Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2022
Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2022
Vancouver, B.C. - Aug. 10, 2022 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan
American”, or the “Company”) today reported its estimated mineral reserves and mineral resources as
at June 30, 2022. Proven and probable mineral reserves are estimated to contain approximately 514.9
million ounces of silver and 3.6 million ounces of gold. Measured and indicated mineral resources
(excluding proven and probable reserves) are estimated to total approximately 838.6 million ounces of
silver and 8.1 million ounces of gold. In addition, inferred mineral resources total 507.7 million ounces
of silver and 5.7 million ounces of gold.
“We successfully replaced 11 million ounces of silver mineral reserves and 96.1 thousand ounces of
gold mineral reserves at our producing mines over the past 12 months. Most of our exploration drilling
was focused on near-mine exploration at La Colorada, Huaron and Timmins and produced positive
results. Most notably, 7.3 million ounces of silver mineral reserves were added at La Colorada, more
than replacing the 6.7 million ounces mined," said Christopher Emerson, Pan American’s Vice
President of Business Development and Geology. "Gold and silver mineral reserves were impacted by
the reclassification of mineral reserves to mineral resources at the Dolores underground mine and
considering the localized overestimation of the contained ounces within Phase 9B, which offset
reserve gains at La Arena, Shahuindo and Timmins."
Mr. Emerson added: "We continue to add mineral resources at our silver operations, with an increase
of 20.7 million silver ounces in measured and indicated mineral resources and an increase of 47.3
million silver ounces in inferred mineral resources over the past year, largely attributed to gains at
Huaron and La Colorada."
This news release does not provide an update to the mineral resource estimate for the La Colorada
Skarn. Pan American plans to provide that update in the third quarter of 2022.
Summary of Pan American's total mineral reserves and resources, as at June 30, 2022(1,2,3)
Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (Moz)
Proven Reserves 115.7 60 174.5 0.61 2.0
Probable Reserves 112.3 124 340.4 0.48 1.6
Proven and Probable Reserves 228.0 91 514.9 0.54 3.6
Measured Resources 203.4 89 128.0 0.39 2.3
Indicated Resources 751.8 118 710.6 0.30 5.8
Measured and Indicated Resources 955.2 113 838.6 0.32 8.1
Inferred Resources 404.0 51 507.7 0.73 5.7
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2022".
(2) Please refer to the complete mineral reserve and resource table at the end of this news release for more information.
(3) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that
produce the element.
Summary of Pan American's total mineral reserves and resources, as at June 30, 2021(1,2)
Proven Reserves 122.0 60 180.4 0.63 2.3
Probable Reserves 121.2 117 348.9 0.54 1.9
Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (Moz)
Suite 1500 - 625 Howe St.
Vancouver, BC Canada, V6C 2T6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
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Proven and Probable Reserves 243.2 89 529.3 0.58 4.2
Measured Resources 219.5 68 121.0 0.36 2.3
Indicated Resources 771.0 111 696.9 0.31 6.0
Measured and Indicated Resources 990.5 101 817.9 0.31 8.3
Inferred Resources 417.3 47 460.4 0.70 5.8
Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (Moz)
(1) See the news release dated August 10, 2021 for the metal price assumptions used to estimate mineral reserves and
mineral resources as of June 30, 2021, and for the complete mineral reserve and resource tables.
(2) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that
produce the element.
Reserve and resource highlights for the 12 months ended June 30, 2022:
• At La Colorada, we added 7.3 million ounces of silver mineral reserves, replacing 108% of
mined production. In addition, 42.8 million ounces of silver were added to inferred mineral
resources, with infill drilling recovering to pre-COVID-19 levels.
• At Huaron, we added 7.0 million ounces of silver mineral reserves, replacing 165% of mined
production. Net mineral reserves have increased for a second consecutive year, and
exploration drilling has successfully expanded the southeastern portion of the deposit.
• At La Arena, we added 55.8 thousand ounces of gold mineral reserves, replacing 46% of mined
production and extending mine life by an additional six months. Exploration drilling has
increased mineral reserves for the past three years, and drilling on the northwest portion of
the open pit has identified mineralization extending at shallow depths from the current pit.
This zone remains open and will be targeted for further exploration in 2022.
• At Shahuindo, we added 161 thousand ounces of gold mineral reserves, replacing 81% of
mined production. Infill drilling has increased model confidence with a focus on defining high
grade structures in the northwest portion of the pit.
• At Timmins, we added 36.9 thousand ounces of gold mineral reserves, replacing 26% of mined
production. In addition, exploration drilling has successfully defined 53 thousand ounces of
new gold inferred mineral resources at the SW144 zone in the Timmins west mine.
A detailed summary of the silver and gold mineral reserves and mineral resources as of June 30, 2022
is provided in the following tables.
Pan American Mineral Reserves as at June 30, 2022 (1,2)
Silver Segment
Huaron Peru Proven 7.0 169 38.1 -- --
Probable 3.9 167 21.1 -- --
Morococha
(92.3%) (3) Peru Proven 3.3 156 16.6 -- --
Probable 3.3 158 16.6 -- --
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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La Colorada Mexico Proven 3.8 340 41.5 0.23 27.5
Probable 6.2 303 59.9 0.18 36.0
Manantial
Espejo Argentina Proven 0.3 250 2.4 2.35 22.8
Probable 0.1 246 0.9 3.06 10.8
San Vicente
(95%) (3) Bolivia Proven 1.1 314 10.8 -- --
Probable 0.6 289 5.2 -- --
Joaquin Argentina Proven 0.1 401 1.6 0.24 1.0
Probable 0.0 575 0.6 0.31 0.3
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2
Probable 22.1 316 225.0 0.34 243.8
Total Silver Segment(4) 54.3 275 479.7 0.33 376.3
Gold Segment
La Arena Peru Proven 20.5 -- -- 0.38 251.4
Probable 21.8 -- -- 0.27 191.8
Dolores Mexico Proven 12.9 21 8.6 0.57 235.4
Probable 4.1 18 2.4 0.60 77.7
Shahuindo Peru Proven 58.9 8 15.3 0.51 971.3
Probable 45.3 6 8.8 0.41 604.2
Timmins Canada Proven 5.3 -- -- 2.89 491.0
Probable 4.9 -- -- 2.74 432.5
Total Gold Segment(4) 173.6 9 35.1 0.58 3,255.2
Total Gold and Silver
Segments(4)
Proven +
Probable 228.0 91 514.9 0.54 3,631.5
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2022".
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM,
Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services
and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
PAN AMERICAN SILVER CORP.
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(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that
produce the element.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2022 (1,2)
Silver Segment
Huaron Peru Measured 2.1 163 10.9 -- --
Indicated 2.4 166 12.7 -- --
Morococha
(92.3%) (3) Peru Measured 0.6 130 2.7 -- --
Indicated 0.7 124 3.0 -- --
La Colorada Mexico Measured 1.9 216 13.0 0.14 8.2
Indicated 3.4 191 20.8 0.17 18.0
Manantial
Espejo Argentina Measured 0.2 158 1.1 1.79 11.9
Indicated 0.7 264 5.8 2.94 63.9
Joaquin Argentina Measured 0.1 349 1.3 0.29 1.0
Indicated 0.4 329 4.2 0.26 3.3
San Vicente
(95%) (3) Bolivia Measured 0.9 191 5.7 -- --
Indicated 0.3 188 2.1 -- --
Navidad Argentina Measured 15.4 137 67.8 -- --
Indicated 139.8 126 564.5 -- --
Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7
Indicated 14.2 201 91.6 0.20 93.0
Total Silver Segment(4)
185.4 138 825.7 0.29 216.2
Gold Segment
Dolores Mexico Measured 2.1 30 2.1 0.53 36.5
Indicated 0.8 57 1.5 1.13 29.7
La Bolsa Mexico Measured 10.8 10 3.5 0.70 242.8
Indicated 10.6 8 2.7 0.54 184.3
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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Pico Machay Peru Measured 4.7 -- -- 0.91 137.5
Indicated 5.9 -- -- 0.67 127.1
La Arena Peru Measured 0.8 -- -- 0.16 4.0
Indicated 2.1 -- -- 0.17 11.9
Shahuindo Peru Measured 8.3 5 1.3 0.29 76.7
Indicated 13.2 4 1.8 0.23 98.1
Timmins Canada Measured 3.4 -- -- 3.32 357.6
Indicated 4.5 -- -- 3.08 449.6
La Arena II Peru Measured 148.9 -- -- 0.25 1209.7
Indicated 547.5 -- -- 0.23 4070.0
Whitney
(82.8%) (3) Canada Measured 0.8 -- -- 7.02 180.7
Indicated 1.9 -- -- 6.77 406.3
Gold River Canada Indicated 0.7 -- -- 5.29 117.4
Marlhill Canada Indicated 0.4 -- -- 4.52 57.4
Vogel Canada Indicated 2.2 -- -- 1.75 125.0
Total Gold Segment(4) 769.7 9 12.9 0.32 7,922.2
Total Gold and Silver
Segments (4)
Measured +
Indicated 955.2 113 838.6 0.32 8,138.4
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2022".
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson,
FAusIMM, Vice President Business Development, and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical
Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that
produce the element.
Pan American Inferred Mineral Resources as at June 30, 2022 (1,2)
Silver Segment
Huaron Peru Inferred 7.2 155 36.1 -- --
Morococha
(92.3%) (3) Peru Inferred 5.2 143 24.0 -- --
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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La Colorada Mexico Inferred 14.9 195 93.9 0.20 98.4
La Colorada
skarn Mexico Inferred 100.4 44 141.0 -- --
Manantial
Espejo Argentina Inferred 0.5 180 3.1 1.71 29.4
San Vicente
(95%) (3) Bolivia Inferred 2.9 249 23.3 -- --
Navidad Argentina Inferred 45.9 81 119.4 -- --
Joaquin Argentina Inferred 0.2 282 1.6 0.23 1.3
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7
Total Silver Segment(4) 179.2 79 453.2 0.32 182.7
Gold Segment
Dolores Mexico Inferred 2.5 29 2.4 0.92 74.4
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6
Pico Machay Peru Inferred 23.9 -- -- 0.58 445.7
La Arena Peru Inferred 6.0 -- -- 0.22 42.3
Shahuindo Peru Inferred 14.6 8 3.7 0.41 194.5
Shahuindo
Sulphide Peru Inferred 97.4 14 45.1 0.74 2323.3
Timmins Canada Inferred 4.4 -- -- 3.11 436.5
La Arena II Peru Inferred 54.7 -- -- 0.23 413.2
Whitney
(82.8 %) (3) Canada Inferred 0.8 -- -- 5.34 141.4
Gold River Canada Inferred 5.3 -- -- 6.06 1027.4
Vogel Canada Inferred 1.5 -- -- 3.60 168.8
Total Gold Segment(4) 224.8 13 54.5 0.76 5,492.2
Total Gold and Silver
Segments (4) Inferred 404.0 51 507.7 0.73 5,674.9
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2022".
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson,
FAusIMM, Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical
Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that
produce the element.
PAN AMERICAN SILVER CORP.
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Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2022
Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t
Huaron All categories 19.00 1,300 7,000 2,000 2,600
Morococha All categories 19.00 1,300 7,000 2,000 2,600
La Colorada All categories 19.00 1,300 7,000 2,000 2,600
La Colorada
skarn
Inferred
Resource 18.50 6,500 2,200 2,600
Dolores Reserves 19.00 1,600
Resources 22.00 1,700
La Bolsa All categories 14.00 825
Manantial
Espejo
Reserves 19.00 1,500
Resources 22.00 1,700
San Vicente All categories 19.00 1,300 7,000 2,000 2,600
Navidad All categories 12.52 1,100
Pico Machay All categories 700
Joaquin Reserves 19.00 1,500
Resources 22.00 1,700
Escobal All categories 20.00 1,300 2,204 2,424
Shahuindo Reserves 19.00 1,500
Resources 22.00 1,700
Shahuindo
Sulphide
Inferred
Resource 15.00 1,400
La Arena Reserves 19.00 1,500
Resources 22.00 1,700
La Arena II All categories 1,500 8,816
Timmins All categories 1,500
Whitney Resources 1,200
Gold River All categories 1,200
Marlhill All categories 1,125
Vogel Inside pit 1,150
Below pit 1,150
PAN AMERICAN SILVER CORP.
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General Notes with Respect to Technical Information
Mineral reserves and mineral resources are as defined by the Canadian Institute of Mining, Metallurgy and
Petroleum.
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not
include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no
demonstrated economic viability.
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 resource and mineral reserves databases compiling drilling and, in some cases, sampling, have been
accumulated at each of Pan American mine sites by the qualified staff. Samples are analyzed at a variety of
laboratories, including by in-house staff at the mine (San Vicente, Manantial Espejo, La Colorada), mine
laboratories operated by third party independent commercial labs (Huaron, Morococha), and commercial
laboratories off-site (Shahuindo, La Arena, Timmins, Dolores). 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 on a monthly basis by management. In general, the assay analytical technique for silver, lead, zinc
and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses
fire assay and a atomic absorption (AA) finish. A gravimetric finish would be used if the gold assay exceeds >10 g/
t. The results of the QA/QC samples submitted for the resource databases 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 this 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.
See the Company’s Annual Information Form dated February 23, 2022, available at www.sedar.com for further
information on the Company’s material mineral properties, including detailed information concerning associated
QA/QC 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 mineral resources.
Quantities and grades of contained metal are shown before metallurgical recoveries.
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, 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.
PAN AMERICAN SILVER CORP.
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