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Non-GAAP Measures

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 cash costs per payable ounce of silver, net of by-product credits (“Cash Costs”), all-in sustaining cost (“AISC”), all-in sustaining cost per silver ounce sold, free cash flow, operating margin, operating margin per ounce, total debt, adjusted (loss) earnings, adjusted (loss) earnings per share and working capital. Free cash flow is calculated as net cash generated from operating activities less cash invested in sustaining capital. Pan American believes the inclusion of sustaining capital investments better reflects total operating cash flows. Operating free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies.

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. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section in Pan American’s Management’s Discussion and Analysis for the period ended March 31, 2019, available at