<SEC-DOCUMENT>0001279569-16-003211.txt : 20160419
<SEC-HEADER>0001279569-16-003211.hdr.sgml : 20160419
<ACCEPTANCE-DATETIME>20160418212452
ACCESSION NUMBER:		0001279569-16-003211
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160418
FILED AS OF DATE:		20160419
DATE AS OF CHANGE:		20160418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		161577863

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>__________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
6-K&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PURSUANT
TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNDER
THE SECURITIES EXCHANGE ACT of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>April  2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1500-625
HOWE STREET</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">VANCOUVER
BC CANADA V6C 2T6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">000-13727</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Commission
File Number)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR>
    <TD STYLE="width: 25%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 20-F&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 40-F &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;X</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Signatures&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pan American Silver
    Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:April       18, 2016</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;<B><I>KEENAN HOHOL</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Keenan Hohol</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">General Counsel</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
LIST</B></FONT></P>

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit</FONT></TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;99.1</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release Dated   April 18, 2016 - </FONT>Pan American Silver and MacMillan Minerals announce arrangement with Maverix Metals to form a new metal royalty and streaming
company led by former Pan American Silver CEO</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 99.1 of this report on Form 6-K is incorporated by reference
into the Registrant&rsquo;s registration statements on Form F-10 (No. 333-195220) and Form S-8 (Nos. 333-180494, 333-180495 and
333-206162) that have been filed with the Securities and Exchange Commission.</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED APRIL 18, 2016
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver and MacMillan Minerals announce arrangement
with Maverix Metals to form a new metal royalty and streaming company led by former Pan American Silver CEO</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">TORONTO, April 18, 2016 /CNW/ - Pan American Silver Corp.
(&quot;<B>Pan American</B>&quot;) and MacMillan Minerals Inc. (TSX-V:MMX) (&quot;<B>MacMillan</B>&quot;) are pleased to announce
that they have entered into an arrangement agreement dated April 18, 2016 (the &quot;<B>Arrangement</B>&quot;) with Maverix Metals
Inc. (&quot;<B>Maverix</B>&quot;), which when completed, will launch Maverix as a new publicly traded royalty and streaming company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Under the terms of the Arrangement, MacMillan will acquire
all of the issued and outstanding securities of Maverix (the &quot;<B>Reverse Takeover</B>&quot;, or &quot;<B>RTO</B>&quot;). Concurrently
MacMillan will purchase a package of thirteen royalties and precious metal streams from Pan American (collectively, the &quot;<B>Portfolio</B>&quot;,
as described below).&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">On the closing of the Arrangement, MacMillan will be renamed
Maverix Metals Inc. and will continue to trade as MMX on the TSX Venture Exchange. Mr. Geoff Burns, the former CEO of Pan American,
will be appointed as the Chairman of the combined company and Mr. Daniel O'Flaherty will be appointed as Maverix's Chief Executive
Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Transaction Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Surfacing Value:</B> This is an opportune time
in the precious metals cycle for Pan American to consolidate and expose to the market a portfolio of royalties and metal streams,
previously widely dispersed throughout Pan American and its subsidiaries; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Flow Positive:</B> With immediate cash flow
from existing streams and royalties and a healthy balance sheet (CAD$5.5 million in cash, after transactions expenses) Maverix
will be well positioned to pursue further opportunities in the precious metals sector; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Significant Price Leverage and Growth Potential:</B>
The Portfolio contains attractive leverage to both gold and silver prices from operating mines, and includes royalties and a metal
stream on several potential near-term development assets; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets Located In Preferred Mining Jurisdictions:</B>
The Portfolio provides geographic diversification in mining friendly jurisdictions, predominantly Mexico, Canada, and Peru; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Highly Experienced Management:</B> Maverix will
have a financially disciplined and conservative leadership group, with an established reputation for being straightforward and
transparent; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Major Shareholder:</B> Pan American will have a
54% majority ownership position (63% fully-diluted) in the combined company which will provide Pan American's shareholders with
meaningful ongoing exposure to the Portfolio and Maverix's growth potential. Further, Pan American will be in a position to identify
opportunities for Maverix thereby assisting in its growth for the benefit of both Maverix and Pan American shareholders. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Michael Steinmann, President and CEO of Pan American said,
&quot;This transaction represents an attractive opportunity for Pan American to unlock value for a group of its assets that have
gone largely unrecognized by the market as a number of them are not in production and are widely dispersed in our company. As the
majority shareholder, Pan American will maintain meaningful upside exposure and leverage to these assets, and to Maverix's ability
to grow the portfolio, led by a trusted and experienced management team.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Geoff Burns, Chairman of Maverix commented, &quot;I am
truly excited about the future prospects for Maverix. The portfolio of royalties and metal streams that has been assembled provides
a solid, cash generating foundation to build upon. I look forward to working closely with a newly configured and knowledgeable
board, a lean, aggressive and innovative management group and with the support of Pan American, to prudently grow our portfolio
and create value for all of Maverix's shareholders.&quot;&nbsp; Burns continued, &quot;The timing is right, the vehicle is right
and I firmly believe that bringing a financially disciplined approach to growth in this sector will handsomely reward Pan American
for its confidence in supporting the creation of Maverix.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Thomas Skimming, Chief Executive Officer of MacMillan
stated, &quot;The Board of Directors and the senior management of MacMillan are unanimously in favour of the Arrangement and are
recommending that all shareholders vote to approve the transaction. We are extremely pleased to be able to offer this significant
transaction to our shareholders. The addition of the new directors and management to MacMillan, the acquisition of the royalties
and streams, and the influx of capital, ensures the long term viability of MacMillan, and provides a tremendous opportunity for
our shareholders to realize value.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>The Portfolio</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pursuant to the terms of the Arrangement, Maverix will have
acquired from Pan American thirteen royalties and precious metal streams:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Key Assets</B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>La Colorada Mine Gold Stream (Zacatecas, Mexico)</B>
&ndash;The economic equivalent of one hundred percent (100%) of the gold produced from Pan American's operating La Colorada silver
mine, less a fixed price of US$650 per ounce for the life of the mine. La Colorada produced 2,630 ounces of by-product gold in
2015, and has provided production guidance of 2,700-2,900 ounces for 2016. The mine is in the midst of a major expansion which
should significantly increase gold production over the balance of its currently planned mine life. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>San Jos&eacute; Mine Net Smelter Return Royalty
(Oaxaca, Mexico) </B>&ndash; Net smelter return royalty (&quot;<B>NSR</B>&quot;) of one and one-half percent (1&frac12;%) on all
metal sales from the Taviche Oeste concession at Fortuna Silver Mines' operating San Jos&eacute; silver and gold mine. The mine
recently began accessing ore from the Taviche Oeste concession, which hosts the Trinidad North veins, and Fortuna expects to mine
these high grade resources over the next eight years. First production from this concession began in 2015 with the first NSR payment
being made for the 3<SUP>rd</SUP> quarter of 2015. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Moose River Project NSR (Nova Scotia, Canada) </B>&ndash;
NSR of three percent (3%), subject to an option to repurchase 2% of the NSR for&nbsp;CAD$2.5 million on the Touquoy deposit at
Atlantic Gold Corporation's Moose River open pit gold project. Atlantic Gold has been moving Moose River through the engineering
and permitting processes and is guiding towards first production in late 2017. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shalipayco Project NSR (Junin, Peru)</B> &ndash;
NSR of one percent (1%) on all metal production from the Shalipayco zinc development project. Shalipayco is an underground, pre-feasibility
stage project that has been advanced by a joint venture lead by Votorantim Metals, Compa&ntilde;ia Minera Milpo S.A., and Pan American.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Other Assets in the Portfolio</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>La Bolsa Project Gold Stream (Sonora, Mexico) &ndash;
</B>Agreement to purchase five percent (5%) of future gold production at a fixed price of US$450 per ounce from the feasibility
stage La Bolsa project, an open pit/heap leach gold/silver project, currently owned by Pan American. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Calcatreu Project NSR (Rio Negro, Argentina)</B>
&ndash; NSR of one and one-quarter percent (1&frac14;%), or its equivalent, on all metals produced from the pre-feasibility stage
Calcatreu open pit/milling gold/silver project, currently owned by Pan American. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tres Cruces Project NSR (La Libertad, Peru)</B>
&ndash; NSR of one and one-half percent (1&frac12;%) on the Tres Cruces concessions held by New Oroperu Resources Inc. Tres Cruces
is under option and is being explored by Barrick Gold Corporation as potential feed for their nearby Lagunas Norte mine. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pico Machay Project NSR (Huancavelica, Peru)</B>
&ndash; NSR of one percent (1%) on the scoping stage Pico Machay open pit/heap leach gold project currently owned by Pan American.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Taviche Este Project NSR (Oaxaca, Mexico) </B>&ndash;
NSR of one and one-half percent (1&frac12;%) on Aura Silver Resources Inc.'s early stage Taviche Este exploration project. The
Taviche Este concessions are located near Fortuna's San Jos&eacute; mine. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quiruvilca Mine NSR (La Libertad, Peru)</B> &ndash;
A right to receive 50% of all revenue received, including any sales proceeds, from Pan American's two percent (2%) NSR on all metal
production from the historic Quiruvilca zinc/silver mine owned and currently operated by Sociedad Minera Quiruvilca Inversiones
S.A. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Jojoba Project NSR (Sonora, Mexico) </B>&ndash;
NSR of two percent (2%) on the advanced exploration stage Jojoba gold/silver deposit located near the recently active Lluvia de
Oro open pit/heap leach mine. The project is currently held by GFM Minera S.A.P.I. de C.V., a private Mexican company. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Queylus Project NSR (Quebec, Canada)</B> &ndash;
NSR of one and one-half percent (1&frac12;%) on Copper One Inc.'s early stage Queylus copper/gold project. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maria Cecilia Project NSR (Peru) &ndash; </B>NSR
of one and one-half percent (1&frac12;%) on Stellar Mining's early stage Maria Cecilia gold/silver project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Valuation of the Portfolio</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Roscoe Postle Associates Inc. of Toronto (&quot;<B>RPA</B>&quot;)
was contracted by MacMillan to review the valuation of the Portfolio prepared by Maverix.&nbsp; RPA has provided its report to
the Board of Directors of MacMillan. As a review of valuation of the Portfolio, RPA carried out preliminary valuations of each
of the assets in the portfolio individually, using either after-tax discounted cash flow analysis or comparable transaction analysis
and, subject to the assumptions, limitations and qualifications as set out in the report, estimated that the value of the Portfolio
is in the range of CAD$52 million to CAD$57 million at consensus long term metal prices.&nbsp;Details from the RPA report will
be disclosed in the MacMillan management information circular which is expected to be filed and mailed to MacMillan shareholders
within the next several weeks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Maverix's Board of Directors, Special Advisor and Senior
Executive Team</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition to Mr. Burns and Mr. O'Flaherty, Maverix will
welcome Mr. J.C. Stefan Spicer, Dr. Christopher Barnes, and Pan American representatives Mr. Rob Doyle and Mr. Christopher Emerson
to its Board of Directors. In addition, Mr. George A. Brown currently President and a Director of MacMillan will remain as a Director
of the combined company and Mr. David Scott has agreed to act as a Special Advisor to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Geoff Burns previously served as President and CEO of
Pan American from May 2004 until his retirement on December 31<SUP>st</SUP> of 2015. During his tenure, Pan American increased
its silver production from 7.5 million ounces to over 26 million ounces annually, to become the second largest primary silver producer
in the world. &nbsp;Mr. Burns holds a BSc degree in Geology and a M.B.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Daniel O'Flaherty has over ten years of investment banking
and Executive Officer experience. Mr. O'Flaherty is currently an Executive and Director of Anthem United, and prior to that an
Executive Vice President of Corporate Development of Esperanza Resources. Mr. O'Flaherty was a director in the investment banking
team of Scotia Capital in Vancouver focused exclusively on the metals and mining sector and holds a BComm degree from UBC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. J.C. Stefan Spicer has over 30 years of investment industry
experience and is the Chairman, President and CEO of Central Fund of Canada Limited, which trades on the NYSE (CEF) and TSX (CEF.A)
and passively holds in excess of US$3.3 billion in unencumbered, allocated and physically segregated holdings of gold and silver
bullion held in Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Dr. Christopher Barnes is a medical professional and experienced
businessman who after 22 years of service, recently stepped down as Chief of Medicine for the Blind River Hospital in Ontario.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Rob Doyle is the Chief Financial Officer of Pan American,
a role which he has held for the past 12 years. Mr. Doyle holds professional designations as a CA and a CFA with a BBSc (Honours)
Finance degree from the University of Cape Town.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. Christopher Emerson is Vice President of Business Development
and Geology for Pan American. He holds a BEng in Industrial Geology from the Camborne School of Mines and an MSc in Mineral Exploration
from Leicester University.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. George A. Brown is currently the President and a Director
of MacMillan. Mr. Brown holds a BBA degree from Bishop's University. He has over 34 years of experience with mining, exploration,
and mining supply companies, the past 8 years as an officer, director or consultant with MacMillan.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. David Scott is Vice Chairman and Managing Director, CIBC
Capital Markets. Mr. Scott has been involved in the majority of significant mining mergers and acquisitions and equity financing
transactions completed in Canada during the last 30 years and has extensive contacts in the mining and banking industries globally.
Mr. Scott will act as Special Advisor to Maverix's Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>The Arrangement Agreement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Arrangement Agreement sets out the terms of the RTO and
the Arrangement involving MacMillan, Maverix, the shareholders of MacMillan and Maverix, and Pan American, including, among other
things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MacMillan consolidating its share capital on a two-for-one
basis (the &quot;<B>Consolidation</B>&quot;) with corresponding adjustments to its outstanding stock options; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the exchange of common shares of MacMillan for the
outstanding common shares of Maverix at a ratio of one post-Consolidation MacMillan common share for each one common share of Maverix,
representing a total aggregate issuance of 33.1 million post-Consolidation common shares of MacMillan to Maverix; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MacMillan increasing the number of its directors from
four to six and seeking the election of Mr. Geoff Burns, Stefan Spicer, Dr. Chris Barnes, Mr. Rob Doyle, and Mr. Christopher Emerson
to the Board of Directors. Mr. George Brown will remain as a Director of the resulting issuer; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MacMillan acquiring the Portfolio from Pan American
in exchange for approximately 43 million post-Consolidation common shares of MacMillan and 20 million post-Consolidation common
share purchase warrants to acquire common shares of MacMillan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">It is anticipated that at the MacMillan Special Meeting (described
below), MacMillan will also seek approval from its shareholders to adopt or approve: new corporate by-laws; a change in its year
end to December 31<SUP>st</SUP>; and a new stock option plan and equity based compensation plan (collectively, the &quot;<B>Additional
Matters</B>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">It is also anticipated that the combined company will change
its name to &quot;Maverix Metals Inc.&quot; upon completion of the RTO and continue to trade on the TSX Venture Exchange under
the symbol &quot;MMX&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The terms and conditions of the Arrangement Agreement will
be disclosed in detail in the MacMillan management information circular which is expected to be filed and mailed to MacMillan shareholders
within the next several weeks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Scotiabank acted as financial advisor to Pan American.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MacMillan Share Consolidation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">MacMillan currently has 6,873,330 common shares outstanding
and stock options exercisable to acquire up to 415,000 common shares. Assuming no exercise of the stock options, it is anticipated
that on a post-Consolidation basis, MacMillan will have issued and outstanding 3,436,665 common shares and stock options exercisable
to acquire 207,500 common shares for an aggregate of 3,644,165 common shares on a fully-diluted and post-Consolidation basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Post Arrangement Capital Structure</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pursuant to the Arrangement MacMillan will issue approximately
43 million post-Consolidation common shares and approximately 33.1 million post-Consolidation common shares to Pan American and
Maverix, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Post the completion of the Arrangement and the renaming of
MacMillan to Maverix, Pan American will hold approximately 54% of the issued and outstanding common shares of Maverix. &nbsp;Maverix's
current shareholders and Subscription Receipt holders will hold approximately 41% of the issued and outstanding common shares and
MacMillan's current shareholders will hold the remaining 5% of Maverix.&nbsp;It is expected that Maverix will have a total of approximately
79.7 million shares issued and outstanding following the Arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, Pan American will receive 20,000,000 common share
purchase warrants of MacMillan post-Consolidation (the &quot;<B>PAS Warrants</B>&quot;). The PAS Warrants are exercisable for five
years after closing of the Arrangement. One-half of the PAS Warrants are exercisable for CAD$0.70 per share and one-half are exercisable
for CAD$1.00 per share. &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Majority Shareholder Agreement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American will enter into a shareholder agreement (the
&quot;<B>Shareholder Agreement</B>&quot;) with Maverix, pursuant to which Pan American and Maverix will agree that, among other
things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided that Pan American's shareholdings of Maverix
are equal to or exceed 50% of Maverix's outstanding common shares, Pan American will be entitled to two nominees for election to
the Board of Directors. If Pan American's shareholdings of Maverix are between 20% to 50% of Maverix's outstanding common shares,
Pan American will be entitled to one nominee for election to the Board of Directors; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pan American will receive certain pre-emptive rights
in respect of equity financings of Maverix, including certain anti-dilution rights; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pan American's shareholdings in Maverix will be subject
to certain restrictions, including a two year hold period, and following that, certain rights of orderly disposition on it shareholdings;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maverix granting to Pan American certain qualification
rights in respect of Pan American's shareholdings; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pan American giving to Maverix advance notice and
an opportunity to make an offer to acquire any metal stream or metal royalty transactions which Pan American contemplates granting.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MacMillan Special Shareholder Meeting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">MacMillan will be calling an annual general and special meeting
of its shareholders (the &quot;<B>MacMillan Meeting</B>&quot;) to seek approval of the share Consolidation, the Arrangement, the
RTO, the increase in the number of directors as well as to nominate for election the proposed new directors as set out above. In
addition, MacMillan will seek the approval of its shareholders for the Additional Matters. MacMillan will issue a press release
at the time that it provides notice to its shareholders of the MacMillan Meeting and the dissemination of MacMillan's management
information circular in respect of the MacMillan Meeting. Completion of the Arrangement is subject to a favourable vote of at least
two-thirds (66 <SUP>2</SUP>/<SUB>3</SUB>%) of the MacMillan common shares voted at the MacMillan Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Board Approval and Voting Support</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Directors of MacMillan have unanimously approved the transaction
and unanimously recommend that MacMillan shareholders vote in favour of the Arrangement. The Directors and Officers of MacMillan
have entered into voting support agreements whereby the Directors and Officers have agreed to vote their shares in favour of the
Arrangement at the MacMillan Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Related Party Disclosure</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Certain insiders of Pan American, participated in private
placement financings of Maverix, each constituting a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection
of Minority Security Holders in Special Transactions (&quot;<B>MI 61-101</B>&quot;). Pan American relied on section 5.5(a) of MI
61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority
shareholder approval requirement of MI 61-101 as the fair market value of the Portfolio and the Reverse Takeover did not exceed
25% of the Pan American's market capitalization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Maverix Metals Inc.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Maverix, which is arm's length to MacMillan, is a private
company incorporated under the laws of British Columbia and founded by Mr. Geoff Burns and Mr. Daniel O'Flaherty. Prior to signing
the Arrangement Agreement, Maverix undertook three private financings to raise a total of CAD$5.9 million through the issuance
of common shares and Subscription Receipts. The subscription receipts are exchangeable into common shares of MacMillan on a one
for one basis, post MacMillan's proposed share consolidation and upon completion of the RTO transaction. Maverix was formed with
the sole purpose of becoming a mining royalty and streaming company. Having attracted an experienced management team and Board
of Directors, its primary activity to date has been the negotiation, financing and structuring for the acquisition of metal royalties
and streams from Pan American, and the related RTO transaction with MacMillan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Pan American Silver Corp.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's mission is to be the world's pre-eminent silver
producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. Pan American has
seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in Mexico, USA,
Peru and Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MacMillan Minerals Inc.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">MacMillan is an exploration company with a focus on gold and
silver exploration on numerous properties in Mexico. Additional information on the Company can be viewed at www.sedar.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Completion of the transactions described above is subject
to a number of conditions, including the acceptance of the TSX Venture Exchange and court and shareholder approval. The transaction
cannot close until all requisite approvals are obtained. There can be no assurance that the transaction will be completed as proposed
or at all.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Investors are cautioned that, except as disclosed in the management
information circular to be prepared in connection with the transaction, any information released or received with respect to the
RTO or the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of MacMillan should
be considered highly speculative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The TSX Venture Exchange has in no way passed upon the merits
of the proposed transaction and has neither approved nor disapproved the contents of this press release.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>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.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of MacMillan's securities in the United States. None of the securities have been and will
not be registered under the United States Securities Act of 1933, as amended (the &quot;<B>1933 Act</B>&quot;), or any state securities
laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable
state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States
must be made by means of a prospectus that contains detailed information about MacMillan and its management, as well as financial
statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">This release contains certain &quot;forward looking statements&quot;
and certain &quot;forward-looking information&quot; as defined under applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use of forward-looking terminology such as &quot;may&quot;, &quot;will&quot;,
&quot;expect&quot;, &quot;intend&quot;, &quot;estimate&quot;, &quot;anticipate&quot;, &quot;believe&quot;, &quot;continue&quot;,
&quot;plans&quot; or similar terminology. Forward-looking statements and information include, but are not limited to, statements
with respect to the transactions contemplated under the Arrangement Agreement, the Arrangement and the RTO, the requisite regulatory,
court and shareholder approvals in respect thereof and proposed future transactions MacMillan may undertake and their expected
timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable
and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown
risks and uncertainties, many of which are beyond the ability of MacMillan to control or predict, that may cause MacMillan's actual
results, performance or achievements may be materially different from those expressed or implied thereby, and are developed based
on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the risk that the
RTO will not be approved by the TSX Venture Exchange, the court and the shareholders of MacMillan, as applicable; risks and uncertainties
related to the Arrangement not being completed in the event that the conditions precedent thereto are not satisfied; the inherent
risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits;
the possibility that future exploration, development or mining results will not be consistent with MacMillan's expectations; accidents,
equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating
metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the
future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity
price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and uncertainties. MacMillan undertakes no obligation to update forward-looking
information except as required by applicable law. Such forward-looking information represents management's best judgment based
on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Pan American Silver Corp., Kettina
Cordero: (604) 806-3172, Manager, Investor Relations; MacMillan Minerals Inc., George A. Brown: (416)-867-1101, President, macmillanminerals@ca.inter.net;
Maverix Metals Inc., Daniel O'Flaherty: (604)-343-5981, President, info@maverixmetals.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 20:45e 18-APR-16</P>



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