<SEC-DOCUMENT>0000771992-17-000062.txt : 20171127
<SEC-HEADER>0000771992-17-000062.hdr.sgml : 20171127
<ACCEPTANCE-DATETIME>20171127163019
ACCESSION NUMBER:		0000771992-17-000062
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171127
FILED AS OF DATE:		20171127
DATE AS OF CHANGE:		20171127

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:		171223182

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6kewr.htm
<DESCRIPTION>6-K
<TEXT>
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<div><a name="s6465525BCCBA59C99BF738A084E4850D"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:Calibri,sans-serif;font-size:14pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:Calibri,sans-serif;font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">__________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:Calibri,sans-serif;font-size:18pt;font-weight:bold;">FORM 6-K&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">_____________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">UNDER THE SECURITIES EXCHANGE ACT of 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">November 27, 2017</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">_____________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:24pt;"><font style="font-family:Calibri,sans-serif;font-size:24pt;font-weight:bold;">Pan American Silver Corp.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:Calibri,sans-serif;font-size:18pt;font-weight:bold;">&#160;</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">1500-625 HOWE STREET</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font 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style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td style="width:24%;"></td><td style="width:11%;"></td><td style="width:6%;"></td><td style="width:20%;"></td><td style="width:6%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:11pt;"><font 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style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">X</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:Calibri,sans-serif;font-size:14pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New 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style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Signatures</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:48%;"></td><td style="width:4%;"></td><td style="width:48%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Pan American Silver Corp.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">(Registrant)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Date: November 27, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">By:&#160;&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">/s/&#160;</font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-style:italic;font-weight:bold;">DELANEY FISHER</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Delaney Fisher</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-style:italic;">Vice President, Legal Affairs and Corporate Secretary</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">EXHIBIT LIST</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:10%;"></td><td style="width:6%;"></td><td style="width:84%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Exhibit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">99.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="font-family:Calibri,sans-serif;font-size:11pt;" href="a6k-2017x11x27ewr.htm"><font style="font-family:Calibri,sans-serif;font-size:11pt;">2017-11-27 Early Warning Report</font></a></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6k-2017x11x27ewr.htm
<DESCRIPTION>EXHIBIT 99.1
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<div><a name="s66CC322370C8C2939991FF425958F9C7"></a></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Form 62-103F1 </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-style:italic;font-weight:bold;">Required Disclosure under the Early Warning Requirements</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State if this report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 1 &#8211; Security and Reporting Issuer</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Common shares (&#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Common Shares</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;) and Common Share purchase warrants in the capital of New Pacific Metals Corp. (the &#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Corporation</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">New Pacific Metals Corp.</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Suite 1378 - 200 Granville Street</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Vancouver, BC V6C 1S4</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">The transaction was completed as an issuance from the Corporation&#8217;s treasury and did not take place on a stock exchange or other market that represents a published market for securities.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 2 &#8211; Identity of the acquirer</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the name and address of the acquirer. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American Silver Corp.</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Suite 1500 &#8211; 625 Howe Street</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Vancouver, BC  V6C 2T6</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">On November 24, 2017, Pan American Silver Corp. (&#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Pan American</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;) acquired ownership of 16,000,000 units of the Corporation (the &#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Units</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;) at a price of $1.42 per Unit, for gross proceeds to the Corporation of $22,720,000, pursuant to a subscription agreement between Pan American and the Corporation dated November 24, 2017 (the &#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Private Placement</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;).  Each Unit is comprised of one Common Share and one half of one Common Share purchase warrant. Each whole warrant is exercisable into one Common Share for a period of 18 months at an exercise price of $2.10 per share. </font></div><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the names of any joint actors.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 3 &#8211; Interest in Securities of the Reporting Issuer</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file this report and the change in the acquirer&#8217;s securityholding percentage in the class of securities. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Immediately following completion of the Private Placement, Pan American directly owns 16,000,000 Common Shares and 8,000,000 Common Share purchase warrants, representing 12.1% of the total number of the issued and outstanding Common Shares on a non-diluted basis, and approximately 16.44% of the issued and outstanding Common Shares on a fully-diluted basis assuming the exercise of the Common Share purchase warrants held by Pan American.  Prior to completion of the Private Placement, Pan American did not own any securities of the Corporation. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State whether the acquirer acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file this report. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American acquired ownership of and control over 16,000,000 Common Shares and 8,000,000 Common Share purchase warrants.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the transaction involved a securities lending arrangement, state that fact. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the designation and number or principal amount of securities and the acquirer&#8217;s securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Immediately following completion of the Private Placement, Pan American directly owns 16,000,000 Common Shares and 8,000,000 Common Share purchase warrants, representing 12.1% of the total number of the issued and outstanding Common Shares on a non-diluted basis, and approximately 16.44% of the issued and outstanding Common Shares on a fully-diluted basis assuming the exercise of the Common Share purchase warrants held by Pan American.  Prior to completion of the Private Placement, Pan American did not own any securities of the Corporation.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the designation and number or principal amount of securities and the acquirer&#8217;s securityholding percentage in the class of securities referred to in Item 3.4 over which</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">the acquirer, either alone or together with any joint actors, has ownership and control,</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American acquired ownership of and control over 16,000,000 Common Shares and 8,000,000 Common Share purchase warrants, representing 12.1% of the total number of the issued and outstanding Common Shares on a non-diluted basis, and approximately 16.44% of the issued and outstanding Common Shares on a fully-diluted basis assuming the exercise of the Common Share purchase warrants held by Pan American.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">the acquirer, either alone or together with any joint actors, has ownership but control is held by persons or companies other than the acquirer or any joint actor, and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">the acquirer, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the acquirer or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the acquirer&#8217;s securityholdings. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the acquirer or any of its joint actors is a party to a securities lending arrangement involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">3.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the acquirer or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the acquirer&#8217;s economic exposure to the security of the class of securities to which </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:60px;padding-bottom:16px;padding-top:16px;text-align:left;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">this report relates, describe the material terms of the agreement, arrangement or understanding.</font></div><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 4 &#8211; Consideration Paid</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the value, in Canadian dollars, of any consideration paid or received per security and in total.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American acquired ownership of 16,000,000 Units at a price of $1.42 per Unit for gross proceeds to the Corporation of $22,720,000.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">In the case of a transaction or other occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the acquirer.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">See 4.1 above. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the securities were acquired or disposed of other than by purchase or sale, describe the method of acquisition or disposition.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:60px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">See 4.1 above.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 5 &#8211; Purpose of the Transaction</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">State the purpose or purposes of the acquirer and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the acquirer and any joint actors may have which relate to or would result in any of the following: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer or any of its subsidiaries;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a material change in the present capitalization or dividend policy of the reporting issuer;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a material change in the reporting issuer&#8217;s business or corporate structure;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a change in the reporting issuer&#8217;s charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person or company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(j)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">a solicitation of proxies from securityholders;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:60px;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">(k)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">an action similar to any of those enumerated above.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American&#8217;s acquisition of the Units was made for investment purposes. Pan American may, in the future, acquire ownership and control over additional securities of the Corporation for investment purposes.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 6 &#8211; Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Describe the material terms of any agreements, arrangements, commitments or understandings between the acquirer and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder&#8217;s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be included.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pursuant to the terms of the Subscription Agreement, depending on Pan American&#8217;s shareholdings of the Corporation, (i) Pan American is entitled to appoint one nominee for election to the board of directors of the Corporation; (ii) the Corporation will not allot or issue any Common Shares or other equity securities (collectively, &#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Securities</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;) for the purpose of raising capital (an &#8220;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Equity Financing</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8221;), unless such Securities are first offered for allotment and issuance on the same terms and conditions to Pan American in sufficient numbers so as to permit Pan American to maintain immediately following the closing of the Equity Financing, its </font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-style:italic;">pro rata</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#32;shareholding in the issued and outstanding Common Shares (calculated on a fully-diluted basis) as at the time immediately prior to the closing of the Equity Financing; and (iii) Pan American will vote in accordance with recommendations made by  </font></div><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">management or board of directors of the Corporation at meetings of the Corporation&#8217;s shareholders. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 7 &#8211; Change in Material Fact</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If applicable, describe any change in a material fact set out in a previous report filed by the acquirer under the early warning requirements or Part 4 in respect of the reporting issuer&#8217;s securities.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div></div><hr style="page-break-after:always"><div><a name="sC53A67F4C529831343B6FF4259880679"></a></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 8 &#8211; Exemption</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">If the acquirer relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Not applicable.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">Item 9 &#8211; Certification </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">I, as the acquirer, certify, or I, as the agent filing this report on behalf of an acquirer, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">November 27, 2017</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Date</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">/s/ </font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-style:italic;">Delaney Fisher</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Signature</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Delaney Fisher, VP Legal Affairs &amp; Corporate Secretary</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">&#32;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Name/Title</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;padding-left:24px;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div></div>	</body>
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