings of $48.4
million, with the impact of COVID-19 related suspensions reducing both revenue and cost of sales. Net
income includes $47.5 million of investment income, primarily relating to gains on the sale and fair value
measurements of certain equity investments owned by Pan American, offset by $52.2 million of mine care
and maintenance costs, the vast majority incurred from the COVID-19 related suspensions.
• Adjusted earnings of $58.4 million ($0.28 basic adjusted earnings per share) excludes $46.5 million of
COVID-19 related mine care and maintenance costs.
• Silver Segment Cash Costs and All-in Sustaining Costs ("AISC") were $6.23 and $12.54 per silver ounce sold,
respectively. Due to the continuation of leaching activities, Dolores made up a significant portion of
production in the quarter and materially benefited Silver segment Cash Costs. Silver Segment AISC reflects
investment in critical projects and cost-increasing net realizable value ("NRV") inventory adjustments at
Dolores, offset by cost-reducing NRV adjustments at Manantial Espejo.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 1
• Gold Segment Cash Costs and AISC were $905 and $1,015 per gold ounce sold, respectively. Gold Segment
Cash Costs were negatively impacted by mine sequencing at the La Arena operation, resulting in less ore
tonnes at lower grades, and mining lower grade extensions to reserves at Timmins.
• Consolidated AISC, including gold by-product credits from the Gold Segment mines, were $(3.14) per silver
ounce sold.
• Based on drilling completed over the six month period ended June 30, 2020, Pan American updated its
inferred mineral resource estimate for the La Colorada skarn deposit in Mexico to 100.4 million tonnes,
containing an estimated 141.0 million ounces of silver with 4.3 million tonnes of zinc, 1.8 million tonnes of
lead and 0.2 million tonnes of copper; see our news release dated August 4, 2020 for further details.
• Through 200,000 metres of drilling from July 2019 to June 2020, we were able to add 22.1 million ounces
of silver and 719 thousand ounces of gold to our proven and probable mineral reserves, replacing 76% of
silver and 107% of the gold mined for the 12-month period ended June 30, 2020; see our news release
dated August 5, 2020 for further details.
• Pan American realized cash proceeds totaling $81.1 million from the divestment of investment interests
and non-core assets, primarily related to: the sale of 10.35 million common shares of Maverix Metals Inc.
and a subsequent exercise of 8.25 million common share purchase warrants, resulting in a current
undiluted interest of approximately 19.9%; the sale of 10.0 million shares in New Pacific Metals Corp.,
resulting in a current undiluted interest of approximately 9.96%; and, the sale of the Juby and Knight
exploration properties in Ontario, Canada.
• Pan American repaid $140.0 million on its four-year, $500.0 million Credit Facility, reducing the amount
drawn as at June 30, 2020, to $200.0 million. The $140.0 million repayment is comprised of $80.0 million
that was drawn in April 2020 as a precautionary measure in response to COVID-19 and subsequently
repaid, and a further repayment of $60.0 million. At June 30, 2020, the Company had cash and short-term
investment balances of $261.6 million and working capital of $471.6 million. Total debt was $236.9 million
(including $36.9 million of lease liabilities). In August, the Company made an additional repayment on the
Credit Facility of $40.0 million.
• The Board of Directors has approved a cash dividend of $0.05 per common share, or approximately $10.5
million in aggregate cash dividends, payable on or about August 27, 2020, to holders of record of Pan
American’s common shares as of the close on August 17, 2020. Pan American's dividends are designated
as eligible dividends for the purposes of the Income Tax Act (Canada). As is standard practice, the amounts
and specific distribution dates of any future dividends will be evaluated and determined by the Board of
Directors on an ongoing basis.
• Pan American released its 2019 Sustainability Report in May 2020 and became a signatory of the United
Nations Global Compact in July 2020.
Cash Costs, AISC, adjusted earnings, basic adjusted earnings per share, sustaining capital, project capital, working
capital, total debt and total available liquidity are not generally accepted accounting principle ("non-GAAP")
financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news
release for further information on these measures.
COVID-19 Impact on Operations
During Q2 2020, Pan American placed its operations in Mexico, Peru, Argentina and Bolivia in care and
maintenance for various durations, depending on the government restrictions imposed in those regions in
response to COVID-19. Company-wide, Pan American restricted international travel and enabled work-from-home
arrangements where practical. The Company's Timmins operation in Canada continued to produce gold at
modestly reduced capacity to comply with physical distancing restrictions. Limited production also continued at
the Dolores, La Arena and Shahuindo open pit operations during their suspensions from circulation of process
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 2
solutions on the heap leach pads. The Company incurred $46.5 million in care and maintenance costs in Q2 2020
for the COVID-19 related suspensions.
By the end of Q2 2020, all of Pan American's suspended operations had resumed production; however, its Huaron
and Morococha operations in Peru were returned to care and maintenance on July 20, 2020 after several workers
at the mines tested positive for the COVID-19 virus. A reduced workforce will conduct care and maintenance
activities at those mines until it is determined that normal operations can safely resume.
Pan American coordinated closely with government authorities, local communities and its workforce on the safe
restart of operations and the implementation of comprehensive COVID-19 protocols to protect health and safety.
These protocols include strict sanitary measures, return-to-work health screenings, and where applicable, testing
for the COVID-19 virus, contact tracing and quarantining. For more information on these protocols, see
panamericansilver.com. Pan American has been remobilizing the workforce gradually in order to provide greater
physical distancing and to allow time to adopt as well as progressively assess and refine the pandemic related
operating protocols. Overall, operations are producing modesty below design capacity to accommodate physical
distancing restrictions.
Pan American sustained site care, maintenance and monitoring activities and continued the ventilation upgrade
projects at La Colorada during the operating suspensions in Q2 2020. Development work on the underground mine
at COSE was suspended on March 23, 2020 and resumed on May 4, 2020, and the Company expects to commence
processing ore mined from COSE in the third quarter of 2020. The Company achieved 90% completion of the
Timmins expansion project in Q2 2020; however, production capacity is expected to continue to be reduced by
COVID-19 related restrictions.
We remain concerned about the humanitarian crisis that the COVID-19 pandemic has caused throughout much of
Latin America. We are adapting our community outreach programs to best support the communities near our
mines during this very difficult time. Our support is currently focused on donating food and sanitation supplies,
conducting hygiene and sanitation campaigns, and working with local authorities to assist in delivering education
and donations of healthcare equipment and supplies.
We also recognize the additional stress and challenges the COVID-19 pandemic present to our employees. We are
introducing programs to support employee mental health and stress management at our operations. In addition,
we are communicating with our employees, including those who have been demobilized or working from remote
locations, to check on their physical and emotional health.
Second Quarter 2020 Unaudited Results Conference Call and Webcast
Date: August 6, 2020
Time: 11:00 am ET (8:00 am PT)
Dial-in numbers: 1-800-319-4610 (toll-free in Canada and the U.S.)
+1-604-638-5340 (international participants)
Webcast: panamericansilver.com
Callers should dial in 5 to 10 minutes prior to the scheduled start time. The live webcast and presentation slides
will be available on the Company's website at panamericansilver.com. An archive of the webcast will also be
available for three months.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 3
CONSOLIDATED RESULTS
Three months
ended
Twelve months
ended
June 30,
2020
December 31,
2019
Weighted average shares during period (millions) 210.0 201.4
Shares outstanding end of period (millions) 210.1 209.8
Three months ended
June 30,
2020 2019
FINANCIAL
Revenue $ 249,509 $ 340,494
Mine operating earnings $ 48,386 $ 51,058
Net earnings $ 19,412 $ 18,499
Basic earnings per share(1) $ 0.10 $ 0.09
Adjusted earnings(2) $ 58,424 $ 13,378
Basic adjusted earnings per share(1) $ 0.28 $ 0.06
Net cash generated from operating activities $ 62,750 $ 83,518
Net cash generated from operating activities before
changes in working capital(2) $ 31,479 $ 63,378
Sustaining capital expenditures(2) $ 23,479 $ 55,911
Project capital expenditures(2) $ 9,836 $ 13,688
Cash dividend per share $ 0.050 $ 0.035
PRODUCTION
Silver (thousand ounces) 2,791 6,474
Gold (thousand ounces) 96.6 154.6
Zinc (thousand tonnes) 4.3 17.4
Lead (thousand tonnes) 1.7 6.8
Copper (thousand tonnes) 0.3 2.1
CASH COSTS(2) ($/ounce)
Silver Segment 6.23 6.67
Gold Segment 905 696
AISC(2) ($/ounce)
Silver Segment 12.54 10.67
Gold Segment 1,015 977
Consolidated Silver Basis (3.14) 6.06
AVERAGE REALIZED PRICES(3)
Silver ($/ounce) 16.58 14.90
Gold ($/ounce) 1,708 1,312
Zinc ($/tonne) 1,791 2,783
Lead ($/tonne) 1,643 1,875
Copper ($/tonne) 5,217 6,100
(1) Per share amounts are based on basic weighted average common shares.
(2) Non- GAAP measures: adjusted earnings, basic adjusted earnings per share, and net cash generated from operating activities before changes in working
capital are non-GAAP financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further
information on these measures.
(3) Metal prices stated are inclusive of final settlement adjustments on concentrate sales.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 4
INDIVIDUAL MINE OPERATING PERFORMANCE
Silver Production
(ounces ‘000s)
Gold Production
(ounces ‘000s)
Three months ended
June 30,
Three months ended
June 30,
2020 2019 2020 2019
Silver Segment:
La Colorada 801 2,045 0.6 1.1
Dolores 915 1,226 17.7 28.5
Huaron 211 948 0.1 0.2
Morococha(1) 47 615 — 0.3
San Vicente(2) 265 940 — 0.1
Manantial Espejo 503 652 3.5 5.4
Gold Segment:
Shahuindo 40 35 26.8 46.8
La Arena 5 6 13.7 28.4
Timmins 4 5 34.2 43.8
Total(3) 2,791 6,474 96.6 154.6
(1) Morococha data represents Pan American 92.3% interest in the mine's production.
(2) San Vicente data represents Pan American 95.0% interest in the mine's production.
(3) Totals may not add due to rounding.
Cash Costs(1)
($ per ounce)
AISC(1)
($ per ounce)
Three months ended
June 30,
Three months ended
June 30,
2020 2019 2020 2019
La Colorada 7.13 2.82 12.56 5.07
Dolores 2.23 6.87 12.95 22.30
Huaron 3.93 1.64 6.61 4.45
Morococha 12.90 3.69 17.42 10.47
San Vicente 2.61 10.18 4.52 10.60
Manantial Espejo 16.24 18.35 16.54 14.01
Silver Segment Consolidated(2) 6.23 6.67 12.54 10.67
Shahuindo 632 546 747 719
La Arena 1,082 652 1,259 1,441
Timmins(3) 1,092 875 1,171 937
Gold Segment Consolidated(2)(3) 905 696 1,015 977
Consolidated metrics per silver ounce sold(3)(4):
All Operations (3.14) 6.06
Consolidated AISC before NRV inventory adjustments (3.62) 6.40
(1) Cash Costs and AISC are non-GAAP measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the three
months ended June 30, 2020 for a detailed description of these measures and where appropriate a reconciliation of the measure to the Q2 2020
financial statements.
(2) Silver segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver and are calculated per ounce of
silver sold. Gold segment Cash Costs and AISC are calculated net of credits for realized silver revenues and are calculated per ounce of gold sold.
Consolidated AISC is based on total silver ounces sold and are net of by-product credits from all metals other than silver.
(3) 2019 Timmins, Gold Segment, and Consolidated AISC were adjusted to reflect amounts recast, and presented, for the three months ended June 30,
2019 as if Timmins had not been classified as held for sale.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 5
(4) Consolidated silver basis total is calculated per silver ounce sold with total gold revenues included within by-product credits. G&A costs are included in
the consolidated AISC, but not allocated in calculating AISC for each operation.
2020 GUIDANCE
On May 6, 2020, the Company withdrew its 2020 annual production, Cash Costs, AISC and capital expenditure
forecasts, as provided in the 2019 annual MD&A dated March 12, 2020 (the "Original 2020 Guidance"). The
decision to withdraw the Original 2020 Guidance was based on the uncertainties regarding the impact of the
COVID-19 pandemic on our operations.
The Company has revised its annual production, Cash Costs, AISC and capital expenditure forecasts for 2020 (the
"Revised 2020 Guidance"), which is provided below. The estimates comprising the Revised 2020 Guidance are
forward-looking statements and information that are subject to the cautionary note associated with forward-
looking statements and information at the end of this news release.
Annual production, Cash Costs and AISC Guidance
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs
($ per ounce)
AISC
($ per ounce)(1)
Silver Segment:
La Colorada 6.40 - 7.20 4.0 6.20 - 7.00 9.50 - 10.50
Dolores 4.00 - 4.80 99.0 - 104.0 (5.60) - (3.90) 3.90 - 7.40
Huaron 2.00 - 2.20 1.0 8.20 - 9.10 11.80 - 12.80
Morococha (92.3%)(2) 1.20 - 1.40 1.0 11.00 - 12.30 16.80 - 18.40
San Vicente (95.0%)(3) 2.20 - 2.60 — 14.30 - 16.20 16.10 - 18.20
Manantial Espejo, COSE, and Joaquin 3.00 - 3.50 24.0 - 27.0 13.80 - 15.90 15.30 - 17.70
Total (4,5) 18.80 - 21.70 130.0 - 138.0 6.20 - 7.70 10.50 - 12.50
Gold Segment:
Shahuindo 0.20 - 0.30 147.0 - 164.0 590 - 660 860 - 960
La Arena — 103.0 - 114.0 760 - 860 1,140 - 1,260
Timmins — 145.0 - 159.0 1,030 - 1,060 1,175 - 1,240
Total (4,5) 0.20 - 0.30 395.0 - 437.0 800 - 860 1,050 - 1,125
Total Production (5) 19.00 - 22.00 525.0 - 575.0
Consolidated Silver Basis (4) n/a (6) (3.00) - 0.75
(1) Cash Costs and AISC are non-GAAP measures. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the three
months ended June 30, 2020 for further information on these measures. The Cash Costs and AISC forecasts assume realized prices and exchange rates
for the six month period ended June 30, 2020 and the following price and exchange rate assumptions for the period July 1, 2020 to December 31, 2020:
metal prices of $18.25/oz for silver, $1,850/oz for gold, $2,050/tonne ($0.93/lb) for zinc, $1,775/tonne ($0.81/lb) for lead, and $6,150/tonne ($2.79/lb)
for copper; and for the period July 1, 2020 to December 31, 2020, average exchange rates relative to 1 USD of 22.50 for the Mexican peso ("MXN"), 3.50
for the Peruvian sol ("PEN"), 77.53 for the Argentine peso ("ARS"), 6.91 for the Bolivian boliviano ("BOB"), and $1.35 for the Canadian dollar ("CAD").
(2) Morococha data represents Pan American’s 92.3% interest in the mine's production.
(3) San Vicente data represents Pan American’s 95.0% interest in the mine's production.
(4) As shown in the detailed quantification of consolidated AISC, included in the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for
the three months ended June 30, 2020, corporate general and administrative costs, and exploration and project development expenses are included in
Consolidated Silver Basis AISC, but are not allocated in calculating AISC for the Silver and Gold Segments.
(5) Totals may not add due to rounding.
(6) Pan American does not provide guidance for Cash Costs on a Consolidated Silver Basis, as AISC guidance better reflects costs on a Consolidated Silver
Basis.
Consolidated Base Metal Production
(tonnes '000s)
Zinc 40.0 - 43.0
Lead 17.0 - 18.0
Copper 4.3 - 4.9
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 6
Capital Expenditure Guidance
2020 Capital
Investment
($ millions)
La Colorada 19.0 - 19.5
Dolores 42.0 - 42.5
Huaron 5.5 - 6.0
Morococha 5.5 - 6.0
San Vicente 3.5 - 4.0
Manantial Espejo, COSE, and Joaquin 3.0
Shahuindo 44.5 - 45.5
La Arena 40.0 - 41.0
Timmins 23.0 - 24.0
Sustaining Capital Total 185.0 - 189.0
La Colorada skarn project 13.5 - 14.0
Timmins expansion 4.0 - 4.5
Other 7.5
Project Capital 25.0 - 26.0
Total Capital 210.0 - 215.0
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 26-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 contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
Technical Information
Scientific and technical information contained in this news release have been reviewed and approved by Martin
Wafforn, P.Eng., Senior Vice President Technical Services and Processing Optimization, and Christopher Emerson,
FAusIMM, Vice President Business Development and Geology, each of whom are Qualified Persons, as the term is
defined in Canadian National Instrument 43-101 - Standards of Disclosure of Mineral Projects.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 7
For additional information about Pan American's material mineral properties, please refer to Pan American’s
Annual Information Form dated March 12, 2020, filed at www.sedar.com, or Pan American's most recent
Form 40-F furnished to the SEC.
Alternative Performance (Non-GAAP) Measures
In this news release, we refer to measures that are not generally accepted accounting principle ("non-GAAP")
financial measures. 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. These non-GAAP financial measures include:
• Cash Costs. 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. Investors are cautioned that Cash Costs should not be construed as an alternative
to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as
an indicator of performance.
• Adjusted earnings and basic adjusted earnings per share. The Company believes that these measures
better reflect normalized earnings as they eliminate items that in management's judgment are subject to
volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that
will settle in future periods.
• All-in Sustaining Costs per silver or gold ounce sold, net of by-product credits ("AISC"). The Company has
adopted AISC as a measure of its consolidated operating performance and its ability to generate cash from
all operations collectively, and the Company believes it is a more comprehensive measure of the cost of
operating our consolidated business than traditional cash costs per payable 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 the Company's consolidated
earnings and cash flow.
• Total debt is calculated as the total current and non-current portions of: long-term debt, finance lease
liabilities and loans payable. Total debt does not have any standardized meaning prescribed by GAAP and
is therefore unlikely to be comparable to similar measures presented by other companies. The Company
and certain investors use this information to evaluate the financial debt leverage of the Company.
• Working capital is calculated as current assets less current liabilities. Working capital does not have any
standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures
presented by other companies. The Company and certain investors use this information to evaluate
whether the Company is able to meet its current obligations using its current assets.
• Total available liquidity is calculated as the sum of Cash and cash equivalents, Short-term Investments, and
the amount available on the Credit Facility. Total available liquidity does not have any standardized
meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by
other companies. The Company and certain investors use this information to evaluate the liquid assets
available to the Company.
Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Company’s
Management's Discussion and Analysis for the period ended December 31, 2019, for a more detailed discussion of
these and other non-GAAP measures and their calculation.
Q2 2020 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts
are in thousands of U.S. dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 8