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Pan American Receives Shareholder Approval Regarding the Proposed Arrangement with Yamana and Agnico Eagle

Press Release

VANCOUVER, BC, Jan. 31, 2023– Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) is pleased to announce that at its special meeting of shareholders held earlier today, shareholders of Pan American  (“Pan American Shareholders”) overwhelmingly approved the resolution to authorize the issuance of up to 156,923,287 common shares of Pan American (the “Share Issuance Resolution”) in respect of the arrangement involving Pan American, Agnico Eagle Mines Limited and Yamana Gold Inc. (“Yamana”) under the Canada Business Corporations Act (the “Arrangement”).

Detailed results of the votes cast are as follows:

Resolution

Votes For

% For

Votes Against

% Against

Share Issuance Resolution

110,661,649

97.28 %

3,091,269

2.72 %

In addition to the approval by Pan American Shareholders, shareholders of Yamana (“Yamana Shareholders”) approved the Arrangement at the special meeting of Yamana Shareholders held today. The Arrangement is expected to be completed within the first quarter of 2023, subject to approval by the Ontario Superior Court of Justice, approval from the Mexican Federal Economic Competition Commission (COFECE) and satisfaction or waiver of certain other closing conditions.

“We are very pleased  to see such positive shareholder support for our accretive acquisition of Yamana,” said Michael Steinmann, President and Chief Executive Officer of Pan American. “This is a transformational and strategic transaction for Pan American that will strengthen the Company’s position as the leader in silver and gold production in Latin America.”

Further information on the Arrangement is available on Pan American’s website at:
https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/(opens in a new window) (opens in a new window) (opens in a new window)

About Pan American

Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 29-year history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.

Learn more at panamericansilver.com(opens in a new window).

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