This website of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as “AISC”, “cash costs per ounce sold”, “adjusted earnings” and “basic adjusted earnings per share”, “net cash”, “total debt”, “capital”, “operating margin”, “free cash flow” and “working capital”.  These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Any reference to “Cash Costs” should be understood to mean cash costs per ounce of silver or gold sold, net of by-product credits. Any reference to “AISC” should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of by-product credits.

Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the period ended December 31, 2021, and for its most recently completed financial quarter, available at