Pan American Silver : PAAS Investor Presentation_Sept 2022

INVESTOR PRESENTATION // SEPTEMBER 2022

Non-GAAP Measures

This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "cash costs per ounce sold", "adjusted earnings" and "basic adjusted earnings per share", "net cash", "total debt", "capital", "operating margin", "free cash flow" and "working capital". These measures do not have a

standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. 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 Cash Costs and AISC are based on total silver ounces sold and are net of by-product credits from all metals other than silver.

Readers should refer to the "Alternative Performance (Non-GAAP)Measures" section of the Company's Management's Discussion and Analysis ("MD&A") for the period

ended December 31, 2021, and for its most recently completed financial quarter, available at www.sedar.com.

Reporting Currency and Financial Information

Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.

Cautionary Note Regarding Forward Looking Statements and Information

Certain of the statements and information in this presentation constitute "forward- looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-lookinginformation" 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 presentation relate to, among other things: future financial and operational performance, including, but not limited to, future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2022 and our estimated Cash Costs, AISC, and sustaining and project capital expenditures in 2022; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; whether Pan American will be able to reduce risks or provide long-term financial returns in the future; whether Pan American will be successful with its cash flow priorities; expectations with respect to the future anticipated impact of COVID-19 on our operations and the assumptions that the impact of COVID-19 on our operations would be gradually diminishing in 2022; the impact that the placement of Morococha operation on care and maintenance will have on Pan American and its financial and operating performance, and whether any alternative opportunities for the Morococha operation will be viable or realized; the impact that the La Colorada Skarn project, Escobal mine or Navidad project might have, if any, on shareholder value in the future; the timing of an updated Technical Report for the La Colorada Skarn project; the suitability of any

particular mining method for the La Colorada Skarn project, including sub-level caving; the timing and completion of ramping up the throughput rate at our La Colorada operations; the ability of Pan American to successfully complete any capital and development projects, including the La Colorada skarn projects, the expected economic or operational results derived from those projects, and the impacts of any such projects on Pan American; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our sustainability-linked credit facility or otherwise, to sustain our business and operations; amounts and timing of future dividends and whether Pan American will be able to maintain or improve its financial position in the future; expectations with respect to the ILO 169 consultation process in Guatemala and the timing and results of the same; future value or potential of any of our portfolio assets and the possible impact that our portfolio assets, including our equity interests in Maverix Metals Inc. and New Pacific Metals Corp., and projects, including La Arena II, could have on our business or financial results, and whether any such assets will offer additional value.

These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the world-wide economic, supply chain, and social impact of COVID-19 is managed, the duration and extent of the COVID-19 pandemic and related restrictions, and the presence and impact of COVID-19 and COVID-19 related restrictions on our workforce, suppliers and other essential resources and what effect those impacts, if they change, would have on our business; the effect that the COVID-19 pandemic may have on our financial and operational results; the ability of Pan American to continue with its operations, or to successfully maintain our operations on care and maintenance, should the situation related to COVID-19 not be as anticipated; continuation of operations following shutdowns or reductions in production, our ability to manage reduced operations efficiently and economically, including to maintain necessary staffing; tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; the timing and impact of planned capital expenditure projects at La Colorada and our other operations, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner and can be maintained; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such 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 presentation and the Company has made assumptions and estimates based on or related to many of

these factors. Such factors include, without limitation: the duration and effects of	2
COVID-19, and any other pandemics on our operations and workforce, and the effects

on global economies and society; fluctuations in silver, gold, and base metal prices; fluctuations in prices for energy inputs; fluctuations in currency markets (such as the PEN, MXN, ARS, BOL, GTQ and CAD versus the USD); disruptions to the global supply chain and logistics, including delivery of fuel and critical parts and supplies required for our operations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to claims and legal proceedings involving or against the Company and our subsidiaries; risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by the local

communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the Company's ability to secure our mine sites or

maintain access to our mine sites due to criminal activity, violence, or civil and labour unrest; the speculative nature of mineral exploration and development, including the risk of obtaining or retaining necessary licenses and permits; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where the Company may carry on business, including risks relating to expropriation and risk relating to the constitutional court ordered ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; challenges to, or difficulty in maintaining, the Company's title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties,

equipment, qualified personnel, and their costs; having sufficient cash to pay obligations as they come due; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent Form 40-F and

Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand Management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, and does not assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.

C O N T I N U E D O N N E X T P A G E

C O N T I N U E D

Technical Information

Scientific and technical information contained in this presentation with respect to Pan American Silver Corp. has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris

Emerson, FAusIMM, VP Business Development and Geology, who are Pan American's qualified persons for the purposes of Canadian National

Instrument 43-101("NI 43-101"). Mineral reserves in this presentation were prepared under the supervision of, or were reviewed by, Martin Wafforn and Chris Emerson.

See Pan American's Annual Information Form dated February 23, 2022, available at www.sedar.com for further information on Pan American's

material mineral properties as at December 31, 2021, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Pan American to estimate mineral reserves and mineral resources, and for a detailed description of

known legal, political, environmental, and other risks that could materially affect Pan American's business and the potential development of Pan American's mineral reserves and resources.

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.

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Mineral Resources

Unless otherwise indicated, all mineral resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities

Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and mineral reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In

particular, and without limiting the generality of the foregoing, this presentation uses the terms "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" as defined under Canadian regulations. The requirements of NI 43-101 for the identification of "reserves"

are also not the same as those of the SEC, and mineral reserves reported by Pan American in compliance with NI 43-101 may not qualify as "mineral reserves" under SEC standards. In addition, disclosure of "contained ounces" in

a mineral resource is permitted disclosure under Canadian regulations. Accordingly, information concerning mineral deposits set forth in this presentation may not be comparable with information made public by companies that report in accordance with U.S. standards.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as

amended. These amendments became effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year

beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, were rescinded and replaced with disclosure requirements in subpart 1300 of SEC

Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding standards under NI 43-101. While the above terms are "substantially similar" to the standards

under NI 43-101, there are differences in the definitions under the SEC Modernization Rules. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the

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"MJDS"), Pan American is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide

disclosure under NI 43-101. Accordingly, there is no assurance any mineral reserves or mineral resources that Pan American may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources"

under NI 43-101 would be the same had Pan American prepared the mineral reserve or resource estimates under the standards adopted under the SEC Modernization Rules. If Pan American ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Pan American will be subject to the SEC Modernization Rules, which differ from the requirements of NI 43-101.

U.S. investors should not assume that any part or all of an "inferred mineral resource", a "measured mineral resource" or an "indicated mineral resource"

will ever be converted into a higher category of mineral resources or into mineral reserves or that it will ever be economically or legally mineable. Mineralization described using these terms has a greater amount of

uncertainty as to its existence and feasibility than mineralization that has been characterized as a mineral reserve. Further, "inferred mineral resources" have

an even greater amount of uncertainty as to their existence and as to whether

they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of "inferred mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies,

except in rare cases.

NASDAQ: PAAS // TSX: PAAS

Corporate Office	Timmins	4

		Mining Operations
Dolores		Development & Advanced
	Skarn Deposit	Stage Exploration Projects
La Colorada
	Escobal

Diversified asset portfolio with 8 operations in the Americas

Revenues from Peru (44%), Mexico (29%), Canada (15%), Argentina (7%) & Bolivia (5%) in 2021

(Escobal is currently on care and maintenance)

Large silver reserves

Proven and probable mineral reserves of 514.9 Mozs of silver plus 3.6 Mozs of gold1

3 major catalysts for growing shareholder value

La Colorada Skarn, Mexico - estimated indicated mineral resource of 95.9 M tonnes and estimated inferred mineral resource of 147.8 M tonnes2

Escobal, Guatemala - large, already-built silver mine with 264.5 Mozs of silver in reserves1 Navidad, Argentina - undeveloped silver deposit with 632.3 Mozs of silver in M&I resources1

1. Estimated mineral reserves and resources reported as of June 30, 2022.
2. Estimated mineral resources reported as of September 13, 2022

See presentation Appendix for more detailed information on the Company's reserves and resources.

Shahuindo

La Arena

Huaron

Morococha

(Morococha is currently on care and maintenance)

San Vicente

Navidad

Manantial Espejo

5

Shareholders // Communities // Employees

Solid track record of return to shareholders

Dividend policy allows shareholders to participate in an improving financial position

28 years of responsible operations in Latin America

Implementation of industry best practices, such as Towards Sustainable Mining (TSM) and Voluntary Principles in Security and Human Rights; signatory to the United Nations Global Compact

Support the health, safety & wellness of our workforce

99% of our employees are from the countries where we operate; programs focused on safety, leadership training and inclusion and diversity