Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2024
Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2024
• Significant increase in estimated mineral resources for the La Colorada Skarn project
• Mineral reserve replacement and 1.2 million ounce increase in gold inferred mineral
resources at Jacobina demonstrates exploration potential
Vancouver, B.C. - September 11, 2024 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") reports its estimated mineral reserves and mineral resources as at June
30, 2024. Proven and probable mineral reserves are estimated to contain approximately 468.0 million
ounces of silver and 6.9 million ounces of gold. Measured and indicated ("M&I") mineral resources
(excluding proven and probable ("P&P") reserves) are estimated to total approximately 1,148.0 million
ounces of silver and 15.5 million ounces of gold. Inferred mineral resources are estimated to total
approximately 366.0 million ounces of silver and 9.4 million ounces of gold. The updated mineral
reserves and mineral resources estimates are reported net of the sales of the MARA, Agua de la Falda
and Morococha properties, as announced in the Company's news release dated July 31, 2023. The
divestment of these non-core, non-producing assets is largely responsible for a decrease in mineral
reserves and mineral resources compared to 2023.
"Our exploration efforts have successfully replaced mine production and expanded mineral reserves at
Jacobina, La Colorada, Huaron and Minera Florida. In addition, infill and extensional drilling at the
Jacobina mine has increased inferred mineral resources by over 1.2 million ounces of gold, highlighting
the significant exploration potential of the deposit and the opportunity to replace mineral resources
and mineral reserves in the future," said Christopher Emerson, Pan American’s Vice President of
Exploration and Geology. "At the La Colorada Skarn project, estimated indicated mineral resources
have grown substantially to 309 million ounces of silver due to higher tonnage and higher grades, with
the inferred mineral resource now estimated at 59 million ounces of silver. Zinc and lead contained
within the skarn deposit have also increased since our last resource update.”
In 2024, Pan American plans to complete over 360,000 metres of drilling across its portfolio of mines,
focused on near-mine exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2024 (1,2,3)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(4) Proven Reserves 13.3 278 119.1 0.68 135.1
Probable Reserves 32.5 293 306.2 0.49 444.6
Proven and
Probable
Reserves
45.8 289 425.2 0.52 579.7
Gold Segment(5) Proven Reserves 80.3 13 17.6 1.14 2,952.9
Probable Reserves 99.8 16 25.2 1.05 3,360.3
Proven and
Probable
Reserves
180.1 14 42.7 1.09 6,313.1
Total Segments(6) Proven Reserves 93.7 75 136.6 1.11 3,088.0
Probable Reserves 132.3 124 331.4 0.92 3,804.8
Proven and
Probable
Reserves
225.9 105 468.0 1.00 6,892.8
Vancouver Centre II
2100 - 733 Seymour Street
Vancouver, BC Canada, V6B 0S6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
1
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(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 Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.
(5) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, Minera Florida, La Arena, and
Dolores.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
Consolidated Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5) Measured
Resources 20.7 159 105.6 0.63 65.2
Indicated
Resources 425.4 73 1,002.7 0.47 276.9
M&I Resources 446.1 77 1,108.4 0.50 342.2
Gold Segment(6) Measured
Resources 271.8 21 17.8 0.62 5,431.2
Indicated
Resources 704.7 26 21.8 0.43 9,751.0
M&I Resources 976.5 24 39.6 0.48 15,182.2
Total Segments(7) Measured
Resources 292.4 82 123.5 0.62 5,496.4
Indicated
Resources 1,130.1 71 1,024.5 0.43 10,027.9
M&I Resources 1,422.6 72 1,148.0 0.48 15,524.3
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(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 Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial
Espejo, Cerro Moro, San Vicente, and Joaquin.
(6) Gold Segment mineral resources comprised of Jacobina, La Arena II, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra
Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, Marlhill, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
Consolidated Inferred Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5) Inferred
Resources 130.0 78 327.8 0.61 304.3
Gold Segment(6) Inferred
Resources 254.0 21 38.2 1.12 9,118.4
Total Segments(7) Inferred
Resources 384.0 61 366.0 1.09 9,422.8
PAN AMERICAN SILVER CORP.
2
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(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 Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente,
Escobal, Cerro Moro, Manantial Espejo and Joaquin.
(6) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney,
Pico Machay, La Arena II, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, Shahuindo, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2024:
• The successful divestment of non-core, non-producing properties - MARA, Morococha and
Agua de la Falda - in 2023 reduced the consolidated P&P mineral reserves by 89.9 million
ounces of silver and 5.2 million ounces of gold. After adjusting for a full year of production, the
significant exploration success at many of our operations and other parameters, the
consolidated mineral reserves at June 30, 2024, are estimated to total 468.0 million ounces of
silver and 5.2 million ounces of gold.
• Consolidated M&I silver mineral resources increased from an estimated 959.0 million ounces
to an estimated 1,148.0 million ounces. The increase in M&I silver mineral resources is mainly
due to the increase in indicated resources at the La Colorada Skarn project more than
offsetting the sales of MARA and Morococha. Consolidated M&I gold mineral resources
decreased from an estimated 17.5 million ounces to an estimated 15.5 million ounces, largely
due to the sales of the MARA and Agua de la Falda properties.
• At the La Colorada Skarn project, estimated indicated mineral resources significantly increased
to 308.7 million ounces of contained silver with higher tonnage, higher silver and base metal
grades, and improved geological confidence.
• At Jacobina, exploration more than replaced mine production with new mineral reserves,
marking the eighth consecutive year of full replacement of production. New gold inferred
mineral resources estimated at over 1.2 million ounces were also added, including 495
thousand ounces at Maricota, a new zone north of Morro do Cuscuz. See the Company's news
releases dated June 17, 2024 and December 5, 2023, for further information on Maricota.
• At El Peñon, mineral resources and mineral reserves were added to the southeast of the
current mining zones in major veins like Pampa Sur and Pampa Campamento, as well as in
silver rich structures like Tostado Sur and others. Future exploration will continue to target
converting the large inferred mineral resource to mineral reserves and to discovering new
veins on the mine's extensive land position.
• At La Colorada, the eastward extensions of the veins, described in previous news releases,
contributed to a net addition to silver P&P mineral reserves.
• At Minera Florida, 103.7 thousand ounces of P&P gold mineral reserves and 864 thousand
ounces of P&P silver mineral reserves were added, more than replacing mine production.
• At Huaron, P&P silver mineral reserves increased by 1.7 million ounces, more than replacing
mine production, with the Horizonte zone alone adding 2.7 million ounces of new P&P silver
mineral reserves.
PAN AMERICAN SILVER CORP.
3
• At Timmins, exploration has been focused on the Whitney joint venture project, with more
than 20,500 metres of drilling completed over the 2021 to 2023 period, contributing to an
updated estimate for indicated gold mineral resources of 93.6 thousand ounces and inferred
gold mineral resources of 574.0 thousand ounces (based on a 100% interest). Pan American is
now focused on further exploratory and confirmation drilling of the project. See the December
5, 2023 news release for more information on the Whitney project.
A detailed summary of the silver and gold mineral reserves and mineral resources as at June 30, 2024
is provided in the tables at the end of this news release.
LA COLORADA SKARN MINERAL RESOURCE UPDATE
Approximately 73,000 metres of exploration and infill drilling have been completed since the last
mineral resource update, including high-grade intercepts reported in previous news releases. The
drilling has resulted in a significant increase in estimated mineral resources and higher silver and base
metal grades. It also improved a large portion of mineral resources from the inferred category to
indicated. The tables below illustrate the improvements and the highlights include:
• A 53% increase in indicated mineral resources to an estimated 265.4 million tonnes.
• Improvement in silver, zinc and lead grades by 10%, 2% and 4%, respectively, for the indicated
mineral resource category.
• A 69% increase in contained silver to 308.7 million ounces in indicated mineral resources.
Contained silver in inferred mineral resources is estimated at 58.6 million ounces.
• A 56% increase in contained zinc to 7.6 million tonnes and a 60% increase in contained lead to
3.6 million tonnes in indicated mineral resources.
• Addition of 125.5 million ounces of silver, 2.7 million tonnes of zinc and 1.4 million tonnes of
lead to indicated mineral resources.
Exploration and resource infill drilling is ongoing with additional drill rigs completing condemnation
and hydrogeological work. Engineering work continues with geotechnical studies required for sub level
caving ("SLC") and reviewing the updated mineral resource and mining shapes to optimize mineral
extraction.
Next steps include further infill drilling, additional analysis of alternative mining methods, optimizing
throughputs, preparing capital and operating cost estimates, as well as advancing discussions with
potential project partners.
La Colorada Skarn Estimated Mineral Resource as at June 30, 2024
Classification Tonnes
(millions)
Zn
(%)
Pb
(%)
Ag
(g/t)
Indicated 265.4 2.85 1.37 36
Inferred 61.7 2.55 0.95 30
Notes:
1. The effective date of the mineral resources estimate is June 30, 2024.
2. Estimation and reporting of mineral resources were carried out in accordance with Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) guidelines.
3. Mineral resources have been classified into indicated and inferred confidence categories.
4. Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient spatial
continuity of mineralization constrained within a potentially mineable shape. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. No mineral reserves are reported at this time for
the La Colorada Skarn project.
PAN AMERICAN SILVER CORP.
4
5. Prices used to report mineral resources were: $22.00 per ounce of silver, $2,800 per tonne of zinc and $2,200 per
tonne of lead.
6. An estimated NSR (in US$/t) was calculated using metallurgical recoveries of 84.9% Ag, 84.3% Pb and 93.7% Zn with
mineral concentrate qualities of 61% Pb in lead concentrate and 59% Zn in zinc concentrate, obtained from
metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-
term views of the marketing, treatment and refining of these types of mineral concentrates, were included.
7. Reasonable prospects for eventual economic extraction were assessed by determining the total in-situ tonnes and
metal grades constrained inside volumes that are based on a SLC mining method considering operating and
sustaining capital cost estimates of $45/t. To determine the constraining SLC shapes, an initial elevated cutoff value
of $50/t NSR was applied. Then geotechnical, geometry and caving rules were applied to ensure practical mining
shapes were achieved. The resulting constraining shapes were then considered to be practical mining outlines. The
tonnes and grades are inclusive of the must-take low grade material within the volume. No other mining recovery,
ring recovery, dilution or mineral losses have been applied.
8. This mineral resource estimate was prepared under the supervision of, or was reviewed by, Christopher Emerson,
FAusIMM, Vice President Exploration and Geology, who is a Qualified Person as that term is defined in NI 43-101.
9. Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a
verification process with respect to the data disclosed in this news release.
10. A total of 376 diamond drill holes with a total length of 314,930 metres were used in the geological interpretation
and resource estimate. Several old historic drill holes were included in the modeling. Drilling of the La Colorada
Skarn deposit has been completed from both surface and underground drill platforms.
11. All drill hole samples used in the mineral resource estimate have been previously reported in news releases dated
October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30, 2019, February 13, 2020, August 4,
2020, May 12, 2021, November 10, 2021, February 24, 2022, May 9, 2022, November 1, 2022, May 2, 2023,
December 5, 2023, and April 7, 2024.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2024(1)
Silver Segment
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2
Probable 22.1 316 225.0 0.34 243.8
La Colorada Mexico Proven 3.2 305 31.4 0.20 20.5
Probable 5.8 296 55.2 0.19 35.3
Huaron Peru Proven 6.2 173 34.4 -- --
Probable 3.5 163 18.2 -- --
San Vicente
(95%)(2)
Bolivia Proven 0.9 329 9.8 -- --
Probable 0.5 250 4.3 -- --
Cerro Moro Argentina Proven 0.4 272 3.9 5.58 80.4
Probable 0.6 200 3.6 9.31 165.5
Total Silver Segment(3) 45.8 289 425.2 0.52 579.7
Gold Segment
Jacobina Brazil Proven 24.0 -- -- 1.84 1,420.0
Probable 30.3 -- -- 1.79 1,742.3
Shahuindo Peru Proven 39.8 8 10.5 0.52 660.4
Probable 44.7 5 7.2 0.28 398.6
El Peñon Chile Proven 0.8 208 5.5 5.46 145.4
Probable 4.0 131 16.7 3.99 507.4
Timmins Canada Proven 5.4 -- -- 2.79 481.4
Probable 4.4 -- -- 2.74 386.2
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
PAN AMERICAN SILVER CORP.
5
Minera
Florida
Chile Proven 1.2 23 0.9 3.25 128.7
Probable 1.8 22 1.3 3.18 188.0
La Arena(4) Peru Proven 8.0 -- -- 0.41 103.7
Probable 14.7 -- -- 0.29 137.8
Dolores Mexico Proven 1.2 16 0.6 0.35 13.3
Probable -- -- -- -- --
Total Gold Segment(3) 180.1 14 42.7 1.09 6,313.1
Total Gold and Silver
Segments(3)
Proven +
Probable
225.9 105 468.0 1.00 6,892.8
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(2) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(3) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
(4) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and
the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2024 (1,2)
Silver Segment
Navidad Argentina Measured 15.4 137 67.8 -- --
Indicated 139.8 126 564.5 -- --
La Colorada
Skarn
Mexico Indicated 265.4 36 308.7 -- --
Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7
Indicated 14.2 201 91.6 0.20 93.0
Huaron Peru Measured 1.3 196 8.3 -- --
Indicated 1.8 162 9.4 -- --
La Colorada Mexico Measured 0.4 231 2.7 0.11 1.2
Indicated 2.1 181 12.2 0.27 18.4
Manantial
Espejo
Argentina Measured 0.3 164 1.7 2.40 24.7
Indicated 1.0 149 4.9 2.79 91.5
Cerro Moro Argentina Measured 0.1 226 0.9 5.48 21.4
Indicated 0.5 347 5.5 4.50 70.7
San Vicente
(95%)(3)
Bolivia Measured 0.7 180 4.1 -- --
Indicated 0.3 203 1.8 -- --
Joaquin Argentina Measured 0.1 360 1.5 0.28 1.2
Indicated 0.4 351 4.2 0.28 3.4
Total Silver Segment(3) 446.1 77 1,108.4 0.50 342.2
Gold Segment
Jacobina Brazil Measured 39.7 -- -- 1.70 2,175.1
Indicated 55.1 -- -- 1.58 2,796.0
La Arena II(4) Peru Measured 152.2 -- -- 0.25 1,246.1
Indicated 554.3 -- -- 0.23 4,042.7
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
PAN AMERICAN SILVER CORP.
6
La Pepa
(80.0%)(3)
Chile Measured 47.1 -- -- 0.61 922.8
Indicated 52.3 -- -- 0.49 824.3
El Peñon Chile Measured 1.6 166 8.3 5.25 262.2
Indicated 3.8 112 13.8 3.44 423.1
Minera
Florida
Chile Measured 1.9 17 1.1 3.26 202.6
Indicated 4.1 19 2.5 3.54 467.6
La Bolsa Mexico Measured 10.8 10 3.5 0.70 242.8
Indicated 10.6 8 2.7 0.54 184.3
Lavra Velha Brazil Indicated 4.5 -- -- 1.96 282.1
Pico Machay Peru Measured 4.7 -- -- 0.91 137.5
Indicated 5.9 -- -- 0.67 127.1
Timmins Canada Measured 1.1 -- -- 2.48 85.5
Indicated 1.3 -- -- 2.76 114.2
Shahuindo Peru Measured 8.8 7 2.0 0.38 108.5
Indicated 6.8 6 1.2 0.34 74.2
Vogel Canada Indicated 2.2 -- -- 1.75 125.0
Gold River Canada Indicated 0.7 -- -- 5.29 117.4
Whitney
(83.27%)(3)
Canada Measured -- -- -- -- --
Indicated 0.6 -- -- 3.77 77.9
Marlhill Canada Indicated 0.4 -- -- 4.52 57.4
Dolores Mexico Measured 3.0 30 2.9 0.41 39.4
Indicated 0.6 73 1.5 1.40 28.8
La Arena(5) Peru Measured 0.9 -- -- 0.29 8.7
Indicated 1.4 -- -- 0.19 8.9
Total Gold Segment(4) 976.5 24 39.6 0.48 15,182.2
Total Gold and Silver
Segments(4)
Measured +
Indicated
1,422.6 72 1,148.0 0.48 15,524.3
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(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 metal are with respect to those mines that produce
the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and
the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Inferred Mineral Resources as at June 30, 2024 (1,2)
Silver Segment
Navidad Argentina Inferred 45.9 81 119.4 -- --
La Colorada Mexico Inferred 12.4 235 93.8 0.19 74.4
La Colorada
Skarn
Mexico Inferred 61.7 30 58.6 -- --
Huaron Peru Inferred 5.2 165 27.5 -- --
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
PAN AMERICAN SILVER CORP.
7
San Vicente
(95%)(3)
Bolivia Inferred 1.6 213 11.0 -- --
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7
Cerro Moro Argentina Inferred 0.7 168 3.6 6.98 149.8
Manantial
Espejo
Argentina Inferred 0.5 106 1.8 1.49 25.2
Joaquin Argentina Inferred 0.2 280 1.4 0.25 1.2
Total Silver Segment(4) 130.0 78 327.8 0.61 304.3
Gold Segment
Jacobina Brazil Inferred 57.1 -- -- 1.77 3,249.5
Gold River Canada Inferred 5.3 -- -- 6.06 1,027.4
El Peñon Chile Inferred 18.4 48 28.6 1.38 816.4
Arco Sul Brazil Inferred 6.2 -- -- 3.08 614.2
Minera
Florida
Chile Inferred 5.4 15 2.7 3.03 531.2
Whitney
(83.27 %)(3)
Canada Inferred 4.0 -- -- 3.75 477.7
Pico Machay Peru Inferred 23.9 -- -- 0.58 445.7
La Arena II(5) Peru Inferred 66.8 -- -- 0.21 445.2
Timmins Canada Inferred 3.5 -- -- 3.37 382.5
La Pepa
(80.0%)(3)
Chile Inferred 20.0 -- -- 0.46 296.1
Lavra Velha Brazil Inferred 4.7 -- -- 1.56 238.0
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6
Vogel Canada Inferred 1.5 -- -- 3.60 168.8
Shahuindo Peru Inferred 17.3 4 2.1 0.21 115.8
Dolores Mexico Inferred 0.9 56 1.6 1.65 45.8
La Arena(5) Peru Inferred 5.3 -- -- 0.23 39.6
Total Gold Segment(4) 254.0 21 38.2 1.12 9,118.4
Total Gold and Silver
Segments(4)
Inferred 384.0 61 366.0 1.09 9,422.8
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(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 metal are with respect to those mines that produce
the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and
the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
PAN AMERICAN SILVER CORP.
8