Precious Metals

Santacruz Silver Mining Ltd. is pleased to report that it has completed the previously announced acquisition of the Zimapan mine assets from Minera Cedros, S.A. de C.V. a wholly owned subsidiary of Grupo Peñoles. The transaction was funded in part by a US$17.6 million loan facility provided by Trafigura Mexico, S.A. de C.V. .As noted in the Company's press release of February 25, 2021, total consideration paid by ...

Santacruz Silver Mining Ltd. (TSXV: SCZ) (the "Company" or "Santacruz") is pleased to report that it has completed the previously announced acquisition of the Zimapan mine assets from Minera Cedros, S.A. de C.V. ("Minera Cedros"), a wholly owned subsidiary of Grupo Peñoles. The transaction was funded in part by a US$17.6 million loan facility (the "Trafigura Loan Facility") provided by Trafigura Mexico, S.A. de C.V. (the "Trafigura Mexico").

As noted in the Company's press release of February 25, 2021, total consideration paid by Santacruz to Minera Cedros was US$20 million plus applicable Mexican Value Added Tax of US$3.2 million. Pursuant to the February 24, 2021 definitive purchase agreement (the "Purchase Agreement") between the Company's wholly-owned subsidiary, Carrizal Mining, S.A. de C.V. ("Carrizal"), and Minera Cedros, at closing of the acquisition of the Zimapan mine, Carrizal paid Minera Cedros US$15 million funded through the Trafigura Loan Facility. The US$2.6 million balance of the Trafigura Loan Facility represents the refinancing of existing debt owing to Trafigura Mexico by Carrizal and an affiliate (Impulsora Minera Santacruz, S.A. de C.V.). Carrizal had previously made payments to Minera Cedros totaling US$5 million leaving an outstanding balance for the Zimapan acquisition of US$3.2 million which is payable to Minera Cedros on or before September 23, 2021 in accordance with the terms of the Purchase Agreement. Santacruz will make this payment from cash on hand or from cash flow from the Zimapan mine.

Pursuant to the terms of the Trafigura Loan Facility, at the closing the Company issued an aggregate of 28,000,000 warrants to Trafigura Mexico, each warrant being exercisable to purchase one common share of the Company at a price of C$0.395 per share, for a period of 12 months with respect to 26% (7,280,000 warrants) and 42 months with respect to the remaining 74% (20,720,000 warrants). In accordance with the policies of the TSX Venture Exchange and other applicable legislation, shares issued pursuant to the exercise of warrants will be subject to a hold period expiring August 24, 2021.

Carlos Silva, CEO of Santacruz stated, "Closing the transaction and acquiring outright ownership of the Zimapan Mine marks a new era for Santacruz that will help pave the road for the continuation of the Company's growth. Beyond the mineralized zones currently being mined, management believes there is great untapped potential contained in the Zimapan mine's 5,000 hectares of mining claims. We have already identified several priority areas for exploration which we expect will allow the mine to maintain its historical yearly production levels of +5 million silver equivalent ounces for many years." Mr. Silva continued, "I want to thank everyone at Grupo Peñoles for demonstrating constant support and professionalism throughout this process. I also want to thank Trafigura for supporting Santacruz and providing the loan facility that expedited the closing of the transaction.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company that currently owns and operates the Rosario Project and the Zimapan Mine.

The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

'signed'

Arturo Préstamo Elizondo,
Executive Chairman

For further information please contact:

Arturo Prestamo
Santacruz Silver Mining Ltd.
Email: info@santacruzsilver.com
Telephone: (604) 569-1609

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements relating to the Company's outstanding debt with Trafigura Mexico and Minera Cedros, and statements relating to production at the Zimapan Mine and the Company's plans to grow it operations. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company's financial condition and development plans do not change as a result of unforeseen events and that future metal prices and the demand and market outlook for metals will remain stable or improve. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to above prove not to be valid or reliable; market conditions and volatility and global economic conditions, including increased volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; risk of delay and/or cessation in planned work or changes in the Company's financial condition and development plans; risks associated with the interpretation of data (including in respect of third party mineralized material) regarding the geology, grade and continuity of mineral deposits; the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; risks related to gold, silver, base metal and other commodity price fluctuations; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81687

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Pan American Silver reports revenue of $439.9 million in Q1 2022

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"Pan American reported strong financial performance in the quarter, enabling us to declare a dividend of $0.12 per common share for Q1, in line with the new dividend policy announced in February 2022 ," said Michael Steinmann , President and Chief Executive Officer. "As we indicated in our February 23, 2022 news release, our operations experienced high levels of workforce absenteeism in January and early February due to the Omicron variant of COVID-19. Workforce deployment is now back to more normal levels, and we are maintaining our guidance for 2022 with production weighted to the second half of the year."

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TSX: SIL | NYSE American: SILV

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Last week's US Federal Reserve meeting brought a much-anticipated interest rate hike of 50 basis points, with the central bank also announcing balance sheet reduction plans.

Speaking to the Investing News Network, John Feneck, portfolio manager and consultant at Feneck Consulting, gave his thoughts on the news, and also shared stocks he's watching in silver, copper and palladium.

"I think (the Fed) delivered the number they needed to," he said in a conversation a few hours after the Fed's announcement. "You saw that reflected in the broad market action afterwards ... especially when (Chair Jerome) Powell started talking at 2:30 p.m. EDT. Our sector also got a bid, which was very encouraging."

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Pan American Silver extends mineralization at the La Colorada Skarn project

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today provides results for 43 new infill and exploration drill holes totaling 38,460 metres, all of which contain multiple skarn and breccia intercepts. Highlights include infill hole U-04-22 with 233.70 metres at 44gt Ag, 4.05% Pb and 5.04% Zn and step-out hole U-08-22 with 174.95 metres at 40 gt Ag, 0.17% Pb and 7.95% Zn and 46.95 metres at 78 gt Ag, 3.84% Pb, 8.79% Zn.

La Colorada Skarn: plan view of drill hole and section line locations (CNW Group/Pan American Silver Corp.)

"We drilled more metres on the skarn in the first quarter of 2022 than during any other quarterly period, with infill drilling increasing our confidence in the central skarn resource and exploration drilling further defining the extensions to the east, south and west," said Christopher Emerson , Pan American's Vice President Business Development and Geology. "Over 100,000 metres have been drilled on the skarn since the last resource estimate dated August 4, 2020 , and the program continues with 14 machines. The results from this program will be included in an updated resource estimate that we plan to provide in the third quarter of 2022."

Drill Highlights Include:

  • U-04-22: 233.70 m of 44 g/t Ag, 0.15% Cu, 4.05% Pb and 5.04% Zn
  • U-08-22: 174.95 m of 40 g/t Ag, 0.21% Cu, 0.17% Pb and 7.95% Zn including 99.10 m of 56 g/t Ag, 0.28% Cu, 0.24% Pb and 10.78% Zn and 46.95 m of 78 g/t Ag, 0.07% Cu, 3.84% Pb and 8.79% Zn
  • D-96-01-21: 154.00 m of 57 g/t Ag, 0.08% Cu, 2.43% Pb and 4.36% Zn, including 96.00 m of 78 g/t Ag, 0.11% Cu, 3.12% Pb and 5.68% Zn
  • U-105-21: 121.45 m of 77 g/t Ag, 0.08% Cu, 2.00% Pb and 5.48% Zn; and 32.90 m of 104 g/t Ag, 0.09% Cu, 0.36% Pb and 3.43% Zn; and 44.15 m of 114 g/t Ag, 0.04% Cu, 3.15% Pb and 4.15% Zn; and 16.55 m of 122 g/t Ag, 0.11% Cu, 5.05% Pb and 9.07% Zn
  • U-127-21: 101.90 m of 43 g/t Ag, 0.18% Cu, 0.48% Pb and 6.62% Zn
  • U-95-21: 88.30 m of 49 g/t Ag, 0.07% Cu, 1.46% Pb and 5.08% Zn; and 35.35 m of 83 g/t Ag, 0.03% Cu, 3.66% Pb and 2.14% Zn; and 22.55 m of 176 g/t Ag, 0.09% Cu, 3.33% Pb and 5.94% Zn
  • D-62-04-21: 117.10 m of 64 g/t Ag, 0.06% Cu, 2.06% Pb and 3.24% Zn including 53.05 m of 99 g/t Ag, 0.07% Cu, 4.07% Pb and 5.97% Zn and 28.35 m of 157 g/t Ag, 0.02% Cu, 4.56% Pb and 5.82% Zn
  • D-77-01-22: 102.05 m of 58 g/t Ag, 0.13% Cu, 1.42% Pb and 3.43% Zn including 26.65 m of 124 g/t Ag, 0.22% Cu, 2.26% Pb and 5.53% Zn and 15.30 m of 43 g/t Ag, 0.03% Cu, 2.46% Pb and 4.38% Zn

Drilling from an underground platform into the western part of the skarn deposit has successfully expanded the mineralization 120 metres to the northwest with step-out drill holes 105-21, 08-22, 95-21, and 127-21 all containing multiple polymetallic sulphide intercepts up to 175 metres in length, as reported in "Drill Highlights" above. The skarn deposit remains open to the northwest and at depth.

Infill drilling in the central eastern part of the deposit confirmed continuous mineralization over a 400 metre-wide area.

The eastern part of the deposit has been extended 80 metres to the north and south, with infill and exploration drilling from surface platforms defining multiple mineralized intercepts in step-out drill holes D-73-1-21 and D-71-04-21 and D-62-04-21, ranging between 10 to 117 metres wide.

The central part of the deposit was extended 150 metres to the south with step out drilling from surface located at S-90-21 and S-95-21. Six holes (95-04/05/ 06/07/08 and 09) all reported wide zones of breccia-style mineralization up to 215 metres thick. The deposit remains open to the south.

Summary of Drill Results
The following table provides the drill results for the La Colorada skarn deposit for the first quarter of 2022.

Previous drill results not included in this table are disclosed in Pan American's news releases, which are available, together with cross sections, plan and images of the skarn mineralized core, at:

https://www.panamericansilver.com/operations/exploration/la-colorada-skarn/ .

Hole No.

From (m)

To (m)

Interval (m) (1)

Ag g/t

Cu %

Pb %

Zn %

D-03-02-21

511.90

516.55

4.65

100

0.14

1.82

4.19

and

1130.45

1176.15

45.70

34

0.27

1.18

2.35

D-62-04-21

1030.45

1058.80

28.35

157

0.02

4.56

5.82

and

1187.10

1304.20

117.10

64

0.06

2.06

3.24

Including

1187.10

1240.15

53.05

99

0.07

4.07

5.97

D-62-05-21

1057.30

1070.70

13.40

123

0.04

3.88

6.57

and

1482.75

1514.40

31.65

125

0.53

0.78

1.38

and

1554.70

1593.80

39.10

102

0.26

0.69

8.82

D-66-04-21

1301.20

1304.25

3.05

355

0.02

1.21

0.25

and

1314.75

1341.00

26.25

28

0.07

2.21

4.02

D-66-05-21

1059.35

1068.45

9.10

58

0.39

1.33

8.02

and

1149.55

1160.85

11.30

42

0.12

2.60

4.03

D-71-04-21 (2)

1291.80

1361.20

69.40

71

0.07

2.37

6.64

and

1376.30

1389.20

12.90

39

0.21

3.49

5.54

D-71-05-22

1147.95

1177.55

29.60

27

0.03

1.29

2.63

and

1264.65

1332.65

68.00

27

0.07

1.00

1.61

D-73-01-21 (3)

1235.35

1251.85

16.50

50

0.15

1.19

3.14

and

1525.05

1593.45

68.40

52

0.38

0.32

1.47

D-73-03-21

988.95

1030.00

41.05

39

0.06

2.15

3.40

and

1053.50

1128.85

75.35

75

0.13

1.20

3.15

Including

1082.20

1103.40

21.20

55

0.17

2.54

4.79

D-73-04-21

994.60

1098.65

104.05

23

0.04

1.30

2.61

Including

1052.20

1072.40

20.20

45

0.11

2.72

4.86

and

1474.60

1481.75

7.15

6

0.03

0.02

7.37

D-73-05-21

957.45

963.50

6.05

29

0.07

1.87

4.12

and

1149.15

1195.55

46.40

25

0.20

1.59

4.62

D-77-01-22

864.65

879.95

15.30

43

0.03

2.46

4.38

and

1101.20

1203.25

102.05

58

0.13

1.42

3.43

Including

1161.85

1188.50

26.65

124

0.22

2.26

5.53

D-79-01-21

630.80

652.95

22.15

73

0.25

1.95

6.91

D-79-02-21

635.90

652.15

16.25

69

0.17

1.85

5.77

D-79-03-21

999.75

1011.20

11.45

19

0.13

0.18

2.31

D-79-04-22

1025.90

1039.05

13.15

61

0.31

0.29

2.15

D-81-05-22

787.10

797.15

10.05

380

0.15

2.52

5.25

D-90-01-21

676.25

702.10

25.85

143

1.14

0.87

0.93

and

772.50

785.50

13.00

112

1.08

3.71

4.73

and

970.00

990.20

20.20

54

0.09

2.69

3.13

and

1374.10

1433.00

58.90

13

0.04

2.12

2.84

D-93-01-21

1066.00

1208.10

142.10

16

0.08

1.18

2.17

Including

1182.00

1208.10

26.10

35

0.22

1.90

2.54

and

1342.90

1391.00

48.10

37

0.02

0.21

2.97

D-93-02-21

1053.85

1242.25

188.40

20

0.10

1.45

2.43

Including

1084.30

1119.45

35.15

24

0.11

2.04

3.94

D-95-04-21 (3)

1101.15

1316.40

215.25

31

0.09

1.12

1.76

Including

1155.60

1191.75

36.15

64

0.11

1.93

2.53

and

1365.15

1381.95

16.80

32

0.21

2.74

5.67

and

1627.15

1695.20

68.05

44

0.24

0.27

3.57

D-95-05-21

1066.00

1089.75

23.75

56

0.16

0.91

2.20

and

1355.65

1383.75

28.10

85

0.69

1.21

2.16

D-95-06-21

1068.60

1079.45

10.85

44

0.07

0.77

2.05

and

1279.10

1283.60

4.50

185

0.30

6.30

6.85

D-95-07-21

1142.20

1189.75

47.55

57

0.15

1.86

2.45

and

1199.00

1286.65

87.65

28

0.14

1.38

3.22

and

1320.15

1404.90

84.75

36

0.20

1.58

3.15

D-95-08-21

1344.85

1359.50

14.65

85

0.25

3.59

6.62

and

1381.05

1417.60

36.55

46

0.13

1.05

2.13

and

1568.95

1595.65

26.70

58

0.40

0.55

3.66

D-95-09-22

1144.25

1156.20

11.95

250

0.45

3.63

5.68

and

1466.55

1480.35

13.80

88

0.24

0.71

3.75

D-96-01-21

1199.20

1353.20

154.00

57

0.08

2.43

4.36

Including

1199.20

1295.20

96.00

78

0.11

3.12

5.68

D-96-02-22

1303.90

1331.65

27.75

68

0.06

2.49

4.66

S-79-21

630.35

654.50

24.15

138

0.56

1.74

7.69

and

1391.10

1401.85

10.75

16

0.03

2.72

4.26

and

1416.85

1430.15

13.30

56

0.06

3.20

8.16

and

1469.20

1501.30

32.10

32

0.04

0.35

3.23

and

1522.25

1538.55

16.30

29

0.07

0.32

3.69

S-90-21

687.30

832.10

144.80

60

0.41

0.99

1.72

and

1036.05

1083.75

47.70

25

0.09

0.70

2.26

S-93-21

1051.25

1074.60

23.35

67

0.03

2.93

1.74

and

1086.25

1118.10

31.85

15

0.07

1.32

2.21

and

1140.10

1246.45

106.35

22

0.05

2.28

2.48

S-96-21

173.50

188.05

14.55

1092

0.07

0.72

1.12

and

1274.45

1402.80

128.35

37

0.06

2.08

3.35

S-96A-21

180.70

188.50

7.80

575

0.05

0.45

0.86

U-04-22

579.40

813.10

233.70

44

0.15

4.05

5.04

Including

670.70

755.25

84.55

49

0.22

4.96

6.51

U-07-22

891.55

894.80

3.25

134

0.06

1.72

14.25

U-08-22

392.35

423.85

31.50

79

0.09

2.82

3.83

and

532.20

570.65

38.45

60

0.03

3.45

4.53

and

697.90

744.85

46.95

78

0.07

3.84

8.79

and

890.15

1065.10

174.95

40

0.21

0.17

7.95

Including

920.70

1019.80

99.10

56

0.28

0.24

10.78

U-105-21

311.15

327.70

16.55

122

0.11

5.05

9.07

and

495.15

499.50

4.35

104

0.20

3.98

5.89

and

551.35

595.50

44.15

114

0.04

3.15

4.15

and

641.50

762.95

121.45

77

0.08

2.00

5.48

Including

641.50

722.40

80.90

95

0.08

2.07

6.77

and

874.15

907.05

32.90

104

0.09

0.36

3.43

and

944.30

969.15

24.85

14

0.11

0.04

4.59

U-109-21

868.00

874.55

6.55

69

0.12

0.26

7.29

U-110-21

442.50

449.40

6.90

223

0.04

3.04

6.97

U-115-21

143.15

174.15

31.00

42

0.02

1.18

4.48

and

730.70

739.15

8.45

575

0.07

14.63

16.14

and

789.20

828.90

39.70

72

0.11

4.16

6.24

U-125-21

577.30

583.55

6.25

248

0.06

3.65

13.59

U-127-21

937.00

968.60

31.60

86

0.13

0.48

3.50

and

1002.50

1104.40

101.90

43

0.18

0.48

6.62

Including

1004.60

1061.00

56.40

59

0.22

0.57

9.94

and

1135.20

1149.00

13.80

53

2.12

0.10

0.22

U-95-21

369.80

392.35

22.55

176

0.09

3.33

5.94

and

506.05

541.40

35.35

83

0.03

3.66

2.14

and

790.95

879.25

88.30

49

0.07

1.46

5.08

Including

808.40

821.85

13.45

70

0.18

2.16

19.73



(1)

True widths of the mineralized intervals are unknown at this time.

(2)

Partial results received.

(3)

Partial results were reported in the news release dated February 24, 2022.

La Colorada Skarn - Drill Hole Collar Information

Drill Hole ID

Type

East Local

North Local

Elevation

Length (m)

Azimuth Avg ( 0 )

Dip Avg

D-03-02-21

Infill

5367.1

5477.5

2556.2

930.0

146.5

-80.9

D-62-04-21

Exploration

5996.9

5753.7

2554.7

503.4

120.1

-84.6

D-62-05-22

Exploration

5996.9

5753.7

2554.7

719.5

16.6

-86.3

D-66-04-21

Infill

5060.5

5509.3

2511.2

897.7

143.7

-68.8

D-66-05-21

Infill

5060.5

5509.3

2511.2

870.6

168.3

-74.0

D-71-04-21

Infill

6004.3

5588.6

2529.3

811.2

195.3

-80.1

D-71-05-22

Infill

6004.3

5588.6

2529.3

721.2

30.3

-80.0

D-73-01-21

Infill

5798.7

5607.7

2578.1

994.9

105.1

-86.9

D-73-03-21

Infill

5798.7

5607.7

2578.1

825.6

302.1

-80.6

D-73-04-21

Infill

5798.7

5607.7

2578.1

702.8

44.5

-81.0

D-73-05-21

Infill

5798.7

5607.7

2578.1

707.0

27.8

-74.0

D-77-01-22

Exploration

5777.8

5504.1

2540.8

814.1

87.0

-81.0

D-79-01-21

Exploration

5808.0

5209.2

2482.2

802.4

253.2

-79.0

D-79-02-21

Exploration

5808.0

5209.2

2482.2

742.9

206.4

-61.2

D-79-03-21

Exploration

5808.0

5209.2

2482.2

823.6

224.9

-77.9

D-79-04-22

Exploration

5808.0

5209.2

2482.2

675.8

319.3

-84.1

D-81-05-22

Infill

5804.8

5770.1

2590.7

645.7

256.9

-80.7

D-90-01-21

Exploration

5538.7

5004.4

2532.2

1075.6

133.2

-82.1

D-93-01-21

Infill

4926.3

5166.1

2469.7

581.2

138.7

-77.0

D-93-02-21

Infill

4926.3

5166.1

2469.7

489.1

225.4

-66.7

D-95-04-21

Exploration

5403.1

5126.1

2549.6

841.3

72.9

-72.1

D-95-05-21

Exploration

5403.1

5126.1

2549.6

574.8

129.1

-77.8

D-95-06-21

Exploration

5403.1

5126.1

2549.6

573.0

92.3

-74.0

D-95-07-21

Exploration

5403.1

5126.1

2549.6

783.9

12.6

-73.4

D-95-08-21

Exploration

5403.1

5126.1

2549.6

796.0

41.4

-81.3

D-95-09-22

Exploration

5403.1

5126.1

2549.6

832.3

71.8

-83.0

D-96-01-21

Infill

4654.7

5286.4

2506.4

639.0

122.9

-75.8

D-96-02-22

Infill

4654.7

5286.4

2506.4

793.0

129.7

-81.7

S-79-21

Exploration

5808.0

5209.2

2482.2

1652.3

286.9

-86.8

S-90-21

Exploration

5538.7

5004.4

2532.2

1664.8

0.0

-90.0

S-93-21

Infill

4926.3

5166.1

2469.7

1416.0

22.6

-73.6

S-96-21

Infill

4654.7

5286.4

2506.4

1496.5

104.4

-80.0

S-96A-21

Infill

4656.1

5285.5

2505.1

188.5

0.0

-90.0

U-04-22

Infill

4843.3

5321.3

1995.1

814.1

187.8

-80.6

U-07-22

Exploration

4423.7

5065.6

2102.9

1200.4

150.9

-83.2

U-08-22

Infill

4844.9

5324.0

1995.2

1152.1

358.0

-82.6

U-105-21

Exploration

4845.6

5319.5

1995.6

1023.4

323.0

-81.9

U-109-21

Exploration

4495.1

5329.6

2070.1

1175.5

242.1

-83.3

U-110-21

Exploration

4426.4

5067.8

2106.1

1253.7

262.8

-88.3

U-115-21

Exploration

4843.3

5321.3

1995.1

926.8

230.5

-78.2

U-125-21

Exploration

4426.4

5067.8

2106.1

1176.1

92.2

-86.9

U-127-21

Exploration

4496.1

5330.1

2070.5

1187.7

115.3

-87.5

U-95-21

Exploration

4845.0

5320.8

1995.5

965.1

25.1

-83.7





Total Metres

38460.0



General Notes with Respect to Technical Information

Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by SGS Durango, Mexico using acid digestion with ICP finish for silver, lead, zinc, and copper and ALS Global using the same analytical procedure. Samples sent to SGS Durango were prepared in Durango and ALS  Global are prepared in Zacatecas, Mexico laboratory and send to Vancouver B.C. Laboratory for assay.  Pan American implements a quality assurance and quality control ("QAQC") program including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to SGS and ALS demonstrate acceptable accuracy and precision.  The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of any future Mineral Resource and Mineral Reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. SGS and ALS are independent from Pan American.

Mineral Resources and Mineral Reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No Mineral Reserves have yet been estimated for the Skarn deposit.

See the Company's Annual Information Form dated February 23, 2022 , available at www.sedar.com for further information concerning QAQC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's Mineral Reserves and Mineral Resources.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson , FAusIMM, Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'').

Pan American Silver Corp is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.

About Pan American Silver

Pan American owns and operates silver and gold mines located in Mexico , Peru , Canada , Argentina and Bolivia . We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of operating in Latin America , earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the timing for, amount of, and anticipated results of, any exploration or development programs with respect to the Company's La Colorada Skarn project, including the potential for further definition or expansion of the Mineral Resource in the future;  the timing of any update to the Mineral Resource estimate and the results of any such update; and the potential generation of minerals, if any, and the quality thereof.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our Mineral Resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for the La Colorada mine and related exploration projects are received in a timely manner; our ability to secure and maintain the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effects of the COVID-19 virus and any other pandemics on our operations and workforce, and the effects on global economies and society; fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); risks relating to inflation and the global economic environment; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada , the United States , Mexico , Peru , Argentina , Bolivia , Guatemala or other countries where the Company may carry on business, including legal restrictions relating to mining; risks relating to expropriation; risk of liability relating to our past sale of the Quiruvilca mine in Peru ; diminishing quantities or grades of Mineral Reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

Cautionary Note to US Investors

This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, Mineral Reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms ''Measured Resources'', ''Indicated Resources'', and ''Inferred Resources''. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of ''Reserves'' are not the same as those of the SEC, and Mineral Reserves reported by the Company in compliance with NI 43-101 may not qualify as ''Reserves'' under SEC standards. Under U.S. standards, mineralization may not be classified as a ''reserve'' unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a "Measured Resource" or "Indicated Resource" will ever be converted into a "reserve". U.S. investors should also understand that "Inferred Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of "Inferred Resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "Inferred Resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a Mineral Resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/pan-american-silver-extends-mineralization-at-the-la-colorada-skarn-project-301543150.html

SOURCE Pan American Silver Corp.

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