Pan American Silver Reports Mineral Reserves of 557 Million Ounces of Silver and 5.1 Million Ounces of Gold

Press Release

VANCOUVER, Sept. 4, 2019  – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American”, or the “Company”) today reported that, as of June 30, 2019, its proven and probable mineral reserves are estimated to contain approximately 557 million ounces of silver and 5.1 million ounces of gold. Measured and indicated mineral resources (excluding proven and probable reserves), as of June 30, 2019, are estimated to total approximately 797 million ounces of silver and 10.6 million ounces of gold. These figures include mineral reserves and resources from the assets acquired with the Tahoe Resources Inc. (“Tahoe”) transaction completed on February 22, 2019.

“Our silver reserves doubled while gold reserves tripled from reserves reported at December 31, 2018, primarily due to the additional reserves acquired from Tahoe. We now hold one of the largest silver reserves and resources in the mining industry along with substantial gold reserves,” said Christopher Emerson, Pan American’s Vice President of Business Development and Geology. “During the first six months of 2019, we completed 40% of the annual drilling planned for our mine sites. We are accelerating our exploration drilling in the second half the year, and plan to complete 130,000 metres of drilling”.

As of June 30, 2019, inferred resources totaled approximately 303 million ounces of silver and 9.6 million ounces of gold. The majority of the increase in inferred gold resources from our December 31, 2018 update came from the acquired Tahoe assets, a significant portion of which are attributable to the Timminsexploration portfolio, which include the Juby and Fenn Gib projects.

The mineral reserve and mineral resource estimates as of June 30, 2019 do not include the polymetallic skarn discovery at the La Colorada mine. We are currently drilling with seven machines at La Colorada, and expect to release an initial resource estimate relating to the skarn at the end of 2019.

Beginning with this update, Pan American intends to report mineral reserves and mineral resources updates as of June 30 of each year, rather than as of December 31, in order to align mineral reserve and mineral resource updates with our annual mine plans and budgets.

A summary of the silver and gold mineral reserves and mineral resources as of June 30, 2019 is provided in the following tables. Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com.

Pan American Silver Corporation Mineral Reserves as of June 30, 2019 ^(1,2)

Pan American Silver Corporation Measured and Indicated Mineral Resources as of June 30, 2019 ^(1,2)

Pan American Silver Corporation Inferred Mineral Resources as of June 30, 2019 ^(1,2)

General Notes with Respect to Technical Information
Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability.

Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.

See the Company’s Annual Information Form dated March 12, 2019, available at www.sedar.com for further information on the Company’s pre-Tahoe acquisition material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s mineral reserves and resources.

For further information on the material mineral properties acquired from Tahoe, please refer to the Company’s management information circular dated December 4, 2018, including additional information contained in Tahoe’s disclosure incorporated by reference therein, available at www.sedar.com.

Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com.  Quantities of contained metal are shown before metallurgical recoveries.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of National Instrument 43-101.

About Pan American Silver
Pan American Silver is the world’s second largest primary silver producer, providing enhanced exposure to silver through a diversified portfolio of assets, large reserves and growing production. We own and operate mines in Mexico, Peru, Canada, Argentina and Bolivia. In addition, we own the Escobal mine in Guatemalathat is currently not operating. In 2019, we celebrate our silver anniversary: 25 years of operating in Latin America, earning an industry-leading reputation for operational excellence and corporate social responsibility. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.

IBF4