exploration_analyst day final

8/12/2019 Exploration_Analyst Day FINAL

1/27

Geology and Exploration


2/27

Organizational Chart

2


3/27

Our Assets

3


4/27

Exploration Highlights

4

2004-2011 Proven and probable reserve replacement of 120%

Reserve addition of 198.2M oz

Reserve replacement cost of US$0.32 per ounce

2012

Exploration budget of US$ 35.2 M (incl. Minefinders portfolio), total drillprogram of 198,400 meters

Brownfield program to explore large exploration potential at our currentproducing assets and development projects ($19.1 M)

Greenfield program to explore portfolio of Greenfield and Joint Ventureprojects ($16.1 M)


5/27

2011 Silver Reserves Replacement*

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PropertyReservesend 2010(Moz Ag)

Mined2011

(Moz Ag)

Gained /Lost

(Moz Ag)

Reservesend 2011(Moz Ag)(1)

AdditionVariation

11/12

Morococha 37.6 (2.0) 1.5 37.1 4% (1%)

Huaron 59.3 (3.5) 5.1 60.9 9% 3%

Quiruvilca 3.9 (1.1) 1.3 4.2 33% 6%

La Colorada 38.3 (4.8) 10.6 44.1 28% 15%

AlamoDorado

27.2 (5.7) 4.3 25.8 16% (5%)

San Vicente 28.0 (3.5) 9.5 34.1 34% 22%

ManantialEspejo

36.3 (4.2) (3.0) 29.1 (8%) (20%)

Total (2) 230.7 (24.7) 29.3 235.3 13% 2.0%

Proven & Probable Silver Mineral Reserves Replacement

(1) Unless otherwise noted, the December 31, 2011 Proven and Probable Mineral Reserves were estimated using appropriate cut-off grades basedon assumed metal prices of Ag: $25.00/oz, Au: $1,350/oz, Pb: $1,850/tonne, Zn: $1,750/tonne, Cu: $6,500/tonne(2) Totals may not add up due to rounding

* For complete silver and gold Mineral Reserves and Resources information please refer to the Operations / Reserves & Resourcessection of PAAS website (www.panamericansilver.com).


6/27

2011 Proven & ProbableSilver Mineral Reserves

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(1) Unless otherwise noted, the December 31, 2011 Proven and Probable Mineral Reserves for the Alamo Dorado, La Colorada, Huaron, Morococha, Quiruvilca, SanVicente and Manantial Espejo mines were estimated using appropriate cut-off grades based on assumed metal prices of Ag: $25.00/oz, Au: $1,350/oz, Pb:$1,850/tonne, Zn: $1,750/tonne, Cu: $6,500/tonne(2) Dolores Reserves as stated by Minefinders at December 31, 2010

* For complete silver and gold Mineral Reserves and Resources information please refer to the Operations / Reserves & Resour ces section ofPAAS website (www.panamericansilver.com).

MillionTonnes

AgGrams/Tonne

AgMillionOunces

AuGrams/Tonne

Au000s

Ounces

AgEq *Grams/Tonne

AgEq *MillionOunces

PAS Reserves (1) 39.9 184 235.3 0.96 618 210 266.8

DoloresReserves (2)

107.6 33 114.5 0.58 2,024 63 216.9

Total 147.5 74 349.8 0.68 2,642 103 483.7

DoloresContribution

(increase)

- - 49% - 428% - 81%

The Dolores Effect

* Silver-equivalent ounces calculated using equivalence of 51:1


7/277

Relative Positioning of Diversified Silver

Mining Companies

Enterprise Value / AgEq Proven & Probable Reserves1

Enterprise Value / AgEq Measured & Indicated Resources1,2

1 Silver Equivalent includes Gold and Silver only. Gold converted to silver equivalent using silver to gold price ratio implied by long-term analyst consensus prices (58:1).2 Measured & Indicated Mineral Resources inclusive of Proven and Probable Mineral Reserves.Source: Bloomberg Financial Markets and company reports.

$4 /oz

$4 /oz

$4 /oz

$4 /oz

$5 /oz

$8 /oz

$10 /oz

$11 /oz

$17 /oz

$22 /oz

$22 /oz

$31 /oz

Pan American

Primero

Coeur d'Alene

Silver Standard

Hecla

Fortuna

Silver Wheaton

Silvercorp

First Majestic

Fresnillo

Hochschild

Endeavour

Great Panther $49/oz

$1/oz

$2/oz

$2/oz

$3/oz

$4/oz

$4/oz

$6/oz

$6/oz

$7/oz

$9/oz

$9/oz

$19/oz

$19/oz

Silver Standard

Coeur d'Alene

Pan American

Hecla

Primero

Hochschild

Silvercorp

Fortuna

Silver Wheaton

First Majestic

Endeavour

Fresnillo

Great Panther


8/27

Brownfield Exploration

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9/27

Exploration Highlights - La Colorada

9* net smelter return per ton (Ag $25.00/oz, Cu $6,500/t, Pb $1,850/t, Zn $1,750/t)

Exceptional results from NC2 and NC2 split veins with up to 2,734 g/t Ag and from the

Amolillo vein with up to 2.41 m @ 1,750 g/t Ag and high base metal values

April drilling at NC2 sulphides returned 0.60m @ 378g/t Ag, 0.63 g/t Au, 6.80%

Pb, 6.71% Zn at level 1008 (540 meters below current mine workings)!

Estrella vein (Amolillo) discovered high grade sulphide zone at depth and to the West(April drilling returned 2.62 m @ 1,096 g/t Ag, 1.38 g/t Au, 2.75% Pb, 4.17% Zn)

Vein Width m g/t Ag g/t Au Pb % Zn %

Amolillo split 1.15 419 0.37 N/A N/A

Amolillo split 1.25 666 0.05 1.46 369.00

Estrella vein, Amolillo 2.41 1,750 0.63 3.01 6.70

Estrella vein, Amolillo 4.50 329 0.29 1.04 3.11

Estrella, sulphides 2.34 389 0.33 1.38 5.47



HW sulphides 1.17 704 0.45 5.59 3.67HW sulphides 1.85 155 0.05 0.53 2.20

HW sulphides 1.41 365 0.18 0.46 0.61

NC2 1.52 996 0.55 8.30 20.90

NC2 3.25 446 1.47 4.49 10.08

NC2 split 0.85 2,734 0.98 4.45 9.00

NC2 split 1.55 300 0.10 3.87 4.55

NC2 split 0.45 918 0.97 1.92 6.20


10/27

La Colorada NC2 Sulphides

10

540metres

An 2.98

Ag 77

Au 0.12

Pb 5.28

Zn 2.61

An (width m)

Ag g/t

Au g/t

Pb %

Zn %

An 0.60

Ag 378

Au 0.63

Pb 6.80

Zn 6.71


11/27

La Colorada Estrella vein (Amolillo mine)

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12/27


13/27

Dolores Exploration

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14/27

Brownfield Exploration Budget

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Exploration (Drilling andDevelopment)- USD Drilling cost- USD DDH (m)

Explorationdevelopment

Morococha 3,300,000 2,865,000 35,000 435,000Huaron 2,400,000 2,400,000 22,650 -

San Vicente 1,056,600 1,056,600 8,560 -

La Colorada 2,630,000 1,999,200 21,150 630,800

Alamo Dorado 1,260,000 1,260,000 4,500 -

Manantial Espejo 4,897,200 4,897,200 24,200 -

Dolores 3,588,300 3,588,300 22,400 -

Total Brownfield 19,132,100 18,066,300 138,460 1,065,800


15/27

Greenfield Exploration

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La Virginia core


16/27

16

Greenfield Exploration projects Mexico


17/27

La Virginia Project

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Ag/Au ratio of 60:1 used forAuEq calculation


18/27

La Virginia drill results

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Lots of smoke, but still

very early stage

Continuing drilling andeventual development ofresource

DDH Location From To Length Au g/t Ag g/t

LV10-4C Las Huatas Oeste 113 115 2.00 12.17 52

LV10-7C Con Virginia 146 147.5 1.50 3.13 225

LV10-8C Con Virginia 181.9 183 1.10 5.75 434LV10-13C Las Huatas 291.3 294.3 3.00 5.25 330

LV10-25C Con Virginia 178.3 184.7 6.40 4.60 283

LV10-25C Con Virginia 184 184.7 0.70 14.06 1,195

LV11-28C Las Huatas 192 193 1.00 5.07 369

LV11-29C Con Virginia 232.8 234 1.20 4.44 363

LV11-30C Las Huatas 122.5 125.6 3.10 7.77 475

LV11-30C Las Huatas 132.5 138.5 6.00 2.14 192

LV11-30C Las Huatas 270 272 2.00 2.69 215

LV11-30C Las Huatas 321.5 323 1.50 2.39 212

LV11-33C Las Huatas 222.5 225.5 3.00 4.21 99

LV11-33C Las Huatas 253.5 256.45 2.95 2.85 274

LV11-33C Las Huatas 295 296 1.00 2.98 250

LV11-33C Las Huatas 366.8 368.45 1.65 4.58 103LV11-33C Las Huatas 480 482 2.00 6.51 226

LV11-35C Las Huatas 162 165 3.00 4.02 332

LV11-36C Las Huatas 196.6 200.1 3.50 3.58 1,348

LV11-36C Las Huatas 219.2 224 4.80 7.89 547

LV11-36C Las Huatas 232 237 5.00 8.52 730

LV11-40C Las Huatas 84 87 3.00 3.84 202

LV11-40C Las Huatas 170.5 171.6 1.10 3.52 205

LV11-44C Campo Santo 153 155 2.00 6.39 9

LV11-46C Las Huatas 92 93 1.00 2.23 310

LV11-47C Las Huatas 121 125 4.00 41.01 1,818

LV11-47C Las Huatas 397 398 1.00 4.97 269

LV11-49C Las Huatas 172 174 2.00 3.51 279

LV11-49C Las Huatas 195.8 196.8 1.00 2.69 195LV11-49C Las Huatas 226.5 233.2 6.70 2.74 158

LV11-50C Las Huatas 243.3 244.8 1.50 3.50 399

LV11-50C Las Huatas 250.8 255.3 4.50 9.01 544

LV11-53C Las Huatas 272.5 274 1.50 6.52 625

LV11-56C Las Huatas 259 260 1.00 2.55 185

LV11-57C Las Huatas 241.7 242.85 1.15 9.67 658

LV11-57C Las Huatas 335.85 336.85 1.00 5.05 282

LV11-59C Las Huatas 315.3 318 2.70 3.93 259

LV11-63C Las Huatas 155.2 157 1.80 0.05 768

LV12-78C Con Virginia 245 246 1.00 3.27 196

LV12-86C Con Virginia 228.9 230.6 1.70 18.27 794

LV12-90C Las Huatas 272 274 2.00 2.64 197


19/27

19

Located 60km south of Ing. Jacobacci in theprovince of Rio Negro

Land package of 56,660 hectares

Low sulphidation epithermal Gold/Silver deposit

Calcatreu, Rio Negro, Argentina


20/27

Calcatreu Rio Negro, Argentina

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Work planned:

Infill drilling, metallurgical test work and new resource estimation in progress

CALCATREU RESOURCE ESTIMATE - IndicatedExtraction

MethodTonnes Au g/t Ag g/t

ContainedOz Au

ContainedOz Ag

AuEq g/t AuEq oz

Open Pit 4,081,000 4.1 37.7 537,960 4,946,590 4.69 615,790Leach 2,959,000 0.46 7.3 43,760 694,490 0.57 54,410

Underground 955,000 3.09 31.1 94,880 954,910 3.58 110,020Grand Total 7,995,000 2.63 25.7 676,040 6,606,160 3.04 780,220

CALCATREU RESOURCE ESTIMATE - InferredExtraction

MethodTonnes Au g/t Ag g/t

ContainedOz Au

ContainedOz Ag

AuEq g/t AuEq oz

Open Pit 2,244,000 2.56 19 184,700 1,370,800 2.86 206,310Leach 909,000 0.56 8.3 16,370 242,570 0.69 20,110

Underground 260,000 3.04 25 25,410 208,980 3.44 28,720Grand Total 3,413,000 2.06 16.6 226,050 1,821,550 2.33 255,140

Resource estimation done by Miocon for Aquiline Resources in 2008 based on $650/oz Au and $12.50/oz Ag .The table above reflects three cutoff grade categories, namely 1) open pittable 2) recoverable by heap leach and 3) underground mineable. The principal optimization parameters for the openpittable ore were mining costs of $1.45/ tonne of rock, processing at $16.63/tonne, G&A at $2.92/ tonne and pit slopes of 55 degrees. Updated gold and silver prices of $650/oz Au and$12.50/oz Ag were used ($US). A Whittle pit optimization was completed therefore no specific cutoff grade was used for the whole pit, but the internal cutoff grade calculated was 1.04 g/t Au.The heap leachable ounces (which need to be mined to access the ore, but will not meet milling cutoff grades) were assumed at a marginal cutoff of 0.34 g/t Au. The underground cutoff gradewas assumed to be 2.1 g/t AuEq. The gold/ silver ratio for gold equivalency is derived from the respective metal prices and recoveries as follows: ($650/$12.50)(74%/90%) = 63.2ThereforeAuEq= Au + (Ag/63.2)


21/27

Waterloo, USA

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Location 10 miles from Barstow, SanBernardino County, California

Land Package 1,009 hectares

Deposit type: Ag-BaSO4

Work plan: Geology, Geochemistry and +

3,500 meters of drilling


22/27

Waterloo, USA

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Historic Resources (Asarco 1968, reviewed in 1994)

The historical estimate for Waterloo was initially estimated by Asarco Inc. in 1968. In September 1994 RobertJ. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterlooproperty, prior to the implementation of NI 43-101. The Technical Evaluation Report confirmed that thehistorical estimate was based on reverse circulation drilling and underground sampling, and concluded the

estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silverprice of $5.00 per ounce (the relevant price at the time of the calculation). Michael Steinmann, P.Geo., QP forthe Company, has reviewed the Technical Evaluation Report and believes the historic estimate wasconducted in a professional and competent manner and is relevant for purposes of the Company's decision tomaintain its interest in the property. The Company believes that the historical estimate category of 37,235,000tons (at 2.71 ounces per ton silver) of "measured and indicated reserves" most closely correspond to33,758,000 tonnes in the NI 43-101 category of "indicated resource." However, the Company has notcompleted the work necessary to verify the historical estimate. Accordingly, the Company is not treating thehistorical estimate as NI 43-101 compliant categories of mineral resources based on information prepared byor under the supervision of a QP. These historical estimates should not be relied upon.

Property Location Classification Tonnes (Mt) AgContained

Ag(g/t) (Moz)

Waterloo USA Historical 33.8 93 100.9


23/27

Greenfiled Exploration Budget

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Focus on: Drilling and resource estimation for La Virgina Review of all other Minefinders projects and make decisions for farm-outs or

sales etc.

Greenfield exploration Cost Drilling meters

Peru greenfield $ 3,143,900 12,500Argentina greenfield projects $ 1,073,000 2,000Navidad $ 1,305,000 9,000Mexico greenfield projects $ 1,418,460 5,300

Waterloo $ 500,000 3,500La Virginia $ 6,816,740 27,700

Sonora properties (ex Minefinders) $ 1,859,420 0

Grand Total: $ 16,116,520 60,000


24/27

PAS Mining claims

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Brownfield (hectares) Greenfield (hectares)TOTAL

Operations and Advanced Projects Early Stage Exploration

Mexico 45,481 102,937 148,418

Peru 23,833 76,065 99,898

Argentina 43,621 417,271 460,892

USA 3,470 - 3,470

TOTAL 116,405 596,273 712,678


25/27

Summary

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Excellent potential at La Virginia for resource development

Exciting results from deep drilling at La Colorada and potential extension ofmine life

Great upside potential at Dolores for open pit expansion and underground

operation

Unrecognized portfolio of small to mid size gold assets (Pico Machay, LaBolsa, Calcatreu)1.4 million ounces measured & indicated and 0.9 millionounces inferred

Very large portfolio of early and mid stage silver exploration projects

Outstanding track record of reserve replacement


26/27

Cautionary Statements

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CAUTIONARY NOTE REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

Mineral resources that are not mineral reserves have no demonstrated economic viability. PAA is required to describemineral resources associated with their properties utilizing Canadian Institute of Mining, Metallurgy and Petroleum("CIM") definitions of "indicated" or "inferred", which categories of resource are recognized by Canadian regulations butare not recognized by the United States Securities Exchange Commission (the "SEC"). The definitions of proven andprobable mineral reserves used in National Instrument 43-101 Standards of Disclosure for Mineral Projects adopted byCanadian Securities Administrators ("NI 43-101") differ from the definitions in the SEC Industry Guide 7. In addition,the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineralresource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms underSEC Industry Guide 7 and normally are not permitted to be used in reports filed with the SEC. Investors are cautioned

not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves."Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic andlegal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to ahigher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility orpre-feasibility studies, except in rare cases.

Disclosure of contained ouncesin a mineral resource is permitted disclosure under Canadian regulations. However,the SEC normally only permits issuers to report mineralization that does not constitute reservesby SEC standards asin place tonnage and grade, without reference to unit measures. The requirements of NI 43-101 for identification ofreservesare also not the same as those of the SEC, and mineral reserves reported by the Company in compliancewith NI 43-101 may not qualify as reservesunder SEC standards.

Accordingly, information contained in this investor presentation containing descriptions of mineral deposits may not becomparable to similar information made public by U.S. companies subject to the reporting and disclosurerequirements under the United States federal securities laws and the rules and regulations hereunder.


27/27

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Endnotes andCautionary Statements

Michael Steinmann, P.Geo. Executive Vice President, Geology and Exploration of PAA and Martin Wafforn, P. Eng., VicePresident, Technical Services of PAA are the Qualified Personswithin the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) who supervised the preparation of the scientific andtechnical information of PAA included in this presentation. For more information on PAAs projects, readers shouldrefer to the PAAs Annual Information Form for the year ended December 31, 2011, dated March 22, 2011 and thetechnical reports referenced therein and PAAs Annual Report for the year ended December 31, 2011, each of which isavailable on SEDAR at www.sedar.com.

The scientific and technical information related to the Navidad project resources included in this investor presentation

are derived from the technical report for the Navidad Project prepared by Snowden Mining Industry Consultants(Snowden), under the supervision of Pamela De Mark, BSc (App Geo), MAusIMM., which is available on SEDAR atwww.sedar.com.
http://www.sedar.com/http://www.sedar.com/

exploration_analyst day final

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