Q Results Conference Call August 14, 2014 – 1:00 pm ET / 10:00 am PT

Cautionary Language NON-GAAP MEASURE – CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS THIS PRESENTATION PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION OF AN OUNCE OF SILVER FOR OUR OPERATING MINES. CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS IS CALCULATED AS FOLLOWS: EXCEPT AS OTHERWISE NOTED, CASH COSTS PER OUNCE PRODUCED IS CALCULATED BY DIVIDING TOTAL CASH COSTS, NET OF BY-PRODUCT CREDITS BY TOTAL SILVER OUNCES PRODUCED AT THE RELEVANT MINE OR MINES. TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS MINING, PROCESSING, ADMINISTRATION, ROYALTIES AND OPERATING TAXES, BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND CAPITAL DEVELOPMENT AND EXPLORATION. CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL. CASH COST PER OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS IS INCLUDED IN THIS PRESENTATION BECAUSE CERTAIN INVESTORS USE THIS INFORMATION TO ASSESS OUR PERFORMANCE AND ALSO TO DETERMINE OUR ABILITY TO GENERATE CASH FLOW FOR USE IN INVESTING AND OTHER ACTIVITIES. THE INCLUSION OF CASH COSTS PER OUNCE PRODUCED MAY ENABLE INVESTORS TO BETTER UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH FLOW. CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS DOES NOT HAVE A STANDARDIZED MEANING OR A CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. INVESTORS ARE CAUTIONED THAT CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS SHOULD NOT BE CONSIDERED IN ISOLATION OR CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN ACCORDANCE WITH CANADIAN ACCOUNTING STANDARDS AS PRESCRIBED UNDER IFRS AS AN INDICATOR OF PERFORMANCE. OUR METHOD OF CALCULATING CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER OUNCE PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURED USED BY OTHER ENTITIES. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 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-LOOKING INFORMATION” 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: OUR PRODUCTION OF SILVER, GOLD AND OTHER METALS IN 2014; OUR ESTIMATED CASH COSTS PER OUNCE OF SILVER IN 2013 AND FORECAST CASH COSTS PER OUNCE OF SILVER IN 2014; OUR ESTIMATED AISCSOS FOR 2014; OUR ANTICIPATED CAPITAL INVESTMENTS FOR 2014; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL INVESTMENT PROGRAMS AND PROJECTS AND THE IMPACTS OF ANY SUCH PROGRAMS AND PROJECTS ON THE COMPANY; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS IN THESE STATEMENTS REFLECT THE COMPANY’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC AND REGULATORY UNCERTAINTIES AND CONTINGENCIES. THESE ASSUMPTIONS INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS; CAPITAL, DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL RESERVE AND 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 IN OR INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND REGULATORY APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND SAFETY 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: FLUCTUATIONS IN SILVER, GOLD AND BASE METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); 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 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, LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; OUR ABILITY TO OBTAIN ALL NECESSARY PERMITS, LICENSES AND REGULATORY APPROVALS IN A TIMELY MANNER;CHANGES IN LAWS, REGULATIONS AND GOVERNMENT PRACTICES IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING INDUSTRY FOR EQUIPMENT AND QUALIFIED PERSONNEL; 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. 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 UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AND 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, NOR DOES IT ASSUME ANY OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, CHANGES IN ASSUMPTIONS, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW.

Q – Corporate Update Geoff Burns, President & CEO

Q Dividend All amounts in this document are in US$, unless otherwise indicated PAAS’ Board of Directors approved the third quarterly dividend of 2014 as follows: – Dividend amount: $0.125 per common share – Payable on or about Friday, September 5, 2014 – To holders of record of common shares as of Monday, August 25, 2014 Should BOD continue to approve future quarterly dividends in the same amount, annual dividend of $0.50 per common share would represent yield of approximately 3.3% based on the Company’s closing share price on NASDAQ on August 13, 2014 The dividend is designated as eligible dividend for the purposes of the Income Tax Act of Canada 4

Q Consolidated Results Operational HighlightsQ2 2014Q Silver produced (Moz) Gold Produced (Koz) AISCSOS (All-in Sustaining Cost per Silver Ounce Sold) $18.23$21.11 Consolidated Cash Costs per Ag oz, net of by- product credits (“Cash Costs per Ounce”) $12.06$ Ag production up 6% year-on-year Au production up 26% year-on-year AISCSOS down 14% year-on-year

Q Consolidated Results 6 Financial Highlights (Million US$ except per share #s) Q2 2014Q Revenue$200.8$175.6 Mine operating earnings$10.2$3.8 Net (loss)($5.7)($187.1) Net (loss) per share($0.04)($1.23) Adjusted earnings (loss)$1.8$(18.6) Adjusted earnings (loss) per share$0.01$(0.12) Net cash generated from operating activities$48.7$0.5 Operating cash flow per share$0.32$0.0 Q Average realized prices: Ag $19.58/oz, Au $1,289/oz

Q Financial Strength Financial Position (Million US$) June 30, 2014 Cash and short-term investments$381.6 Net working capital$647.5 Total debt$ In Q2 2014, distributed $18.9 million in cash dividends to shareholders Year-to-date, distributed $37.9 million in cash dividends to shareholders

Q – Operations Steve Busby, COO

Q – Production by Mine (1) Cash costs net of by product credits, (2) Totals may not add up due to rounding. MineAg ProductionAu ProductionCash Costs (1) La Colorada1.2 Moz0.61 Koz$8.26/oz Ag Alamo Dorado1.0 Moz4.77 Koz$11.11/oz Ag Dolores1.1 Moz16.96 Koz$12.36/oz Ag Huaron0.9 Moz0.28 Koz$8.49/oz Ag Morococha (92.3%)0.5 Moz0.56 Koz$16.74/oz Ag San Vicente (95%)1.0 Moz-$12.96/oz Ag Manantial Espejo0.8 Moz14.51 Koz$18.31/oz Ag TOTAL (2) 6.56 Moz37.69 Koz$12.06/oz Ag Q cash costs were $12.06 per silver ounce Realized prices: Ag $19.58/oz, Au $1,289/oz, Zn $2,064/tonne, Pb $2,070/tonne, Cu $6,790/tonne 9

10 Q Capital Investments Q Capital$ Million La Colorada4.9 Alamo Dorado0.1 Dolores6.4 Huaron3.7 Morococha (92.3%)3.3 San Vicente (95%)0.8 Manantial Espejo5.1 Sustaining Capital$24.3 La Colorada Project 3.8 Dolores Project 9.1 Project Capital$12.9 Q Capital Investments$37.2 Open pit pre-stripping Open pit pre-stripping and tailings dam expansion Underground development, mill equipment, geotechnical drilling + basic engineering Phase 2 of Pad 3 construction + power line Tailings dam expansion, mine development, equipment and infrastructure upgrades

11 La Colorada - Expansion Spent $3.8M during Q Awarded and commenced basic engineering for sulphide plant expansion Acquired used ball mill for sulphide plant expansion Initiated geotechnical drilling to determine new shaft’s location Evaluated acquisition of a used hoist Underground development to shaft bottom and drifting to level 365 progressed as planned Advanced construction of new community infrastructure Project on track with spending to increase in H2 2014

12 Dolores PEA Pulp Agglomeration & Underground Operational Highlights Annual Ag production to increase ~38% for first 10 years after expansion from 3.65 Moz to 5.04 Moz * Annual Au production to increase ~33% for first 10 years after expansion from 111 Koz to 148 Koz * Total Ag LOM production to increase from 44.7 Moz to 58.4 Moz Total Au LOM production to increase from 1.25 Moz to 1.62 Moz 18-month construction of a 5,600 tpd pulp agglomeration plant to treat high-grade ore, increasing total processing rate from 16,500 to 20,000 tpd 2-year development of a 1,500 tpd mechanized underground mine beneath the open pit to provide supplemental feed to the pulp agglomeration plant Recoveries for high-grade portion of the ore to increase 19% for Ag and 13% for Au * Subject to ongoing reconciliation review

13 Economic Highlights Estimated incremental initial capital of $104.5 M ‒$69.7 M for the pulp agglomeration plant ‒$34.8 M for the underground mine At current reserve prices of $22/oz Ag & $1,300 oz Au: ‒Estimated NPV of incremental cash flow of $90 M at 8% discount ‒IRR of 33% ‒Capital payback of 1.7 years At long-term metal prices of $19/oz Ag & $1,200 oz Au: Estimated NPV of incremental cash flow of $66 M at 8% discount IRR of 27% Dolores PEA Pulp Agglomeration & Underground

14 PAAS – Leader in Mine Safety Two of our Mexican operations awarded prestigious “Casco de Plata” Safety award by Mexican Mining Chamber (CAMIMEX) La Colorada awarded Casco de Plata for underground mines with >501 employees Dolores awarded Casco de Plata for open pit mines with >501 employees Alamo Dorado operated without LTIs in 2013 and was runner up for another Casco de Plata award. It has now operated +5 million man- hours without a single LTI Pan American’s Mexican workforce sustains an industry-leading safety record and are amongst the safest miners in the world Pan American has an unwavering commitment to the safety and well being of its employees, contractors and the members of the communities where it operates

15 Q – Exploration Michael Steinmann, EVP Corporate Development & Geology

Drilling performance Q2 DDH (m)$US MM La Colorada14, Dolores7, Morococha8, Huaron11, Manantial Espejo San Vicente Greenfield Total42,

Huaron - Sevilla Manto Section 17 Looking NW Width 6.05 m Ag 214 g/t, Zn 1.63% Width 6.55 m Ag 184 g/t, Zn 5.84% Width 6.20 m Ag 159 g/t, Zn 5.28% Width m Ag 101 g/t, Zn 6.33% Width 6.35 m Ag 166 g/t, Zn 2.83% Width 2.95 m Ag 128 g/t, Zn 1.26% Width 4.60 m Ag 44 g/t, Zn 3.41% Width 6.05 m Ag 78 g/t, Zn 4.95% Width 3.70 m Ag 78 g/t, Zn 4.95% Fill Tuff and Marl Chert Limestone Width 4.30 m Ag 166 g/t, Zn 1.50% Quartz Monzonite

18 La Colorada – NC5, NC6, NC7 & NC8 Proven Reserves Probable Reserves Resources Location of new high grade structures NC5, NC6, NC7 and NC8

La Colorada – NC5 to NC8 (498 Level) m 5,965 g/t Ag 1.0 m 5,524 g/t Ag 0.7 m 5,710 g/t Ag 0.9 m 4,640 g/t Ag 0.2 m 4,180 g/t Ag 0.6 m 4,662 g/t Ag 0.8 m 10,843 g/t Ag 0.8 m 5,950 g/t Ag 0.8 m 4,035 g/t Ag 0.4 m 5,011 g/t Ag 1.0 m 4,084 g/t Ag 1.0 m 8,717 g/t Ag 1.0 m 6,132 g/t Ag 0.5 m 4,581 g/t Ag 100 Metres

Q – Finance Rob Doyle, CFO

Sources and uses of cash Q2 2014

AISCSOS Significant reductions in AISCSOS driven by: Higher by-product credits on volume increases Declines in sustaining capital and exploration expenditures Higher quantities of silver sold in the 2014 periods H AISCSOS ahead of full-year guidance of $17 to $18 per ounce

Consolidated Income Statement Select Information 1.Revenue in Q2 2014: $28 m positive quantity variance and $19M provisional price adjustment swing, offset by ($22M) negative price variance (Q2 to Q2) 2.MOE margin of 5% down from Q margin due mainly to a $10M net realizable value adjustment to inventory and slightly lower realized prices 3.FX gain predominantly on reversal of CAD weakness seen earlier in the year 4.High effective tax rate due to withholding tax on interest and dividends, deferred tax on inventory movements and non-deductible FX losses on Argentina tax basis 23

Factors Affecting Adjusted Net Earnings Q versus Q Improvement in adjusted earnings explained primarily by (1) higher volumes sold (2) positive swing in provisional price adjustments and realized FX movements, partially offset by (3) lower prices and (4) higher operational costs associated with (1) above.

Movements in Working Capital Q Treasury balances declined by $12.7 m during the quarter 2.Net reduction in income tax receivable balances on low instalment payments in Q Declines in inventory balances on net realizable value adjustment 4.Loan repayments on ARS denominated loan of $11.8 m 25

Q – Corporate Summary 26

27 Q – Another Solid Quarter Increased precious metals production 6% year-on-year increase in Ag produced to 6.56 Moz 26% year-on-year increase in Au produced to 37.7 Koz Continued cost control AISCSOS down 14% year-on-year to $18.23, net of by-product credits Cash Costs per Ounce were $12.06 Completing Phase 2 of Dolores’ Pad 3 Little work remaining for H Advancing La Colorada’s Expansion Project advancing as planned Maintaining industry-leading returns Distributed $18.9M in cash dividends to common shareholders

28 H Production H1 2014H Silver (million ounces) Gold (thousand ounces) Zinc (thousand tonnes) Lead (thousand tonnes) Copper (thousand tonnes) AISCSOS$16.82$20.28 Cash Costs per Ounce$10.15$ % more silver produced 35% more gold produced 17% lower AISCSOS 14% lower Cash Costs per Ounce

29 Confirming Production Forecast MineAg ProductionAu ProductionCash Costs (1) La Colorada4.85 – 4.95 Moz2.6 – 2.8 Koz$ $9.50/oz Alamo Dorado3.75 – 3.80 Moz17.0 – 19.0 Koz$ $13.50/oz Dolores3.60 – 3.85 Moz64.0 – 68.0 Koz$ $14.25/oz Huaron3.40 – 3.50 Moz0.6 – 1.2 Koz$ $15.00/oz Morococha (92.3%)2.50 – 2.60 Moz1.8 – 2.0 Koz$ $16.50/oz San Vicente (95%) Moz-$ $13.00/oz Manantial Espejo3.75 – 4.05 Moz69.0 – 72.0 Koz$ $10.00/oz TOTAL Moz155.0 – Koz$ $12.70/oz (1)Cash costs net of by-product credits. Metal price assumptions used to forecast 2014 cash costs: Au $1,200/oz, Cu $7,000/tonne, Pb $2,100/tonne, Zn $1,850/tonne

30 Q&A Session To ask a question, please press * and 1 on your touch tone telephone. You will hear a tone acknowledging your request Please ensure you lift the handset if you are using a speaker phone before pressing any keys If you wish to remove yourself from the question queue, you may press * and 2

31 Thank You Upcoming News Flow: Unaudited Q operational and financial results will be released the week of November 13 Specific details on the release date and conference call will be announced in late October