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VANCOUVER, BC – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American”) today announces it has filed the management information circular (the “Circular”) in respect of the special meeting (the “Meeting”) of shareholders of Pan American (“Shareholders”) to be held in connection with Pan American’s proposed acquisition of all of the issued and outstanding common shares of Yamana Gold Inc. (“Yamana”) and the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana’s interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited (“Agnico”), by way of a plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act.
An electronic copy of the Circular is available on Pan American’s website at https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/ and on SEDAR and EDGAR under Pan American’s issuer profile at www.sedar.com and www.sec.gov, respectively. The mailing of the Circular and other materials to Shareholders will commence on or about January 4, 2023.
Your vote is important regardless of the number of shares you own. Pan American encourages Shareholders to read the Circular in detail.
YOUR VOTE IS IMPORTANT – PLEASE VOTE TODAY
After careful consideration of the Arrangement, the Pan American Board of Directors UNANIMOUSLY RECOMMENDS that Shareholders VOTE FOR the proposed resolution.
Reasons for and Benefits of the Arrangement
This is a transformational and strategic transaction for Pan American, which will strengthen Pan American’s position as the leader in silver and gold production in Latin America.
Benefits to Shareholders include:
 Based on Yamana’s average daily trading value over the last 12 months (attributable to Pan American based on the percentage of aggregate consideration funded by Pan American) divided by Pan American’s average daily trading value over the last 12 months.
 Based on the pro forma shares of the combined company outstanding of 364 million, multiplied by the November 3, 2022 closing price of the common shares of Pan American (“Pan American Shares”) of US$15.25.
 Based on Yamana’s 2022 guidance, as per its news release dated February 17, 2022. GEO is calculated as the sum of gold ounces and the gold equivalent of silver ounces using a ratio of 72.55 for the year ended December 31, 2021. AISC per GEO sold is a non-GAAP financial measure. Please see the section entitled “Non-GAAP and IFRS Measures” at the end of this news release.
 Pan American’s anticipated synergies are expected to be post-tax savings given geographic breakdown of taxable income.
 Please see the Unaudited Pro Forma Consolidated Financial Statements in Schedule C of the Circular.
Pan American Special Meeting
The Meeting is scheduled for 10:00 a.m. (Vancouver time) on Tuesday, January 31, 2023, at Oceanview Suite, Pan Pacific Vancouver, 300 – 999 Canada Place, Vancouver, British Columbia, V6C 3B5, to consider an ordinary resolution to authorize the issuance of up to 156,923,287 Pan American Shares to the shareholders of Yamana as consideration in respect of the Arrangement.
Shareholder Information and Questions
Shareholders who have questions about the Circular, or need assistance with voting their Pan American shares, can contact our proxy solicitation agent, Morrow Sodali (Canada) Ltd.:
North America Toll Free: 1-888-777-1346
Outside North America, Banks, Brokers and Collect Calls: 1-289-695-3075
Email: [email protected]
Shareholders are encouraged to vote today using the internet, telephone or mail.
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 28-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.
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