Investor Presentaiton

LA LIBERTAD, PERU LA ARENA II La Arena II // 100% owned, undeveloped copper porphyry Reserves & Resources Oxide AORCO PIT 250 m Cu-Au Porphyry 63mt PIT SHELL LA ARENA PEA PIT 3500 3250 3000 2750 MINERAL RESOURCE PIT SHELL 2500 (as of June 30, 2021) Grade Contained Metal UNDERGROUND POTENTIAL 2250 Tonnes Au Cu Au Cu Open at i Depth (Mt) (g/t) (%) (koz) (kt) Model Highlights & Key Assumptions M&I Resources Inferred Resources 696.3 0.24 0.38 5,280 2,623 54.7 LT Gold Price 0.23 0.29 413 159 1,300 US$/oz Ave. Au Sulphide Grade 0.24 g/t LT Copper Price 3.30 US$/lb LOM Average Cu Mill Recovery Sulphide 87% Mine Type Processing Products Capacity Modeled Mine Life Deposit Type 21 Year Production Life Porphyry Based on Tahoe PEA February 2018¹ PEA study projects large Open Pit Flotation Processing Plant to be constructed LOM Average Milled 28.8 Mtpa LOM Average Au Mill Recovery Sulphide 60% Initial Capital 1,346 US$M LOM Metal Production - Copper Concentrate 4,465 Mlbs Sustaining Capital 1,093 US$M Avg. Annual Operating Costs 395 US$M LOM Metal Production - Gold in Copper Concentrate LOM Gold Doré Production 2,790 Koz 575 Koz Copper Concentrate (Doré from smaller oxide resource) Ave. Cost Per Tonne Processed Projected to be 80,000 tpd 12.87 US$/mt NPV At 8% 823.8 US$M Sulphide Milled 616.4 Mt IRR 14.7% Ave. Cu Sulphide Grade 0.38% Ave. Annual After Tax Cash Flow 273 US$M 43 13 1. Reference is made to the Technical Report on the La Arena Project, Peru dated February 20, 2018 prepared for Tahoe Resources Inc., a copy of which is filed under the company profile of Tahoe Resources Inc. on SEDAR at www.sedar.com. This technical report contains a preliminary economic assessment of the La Arena II copper-gold porphyry project. Preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. As of the date of this presentation, the Qualified Persons named in this presentation are not aware that there is any new material scientific or technical information that would make this disclosure relating to the preliminary economic assessment to be inaccurate or misleading. PAN AMERICAN SILVER

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