Dividend Policy

Pan American’s dividend policy supplements a base dividend of $0.10 per common share with a variable dividend, paid on a quarterly basis, that is linked to the net cash on the balance sheet for the previous quarter, as illustrated in the following table:

(1) Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities, less total debt. Net cash and total debt are non-GAAP measures and do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies; please refer to the “Alternative Performance (non-GAAP) Measures” section of our management’s discussion and analysis for the twelve months ended December 31, 2021, for a discussion of various non-GAAP measures.

ICE PROGRAM

Registered shareholders of Pan American can elect to receive their dividend payment in their local currency through Computershare’s International Currency Exchange service (the “ICE program”).

Please contact Computershare Investor Services Inc. for further information regarding the ICE program, including how to enroll : ICE Program.

Please note: Pan American provides the details above for convenience only and does not recommend or endorse the ICE program. Registered shareholders should make their own determination on whether enrollment is right for them. The ICE program is available only to registered shareholders. If you hold your shares through a broker or intermediary, you are not eligible to enroll.

dividend Schedule