July 12, 2016
Pan American Silver Corp. - Early Warning Report
million paid in cash dividends to our shareholders
Reduced our annual consolidated cash costs to $9.70 per ounce of silver
Reduced our annual consolidated AISCSOS to $14.92
For a more detailed discussion of cash costs and AISCSOS and their calculations, readers should refer to the “Alternative Performance (non-GAAP) Measures”, section of the Company’s Management’s Discussion & Analysis for the year ended December 31, 2015, for a more detailed discussion of this measure and its calculation.