<SEC-DOCUMENT>0001341004-20-000085.txt : 20200312
<SEC-HEADER>0001341004-20-000085.hdr.sgml : 20200312
<ACCEPTANCE-DATETIME>20200311212903
ACCESSION NUMBER:		0001341004-20-000085
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200312
DATE AS OF CHANGE:		20200311

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAVERIX METALS INC.
		CENTRAL INDEX KEY:			0001773250
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				842526428
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91254
		FILM NUMBER:		20707015

	BUSINESS ADDRESS:	
		STREET 1:		510 BURRARD STREET
		STREET 2:		SUITE 575
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A8
		BUSINESS PHONE:		604-343-6225

	MAIL ADDRESS:	
		STREET 1:		510 BURRARD STREET
		STREET 2:		SUITE 575
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A8

FILED BY:		

	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:		SC 13G

	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>SC 13G
<SEQUENCE>1
<FILENAME>sc13g.htm
<DESCRIPTION>SCHEDULE 13G
<TEXT>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">SCHEDULE 13G</div>
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  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">Maverix Metals Inc.</div>
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  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">(Name of Issuer)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Common Shares</div>
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  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">(Title and Class of Securities)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">57776F405</div>
  <div><br>
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  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">(CUSIP Number)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">December 31, 2019</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">(Date of Event which Requires Filing of this Statement)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#9744; Rule 13d-1(b)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#9744; Rule 13d-1(c)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#9746; Rule 13d-1(d)</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any
    subsequent amendment containing information which would alter disclosures provided in a prior cover page.</div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the
    &#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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          <div style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">CUSIP No. 57776F405</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">&#160;</td>
        <td style="width: 33.33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">1</div>
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          <div style="font-family: 'Times New Roman', serif;">NAME OF REPORTING PERSON</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Pan American Silver Corp.</div>
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          <div style="font-family: 'Times New Roman', serif;">2</div>
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        <td colspan="2" style="width: 94.94%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          <div style="font-family: 'Times New Roman', serif;">(a) &#9744;</div>
          <div style="font-family: 'Times New Roman', serif;">(b) &#9744;</div>
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          <div style="font-family: 'Times New Roman', serif;">3</div>
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          <div style="font-family: 'Times New Roman', serif;">SEC USE ONLY</div>
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          <div style="font-family: 'Times New Roman', serif;">4</div>
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          <div style="font-family: 'Times New Roman', serif;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Canada</div>
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          <div style="text-align: center; font-family: 'Times New Roman', serif;">NUMBER OF</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">SHARES</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">BENEFICIALLY</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">OWNED BY</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">EACH</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">REPORTING</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">PERSON</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">WITH</div>
        </td>
        <td style="width: 81.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">5&#160;&#160;&#160;&#160;SOLE VOTING POWER</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;35,833,500</div>
        </td>
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        <td style="width: 13.92%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">6&#160;&#160;&#160;&#160;SHARED VOTING POWER</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;0</div>
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        <td style="width: 13.92%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">7&#160;&#160;&#160;&#160;SOLE DISPOSITIVE POWER</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;35,833,500</div>
        </td>
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        <td style="width: 13.92%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">8&#160;&#160;&#160;&#160;SHARED DISPOSITIVE POWER</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;0</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif;">9</div>
        </td>
        <td colspan="2" style="width: 94.94%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;35,833,500</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif;">10</div>
        </td>
        <td colspan="2" style="width: 94.94%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES &#9744;</div>
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          <div style="font-family: 'Times New Roman', serif;">11</div>
        </td>
        <td colspan="2" style="width: 94.94%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</div>
          <div style="font-family: 'Times New Roman', serif;">27.9%</div>
          <div>&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">12</div>
        </td>
        <td colspan="2" style="width: 94.94%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
          <div style="font-family: 'Times New Roman', serif;">TYPE OF REPORTING PERSON</div>
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CO</div>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">CUSIP No. 57776F405</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcd73e280a40449b49a6ec921a616e1ba" cellpadding="0" cellspacing="0">

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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-size: 8pt;">&#160;</font><font style="font-weight: bold;">Item
      1.</font></div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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        <td style="width: 3.85%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(a)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">The name of the issuer is Maverix Metals Inc. (the "Issuer").</div>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">(b)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">The Issuer's principal executive offices are located at:</div>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 3.85%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
          <td style="width: 88.46%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Suite 575, 510 Burrard Street
              <div>Vancouver, British Columbia</div>
              <div>Canada V6C 3A8</div>
            </div>
          </td>
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  <div><br>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Item 2.&#160;</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.85%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(a)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">The names of the person filing this Schedule 13G (this "Statement") is:</div>
        </td>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Pan American Silver Corp.</div>
          </td>
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    <div>&#160;</div>
  </div>
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          <div style="font-family: 'Times New Roman', serif;"><font style="font-size: 12pt;">&#160;</font>&#160;</div>
        </td>
        <td style="width: 3.85%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(b)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">The principal business office for each of the Reporting Persons is</div>
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            <div style="font-family: 'Times New Roman', serif;"><font style="font-size: 12pt;">&#160;</font>&#160;</div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
          <td style="width: 88.46%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>1500-625 Howe Street
              <div>Vancouver, British Cumbia</div>
              <div>Canada V6C 2T6</div>
            </div>
          </td>
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          <div style="font-family: 'Times New Roman', serif;">(c)</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif;">Citizenship:</div>
        </td>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;">Canada</div>
          </td>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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        <td style="width: 3.85%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(d)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">This Statement relates to the Common Shares of the Issuer.</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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        <td style="width: 3.85%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(e)</div>
        </td>
        <td style="width: 88.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">The CUSIP Number of the Common Shares is 57776F405.</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 3.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Filing Category.</div>
        </td>
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  <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Not applicable.</div>
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        <td style="width: 33.33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">CUSIP No. 57776F405</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">&#160;</td>
        <td style="width: 33.33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 4.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership.</div>
        </td>
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        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(a)</div>
        </td>
        <td colspan="2" style="width: 86.65%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Amount beneficially owned: See Item 9 of each cover page.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
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        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(b)</div>
        </td>
        <td colspan="2" style="width: 86.65%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Percent of Class: &#160;See Item 11 of each cover page.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
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        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(c)</div>
        </td>
        <td colspan="2" style="width: 86.65%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Number of shares as to which such person has:</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(i)</div>
        </td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Sole power to vote or to direct the vote:</div>
        </td>
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        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
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        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">See Item 5 of each cover page.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(ii)</div>
        </td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Shared power to vote or to direct the vote of shares:</div>
        </td>
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      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">See Item 6 of each cover page.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(iii)</div>
        </td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Sole power to dispose or to direct the disposition of shares:</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">See Item 7 of each cover page.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">(iv)</div>
        </td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Shared power to dispose or to direct the disposition of shares:</div>
        </td>
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      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5.83%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 8.46%; vertical-align: top;">&#160;</td>
        <td style="width: 78.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">See Item 8 of each cover page.</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 5.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership of 5 Percent or Less of a Class.</div>
        </td>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Not Applicable.</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 6.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership of More than 5 Percent on Behalf of Another Person.</div>
        </td>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Not Applicable.</div>
  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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        <td style="width: 15.38%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 7.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control
            Person.</div>
        </td>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Not Applicable.</div>
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        <td style="width: 33.33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">CUSIP No. 57776F405</div>
        </td>
        <td style="width: 33.34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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        <td style="width: 15.38%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 8.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Identification and Classification of Members of a Group.</div>
        </td>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Not Applicable.</div>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 9.</div>
        </td>
        <td style="width: 84.62%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Notice of Dissolution of Group.</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 10.</div>
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          <div style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">CUSIP No. 57776F405</div>
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  <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">SIGNATURE</div>
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  <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
    and correct.</div>
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  <div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Dated:&#160;&#160;March 11, 2020</div>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">PAN AMERICAN SILVER CORP.</div>
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          <div style="font-family: 'Times New Roman', serif;">By:</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/ Delaney Fisher</div>
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          <div style="font-family: 'Times New Roman', serif;">Name:&#160;&#160;&#160; <br>
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          <div style="font-family: 'Times New Roman', serif;">Delaney Fisher</div>
          <div style="font-family: 'Times New Roman', serif; font-style: italic;">Vice President, Legal Affairs and Corporate Secretary</div>
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