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Dividends

Dividend Policy

Pan American's dividend policy supplements a base dividend of $0.10 per common share with a variable dividend, paid on a quarterly basis, that is linked to the net cash on the balance sheet for the previous quarter, as illustrated in the following table:

Net Cash(2) Base Dividend per Quarter Variable Dividend per Quarter Total Dividend per Quarter
Less than $100 million $0.10 per share $0.00 per share $0.10 per share
$100 million to less than $200 million $0.10 per share $0.01 per share $0.11 per share
$200 million to less than $300 million $0.10 per share $0.02 per share $0.12 per share
$300 million to less than $400 million $0.10 per share $0.06 per share $0.16 per share
$400 million or greater $0.10 per share $0.08 per share $0.18 per share

(1) The Board will review the dividend policy periodically and may amend or modify it in its discretion.

(2) Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities, less total debt. Net cash and total debt are non-GAAP measures and do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies; please refer to the "Alternative Performance (non-GAAP) Measures" section of our management's discussion and analysis for the twelve months ended December 31, 2021, for a discussion of various non-GAAP measures.

Pan American Silver's dividends are designated as eligible dividends for Canadian income tax purposes.

Dividend Schedule

Date Declared

Record Date

Payable Date

Amount (USD per share)

May 11, 2022 May 24, 2022 June 3, 2022 0.12
February 23, 2022 March 7, 2022 March 21, 2022 0.12
November 9, 2021 November 22, 2021 December 3, 2021 0.10
August 10, 2021 August 23, 2021 September 3, 2021 0.10
May 12, 2021 May 25, 2021 June 7, 2021 0.07
February 17, 2021 March 1, 2021 March 11, 2021 0.07
November 4, 2020 November 16, 2020 November 27, 2020 0.07
August 5, 2020 August 17, 2020 August 27, 2020 0.05
May 6, 2020 May 19, 2020  May 29, 2020 0.05
February 19, 2020  March 2, 2020 March 12, 2020 0.05
November 6, 2019 November 18, 2019 November 29, 2019 0.035
August 7, 2019 August 19, 2019 August 30, 2019 0.035
May 8, 2019 May 21, 2019 June 3, 2019 0.035
February 20, 2019 March 4, 2019 March 15, 2019 0.035
November 6, 2018 November 19, 2018 November 30, 2018 0.035
August 8, 2018 August 20, 2018 August 31, 2018 0.035
May 9, 2018 May 22, 2018 June 4, 2018 0.035
February 20, 2018 March 5, 2018   March 16, 2018   0.035 
November 8, 2017 November 20, 2017  December 1, 2017 0.025 
August 9, 2017 August 21, 2017 September 1, 2017 0.025 
May 9, 2017 May 23, 2017  June 5, 2017  0.025 
February 14, 2017  February 27, 2017  March 10, 2017  0.025 
November 14, 2016  November 25, 2016 December 6, 2016  0.0125 
August 11, 2016 August 23, 2016  September 6, 2016  0.0125 
May 11, 2016  May 24, 2016  June 6, 2016 0.0125 
February 18, 2016 February 29, 2016 March 11, 2016 0.0125 
November 12, 2015 November 23, 2015 December 4, 2015  0.05 
August 13, 2015 August 25, 2015 September 8, 2015   0.05 
May 11, 2015 May 22, 2015 June 2, 2015  0.05 
February 19, 2015 March 2, 2015 March 13, 2015  0.125 
November 13, 2014 November 25, 2014 December 8, 2014  0.125 
August 13, 2014 August 25, 2014 September 5, 2014  0.125 
May 8, 2014 May 21, 2014 June 3, 2014 0.125 
February 19, 2014 March 3, 2014 March 17, 2014 0.125 
November 13, 2013 November 25, 2013 December 9, 2013 0.125 
August 14, 2013 August 26, 2013 September 9, 2013 0.125 
May 13, 2013 May 24, 2013 June 5, 2013 0.125 
February 20, 2013 March 4, 2013 March 18, 2013 0.125 
November 7, 2012  November 19, 2012 December 3, 2012   0.05 
August 14, 2012 August 27, 2012 September 10, 2012  0.05 
May 15, 2012 May 25, 2012 May 28, 2012  0.0375 
February 23, 2012 March 5, 2012 March 19, 2012  0.0375 
November 9, 2011 November 21, 2011 December 5, 2011  0.025 
August 10, 2011 August 22, 2011 September 6, 2011  0.025 
May 19, 2011 May 31, 2011 June 15, 2011  0.025 
February 15, 2011 February 28, 2011 March 14, 2011  0.025 
November 8, 2010 November 19, 2010 December 1, 2010 0.025 
August 11, 2010 August 23, 2010 September 7, 2010  0.025 
February 15, 2010 February 26, 2010 March 12, 2010   0.025