Investor Presentaiton
2023 OPERATING OUTLOOK
Silver Segment:
La Colorada (Mexico)
Cerro Moro (Argentina)(2)
Huaron (Peru)
San Vicente (Bolivia)(3)
Manantial Espejo (Argentina) (4)
Silver Segment Consolidated
Gold Segment:
Jacobina (Brazil) (2)
El Peñon (Chile)(2)
Timmins (Canada)
Shahuindo (Peru)
La Arena (Peru)
Minera Florida (Chile)(2)
Dolores (Mexico)
Gold Segment Consolidated
12-months Pan American Silver Original
Silver Production
(million ounces)
5.5-5.9
3.6-3.9
3
77-85
Gold Production
(thousand ounces)
Cash Costs
($ per ounce) (1)
14.00 15.50
AISC
($ per ounce) (1)
3.6-3.8
5.50-8.80
5.80 -7.30
17.00 18.50
11.00 14.50
11.50 13.00
2.5-2.6
14.10 15.90
16.00 17.50
0.2
15.4-16.4
2
82-90
11.80 12.90
13.70 14.80
10.00 12.00
14.00-16.00
144-164
2.9-3.5
122-142
130-141
0.3
134-146
-
98-106
750-810
600-770
1,340 - 1,480
780-920
1,200 - 1,270
1,600 - 1,690
0.2-0.3
62-74
1,340 - 1,430
2.2-2.5
98-107
5.6-6.6
788-880
1,110 -1,240
975-1,100
1,700 - 1,850
1,230 -1,360
1,275 - 1,425
14.3 15.3
465-505
Assets Production (5)
9-months Acquired Operations Production (6)
Total Consolidated Production
6.7-7.7
21.0 - 23.0
405-465
870-970
1.
1,020 - 1,110
785-985
1,650 - 1,800
1,300 - 1,470
In addition to consolidated silver and
gold production, 2023 consolidated
base metal production is forecast to
be:
Zinc (kt)
41-45
Lead (kt)
18-21
Copper (kt)
5
Cash Costs and AISC are non-GAAP measures. Please refer to the section "Alternative Performance (Non-GAAP) Measures" of the MD&A for the period ended March 31, 2023 for a detailed description of these measures and where appropriate a reconciliation of the
measure to the Q1 2023 Financial Statements. The AISC forecast assumes metal prices of $22.00/oz for silver, $1,850/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,100/tonne ($0.95/lb) for lead, and $8,000/tonne ($3.63/lb) for copper; and average annual exchange
rates relative to 1 USD of 18.75 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 270.00 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.33 for the Canadian dollar ("CAD"), $800.00 for the Chilean peso ("CLP") and $5.00 for
the Brazilian real ("BRL").
2023 production and AISC forecasts for Cerro Moro, Jacobina, El Peñon and Minera Florida reflects ownership for the nine-month period from March 31 to December 31, 2023.
2 3 4 5
2.
3.
San Vicente data represents Pan American's 95.0% interest in the mine's production.
4.
Mining activities have been completed at Manantial Espejo at the end of 2022, with residual processing completed in January 2023.
5.
Includes La Colorada, Huaron, San Vicente, Manantial Espejo, Timmins, Shahuindo, La Arena and Dolores mines.
6.
Reflects ownership of the Cerro Moro, Jacobina, El Peñon and Minera Florida mines for the nine-month period from March 31 to December 31, 2023.
PAN AMERICAN
SILVER
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