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Pan American Silver files Management Information Circular in connection with the proposed Arrangement with Yamana and Agnico

Press Release

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:

  • A transformative increase in Pan American’s scale, adding four producing mines, plus additional development projects in Latin America;
  • Significantly improved trading liquidity (+50%)[1] with a pro forma US$5.6 billion market capitalization[2];
  • Meaningful impact to production and margin, demonstrated by representative 2022 pro forma figures[3]:
    • Increase in annual silver production of approximately 9.5Moz;
    • Increase in annual gold production of approximately 550koz;
    • Expected lower overall cost structure – Yamana’s Latin American assets forecast all-in sustaining cost (“AISC”) of approximately US$981 per gold equivalent ounce (“GEO”) in 2022;
  • Broadens and diversifies Pan American’s Latin American exposure with operations in two additional jurisdictions (Brazil and Chile);
  • Pan American’s scale, experience and expertise in Latin America maximizes its ability to integrate and optimize Yamana’s Latin American assets;
  • Significant potential synergies targeted to be US$40 million to US$60 million per year through the operational efficiencies from the combined Latin American portfolios and corporate general and administrative cost savings[4];
  • Accretive on a per share basis with respect to key financial and operating metrics, even before considering synergies;
  • Robust pro forma revenue, which is expected to result in increased cash flow from operations allowing for improved capital allocation flexibility. For example, revenue on a pro forma basis would have been US$2.8 billion and US$2.0 billion for 2021 and the nine months ended September 30, 2022, respectively[5];
  • Improved ability to internally fund the La Colorada Skarn development and other growth projects;
  • Adds assets with a long history of reserve replacement and an extensive exploration portfolio; and
  • Enhances ability to return capital to shareholders.

[1] 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.

[2] 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.

[3] 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.

[4] Pan American’s anticipated synergies are expected to be post-tax savings given geographic breakdown of taxable income.

[5] 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.:

Morrow Sodali

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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