Pan American Silver Reports Mineral Reserves and
Pan American Silver Reports Mineral Reserves and
Mineral Resources as at June 30, 2026
Vancouver, B.C. - September 16, 2026 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") is pleased to report its estimated mineral reserves and mineral resources
as at June 30, 2026. Proven and probable ("P&P") mineral reserves are estimated to contain
approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated
("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approximately
1,126.7 million ounces of silver and 7.5 million ounces of gold. Inferred mineral resources are estimated
to total approximately 437.0 million ounces of silver and 7.2 million ounces of gold.
These figures include Pan American’s 44% attributable share of the Juanicipio mineral reserves and
mineral resources following the Company’s acquisition of MAG Silver Corp., which was completed on
September 4, 2025.
“Our substantial silver and gold mineral inventory reflects the strength of our diversified portfolio and
the continued success of our exploration and mine development programs. We achieved meaningful
mineral reserve growth across the operations, replacing over 100% of the silver extracted, while the
inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base,” said
Michael Steinmann, President and CEO. “Exploration success at La Colorada, Jacobina, and Timmins
continues to demonstrate the quality of our asset base and our commitment to extending mine life,
driving innovation, and creating long-term value for shareholders.”
As of August 31, 2026, Pan American completed 351,000 metres of drilling out of a planned total of over
500,000 metres for the calendar year 2026 across its portfolio of mines, focused on near-mine
exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2026(1,2,3,5,7)
Category Tonnes
(millions)
Silver
(g/t)
Contained Ag
(Moz)
Gold
(g/t)
Contained Au
(koz)
Silver Segment(4,5)
Proven Reserves 13.2 288 122.6 0.36 154
Probable Reserves 44.0 252 356.8 0.55 783
Silver Segment Total 57.2 261 479.4 0.51 937
Gold Segment(6)
Proven Reserves 56.4 9 15.5 1.04 1,879
Probable Reserves 90.7 6 16.2 1.20 3,511
Gold Segment Total 147.2 7 31.7 1.14 5,390
Total P&P Reserves 204.4 78 511.1 0.96 6,327
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2026".
(2) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more
information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan
American’s website for a more complete table, including zinc, lead and copper grades and contents.
(4) Silver Segment mineral reserves comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, and Escobal.
(5) Juanicipio mineral reserves are included with an effective date of April 30, 2025.
(6) Gold Segment mineral reserves comprised of Jacobina, Timmins, El Peñon, Minera Florida, and Shahuindo.
(7) Totals may not add up due to rounding.
Vancouver Centre II
2100 - 733 Seymour Street
Vancouver, BC Canada, V6B 0S6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
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Consolidated Measured and Indicated Mineral Resources, as at June 30, 2026(1,2,3,4,6,8)
Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5,6)
Measured Resources 20.8 157 105.0 0.11 70
Indicated Resources 426.3 73 995.2 0.02 297
Silver Segment Total 447.1 77 1,100.2 0.03 367
Gold Segment(7)
Measured Resources 65.7 5 10.1 1.37 2,884
Indicated Resources 84.6 6 16.5 1.56 4,248
Gold Segment Total 150.2 6 26.6 1.48 7,132
Total M&I Resources 597.3 59 1,126.7 0.39 7,499
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal, La
Colorada Skarn, Navidad, and Manantial Espejo.
(6) Juanicipio mineral resources are included with an effective date of April 30, 2025.
(7) Gold Segment mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold River,
Marhill, Whitney, and La Bolsa.
(8) Totals may not add up due to rounding.
Consolidated Inferred Mineral Resources, as at June 30, 2026(1,2,3,4,6,8)
Category Tonnes
(Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment Inferred Resource (5,6) 150.9 85 410.1 0.09 447
Gold Segment Inferred Resources(7) 125.2 7 26.9 1.68 6,773
Total Inferred Resources 276.2 49 437.0 0.81 7,220
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more
information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment inferred mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal,
La Colorada Skarn, Navidad, and Manantial Espejo.
(6) Juanicipio mineral resources are included with an effective date of April 30, 2025.
(7) Gold Segment inferred mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold
River, Whitney, and La Bolsa.
(8) Totals may not add up due to rounding.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2026:
• At La Colorada, 3.5 million ounces of contained silver were added to P&P mineral reserves, net
of depletion from mining, through the discovery of four new veins and associated contact-
related replacement mineralization in the Cristina and San Gerónimo systems, the eastward
extension of the NC2 vein system, and the discovery of the La Chona Breccia.
• At Jacobina, 72% of mine production was replaced through successful exploration and infill
drilling, specifically in the Morro do Vento and Maricota zones, after accounting for the removal
PAN AMERICAN SILVER CORP.
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of larger pillars from mineral reserves following geotechnical recommendations in certain
sectors of the mine.
• At Timmins, the Vogel project added over 192,000 ounces of gold to inferred mineral resources.
An access drift is advancing on the 610 level of the Timmins mine towards the Vogel deposit for
exploration and integration into the mine infrastructure. As described in the Company’s news
release dated June 1, 2026, Pan American is advancing a phased development of new mineral
resources at Timmins to support potential production growth and extension of mine life.
• Huaron added 1.9 million ounces of contained silver to P&P mineral reserves, net of depletion
from production, due to exploration success and improved economics resulting from increased
metal prices exceeding increases in operating costs.
• San Vicente added 1.8 million ounces of contained silver to P&P mineral reserves, net of
depletion from production, due to drilling and development, re-evaluation of legacy areas for
mechanized development, and mining at lower cutoff grades resulting from higher metal prices.
• Cerro Moro added 1.6 million ounces of contained silver and 12 thousand ounces of contained
gold to P&P mineral reserves, net of depletion from production, due to infill drilling and bench
mapping to convert the Naty Condor mineral resources to mineral reserves, and lower cutoff
grades resulting from higher metal prices.
• Minera Florida added 27.5 thousand ounces of contained gold to P&P mineral reserves, net of
depletion from production, due to successful infill drilling on the Maqui and Mila zones and
improved economics with metal price increases exceeding increases in operating costs.
• Contained gold in M&I mineral resources changed from 9,894 thousand ounces to 7,499
thousand ounces, largely due to the divestment of the La Pepa, Pico Machay and Lavra Velha
projects. The aforementioned divestments, combined with the divestment of the Arco Sul
project, resulted in a change in contained gold in inferred mineral resources from 8,560
thousand ounces to 7,220 thousand ounces.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2026(1,4,6)
Silver Segment
La Colorada(2) Mexico Proven 3.6 325 37.3 0.23 26
Probable 7.0 252 56.9 0.24 55
Juanicipio (44%)(3,4) Mexico Proven 1.0 410 13.7 1.30 43
Probable 8.2 169 44.6 1.41 373
Huaron Perú Proven 4.5 138 19.8
Probable 5.5 129 22.8
Cerro Moro Argentina Proven 0.3 199 1.9 5.27 50
Probable 0.8 181 4.7 4.31 112
San Vicente (95%)(3) Bolivia Proven 1.3 243 10.4
Probable 0.4 249 2.8
Escobal Guatemala Proven 2.5 486 39.5 0.42 34
Probable 22.1 316 225.0 0.34 244
Total Silver Segment 57.2 261 479.4 0.51 937
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
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Gold Segment
Jacobina Brazil Proven 14.1 1.71 778
Probable 41.0 1.74 2,295
Timmins Canada Proven 3.7 2.80 334
Probable 4.5 2.76 399
El Peñon Chile Proven 1.0 169 5.5 4.28 140
Probable 2.9 106 9.7 3.24 298
Minera Florida Chile Proven 0.6 21 0.4 2.94 55
Probable 2.5 21 1.7 3.00 243
Shahuindo(5) Perú Proven 37.0 8 9.5 0.48 572
Probable 39.9 4 4.9 0.22 277
Total Gold Segment 147.2 7 31.7 1.14 5,390
Total P&P Reserves 204.4 78 511.1 0.96 6,327
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2026".
(2) La Colorada P&P mineral reserves include 2.03 million tonnes ("Mt") at an average grade of 404 g/t Ag and 0.22 g/t Au
containing 26.3 million ounces of silver and 14.1 thousand ounces of gold that are subject to a net profit share agreement with
a third party.
(3) Represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating
entity as indicated.
(4) Juanicipio mineral reserves are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates
were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as
required under NI 43-101.
(5) Shahuindo P&P mineral reserves include 8.6 Mt of blending material at zero grade.
(6) Totals may not add up due to rounding.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2026(1,2,5,6)
Silver Segment
La Colorada(3) Mexico Measured 0.3 276 2.9 0.13 1
Indicated 0.7 209 4.6 0.16 3
Juanicipio (44%)(4,5) Mexico Measured 0.4 566 6.4 1.48 17
Indicated 0.7 190 4.6 1.36 33
Huaron Perú Measured 1.4 92 4.1
Indicated 3.6 90 10.4
Cerro Moro Argentina Measured 0.1 174 0.4 4.77 11
Indicated 0.6 212 4.2 3.81 76
San Vicente (95%)(4) Bolivia Measured 0.6 161 3.1
Indicated 0.3 170 1.7
Escobal Guatemala Measured 2.3 251 18.6 0.23 17
Indicated 14.2 201 91.6 0.20 93
La Colorada Skarn Mexico Indicated 265.4 36 308.7
Navidad Argentina Measured 15.4 137 67.8
Indicated 139.8 126 564.5
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
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Manantial Espejo Argentina Measured 0.3 164 1.7 2.40 25
Indicated 1.0 149 4.9 2.79 92
Total Silver Segment 447.1 77 1,100.2 0.03 367
Gold Segment
Jacobina Brazil Measured 41.2 1.65 2,189
Indicated 54.1 1.58 2,745
Timmins Canada Measured 2.2 2.29 161
Indicated 3.4 2.32 251
El Peñon Chile Measured 1.0 136 4.4 3.97 127
Indicated 3.7 94 11.2 2.91 348
Minera Florida Chile Measured 0.6 13 0.3 2.61 52
Indicated 3.1 14 1.4 2.54 254
Shahuindo Perú Measured 9.8 6 1.9 0.35 111
Indicated 6.3 6 1.2 0.37 74
Vogel Canada Indicated 0.7 3.35 74
Gold River Canada Indicated 0.7 5.29 117
Marhill Canada Indicated 0.4 4.52 57
Whitney (84.26%)(4) Canada Indicated 1.6 2.83 142
La Bolsa Mexico Measured 10.8 10 3.5 0.70 243
Indicated 10.6 8 2.7 0.54 184
Total Gold Segment 150.2 6 26.6 1.48 7,132
Total M&I Resources 597.3 59 1,126.7 0.39 7,499
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) La Colorada M&I mineral resources include 0.06 Mt at an average grade of 248 g/t Ag, and 0.06 g/t Au containing 0.5 million
ounces of silver and 0.1 thousand ounces of gold that are subject to a net profit share agreement with a third party.
(4) Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating
entity as indicated.
(5) Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates
were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as
required under NI 43-101.
(6) Totals may not add up due to rounding.
Pan American Inferred Mineral Resources as at June 30, 2026(1,2,5,6)
Silver Segment
La Colorada(3) Mexico Inferred 24.0 187 144.3 0.20 152
Juanicipio (44%)(4,5) Mexico Inferred 4.8 167 25.7 0.60 92
Huaron Perú Inferred 9.2 116 34.4
Cerro Moro Argentina Inferred 0.8 139 3.5 4.95 124
San Vicente (95%)(4) Bolivia Inferred 2.1 172 11.7
Escobal Guatemala Inferred 1.9 180 10.7 0.90 54
La Colorada Skarn Mexico Inferred 61.7 30 58.6
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
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Navidad Argentina Inferred 45.9 81 119.4
Manantial Espejo Argentina Inferred 0.5 106 1.8 1.49 25
Total Silver Segment 150.9 85 410.1 0.09 447
Gold Segment
Jacobina Brazil Inferred 56.2 1.65 2,988
Timmins Canada Inferred 7.0 2.66 596
El Peñon Chile Inferred 17.5 36 20.3 1.05 592
Minera Florida Chile Inferred 6.4 13 2.6 2.73 560
Shahuindo Perú Inferred 10.8 2 0.7 0.12 41
Vogel Canada Inferred 2.8 3.73 338
Gold River Canada Inferred 5.3 6.06 1,028
Whitney (84.26%)(4) Canada Inferred 5.6 2.24 406
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 225
Total Gold Segment 125.2 7 26.9 1.68 6,773
Total Inferred Resources 276.2 49 437.0 0.81 7,220
Property Location Category Tonnes
(Mt)
Ag
(g/t)
Contained
Ag
(Moz)
Au
(g/t)
Contained
Au
(Koz)
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) La Colorada Inferred mineral resources include 2.14 Mt at an average grade of 267 g/t Ag and 0.15 g/t Au containing 18.3
million ounces of silver and 10.3 thousand ounces of gold that are subject to a net profit share agreement with a third party.
(4) Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating
entity as indicated.
(5) Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates
were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as
required under NI 43-101.
(6) Totals may not add up due to rounding.
Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026
La Colorada Reserves 26 2,250 -- 2,000 2,800
Resources 29 2,450 -- 2,100 3,000
Juanicipio Reserves 26.50 2,100 -- 2,072 2,645
Resources 30 2,300 -- 2,006 2,755
Huaron Reserves 26 -- 9,000 2,000 2,800
Resources 29 -- 10,000 2,100 3,000
Cerro Moro Reserves 40 3,500 -- -- --
Resources 43 3,700 -- -- --
San Vicente Reserves 26 -- 9,000 2,000 2,800
Resources 29 -- 10,000 2,100 3,000
Escobal All Cat. 20 1,300 -- 2,204 2,424
La Colorada
Skarn Resources 22 -- -- 2,200 2,800
Navidad Resources 12.52 -- -- 1,100
Manantial
Espejo
Reserves 19 1,500 -- -- --
Resources 22 1,700 -- -- --
Mine Category Ag US$/Oz Au US$/Oz Cu US$/t Pb US$/t Zn US$/t
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Jacobina Reserves -- 2,250 -- -- --
Resources -- 2,450 -- -- --
Timmins Reserves -- 2,250 -- -- --
Resources -- 2,450 -- -- --
El Peñon Reserves 30 2,600 -- -- --
Resources 33 2,800 -- -- --
Minera Florida Reserves 30 2,600 -- -- 2,800
Resources 33 2,800 -- -- 3,000
Shahuindo Reserves 26 2,250 -- -- --
Resources 29 2,450 -- -- --
Vogel Resources -- 2,450 -- -- --
Gold River Resources -- 1,200 -- -- --
Marhill Resources -- 1,125 -- -- --
Whitney Resources -- 2,400 -- -- --
La Bolsa Resources 14 825 -- -- --
Mine Category Ag US$/Oz Au US$/Oz Cu US$/t Pb US$/t Zn US$/t
General Notes with Respect to Technical Information
With the exception of Juanicipio, all other mineral reserves and mineral resources have been estimated in
accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as amended (the "CIM Standards") and reported in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”).
Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition
Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. The Mineral Resources were
initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned
under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM
Definition Standards). As the confidence categories are the same, no modifications to the confidence categories
were required. The Juanicipio mineral reserves were estimated by Fresnillo. Paul Salmenmaki, P.Eng. (EGBC
#40227), a Competent Person, reviewed and audited the mineral reserves. Juanicipio mineral resources were
estimated by Fresnillo. Justin Glanvill (SACNASP), Principal Geologist of AMC Mining Consultants reviewed and
audited the mineral resources.
In all cases mineral resources are reported exclusives of mineral reserves.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by
metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant
issues.
The Company has undertaken a verification process with respect to the data disclosed in this news release. The
mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and
underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the
assay data used in the resource evaluation provided by each of the mines has been subjected to the industry
standard quality assurance and quality control ("QA/QC") program including the submission of certified standards,
blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC
samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified
Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the
samples are sufficient and reliable for the purpose of these 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.
Quantities and grades of contained metal are shown before metallurgical recoveries.
PAN AMERICAN SILVER CORP.
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Technical information contained in this news release with respect to Pan American has been reviewed and
approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, and Christopher
Wright P.Geo. Vice President of Mineral Resources and Mining Technical Services who are each Qualified Persons
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
Pan American Silver is a leading producer of silver and gold in the Americas, with more than 30 years of operating
experience across the region. We own and operate mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and
Argentina, hold a 44% interest in the Juanicipio silver mine in Mexico, and own a 100% interest in the Escobal mine
in Guatemala that is currently not operating. We also hold interests in several exploration and development
projects. We have earned an industry-leading reputation for sustainability performance, operational excellence
and prudent financial management. The Company is headquartered in Vancouver, B.C. and our shares trade on the
New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
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: estimates of mineral reserves and mineral resources and the
assumptions, parameters and methods underlying those estimates; anticipated mine lives and potential extensions
thereof; the scope, timing and anticipated results of exploration, infill drilling, development and other work
programs, including the Company’s planned 2026 drilling program and near-mine exploration activities;
expectations regarding mineral reserve replacement and additions to or conversion of mineral resources; the
potential for additional mineral resources, production growth and mine-life extension at Timmins; advancement of
the access drift toward the Vogel deposit and the potential integration of Vogel with existing mine infrastructure;
and expectations regarding the effect of metallurgical, environmental, permitting, legal, title, taxation, socio-
economic, political, marketing and other relevant factors on the estimates and the Company's mineral projects.
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: the accuracy of our mineral reserve and mineral resource estimates and
the assumptions upon which they are based; ore grades and recoveries are as anticipated; 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 our operations are received
in a timely manner; 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
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