Pan American Silver Corp. is the owner of this website. Where we say “Pan American”, “we”, “us”, or “our”, we mean Pan American Silver Corp. and may include one or more or all of its affiliates, as applicable. As a condition of using our website and accessing information and data, you accept and agree to the following:

Intellectual Property

Pan American or, as applicable, its third-party service providers own all right, title and interest in this website, including all associated market data and information, and you acquire no interest therein. The materials provided on this website including, without limitation, all content (including third-party content), site design, text, graphics, icons, photographs, and logos, and the selection and arrangement thereof, are protected by copyright and trademark and all rights are reserved.  The display of trademarks on this website, or in the contents therein, does not imply that a license of any kind has been granted. Except for non-commercial, personal or educational purposes, where the material is not modified and that copyright or trademark notices are not deleted, any copying, reproduction, modification, uploading, posting, transmission or other distribution of the materials without Pan American’s express prior written approval is strictly prohibited and may be a violation of trademark and/or copyright laws and could be subject to legal enforcement. Nothing in your use of this website grants you any rights in or to the intellectual property or proprietary rights of Pan American Silver Corp. or any third party. You may not frame nor link to this website without Pan American Silver Corp.’s express written permission.

Pan American Silver Corp.’s name,, the hammer design of its logo, and related words, names and logos and symbols are trademarks, trade names and/or service marks of Pan American. Nothing on this website shall be construed as granting, either expressly or by implication, a license or other right to you to use any marks or names or other intellectual property of Pan American Silver Corp and any unauthorized use of the trademarks or trade names of Pan American Silver Corp. is strictly prohibited. The names of other companies, products or services referred to on this website may also be trademarks or trade names of their respective owners and any unauthorized use of the trademarks or trade-names of any third party is strictly prohibited.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information on this website 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.  Statements containing forward-looking information express Pan American’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as believe, estimate, anticipate, expect or does not expect, plan, intend, predict, goal, target, forecast, project, scheduled, potential, and proposed or variations of such words and phrases, or statements that certain actions, events or results may, can, could, would, might or will be taken, occur or be achieved.  All statements, other than statements of historical fact, are forward-looking statements or information.  Forward-looking statements or information on this website relate to, among other things: our estimated production of silver, gold and other metals; our forecast cash costs per ounce of silver; our estimated all-in sustaining costs per ounce of silver sold; the price of silver, gold and other metals and assumed foreign exchange rates; the sufficiency of our liquid assets to satisfy our working capital requirements, fund currently planned capital expenditures (including both sustaining and project capital) for existing operations, and to discharge liabilities as they come due; our anticipated operating cash flow and the estimated cost of and availability of funding for working capital requirements and capital replacement, improvement or remediation programs, care and maintenance programs, and for future construction and development projects; our anticipated capital investments; our ability to successfully complete any capital investment programs and projects and the impacts of any such programs and projects; the estimates of expected or anticipated economic returns from a mining project, as reflected in preliminary economic assessments, pre-feasibility, and feasibility studies or other reports prepared in relation to development of projects; the completion and anticipated results of any technical reports or other evaluations; and any anticipated level of financial and operational success; the outcome of the International Labour Organization Convention No.169 consultation process in Guatemala with respect to the Escobal mine, the resolution of other matters ordered by the courts in Guatemala, and our anticipated engagement with local communities, Indigenous Peoples and other stakeholders in Guatemala and in other jurisdictions; our ability to continue with our operations, or to successfully maintain our operations on care and maintenance, should situations such as COVID-19 or other pandemics not be as anticipated, and the impact of COVID-19 or other pandemics could have on our business; our goal to continue to be a responsible company, committed to sustainable development and conducting our activities in an environmentally and socially responsible manner, including the development and implementation of policies and practices in support of these goals; our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; our ability to achieve any climate-related goals; and that we will be, or will continue to be, the world’s premier silver producer and one of the world’s leading silver mining companies.

These statements reflect our current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by us, 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 can be maintained as required; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

We caution 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 on this website and we. have 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); the inability to determine, with certainty, the production of metals or the price to be received before mineral reserves or mineral resources are actually mined; supply chain disruptions; 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); the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues, including risks and strategies related to the transition to a low-carbon global economy; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; 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 Peoples; laws and regulations governing our operation, exploration and development activities, including international laws and legal norms, such as those relating to Indigenous populations and human rights; 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, includingenvironmental, export and import laws and regulations; diminishing quantities or grades of mineral reserves as properties are mined; the ability to recruit and retain qualified personnel, and the increased competition in the mining industry for equipment and qualified personnel; the effectiveness of our internal control over financial reporting; ;  and those factors identified under the caption “Risks Related to Pan American’s Business” in Pan American Silver Corp.’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 we have 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.  We do not intend, nor do we 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.

Specific materials on our website containing forward-looking statements or information may contain more specific cautions regarding risks and uncertainties, which you should review.

Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Mineral Resources

This website, including the documents and materials posted thereon, have been prepared and disclosed in accordance with the requirements of Canadian securities laws that differ from the requirements of United States securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this AIF and the documents incorporated by reference herein have been disclosed in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum – Definition Standards adopted by the CIM Council. NI 43-101 is an instrument developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and mineral reserves and mineral resources contained or incorporated by reference herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, these documents use the terms ‘‘Measured Resources’’, ‘‘Indicated Resources’’ and ‘‘Inferred Resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a ‘‘Measured Resource’’ or ‘‘Indicated Resource’’ will ever be converted into a ‘‘reserve’’. U.S. investors should also understand that ‘‘Inferred Resources’’ have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of ‘‘Inferred Resources’’ exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, ‘‘Inferred Resources’’ may not form the basis of feasibility or pre-feasibility studies except in certain cases. Disclosure of ‘‘contained ounces’’ in a mineral resource is a permitted disclosure under Canadian securities laws, however, the SEC normally only permits issuers to report mineralization that does not constitute ‘‘reserves’’ by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this AIF and the documents incorporated by reference herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. Following the transition period, as a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the “MJDS”), Pan American is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101. If Pan American ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Pan American will be subject to the SEC Modernization Rules, which differ from the requirements of NI 43-101.

As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding standards under NI 43-101.  While the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Pan American reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are “substantially similar” to the standards under NI 43-101, there are differences in the definitions under the SEC Modernization Rules. Accordingly, there is no assurance any mineral reserves or mineral resources that Pan American may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Pan American prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

Technical Information

The mineral resource and mineral reserve estimates and other scientific and technical disclosure reported on this website were prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. You are advised to refer to the latest continuous disclosure documents publicly available under the Company’s profile on SEDAR at, for detailed information regarding the mineral resource and mineral reserve estimates and other scientific and technical information contained on this website

Technical information included on this website with respect to Pan American has been reviewed and approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, and Chris Emerson, FAusIMM, VP Business Development and Geology, who are Pan American’s qualified persons for the purposes of NI 43-101.

The scientific and technical information contained on the website is subject to all of the assumptions, qualifications and procedures set out in Pan American Silver Corp.’s continuous disclosure record and reference should be made to the full details thereof under Pan American Silver Corp.’s profile on SEDAR at

See also Pan American’s most recent Annual Information Form available on this website and at for further information on Pan American’s material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Pan American to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect Pan American’s business and the potential development of Pan American’s mineral reserves and resources.

Currency of Website

We take considerable care and effort to review and, where we deem appropriate and/or it is legally required, to update the information on this website. However, such information is not intended to be a comprehensive review of all matters and developments concerning Pan American and we cannot guarantee the accuracy, currency or completeness of the information and assumes no responsibility in this regard. Unless otherwise indicated, all information posted on this website is current only as of the date of the document that contains the information, the date on which the document is posted (if indicated), or to the time period to which the document or material relates, whichever is earlier. We may at any time make changes to the information on this website without prior notice.

Disclaimer and Exclusion of Liability


In particular and among other things, Pan American shall not be liable for any claims, expenses, damages (including direct, indirect, special or consequential damages, loss of profits or opportunities, loss of income, business interruption, loss of information or data, or third-party claims), arising from or in connection with:

  • this website, including without limitation, as to the accuracy, reliability, currency, veracity, or completeness of the content;
  • the use of or reliance on information contained on this website;
  • any delays, inaccuracies or errors in, or in the transmission of, any stock price quotes or historical price data;
  • use of any third-party websites, including any information or content thereon, linked to or from this website;
  • any internet software used in connection with this website, or computer viruses or other destructive programs encountered as a result of using this website; and
  • any other matter connected with this website;

even if Pan American Silver Corp. is made aware of the possibility of such claims, expenses, damages or losses.

Linked Websites

As a convenience to visitors, this website may contain links to a number of third-party websites. Your linking to such websites or pages is at your own risk. Pan American Silver Corp. is not responsible for the accuracy, currency or reliability of any information, data, opinions, advice, statements or other content on linked sites and links are provided merely as a convenience. The inclusion of such links does not imply that Pan American Silver Corp. endorses or monitors these linked websites. In addition, Pan American Silver Corp. does not warrant or otherwise guarantee that electronic materials on these websites are free of viruses or other harmful components.


No Solicitation


Pan American Silver Corp. is subject to the securities laws of various jurisdictions. Information disclosed or provided by Pan American Silver Corp. pursuant to the securities laws of those jurisdictions is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through, or on this website. No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed upon this information and no representation or warranty is made by Pan American Silver Corp. to that effect. Pan American Silver Corp.’s Canadian and U.S. public filings can be viewed on SEDAR at and on EDGAR at

The information set out in this website should not be used for the purpose of making investment decisions with respect to Pan American Silver Corp. securities. We strongly encourage you to seek independent professional advice before making any investment decisions.

Compliance with Laws

You agree to use the website, any linked websites and any services available on or through the website or linked websites only for lawful purposes and in a manner consistent with applicable local, national and international laws and regulations. You may not use the website in any manner which could damage, disable, overburden, or impair the website or interfere with any other party’s use or enjoyment of the website.

You are prohibited from posting or transmitting to or from Pan American Silver Corp. any unlawful, threatening, libelous, defamatory, obscene, pornographic, or other such materials, content or communications, or any other materials, content or communications that may violate any law.

Stock Quotes and Related Information

All stock quotes are delayed unless otherwise stated and such delays may exceed 20 minutes. All stock quotes and historical stock price data are provided by third party service providers and are provided for informational purposes only, and are not intended for trading, business or financial purposes. Pan American Silver Corp. does not guarantee the sequence, accuracy or completeness of any stock quotes available on this website or on any linked website, nor any other data displayed, and is not liable or responsible in any way for any delays, inaccuracies or errors in, or in the transmission of, any stock price information or data. Pan American Silver Corp. and its service providers are not liable or responsible in any way for any damages, losses or costs arising from reliance upon this information or incurred as a result of the nonperformance, interruption or termination for any reason whatsoever of the stock price information or data.


Your use of this website shall be governed by the laws of the Province of British Columbia and any applicable federal laws of Canada. The courts of the Province of British Columbia shall have exclusive jurisdiction over any dispute arising out of your use of this website.


This Legal Notice, any and all other notices, policies and statements contained on this website (as the same may be amended by us from time to time without prior notice) constitute the entire agreement between Pan American and you. This Legal Notice supersedes anything on the website inconsistent with this Legal Notice. No waiver of any of this Legal Notice shall be deemed a further or continuing waiver of such term or condition or any other term or condition. If in any jurisdiction, any part of this Legal Notice is held to be unenforceable by a court of competent jurisdiction, such part of this Legal Notice shall be restricted or eliminated to the minimum extent necessary and the remaining Legal Notice will otherwise remain in full force and effect. 

Pan American reserves the right to modify these terms at any time without prior notice, your continued access or use of this website will be governed by the terms in place at the relevant time. It is your responsibility to regularly review these terms.