<SEC-DOCUMENT>0000771992-19-000057.txt : 20190904
<SEC-HEADER>0000771992-19-000057.hdr.sgml : 20190904
<ACCEPTANCE-DATETIME>20190904134700
ACCESSION NUMBER:		0000771992-19-000057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190904
FILED AS OF DATE:		20190904
DATE AS OF CHANGE:		20190904

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:		191073962

	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>form6knr2019-08x29_reserves.htm
<DESCRIPTION>6-K
<TEXT>
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<div><a name="sCC13EE38609357BEB80D6D7C6C726398"></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:inherit;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;">September 4, 2019</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: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;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:10pt;"><font 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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:inherit;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 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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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">(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:10pt;"><font style="font-family:Calibri,sans-serif;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:10pt;"><font style="font-family:Calibri,sans-serif;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:10pt;"><font style="font-family:Calibri,sans-serif;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;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Date: September 4, 2019</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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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 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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:inherit;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:inherit;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:12pt;"><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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">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:12pt;"><a style="font-family:Calibri,sans-serif;font-size:12pt;" href="a2019_08x29xreservesnr.htm"><font style="font-family:Calibri,sans-serif;font-size:12pt;">Pan American Silver Reports Mineral Reserves</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:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2019_08x29xreservesnr.htm
<DESCRIPTION>EXHIBIT 99.1
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<div><a name="s80AAD672B1F35309BF6F2F13291680F1"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><div><img src="paaslogo.jpg" alt="paaslogo.jpg" style="height:61px;width:289px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#424242;">Suite 1500 - 625 Howe St. </font></div><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#424242;">Vancouver, BC Canada, V6C 2T6 </font></div><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#424242;">604-684-1175 </font></div><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#424242;">www.panamericansilver.com</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;color:#0077b2;font-weight:bold;">Pan American Silver Reports Mineral Reserves of 557 Million Ounces of Silver and 5.1 Million Ounces of Gold </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;color:#0077b2;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#0077b2;font-weight:bold;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">All financial figures are expressed in US$ unless otherwise indicated. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div><a name="sDC3792FA3BE554C8B9C8DC549FBF555E"></a></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Vancouver, B.C. - Sept. 4, 2019 - Pan American Silver Corp.</font><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#32;(NASDAQ: PAAS) (TSX: PAAS) (&#8220;Pan American&#8221;, or the &#8220;Company&#8221;) today reported that, as of June 30, 2019, its proven and probable mineral reserves are estimated to contain approximately 557 million ounces of silver and 5.1 million ounces of gold. Measured and indicated mineral resources (excluding proven and probable reserves), as of June 30, 2019, are estimated to total approximately 797 million ounces of silver and 10.6 million ounces of gold. These figures include mineral reserves and resources from the assets acquired with the Tahoe Resources Inc. (&#8220;Tahoe&#8221;) transaction completed on February 22, 2019.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">&#8220;Our silver reserves doubled while gold reserves tripled from reserves reported at December 31, 2018, primarily due to the additional reserves acquired from Tahoe. We now hold one of the largest silver reserves and resources in the mining industry along with substantial gold reserves,&#8221; said Christopher Emerson, Pan American&#8217;s Vice President of Business Development and Geology. &#8220;During the first six months of 2019, we completed 40% of the annual drilling planned for our mine sites. We are accelerating our exploration drilling in the second half the year, and plan to complete 130,000 metres of drilling&#8221;.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">As of June 30,</font><font style="font-family:Calibri,sans-serif;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup></font><font style="font-family:Calibri,sans-serif;font-size:11pt;">2019, inferred resources totaled approximately 303 million ounces of silver and 9.6 million ounces of gold. The majority of the increase in inferred gold resources from our December 31, 2018 update came from the acquired Tahoe assets, a significant portion of which are attributable to the Timmins exploration portfolio, which include the Juby and Fenn Gib projects.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">The mineral reserve and mineral resource estimates as of June 30, 2019 do not include the polymetallic skarn discovery at the La Colorada mine. We are currently drilling with seven machines at La Colorada, and expect to release an initial resource estimate relating to the skarn at the end of 2019.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Beginning with this update, Pan American intends to report mineral reserves and mineral resources updates as of June 30 of each year, rather than as of December 31, in order to align mineral reserve and mineral resource updates with our annual mine plans and budgets. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">1</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s7977C5EBC2BF563C9AA650226C5A3529"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">A summary of the silver and gold mineral reserves and mineral resources as of June 30, 2019 is provided in the following tables. Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Pan American Silver Corporation Mineral Reserves as of June 30, 2019 </font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1,2)</sup>&#160;</font></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></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-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div 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dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Silver Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Huaron</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">168</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">33.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">170</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">20.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Morococha (92.3%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">147</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">19.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">173</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">12.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Colorada </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">395</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">50.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.33</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">42.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">287</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">49.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.26</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">44.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Dolores</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">35.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">26</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">29.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.84</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">967.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.84</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">210.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Manantial Espejo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">170</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">36.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">204</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.64</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">San Vicente (95%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Bolivia</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">18.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">345</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Joaquin</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">721</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">11.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">COSE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">918</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">43.3</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Escobal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Guatemala</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">486</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">39.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">34.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">22.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">316</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">225.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.34</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">243.8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Silver Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">97.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">169</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">530.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.64</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">1,644.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Gold Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">27.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.36</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">319.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">9.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">90.9</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">69.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">14.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.51</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,133.2</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">2</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Ag (Moz)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</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-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">42.8</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.8</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.46</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">629.9</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Timmins</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.06</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">269.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">718.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Bolsa</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Proven</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">9.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.67</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">202.9</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Probable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.57</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">113.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">175.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">26.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.62</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">3,476.9</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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold and Silver Segments </font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Proven + Probable</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">272.5</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">77</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">557.2</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.63</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">5,121.1</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019".</font></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.</font></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.</font></div><div style="line-height:120%;text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element.</font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">3</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Pan American Silver Corporation Measured and Indicated Mineral Resources as of June 30, 2019 </font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1,2)</sup>&#160;</font></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></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-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag (g/t)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Ag (Moz)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au (g/t)</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Silver Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Huaron</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">157</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">11.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">155</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">12.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Morococha (92.3%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">138</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">143</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Colorada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">229</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.24</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">185</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">9.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.15</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Dolores</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">21</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.35</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">22.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.56</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">27.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Manantial Espejo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">164</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.65</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">241</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.86</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.5</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">San Vicente (95%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Bolivia</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">161</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">158</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Navidad</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">15.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">137</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">67.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">139.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">126</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">564.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Joaquin</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">385</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.58</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Escobal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Guatemala</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">251</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">18.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.23</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">14.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">201</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">91.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">93.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Silver Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">184.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">134</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">792.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.27</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">195.3</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Gold Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Bolsa</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">11</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.90</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">39.9</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.50</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">71.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Pico Machay</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.91</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">137.5</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.67</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">127.1</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">4</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Ag (Moz)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.5</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">20.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.53</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">63.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">8.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.46</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">123.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Timmins</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.89</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">212.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">587.8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena II</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">155.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.25</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,265.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">586.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.23</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4,371.9</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Fenn-Gib</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">40.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.99</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,298.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Whitney</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Measured</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.02</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">218.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.77</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">490.5</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Gold River</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.29</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">117.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Juby</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">26.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.28</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,094.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Marlhill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.52</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">57.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Vogel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Indicated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.75</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">125.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">854.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">4.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.38</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">10,439.6</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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold and Silver Segments </font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Measured + Indicated</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">1,038.8</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">123</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">797.0</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.38</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">10,634.9</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019".</font></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.</font></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.</font></div><div style="line-height:120%;text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element.</font></div><div style="line-height:120%;padding-left:12px;text-indent:-12px;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 style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">5</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Pan American Silver Corporation Inferred Mineral Resources as of June 30, 2019 </font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1,2)</sup>&#160;</font></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></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-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag (g/t)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Ag (Moz)</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au (g/t)</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Silver Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Huaron</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">155</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">30.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Morococha (92.3%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">138</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">19.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Colorada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">8.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">133</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">34.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">31.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Dolores</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">4.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.22</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">156.3</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Manantial Espejo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">194</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2.71</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">41.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">San Vicente (95%) </font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Bolivia</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">289</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">27.9</font></div></td><td style="vertical-align:bottom;border-bottom:1px dotted #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;border-bottom:1px dotted #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Navidad</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">45.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">81</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">119.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px dotted #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;border-bottom:1px dotted #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Joaquin</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.01</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">389</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.29</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">COSE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.03</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">382</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">7.10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.3</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Escobal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Guatemala</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">180</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">10.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.90</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">53.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Silver Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">74.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">106</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">252.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.62</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">289.5</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Gold Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Bolsa</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Mexico</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">13.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.51</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">224.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Pico Machay</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">23.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.58</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">445.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">10.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">10.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.44</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">140.6</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo Sulphide</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Peru</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">97.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">14</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">45.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.74</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,323.3</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Timmins</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.74</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">443.8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena II</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">91.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.23</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">683.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Fenn-Gib</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">24.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.95</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">750.0</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Whitney</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.34</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">170.7</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Gold River</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">5.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6.06</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,027.4</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Juby</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">96.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">0.94</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,908.8</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Vogel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">--</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">3.60</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">168.8</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">6</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td><td style="width:12%;"></td><td style="width:13%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Calibri,sans-serif;font-size:9pt;font-weight:bold;">Classification</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Tonnes (Mt)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Ag (Moz)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au (g/t)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Contained Au (koz)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold Segment</font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><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;border-left:1px dotted #000000;border-top:1px solid #000000;"><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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">369.8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">13</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">50.0</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.78</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">9,297.6</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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total Gold and Silver Segments </font><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Inferred</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">443.8</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">48</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">302.5</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">0.78</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">9,587.1</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;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019".</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">7</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019</font><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="7"></td></tr><tr><td style="width:16%;"></td><td style="width:14%;"></td><td style="width:14%;"></td><td style="width:14%;"></td><td style="width:14%;"></td><td style="width:14%;"></td><td style="width:14%;"></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-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Mine</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Category</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Ag US$/oz</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Au US$/oz</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;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Cu US$/t</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Pb US$/t</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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Zn US$/t</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Huaron</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6,000</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,500</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Morococha </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6,000</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,500</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Colorada</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6,000</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,500</font></div></td></tr><tr><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Dolores</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Reserves</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Resources</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">22.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,400</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Bolsa</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">14.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">825</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Manantial Espejo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">San Vicente </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">6,000</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,500</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Navidad</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">12.52</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Pico Machay</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">700</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Joaquin</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">COSE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">16.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Escobal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">20.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,204</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">2,424</font></div></td></tr><tr><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Reserves</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Resources</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">22.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,400</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Shahuindo Sulphide</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inferred Resource</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">15.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,400</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Reserves</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">17.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,400</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Resources</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">22.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,500</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">La Arena II</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,500</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">8,816</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Timmins - Bell Creek</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,300</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Fenn-Gib</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inside pit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,190</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;"><div style="overflow:hidden;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-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Below pit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,190</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Whitney</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,200</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Gold River</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,200</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Juby</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Marlhill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">All categories</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,125</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td rowspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Vogel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Inside pit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,150</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;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-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Below pit</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">1,150</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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-top:1px dotted #000000;"><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;border-left:1px dotted #000000;border-right:1px solid #000000;border-top:1px dotted #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:174%;text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font><font style="font-family:Calibri,sans-serif;font-size:10pt;">&#32;Estimation used a cut off grade of 0.40% g/t Au</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-top:2px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">8</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">General Notes with Respect to Technical Information</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">See the Company&#8217;s Annual Information Form dated March 12, 2019, available at www.sedar.com for further information on the Company&#8217;s pre-Tahoe acquisition material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company&#8217;s business and the potential development of the Company&#8217;s mineral reserves and resources. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">For further information on the material mineral properties acquired from Tahoe, please refer to the Company&#8217;s management information circular dated December 4, 2018, including additional information contained in Tahoe&#8217;s disclosure incorporated by reference therein, available at www.sedar.com. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com. Quantities of contained metal are shown before metallurgical recoveries. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of National Instrument 43-101.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">9</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sA86E3501E6A85434954980B720F653B4"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">About Pan American Silver</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Pan American Silver is the world's second largest primary silver producer, providing enhanced exposure to silver through a diversified portfolio of assets, large reserves and growing production. We own and operate mines in Mexico, Peru, Canada, Argentina and Bolivia. In addition, we own the Escobal mine in Guatemala that is currently not operating. In 2019, we celebrate our silver anniversary: 25 years of operating in Latin America, earning an industry-leading reputation for operational excellence and corporate social responsibility. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS&#8221;.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Learn more at panamericansilver.com.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">For more information contact:</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Siren Fisekci</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">VP, Investor Relations &amp; Corporate Communications</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Ph: 604-806-3191</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;">Email: ir@panamericansilver.com</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div><div><a name="s1F17823663E159F8B7557F8A73E217E6"></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Cautionary Note Regarding Forward-Looking Statements and Information</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Certain of the statements and information in this news release constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the disclosure of future mineral reserve and resource information, including disclosure of mineral resource estimates relating to the La Colorada polymetallic skarn, and timing of any such disclosure; the extent of, and success related to any future exploration or development programs, including with respect to the La Colorada polymetallic skarn; the accuracy of estimated mineral reserves and mineral resources; expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves and mineral resources.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">These forward-looking statements and information reflect the Company&#8217;s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining, including in Chubut, </font></div><div><br></div><div style="text-align:center;"><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="3"></td></tr><tr><td style="width:43%;"></td><td style="width:14%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><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;border-top:1px solid #26a8ff;"><div style="text-align:right;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">PAN AMERICAN SILVER CORP.</font></div><div style="padding-top:4px;text-align:right;padding-left:48px;font-size:8pt;"><font style="font-family:Calibri,sans-serif;font-size:8pt;color:#26a8ff;">10</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Argentina, and in Guatemala; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption &#8220;Risks Related to Pan American&#8217;s Business&#8221; in the Company&#8217;s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management&#8217;s current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Cautionary Note to US Investors Regarding References to Mineral Reserves and Mineral Resources</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">This news release has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this news release have been disclosed in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (&#8216;&#8216;NI 43-101&#8217;&#8217;) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the &#8220;SEC&#8221;), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms &#8216;&#8216;measured resources&#8217;&#8217;, &#8216;&#8216;indicated resources&#8217;&#8217;, and &#8216;&#8216;inferred resources&#8217;&#8217;. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI&#160;43-101 for identification of &#8216;&#8216;reserves&#8217;&#8217; are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI&#160;43-101 may not qualify as &#8216;&#8216;reserves&#8217;&#8217; under SEC standards. Under U.S. standards, mineralization may not be classified as a &#8216;&#8216;reserve&#8217;&#8217; unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a &#8220;measured resource&#8221; or &#8220;indicated resource&#8221; will ever be converted into a &#8220;reserve&#8221;. U.S. investors should also understand that &#8220;inferred resources&#8221; have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of &#8220;inferred resources&#8221; exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated &#8220;inferred resources&#8221; may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of &#8220;contained ounces&#8221; in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute &#8220;reserves&#8221; by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
