1   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SUSTAINABILITY 
REPORT
2021

2   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TABLE OF CONTENTS
2021 SUSTAINABILITY REPORT
Our Company at a Glance ..............................................................  3
About this Report  ...........................................................................  4
Highlights  ........................................................................................  6
President and CEO's Message  ......................................................  7
Board Chair’s Message  ..................................................................  9
Our Sustainability Journey  ...........................................................  11
About Pan American Silver  ...........................................................  14
Engaging with Communities of Interest  .....................................  17
Materiality  .......................................................................................  20
Goals and Performance  .................................................................  22
Sustainability Governance  ............................................................  28
Risk Management  ...........................................................................  30
ESG Management Approach  .........................................................  34
Performance Monitoring  ...............................................................  39
ENVIRONMENT
Water Stewardship  .........................................................................  47
Tailings Facilities and Waste Management  .................................  52
Climate, Energy and Greenhouse Gas 
Emissions Reporting  ......................................................................  58
Biodiversity  .....................................................................................  75
Mine Closure  ...................................................................................  79
SOCIAL
Health and Safety  ...........................................................................  83
Relationships with Communities and Indigenous Peoples  ......  88
Socio-Economic Contributions  ....................................................  98
Human Capital Development  ........................................................  108
Inclusion and Diversity  ..................................................................  112
GOVERNANCE
Business Ethics  ...............................................................................  120
APPENDIX
United Nations Global Compact Principles  ................................  126
GRI & SASB Data Tables  ................................................................  128
TCFD Physical Risks Tables  ..........................................................  155
GRI Index  .........................................................................................  158
SASB Index  ......................................................................................  169
TCFD Index  ......................................................................................  174
Forward-Looking Statements  .......................................................  176

3   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Manantial Espejo
San Vicente
Morococha
Huaron
La Colorada
Skarn Deposit
Dolores
Navidad
Timmins
Escobal
Shahuindo
La Arena
OUR COMPANY AT A GLANCE
(Currently on care 
and maintenance)
(Placed on care 
and maintenance 
in February 2022)
Silver Segment
Mining Operations
Gold Segment
Mining Operations
Development and
Advanced Stage
Exploration Projects
SOUTH AMERICA
NORTH AMERICA
CONSOLIDATED PRODUCTION
19.2 Moz
GOLD SEGMENT ALL-IN
SUSTAINING COSTS
$15.62/oz
PROVEN + PROBABLE RESERVES*
529 Moz
Ag
2021 OPERATING PERFORMANCE
CONSOLIDATED PRODUCTION
579.3 koz
GOLD SEGMENT ALL-IN
SUSTAINING COSTS
$1,214/oz
PROVEN + PROBABLE RESERVES*
4.2 Moz
Au
2021 OPERATING PERFORMANCE
*Complete Reserves and Resources information is available at https://www.panamericansilver.com/operations/our-operations/reserves-and-resources/

4   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ABOUT THIS REPORT
This report articulates Pan American Silver’s vision of sustainability, 
presents how our company addresses sustainable development in 
the context of our business, and documents our progress toward our 
sustainability goals. We use the three ESG pillars (environmental, social, and 
governance) to frame the discussion of our 2021 performance.
This report also serves as our United Nations Global Compact 
Communication on Progress (COP) and demonstrates how we implement 
the 10 Global Compact Principles into our practices and processes.
Throughout this report, we refer to Pan American Silver Corp. as “Pan 
American Silver” or the “Company” and use the terms “we”, “us” and “our” 
to refer to Pan American Silver Corp. and its subsidiaries.
Audience
• The intended audience for this report is our stakeholders, which we refer 
to as communities of interest, or COIs1. This group includes shareholders, 
employees and contractors, unions, local communities, governments, 
suppliers, industry associations, regulatory agencies, civil society, 
investors, and environmental, social and governance (ESG)-focused 
analysts. 
Content and Scope
This report covers our management approach and 2021 performance 
for our material topics—those relating to the most significant actual and 
potential impacts (positive or negative) that Pan American Silver has on 
the economy, environment, communities, and people, including impacts on 
their human rights. This report covers our nine mining operations:
Silver segment:
• Huaron in Peru 
• La Colorada in Mexico 
• Manantial Espejo in Argentina 
• Morococha in Peru 
• San Vicente in Bolivia
Gold segment:
• Dolores in Mexico2
• La Arena in Peru 
• Shahuindo in Peru 
• Timmins (Timmins West and Bell Creek) in Canada
In addition, this report includes certain information on the Escobal mine 
in Guatemala that continues to be on care and maintenance, as well as 
the Alamo Dorado mine in Mexico that is in the post-closure phase. Our 
development and advanced stage exploration projects – the La Colorada 
Skarn deposit in Mexico, Navidad in Argentina, and other exploration sites 
– are excluded from the scope of this report, except for certain information 
on safety, people, social, security, and human rights management. When 
applicable, we include information regarding our headquarters in Vancouver 
and our regional offices.
(1) We use the Mining Association of Canada (MAC)’s definition of Community of Interest (COI), which 
include all individuals and groups who have an interest in or believe they may be affected by decisions 
regarding the management of our operations.  
(2) In 2021, Dolores was moved from the Silver Segment to the Gold Segment due to mine sequencing into 
higher gold grades over the remaining active mine life.

5   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Reporting period 
Sustainability Report: January 1 to December 31, 2021 
Annual Report: January 1 to December 31, 2021 
Reporting framework 
Pan American Silver is reporting in accordance with the Global Reporting Initiative (GRI) Standards for the period January 1 to 
December 31, 2021. Information and data relevant to the GRI Mining & Metals Sector Disclosures are included in this report. The 
GRI index can be found here.
This report was prepared in alignment with the Sustainability Accounting Standards Board (SASB) Standard. The SASB index can 
be found here.
It contains information in consideration of the Taskforce on Climate-related Financial Disclosures (TCFD) reporting framework, 
which is disclosed in the “Climate, Energy and Greenhouse Gas Emissions” section of this report.
This report also serves as our annual Communication on Progress for the United Nations Global Compact (UNGC) and 
documents our implementation of the 10 UNGC Principles. An overview table of Pan American Silver’s Implementation of the 10 
UNGC Principles can be found here.
Restatements of 
information 
Any restatements of data from previous reports are identified in the footnotes of the relevant data tables. 
Data and assurance 
Data was reviewed internally at both on-site and corporate office levels. Certain economic data was extracted from our 2021 
audited annual financial statements.
Data is reported using the metric system and US dollar currency. 
Contact 
Any feedback regarding this report is welcome. Please direct your comments or questions to: Brent Bergeron, Senior Vice 
President, Corporate Affairs and Sustainability; Monica Moretto, Vice President of Social Sustainability, Inclusion and Diversity;  
or Christian Del Valle, Director Corporate Affairs and ESG Engagement at csr@panamericansilver.com. 
ADDITIONAL DETAILS

6   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
HIGHLIGHTS
MEMBERSHIP AND COMMITMENTS
We support initiatives that help advance our sustainability performance 
and contribute to broader sustainable development. 
REDUCTION 
IN WATER USE 
COMPARED TO 
2021 BASE CASE
10%
SIGNIFICANT 
ENVIRONMENTAL 
INCIDENTS
ZERO
OF EMPLOYEES AND 
CONTRACTORS 
RECEIVED TRAINING ON 
THE FIRST MODULE OF 
OUR “BUILDING RESPECT 
TOGETHER” PROGRAM
100%
HOURS OF SAFETY 
TRAINING IN 2021
1,242,545
ACHIEVED NET 
POSITIVE 85 
HECTARES OF 
REHABILITATED OR 
RESTORED LAND
85
IN COMMUNITY 
INVESTMENTS
$11.2 MILLION
OF OUR BOARD 
MEMBERS ARE 
WOMEN, INCLUDING 
OUR BOARD CHAIR
37.5%
GHG EMISSION 
REDUCTION 
COMPARED TO 
2021 BASE CASE
11%
STANDARD WAS 
DEVELOPED
SOCIAL MINE 
CLOSURE
In 2021, we renewed and amended our $500 million credit facility 
to include a pricing component linked to our ESG performance as 
assessed by two external ESG ratings agencies–MSCI and S&P 
Global. We are proud to be the first Canadian mining company to 
announce a credit facility of this kind. In addition to aligning our ESG 
performance to our cost of capital, this financial mechanism serves 
as another driver for continuous improvement of our ESG practices.  
Also in 2021, we improved our MSCI rating and S&P Global score, 
which resulted in a favorable pricing adjustment for a Sustainability-
Linked Credit Facility. 
For more information, please see the Financial Statements in our 
2021 Annual Report, available on our website.
SUSTAINABILITY-LINKED CREDIT FACILITY 
Note: All trademarks and logos are the property of their respective owners.
Note: The 2021 base case is our projected 2021 water use, energy use, GHG emissions, and waste 
generation, as calculated using our life of mine plans adjusted for annual production guidance.

7   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Pan American Silver has always 
been guided by our view that a well-
managed mining company employs 
sustainable business practices, 
prioritizes the health and safety of its 
people and communities, and invests 
in its assets to generate long-term 
returns for shareholders. We focused 
on these principles during another 
year marked by the challenges of the 
COVID-19 pandemic. 
Operating performance and the 
impact of the COVID-19 pandemic
Latin America continued to be hit 
hard by the COVID-19 pandemic during 2021, with vaccination programs 
rolling out later than in North America. Pan American Silver partnered with 
UNICEF Canada’s GiveAVax campaign to provide global equitable access 
to COVID-19 vaccines through the distribution of vaccines to low- and 
middle-income countries, with particular emphasis in Peru and Guatemala. 
We also facilitated access to vaccinations for employees who chose to be 
vaccinated. 
We remained vigilant by adhering to the comprehensive protocols 
recommended by governments and Pan American Silver health 
professionals to slow the spread of the virus. The pandemic and these 
protocols reduced workforce deployment levels, and impacted our 
production, costs and progress on capital projects.
In 2021, both silver and gold production rose 11% over 2020 levels, with all-
in sustaining costs of $15.62 per ounce for the Silver Segment and $1,214 
per ounce for the Gold Segment.
PRESIDENT AND CEO'S MESSAGE
Improving ESG performance and reporting
Operating in an ethical, responsible, and sustainable manner is reflected 
in our policies and guidelines that formalize how we must conduct our 
business. Of utmost importance is the safety of our people, and we are 
deeply saddened by four fatalities that occurred at our operations during 
2021. We are determined to improve safety performance at our narrow 
vein underground mines where these fatalities occurred. In Peru, we 
recently completed a third-party assessment of the progress made under a 
behaviour based safety system. That process has helped identify methods 
to enhance safety awareness and emphasize a focus on performing work 
safely in our operations.
We made improvements in our 
environmental performance in 2021, 
reducing GHG emissions by 11% and 
achieving our target of reducing energy 
consumption by 7% compared to the 
2021 base case. We also reduced water 
consumption by 10% compared to the 
2021 base case, and we achieved a 
net positive impact on vegetation and 
biodiversity across all our sites.
On the social front, we continue to 
actively engage with communities to 
better understand their priorities and 
to invest in initiatives that will provide them with lasting benefits. At the 
same time, we are supporting diversity and inclusion within our workforce. 
We completed the first module of our Building Respect Together program 
during the year.
In 2021, we published our first report under the UN Global Compact, 
describing our progress and commitment to the Ten Principles. Our PAS 
Guatemala subsidiary joined the UN Global Compact at the country level. In 
addition, we have implemented the United Nations Voluntary Principles on 
Security and Human Rights standards at all our sites over the past year. 
MICHAEL STEINMANN // PRESIDENT AND CEO
“IN 2021, OUR 
RATINGS BY THE 
MAJOR ESG RATING 
AGENCIES IMPROVED 
ACROSS THE BOARD 
COMPARED WITH 
PRIOR YEARS.”

8   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Our efforts to improve our ESG performance and reporting are being 
recognized. In 2021, our ratings by the major ESG rating agencies improved 
across the board compared with prior years. 
Outlook for our business
Pan American Silver is in a strong financial position to invest in growth 
and support returns to shareholders, while generating economic value 
for the people in the regions where we operate. In 2021, our operations 
generated $1,633 million in revenue, of which $1,310 million was spent 
in wages, supplies, services and taxes that benefited national, regional 
and local economies. In addition, the Company distributed $72 million to 
shareholders in 2021.
We expect operating performance to improve in 2022 with higher 
production from operations, as the impact of the COVID-19 pandemic on 
workforce deployment lessens. Cost pressures, supply chain disruptions 
and shipment delays are global effects from the pandemic and are likely to 
persist for some time. 
Our diversified portfolio includes the potential for growth. In 2022, we 
plan further drilling at our La Colorada Skarn project, and to advance 
engineering studies to consider development of the deposit through larger, 
bulk mining methods.
The ILO 169 consultation process for the already built Escobal mine in 
Guatemala began in 2021, with a series of pre-consultation meetings held 
over the course of the year and into 2022. The Ministry of Energy and Mines 
in Guatemala is leading the consultation process with the Xinka Indigenous 
peoples and our PAS Guatemala subsidiary is a participant in this process. 
Completion of the consultation is required for reinstatement of the mining 
license at Escobal. The timing for completion of the consultation process 
has not yet been determined.
Our Navidad project remains a long-term development project with a large 
silver resource. Development of this project requires zonification under 
legislation that would allow open pit mining in certain zones in the province 
of Chubut, Argentina.
Industrial demand for silver is expected to grow because it is a necessary 
component in the manufacture of solar panels, electric vehicles and other 
electronics.(3) With a strong outlook for silver demand in the transition to an 
electrified, low-carbon economy, and some of the best projects in the world 
to deliver meaningful growth in 
silver production, Pan American 
Silver offers investors a unique 
opportunity to invest in silver.
In closing, I would like to 
thank Pan American Silver 
founder and Chair, Ross Beaty, 
who retired from the Board 
of Directors in 2021, for his 
contributions and counsel 
over the years. We welcomed 
Gillian Winckler as the new 
Board Chair, who has a strong 
background in mining, finance 
and ESG matters.
I would also like to thank our 
employees and contractors across the Pan American Silver organization 
for their commitment and resilience during another year challenged by the 
COVID-19 pandemic.
Pan American Silver has the team, the assets and the vision to continue 
creating value for our stakeholders.
(3) Silver Institute and CRU International Limited, September 2021
“I WOULD ALSO LIKE TO 
THANK OUR EMPLOYEES 
AND CONTRACTORS 
ACROSS THE PAN AMERICAN 
SILVER ORGANIZATION 
FOR THEIR COMMITMENT 
AND RESILIENCE DURING 
ANOTHER YEAR CHALLENGED 
BY THE COVID-19 PANDEMIC.”
Michael Steinmann, President and CEO 
May 5, 2022

9   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
This is my first Sustainability Report 
letter to you as the Chair of Pan 
American Silver’s Board of Directors. 
I was honoured to succeed Ross 
Beaty as Chair of the Company when 
he retired in May 2021. Ross held 
the role of Chair since the inception 
of Pan American Silver in 1994 
and was instrumental in building a 
company that is a world leader in 
silver production, with a reputation 
for excellence and a culture of social 
responsibility and environmental 
stewardship. The values and vision 
of Ross and Pan American Silver 
are ones that are close to my heart 
and, as the Chair of Pan American Silver, I look forward to building on our 
strengths, as we continue to mine sustainably and deliver value to our 
stakeholders. 
The past year was challenging for Pan American Silver as COVID-19 
continued to impact all our lives, both physically and emotionally. The 
Latin American countries where we operate were hit particularly hard by 
the pandemic and our employees, contractors and communities faced 
incredibly difficult times. The extensive measures that we put in place early 
in 2020 to protect and support our workers and their communities, as well 
as the business, were maintained throughout 2021. We are fortunately in 
a different place now than we were a year ago, as vaccination rates are 
rising throughout Latin America and better treatment options exist. We are 
hopeful that 2022 will be much less impacted by the pandemic.
In the past year, we have continued to refine and enhance our approach 
to ESG and, in this regard, replaced our Health Safety Environment and 
Communities Committee with our new Communities and Sustainable 
Development Committee and our Health, Safety and Environment 
Committee. The separation of responsibilities into these two committees 
is fundamentally a recognition of the importance of these aspects of our 
business.
We also approved two new policies: the Social Sustainability Policy and 
the Environmental Policy, both reflective of our current thinking and 
enhanced approach. While we have had a separate Environmental Policy 
and (formerly) a Corporate Social Responsibility Policy for several years, 
the new and revised policies more accurately reflect Pan American Silver’s 
current commitments and expectations with respect to the way we do 
business responsibly and ethically, as well as our alignment with widely 
recognized international standards. These policies both guide us in how 
we conduct ourselves and provide 
detailed objectives against which 
we can evaluate our social and 
environmental performance. 
We work closely with local 
communities to promote long-
term positive relationships and 
sustainable economies. In 2021, our 
primary focus has been on health, 
education and maintaining local 
procurement opportunities.  
In parallel with sustainable 
economies, we need sustainable environments, and in this regard, climate 
change is an important issue. We made progress on our commitment to 
implement the Task Force on Climate-related Financial Disclosure (“TCFD”) 
recommendations with the publication of our first TCFD-focused disclosure 
and strategy for further incorporating consideration of climate risks and 
opportunities into our business model. Our 2021 reporting includes an 
update on how we manage transition climate risks. 
We appreciate the importance of the goal under the Paris Agreement to 
limit the global average temperature increase this century to below 2.0 
degrees Celsius compared to pre-industrial levels, and we continue to 
work actively on our climate strategy. Early in 2022, the Board approved a 
corporate target to reduce CO2 emissions by 30% by 2030, based on our 
2019 baseline emissions.
BOARD CHAIR’S MESSAGE
GILLIAN WINCKLER // BOARD CHAIR
“WE WORK CLOSELY WITH 
LOCAL COMMUNITIES TO 
PROMOTE LONG-TERM 
POSITIVE RELATIONSHIPS 
AND SUSTAINABLE 
ECONOMIES.”

10   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Another important area of focus for the Board is inclusion and diversity. 
Pan American Silver has been rolling out its Building Respect Together 
campaign, which aims to ensure we have a welcoming and inclusive 
workplace. Pan American Silver has a wonderful, culturally diverse 
workforce, but the level of participation of both females and under-
represented minorities is low. Significant efforts have been made towards 
hiring, promoting and retaining female workers and educating local women 
with a view to providing opportunities for participating in mining operations.   
Looking ahead, the future is positive. We are well positioned for growth 
with our world class Skarn project at La Colorada, as well as Escobal in 
Guatemala, and Navidad in 
Argentina. We look forward to 
engaging our stakeholders, 
and to demonstrating how 
mining can be conducted 
responsibly and benefit 
both the people in the local 
communities and the region 
more broadly.
The past year saw a 
significant amount of 
regeneration of the Board. 
Coinciding with Ross’ 
retirement in May 2021, our shareholders elected Jennifer Maki to the 
Board. We have now had a full year with our two newer directors – Kathy 
Sendall and Jennifer Maki - both of whom have been making wonderful 
contributions. 
“EARLY IN 2022, THE BOARD 
APPROVED A CORPORATE 
TARGET TO REDUCE CO2 
EMISSIONS BY 30% BY 
2030, BASED ON OUR 2019 
BASELINE EMISSIONS.”
Gillian Winckler, Chair of the Board of Directors 
May 5, 2022
We have an extraordinary team at Pan American Silver that strives for 
excellence and cares deeply for people and the environment. I am incredibly 
proud of the way that Pan American Silver ‘s employees and contractors 
have managed through the challenges of 2021, and supported each other 
and their communities. On behalf of the Board, I would like to thank every 
single employee and contractor for their unwavering commitment, as well 
as our stakeholders for their ongoing support.

11   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Q: Stakeholder interest in and 
expectations around sustainability 
and ESG continue to rise. What does 
this mean for Pan American Silver?
Brent: We recognize that the ESG 
aspect of what we do as a company 
is gaining much more attention 
from an increasingly broad range 
of stakeholder groups. For us, this 
means continuing to formalize and 
standardize systems to manage 
ESG performance and risk across 
the Company. This will enable us to 
respond more effectively to these 
growing expectations. At the same 
time, it’s important that we continue 
to engage with communities, 
governments, investors, and other 
stakeholders, so that we understand 
their priorities and can align our 
long-term ESG strategy with these 
priorities. We also take part in global 
initiatives and industry associations 
to keep pace with the evolving ESG 
landscape, to see where our peers 
are focusing, and so on. We can then 
reflect on the direction that is most 
appropriate for our strategy going 
forward, and that helps us best 
respond to what’s happening at and 
around our mine sites. This is one 
way we connect the operational side 
of our work to the sustainability side.
OUR SUSTAINABILITY JOURNEY
Steve: We have seen the evolution of these ESG expectations through 
our own activities and in our reporting. Building on Brent’s point, we have 
been developing a better understanding of commonly accepted industry 
ESG priorities and metrics and placing significant effort on enhancing 
our systems to accurately measure and report our performance and 
improvements in these key areas. We have definitely increased both 
the amount and transparency of our ESG reporting. We recognize the 
importance our stakeholders place on their ability to assess our ESG 
performance. And, increasingly, we’re able to demonstrate progress against 
quantitative targets, both at a site and corporate level. In 2021, for example, 
we surpassed our consolidated Corporate targeted reduction in water use 
and met our GHG emissions reduction target. 
Q: What does ESG 
implementation look 
like at Pan American 
Silver? What is the 
Company’s current 
focus?
Steve: ESG 
implementation at Pan 
American Silver begins 
with our corporate teams 
assimilating annual data 
collected from extensive 
monitoring and reporting 
systems that have 
been established throughout the organization, along with the feedback 
we receive from stakeholders, particularly from investors, employees, 
ESG analysts, regulators, communities, and special interest groups. We 
then analyze, discuss, propose, and debate with managers from across 
the Company, and establish our annual operations-level ESG goals and 
objectives. Through this inclusive process, we endeavour to establish clear, 
concise, achievable, and meaningful ESG goals and objectives.
Brent: I agree. And we’re doing a substantial amount of work to develop 
and provide sites with corporate standards and guidance to help them 
understand where our policy commitments and ESG priorities are coming 
from and guide their performance on the ground. It’s also important to 
Q&A WITH STEVE BUSBY, COO AND BRENT BERGERON,  
SENIOR VICE PRESIDENT, CORPORATE AFFAIRS AND SUSTAINABILITY
Pan American Silver  
Annual ESG Update Conference Call 
September 22nd, 2022 
Additional information and webcast 
will be made available at 
www.panamericansilver.com
INVESTORS // SAVE THE DATE

12   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
point out that we are bringing ESG considerations into different parts of our 
business – how we plan operating budgets, how we evaluate risk, how we 
allocate capital. Strategic ESG conversations are happening at our Board of 
Directors (“Board”) level as well. We now have a Board committee that deals 
specifically with community and sustainability issues, which indicates how 
we’re working to align ourselves internally around these issues.
In 2020, Pan American Silver introduced a set of Sustainability 
Performance Indicators (SPIs). How are these helping your ESG 
performance? 
Steve: The introduction of SPIs has brought a greater degree of focus 
to key social and environmental areas of our mining business. We have 
advanced on benchmarking our performance, creating baselines, and 
gathering and reporting accurate information, all of which is expanding 
our site managers’ understanding of their own performance and their 
contribution to the Company’s results. We now have a system of monthly 
and quarterly SPI reporting to senior management. SPI performance 
monitoring certainly gets a lot of my attention, as well as that of our CEO 
and the Board who review our progress quarterly.
Brent: The introduction of the SPIs has been valuable across many fronts. 
They’re giving us a clear understanding of the effectiveness of our systems 
and programs at the site level. At the corporate level, and I agree with 
Steve here, monthly reporting is proving extremely useful. It’s providing a 
regular checkpoint and the ability to see outliers and course correct. The 
next step for us is to dig deeper to understand challenges so that we can 
set performance objectives to better manage our impacts. For example, 
we now have good data for the SPI on grievance management. We know 
that grievances are being recorded and tracked properly. Now we can move 
forward in terms of improving overall management, such as determining 
reasonable timeframes for responding to and resolving grievances. We’re 
already seeing the SPIs driving performance, which is fantastic.
ESG risks, such as environmental and social risk, climate risk, and 
geopolitical risks, all continue to gain importance within the industry. 
How is Pan American Silver evolving in its approach to risk management?
Brent: Managing ESG risks goes beyond just managing areas of concern 
to stakeholders. We manage all risks to our business, but we prioritize 
our efforts in areas that have the greatest impacts on our company, from 
both an operational and a financial perspective. At the operational level, 
our SPIs are helping us do this–they’re helping us focus on areas we can 
actively manage and set realistic goals where we can deliver results. We also 
recognize, though, that our operations have to respond to risks resulting 
from world-wide issues and external factors. For example, in some host 
countries, we face significant political risks and are seeing an increase 
in social risks resulting from emerging social pressures. Risks related to 
climate change and extreme weather events also need to be managed 
by our sites. We’ve created and standardized the use of risk tools across 
our operations. We’ve successfully formalized a country risk assessment 
process that gives us better information about our significant non-technical 
risks and helps us actively 
collaborate across sites to 
manage and mitigate these 
risks. We’re now in the process 
of feeding this information 
into a corporate enterprise 
risk management system.
Steve: We are facing a broad 
range of both ESG and non-
ESG risks in our business, 
and we need to be strategic 
and thoughtful in prioritizing 
our efforts and assigning our 
resources. The health and 
safety of our workers is the 
primary consideration in the 
initiatives we undertake. For 
the past two years, we have 
put a significant effort into 
“WE HAVE BEEN DEVELOPING 
A BETTER UNDERSTANDING 
OF COMMONLY ACCEPTED 
INDUSTRY ESG PRIORITIES 
AND METRICS AND PLACING 
SIGNIFICANT EFFORT ON 
ENHANCING OUR SYSTEMS TO 
ACCURATELY MEASURE AND 
REPORT OUR PERFORMANCE 
AND IMPROVEMENTS IN 
THESE KEY AREAS.” 
- STEVE BUSBY

13   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
managing workforce health risks related to the COVID-19 pandemic. We 
implemented comprehensive contact tracing and surveillance programs, 
including conducting over 400,000 COVID tests to reduce the risks of 
COVID-19 infection and spread among our workforce. In addition, we 
supported regional health and medical facilities to further reduce COVID 
spread in communities near our operations and enhance care for those 
infected by the virus. Furthermore, we continue to prioritize the behavioral-
based pilot safety program in our Peruvian operations to increase safety 
awareness and reduce potential for COVID fatigue-related impacts following 
nearly two years of elevated absenteeism and operating under intense bio-
safety and physical distancing protocols.
Q: What is the key ESG focus for Pan American Silver as it heads  
into 2022?
Brent: COVID was certainly our biggest challenge in 2020 and 2021, and 
we took advantage of some windows of opportunity to travel to sites 
and reinforce our health and safety messages. I know Steve shares this 
sentiment, going into 2022, that we hope to have more opportunities to 
talk to our people face to face and reinforce our ESG priorities. The other 
thing that we need to remember is that there’s still a lot of work to do to 
evolve our ESG strategy and advance our performance. We’ve set new SPIs 
that will prioritize our 
work in additional ESG 
areas. Systematically 
collecting and analysing 
this information will 
remain a priority. We 
continue to develop 
programs and initiatives 
to achieve corporate 
goals in areas such as 
inclusion and diversity. 
In collaboration with our 
sites, we will continue 
developing standards 
and guidance to address 
our ESG priorities and 
performance expectations. 
We still have quite a bit of work to do. It’s hard work. And it’s necessary 
work. But it is progressing and I’m proud of what we’ve accomplished and 
confident that we’re getting there. In conversations with our shareholders 
and stakeholders, they want to see this progress both in action and in 
disclosure.
Steve: To build on Brent’s comment, we are continuing to develop our 
baseline data so that we have a fulsome understanding of performance 
across our business. We’ve done a lot of work in the past few years to 
improve the quality of our data: where we’re measuring, what we’re 
measuring, and how we’re interpreting these measurements. Every year, we 
gain knowledge and understanding that will help us improve performance 
and set additional quantitative goals. For example, we developed long-
term energy profiles for each of our mines, which are helping us establish 
meaningful medium-term GHG emissions reduction targets. Of course, 
COVID will continue to be a challenge for us to manage in 2022 if we 
continue to incur high levels of absenteeism. Over the last two years of 
operating during a global pandemic, we have learned that we can’t do 
everything online. While the online communication technologies deployed 
during the global pandemic have proved invaluable in sustaining our 
business, our abilities to accelerate ESG initiatives have been limited by 
a lack of in-person interactions. We can’t build or maintain our corporate 
unity, cohesion, and high morale, which has been a hallmark of our 
company, to the same degree, without routine face-to-face interactions with 
our sites and site personnel. We will continue with initiatives to boost morale 
and manage COVID fatigue during 2022. 
“WE ARE BRINGING ESG 
CONSIDERATIONS INTO 
DIFFERENT PARTS OF OUR 
BUSINESS – HOW WE PLAN 
OPERATING BUDGETS, HOW 
WE EVALUATE RISK, HOW WE 
ALLOCATE CAPITAL.” 
- BRENT BERGERON

14   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ABOUT PAN AMERICAN SILVER
Pan American Silver owns and operates silver and gold mines located in 
Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine 
in Guatemala that is currently not operating. Pan American Silver provides 
enhanced exposure to silver through a large base of silver reserves and 
resources, as well as major catalysts to grow silver production.
Pan American Silver has a 28-year history of operating in Latin America, 
earning an industry-leading reputation for sustainability performance, 
operational excellence, and prudent financial management. We are 
headquartered in Vancouver, BC and our shares trade on NASDAQ and the 
Toronto Stock Exchange under the symbol “PAAS”.
VISION
Our vision is to be the world’s premier silver producer, with a reputation 
for excellence in discovery, engineering, innovation, and sustainable 
development. Our strategy to achieve this vision is to:
• Generate an attractive return on invested capital through the safe, 
efficient, and environmentally sound development and operation of our 
assets.
• Constantly replace and grow our reserves and resources through targeted 
near-mine exploration and business development. 
• Foster positive long-term relationships with our employees, shareholders, 
communities and local governments through open and honest 
communication, and ethical and sustainable business practices. 
• Continually search for opportunities to upgrade and improve the quality 
of our assets, both internally and through acquisition. 
• Encourage our employees to be innovative, responsive and 
entrepreneurial throughout our entire organization.
To fulfill our vision, we attract, develop, and retain a sector-leading team of 
mining professionals. Our team has a deep knowledge and experience in all 
aspects of our business, which enables us to confidently advance early-
stage projects through construction and into operation. 
VALUES 
Pan American Silver’s core values are embedded in all aspects of our  
daily operations. In carrying out our business, we are committed to: 
• Operating in a responsible and ethical manner 
• Providing a safe and healthy workplace for all of our employees  
and contractors 
• Conducting our business affairs free from favoritism, fear, coercion, 
discrimination, or harassment 
• Providing full, fair, accurate, timely and understandable disclosure  
to our stakeholders

15   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
JEWELRY
JEWELRY
ELECTRONICS
INVESTING
ELECTRONICS & BATTERIES
SILVER
BARS & COINS
HEALTH
SOLAR PANELS
WATER PURIFICATION
Silver is used to create 
beautiful, pieces of jewelry 
around the world
Globally, jewelry is the 
primary use of gold
Gold is an efficient conductor 
of electricity and used in most 
electronic devices
Governments, institutions, or 
individuals may hold gold coins 
or bullion as forms of investment
Silver is used to create 
everything from serving trays,  
to cutlery, to candlesticks
Silver is refined into bars 
and coins for sale to 
international markets
Silver’s antimicrobial and 
non-toxic qualities are 
beneficial for human health
Silver paste is a key component of 
photovoltaic cells used in solar panels that 
transform sunlight into electrical energy
Silver can be found in water 
purifying systems due to its 
antibacterial qualities
Silver is malleable, resists corrosion 
and oxidation, and is the best thermal 
and electrical conductor of all metals
OUR PRODUCTS 
Our main products 
are silver and gold 
doré, as well as 
silver bearing zinc, 
lead, and copper 
concentrates.
Silver is an essential 
and versatile metal 
that plays a crucial 
role in the transition 
from the use of fossil 
fuels to a low-carbon 
economy. We are 
working with the 
Silver Institute to 
improve the general 
understanding of the unique 
and vitally important role of 
silver in low-carbon energy 
solutions, and in 2021 
the Silver Institute begun 
working on a report on silver 
in the future low-carbon 
economy which will be 
released this year. For more 
information, visit the Silver 
Institute website at www.
silverinstitute.org/.
GOLD (Au)
SILVER (Ag)

16   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR SUPPLY CHAIN
Mining requires a reliable supply chain and transport logistics for both the supply of materials and the transport of products. Our service providers are 
primarily locally based companies or local subsidiaries of international service or consulting groups. Our mines process ore to produce doré bars (an alloy 
composed primarily of silver and gold) or mineral rich concentrates (a mixture primarily composed of base metals and silver). We send our doré to refineries, 
which further refine it to produce silver and gold bullion, which is then sold to various bullion banks, traders, and consumers. We sell our concentrates to 
traders or smelters, which further process and refine it into marketable products. Additional details on our work to build a responsible supply chain can be 
found under the risk management section of this report.

17   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ENGAGING WITH COMMUNITIES OF INTEREST
Engagement is an important focus at Pan American Silver, as our success 
depends on establishing positive relationships and trust with a broad 
range of communities of interest (COIs), which include employees and 
contractors, unions, local communities, governments, suppliers, industry 
associations, regulatory agencies, non-governmental organizations, civil 
society, analysts, and investors. We have developed and implemented a 
range of best-practice-based processes, tools, and resources that support 
effective engagement and help us understand, respond to, and manage COI 
expectations.
We welcome and promote open, meaningful, and inclusive engagement 
with all COIs. This approach is essential to building constructive, long-term 
relationships with COIs. Through listening and dialogue, we learn about the 
issues and perceptions that are important to COIs. It helps us understand 
the impacts of our business on COIs and deepens our understanding of 
their concerns, which enables us to manage these issues more effectively 
and to better align our priorities and goals with those of the COIs. COI 
engagement helps us:
• Align our business strategy with COIs expectations
• Demonstrate accountability and disclosure
• Identify potential risks and opportunities 
• Identify and respond to external trends and shifts
• Identify relevant non-financial issues to report
• Better allocate resources and direct sustainability investment
Our key COI engagement mechanisms include:
• Ongoing communication with communities and local, regional, and 
national governments
• Annual COI survey in all countries where we operate
• Annual ESG survey of our investor community
• Community and worker response and grievance mechanisms at each 
operation
COMMUNITIES OF INTEREST SURVEY 
We annually survey COIs identified in our stakeholder mapping processes 
to better understand their sustainability-related interests and concerns. 
Every year, we place significant emphasis on the participation of individuals 
who do not have computers and/or internet access. This involves installing 
computer terminals at our sites to collect worker’s feedbacks and collect 
input directly from individuals in the communities by the social teams.
Our survey process entails having COIs identify and rank their most 
important sustainability topics from a list of topics that are based on the 
GRI Standards. Every year, we adjust our questions and refine the topics to 
capture relevant and emerging issues. 
In 2021, we had a 16% increase in survey participation. A total of 2,214 
individuals, representing seven key COI groups (employees, contractors/
suppliers, community and indigenous members, NGOs, government, 
religious organizations, and human rights observers/affiliate groups), 
completed the survey compared to 1,910 in 2020. The top priority topics 
identified in the 2021 survey included:
• Health and safety
• Job security
• Ongoing communication with stakeholders
• Training, education, and career development
• Environmental programs and management
The priority topics identified such as health and job security remained 
similar to the topics identified the previous year most likely due to ongoing 
concerns related to the impacts of the COVID-19 pandemic. Human capital 
and environmental-related topics became more important to our COIs 
in 2021. The annual COI survey results are a key input in our materiality 
process.

18   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ESG INVESTOR SURVEY
In 2021, we also conducted an investor-specific survey to identify the ESG topics of highest importance to this COI group when rating 
Pan American Silver’s performance in investment decisions. These topics were:
• Climate, GHG emissions, and energy efficiency
• Health and safety
• Tailings and mineral waste management
• Water management
The ESG investor survey results also served as an input in our materiality process.
The table below lists our key COIs, their key interests, perceptions and/or concerns raised through the COI and ESG surveys, and 
examples of how we engage with them. Our approach to managing these interests/concerns is discussed in the related material topics. 
Communities  
of interest
Types of engagement
Key interests/concerns raised in 2021
Our employees 
• Meetings and huddles
• Face-to-face interactions
• Email, chats, and internal communications
• Social media links
• Lunch and learn sessions
• Conferences
• Training
• Negotiations with Worker Unions
• Internal memorandums and 
communications
• Grievance mechanisms
• Engagement surveys
• Website
1. Health and safety
2. Job security
3. Competitive salaries 
4. Environmental impact resulting from 
transportation (noise, dust, etc.)
Our contractors 
• Meetings and huddles
• Face-to-face interactions
• Email and internal communications
• Lunch and learn sessions
• Conferences
• Training
• Negotiations with Worker Unions
• Internal memorandums and 
communications
• Grievance mechanisms
• Engagement surveys
1. Health and safety
2. Job security
3. Ongoing communication 
CONTINUED

19   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Communities 
of interest
Types of engagement
Key interests/concerns raised in 2021
Investors 
• Annual ESG Call
• Quarterly calls
• Quarterly and annual reporting
• Roadshows
• Conferences
• Meetings, phone calls and emails
• Engagement surveys
• Website
• Annual shareholder meeting
1. Climate, GHG emissions and energy efficiency
2. Health and safety
3. Tailings and waste management
4. Water management 
Community 
members and 
Indigenous 
groups 
• Community offices
• Face-to-face meetings
• Response mechanisms
• Community roundtables
• Engagement surveys
• Site visits
• Newsletters
• Radio and other media
• Grievance mechanisms
• Consultations
• Website and annual sustainability report
1. Health and safety
2. Job security
3. Water discharge and spills
4. Investment in community development 
Religious groups 
• Community offices or churches
• Face-to-face meetings
• Response mechanisms
• Community roundtables
• Engagement surveys
• Grievance mechanisms
• Website and annual sustainability report
1. Health and safety
2. Equal opportunity and equal pay
3. Preventing child and forced labour 
Government 
• Community partnership meetings
• Face-to-face meetings
• Conferences
• Public meetings
• Newsletters
• Consultations
• Negotiations with Worker Unions
• Audits and inspections
• Engagement surveys
• Website and annual sustainability report
1. Health and safety
2. Respect for Indigenous Peoples
3. Equal opportunity and equal pay 
NGOs
• Public meetings 
• Response Mechanism
• Conferences
• Partnership discussions
• Engagement surveys
• Website
1. Health and safety
2. Local employment opportunities
3. Training, education, and career development
Human Rights 
Observers
• Meetings
• Face-to-face interactions
• Engagement surveys
• Website
1. Equal opportunity and equal pay
2. Mine closure impact on employment opportunities
3. Water discharge and spills

20   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
MATERIALITY
This report covers our material topics—those relating to the most 
significant actual and potential impacts (positive or negative) that Pan 
American Silver has on the economy, environment, communities, and 
people, including impacts on human rights. Within each material topic, we 
discuss related topics that are particularly relevant to us and our industry 
context. Our process to define report content is guided by the Global 
Reporting Initiative (GRI) Standards. We also cover the Sustainability 
Accounting Standards Board (SASB) material topics for our sector.
Our materiality assessment process entails an ongoing engagement with 
internal and external COIs, which helps us to identify and assess the actual 
and potential impacts of our activities. We supplement this engagement 
with a review of industry trends, peer sustainability reports, ESG rating 
reports, and sustainability reporting frameworks. Our annual COI survey 
and ESG investor survey also serve as key inputs in our process. We assess 
and rank identified topics to determine those having the most significant 
impacts, and then survey our executive management to validate and 
prioritize the Company’s most significant impacts to be reported.
2021 MATERIALITY PROCESS

21   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Some material topics are categorized and reported differently from 
our previous report. These differences reflect minor changes in our 
overall sustainability approach and materiality process. Recognizing 
the universality of human rights, we have removed human rights as 
a standalone material topic and added an overarching human rights 
management approach. Responsible supply chain is now included under 
sustainability risk management, and business ethics is once again a stand-
alone material topic. Social acceptance is now called Relationships with 
communities and Indigenous Peoples.
Although not included as a material topic, the COVID-19 pandemic has had 
a significant impact on our company and the world. Details on the impacts 
of the pandemic on our business, COIs and our response are discussed 
where they are relevant to a material topic.
2021 MATERIAL TOPICS 
ENVIRONMENT
SOCIAL
GOVERNANCE
WATER 
STEWARDSHIP
HEALTH AND 
SAFETY
BUSINESS 
ETHICS
RELATIONSHIPS 
WITH 
COMMUNITIES 
AND INDIGENOUS 
PEOPLES
SOCIO-ECONOMIC 
CONTRIBUTIONS
HUMAN CAPITAL 
DEVELOPMENT
INCLUSION AND 
DIVERSITY
BIODIVERSITY
MINE CLOSURE
TAILINGS 
FACILITIES 
AND WASTE 
MANAGEMENT
CLIMATE, ENERGY, 
AND GREENHOUSE 
GAS EMISSIONS

22   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GOALS AND PERFORMANCE
We set ESG goals to focus our efforts in key areas and continually improve our performance.
2021 PERFORMANCE
In 2021, we published annual goals in both our 2020 Sustainability Report and our 2020 Communication on Progress. The table below consolidates these goals 
and details our performance.
2021 Goals
2021 
Performance
Commentary
ENVIRONMENT
Achieve zero significant environmental incidents (SEIs) at our 
operations. 
No SEIs at our operations.
Improve bi-annual environmental audit performance. 
Achieved zero Level A audit findings, but B and C level findings increased at our 
Dolores mine. 
Reduce water use by 6% compared to the 2021 base case. 
10% water use reduction through use of additives for road watering, recycling 
and higher-than-average net precipitation.
Continue post-closure activities at Alamo Dorado and conduct interim 
reclamation projects at our active operations. 
Continued post-closure activities at Alamo Dorado and progressive closure 
work at Manantial Espejo and La Arena.
Achieve 80 hectares net positive impact on vegetation and biodiversity 
across all our sites. 
Achieved net positive impact of 85 ha of rehabilitated or restored land.
Reduce 11% of non-rock related waste compared to the 2021 base case.
3% decrease in non-rock related waste. Target not met due to unforeseen 
amounts of waste being generated by investment projects and pandemic-
related activities.
Reduce 0.3% of energy consumption compared to the 2021 base case.
7% reduction in energy consumption through changes to waste rock haulage 
and energy optimization projects.
Reduce GHG emissions by 11% compared to the 2021 base case.
11% reduction in GHG emissions through changes to waste rock haulage and 
energy optimization projects.
Achieve Level A Towards Sustainable Mining (TSM)4 performance for all 
protocols at all operations.
Achieved level A at 4 out of 9 sites. Remaining sites achieved 95% or greater 
progress towards Level A.  
100% action plans implementation for all the TSM environmental 
protocols.
100% of action plans completed.
TARGET ACHIEVED:           TARGET NOT MET: 
CONTINUED 
(4) TSM is an initiative of the Mining Association of Canada (MAC) designed to drive operations-level 
sustainability performance and manage risks.

23   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2021 Goals
2021 
Performance
Commentary
SOCIAL
Achieve zero fatalities.
Four fatalities. 
Maintain Lost Time Injury Frequency (LTIF) of 0.90 or less.
LTIF rate of 0.96 per million hours worked.
Maintain Lost Time Injury Severity (LTIS) of 525 or less.
LTIS rate of 872.
Achieve zero new social disputes at our operations.
No new social disputes.
Resolve all medium and high-risk grievances by the end of 2021. 
Resolved all high-risk grievances; one medium-risk grievance received late in 
2021 remained open in Peru.
Review community response mechanism system performance 
at Mexican operations; expand the internal auditing of response 
mechanisms to all mines.
Reviewed community response mechanism system performance at La Colorada 
and Dolores. Expanded the internal audit of response mechanisms to La 
Colorada, Dolores, Huaron, Morococha, Shahuindo, and La Arena. 
Develop a corporate Social Closure Standard, aligned with the TSM 
Mine Closure Framework, the social closure requirements of the 
International Council for Minerals and Metals’ (ICMM) Integrated Mine 
Closure, Good Practice Guide (2019), and Performance Expectation.
Finalized and approved Social Closure Corporate Standard.
Achieve Level A in TSM Aboriginal and Community Outreach Protocol.
Achieved level A in the TSM Aboriginal and Community Outreach Protocol at all 
operations.
Begin the implementation of the new TSM Indigenous and Community 
Relationships Protocol.
Conducted a gap analysis and trained all sites on the new protocol 
requirements.
Continue to expand our community engagement activities based on 
open dialogue and transparency, following international best practices.
Increased participation of stakeholders in our annual COI survey.
Conducted open dialogue with local communities regarding the tailings dam 
project at the San Vicente mine in Bolivia.
Improve access to quality education in the communities near our 
mines.
Completed the construction of Cachachi Primary School near Shahuindo in 
coordination with the District Municipality of Cachachi.
Donated technological equipment - 449 tablets, 20 projectors and 20 laptops - 
to the Cajabamba Education Authority near Shahuindo..
Continue to improve access to health care in the communities near our 
mines in coordination with local government priorities.
Completed renovations at the health center in Colonia Orion near La Colorada 
mine.
All sites ran health campaigns in accordance with local commitments.
CONTINUED

24   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2021 Goals
2021 
Performance
Commentary
Continue to develop additional, alternative economic opportunities in 
communities near our mines.
Continued an 8-year project that seeks to build the capacity of 500 local 
avocado producers near Shahuindo mine.
Expanded family agriculture projects near La Colorada and Dolores mines. 
Expanded a program to improve livestock genetically in Loma Colorada near 
San Vicente mine.
Continue the development of community training programs that attract 
new talent to operations.
Continued implementing the Women’s Talent Stewardship Program in the 
communities near our Peruvian mines. Launched a similar program near our 
mines in Mexico.
Complete the first phase of our Building Respect Together program, 
covering 70% or more of our workforce.
Completed the first module of the BRT program, covering 100% of our 
employees and contractors.
GOVERNANCE
Train 400 key employees on corruption risks.
480 key employees from all jurisdictions completed a training course. 
Certify 100% of Board members, officers, executives, and senior 
management under the Anti-Corruption Policy and the Code of Ethical 
Conduct.
All directors, officers, and employees, who received the request, were certified 
for compliance with the Anti-Corruption Policy and the Code of Ethical Conduct 
(290 individuals in total).

25   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2022 GOALS
2022 Goals
Related Material Topics  
Prioritized UN SDGs 
UNGC Principles 
ENVIRONMENT
Achieve zero significant environmental incidents 
(SEIs) at our operations.
All environmental material topics 
Reduce water use by 1% compared to the 2022 
base case.
Water Stewardship 
Reduce energy use by 3% compared to the 2022 
base case.
Climate, Energy, and Greenhouse Gas 
Emissions
Reduce GHG emissions by 3% compared to the 
2022 base case.
Climate, Energy, and Greenhouse Gas 
Emissions
Continue post-closure activities at Alamo Dorado 
and conduct interim reclamation projects at our 
active operations.
Mine Closure
Achieve 100 hectares of reforestation or 
revegetation across all our sites.
Biodiversity
Reduce non-rock related waste generation by 
4% and increase recycled/reused waste by 11% 
compared to the 2022 base case.
Tailings Facilities and Waste Management
Improve bi-annual environmental audit 
performance.
All environmental material topics
CONTINUED 
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2
Environment 
7,8,9
Human Rights 
1,2

26   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2022 Goals
Related Material Topics  
Prioritized UN SDGs 
UNGC Principles 
SOCIAL
Achieve zero fatalities.
Health and Safety
Maintain a LTIF of 0.90 or less.
Health and Safety
Maintain a LTIS of 525 or less.
Health and Safety
Achieve zero new social disputes at our operations.
Relationships with Communities and 
Indigenous Peoples
Resolve all medium and high-risk grievances 
received through our community response 
mechanism within the target timeframe5.
Relationships with Communities and 
Indigenous Peoples
Continue expanding our socio-economic programs 
and projects in the communities near our mines.
Socio-economic Contributions
Human Rights 
1,2
Labour 
3,4
Human Rights 
1,2
Labour 
3,4
Human Rights 
1,2
Labour 
3,4
Labour 
3,4,5,6
Human Rights 
1,2
Labour 
3,4,5,6
Human Rights 
1,2
Labour 
6
Human Rights 
1,2
CONTINUED 
(5) Grievances should be acknowledged within 15 days of receipt and should be resolved within 90 days of receipt.

27   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2022 Goals
Related Material Topics  
Prioritized UN SDGs 
UNGC Principles 
Complete the second module “Awareness” of our 
Building Respect Together program, covering 
100% of our workforce.
Inclusion and Diversity
Implement our Human Capital Development 
management system at our operations.
Human Capital Development
Conduct sustainability audits at the operations in 
Argentina, Mexico, and Canada.
Relationships with Communities and 
Indigenous Peoples
GOVERNANCE
Train 400 key employees on Anti-Corruption policy.
Business Ethics
Assess 150 critical suppliers using our supplier  
due diligence system.
Business Ethics
Commence external verification of TSM 
performance at our operations.
• Water Stewardship 
• Tailings Facilities and Waste Management 
• Climate, Energy, and Greenhouse Gas 
Emissions  
• Biodiversity 
• Health and Safety  
• Relationships with Communities and 
Indigenous Peoples 
• Human Capital Development
Human Rights 
1,2
Labour 
3,4,5,6
Human Rights 
1,2
Labour 
3,4,5,6
Human Rights 
1,2
Labour 
3,4,5,6
Human Rights 
1,2
Anti-corruption 
10
Anti-corruption 
10
Labour 
3,4,5,6
Human Rights 
1,2
Environment 
7,8,9
Labour 
3,4,5,6
Human Rights 
1,2

28   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SUSTAINABILITY GOVERNANCE 
BOARD OF DIRECTORS
Good governance is critical for effective corporate performance and plays 
a major role in protecting COI interests and maximizing stakeholder value. 
Our Board oversees the direction and strategy of the business, guided by 
Pan American Silver’s values, legislative and other governance standards, 
stock exchange rules, and industry best practices. The Board executes 
overall responsibility for corporate governance matters by:
• Approving corporate policies
• Assisting in the definition of corporate objectives, assessing  
and approving key plans
• Evaluating the Company’s performance on a regular basis
• Ensuring that the Company is led by qualified executives  
and senior managers
For additional details on our Board’s 
mandate, members, committees, 
processes, and our corporate policies, 
see our Management Information 
Circular or the corporate governance 
section on our website. 
GOVERNANCE STRUCTURE
Sustainability is embedded in our vision, values, and business strategy. 
Governance and oversight of sustainability at Pan American Silver start 
at the Board level. From the top level of the organization, accountability 
for sustainability cascades down to our sites. In 2021, the Board of 
Directors established a new committee, the Communities and Sustainable 
Development Committee (CSD Committee), to increase our focus on ESG-
related issues, policies, practices, and disclosures. The CSD Committee, 
in conjunction with the Health, Safety, and Environment Committee (HSE 
Committee) and the Nominating & Governance Committee, together oversee 
and make recommendations to the Board with respect to our ESG approach.
PRESIDENT & CEO
BOARD OF DIRECTORS
CORPORATE MANAGEMENT TEAM VANCOUVER
MEXICO 
MANAGEMENT 
TEAM
GUATEMALA 
MANAGEMENT 
TEAM
CANADA 
MANAGEMENT 
TEAM
PERU 
MANAGEMENT 
TEAM
BOLIVIA 
MANAGEMENT 
TEAM
ARGENTINA 
MANAGEMENT 
TEAM
LA COLORADA
ESCOBAL
TIMMINS
DOLORES
HUARON
LA ARENA
MOROCOCHA
SHAHUINDO
SAN VICENTE
MANANTIAL 
ESPEJO

29   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
BOARD COMMITTEES
• The CSD Committee provides oversight and guidance on our approach 
to community and sustainable development matters. It reviews the 
Company’s sustainability and ESG performance and matters relating 
thereto on a quarterly basis and reports to the Board.
• The HSE Committee provides policy direction and oversight of the 
Company’s performance on safety and on technical matters relating to 
the environment. It reviews the Company’s safety and environmental 
performance on a quarterly basis and reports to the Board.
• The Nominating and Governance Committee oversees the effective 
functioning of the Board and the implementation of governance best 
practices.
• The Audit Committee provides oversight of financial reporting and 
disclosures, internal controls, and risk management.
• The Human Resources and Compensation Committee oversees human 
resources, inclusion and diversity initiatives, compensation, and 
succession planning.
CORPORATE MANAGEMENT TEAM
• The Chief Executive Officer, the Chief Operating Officer, the Senior Vice 
President, Corporate Affairs and Sustainability and the General Counsel 
direct and oversee strategy, programs, initiatives, and performance 
related to communities, health and safety, environment, and human 
capital. They also monitor ESG indicator performance on a monthly basis.
• Senior management actively leads and manages sustainability and ESG 
programs, initiatives and performance.
• The ESG Management Committee, consisting of cross-departmental 
senior and executive management representatives, supports the 
Company in fulfilling its ESG management responsibilities and enhancing 
its ESG performance.
COUNTRY MANAGERS
• Oversee and manage sustainability performance in each of the countries 
where we operate.
MINE MANAGERS
• Implement sustainability programs and initiatives, and supervise teams 
responsible for community relations, environment, safety, and human 
resources. 
• Additional details on our Board mandate, members, committees, policies, 
and processes, can be found in our Management Information Circular.

30   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
QUARTERLY RISK MANAGEMENT PROCESS
QUARTERLY RISK MANAGEMENT PROCESS
This process, along with parallel risk assessment processes, has 
contributed to the identification and mitigation of key risks for the 
Company, including:
• Climate change
• Community action
• COVID-19
• Relationships with Indigenous Peoples 
• Employee recruitment and retention 
• Employee/labour relations 
RISK MANAGEMENT
Pan American Silver has several parallel risk management processes 
and assessments that help us identify and manage operational and non-
operational risks. In recent years, sustainability risks have become of 
greater importance in our industry. We continue to build and strengthen 
our processes to identify, manage, and mitigate both ongoing and emerging 
non-technical risks proactively.
RISK ASSESSMENTS
Certain sustainability risks are driven by external factors that affect our 
industry, including market uncertainties, political instability, and changing 
environmental and social contexts. Across all countries in which we operate, 
we employ a systematic approach to identifying, analyzing, and evaluating 
external, non-operational risks across 10 categories: health (i.e., COVID-19), 
security, political and regulatory, economic and taxation, legal and judicial, 
corruption, extractive industry, environmental, social, and labour.
On a quarterly basis, country-level and operational teams conduct a 
risk assessment to identify emerging risks, determine their severity and 
potential impact on operations, and recommend corrective actions and 
plans to manage and mitigate them. All identified risks are monitored and 
managed at the operation or country level. Significant risks are reviewed by 
senior management quarterly; the Board receives quarterly reports.  
BOARD OF DIRECTORS
Quarterly Updates
NEWS 
MONITORING
OPERATIONAL 
FUNCTIONS
INPUTS: SOURCES OF RISK INFORMATION
FLOW OF RISK INFORMATION
SUSTAINABILITY 
FUNCTIONS
COUNTRY RISK REVIEW CALL
Review and discuss significant risks with country leads
COUNTRY RISK REPORT
Review, aggregation and assesment of risks
ESCALATION OF SIGNIFICANT RISKS 
TO SENIOR MANAGEMENT
• Environmental legislation and 
regulations
• Government regulation
• Information and cybersecurity
• Taxation

31   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
EMERGENCY PREPAREDNESS AND CRISIS MANAGEMENT
For Pan American Silver, emergency preparedness and crisis management 
are critical components of our approach to sustainability, risk management, 
and business continuity. Our emergency preparedness and crisis 
management response is intended to help us identify, prepare for, and 
manage crises affecting the Company, our workforce, their families, local 
communities, and/or the surrounding environment.
We classify an emergency as an incident that may result in substantial harm 
to employees, communities and other stakeholders, the environment, or 
damage to property. A crisis stems from an internal or external incident that 
may have strategic or organization-wide impacts. We have identified a range 
of potential incidents and events that could manifest during an emergency 
or crisis, including virus outbreaks, accidents, fires, spills, security incidents, 
infrastructure failure, and natural disasters.
Our Crisis and Communications Management Plan set standardized, 
minimum requirements and procedures for sites to identify, prepare for, 
and manage emergencies and crises. These guidelines, which exceed the 
TSM requirements, are a component of a structured, uniform approach 
to business continuity procedures across our operations. We review our 
crisis plans and conduct one tabletop and one scenario-based exercise 
annually, which improves the ability of our teams to respond efficiently and 
effectively.
We are currently working to improve our training in order to produce 
a more coordinated response across our operations, regions, and 
corporate office. A digital crisis platform is being implemented to provide 
automated advisories, help us improve the consistency and speed of our 
communications, and therefore, our response.  
Whenever these risks relate to a material topic, we discuss our management 
approach within the relevant report section. Material risks are detailed in 
our Annual Information Form.
There are social and environmental risks involved in opening, operating, and 
closing mines, and we have in place processes to identify and manage risks 
directly linked to our activities. Sites use our social risk matrix to identify 
social risks that could impact our host communities or operations. COI 
engagement, the results of our baseline assessments, feedback received 
through our response mechanisms, and findings from our sustainability 
audits serve as key inputs to the social risk assessments process. Sites 
develop action plans to manage and mitigate the identified risks. These are 
reviewed monthly at a country level, while significant risks are reported to 
the Board on a quarterly basis.
Most environmental risks are common across the industry, while some are 
specific to a geographic location or to the geology of the orebody of a mine. 
We identify environmental risks through environmental impact assessments 
conducted during project planning and permitting processes, well before 
any mining activities occur. These risks are systematically managed, and 
the effectiveness of controls are tested periodically all the way through 
the closure and post-closure stages. Each site maintains an environmental 
management system that identifies activities presenting risks for adverse 
environmental impacts and establishes controls to manage and mitigate 
those risks. These systems are aligned with the environmental risk 
management requirements of the relevant TSM protocols.
These risk assessment processes help us proactively identify and manage 
potential risks before serious issues arise, contributing to the achievement 
of operational plans, which in turn help us to leverage opportunities for 
growth and value creation. We are currently developing the implementation 
plan for an enterprise risk management system, which we intend to roll out 
company wide in 2022.

32   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
EMERGENCY PREPAREDNESS AND CRISIS 
MANAGEMENT AT PAN AMERICAN SILVER
President & CEO – may manage certain crisis events, if required by the  
Company, and advises the board regarding crisis developments.
Board of Directors – provides direction as appropriate.
Special Crisis Response Team – may be instated to focus on a partic-
ular element of a crisis incident, or to provide external support for a 
crisis event that is not directly related to the operation.
Local Emergency Management Team – teams in each jurisdic-
tion manage the overall crisis response and engagement with 
national governments, affected communities, and other COIs.
Operation-level emergency response services – local teams, including 
rescue teams and medical support personnel, who manage incidents and 
engagement with local emergency response teams.
The Corporate Crisis Management Team – led by the Chief Operating Officer, 
oversees crisis management planning and response across the organization.
PRESIDENT & CEO
BOARD OF DIRECTORS
CORPORATE CRISIS 
TEAM CHAIR (COO)
LOCAL EMERGENCY 
MANAGEMENT TEAM
CORPORATE CRISIS 
MANAGEMENT TEAM
OPERATION EMERGENCY 
RESPONSE SERVICES
SPECIAL CRISIS 
RESPONSE TEAM

33   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SUPPLY CHAIN RISK MANAGEMENT
Being a responsible business also requires us to identify and mitigate 
supply chain-related risks. Our Supplier Code of Conduct (the Supplier 
Code) establishes our requirements for our suppliers. Along with their 
contractors and subcontractors, they are expected to:
• Comply with applicable laws
• Comply with Pan American Silver’s Global Anti-Corruption Policy and 
Global Human Rights Policy
• Conduct business in an ethical and environmentally responsible manner
• Respect the rights, cultural diversity, and customs of local communities 
and Indigenous peoples
Our third-party supplier due diligence system helps us screen and monitor 
the compliance of both new and existing tier 1 critical suppliers6 with our 
Supplier Code, as well as a range of risks, including corruption, health and 
safety, environment, social, human rights, and associations with organized 
crime.
Our process entails gathering and reviewing information related to a 
supplier’s ESG policies and performance. Once suppliers are added to our 
system, a risk rating is assigned. Based on this rating, our country-level 
procurement teams may conduct additional due diligence.
We conduct annual due diligence reviews. Our service provider conducts 
ongoing monitoring of corruption-related risks and alerts us of any 
concerns.
Complying with our Code and meeting a minimum scoring threshold are 
pre-conditions to working with Pan American Silver. If a supplier does 
not meet the threshold or if certain risk factors are triggered, we conduct 
additional due diligence to better understand the risk and determine 
whether the risk factor is still outstanding. We have reserved the right in the 
Supplier Code to terminate contracts with suppliers that pose significant 
risks or fail to abide by the Supplier Code. 
(6) Critical supplier is determined through an assessment of factors including transaction amounts, the 
nature of goods or services supplied, the contractor’s record of compliance, whether the contractor is a 
local community related entity, and exposure to corruption risks.
To date, we have screened nearly 400 tier 1 critical suppliers from across 
our areas of operations. Another 250 critical suppliers are currently 
completing our due diligence process. These suppliers constitute 80% of 
our expenditures and/or provide goods critical to our business. We have 
begun the process of registering local suppliers in the system. For more 
detailed information of the critical suppliers data, please see the Supply 
Chain Risk Management data table. 
Our sustainability audit process provides additional screening for human 
rights risks, including child and forced labour, that could be present in our 
supply chain through certain contractor and subcontractor relationships.

34   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ESG MANAGEMENT APPROACH
We operate ethically and apply sustainable business practices throughout 
the mining lifecycle with the objective of creating value for our COIs. Our 
aim is to meet or exceed applicable legal requirements and regulations 
through the application of industry best practices and adherence to 
recognized international standards for responsible business conduct.
We are members and supporters of industry associations that help us 
advance our sustainability performance. Our participation provides a forum 
to learn from and dialogue with our peers, as well as a platform through 
which we collaborate and contribute to industry best practices. We also 
take part in initiatives that help address key sustainability challenges of 
relevance to our Company and COIs.
As noted, we participate in the United Nations Global Compact as a means 
of driving global sustainable development and contributing to the United 
Nations Sustainable Development Goals. We are one of the few MAC 
member companies to require TSM implementation at all operations, 
regardless of location. We have set a corporate goal to achieve level A 
performance on all protocols at all operations.
A full list of our memberships can be found in the GRI and SASB data tables. 
ESG MANAGEMENT FRAMEWORK
Pan American Silver has adopted policies, standards, and guidelines that 
articulate the way our directors, officers and employees are expected to 
behave and guide our business. Our Global Code provides the foundation for 
responsible business conduct and defines the key principles for operating 
ethically and in compliance with the law, for workplace relationships, and 
working with COIs. Our policy commitments and standards are based on 
industry best practices, international norms and performance standards, 
and respond to COI expectations.
Each of our operations is responsible for the development and 
implementation of procedures and programs that comply with our 
policies and standards, and the corporate initiatives such as TSM. Our 
ESG Management Framework creates a mechanism through which we can 
operationalize our vision, values, and policy commitments. It provides a 
level of standardization across our operations by establishing expectations 
and providing guidance while allowing each mine the flexibility to tailor tools 
and processes as needed to meet the distinct social and environmental 
contexts of local communities.
Our ESG Management Framework covers areas where we have the greatest 
potential to impact our COIs or the environment. This system is designed to 
help us manage key issues, navigate risk, and deliver value to COIs. At the 
same time, it provides opportunities to share best practices across our sites.
ESG MANAGEMENT FRAMEWORK
VISION AND VALUES
POLICIES
STANDARDS / GUIDELINES
MANAGEMENT SYSTEMS
ACCOUNTABILITY
1st ENGAGEMENT 
PHASE
CONTINUOUS 
ENGAGEMENT
PLANNING
MONITORING & 
EVALUATION
IMPLEMENTATION
• Engagement with COIs
• Response and feedback 
mechanisms
• Participatory activities
• COIs feedback
• Baseline studies
• Impact assessments
• Goals
• Performance indicators
• Corporate audits
• Programs & initiatives
• Management plans

35   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Our engage-plan-implement-monitor-evaluate management approach 
provides a consistent methodology for identifying and managing the actual 
and potential impacts of our operations on the environment, economy, our 
workforce, and communities, including impacts on human rights. Many of 
our processes are participatory, which improves our ability to understand 
COI priorities, manage risk, respond to concerns, and implement programs 
that contribute to sustainable development in the areas where we operate.
We train our local teams on guidelines and procedures to manage potential 
impacts and to improve our performance continuously.
ENVIRONMENTAL AND SOCIAL MITIGATION HIERARCHY 
At each phase of the mine lifecycle, we strive to avoid or minimize negative 
environmental and social impacts, including impacts on human rights, and 
then mitigate, restore, and/or offset to compensate for any unavoidable or 
unforeseen impacts. Our Environmental, Social Sustainability and Global 
Human Rights policies commit ourselves to a precautionary approach. 
Where appropriate, we take a precautionary approach when systematically 
assessing and managing environmental risks. 
We are committed to respecting international human rights 
conventions and implementing best practices, including: 
• United Nations Universal Declaration on Human Rights  
• UNGPs on Business and Human Rights 
• OECD Guidelines for Multinational Enterprises 
• TSM: Aboriginal and Community Outreach Protocol(7) 
• UNICEF Canada’s Child Rights and Security Checklist  
• UNICEF Convention on the Rights of the Child 
• United Nations Global Compact Principles 
• Voluntary Principles on Security and Human Rights 
• World Gold Council Conflict-Free Gold Standard 
• BlackNorth Initiative
RESPECTING HUMAN RIGHTS
(7) For more information on the Towards Sustainable Mining (TSM) initiative and how this protocol 
supports mining companies in respecting human rights, please see Towards Sustainable Mining: 
Aboriginal and Community Outreach Protocol at: https://mining.ca/resources/guides-manuals/tsm-
aboriginal-and-community-outreach-protocol-2017/
HUMAN RIGHTS MANAGEMENT
At Pan American Silver, respect for human rights has guided our 
relationships with our COIs, especially local communities, throughout our 
history of operating in the Americas. The work we do affects people and 
ecosystems in the areas of influence surrounding our operations. We take 
steps to understand the linkages between the impacts of our activities and 
human rights, progressively implement proper measures to respect human 
rights, and conduct ongoing due diligence. This allows us to identify, avoid, 
mitigate, and account for actual or potential negative risks and/or impacts. 
Our focus is on upholding human rights, respecting the traditions and 
cultures of local communities, and supporting vulnerable groups.
Our Global Human Rights Policy sets out our commitment to respect 
human rights and is intended to provide guidance on the standards 
of conduct that must be followed by our directors, officers, and 
ENVIRONMENTAL AND SOCIAL 
MITIGATION HIERARCHY

36   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
employees. The policy applies to any third parties acting on behalf of or 
representing Pan American Silver. We adopted the Social Sustainability 
Policy in November 2021, which replaced the existing Corporate Social 
Responsibility Policy. The new Social Sustainability Policy also contains 
explicit commitment to respect and support internationally recognized 
human rights laws and standards. Collectively, our key ESG policies and 
standards are intended to help us develop the Company’s goals, policies, 
and programs as they relate to communities, sustainable development, and 
social matters, including human rights matter and to engage in processes to 
mitigate any adverse human rights impacts of our activities. Accountability 
for human rights matters lies with the General Counsel and our Human 
Rights Officer, and is overseen by the CSD Committee. 
Human Rights Assessments
We have several processes that help us identify both actual and potential 
human rights risks and impacts resulting from our activities, as well as 
opportunities for respecting and enhancing such rights. 
These include: 
• Ongoing engagement with COIs 
• Participatory processes, including baselines, cultural studies, and 
perception assessments that help us understand the priorities and 
concerns of host communities 
• Community and employee response mechanisms, which provide systems 
through which community members and workers can voice concerns 
regarding perceived or actual impacts of our operations and receive a 
response from the Company 
• Site-level social teams that work with local professionals, including social 
workers, teachers, and health practitioners, to identify and manage 
potential human rights risks and concerns 
We implement a range of programs intended to uphold and support 
identified salient human rights.
Programs supporting human rights
Category 
Salient Right 
Examples of our programs
Labour
• Equality
• Non-discrimination
• Peaceful assembly 
and association
• Safe and healthy 
working conditions
The Building Respect Together program 
is helping us build safe, respectful, and 
inclusive work environments, free from 
discrimination.
Behaviour-based safety programs, 
currently in the pilot phase at several 
operations, are designed to encourage 
workers to take a more active role in 
their own safety. 
Social and 
Economic
• Adequate standard 
of living
• Education
• Equality
• Health 
• Non-discrimination
• Participation in 
cultural life
Socio-economic development programs 
aim to provide lasting benefits to host 
communities. Designed in collaboration 
with local communities and authorities, 
these programs are focused on 
education, health, local hiring, and 
procurement opportunities.
Security
• Peaceful assembly 
and association 
• Life, liberty, personal 
security
The Pan American Silver Security 
and Human Rights Standard helps us 
implement the Voluntary Principles on 
Security and Human Rights across our 
operations and integrate the respect 
of human rights into our security 
practices.
Environment
• Clean water and 
sanitation
Operation-level programs and 
processes aim to reduce our water use 
and water use intensity. We manage 
risks related to water availability and 
quality at the water catchment-scale, 
taking into account our interactions 
with other users, COIs, and ecosystems.

37   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Our social teams conduct educational trainings with specific community 
groups such as women, youth, families, and vulnerable people, on topics 
including access to education and career opportunities; domestic violence 
and addiction; gender equality; parenting and healthy households; mother 
and child’s health; hygiene and sanitation practices; sexual health and 
reproductive rights; and discrimination and sexual harassment.
Through our memberships and commitments, we work to support human 
rights in our industry and the countries in which we operate. For example: 
• We have a 3-year, $1.5 million partnership commitment with UNICEF 
Canada to provide support in the areas of health and education to 
vulnerable children and families in the Latin American countries where we 
operate.
• We are part of the Voluntary Principles on Security and Human Rights 
(VPSHR) Working Group of Guatemala, a collaboration between the 
British, Swiss, American, and Canadian embassies, civil society, human 
rights defenders, and companies. The objective is to promote awareness 
of the VPSHR and support companies in its implementation.
• We are working with a civil society group in Peru to support the 
development of a national action plan for business and human rights.
• We are implementing the BlackNorth Initiative’s CEO pledge by 
supporting inclusion at the university level in Canada through two 
fundings; the Viola Desmond Chair in Social Justice at Cape Breton 
University, and the Pan American Silver Equity and Inclusion Award in 
Science scholarships at the University of British Columbia. 
Due Diligence Processes
Our Global Human Rights Policy commits us to conduct reasonable ongoing 
human rights due diligence. Our due diligence approach is primarily 
embedded within our existing risk processes and systems, which include:
• Human resources procedures–Screen for child and forced labour at our 
operations 
• Sustainability audits–Screen for risks to human rights from our 
operations, including the effects of our social programs on vulnerable 
groups 
• Country-level risk assessments–Identify and assess environmental, 
social/community, and labour risks that present actual or potential 
human rights impacts 
• Supplier screening–Requires suppliers to have human rights policies and 
provide examples of implementation 
• Security contractor assessments–Review the relationships of armed 
private security contractors with public security entities 
• Acquisitions and joint venture approvals–Require human rights risk 
assessments 
Where the direct consultation with rights holders has not been possible as 
part of a due diligence process, we have worked with civil society groups to 
evaluate our practices. 
Embedding Human Rights
As salient human rights issues differ at each of our operations, we train 
management and social teams to develop tools and training appropriate 
to the context of each site. Our objective is to educate our workforce on 
human rights issues and the related expectations set out in our policies. 
Our employees are at the forefront of our engagement with community 
members. If they can recognize the actual and potential impacts of our 
activities on human rights, they will also be able to act to uphold and 
respect those rights. We have incorporated human rights awareness 
into our employee onboarding, as well as our ongoing employee training. 
Training on the VPSHR is compulsory for all Security and External Affairs 
teams, and for all employees who work with security providers.

38   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
RESPONSIBLE SECURITY MANAGEMENT  
Over the past several years, we have been implementing a structured, 
auditable security management framework that aligns with the VPSHR and 
other international human rights best practices. A core component of this 
approach is our Pan American Silver Security and Human Rights Standard, 
which is aligned with the VPSHR and incorporates UNICEF Canada’s Child 
Rights and Security Checklist, as well as elements of the World Gold Council 
Conflict-Free Gold Standard. The Standard has four components:
• A security and human rights risk assessment and register 
• Stakeholder Engagement  
• An implementation toolkit for security providers 
• Guidance in managing relationships with public security groups  
In 2021, all but one operation implemented the standard—the remaining 
operation is on track to implementation in early 2022. Going forward, we 
plan to review and enhance components of the Standard so that operations 
can embed it in their daily activities. 
We continue to conduct gap assessments of our security practices against 
the requirements of the VPSHR and UNICEF Canada’s Child Rights and 
Security Checklist. We have completed external assessments at our Escobal 
operation in Guatemala as well as our two operations with armed security 
forces: La Colorada and Dolores in Mexico. In 2022, operations in Peru will 
be externally assessed. 
We are also working on becoming a signatory member of the Voluntary 
Principles Initiative (VPI), with a decision expected from the VPI in 2022.
The World Gold Council Conflict-Free Gold Standard provides us with an 
approach for identifying and eliminating the risk that our gold production 
may cause, such as support or benefit unlawful armed conflict or 
contribute to violations of human rights. We have determined that our 
Mexican operations are located in conflict-affected regions, given the high 
levels of organized crime.(8) Based on this determination, we completed 
a gap assessment of the Conflict-Free Gold Standard requirements and 
introduced procedures to manage and mitigate risks. In 2022, an external 
auditor will assure our compliance with the Standard. We are applying the 
relevant and beneficial elements of the Standard across all our operations, 
whether they are located in conflict affected regions or not.
Training of Security Contractors
Security at our operations is generally provided by private security 
contractors. These contractors seldom interact with community members, 
and if they do, our dual priority is the safety and rights of community 
members, as well as the security of our employees. Our goal is to only 
deploy armed, private security where and when it is deemed necessary to 
protect our people, and to reduce access to weapons at those locations as 
much as possible. 
Before giving their employees access to our sites, we require companies 
supplying contract security personnel to provide them with human rights 
training that is in line with international best practice standards and covers 
the content of our Global Human Rights Policy. We review this training to 
ensure it meets our standards. We also conduct additional due diligence 
on this training. Every month, we review a sample of training records from 
security employees. Every four months, we conduct a review process to 
confirm that security contractors continue to meet the requirements 
of the VPSHR. Any non-compliance issues identified are reported, and 
a timeframe is provided during which the issue must be rectified. The 
requirement to meet the VPSHR is a component of all new contracts for 
security services. We are also implementing requirements for security 
contractors to have International Code of Conduct Association certification. 
In 2021, 100% of Pan American Silver security employees and independent 
security contractors at all sites received human rights training. 
(8) As evaluated by the Heidelberg Conflict Barometer and our own quarterly Country Risk Reports.

39   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
We measure and monitor our sustainability performance with the objectives 
of complying with regulatory requirements, identifying and managing 
potential risks, and continuously improving our approach and performance.
SUSTAINABILITY GOALS AND PERFORMANCE INDICATORS  
Our annual corporate sustainability goals are developed in collaboration 
with our operation teams who set site-specific goals. These goals roll up into 
corporate goals which are reviewed by senior management and the Board 
on a quarterly basis. 
We have aligned our 2022 goals with the 10 Global Compact Principles and 
our prioritized SDGs to drive positive impact in these areas. This approach 
furthers our commitment to respect and supporting human rights, which 
are embedded in both the Global Compact Principles and the SDGs.  
We created Sustainability Performance Indicators (SPIs) to monitor 
performance on key social and environmental activities at our operations. 
The SPIs also allow us to track progress towards the achievement of our 
goals. We have standardized SPI measuring and reporting across all sites. 
Senior operation management reviews SPI performance on a monthly 
basis; senior management and the Board receive quarterly performance 
reports. 
PERFORMANCE MONITORING
With our decentralized structure, the SPIs are proving particularly important 
in building a common understanding of our sustainability priorities across 
the Company. In turn, this helps focusing on the priorities of operations and 
directing the activities of the operation-level teams. Regular monitoring and 
reporting have increased corporate oversight. We continue to develop new 
SPIs to drive performance in key areas.  
Performance on our goals and SPIs can be found here.
SPIs Covered in 2021
Environmental incidents 
Waste management 
Environmental audits 
TSM performance 
Water use 
Social risk management 
Energy use 
Community grievance and  
request management
GHG emissions  
Community investment
Biodiversity conservation

40   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TOWARDS SUSTAINABLE MINING
TSM is a world-class performance management standard designed to 
help mining companies operate responsibly and manage risks. The TSM 
protocols help sites in developing quality sustainability management 
systems and to improve their sustainability performance continuously. Sites 
self-assess their performance against the TSM protocols on an annual basis. 
Our 2021 goal was for all operations to achieve level A in all TSM protocols. 
All operations achieved level A on four TSM protocols. Fatal accidents 
at Huaron, San Vicente, La Colorada and Morococha prevented these 
operations from achieving Level A on the safety protocol. Morococha, 
Huaron and Timmins did not meet Level A on the tailings management 
protocol in 2021 due to management system improvements that are in 
progress. Timmins is currently at level B on the water and biodiversity 
protocols and is working to increase COI engagement to achieve level A.
Annual 2021 progress is shown in the table below:
(1) In 2021, we began the implementation of the new Indigenous and Community Relationship Protocol (which replaces the Aboriginal and Community Outreach Protocol) and achieved an average completion of 70% across all 
our sites. 
(2) Average percentage completion of protocol criteria. 
(3) Completion of level A on safety protocol affected by fatal accident. 
Site
TSM Level 
Goal 2021 
Tailings 
Energy 
Biodiversity 
Water 
Safety 
Crisis Com-
munications 
Aboriginal 
and  
Community 
Outreach(1) 
Child and 
Forced  
Labour 
Average(2) 
Timmins 
A
95%
100%
92%
83%
100%
100%
100%
100%
96%
Dolores 
A
-
100%
100%
100%
100%
100%
100%
100%
100%
La Colorada(3) 
A
100%
100%
100%
100%
75%
100%
100%
100%
97%
La Arena
A
-
100%
100%
100%
100%
100%
100%
100%
100%
Shahuindo
A
-
100%
100%
100%
100%
100%
100%
100%
100%
Huaron(3)
A
86%
100%
100%
100%
75%
100%
100%
100%
95%
Morococha(3)
A
92%
100%
100%
100%
75%
100%
100%
100%
96%
San Vicente(3)
A
100%
100%
100%
100%
75%
100%
100%
100%
97%
Manantial 
Espejo
A
100%
100%
100%
100%
100%
100%
100%
100%
100%
Average
96%
100%
99%
98%
89%
100%
100%
100%
98%

41   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
PERFORMANCE-BASED COMPENSATION
SENIOR MANAGEMENT’S 2021 PERFORMANCE-BASED COMPENSATION
40%
OPERATING
PERFORMANCE
15%
SAFETY (1)
10%
ENVIRONMENT (2)
25%
GROWTH
5%
I&D (3)
5%
TSM (4)
ENVIRONMENTAL
AND SOCIAL
35%
(1) Lost time injury frequency (LTIF) and lost time injury severity (LTIS) targets.
(2) Significant Environmental Incidents (“SEIs”).
(3) Inclusion & Diversity by percentage of women employees in the total workforce.
(4) Level of performance of Mining Association of Canada’s TSM standard.
(9) Includes executive officers, vice presidents, country managers, directors, operation and unit managers.
Our 2021 annual incentive plan for senior management(9) provided incentive 
compensation directly related to achieving short-term objectives, both 
corporate and operation-specific, which are approved by the Board with 
35% of the goals tied to ESG metrics.

42   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Las auditorías evalúan los impactos 
de nuestras actividades en nuestros 
trabajadores y comunidades, y en  
nuestra cadena de suministro inmediata. 
El contenido de la auditoría se basa
en normas de la industria y prácticas
recomendadas internacionales.
01
03
04
05
06
El equipo de auditoría visita el  
sitio, lleva a cabo entrevistas, 
recopila datos y valida las pruebas.
El equipo de auditoría evalúa los 
resultados y clasifica los hallazgos 
por área y gravedad de no 
conformidad e identifica oportunidades 
de mejora en procesos y programas.
REPORTAR
MONITOREO
02
Los sitios elaboran planes de acción 
para resolver las no conformidades 
e implementar las mejoras.
El equipo de auditoría 
informa de los hallazgos a la 
gerencia del sitio y del país.
ANALIZAR LOS RESULTADOS
PLANIFICAR
CONDUCIR LA AUDITORÍA
ABORDAR LOS HALLAZGOS
Los sitios informan 
trimestralmente del estado 
de los planes de acción. El 
COO y el Comité de HSEC 
examinan el estado del plan 
y los resultados de la 
auditoría.
ESG AUDIT PROCESS
CONDUCT AUDIT
REPORT
MONITOR
ADDRESS FINDINGS
ANALYSE RESULTS
PLAN
Audit team provides sites with 
an overview of the audit process, 
requirements and expectations. Audit 
team reviews background material 
provided by the site prior to the 
scheduled visit.
Audit team evaluates results and 
classifies findings by area and severity 
of non-conformance and identifies 
opportunities for improvement in 
processes and programs.
Sites report monthly on the 
status of action plans. Plan 
status and audit results 
are reviewed by the COO 
and Board HSE and CSD 
Committees quarterly.
Sites develop action plans to 
address the non-conformances 
and implement improvements.
Audit team reports findings 
to site and country-level 
management.
Audit team visits the site, 
conducts interviews, gathers 
data, and validate evidence.
ESG AUDITS
A key component of our management approach includes ESG audits. We 
conduct biennial sustainability, environmental, and safety audits at each 
of our operations to evaluate our compliance with relevant policies and 
standards, the effectiveness of our programs, and to drive continuous 
improvement. Audit content is based on a selection of international and 
industrial best practices as well as industry and Company standards. 
Our audits teams typically 
consist of internal experts 
from across the Company and 
occasionally using third party 
subject matter experts. This 
process fosters the integration 
and sharing of best practices 
between operations. The audit 
process commonly employs 
a hybrid approach of on-site 
visits, video interviews, and 
review of documentation, 
procedures, and management 
systems.   
At the completion of an audit, 
operations create action plans 
to address the findings. High-
priority findings are reported to 
the Vice Presidents of relevant 
departments and executive 
management and reviewed by 
the Board on a quarterly basis.

43   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Environmental Audits
Our audits assess each operation’s facilities, operating procedures, and 
control processes to determine whether potential risks are being managed 
correctly.  
In 2021, we conducted environmental audits at Dolores, Timmins, and San 
Vicente, and internal tailings audits for TSM at La Colorada, Huaron, and 
Morococha. No significant non-conformances were identified in any of the 
audits. However, we had a high number of low-severity non-conformances 
relating to issues such as waste management, handling of chemicals, and 
minor spills. We attribute the high number of minor non-conformances 
to changes in our audit methodology, which increased our focus on site 
management systems, as well as the ongoing effects of the pandemic on 
our operations, including worker shortages and covid fatigue. 
ENVIRONMENTAL AUDIT PERFORMANCE 2021
(1) Audits in Timmins and Escobal were conducted for the first time in 2021. 
(2) The audit in San Vicente was conducted in December, therefore, there was not enough time to correct 
any findings by the end of 2021.
(3) Severity A (high) applies to non-conformance audit findings that, if not corrected, may have impacts 
outside the mine site that are real or perceived by local communities and government, or may have a critical 
impact on the Company’s reputation.  
(4) Severity B (moderate) applies to non-conformance audit findings that may not comply with local 
regulations and practices and/or have negative impacts that can be mitigated or remediated.  
(5) Severity C (low) applies to non-conformance audit findings that may not comply with internal 
procedures and policies and/or have minor negative impacts that can be mitigated or remediated.
Sustainability Audits 
We conduct sustainability audits to evaluate and monitor our social 
performance by reviewing the capacity of our social teams, the 
effectiveness of our community programs and processes, and the 
conditions of our mining camps. Topics covered include labour and human 
rights, inclusion and diversity practices, community and Indigenous 
engagement, social impact and risk assessment, community investment, 
and social mine closure. We also audit performance on our SPIs. The audits 
are conducted by human resources and social team members from across 
the Company. Our audit framework is based on the ISO 26000 guidance 
standard on social responsibility and incorporates Pan American Silver’s 
policy commitments, as well as international best practices from:
• International Council for Minerals and Metals’ (ICMM) Mining Principles 
• TSM - Indigenous and Community Relationships Protocol, Crisis 
Management and Communications Planning Protocol, Mine Closure 
Framework, and Prevention of Child and Forced Labour Verification 
Protocol 
• United Nations Guiding Principles (UNGP) on Business and Human Rights 
• UNICEF Canada’s Child Rights and Security Checklist 
• Voluntary Principles on Security and Human Rights  
• International Labour Organization’s Guide for Enterprise Diagnostics 
In 2021, internal teams conducted sustainability audits at our mines in 
Mexico, Peru, and Bolivia. Most findings were of low severity. Identified 
improvement opportunities included the conditions of some common area 
mine facilities such as camps and dining areas, underground facilities, 
including bathrooms and dining areas, and hygiene and cleaning practices. 
Opportunities to improve social management team procedures were also 
noted.
In 2021, we conducted the first sustainability audit at La Colorada. Eighty-
six findings were identified, and 92% of these were addressed by the end of 
the year. A follow-up audit will be conducted in 2022.
Severity A
Severity B
Severity C
Corrected Findings
San Vicente
(December)
Timmins
(September)
Excobal
(August)
Dolores
(May)
20
40
60
80
100
120
140
0
41
28
100
43
15
2
32
17
3
4
Number of Findings
95
26
28
2
3
4

44   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SUSTAINABILITY AUDIT PERFORMANCE 2021 
SAFETY AUDIT PERFORMANCE 2021
(1) The audits in La Arena and Shahuindo were conducted in late November, therefore, there was not 
enough time to correct any findings by the end of 2021.
(2) High Severity applies to non-conformance audit findings that, if not corrected, may have a critical 
impact on the Company’s reputation and/or a high economic impact. 
(3) Moderate Severity applies to non-conformance audit findings that, if not corrected, may have a 
moderate impact on the Company’s reputation, and/or a potential economic impact. 
(4) Low Severity applies to non-conformance audit findings that, if not corrected, may have a low 
potential impact on the Company’s reputation.
(1) Severity A: High risk finding with the potential, if not corrected, to cause a serious or fatal accident. 
(2) Severity B: Medium risk finding with the potential, if not corrected, to cause a moderate accident. 
Repetitive B findings are re-categorized as A findings. 
(3) Severity C: Low risk finding. 
Safety Audits
We conduct annual audits of all health and safety programs, and we 
remediate all identified health and safety findings. 
In 2021, our corporate safety audit program remained paused due to 
COVID-related restrictions. However, internal safety audits were conducted 
at Morococha, Huaron, La Arena, Shahuindo, Dolores, and La Colorada by 
teams from other Pan American Silver sites within the same country. By 
the end of the year, operations had remediated all serious findings from 
previous safety audits and over 99% of all findings.
Severity A
Severity B
Severity C
Corrected Findings
Morococha
(August)
Huaron
(August)
La Arena
(July)
Shahuindo
(July)
Dolores
(June)
La Colorada
(April)
50
100
150
200
250
300
350
0
139
26
144
18
98
124
53
40
154
134
108
18
62 7
105
159
4
129
124
147
141
139
105
158
108
39
53
26
62
98
18
7
4
18
Number of Findings
Severity A
Severity B
Severity C
Corrected Findings
La Arena
(November)
Shahuindo 
(November)
La Colorada
(September)
Dolores
(September)
Morococha
(August)
Huaron
(August)
San Vicente
(March)
20
40
60
80
100
0
24
9
5
8
9
3
6
8
56
11
7
4
4
16
19
17
23
39
23
2
36
4
4
7
19
2
3
37
6
3
10
3
2
12
23
2
Number of Findings

45   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SUSTAINABLE DEVELOPMENT GOALS
 
PAN AMERICAN SILVER’S PRIORITIZED SDGS 
 
The 17 Sustainable Development Goals (SDGs) are aimed at focusing and 
accelerating efforts to address global challenges and foster an inclusive, 
sustainable future. Meeting the 2030 target year for these goals requires 
strong, collaborative efforts from governments, private sector entities, and 
civil society. The mining industry has great potential to drive future progress 
on the Sustainable Development Goals (SDGs), as mines are often located 
in remote and developing regions, where implementing and advancing the 
SDGs can be challenging but can have important and lasting impacts.
Pan American Silver is committed to the principles of sustainable 
development and to advancing all 17 SDGs. However, we recognized the 
need to focus our efforts on the SDGs where we could have the greatest 
impact through our activities. In 2020, we prioritized eight SDGs based on 
the following considerations:
• Contribution of the mining industry to the SDGs
• The SDG independent country assessments(10) for the countries where 
Pan American Silver operates
• Pan American Silver’s current efforts and initiatives to support the SDGs
• Linkage between the SDGs and Pan American Silver’s material topics
In 2021, we have aligned the objectives of these prioritized SDGs with our 
2022 Sustainability Goals, which will drive our performance and maximize 
positive impact in these areas.
For more details on how Pan American Silver contributes to the eight 
prioritized SDGs, please see the SDGs section of our sustainability section 
on our website.
(10) The Sustainable Development Report conducts an independent assessment of all 193 UN Member 
States, as a measurement of the country’s total progress towards achieving each SDG. Sustainable 
Development Report 2020 (sdgindex.org).

46   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
ENVIRONMENT
SIGNIFICANT 
ENVIRONMENTAL 
INCIDENTS
ZERO
REDUCTION IN GHG 
EMISSIONS COMPARED 
TO THE 2021 BASE CASE
11%
REDUCTION IN WATER USE 
COMPARED TO THE 2021  
BASE CASE
10%
ACHIEVED NET POSITIVE 85 
HECTARES OF REHABILITATED 
OR RESTORED LAND
85
REDUCTION IN ENERGY  
USE COMPARED TO THE  
2021 BASE CASE
7%
LAUNCHED 
UPDATED POLICY
ENVIRONMENTAL 
POLICY

47   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
WATER STEWARDSHIP
WHY IS WATER STEWARDSHIP IMPORTANT?
Water is one of our most basic human needs and, in many parts of the world, water resources are 
increasingly under stress. Minimizing impacts to natural water flows in streams and aquifers helps 
maintain the health of regional ecosystem. Water is a key input for mining and mineral processing, 
and mining activities have the potential to affect both local water quality and availability.
In some regions where Pan American Silver operates, the demand for water resources is 
intensifying due to population growth, economic development, and the potential effects of 
climate change. To better manage water risks and meet the needs of other water users, we 
develop catchment-wide assessments and aim for collaborative water stewardship. Effective and 
collaborative water stewardship is key to manage our water risks and impacts and to respect the 
rights of other water users, which is beneficial to build trust and long-term relationships with host 
communities.  
What’s included in this section:
• Water management 
• Water quality 
• Water use 
• Water use intensity 
GRI indicator: 3-3; 303-1; 303-2; 303-3; 303-4; 
303-5
SASB indicator: SASB EM-MM-140a.1; SASB 
EM-MM-140a.2
Prioritized SDGs: 6
Potential Risks and Impacts: 
• Water access for local communities
• New or stricter water regulations
• Accidental discharges potentially affecting 
water quality
• Water required by the mining processes could 
affect watersheds and other water users
• Alteration of underground and surface water 
quality 
For additional information, see these data 
tables: GRI 303-3/SASB EM-MM-140a.1 (1); 
Water Intensity; GRI 303-4; 303-5/SASB 
EM-MM-140a.1 (2); GRI 3-3 (2021 Water 
Performance and 2022 Water Goals by 
Operating Mine)
ANALYST CENTER
Material topic: Water

48   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR APPROACH
We strive to minimize freshwater use and avoid negative impacts on water 
resources. Water management considerations are integrated into mine 
operation and closure plans. Our management of water-related risks 
includes the consideration of and engagement with other users within 
the catchment. We also support access to clean, reliable water supplies 
for communities around our operations. Each mine is responsible for the 
development and implementation of procedures and programs that comply 
with corporate policies and initiatives.
Policy
• Environmental Policy
Plans, Programs, and Initiatives
• Water baseline studies are conducted prior to mining to identify 
catchment or district-level water availability and quality 
• Plans to manage contact and non-contact water discharge from our 
operations to comply with permit requirements and mitigate potential 
negative downstream water impacts 
• Water balances track site-level water use, reuse, and discharge quantities 
• Participatory water monitoring programs at our Peruvian and Canadian 
operations involve community representatives from around our mine 
sites  
• Training is provided to relevant employees, contractors and community 
members related to their management plans and conservation objectives  
• Water commitments are established by each mine and may be embodied 
in environmental permits or set through voluntary agreements with 
communities and other third parties
Monitoring and Evaluation 
• The TSM Water Stewardship Protocol is used by sites to self-assess 
performance and implement action plans for continuous improvement  
• Monitoring the quality and quantity of water withdrawal and water 
discharged from our sites ensures permit and regulatory compliance; 
while monitoring water quality upstream and downstream helps us 
identify water-related impacts, risks, and opportunities 
Accountability 
• The General Manager at each operation is responsible for the 
development and implementation of procedures and programs that 
comply with corporate water-related policies and initiatives 
• The Vice President of Environment, is responsible for the water 
management strategy, water use, managing risks posed by water scarcity, 
and overseeing projects and initiatives related to water 
• The Board HSE Committee has oversight of the technical and regulatory 
aspects of our water management programs and practices, and receives 
quarterly reports.
•  As part of its ESG mandate, the Board CSD Committee provides 
oversight relating to the impact of water-related matters on other users, 
including COIs where applicable.

49   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR PERFORMANCE
Effective water stewardship requires us to engage and collaborate with 
other watershed users. The implementation of the TSM Water Stewardship 
protocol has been a catalyst in driving our operation management team 
to increase their engagement with COIs. Our site environment teams 
partnered with our site social teams to engage with local communities 
to enhance knowledge of our mines water catchments, our operational 
impacts and to better understand the relevance of water for socio-
economic, cultural, and traditional use perspectives. The lessons learned 
from this engagement help to establish on-site water management systems 
and improve the effectiveness of our engagement with COIs on water-
related issues. Our operations in Peru and Escobal mine in Guatemala took 
part in watershed committees organized by government authorities and 
comprised watershed users, including communities, agriculture, and other 
industries.
We have been developing our Water Management Corporate Standard, 
which will establish minimum water stewardship requirements for all 
operations. We completed an internal review of our water data collection 
framework, which identified opportunities to improve our water use 
accounting systems. As a result, we developed new procedures and systems 
to improve the accuracy, quality and consistency of our water reporting, 
which have been applied when preparing the data for this report and will 
also be incorporated into our Water Management Corporate Standard.
Water Quality 
We invested in improvements to water and wastewater treatment facilities 
during 2021 to increase efficiency and, in some cases, provide additional 
treatment capacity. In 2021, we also advanced the construction of a new 
water treatment plant at Shahuindo for the Merinos water catchment, and 
we are expanding our domestic water treatment plant at La Colorada. Water 
discharge ponds at Timmins were also expanded to improve our overall 
water treatment capacity and efficiency.
There were no incidents of non-compliance with water quality permits, 
standards, or regulations at our operations in 2021.  We recorded two 
reportable spills at Timmins during the year which were contained within 
our operating area and immediately cleaned, avoiding impacts to water 
quality. More details on these spills are included in the GRI &SASB data 
tables. No enforcement, penalties or fines related to water management 
were received in 2021.
Water Use 
All operations set annual goals to reduce water use through site-based 
projects and initiatives that increase recycling and reduce water usage. 
Through these initiatives, and higher-than-average net precipitations at 
some of our locations, we reduced our water use by 1.3 million m3, 10% 
compared to the 2021 base case, and exceeded our 6% reduction goal. For 
example: 
• San Vicente achieved a 17% reduction in freshwater withdrawal for 
mineral processing compared to our base case by increasing its use of 
recycled water from the tailings storage facility. 
• Shahuindo trialed the use of certain additives, including a molasses-
based additive produced from local sugar cane businesses, to reduce the 
amount of water used in road watering for dust control by 23% compared 
to our base case. The reduction of road watering through the use of 
additives increased water availability for downstream communities and 
allowed us to meet air quality standards for dust emissions at the site.  
Site performance on annual water goals can be found in the GRI & SASB 
Data Tables.

50   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
COMPANY-WIDE WATER BALANCE 
(MILLION M3)
(1) Volume of recycled water includes recycled process water, and 
recycled water from other domestic and industrial treatment plants.
(2) Reflects water accumulated/collected in water reservoirs. 
(3) Consumption represents the water used but not discharged 
back to the water environment or other external destinations, such 
as evaporation, water retained for long periods in our tailings and 
heap leach facilities, water used for shotcrete preparation or paste 
backfill, and dust suppression.
(11) As identified by the World Resources Institute.
(12) Annual average water availability agreement for the 757 water catchments in Mexico published on 
September 21, 2020, in the Mexican Official Federal Journal.
Our company-wide water balance shows how much water we withdraw, 
recycle, and discharge. Our water inputs are groundwater, including from 
mine dewatering, water from precipitation, surface water sources such 
as lakes or rivers. Occasionally, we manage water discharges from other 
companies as an input. Eighty-two percent of our company-wide water 
balance is other managed water–water managed by our sites without the 
intent to supply our operations. This water is released to the environment 
without use and becomes available in the watersheds where we operate. For 
ore processing, we use “new” water and water recycled from our process 
plants, water treatment plants, tailings facilities, and heap leach pads. In 
2021, 81% of all water used for ore processing was recycled water. Some 
of the water that we discharge is used to support local agriculture or is 
provided directly to local communities to help meet their water needs. 
Water retained long-term in our tailings and heap leach facilities, used for 
shotcrete and paste backfill, and water evaporated is counted as water 
used. In 2021, we improved our ability to estimate evaporation and water 
contained in consolidated tailings and leach pads.
Our Dolores mine in Mexico, located in the Yaqui River catchment, is our 
only operation in a catchment with extremely high baseline water stress.(11) 
The freshwater withdrawal at Dolores is 13% of our corporate total and 11% 
of our total freshwater use for mineral processing. The mine saw a water 
use intensity of 0.15 m3/tonne of ore processed in 2021. The impact of the 
Dolores mine on water availability is negligible with a total water use being 
less than 0.1% of the natural recharge at the Yaqui River catchment.(12) 
Nevertheless, we continue to implement initiatives to reduce our freshwater 
extraction.
SURFACE WATER
8.45
2.38
GROUNDWATER
4.09
PRECIPITATION
67.53
OTHER MANAGED 
WATER
43.57
SURFACE WATER
0.02
GROUNDWATER
0.18
COMMUNITY  
WATER SUPPLY
21.95
OTHER EXTERNAL 
DESTINATIONS
TOTAL WATER 
WITHDRAWAL:  
14.92
TOTAL WATER 
DISCHARGE:  
65.73
OPERATIONS
RECYCLED(1)
47.56
CHANGE IN STORAGE(2)
0.47
7.15
CONSUMPTION(3)
9.11
EVAPORATION 
FROM OTHER 
MANAGED WATER

51   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Water Use Intensity
Water use intensity is a measure of how much new water we use in our 
mines on a unit basis of cubic metres of water per tonne of ore processed. 
The combined water use intensity of our operations, excluding Huaron 
and Morococha, was 0.13 m3/tonne of ore processed, a reduction from 
our 2020 intensity of 0.14 m3/tonne. This change is primarily due to the 
improvements in our accounting methodology, increases in production, 
and efforts to increase our efficiency. Water use intensity at Huaron and 
Morococha was 3.78 m3/tonne of ore processed, a reduction of 0.21 m3/
tonne compared to 2020.(13)
• Finalize and rollout the Water Management 
Corporate Standard
• Update water balances and physical climate 
change risk assessments at each site 
• Evaluate the development of medium to long-term 
water use targets
NEXT STEPS
0.05
0.20
0.15
0.10
2019
2020
2021
New water use m3/tonne ore processed
WATER INTENSITY(13)
(13) We report the water intensity of Huaron and Morococha separately since their data would otherwise 
mask trends at our other operations. These two mines have high calculated water intensity because they 
are designed with gravity-driven water supply systems wherein water flows from large lakes through 
the mineral processing plant, is treated, and is then discharged downstream. Both mines are in areas 
with high precipitation, low evaporation, and relatively abundant surface water. The gravity-driven 
designs reduce energy use and greenhouse gas emissions at both sites by eliminating pumping for water 
recycling.
0

52   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TAILINGS FACILITIES AND  
WASTE MANAGEMENT 
WHY ARE TAILINGS FACILITIES AND WASTE MANAGEMENT 
IMPORTANT?
Mining operations generate both mineral and non-mineral waste. Mineral waste includes waste 
rock, processed ore, and sludges or tailings. These are the by-products of precious and base 
metal ore processing and mineral and metal extracting, which involves crushing, milling and 
processing ore into a wet slurry in order to extract the minerals or metals. Tailings are generally 
stored in above-ground, engineered impoundment facilities, which allow the separation of water 
for recycling or discharge. Metal can also be extracted by stacking processed ore on heap leach 
pads. Recent catastrophic failures of tailings dam facilities in the world have demonstrated the 
potential magnitude of damage to communities, workers, and the environment that can result from 
them. Therefore, safe management of tailings facilities has become a global priority for the mining 
industry, governments, communities, insurers, and investors.
Non-mineral waste includes domestic and industrial hazardous and non-hazardous wastes that 
are produced through mining activities. The proper management of these waste products is also 
necessary to mitigate potential risks to people and the environment. 
At Pan American Silver, our aim is to minimize such impacts. Responsible management of our 
tailings facilities, heap leach pads, and waste rock is a priority to protect the health and safety of 
our workers, local communities, and ecosystems. We also recognize the importance of non-mineral 
waste management to promote the efficient use of natural resources through material reuse and 
recycling, and the reduction of hazardous and non-hazardous waste generation at the source.  
What’s included in this section:
• Tailings and heap leach facilities management 
• Pan American Silver operating tailings storage 
facilities, dams, heap leach pads 
• Tailings facilities construction methods 
• Technological Innovation 
• Waste rock 
• Non-mineral Waste
GRI indicator: 3-3; 306-1; 306-2; 306-3; MM3
UNGC Principles: 1; 2; 7; 8; 9
SASB indicator: EM-MM-540a.1; EM-MM-540a.2; 
EM-MM-540a.3; EM-MM-150a.4; EM-MM-150a.5; EM-
MM-150a.6; EM-MM-150a.7; EM-MM-150a.8; EM-MM-
150a.9; EM-MM-150a.10
Prioritized SDGs: 3, 6, 12
Potential Risks and Impacts: 
• Failure or leakage of tailings facilities and heap 
leach operations resulting in impacts on human 
and ecosystem health, property, and community 
livelihoods 
• Spills, acid rock drainage, or metal leaching resulting 
in water and soil contamination  
• Alteration of natural drainage patterns while mining 
with open-pit methods 
• Physical stability of mine workings, of sterile rock 
deposits, and of tailings facilities
For additional information, see these data tables: GRI 
306-3/SASB EM-MM-150a.4/SASB EM-MM-150a.7/
SASB EM-MM-150a.8; GRI G4 MM3/ SASB EM-MM-
150a.5/ SASB EM-MM-150a.6; Reportable Spills; SASB 
EM-MM-540a.1
Material topic: Tailings and Waste 
Management
ANALYST CENTER

53   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR APPROACH
We manage mineral waste by designing, building, operating, maintaining 
and closing tailings storage facilities, water dams, heap leach pads, and 
waste stockpiles in accordance with the TSM Tailings Management Protocol 
and the Canadian Dam Association (CDA) Guidelines. We conduct routine 
inspections, geotechnical and environmental monitoring, safety reviews, 
risk assessments, audits, and independent reviews of our facilities to 
improve our management systems continually and minimize the chance of 
an incident occurring at our facilities.
All sites measure and monitor the generation and disposal of industrial 
and domestic waste and have established operational procedures and 
commitments to manage and reduce waste. 
Policy
• Environmental Policy
Standards and Guidelines
• The Tailings, Water Dam, and Heap Leach Facilities Corporate Standard 
incorporates the TSM Protocol and CDA Guidelines and sets out 
responsibilities and a management framework for the planning, 
implementation, monitoring and surveillance, and review of critical 
facilities.
Plans, Programs, and Initiatives  
• Site-specific tailings management systems guide the approach for each 
site to incorporate and manage the TSM Tailings Management Protocol 
and CDA Dam Safety Guidelines while complying with local regulations 
• Operational, maintenance and surveillance manuals serve as a critical 
component in meeting performance objectives and managing potential 
risks 
• Site-specific emergency preparedness and response plans are aligned 
with facility risk assessments and linked to the Corporate Crisis 
and Communications Plan. Such plans cover interactions with local 
authorities and first responders. Emergency simulations are conducted 
periodically 
• Predictive modeling is conducted prior to operations and right through 
closure to identify the potential for long-term acid drainage and metal 
leaching from tailings, waste rock, and heap leach facilities 
Monitoring and evaluation
• Dam safety inspections to assess facility conditions are conducted at 
least monthly by technical staff 
• Dam safety reviews are conducted at least annually by the external 
Engineer of Record (EoR) to assess the stability and safety of facilities 
• Independent tailings storage facilities safety reviews to assess facility 
risk and identify improvements are conducted every five years by an 
independent reviewer 
• Management system reviews are conducted annually by internal teams 
in coordination with the Vice President of Mineral Processing, Tailings & 
Dams, to identify opportunities for improvement 
• TSM Tailings Management Protocol self-assessments are conducted 
annually by each site to ensure the compliance of its tailings management 
system with the TSM protocol 
• Risk assessment and dam breach analyses are conducted for each 
tailings and water storage facility; key risks are identified and risk 
management plans developed accordingly 
• The monitoring of downstream water, sediments and soil quality 
helps ensure our compliance with predictive models and water quality 
regulations
Accountability  
• The Process Manager at each site oversees and implement all aspects of 
tailings management 
• The Vice President of Mineral Processing, Tailings & Dams oversees 
performance of tailings, water dam and heap leach facilities and is the 
accountable executive officer

54   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
P
L
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I
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• The Board HSE Committee has oversight of matters related to tailings 
management and mineral waste management and receives quarterly 
basis 
• The Engineer of Record provides technical direction on behalf of 
Pan American Silver and verifies whether the tailings facility (or 
its components) has been designed, constructed, and performs in 
accordance with performance objectives and indicators, applicable 
guidelines, standards and regulatory requirements. 
• The independent reviewer is a third-party provider who is not and has 
not been directly involved in the design or operation of a given tailings or 
water storage facility. This third-party reviewer provides Pan American 
Silver with independent, objective, expert commentary, advice, and 
recommendations to help identify, understand, and manage risks 
associated with tailings facilities, as well as the implementation of the 
tailings management system.
Tailings and Heap Leach Facilities Management  
We store tailings and heap leach pads in specialized, engineered facilities 
using construction methods that vary according to the context and local 
conditions of each operation. Our facilities and infrastructure are designed 
for stability and have the capacity to withstand credible extreme weather, 
floods or seismic events. During 2021, Pan American Silver managed seven 
operating tailings facilities, five heap leach pads, one dry stack tailings 
facility at the Escobal mine, and one large water storage dam at Dolores.  
Our focus is on continuous improvement of our management framework, 
which consists of four phases: planning, implementation, monitoring and 
surveillance, and reviews and assurance. 
In 2021, we continued to strengthen our management systems and our 
commitment to the implementation of the TSM Tailings Management 
Protocol with the aim of achieving of TSM level A scores at all operations. 
At the end of 2021, four out of seven operating tailings facilities had met 
this objective; the remaining three are expected to achieve Level A in early 
2022. Collectively, operations have met 96% of the 350 TSM Level A tailings 
protocol criteria.  
OUR PERFORMANCE
TAILINGS MANAGEMENT FRAMEWORK
• Dam safety 
reviews
• TSM internal audit
• Risk assessment
• Management 
system review
• Independent 
tailings facilities 
reviews
• Qualified &  
experienced staffing
• Tailings management 
system
• Performance objectives
• Critical controls
• Operation, maintenance 
and surveillance manuals
• Training
• Life of mine plan 
& design
• Baseline data collection
• Geotechnical & seismic 
studies
• Dam breach analysis
• Emergency preparedness 
and response plans
• Permitting
• Instrumentation
• Dam safety instructions
• Construction quality 
controls
• Real-time data 
monitoring
• Internal & external 
reporting
Discrepancy 
detection
Design 
modification/
expansion
Also in 2021, we conducted:
• Safety reviews (conducted by the Engineer of Record) at all seven tailings 
facilities, the water dam and heap leach facilities
• Internal audits and follow-ups at four tailings facilities and implemented 
all recommendations
• Tailings management reviews at all seven tailings facilities, water dam, 
and heap leach facilities

55   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
We continue to conduct independent dam safety reviews on a rolling 
five-year basis. In 2021, we completed the independent review at Huaron, 
finding that the facility is in good working condition and well maintained. 
The independent dam safety and closure review of the dry tailings storage 
facility at Alamo Dorado was postponed due to COVID-19.
(1) CDA Dam Consequence Classification system  
(2) Significant for fair weather scenario and High for flood induced scenario  
(3) Dam Breach Analysis being updated  
(4) High for fair weather scenario and Very High for flood induced scenario 
PAN AMERICAN SILVER OPERATING TAILINGS 
STORAGE FACILITIES, DAMS, HEAP LEACH PADS 
#
Facility name 
Location 
Operational status
Construction method
Consequence 
classification(1)
1
Timmins (Bell Creek)
Canada
Operational
Downstream/Centerline
Significant to High(2)
2
La Colorada (Presa #7)
Mexico
Operational
Downstream
Significant(3)
3
La Colorada (Presa #6)
Mexico
Operational
Downstream/Modified 
Upstream/Centerline
Significant(3)
4
Huaron (Presa #5)
Peru
Operational
Centerline
High to Very High(4)
5
Morococha (Huascacocha)
Peru
Operational
Downstream
Extreme
6
San Vicente
Bolivia
Operational
Centerline
Significant
7
Manantial Espejo
Argentina
Operational
Downstream
Significant
8
Escobal
Guatemala
On care and maintenance
N/A - Filtered Tailings stack
N/A
9
Alamo Dorado
Mexico
Closed
N/A - Filtered Tailings stack
N/A
The full table can be found in the GRI and SASB Data Tables section.
Tailings facilities are commonly designed as dam structures intended 
to store both tailings and water. Tailings dams are constructed using 
upstream, centerline, or downstream methods, or a combination  
thereof. A tailings dam begins with a starter dam, which is raised 
over time as additional tailings are deposited in the storage facility. 
The construction method depends on the direction in which the 
embankment crest moves in relation to the original starter dam. 
• Upstream construction - the dam is raised with the crest moving 
upstream over the deposited tailings 
• Centerline construction - the dam is raised vertically from the 
starter dam 
• Downstream construction - the dam is raised by shifting the crest 
downstream using structural fill on the downstream face
TAILING FACILITIES CONSTRUCTION METHODS

56   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
We recognize the relevance of and interest in the Global Industry Standard 
for Tailings Management (GISTM), which was released in 2020 as an 
initiative from the International Council on Mining and Metals, the United 
Nations Environment Programme, and the Principles for Responsible 
Investment. Pan American Silver has assessed this standard against the 
MAC TSM Tailings Management Protocol and the CDA Guidelines and found 
minor gaps, as well as areas where TSM and CDA requirements exceed 
those of the GISTM. MAC has updated elements of its protocol to address 
some of these gaps and better align with the GISTM and is determining the 
need for additional updates. We are committed to implementing the TSM 
standard at all of our operations and we continue to support MAC’s efforts 
in aligning the TSM Tailings Management Protocol with the GISTM through 
active participation in MAC’s Tailings Working Group.
Technological Innovation
Our real-time monitoring system at La Colorada integrates systems 
for monitoring geotechnical instrumentation such as piezometers, 
inclinometers, drain flows, and settlement monuments by means of an 
Automatic Mechanical Total Station (AMTS). Following the successful 
implementation of such monitoring system, Timmins, Huaron, and Escobal 
are all implementing similar dam instrumentation automation programs. We 
are also testing satellite-based techniques to monitor the conditions of our 
critical facilities on a regular basis.
Such remote access to real-time data and visualization of variables, trends, 
and alarms by the responsible engineers and engineers of record allows 
the monitoring of our facilities at any time, from anywhere. This technology 
enhances our ability to ensure geotechnical stability, reduces the potential 
for catastrophic failures and can provide an early warning allowing us to 
take action and avoid major incidents. 
Waste rock
The main waste products generated by our mines are non-economic 
waste rock and tailings residue created by the extraction of metal and 
concentrates from the ore we mine. Seven of our nine operating mines 
(78%) are predicted to have the potential for acid rock drainage (ARD) to 
occur. We actively manage these risks to prevent the formation of ARD at all 
seven sites through the design of our facilities and, where necessary, we use 
active or passive water treatment systems that neutralize acid drainage and 
prevent downstream water contamination.  
Our initiatives to predict and manage ARD include:
• At Alamo Dorado, which is in post-closure, we continue to implement 
mitigation measures and operate active and passive water treatment 
systems. We are advancing projects to improve surface water 
management and minimize the erosion and infiltration of waste rock 
dumps, which will in turn reduce the occurrence of ARD. Additional 
information can be found in the Mine Closure section. 
• In 2021 at La Arena, which is in the later stage of its mine lifecycle, we 
completed geochemical studies to determine the potential for ARD from 
the waste dumps, leach pad, and pit lake to affect water quality during 
the post-closure phase. We are planning a new water treatment plant to 
manage long-term water quality at the site. 
• At Dolores, we continued testing to characterize and model potential acid 
generating rock during closure and post-closure in 2021. This information 
will inform whether ARD might occur at the site and influence future 
water quality monitoring and closure planning.  
 We occasionally reuse waste rock as backfill in some of our underground 
operations and construction materials for certain surface infrastructure, 
including tailings storage facilities, roads, and platforms for buildings and 
equipment. In 2021, we generated 70,704,739 tonnes of waste rock and 
4,772,371 tonnes of tailings and were able to reuse 21% of the waste rock 
and 10% of tailings residue for these items.  
Non-mineral Waste  
Some activities at our operations–mining, blasting, mineral processing, 
among others–generate hazardous and non-hazardous industrial 
waste materials that require end-of-life recycling or disposal. Under our 
decentralized operating model, each operation has waste management 
plans and procedures and implements measures to reduce waste 
generation and manage significant waste-related impacts. When possible, 
operations recycle or reuse these products. For non-recyclable waste, 
operations follow local regulations for disposal, either on-site or at certified 
disposal facilities. In cases where waste disposal is managed by a third 
party, operations require that these companies adhere to permit and legal

57   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
requirements. In 2021, we had no significant incidents associated with 
hazardous materials and waste management.
Our four mines in Peru have partnerships with ANIQUEM (Asociacion de 
Ayuda al Niño Quemado), which provides rehabilitation to children suffering 
from serious burn injuries. Through ANIQUEM’s Recycle to Help program, 
the mines donate recyclable waste, such as cardboard and electronic 
equipment, which is then sold, and the profits are used to support children. 
In 2021, Pan American Silver Peru donated 68 tonnes of recyclable waste 
which supported the medical treatment for 36 children.
TYPES OF WASTE AND DISPOSAL METHODS 2021–COMPANY WIDE
Waste Managed and Disposed
(tonnes) 
Typical Waste  
Types 
2021 
2020
2019
Hazardous or 
dangerous waste - 
secured landfill
Used oils and solvents, 
batteries, reagent 
packaging
 2,644 
1,574
1,713
Non-hazardous inert 
waste–landfill
Concrete, brick, masonry, 
and non-recyclable plastic 
and wood.
155
363
468
Domestic waste to 
landfill
Food waste, soiled paper 
and plastics
5,409
3,221
3,533
Reuse
Tires, scrap metal, wood 
696
221
58
Recycling
Scrap metal, glass, 
plastics, wood, used oil
5,299
2,894
3,257
We predicted that both hazardous and domestic waste would increase 
substantially in 2021 due to COVID-related waste (some of which is 
considered hazardous in some of our jurisdictions), and to an accumulation 
of recyclable inert waste that we could not transport off site because of 
certain mandated lockdowns that occurred around some of our operations 
in 2020. Taking these factors into account, we were able to reduce domestic 
and industrial waste by 3% from the base case predicted for 2021,(14) 
but fell short of our 11% reduction goal. This was primarily due to our 
underestimation of COVID-related medical waste and waste generated by 
investments in construction projects. In addition, some sites were delayed in 
advancing initiatives that would have reduced waste and increased recycling 
volumes during 2021. These activities are being scheduled for 2022.
• Achieve and/or maintain Level A on the TSM Tailings 
Management Protocol at all tailings facilities 
• Conduct an independent tailings storage facility review at 
San Vicente and an independent dam safety and closure 
review at the Alamo Dorado dry stack tailings facility 
• Reduce waste generation through contaminated soil 
remediation, awareness training, and increased waste reuse 
and recycling  
NEXT STEPS
(14) The 2021 base case is our projected 2021 waste generation, as calculated using our life of mine 
plans adjusted for annual production.

58   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
CLIMATE, ENERGY AND  
GREENHOUSE GAS 
EMISSIONS REPORTING
WHY ARE CLIMATE, ENERGY AND GREENHOUSE GAS EMISSIONS IMPORTANT?
The impact of anthropological global warming is a global issue that affects society, the environment, 
and economic development. We recognize that climate change is a potential threat to our business and 
many of our COIs, and we are committed to action to reduce climate risks through innovative solutions 
to reduce emissions, transform energy supply, and optimize land use. 
Mining is an energy-intensive industry, consuming energy for extraction, processing, and transportation 
of products. Energy use, particularly through fuel combustion and electricity consumption, causes direct 
(Scope 1) and indirect (Scope 2) GHG emissions, which contribute to climate change. COI expectations 
around climate action in the mining industry include reducing the carbon footprint and responding to 
potential climate-related risks. For Pan American Silver, reducing emissions and energy use provides us 
with cost savings and environmental benefits beyond our operating boundaries, and contributes to the 
global response to climate change. 
We have been gradually improving our climate-related disclosure since our Scope 1 and Scope 2 
emissions were first publicly reported in 2010. We believe that the adoption the climate-related 
recommendations of the Financial Stability Board is an efficient way to gauge our business strategy 
relating to climate change and respond to our stakeholders’ expectations. In addition, in 2020 we 
adopted the TCFD reporting recommendations in our 2020 Sustainability Report with an aim to 
progressively improve the quality and transparency of our climate-related disclosures.  
This section is structured to follow TCFD 
recommendations and includes:
• Climate Change Policy Statement
• Governance
• Climate Change Strategy
• Climate Risks and Opportunities
• Initiatives
• Metrics and Targets
• Next Steps
GRI indicator: 201-2; 302-1; 305-1; 305-2; 
305-3; 305-4; 305-5
SASB indicator: SASB EM-MM-130a.1; 
SASB EM-MM-110a.1; SASB EM-MM-110a.2
Prioritized SDGs: 13
UNGC Principles: 1; 2; 7; 8; 9
For additional information, see these data 
tables: TCFD physical risks table, GRI 302-
1/ SASB EM-MM-130a.1; GRI 305-1; GRI 
305-2; GRI 305-3; SASB EM-MM-110a.1; 
GRI 3-3 (2021 Energy Performance and 
2022 Energy Goals by Operating Mine)
ANALYST CENTER
Material topic: Climate, Energy 
and Greenhouse Gas Emissions

59   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Pan American Silver recognizes that climate change caused by 
anthropogenic greenhouse gas emissions (GHG) is a threat to the 
global environment, society, our stakeholders and our business, 
and that globally coordinated actions are required to address 
this threat. We believe Pan American Silver has a responsibility to 
help address this global challenge, and we’re committed to taking 
actions that will help us achieve our aspirational objective of net 
zero carbon dioxide equivalent emissions by 2050. 
Pan American Silver is one of the largest primary silver producers 
in the world. The silver we produce, together with by-product base 
metal production, play an important role in mitigating the climate 
change threat because these metals are key materials in solar 
energy technology and other carbon-efficient energy solutions. We 
expect the transition to renewable energy will result in significant 
growth in demand for silver and base metal bearing products in the 
coming years.  
We recognize that mining is an energy-intensive activity, and we are 
committed to taking actions that will reduce our GHG emissions. 
Our objective is to reduce our global GHG emissions by at least 
30% by 2030 from our 2019 baseline emissions. This objective 
is based on long-term energy and emission profiles that we have 
developed for each of our assets, combined with the expected 
increase in adoption of electrification and the outlook for lower 
emission intensity electricity generation. Achieving this objective 
will require further investments in electrification and electric 
equipment technologies, and will also depend on the expansion of 
renewable energy generation of the local electricity grids we use.  
Our senior management team, together with our Board of 
Directors, are assessing climate-related risks and opportunities in 
order to develop, implement, monitor, and revise our climate action 
strategies.  
CLIMATE CHANGE POLICY STATEMENT
The primary objectives of our strategy are: 
• Reducing GHG emissions 
• Improving our climate-change readiness 
• Enhancing our timely and transparent climate-related public 
disclosures 
Our senior corporate and operations management teams  
are responsible for executing this strategy and achieving our  
objectives by:  
• Integrating climate-related risks and opportunities, including 
physical and transition risks, into our strategic long-term plans 
and projects 
• Striving to meet targeted emissions reductions and developing 
additional targets to further reduce our current long-term energy 
profile estimates 
• Incorporating the Task Force on Climate Related Financial 
Disclosure’s (TCFD) framework by adopting TCFD’s approach 
within our climate-related public disclosures 
• Continuing to report on our emission estimates, reduction 
targets, climate risks, climate-change scenario analysis and 
climate action in our annual Sustainability Reports 
• Increasing our use of renewable energy and supporting climate 
action near our operations 
• Continuing to adapt our climate-change strategy appropriately 
and effectively according to best practices and understandings 
• Adhering to this Climate Change Policy Statement  
 
Michael Steinmann, President and CEO 
May 5, 2022

60   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GOVERNANCE 
Board Level
The structure of our Board of Directors and Board committees is 
described in the Sustainability Governance section of this report. 
Our Board of Directors is advised on climate-related matters 
primarily through its Board CSD Committee, as well as through the 
Board HSE Committee, and directly by management. The Board of 
Directors, largely though its Committees, reviews and, if applicable, 
provides guidance with respect to the development of Pan American 
Silver’s goals, annual targets, policies and programs as they relate 
to climate change and GHG emissions, 
among others. In addition, the Board, 
largely through committees, reviews and 
monitors management’s reports and 
activities to ensure that the main risks and 
opportunities to the Company related to the 
environment are identified by management 
and that appropriate resources are 
allocated by management to address these 
risks and opportunities. 
Management Level 
In 2019, we formed a Climate Change 
Committee with senior management to oversee our sustainability reporting 
framework, the implementation of the TCFD recommendations and our 
commitments to the World Economic Forum’s CEO Climate Leaders Alliance.  
In 2020, we expanded this committee and re-named it as the ESG 
Management Committee as described in the Sustainability Governance 
section of this report. This ESG Management Committee develops policy and 
standard recommendations to our Board, reviews the results of our current 
performance, evaluates risks and strategies, and agrees on reporting metrics 
and targets.  
Our approach encourages involvement from several areas of the organization 
and looks for ways to improve energy efficiency at our operations and 
development projects. Interactions between our corporate head office team 
and the respective country and operations leadership teams at each site, 
PAN AMERICAN SILVER CLIMATE-RELATED GOVERNANCE STRUCTURE
BOARD OF DIRECTORS
HEALTH, SAFETY, ENVIRONMENT 
COMMITTEE
COMMUNITIES AND SUSTAINABLE 
DEVELOPMENT COMMITTEE
ESG MANAGEMENT 
COMMITTEE
EXTERNAL 
CLIMATE 
CONSULTANTS
FINANCE 
DEPARTMENT
ENVIRONMENTAL 
DEPARTMENT
SUSTAINABILITY 
DEPARTMENT
OPERATIONS 
MANAGEMENT
INTER-DEPARTMENTAL CLIMATE REPORTING TEAM
help identify and define priority projects to maximize energy efficiency and 
reduce GHG emissions. Projects and initiatives are evaluated through our 
annual budget preparation process or capital allocation framework and are 
reviewed by senior management, the ESG Management Committee or the 
Board and CSD and HSE Committees.  
Affiliations and Memberships
We strive to align our climate strategies with globally recognized frameworks 
and associations with other companies in our sector. Our governance around 
climate issues is guided through the following affiliations and memberships:  
• Supporter of TCFD 
• Member of UN Global Compact 
• Member of Mining Association of Canada 
• Participant in Peru Carbon Footprint program
• Scenario analysis 
data provision
• Climate change risk 
assessment and 
documentation
• Energy profile modeling
• Scenario analysis 
modeling
• Long-term mine plan 
modeling
• Regulatory reporting 
compliance
• Climate change risk 
assessment and 
management
• Physical risks and 
emissions management 
and documentation
• COIs engagement
• Standards monitoring 
and reporting 
management
• ESG risk management
• Climate change risk 
management
• Energy profile data 
provision
• Energy use and 
emissions reductions 
management

61   |   2021 SUSTAINABILITY REPORT
CLIMATE CHANGE STRATEGY
We believe that the mining sector can have an important role in helping 
society achieve the global GHG emission reduction goals by supplying raw 
materials necessary in excess of the demand satisfied through recycling. 
Our approach to climate change is to analyze potential transitional 
impacts to our long-term business plans and to embed carbon dioxide 
equivalent (“CO2Eq”) emission reduction initiatives into our governance 
and operational decision-making process in order to establish informed and 
realistic targets that are aligned with climate science and commitments by 
the countries where we operate. Our approach will be achieved by: 
• Integrating CO2Eq emission reduction strategies into our operational risk 
and opportunities assessments and strategic planning   
• Planning that ensures our long-term plans, corporate development 
strategies, and capital and operational budgets are aligned with our goals, 
including those related to CO2Eq emissions reductions 
• Developing informed decision making to ensure meaningful 
contributions to a low carbon future  
• Adapting our operating and non-operating mines to align with global 
efforts to reduce CO2Eq emissions and mitigate or prepare for the 
potential physical risks of climate change  
• Informing stakeholders in a timely and transparent manner regarding our 
CO2Eq emission reduction strategies and results as well as the potential 
transitional impacts to our long-term business plans 
Over the past year, we have further integrated climate change into our 
business objectives and decision-making. In addition, we have been 
enhancing our analysis and disclosures of transitional risks, with the 
objective of providing COIs with greater clarity of the potential long-term 
impacts that climate change may have on our business. This included: 
• Developing our first long-term energy profile  
• Evaluating our long-term plans with scenario analyses 
Pan American Silver Long-Term Energy Profile 
In 2021, we completed the first estimated short and medium-term energy 
demand and CO2Eq emissions estimates for all our operations based on 
our current life of mine plans. This profile provides a forecast of our future 
annual energy use and diesel consumption in a base case scenario, which 
assumes no benefits obtained from further efforts to reduce emission than 
those already in place. Our base case forecast presented in the graph below 
highlights our CO2Eq emission estimates from our existing operating mines. 
This forecast is based on current mine life expectations, along with planned 
and approved development projects, and does not assume emissions that 
may result from extensions of mine life due to successful exploration, 
which we have experienced in the past. We have also excluded emissions 
related to our major growth and development projects beyond 2022, such 
as the development of the La Colorada Skarn project, until we have further 
clarity on the timing and scale of these projects from engineering studies 
that are currently underway. Lastly, the estimated CO2Eq emission forecast 
assumes continued care and maintenance activities at our Escobal Project 
which remains subject to the completion of the ILO 169 consultation that is 
currently underway.  
PAN AMERICAN SILVER’S THREE-YEAR CARBON EMISSIONS FORECAST(1)(2)(3)
(1) Pan American Silver used National Inventory Report Canada to calculate Direct (Scope 1) GHG emissions.  
(2) Emissions from purchased electricity calculated according to GHG protocol using the (International 
Energy Agency (IEA) 2021 tool for all the mines except Timmins. 
(3) Emission factor for Timmins provided by the Independent Electricity System Operator (IESO) in Ontario. 
Diesel
Gasoline
Electricity
Explosives
Propane
Compressed Natural Gas
2019
2020
2021
2022
2023
2024
50
0
100
150
200
250
300
350
400
450
500
Thousands Tonnes CO2Eq

62   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
“Base case” profile assumptions
Our historic energy use was converted into tonnes of CO2Eq emissions 
using the National Inventory Report Canada factors for Direct GHG 
emissions at our Timmins mines, and according to the GHG conversion 
protocols using the IEA tool for purchased energy at all our other mines. 
The purchased electricity emissions factor used for Timmins was obtained 
by the Independent Electricity System Operator (IESO) in Ontario. Our base 
case for future CO2Eq emission profiles used the 2021 emissions conversion 
factors and does not account for any changes to any jurisdictional electrical 
grids that may occur, nor does it include assumed direct procurement of 
renewable electricity other than for operations where such contracts are 
currently in place. 
The various electricity grid emissions factors calculated for 2021 for each 
of the jurisdictions where we operate are shown below, and demonstrate 
the variability in estimated CO2Eq emissions generated per gigajoule of 
electricity used, which reflects the varying contribution of fossil fuel power 
generation to the various national electricity grids. These are national 
or provincial averages and do not reflect Pan American Silver’s ability to 
procure clean energy contracts directly from renewable power suppliers. 
Irrespective, we support the equitable distribution of the benefits from the 
reduction of fossil fuel electricity generation to all those connected to an 
electricity transmission network. It is expected that significant reduction 
of fossil fuel-based electricity generation across national transmission 
grids will take some time and require cooperation and coordination 
amongst individuals, industries and governments. We aim to make 
informed decisions when it comes to direct renewable electricity supply 
contracts and try to avoid situations that result in a zero-sum gain for all 
those connected to electricity transmission networks. We hope to achieve 
this by engaging with local commerce groups and transmission network 
stakeholders.   
GRID EMISSIONS(1)(2) FACTOR BY JURISDICTION
(1) Emissions from purchased electricity calculated according to GHG protocol using the IEA 2021 tool 
for all the mines except Timmins.  
(2) Emission factor for Timmins provided by the Independent Electricity System Operator (IESO) in 
Ontario. 
Using our energy and CO2Eq emissions profile forecast, we were able to 
establish our plan for setting medium-term CO2Eq emission reduction goal 
and preparing a scenario analysis to consider the financial impact to our 
business of different climate change scenarios, as discussed in the next 
section of this report. 
0
20
40
60
80
100
120
Mexico Grid 
Electricity 
Bolivia Grid 
Electricity 
Argentina 
Grid 
Electricity 
Guatemala 
Grid 
Electricity 
Peru Grid  
Electricity 
Canada Grid  
Electricity 
kg CO2Eq./GJ

63   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Climate Scenario Analysis 
With support and analysis from Vivid Economics, we selected three 
potential scenarios from the Network for Greening the Financial System 
(NGFS) to analyze potential transitional impacts to our long-term 
business plan. These three scenarios are substantively consistent with 
those used for our physical risk assessments described in our 2019 and 
2020 Sustainability Reports and are as follows:  
Scenario
Description 
Target
1
Current 
Policies
Only currently implemented policies are 
preserved
3.0
oC
2
Nationally 
Determined 
Contributions 
(NDC)
The moderate and heterogeneous climate 
ambition reflected in the NDCs at the 
beginning of 2021 continues.
2.5
oC
3
Divergent Net 
Zero
Higher costs due to divergent policies 
introduced across sectors and a quicker 
phase out of fossil fuels.
1.5
oC
Scenarios are not intended to encompass a complete description of 
the future, but instead emphasize key factors that would impact future 
developments. We incorporated scenario analysis to determine potential 
financial impacts of climate change on our business and to provide 
additional insight on our potential risks and opportunities.  
The scenarios were developed to better understand the possible impact on 
the following variables: (i) metal demand and outlook; (ii) carbon pricing 
schemes; and, (iii) direct cost impacts from changes in global demand for 
fossil fuels. We evaluated the impact of these variables on our life of mine 
plans in order to assess the business impacts to these divergent paths. 
In our analysis, we have focused on the transition impacts to silver, copper, 
lead and zinc metal demand, given these metals are expected to be most 
impacted by the transition to a low carbon economy. We have excluded 
gold from our analysis given its limited use in low-carbon technologies and 
its primary demand being related to investment, jewelry, and bank reserve 
requirements, at this point. 
There is a significant positive impact from the transition to a low-carbon 
economy on the demand for metals needed for the technologies required 
for alternative energy solutions and storage. In both the Divergent Net 
Zero and Nationally Determined Contributions scenarios, demand for 
silver, zinc and copper is expected to go up considerably from current 
levels. These metals are critical for the transition and Pan American Silver 
is poised to benefit from increased demand for these metals under those 
scenarios, given its significant mineable reserves and resources in those 
metals, including in its growth catalysts and development projects such 
as the La Colorada skarn project, the Escobal mine currently in care and 
maintenance, Navidad, and the La Arena sulphides project – all of which 
have significant resources in at least one of silver, zinc and copper. We will 
continue to assess the resilience of our business to climate change as we 
manage our business through the transition.

64   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
CARBON PRICE BY SCENARIO
SCENARIO ANALYSIS RESULT
Source: Vivid Economics
Source: Vivid Economics, Company Analysis
2020
0
20
100
80
60
40
120
140
160
180
2026
2032
2023
2029
2035
2021
2027
2033
2024
2030
2022
2028
2034
2025
2031
$/tonne CO2Eq
Current Policies
Nationally Determined 
Contributions (NDCs)
Divergent Net Zero
Additionally, we have analyzed the direct impact of higher fuel and carbon 
pricing on our cost structure in the transition scenarios, and have evaluated 
the impact these additional costs would have on our business; however, our 
limited scenario analysis does not include the impact of these additional 
costs throughout our entire supply chain, which would be necessary to 
conduct a full sensitivity analysis on our future cash flows. 
We will continue to refine and enhance our scenario analysis in future TCFD 
reports, as greater clarity is obtained for the transitional impacts; however, 
we view this as a medium to long term objective, as we continue to develop 
a better understanding of how to assess climate-related impacts from 
physical and transition risks to our production, cost structure and supply 
chain.
Com-
modity
Scenario
Outlook
Main Differential Drivers
Silver
Current Policies
Increased demand for solar 
photovoltaic and electric 
passenger vehicles with higher 
demand to achieve NDC and 
divergent net zero scenarios
Nationally Determined 
Contributions
Divergent Net Zero
Copper
Current Policies
Increased demand for Electricity 
Transmission and Distribution and 
Electric Vehicles and Trucks with 
higher demand to achieve NDC 
and divergent net zero scenarios
Nationally Determined 
Contributions
Divergent Net Zero
Zinc
Current Policies
Increased demand for Wind 
Energy and Electric Vehicles and 
Trucks with higher demand to 
achieve NDC and divergent net 
zero scenarios
Nationally Determined 
Contributions
Divergent Net Zero
Lead
Current Policies
Lead consumption is tied to 
internal combustion engine vehicle 
demand, and as such is inversely 
related to demand for Electric 
Vehicles
Nationally Determined 
Contributions
Divergent Net Zero
Gold
Current Policies
Demand for gold is not expected 
to be materially affected as 
its demand is not driven by 
technologies related to greenhouse 
gas emissions reductions
Nationally Determined 
Contributions
Divergent Net Zero
Oil
Current Policies
Demand for oil is dependent on 
speed of transition. In the current 
policies and NDCs scenarios, the 
price pressure is supply driven 
with more expensive extraction
Nationally Determined 
Contributions
Divergent Net Zero

65   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
CLIMATE RISKS AND OPPORTUNITIES
Pan American Silver’s approach to risk management is constantly evolving 
in order to adapt to a dynamic environment. At the core, we view each 
manager whether in operations or at the corporate office, to be a risk 
manager. This process has served us well over the years, empowering our 
employees and providing the basis for our success. We have clear lines of 
communication whereby risks and opportunities are identified and properly 
reported up the chain to the attention of our Board of Directors. Climate 
related risks are analyzed and summarized at the management’s ESG 
Management Committee for presentation to the Board.   
We will annually assess our framework to identify, quantify, and manage 
risks and opportunities, as well as to determine mitigation strategies in 
order to improve our ability to sustain the business over the long-term with 
our sites that face potential climate change related impacts. This includes 
physical and transitional risks and opportunities with their associated 
potential impacts to the financial results of our business. 
Physical Risks and Opportunities 
In 2019 and 2020, we conducted a study to evaluate the potential physical 
risks of climate change on our operations due to extreme weather events, 
impacts on water availability, and changes in rainfall and temperature 
patterns. The study was completed in-line with TCFD scenario analysis 
recommendations, and considered a range of scenarios for each of our 
current operations and projects. The scenarios considered in the analysis 
and evaluation of the latest global climate models included a Paris 
Agreement-aligned two degrees Celsius (IPCC RCP 2.6) scenario and an 
extreme case six degrees Celsius scenario (IPCC RCP 8.5). 
The primary conclusion derived through analysis of regional climate 
estimates is that temperatures have been generally increasing at all our 
sites, except for the San Vicente operation, where temperatures have 
shown no trend over the last 80 years, and Timmins operation (Timmins 
West and Bell Creek), where temperatures have been historically high over 
the last 20 years but show a decreasing trend. Climate change projections 
based on modelling indicate that temperature increases are expected in 
the future at all operations. Such increases will likely result in an increase 
in evaporation and a net reduction of future water availability, although this 
will depend on future precipitation conditions, which are highly uncertain. 
Given this uncertainty, the projections of future water decreases, and their 
quantification, are highly indeterminate. Only our San Vicente operation in 
Bolivia and Dolores operation in Mexico currently operate with any reliance 
on external water supply and are therefore potentially exposed to water 
supply risks.  All our other operations are supplied from mine dewatering 
or secure, adaptable water supplies within our operations. Nonetheless, 
even at San Vicente and Dolores, any changes in climatic conditions during 
the current life of mine of each operation are expected to be minor. Since 
existing operational mine water management plans already account for 
annual and seasonal variability within the current climate, any future 
changes should not pose a significant risk to our mines during operations.  
There is limited information available regarding the prediction of future 
extreme weather events. As a result, information available at the time of 
mine closure should be used to complete additional analysis to assess the 
potential for increased extreme precipitation and associated design flows 
well into the future. If no or very limited extreme precipitation information 
is available, Engineers and Geoscientists of British Columbia (EGBC) 
recommends adopting an increase in design flood magnitude between 
10% and 20% (APEGBC, 2012). This approach is generally consistent 
with current standard industry practice and reflects the high uncertainty 
associated with projections of future changes due to extreme precipitation 
patterns. We have adopted this approach and conducted sensitivity 
analysis of water management structures for 15% increases in design 
flood magnitude at our closed Alamo Dorado operation. We will continue to 
monitor the performance of surface water management structures and the 
site water balance throughout the post-closure period.  
We continue to incorporate sensitivity analysis into planning for mine 
closure at the rest of our operations with a focus on those nearer to 
closure including Manantial Espejo and La Arena. The infrastructure at our 
Morococha operation, currently on care and maintenance, will undergo 
sensitivity analysis for design flood magnitude.

66   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
In 2022 and 2023, we will consider updating our physical risk assessment 
to consider if material changes surface through the scenarios and models 
from the 2021 IPCC sixth assessment report (AR6). We plan to include a 
risk screening methodology to identify and prioritize material risks across 
all operations, advanced projects, and supply chains. We will also assess 
annually a quantitative evaluation of the identified material physical 
risks that should be considered for the time horizons of 2030 and 2050, 
and further support our climate change adaptation strategies. Where 
possible, the potential material financial, environmental, operational, 
and reputational impacts will be evaluated to identify where appropriate 
strategic responses would be beneficial.  
The Coupled Model Intercomparison Project 6 (CMIP6) models and the 
Shared Socioeconomic Pathways (SSP) scenarios may be used to predict 
potential climate change impacts and assess the severity and likelihood 
of climate hazards from changes in weather and climate extremes on our 
PHYSICAL RISKS
sites if proven relevant. The selection of scenarios would align with our 
transitional risk scenario analysis and previous physical risk climate change 
work based on the Paris Agreement RCP2.6 and 8.5 scenarios, in line with 
TCFD recommendations.  
Working collaboratively with our operation management team, subject 
matter experts, and relevant site workforce, we plan to identify and monitor 
each site’s potential exposure to material climate change hazards. This 
collaborative effort will also help us monitor and evaluate the effectiveness 
of existing operational mine water management plans and consider 
opportunities to improve these plans, which already account for annual 
and seasonal variability, emergency response planning and mine closure 
planning.  
The following table summarizes the physical risks to our mines and the 
regions where we operate. The full table of modelling results is included in 
the Appendix of this report. 
Country
Climate Hazard
Potential Physical Risks in 
Post-Closure
Temperature
Precipitation
Water Availability
Drought
Flooding due 
to Extreme 
Precipitation 
Events
Increase
Increase
No Change
Decrease
Decrease
No Change or 
Decrease
Canada
X
X
X
X
Mexico
X
X
X
X
X
Guatemala
X
X
X
X
X
Peru
X
X
X
X
X
Bolivia
X
X
X
X
X
Argentina
X
X
X
X
X
Mitigation
Conduct a sensitivity analysis of plus 10 to 20% on the design flood magnitude for mine closure planning
Constantly monitor water availability and water use reduction and recycling opportunities where drought is an issue

67   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Transition Risks and Exposures
As defined by TCFD, transitional risks arise from policy, regulatory, legal, technological, reputational, and market changes to address mitigation and adaptation 
requirements to transition to a reduced GHG emission economy. These may have varying levels of financial and reputational risks and exposures to Pan 
American Silver and are summarized below:
Category
Risks
Exposure
Regulatory
• Regulatory change that results in increased costs and/or constrains our 
operating activities 
• Climate-related legal claims against us or our COIs 
• Difficulty obtaining required permitting and licenses as regulations and/
or COI expectations around extractive industries become more onerous  
• Changes in regulations that impact past and future closure and 
reclamation activities 
• Increasing costs due to the introduction of carbon pricing 
• Compensation claims for damages 
• Progression of our exploration and development stage properties 
• Increased closure and decommissioning liabilities 
Market
• Ability to procure renewable energy due to competition and availability  
• Reduced access to finance investment, and insurance services 
• Access to supply of labour from changing demographics related to 
climate conditions 
• Supply chain challenges due to physical impacts on transportation 
infrastructure and downstream smelting and refining facilities 
• Changes to the supply and demand for goods and services that the 
Company depends on for its production processes, as well as for the 
commodities that we produce, which may have material impacts to: 
• The Company’s cost structure 
• Procurement of financing and insurance 
• Labour supply 
• Renewable power supply access 
• The value or recoverability of its Reserves 
• Revenue potential
Reputational
• Negative COIs opinions of the mining industry and/or Pan American 
Silver as a result of perceived underperformance in: 
• Contributing to a low carbon economy 
• Climate-change risk management  
• Timely and transparent related disclosures
• Negative perceptions of mining could result in difficulties in obtaining and 
maintaining the support of our COIs at existing sites or in developing new 
projects, as well as a reduced talent pool from which to recruit 
• Reputational harm could result in Pan American Silver having difficulty:  
• Obtaining capital at favorable prices 
• Obtaining and maintaining support from COIs for operations  
or projects  
• Ability to attract and retain top-talent 
• Maintaining and improving investor confidence 
Technological
• Competitive demand for advanced technology products 
• Current technology rendered operationally inefficient, cost ineffective, or 
unacceptable to COIs 
• Technological advancements could affect the demand for our products, 
as technologies using silver, zinc, lead and copper, become more efficient, 
or are replaced 
• Asset write-offs or impairment, equipment unavailability or increased 
procurement costs

68   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Transition Opportunities 
Opportunity Category 
Description 
Critical Metals 
Regulation
Regulatory, 
Market and 
Reputational
As the world transitions away from carbon 
intensive energy sources, metals used in green 
technologies may draw more favorable regulatory 
and permitting conditions, as well as improved 
funding for growth and development projects in 
these critical commodities.  
Increasing 
Demand for 
our Products
Market and 
Technological
Increased prices for the metals that the 
Company produces that are used in low-carbon 
technologies including silver, zinc, and copper.  
Increasing 
Investment 
Demand
Market and 
Reputational
COIs perceiving Pan American as a responsible 
mining company with reduced risk due to 
exemplary performance in climate-change 
management and related disclosures.  
Technology 
Advancements
Technological
Energy is one of our most significant input costs, so 
improvements in renewable energy generation and 
storage could drive lower input costs long-term. 
Also, investments to reduce energy consumption 
have historically also shown to be cost-efficient.  
SILVER TRANSITION DEMAND BY DRIVER – CURRENT POLICIES
SILVER TRANSITION DEMAND BY DRIVER – DIVERGENT NET ZERO 
SILVER TRANSITION DEMAND BY DRIVER – 
NATIONALLY DETERMINED CONTRIBUTIONS (NDCs) 
200
300
400
500
700
600
100
0
2020
2025
2030
2035
2040
2045
2050
Million oz per year
200
300
400
500
600
700
100
0
2020
2025
2030
2035
2040
2045
2050
Million oz per year
100
200
300
400
500
600
700
0
2020
2025
2030
2035
2040
2045
2050
Million oz per year
Internal Combustion Engine Passenger Vehicles
Fuel Cell Electric Passenger Vehicles
Solar PV
Electric Freight Trucks
Internal Combustion Engine Freight Trucks
Electric Passenger Vehicles
Source: Vivid Economics
Source: Vivid Economics
Source: Vivid Economics

69   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
INITIATIVES
To establish appropriate and realistic medium and long-term climate-
related strategic objectives we have estimated our water, energy, and 
carbon footprints under various strategic business scenarios. We will 
continue to advance the integration of material ESG and climate-related 
risks into our business planning to facilitate our ability to quantify the 
longer-term climate change impacts on each of our assets. 
Highlights of this integration includes incorporating climate-related 
considerations into our:  
• Ongoing risk assessments 
• Annual budget target setting 
• Capital allocation process 
Climate-related Risk and Opportunity Assessments  
We are establishing our climate-related risk and opportunity assessments 
and strive for transparent disclosures of these through our annual TCFD 
reporting. Material physical risk assessments will be updated as new 
climate models become available. We will monitor the continual evolution 
of transition risks and opportunities and we will adjust our assessments in 
each of the jurisdictions where we operate for material changes to support 
our climate-related risk disclosures.  
We have developed the following initiatives based on our assessments of 
physical and transition related risks: 
Regulatory strategic initiative
• Set goals to reduce our CO2Eq emissions by: 
• Potentially replacing direct fuel consuming activities with electric 
grid-connected systems 
• Potentially transitioning energy supply to renewable sources where 
appropriate and available 
• Our diversified portfolio and decentralized organizational structure 
enable us to make well-informed decisions and efficiently manage legal 
and policy risks 
• Engage with local and federal governments in all jurisdictions, and 
monitor for regulatory or policy changes and evaluate their impacts to our 
business 
Market strategic initiative
• Proactively support the development of renewable power generation, 
whether through energy supply contracts or otherwise. We have secured 
power contracts from renewable energy providers at two of our sites 
• Monitor global markets and engage with stakeholders 
• Calculate and disclose our annual Scope 1, 2 and 3 CO2Eq emission 
estimates for our direct and indirect supply chain emissions, and identify 
opportunities for significant reductions 
• Incorporate an assessment of climate-related impacts in our capital 
allocation strategy 
Reputational strategic initiative
• Improve our meaningful and transparent climate-change-related 
disclosures  
• Continue to value and prioritize dialogue and participation with our COIs 
on ESG matters, including climate change  
Technological and Physical Risk Strategic Initiative
• Foster creativity and innovation in our corporate and operations teams to 
develop projects and initiatives that improve energy efficiency and reduce 
GHG emissions in line with our goal of reducing CO2Eq emissions by 30% 
by 2030, from a 2019 baseline 
• Monitor and evaluate improvements and availability of low emission 
or electric equipment, particularly mobile mining equipment, for 
implementation at our operations 
• Monitor changes in the physical risks of climate change and 
improvements in climate science. Regularly update physical risks 
assessments and implement adaptation plans at our operations when 
material changes occur

70   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Planning, Budgeting and Capital Allocation Tools 
We strive to incorporate ESG goals in our corporate and strategic planning 
activities. Our annual budgeting process identifies targets for energy use, 
CO2Eq emissions, water use, biodiversity, and waste management. This 
process builds meaningful targets organically from the operators and 
supervisors at our sites through the organization to strengthen alignment 
within the Company. Targets are derived from defining viable projects and 
initiatives generated through the creativity and innovation of our teams. In 
2022, we will be further integrating additional environmental goals into our 
executive compensation through our annual incentive plan, as reported in 
Pan American Silver’s Management Information Circulars.  
We also take ESG considerations, including climate change, into our capital 
budgeting process. Our internal process to prepare requests for funding, 
approve such requests and monitor the approved spending regularly, has 
been designed to incorporate our ESG initiatives. The approval process for 
new projects includes estimates for their potential impact on energy use, 
CO2Eq emissions, water use, and biodiversity.  
In addition to our planning and budgeting, we strive to incorporate climate 
change in our corporate strategy by, defining long term projects and 
development activities that are aligned with our goals of reducing CO2Eq 
emissions and producing some of the valuable metals that are useful for the 
global GHG reduction initiatives.  
Fundamentally, we operate mines that trend, over time, towards getting 
deeper at our underground mines, or expanding in surface footprints at 
our open pit mines, which require longer haulage distances or increased 
pumping and ventilation circuitry. We have multiple long-term assets 
where careful consideration and planning is necessary for minimizing 
life-of-mine CO2Eq emissions during the life of mine. Some of the CO2Eq 
emission reduction projects we define also target direct cost-savings, since 
as previously described, energy is one of our most significant input costs. 
Typical examples of these type of projects may include deploying more 
efficient conveyor systems to transport ores, developing and extending 
existing underground production shafts to cut back on steep haulage 
distances, adopting electric fleets as they become more widely available 
and efficient, as well as other similar initiatives. 
In addition to our current operations, we are advancing significant long-term 
development projects that are targeting energy efficiency. In particular, 
we are conducting assessments on the Colorada Skarn that will consider 
optimization for efficient use of energy and use of proven technologies that 
can minimize CO2Eq emissions.

71   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR PERFORMANCE - METRICS AND TARGETS
We use energy to mine, move, and process ore and waste rock as well as 
for infrastructure, ancillary facilities, logistics, mine ventilation, heating and 
dewatering. The type and quantity of emissions from our operations are 
determined by the energy source and the manner in which we mine and 
process ores, which is largely dependent on the geology and geometry of 
our deposits. The energy used at our sites comes primarily from diesel fuel 
for powering heavy equipment and electrical power generation at some 
limited remote sites or purchased electricity from regional or national 
power supply transmission grids. The transmission grid energy we use is 
becoming cleaner and more efficient each year as the jurisdictions where 
we operate are increasing renewable energy generation. Grid electricity has 
a lower carbon footprint than onsite electricity generation. 
2021 Highlights 
• Achieved our 2021 energy and emissions goals of a 0.3% reduction in 
energy use and 11% reduction in GHG emission estimates compared to 
the 2019 base case. Our goals were achieved primarily through a change 
to our Dolores mine plan where in-pit dumping of waste rock was brought 
forward in time, as well as other energy and emission reduction projects 
at all our operations. 
• Completed the switch from propane to compressed natural gas at our 
Timmins operations accounting for an annual reduction estimate of 1,800 
tonnes CO2Eq.  
•  Certified renewable portion of purchased electricity and offset the 
remainder at our Escobal mine. 
• Completed the grid connection of a remote water treatment plant at La 
Arena and a camp at Shahuindo, reducing GHG emission estimates at 
both sites. 
• All four Peruvian mines received the third star from the Peruvian 
Government’s voluntary Carbon Footprint program for verification of 
reductions and reduction initiatives in 2019 and 2020. 
GHG emission trends for our operations generally track our energy use. 
In 2021, our Scope 1 and 2 GHG emissions increased relative to 2020 as 
expected due to higher production. 
We completed our estimate of Scope 3 - Value Chain emissions using the 
Quantis Scope 3 Evaluator tool, in accordance with the Greenhouse Gas 
Protocol’s Corporate Value Chain (Scope 3) Accounting and Reporting 
Standard. We use this tool for all 15 categories except downstream 
processing of metal concentrates, which we found to be underestimated by 
the Evaluator. We instead obtained direct emissions data from our partner 
smelters in Peru and Mexico that process zinc and lead concentrates from 
our mines. This data allowed us to calculate more accurate downstream 
emissions for processing of our metal concentrates sold (36,403 tonnes 
CO2Eq for 2021), which was used to complete the Scope 3 estimate. This 
year, we saw a large decrease in the reported emissions and emission 
intensity of one of our downstream smelters due to a change in their 
scope 2 emission estimation using the market-based methodology, which 
recognized the renewable energy certificate from their utility supplier. 
(1) Pan American Silver used National Inventory Report Canada to calculate Direct (Scope 1) GHG 
emissions. The global warming potential (GWP) used for calculations is based on the information provided 
by the Government of Canada. Gases included in this calculation are CO2, CH4 and N2O.  
(2) Emissions from purchased electricity calculated according to GHG protocol using the IEA 2021 tool for 
all the mines except Timmins. Emission factor for Timmins provided by the Independent Electricity System 
Operator (IESO) in Ontario. Gases included in this calculation are CO2, CH4 and N2O. 
GHG Emissions 
(Tonnes CO2Eq)
2021
2020
2019
Scope 1 – Direct(1) 
294,799
274,522
313,361
Scope 2 – Electricity(2) 
107,255  
111,895
143,863
Total Scope 1 and 2 
402,054  
386,418
457,223
Scope 3 - Value Chain 
716,253 
618,332
 668,098

72   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
We track GHG emissions intensity at our sites as a useful metric to assess 
ongoing performance.  In general, the more ore we process at our sites, 
the more energy we use. Also, as our mines become deeper and expand 
in footprint, more energy is required for mine ventilation, heating and 
dewatering, and more fuel is required to haul ore and waste rock over 
greater vertical and horizontal distances. We measure GHG emissions 
intensity (tonnes of Scope 1 and 2 CO2Eq per tonne of ore processed) to 
help us understand the energy efficiencies of our processes and the effects 
of using cleaner grid energy.  
0.005
0
0.010
0.015
0.020
0.025
0.030
0.035
2019
2020
2021
Tonne CO2-eq/Tonne ore processed
GHG EMISSIONS INTENSITY
SCOPE 1, 2, AND 3 GREENHOUSE GAS EMISSIONS
(CO2, CH4, N2O, HFCs, PFCs, SF6)
107,255
679,850
294,799
36,403

73   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
In 2021, our GHG emission intensity was slightly lower compared to 2020, 
reflecting increased efficiency at our mines during the operating period 
and cleaner electricity grids as countries reduce the carbon footprint of 
electricity generation by switching to renewable sources.   
2022 Targets 
Our targets for 2022 were developed through our annual budget 
development process described above. We have set two specific targets:
• Reduce GHG emissions by 3% compared to the 2022 base case (2022 
base case defined in the Goals and Performance section)
• Reduce energy use by 3% compared to the 2022 base case 
20% - 25%
5% - 10%
5% - 10%
457 thousand 
tonnes CO2Eq
30%
Reduction 
in GHG 
Emissions 
by 2030
2019
Tonnes CO2Eq
Increased 
Emissions for 
Continuing 
Operations
Portfolio  
Optimization
Renewable 
Energy
Electrification  
& Energy  
Efficiency  
Projects
2030 Tonnes 
CO2Eq
2030 Target 
We are committed to reduce our global scope 1 and scope 2 GHG emission 
estimates by at least 30% by 2030 (from a 2019 baseline) through the 
following initiatives: 
• 20% - 25% reduction from portfolio optimization and transitioning to 
lower emission intensity operations 
• 5% - 10% reduction through the transition of energy supply to 
renewable sources where appropriate and available 
• 5% - 10% reduction through the electrification of fossil fuel driven 
equipment and processes, and energy efficiency projects
Our 2019 baseline reflects our current operations and project development 
activities, and is subject to restatement in the case of business 
development activities or new greenfield development opportunities. 
2030 TARGET

74   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
We strive to inform our stakeholders and incorporate their 
feedback when developing our strategies and goals. We 
are focused on achieving our 2030 goal of reducing GHG 
emissions by 30% relative to our 2019 baseline. Longer term 
aspirational goals such as net zero emissions in our industry 
are, at this time, highly dependent on the emergence of new 
technologies, carbon capture use and storage (CCUS), and the 
use of verifiable, transparent carbon offsets. We will continue 
to monitor the development of viable technological and offset 
solutions to climate change with the intention of reaching net 
zero emissions in 2050 or earlier. 
We will continue our efforts to ensure climate-related issues 
receive the appropriate attention from our Board and 
management so that an effective strategic response can be 
established and implemented accordingly, and sufficient, 
transparent and timely climate-related disclosures can be 
made to our COIs.   
NEXT STEPS
Our key next steps to continually improve how we address 
climate-change and related disclosures include:  
• Pursue medium-term projects and initiatives to achieve our 
goal of a 30% reduction of GHG emissions by 2030 (from a 
2019 baseline) 
• Continue to monitor the development of long-term climate 
models as part of our ongoing physical risk assessments. 
Update our physical risks assessment in 2022-2023 based 
on IPCC AR6 report 
• Track and update our long-term energy profile quantification 
as required 
• Update scenario analysis and financial impact sensitivity 
analytics regularly based on the monitoring of changes to 
transition risks over time 
• Perform comprehensive jurisdictional and operation specific 
climate change vulnerability and risk assessments, and to 
inform our iteratively established mitigation strategies 
• Investigate, and where appropriate include climate-related 
performance metrics into future financing arrangements, and 
in our key COIs agreements 
• Continue to monitor our scope 1, 2 and 3 emission estimates 
and improve on our short-term target setting  
• Implement our corporate Energy, Emissions and Climate 
Change Standard

75   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
BIODIVERSITY
WHY IS BIODIVERSITY IMPORTANT?
The acceleration of economic development and population growth over the past century has had 
a wide range of effects on the Earth’s natural resources and biosphere. Native animals and plants, 
rivers, aquifers, oceans, air quality, and the global climate have been impacted. Entire ecosystems 
are compromised to unprecedented levels. Mining operations alter the natural features of the 
local landscape. Open pit mines, processing plants, mine waste-rock facilities, ancillary facilities, 
supporting infrastructure construction, and roads can damage or fragment habitat, impact 
individual species, and affect overall. Ongoing activities use resources, create disturbances, and 
generate waste, which can also harm, degrade, or alter ecosystems and affect biodiversity.  
At Pan American Silver, we recognize the importance of biodiversity to preserve ecosystems at 
both a local and global scale. We also recognize the cultural and economic significance of certain 
species and ecosystems to our host communities. We strive to minimize the impacts of our 
operations throughout the mining lifecycle with the goal of minimizing net habitat loss over the 
long term. 
What’s included in this section:
• Biodiversity management  
• Biodiversity conservation 
GRI indicator: 3-3; 304-1; 304-2; 304-3; 
304-4; G4 MM1; G4 MM2
SASB indicator: SASB EM-MM-160a.1; 
SASB EM-MM-160a.2; EM-MM-160a.3
Prioritized SDGs: 3
UNGC Principles: 1; 2; 7; 8; 9
Potential Risks and Impacts: 
• Potential damage to and degradation 
of ecosystem health and loss of 
biodiversity 
• Alteration of the natural landscapes 
with a negative impact on the natural 
flora, and terrestrial and aquatic wildlife 
• Alteration of the sensitive ecosystems
For additional information, see these data 
tables:  GRI 304-3/GRI G4 MM1; GRI 3-3 
(2021 Biodiversity Performance and 2022 
Biodiversity Goals by Operating Mine)
ANALYST CENTER
Material topic: Biodiversity

76   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
OUR APPROACH
We design, construct, and operate intending to minimize our impacts on 
biodiversity. Our Environmental Policy sets out our commitment to not 
explore or develop mines in internationally designated protected areas.(15) 
Each operation maintains a biodiversity conservation system as part of 
a site-wide environmental management system and applies a mitigation 
hierarchy framework—avoid, minimize, restore, and/or offset to manage 
potential impacts. 
Policy
• Environmental Policy
Standards and Guidelines
• Biodiversity and Mine Closure Corporate Environmental Standard 
sets out minimum best practice requirements for the biodiversity 
conservation management system of each operation   
Plans, Programs and Initiatives
• Biodiversity conservation management systems help sites manage 
biodiversity impacts during construction, operation, and closure  
• Biodiversity baseline studies are conducted prior to the construction 
of new projects or changes in operations to generate flora and fauna 
baselines and identify critical or sensitive habitats and species 
• Biodiversity and community impact assessments are conducted prior to 
setting up in new areas or developing new projects, in order to identify 
threats to biodiversity beyond our operations 
• COI engagement with local communities and other stakeholders on 
issues related to biodiversity conservation helps us manage our impacts 
and tailor our programs to meet community interests  
• Training is provided to relevant employees, contractors and community 
members regarding their management plans and conservation objectives  
• Progressive reclamation restores biodiversity through rehabilitating 
disturbed areas no longer required for mining activities 
Monitoring and Evaluation 
• The TSM Biodiversity Conservation Management Protocol is used by sites 
to self-assess performance and implement action plans for continuous 
improvement 
• Biodiversity monitoring is conducted regularly with the aim of avoiding, 
minimizing and/or mitigating identified impacts  
Accountability 
• The General Manager at each operation is responsible for implementing 
the Biodiversity and Mine Closure Corporate Environmental Standard  
• The Vice President of Environment, oversees and is responsible for 
biodiversity management for the Company 
• The Board HSE Committee has oversight of matters related to 
biodiversity policies and practices, and receives quarterly reports
(15) Areas included in the UNESCO World Heritage List and/or International Union for Conservation of 
Nature (IUCN) Green List (categories I to IV).

77   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Biodiversity Management 
Our goal is to minimize net habitat loss over the full mining cycle at 
each of our operations, measured by hectares impacted, reclaimed 
and rehabilitated. Our objective is to return the land once disturbed by 
our activities as close to its natural and beneficial state as possible and 
create viable habitats for the local native species. In 2021, we achieved a 
net positive impact of 85 ha (2.5% of disturbed land) on vegetation and 
biodiversity across all our sites exceeding our corporate goal of 80 ha. By 
the end of 2021, the accumulated area disturbed and not yet reclaimed by 
all our operations was 3,389 hectares. We recognize that our annual land 
disturbances vary depending on the stages of mine developments and 
progressions. Site performance on annual biodiversity goals can be found 
in the GRI & SASB Data Tables. Examples of rehabilitation and restoration 
projects in 2021 include:
• Reforested 26 ha of land with native species, with a population density of 
1,100 individual plants per hectare within the Dolores site  
• Rehabilitated 3 ha by planting 3,000 native pine trees in the La Tapia 
community near La Colorada 
• Rehabilitated 6 ha of land disturbed in the construction of a water 
discharge pond expansion at Timmins  
Additional examples of closure rehabilitation work can be found in Mine 
Closure.
All sites have biodiversity conservation management plans and systems, 
and we apply a mitigation hierarchy to avoid or minimize biodiversity 
impacts. These impacts may result from:
• vegetation clearing resulting in habitat loss 
• vehicle strikes on native fauna 
• noise, lighting and blasting impacts on fauna 
• erosion 
• impacts on aquatic habitat  
Baseline studies and regular monitoring have not identified any significant 
impacts on biodiversity from our operations.
OUR PERFORMANCE
To align with the TSM Biodiversity Conservation Management Protocol, 
sites have been engaging with COIs to communicate their biodiversity 
management approach and programs, and to better understand their 
interests and priorities.
BIODIVERSITY
MANAGEMENT
PLAN
Identify mine area 
(direct and indirect) 
and engage with 
relevant COIs
Assess risks and  
impacts on Biodiversity
• Disturbed area
• Loss of habitat
• Flora and fauna mortality
Avoid and 
minimize impacts 
on Biodiversity
Internal and  
external reporting
Identify  
opportunities and 
proper controls  
to mitigate  
unavoidable impacts
Develop and  
implement actions, 
goals and controls
Monitor:
• Flora/Fauna abundance 
    and diversity
• Rehabilitated areas
• Performance goals
• COIs participation
Inform decision 
making and identify 
areas for  
improvement

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Biodiversity Conservation
None of our mines or mineral reserves are located in or near endangered 
species habitat, areas designated as having high biodiversity value, or 
having protected conservation status.(16) Land owned by our Huaron mine 
in Peru is adjacent to the Huayllay “Stone Forest” National Sanctuary (a 
natural geological rock formation resembling pillars and other structures). 
The mine and mineral reserves are located at more than 5km from the 
Sanctuary boundary, and our nearest infrastructure, a camp and water 
treatment plant, is located 0.7km from the Sanctuary, next to the town of 
Huayllay.
We contribute to biodiversity conservation through site-level initiatives, 
formal partnerships, collaboration with communities, and the protection of 
areas of land from industrial uses. For example, our Timmins site actively 
supports the City of Timmins’ “Bee City” program, a multi-stakeholder 
initiative committed to develop, restore and preserve pollinator-friendly 
habitats across the city. The program is part of the City of Timmins’ 
commitment to improve the sustainability of its community. 
Several of our sites also have rescue plans for sensitive plant and animal 
species as components of their overarching biodiversity management 
plans. Our personnel are trained in biodiversity management practices 
and provided with the appropriate tools to carry out these activities. Plans 
include species identification and monitoring activities. Sites develop 
rescue and relocation programs with specific goals and objectives to 
mitigate or minimize impacts on the flora and wildlife. In 2021, our sites 
successfully completed their programs to rescue and relocate a wide variety 
of local species.
At some of our operations, we hold extensive areas of land but only use a 
small portion for our activities. We protect the remaining unused land from 
ranching, grazing, and hunting activities, which allows natural habitats and 
species to recover gradually to their pre-impacted states. For example, in 
Argentina, 57,000 hectares of land adjacent to our operation are protected 
from regional impacts such as sheep grazing and hunting. Biodiversity 
surveys on this land over recent years have shown a significant increase in 
• Continue site-level implementation of Biodiversity and Mine 
Closure Corporate Environmental Standard  
• Continue partnership with Nature Trust BC 
• Evaluate the development of medium to long-term 
biodiversity targets
NEXT STEPS
the abundance and diversity of natural flora and fauna. At La Colorada, we 
continue to restore over 3 hectares of community land that was previously 
affected by cattle grazing and natural erosion to provide habitat for native 
fauna to recover its natural pre-impacted state. 
In 2021, we entered into a partnership with Nature Trust BC 
and committed to provide US$1.25M for wetland conservation 
projects. Under the North American Wetland Conservation Act, 
our commitment will be matched by both the US and Canadian 
governments, creating a total of US$5M in funding over three years. 
100% of the funds will go directly to wetland projects rather than 
administration costs.
The first project to benefit from our commitment is an 18-acre parcel 
expanding the Nicomen Slough Conservation Area on an oxbow 
of the Fraser River between Mission and Hope, BC. The wetland 
area is an important habitat for over 24 species of fish, including 
Pacific Salmon, Steelhead and Cutthroat Trout, and the threatened 
White Sturgeon. The land is in an area of continental significance to 
migratory waterfowl. River otters, muskrats and beavers also share 
this area with birds, fish, amphibians and plants.
PARTNERSHIP WITH NATURE TRUST BC
(16) This is defined as areas listed on the UNESCO World Heritage List and/or IUCN Green List 
(categories I to IV), or critically endangered or endangered species on the IUCN Red List.

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MINE CLOSURE
WHY IS MINE CLOSURE IMPORTANT?
Mining companies are responsible for managing their impacts not only during mine operations 
but also after mine closure. In the past, this focus was on the environmental aspects of closure—
restoring land to a beneficial state, and ensuring no health and safety risks remained from 
any mining wastes, equipment, and infrastructure left behind. The industry now recognizes 
the additional social and economic impacts of closure on host communities and the need for 
companies to manage these risks and complexities beyond mine closure.
When our mines reach end of life, communities may experience impacts including unemployment, 
outmigration, and challenges related to a decrease in economic activity in the area. This can create 
uncertainties within communities and expectations surrounding a closure process, resulting in 
liabilities and tensions that affect our relationships with host communities. At Pan American Silver, 
our desire to leave a positive and beneficial legacy means that we consider the environmental 
and social impacts of closure before and during the operating phase and seek input from local 
communities, government, and other COIs. Early planning and ongoing COI engagement helps us 
minimize risks and identify opportunities that create benefits beyond the lifespan of our mines.
What’s included in this section:
• Environmental mine closure 
• Social mine closure
GRI indicator: 3-3; GRI 304-3;  
G4 MM1
SASB indicator: EM-MM-160a.1
Prioritized SDGs: 3, 8
UNGC Principles: 1; 2; 7; 8; 9
Potential Risks and Impacts: 
• New or unanticipated closure, 
reclamation and remediation costs, and 
regulatory requirements 
• Changes in traditional land-use caused 
by mining activities and even after our 
mines are closed and rehabilitated 
• Decreased local economic activity 
• Changes to social dynamics caused by 
unemployment and outmigration
For additional information, see these data 
tables: GRI G4 MM1; GRI 304-3
ANALYST CENTER
Material topic: Mine Closure

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OUR APPROACH
We start planning for closure in the design phase of a new project. Each 
operation has a closure plan covering environmental, social, and economic 
aspects and providing estimated closure costs. We engage with local 
communities, governments, and other COIs in the creation and/or update of 
our closure plans to understand their reclamation objectives, identify post-
closure land uses, and identify opportunities for economic diversification 
and sustainable community development. 
Policy
• Environmental Policy
Standards and Guidelines
• The Biodiversity and Mine Closure Corporate Environmental Standard 
sets out the key components for effective mine closure, including COI 
engagement, risk assessments, reclamation planning, decommissioning 
liability estimates, and social and environmental monitoring programs
• The Corporate Social Closure Standard establishes the minimum 
requirements for the development and implementation of social closure 
plans that reflect local conditions, COI social interests and expectations, 
as well as legal requirements
Plans, Programs and Initiatives
• Closure plans establish the relevant technical, environmental, social, and 
financial aspects of each mine closure  
• COI engagement helps us identify and incorporate COI interests, 
strategies to manage risks and impacts, and reclamation and land use 
objectives into closure plans 
• Progressive closure entails reclaiming disturbed land and waste rock 
facilities once they are no longer required by our operations 
Monitoring and Evaluation  
• Post-closure monitoring entails ongoing, long-term monitoring of risks 
and controls to assess alignment with closure plan objectives
Accountability
• The General Manager at each operation is responsible for the 
development and implementation of procedures and programs that 
comply with the Biodiversity and Mine Closure Corporate Environmental 
Standard and other corporate policies and initiatives 
• The Vice President of Social Sustainability, Inclusion and Diversity 
is responsible for social closure. The Vice President of Environment 
oversees and is responsible for mine closure and land rehabilitation  
• The Board HSE and CSD Committees have oversight of matters related to 
mine closure policies and practices, and receive quarterly reports

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We are integrating our approach to mine closure, which involves considering 
the environmental, social, and economic impacts of closure. In 2021, we 
created our Corporate Social Closure Standard. Additional information on 
our processes related to the social closure of our mines can be found in the 
Relationships with Communities and Indigenous Peoples section of this 
report. 
Operations update their closure plans throughout the mine lifecycle to 
account for stage of life, to incorporate technical, environmental, or social 
considerations, to meet new regulatory requirements, and/or in response 
to COI engagement. As of 2021, closure plans are required to align with both 
our Corporate Environmental and Social Closure Standards. In 2021, our 
activities included: 
• Dolores, Timmins, San Vicente, and La Arena advanced their social 
closure plans, which included updating baseline studies and perception 
assessments  
• Manantial Espejo, Dolores and La Arena implemented the first phase 
of the participatory social closure planning and risk analysis with local 
stakeholders 
• Morococha submitted its closure plan update to authorities for approval  
• Manantial Espejo’s closure plan was submitted to the Argentinian 
authorities, the first closure plan to be prepared under the new closure 
regulations of the province of Santa Cruz  
• Manantial Espejo achieved Level A on the Cámara Argentina de 
Empresarios Mineros’s Closure Protocol, the TSM-equivalent system in 
Argentina  
In 2021, we conducted progressive closure activities at La Arena and 
Manantial Espejo. Our aim was to restore the sites into healthy ecosystems 
that are appropriate for the intended post-mining land use. At La Arena, we 
completed the progressive closure of 15.5 ha of a waste rock dump. This 
area was re-vegetated with fast-growing green cover species. The seeds 
were purchased from local suppliers, thus supporting the local economic 
development. Revegetation with these species improves the physical 
stability of the slopes within a short time and will facilitate the spontaneous 
growth of local species. At Manantial Espejo, we rehabilitated 20.1 hectares 
OUR PERFORMANCE
of land, including former roadways, former exploration drilling platforms 
and waste rock piles, increasing native vegetation coverage. 
At Alamo Dorado, we are in the post-closure monitoring and maintenance 
stage, which entails ongoing environmental sampling and analysis to 
evaluate erosion, revegetation survival, habitat recovery, water quality, 
biodiversity, and geotechnical and geochemical stability. As part of our 
maintenance program, we launched a three-year project to improve surface 
water management through the construction of diversion channels to 
prevent erosion and the contact of water with potentially acid-generating 
rock. We have also capped and re-vegetated 3 ha of regraded waste dumps. 
Capping seals the surface of waste dumps, preventing water penetration, 
and improves vegetation stabilization, which in turn helps control erosion. 
This project was highly successful in improving waste dump closure, and we 
plan to cap and re-vegetate 10 ha in total. In addition, we continue to pilot 
an innovative passive water treatment system which combines a limestone 
drain and biological reactor to neutralize acid drainage. We plan to increase 
the use of this treatment technology after we complete improvements to 
the waste dump surface water management.  
• Preparing Manantial Espejo for active closure and updating 
its closure plan 
• Monitoring and care and maintenance activities at 
Morococha, and beginning active closure of its process plant 
and associated infrastructure 
• Updating closure plans for La Arena and Dolores, and 
continuing progressive closure at La Arena 
NEXT STEPS

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SOCIAL
ADOPTED
SOCIAL 
SUSTAINABILITY 
POLICY
STANDARD 
DEVELOPED
SOCIAL MINE 
CLOSURE
IN COMMUNITY 
INVESTMENTS
$11.2 MILLION
HOURS OF SAFETY 
TRAINING IN 2021
1,242,545
OF OUR BOARD MEMBERS 
ARE WOMEN, INCLUDING 
OUR BOARD CHAIR
37.5%
OF EMPLOYEES AND 
CONTRACTORS RECEIVED 
TRAINING ON THE FIRST MODULE 
OF OUR “BUILDING RESPECT 
TOGETHER” PROGRAM
100%

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HEALTH AND SAFETY
WHY IS HEALTH AND SAFETY IMPORTANT?
In the industry of mining, potential hazards must be carefully managed. Mine workers engage in 
many complex and potentially hazardous tasks, such as drilling and blasting rock, operating heavy 
machinery, handling explosives and chemicals, working with high voltage electricity, working at 
heights, working with high temperature materials, and more. Exposure to these hazards can lead to 
occupational disease or result in injury. Technology, automation, and improved critical controls and 
procedures have reduced the rates of disease and injury. However, serious injuries may still occur. 
At Pan American Silver, creating safe work environments and protecting the safety, health, and 
well-being of our employees, contractors, suppliers, and host communities is a top priority. 
Operating safely is our moral obligation and operational imperative. We believe that operating safe 
mines and building a culture of safety are directly related to our operational success and our ability 
to create long-term value for COIs and society.
What’s included in this section:
• Safety performance 
• Health and safety training and 
initiatives 
• Health and safety culture 
• Health and safety audits  
• Occupational health 
GRI indicator: 403-1; 403-2; 403-3; 
403-4; 403-5; 403-7; 403-9
SASB indicator: EM-MM-320a.1
Prioritized SDGs: 3, 8
UNGC Principles: 1; 2; 3; 4
Potential Risks and Impacts: 
• Industrial accidents due to 
equipment failure 
• Ground falls resulting in worker 
injuries 
• Delayed production 
• Loss of social acceptance
For additional information, see these 
data tables: GRI 403-9/ EM-MM-
320a.1
ANALYST CENTER
Material topic: Health & Safety

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OUR APPROACH
Safety is always our priority, with safe production being the primary goal 
at all operations. We strive to prevent workplace injuries by continuously 
improving our safety systems, training, processes, and adopting leading 
technologies. As a decentralized company, each operation is responsible 
for implementing context-appropriate safety management systems and 
procedures that meet or exceed local regulations, as well as the Company’s 
values and safety objectives. All operations have implemented the TSM 
Safety and Health Protocol.  
Policy
• Health and Safety Policy
Plans, Programs and Initiatives
• The Pan American Silver Safety Pledge and Cardinal Rules–Set out 
our fundamental expectations and rules for safety at sites, apply to all 
employees and contractors, and are incorporated into induction training 
and safety talks 
• Serious Incident Reduction Initiative–Focuses on preventing serious 
incidents and fatalities through training, culture change, site-specific 
action plans, and conducting comprehensive investigations of serious 
incidents 
• Health and safety supervisor training program–Provides leadership and 
technical training for front-line supervisors 
• Technical safety training–Provides workers with relevant skills and 
training  
• Industrial hygiene program and occupational health services–Identify, 
manage and mitigate site-specific occupational health risks  
• Joint worker-management health and safety committees–Support the 
development and implementation of health and safety programs(17) 
• Behavior-based safety programs–Empower workers to take a more active 
role in their own safety 
Monitoring and Evaluation  
• Hazard identification and risk assessment–Processes including 5-point 
safety systems, job safety analysis, field-based risk assessments, and 
site-level risk analysis. These are applied to identify risks and required 
controls 
• Operational hazard controls–A hierarchy of controls is applied to manage 
identified risks 
• TSM Health and Safety Protocol self-assessments–Require all sites 
to conduct annual assessments and develop action plans to improve 
performance continuously 
• Corporate Safety Audits–Audits are conducted annually at each mine by 
a Corporate Safety Department team led by the Director of Health and 
Safety; high priority findings are elevated to the Chief Operating Officer 
for immediate action(18) 
Accountability
• The Management Safety Committee, Director of Safety, and Safety 
Coordinator lead the implementation of company-wide initiatives 
resulting from our risk assessment process, safety audit programs, and 
incident investigations 
• Each operation has an Operating Management Team that is responsible 
for safety  
• The Senior Vice President, Technical Services & Process Optimization is 
responsible for overall safety direction and reporting across the Company 
• The Board HSE Committee oversees adherence to the Health and Safety 
Policy, reviews safety statistics and incident reports, and provides input 
on the overall safety direction of the Company 
(17) Joint worker management committees at certain sites comprise both contractors and employees. 
At other sites, there are separate committees for employees and contractors.
(18) Our Corporate Safety Audit Program remained paused during 2021 due to COVID-19 restrictions. 
However, internal safety audits were conducted at our mines in Peru and Mexico by teams from other 
Pan American Silver sites within the same country.

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Our priority is to create and maintain safe work environments. Eliminating 
the potential for fatal or life-disabling accidents has always been our 
objective. Despite our efforts, we recorded an increase in both lost time 
injuries and injury severity during 2021. Tragically, we lost four workers in 
separate and unrelated incidents at Huaron, La Colorada, Morococha, and 
San Vincente mines. In each instance, we conducted in-depth root cause 
analysis that was used to develop corrective and preventive actions. These 
actions were shared with management and operating personnel throughout 
the Company with the intent of closing gaps in order to prevent similar 
incidents from occurring in the future at any of our operating sites. 
In 2021, a large focus was on responding to the COVID-19 pandemic and 
protecting the health and safety of our workers. We recognize that the 
pandemic has continued to create challenging conditions for our workforce. 
Since the outset of the pandemic in 2020, we have developed, deployed 
and adjusted, as required, extensive protocols and processes to create 
safe conditions for our workforce and limit the transmission of the virus. 
Since then, we have continued to update our protocols and processes using 
regulatory requirements, best practices, and expert recommendations. 
With the onset of the Omicron variant in late 2021, we reverted to stricter 
protocols, including restricting travel, and requiring antibody passports for 
site visits moving into 2022.
OUR PERFORMANCE
(1) Data includes employees and contractors at operating mines, and active development and exploration projects. 
(2) Lost time injury frequency (LTIF) is calculated as the number of lost time injuries, including fatalities, in the 
exposure period multiplied by 1 million hours and divided by the total number of hours worked in that period. 
(3) Lost time injury severity (LTIS) is calculated as the number of workdays lost due to lost time injuries multiplied 
by 1 million and divided by the total exposure hours. We count 6,000 lost workdays in the event of a fatal accident.
SAFETY PERFORMANCE(1)
LTIF(2)
LTIS(3)
2021
0.96
872
2020
0.35
534
2019
1.04
481
2018
1.41
723
2017
1.26
771
2016
0.74
373
We track all safety incidents, regardless of severity, and address the 
identified trends. When a severe incident occurs, we use root cause analysis 
investigation methods to determine its underlying causes and the controls 
necessary to prevent and/or mitigate similar incidents in the future. 
Findings are communicated to management and operating personnel at all 
our operations. Individual sites track data relating to near misses and high-
potential events are investigated. Trends are identified and managed at the 
country level.
The most common lost time incidents tend to be the result of operating 
machinery, rock falls, slips and falls, and failure to follow operating 
procedures. We know that injuries are preventable and require routine 
reinforcement of controls, refresher training, and personal awareness and 
accountability. 
Health and Safety Training and Initiatives 
We develop the skills necessary for our workforce to perform their jobs 
safely through training programs. In 2021, we provided over 1.2 million 
training hours to our workforce.
(1) Includes training of employees and contractors at operating mines, and active development and exploration 
projects.
Type of Training
Hours
General Safety
814,885
Mining Induction
208,596
Geotechnical
16,250
Formal Safety Meetings
168,423
Mine Rescue
34,391
Total
1,242,545

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We also deploy several initiatives to address specific health and safety risks 
that were identified in trend analysis:
• Hand Safety at Timmins, Huaron, and Morococha–is intended to reduce 
hand injury incidents and severity 
• Avoid Being in the Line of Fire (i.e., stay out of harm’s way) at Huaron and 
Morococha–provides the workforce with tools to avoid pinch points and 
vehicle/personnel interactions on site 
• Defensive Driving–provides our workforce with the ability to avoid traffic 
related incidents on and off site 
Operations-level health and safety management systems apply to both 
employees and contractors. Before conducting work at a site, contractors 
receive induction and training on health and safety procedures.(19)  
Health and Safety Culture 
One of the ways we work to prevent serious incidents and improve overall 
safety performance is by creating a safety awareness that prioritizes injury 
prevention and supports workers in consistently making safe choices. 
Several operations have or are implementing behavior-based programs to 
help create this safety awareness.  
• The “Good Catches” program at Timmins encourages employees to flag 
potential safety issues, even minor maintenance issues; these catches are 
recorded, and issues are addressed. 
• The Red Card safety system, implemented at La Colorada and Dolores 
in 2021, empowers workers to refuse unsafe work and raise concerns 
regarding unsafe conditions. A worker initiates a refusal by giving a “Red 
Card” to their supervisor without fear of retribution. The supervisor 
investigates, corrects, or repairs the unsafe condition. If the worker agrees 
that their concerns have been addressed, they return to work, and the 
details of the actions are recorded in the safety management system.  
• Our operations in Peru have implemented a behavior-based program 
intended to empower workers to take a more active role in their own 
safety by encouraging and supporting them in making safe choices, 
both at work and at home. The program focuses on visible leadership, 
risk management, and safe production, with the intended result being a 
safety-conscious workforce. 
In 2021, elements of the behavior-based program were adopted in the La 
Colorada and Dolores safety management systems in Mexico. 
Our workers have the right to refuse unsafe work throughout the Company. 
Workers can also raise safety-related concerns confidentially and 
anonymously through PAAS Listens, our employee feedback mechanism. 
Cyanide Management 
In six of our nine operations we use sodium cyanide for dissolution and 
extraction of precious metals given its unique selectively, efficiency and 
manageability of risks to health, hygiene, and the environment.  We use the 
International Cyanide Management Code to help guide our safe supply and 
use of sodium cyanide, particularly considering facility designs, reagent 
handling systems and operating practices.  
Occupational Health 
Each operation has an industrial health program and access to an industrial 
hygienist whose task is to identify, manage, and minimize exposure to 
workplace hazards. Key health risks at our operations include pulmonary 
disease (e.g., cancer and silicosis), hearing loss, and deterioration of 
musculoskeletal conditions. To reduce these hazards, sites have programs 
to monitor and manage noise, dust, and air contaminants, including diesel 
particulate matter.  
We also continue to pilot, test, and implement equipment and technologies 
to make our work safer and improve working conditions. In 2021, this 
included: 
• Testing fatigue monitoring equipment for haul truck operators at our 
open-pit mines in Peru and Mexico. This technology helps alert fatigued 
drivers and reduce the risks of fatigue-related accidents. 
• Improving mine ventilation at La Colorada. Despite geotechnical 
challenges, we were able to replace and augment primary ventilation 
shafts and install higher capacity auxiliary fans underground during 2021, 
which increased the overall air flow rate by 50%, further diluting diesel 
exhaust, and reducing mine temperatures.
(19) All temporary workers and visitors at a site are made aware of safety procedures and required to 
undergo appropriate safety training.

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• Initiating the construction of a refrigeration plant at La Colorada. The 
plant, which will be completed in 2022, will cool the air in the mine and 
decrease operating temperatures. 
In addition, we provide medical care on-site, as well as a range of programs 
to support both the physical and mental health of our workers. Additional 
information on programs for worker well-being can be found in the Human 
Capital Development section.
• Increase the focus on fatal risk management at all sites 
• Intensify our Corporate Safety Audit Program 
• Enhance the safety management system in Mexico 
NEXT STEPS

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RELATIONSHIPS WITH  
COMMUNITIES AND  
INDIGENOUS PEOPLES 
WHY ARE RELATIONSHIPS WITH COMMUNITIES AND 
INDIGENOUS PEOPLES IMPORTANT?
Mining can be a driver of economic growth and positive social development. It can 
also have negative impacts on local economies, the environment, communities, 
Indigenous Peoples and human rights. Interest and scrutiny are growing 
concerning the effects of mining not only on communities and vulnerable groups, 
but also the impacts on Indigenous Peoples. Expectations for the industry 
continue to grow. To be successful, mining companies today must navigate various 
complexities involved in managing risks and impacts and building support for their 
operations. The industry now recognizes that effective stakeholder engagement 
is critical to the management of risks and impacts, and to the creation of socio-
economic contributions for local communities and Indigenous Peoples. Failure to 
build positive relationships with host communities and Indigenous Peoples can 
manifest in conflict and social unrest, and result in legal challenges, production 
and/or permitting delays, and even the suspension of mining operations.
Pan American Silver is committed to fostering positive and effective long-term 
relationships with communities and Indigenous Peoples, with trust as a core value. 
Our business success is enhanced by building trust with all our COIs. We pursue 
this objective through open and inclusive dialogue, partnerships, and ethical and 
sustainable business practices throughout the mining lifecycle, and we strive 
to establish a positive legacy in the areas where we operate. We work towards 
collaborating with local communities and Indigenous Peoples, whose contributions 
help us manage potential risks and impacts, identify opportunities, and develop 
programs that will deliver lasting and mutual benefits. 
What’s included in this section:
• Social Performance
• Community Response Mechanisms
• Dust Management
• Social Disputes
• Indigenous Rights and Relationships with Indigenous Peoples
• Artisanal and Small-Scale Miners
• Social Mine Closure
• Escobal Project
GRI indicator: 3-3; 409-1; 411-1; 413-1; 413-2; G4 MM5;  
G4 MM6; G4 MM7; G4 MM8; G4 MM9
SASB indicator: EM-MM-210b.1; EMM-MM-210a.3;  
EM-MM-120a.
Prioritized SDGs: 3, 8
UNGC Principles: 1; 2; 3; 4; 5; 6
Potential Risks and Impacts: 
• The opposition to mine operations or development resulting 
in project or production by the community or Indigenous 
Peoples, loss of or failure to obtain permits, and/or loss of 
social acceptance
• Economic dependence or income inequality within local 
communities, changes to social dynamics, pressures on 
infrastructure, housing and services, harm to vulnerable groups
• Political or social instability
• New or amended regulations or conventions respecting the 
rights of Indigenous Peoples affecting the acquisition or our 
use of land
• Tensions or conflict stemming from differing expectations 
around the economic benefits of mining activities
For additional information, see these data tables: SASB EM-
MM-120a.1; EM-MM-210a.1; EM-MM-210a.2
ANALYST CENTER
Material topic: Relationships with 
Communities and Indigenous Peoples

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OUR APPROACH
Early and ongoing engagement and meaningful dialogue set the foundation 
for building trust and positive relationships with local communities and 
Indigenous Peoples. We use participatory processes and social performance 
tools to create effective engagement opportunities, identify and manage 
our actual and perceived impacts, and evaluate the effectiveness of our 
performance. This approach also helps us better understand community 
interests and expectations, which in turn helps us manage social risk and 
more effectively support the priorities of local communities and Indigenous 
Peoples.
Policies
• Social Sustainability Policy
• Global Human Rights Policy
• Inclusion & Diversity Policy
Standards and Guidelines
• Corporate Social Closure Standard establishes the minimum 
requirements for the development and implementation of social closure 
plans that reflect local conditions, COI interests and expectations, and 
legal requirements
Plans, Programs and Initiatives
• COI mapping helps us identify relevant stakeholders, improve our 
engagement, and understand risks; vulnerable groups that may be 
disproportionately affected by our activities are included in the COI 
mapping
• Participatory baselines, cultural studies, and perception assessments, 
conducted jointly with communities and third parties, create 
opportunities for effective dialogue and are essential to help
• Response mechanisms at each site help us understand and respond to 
community questions or concerns around perceived or actual impacts 
from our activities
Monitoring and evaluation
• Our social risk assessment tool helps sites identify and manage social 
risks
• Sustainability audits are conducted to evaluate our social performance, 
including the effectiveness of our community programs and the 
conditions of our mine camps and facilities
Accountability
• The social teams at each mine are responsible for ongoing engagement 
and implementing social management systems that meet corporate 
commitments and initiatives.
• The Vice President of Social Sustainability, Inclusion and Diversity 
leads social performance and sustainable development programs and 
initiatives.
• The Board CSD Committee oversees the Company’s overall social 
performance.

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OUR PERFORMANCE
Social Performance
In 2021, we created our Social Sustainability Policy. This Board level policy, 
which replaced our CSR Policy, incorporates international standards and 
best practices, and is intended to address COI expectations. It formalizes 
our commitments to work with host communities, manage impacts on 
them, and contribute to their sustainable development. This policy includes 
specific commitments regarding Indigenous Peoples, mine closure, 
resettlement, water use, and cultural heritage. It also commits us to report 
progress on meaningful social sustainability goals and targets.
We also continued our effort to standardize and formalize our social 
sustainability processes by adding tools to improve our ability to 
understand and manage social issues and risks. For example, we have 
outlined an approach to COI mapping, engagement planning, and response 
mechanisms across all operations. We continued to implement our country-
level social risk assessment tool which improves our ability to identify 
proactively and manage potential risks before a serious issue or conflict 
arises. Throughout the COVID-19 pandemic, this tool has proven valuable 
in managing the significant risks that each of our operations faced. We 
consider risk not only from an operation’s perspective but also from the 
perspective of our COIs, and this approach creates opportunities for 
fostering positive outcomes.
In 2021, we developed a Corporate Social Closure Standard, aligned with the 
TSM Mine Closure Framework, as well as the social closure requirements of 
the International Council for Minerals and Metals’ (ICMM) Integrated Mine 
Closure, Good Practice Guide (2019), and Performance Expectation 6.1. Our 
Corporate Social Closure Standard establishes a framework intended to 
guide operations in developing social closure plans with the participation of 
local COIs that reflect local conditions, expectations, and legal obligations.
The application of this Corporate Social Closure Standard will help us better 
identify risks, manage impacts and community expectations, and contribute 
to creating long-term socio-economic opportunities. To learn more about 
our mine closure approach and performance, please see the Mine Closure 
section. 
By the end of the year, all our operations had met Level A requirements on 
the TSM Aboriginal and Community Relationship Protocol and had begun 
implementing the new TSM Community and Indigenous Relationships 
Protocol, which adds new requirements, including risk management 
systems and effective engagement and dialogue with Indigenous Peoples.
We created social SPIs to better measure and actively monitor our 
performance in key areas:
• Social Risk Management–number of ongoing disputes; number of open 
and resolved community incidents
• Grievances and Requests Management–status of grievances and 
requests per mine; grievances and requests received by category
• Community Investment–amount of community investment budget 
executed
Our internal biennial sustainability audits help us assess the effectiveness of 
our community programs and processes, their alignment with our policies 
and standards, and the conditions of our mining camps and facilities. Audits 
are also important in identifying opportunities for improvement. Corrective 
actions and, in some cases, programs are designed and implemented to 
close the gaps on findings and address concerns. Our audit framework 
is based on the ISO 26000 guidance standard on social responsibility 
and incorporates international standards, industry best practices, and 
Pan American Silver’s policy commitments. Additional details on our 
sustainability audits and audit performance can be found in the ESG 
Management section.
We have also been improving our data management system to track our 
performance on social SPIs and the results of our sustainability audits, 
and to monitor our social risks. The implementation of this system across 
all operations is intended to improve data quality, performance, and issue 
management.
We conduct baseline and impact assessments to identify potential negative 
impacts on local communities. In 2021, we conducted a baseline study 
at Shahuindo to assess the impacts of certain community development 
projects. As part of the social closure planning process, we conducted 
impact assessments at Manantial Espejo, La Arena, and Dolores. To 
meet the Environmental Impact Assessment (EIA) requirements, we also 
completed a perception study at Manantial Espejo.

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Fulfillment of community commitments is a key means of building 
trust and avoiding disputes. At our San Vicente mine in Bolivia, we 
needed to obtain four individual community agreements to authorize 
the expansion of the tailings facility for additional capacity. We 
engaged with these communities to understand their needs, respond 
accordingly, and create processes to adopt in order to obtain the 
communities’ authorization to proceed with the expansion. During 
the expansion process, we received an extraordinary amount of 
male contractors around the San Vicente community.  With the 
intention of reducing stress around the community where our family 
camp facilities are located, we set the contractor camp far from San 
Vicente and provided training to contract workers on the prevention 
of harassment, with a focus on respect to women, children, and 
communities. We also developed a procedure for new projects, 
which requires identification of community impacts (in addition to 
environmental and security impacts), as well as the development of 
stakeholder engagement and communication protocols.
SAN VICENTE, BOLIVIA: ENGAGING WITH LOCAL 
COMMUNITIES
Community Response Mechanisms
Our community response mechanisms provide a means through which 
community members can engage with our operations. Community 
members can submit questions, requests, concerns, and/or grievances to 
us in person or via:
• Community mailbox
• Telephone
• Email
• Suggestion boxes
• Community offices
All requests or grievances are registered by the social teams, which then 
respond by working with other departments if needed. If there is an 
objection or disagreement to the proposed response, the case escalates 
to an appeal process that involves the mine senior management. The 
process is overseen by the Vice President of Social Sustainability, Diversity, 
and Inclusion. The effectiveness of the mechanism is evaluated through 
our social audit system. Through stakeholder surveys and ongoing face-
to-face communication, we also provide opportunities to the users of 
our Community Response Mechanisms to give us feedback on how the 
mechanisms operates and on any improvements that can be made to it.
During 2021, we created a specific SPI to track our grievance response 
within the target timeframe. Our objective is to acknowledge all requests 
and grievances within 15 days of receipt and resolve them within 90 days 
of receipt. We averaged 50 days from receipt to closure. Our new data 
management system will allow us to track and monitor our performance, 
which we hope will improve both our responsiveness and accountability.
In 2021, we received 1,998 requests and grievances, an increase over the 
1,290 received in the previous year. The majority (74%) fell into the category 
of “Company’s Initiatives”, which are predominately requests for information 
about our operational activities or actions related to COVID-19, requests for 
employment opportunities, and requests for donations. By the end of 2021, 
we had closed 91% of requests and grievances received, including all high-
risk and most medium-risk grievances. Our teams continue to work with the 
relevant individuals and communities to resolve the remaining 176 low-risk 
requests and grievances, and one outstanding medium-risk grievance.

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ENVIRONMENT
2.4%
OTHER
0.2%
RELOCATION
0.2%
LOCAL
PROCUREMENT
20.7%
EMPLOYEES
0.2%
LAND AND
PROPERTY
IMPACT TO  
LOCAL PROPERTY
1.2%
0.6%
COMPANY’S
INITIATIVE
74.4%
GRIEVANCES AND REQUESTS BY CATEGORY - 2021
Note: includes operating mines only.
Our response mechanisms track requests and grievances in 13 categories. 
In any given year, we may or may not receive requests or grievances 
pertaining to a specific category.
GRIEVANCES AND REQUESTS CATEGORIES
Category
Description
Company’s 
Initiative
Requests for donations, support, social investment, employment 
and business opportunities.
Cultural 
Heritage
Concerns related to potential damage to traditional and/
or sacred areas or objects important to the local population, 
including Indigenous groups.
Economic 
Displacement
Allegations of damage to the main economic activities of 
communities or populations caused by a relocation from their 
area of origin due to mining activities.
Employees
Concerns related to work environment, contract and any other 
issue that involves an employee or contractor.
Local 
Procurement
Allegations of breach of a local employment commitment/
contract. Issues related to delay(s) in payment(s) to contractors/
suppliers for goods/services provided to the mine (or to a related 
contractor or supplier).
Environment
Concerns related to water quality and quantity, air quality, noise, 
gases, and/or solid and liquid waste. Environmental incidents, 
including spills or releases of liquids, gases, and/or solid waste 
into water, air or onto land.
Health and 
Safety
Concerns related to the health and safety of local community 
members or their assets.
Human Rights
Allegations related to breaches of our Human Rights Policy or 
Code of Ethical Conduct. Allegations related to discrimination or 
harassment.
Impact 
to Local 
Property
Allegations of property damage resulting from the activities of 
the mine or its contractors.
Land and 
Property
Concerns regarding potential breach of commitments resulting 
from the purchase or sale of land or commitments not fulfilled 
with the former owners.
Land Rights
Misuse of land rights (permits) held by the mine.
Other
Any matter not related to a specific category.
Relocation
Issues arising from the relocation of communities or populations 
due to mining activities.
A key issue for many of our local communities is dust that is 
generated by our activities such as blasting, crushing, and 
transportation on gravel roadways. If not properly managed, 
dust can affect air quality and human health. Dust generated by 
transport trucks on gravel roadways is a common grievance raised 
by communities. We actively manage this issue. All our operations 
have dust suppression systems to manage dust sources from 
truck transport on gravel roadways. We also work with affected 
communities and local authorities to implement and/or improve 
mitigation measures, such as paving and dust suppression measures. 
Additional information on non-GHG air emissions is located in the 
report data tables.
DUST MANAGEMENT

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Social Disputes
We manage social risks and minimize social disputes by identifying risks 
early through our social risk processes and prioritizing engagement and 
participatory processes. COVID-19 has created additional community 
stresses, primarily related to economic uncertainty and the quality of 
healthcare for vulnerable groups. In 2021, we experienced a few community 
incidents in the form of temporary road blockades relating to requests 
for employment. All were resolved peacefully. We work to create local 
opportunities through procurement and other socio-economic development 
programs.
Significant Disputes
We define significant social disputes as grievances that cannot be resolved 
jointly within a reasonable time frame and/or require significant financial 
resources to resolve. These disputes are escalated to site-level or country-
level senior management to oversee the resolution process. In 2021, we 
had no new significant social disputes at our operations; however, we are 
actively working to address two ongoing social disputes.
As part of an expansion at La Colorada that began in 2015, we built new 
camp facilities and re-accommodated workers and a group of families 
who lived on our property. Thirteen families opposed the move and new 
accommodations, and thus filed a land rights claim at the Mexican Agrarian 
Court. This group also engaged the United Nations Office of the High 
Commissioner for Human Rights (OHCHR) in Mexico City. In addition, a 
process was initiated before the Secretariat of Agrarian, Territorial, and 
Urban Development in Zacatecas to dispute lands legally owned by the 
Company and declare them as national property.
We have been proactively working with the OHCHR and the families affected 
to resolve the issues. In 2018, the OHCHR identified areas of concern and 
opportunities for improvement from a human rights perspective, including 
improving water, electricity and facilities access, as well as changes to 
physical security infrastructure. We took immediate steps to address these 
issues and met with representatives of families and officials from OHCHR 
and National Human Rights Commission on three occasions prior to 2021. 
In 2021, we introduced a process to discuss relocation of the affected 
families and held our first dialogue directly with them, who invited us to the 
housing units for the first time since the beginning of the conflict. This has 
helped us better understand their concerns. We were also able to respond 
to their requests, including conducting changes to security measures, 
maintenance on the accommodations and access road, working with the 
families to hire a schoolteacher, and providing them with access to health 
care services. We are actively working with the families and the OHCHR, and 
committed to finding a resolution to this dispute in 2022.
The situation at Escobal is also classified as an ongoing dispute. Prior to 
our acquisition of Escobal in 2019, its mining license had been suspended 
by the Constitutional Court of Guatemala due to the Ministry of Energy and 
Mines’ omission to conduct the legally required consultation with the Xinka 
Indigenous People. The mine is currently on care and maintenance while 
the government of Guatemala conducts the court-mandated International 
Labour Organization (ILO) 169 consultation process. We are a participant in 
the consultation process, as directed by the government. (Additional details 
on the Escobal mine and the ILO consultation process are provided in the 
Escobal Project section of this report. Since July 2017, protesters near the 
town of Casillas have blocked mainly mine-related deliveries from using 
the highway that connects Guatemala City to San Rafael Las Flores and the 
Escobal mine. A second roadblock initiated in 2018 near the community of 
Mataquescuintla also remains in place. We are engaging with community 
leaders, government agencies, and NGOs to develop a productive dialogue 
aimed at addressing concerns, resolving the dispute, and reaching a 
peaceful conclusion.

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Indigenous Rights and Relationships with Indigenous Peoples
Pan American Silver recognizes and respects the rights, cultures, heritage, 
and interests of Indigenous Peoples and endeavors to build and maintain 
positive relationships with them. Our Social Sustainability Policy sets out 
guidelines that aim to recognize and respect the rights, cultural values, 
beliefs, knowledge, and traditions of Indigenous Peoples present in the 
areas where we operate. In alignment with MAC’s TSM Indigenous and 
Community Relationships Protocol, and as outlined also in our Social 
Sustainability Policy, we are committed to aiming to achieve free, prior, 
and informed consent (FPIC) for impacts on rights of directly affected 
Indigenous Peoples.
Ongoing engagement and the identification of mutually beneficial 
opportunities is the approach we believe can develop positive and 
sustainable relationships with Indigenous Peoples. For example, we operate 
two mines near Indigenous Peoples communities at our Timmins operation, 
where we engage them through multiple channels, including site tours, job 
fairs, community visits, and educational events. We also have an Indigenous 
Coordinator on site who is selected and employed by the Wabun Tribal 
Council, a regional chiefs’ council, and is responsible for sharing Company 
information with two of the four Indigenous Peoples communities. Formal 
partnership agreements, in the form of Impact Benefit Agreements (IBAs), 
were established between our Timmins operating companies and the 
Mattagami, Flying Post, Matachewan, and Wahgoshig First Nations. These 
IBAs establish frameworks for continued consultation on existing and future 
operations at the mine. They also include provisions regarding education 
and training, employment, business and contracting opportunities, 
environmental care, and economic benefits.
Examples of measures collaboratively created to support local Indigenous 
Peoples communities include initiatives to increase the number of 
employees who self-identify as Indigenous and to provide support for our 
Indigenous partners’ community projects. We also provide ongoing support 
for the Mattagami fish hatchery by supplying materials and assisting in its 
operations. Walleye is a commercially valuable food fish, as well as a popular 
sporting fish, and the hatchery raises and releases hundreds of thousands 
of Walleye fish into local streams and lakes each year.
At the Escobal mine in Guatemala, operations are currently suspended 
while the Government of Guatemala completes an International Labour 
Organization (ILO) Convention 169 consultation process(20) with Xinka 
Indigenous Peoples. As a participant, we cooperate and fully support the 
consultation process.
In 2021, we had no new incidents involving violations of the rights of 
Indigenous Peoples.
Artisanal and Small-Scale Miners
Artisanal or informal mining can be a key source of income for local 
communities. Because government administrations are often lacking in 
the locations where these mines operate, their activities can be largely 
unregulated and working conditions unsafe, creating risks for both miners 
and communities, including environmental degradation, human rights 
abuses, health and safety issues, and the funding of conflict.(21) In addition, 
the potential exists for conflict between Artisanal and Small-Scale Miners 
(ASM) and anti-mining groups.
In Peru, 118 groups of informal miners represented by the Asociación de 
Mineral Artesanal San Blas (AMASBA) are active on land adjacent to the 
Shahuindo mine. The economic crisis triggered by the COVID-19 pandemic, 
along with high gold prices, has prompted a recent surge in artisanal mining, 
and there has been an influx of artisanal miners onto land near Shahuindo.
• Continue implementation of the new TSM Indigenous and 
Community Relationships Protocol
• Rollout the Social Sustainability Policy
• Implement additional social sustainability performance 
indicators
NEXT STEPS
(20) ILO 169 includes a mandate for governments to consult with Indigenous Peoples surrounding mining 
operations prior to granting mining rights, permits, or approvals.  
(21) For more information, please see the Konrad Adenauer Stiftung 2019 report: https://www.kas.de/
documents/269552/0/Mineria+No+Formal+en+el+Per%C3%BA.pdf/945ec083-8ad5-f52d-5817-fd9ce-
c51ee04?version=1.0&t=1576608069579

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ESCOBAL PROJECT
The Escobal Mine
The Escobal mine is located in San Rafael Las Flores, near Guatemala 
City, and has an industrial footprint of less than one square kilometre. 
The underground mine was built to produce silver, zinc, lead, and gold 
poly metallic concentrates through a selective flotation process. Both the 
mine and process were designed to minimize water consumption, waste 
generation, and environmental disturbance through a state-of-the-art paste 
backfill, filtered tailings, and a dry stack tailings facility.
The project was operating from 2014 to 2017, during which time, it was 
a major contributor to the national and local economy by providing over 
1,500 direct jobs, thousands of indirect jobs, and through spending with 
local suppliers, tax contributions, and royalties paid to landowners, as well 
as to national and local governments. Its mining license was suspended 
in 2017 after a court proceeding was initiated by a non-governmental 
organization in Guatemala. The Constitutional Court stated in the ruling 
that the Guatemalan Ministry of Energy and Mines (MEM) violated the Xinka 
Indigenous People’s right to consultation under Convention ILO 169.
2021 marked the start of the pre-consultation stage of the ILO 169 
consultation process, which is being led by the MEM. PAS Guatemala, the 
Company’s subsidiary in Guatemala, participated in three pre-consultation 
meetings and several working meetings in 2021 as one of the three key 
participants. This long-awaited process managed to advance slowly amid 
the challenges of the COVID-19 pandemic. During the year, MEM and Xinka 
representatives reached several agreements on pre-consultation activities, 
including a commitment to complete a cultural study. The MEM has not yet 
established a clear timeline for the consultation process, nor an expected 
completion date; accordingly, a date for a potential restart of operations at 
the Escobal mine is not available. Details of the process can be found on the 
MEM website.
Highlights from 2021
The Escobal operation remained on care and maintenance in 2021. The 
COVID-19 pandemic continued to impact Guatemala and the communities 
around San Rafael Las Flores significantly, with cases surging before the 
country had access to vaccines.
At the request of local communities and government authorities, PAAS 
Guatemala provided support during the pandemic where possible. This 
support included donating antigen rapid test kits to the health department 
of Santa Rosa, and food rations to people under quarantine. We also 
provided materials for the COVID-19 vaccination centre, as well as personnel 
and logistical support for over 360 people in San Rafael Las Flores. In 
addition, we donated USD 250,000 to aid UNICEF’s efforts to ensure 
vaccine availability, refrigerated distribution, and a vaccination campaign in 
the country.
During 2021, we continued to have regular contact with the MEM authorities 
and working meetings with other institutions to prepare information for the 
ILO 169 consultation process. We believe that our active participation in the

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consultation process will foster an open and respectful dialogue, which will 
help us understand the questions, concerns, and perceptions regarding the 
Escobal mine.
Feedback from Communities
In 2021, we maintained the community engagement activities that are 
defined under our environmental management plan. These activities 
included conducting over five local focus groups and several surveys 
to get feedback about our activities, the ILO 169 consultation process, 
and perceptions about the Escobal mine. We also met with key local 
stakeholders and engaged regularly with national and local institutions.
The most frequent topics that arose through these engagement activities 
regarded employment opportunities, the possible restart of operations, and 
information about the ILO 169 consultation process.
We also ask our local employees to help us understand and analyze their 
perceptions and experiences regarding our activities in the area. In 2021, 
we conducted six perception surveys with our employees, including one 
specific to safety leadership.
Also in 2021, we were able to host more visits to the Escobal mine compared 
to 2020, while remaining in compliance with the local COVID-19 guidelines 
and restrictions. We held over 55 small group visits, allowing more than 
240 people to learn more about our operations and the mineral extraction 
process in general. Feedback from these visits suggest that this is one of 
our most impactful activities for informing people about our operations and 
mining.
Under our partnership agreement, and with the leadership of the 
municipality of San Rafael Las Flores, the fieldwork for the United 
Nations Development Program multi-stakeholder innovation platform for 
sustainable development began in 2021, aiming to achieve the sustainable 
development goals (SDGs). This fieldwork, which included the involvement 
of different sectors at the local level (women, youth, Indigenous peoples, the 
private sector, public institutions, and others), will provide the municipality 
with key insights and community perceptions to set development priorities.
We have also confirmed our membership in the local chapter of the Global 
Compact, and we will report our progress on the Company’s prioritized 
SDGs from now on.
Human Rights and Security at Escobal
Throughout 2021, we conducted human rights and security training for 
our management team, our service providers, and contracted security 
personnel.
In partnership with the Teaching Institute for Sustainable Development 
(IEPADES in Spanish)(22), a peace and security NGO in the country, we 
conducted a review of our security and human rights practices. This 
assessment was carried out through document analysis, interviews, and 
workshops that helped identify over 16 actions to uphold our commitment 
towards human rights. These actions stem from recommendations related 
to inclusion and diversity, adequate planning of future employment policies, 
a review of our closure plan in terms of social and financial impact, among 
others. As a follow-up to these commitments, we have enhanced our 
security facilities, we will continue collaborating with the participatory 
monitoring program, and continue our work to increase the inclusion of 
women among our personnel. As of 2021, 41% of the total security guard 
force and 50% of the leadership of the security guard force are women.
In order to comply with the Voluntary Principles on Human Rights and 
Security, we have implemented several actions towards the improvement 
of security management at Escobal. This included training all security 
personnel on the contents and practices of these principles, adapting 
uniforms to convey a non-aggressive appearance, and guaranteeing that all 
personnel have credentials, or are in the process of receiving them from the 
General Directorate of Private Security Services. The security contractor is 
also the only company in the country certified under the International Code 
of Conduct for Private Security.
During 2021, we did not receive any human rights-related claims through 
our grievance mechanism, nor did we receive any human rights complaints 
related to our contracted security personnel or security activities. We are 
assessing human rights impacts under our quarterly risk assessment 
process and our annual security risk assessment process.
(22) For more information on the Teaching Institute for Sustainable Development: https://iepades.org/

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Environmental Performance
Minimizing environmental impacts and, in many cases, enhancing 
biodiversity in the areas around our operations, are important 
considerations in our work. We believe we can uphold high standards of 
environmental control and demonstrate that the mining industry can 
coexist with biodiversity, providing a healthy and balanced ecosystem.
Over 180 hectares of forest and undisturbed land within our Escobal 
property boundaries are designated for conservation purposes and have 
been monitored relative to a biodiversity baseline established in 2009. 
Over the past 12 years, this long-term monitoring program has identified 
and recorded an increasing number of native feline species in this area, 
including jaguarundis, ocelots, and margay. The increasing presence of 
these felines within our property shows that the availability of prey species, 
breeding sites, and habitat is sufficient for them to develop and reproduce. 
Besides protecting the conservation area, we work to prevent forest fires, 
and prohibit hunting and extraction of flora and fauna within our mine 
property. We also provide education and training to our employees and 
contractors to increase awareness about the importance of protecting 
biodiversity.
In 2021, the Company donated over 20,000 trees to employees and 
members of the community to plant and reforest 10 hectares of land within 
the property. In 2022, we will continue to advance our environmental 
objectives in the areas of reforestation and preserving biodiversity.
External third-party experts were contracted to help representatives from 
the Municipality of San Rafael Las Flores gain the knowledge and skills 
enabling them to take part in our environmental monitoring programs. 
Twelve participants completed a 40-hour course covering the importance 
of water for consumption, the characteristics and availability of water 
resources, and community organization for monitoring and environmental 
protection. To complement the theoretical portion of the program, plans 
were made to collect water samples from five points within the municipality 
for lab analysis and discussion. In the future, we hope this program will 
improve transparency and understanding regarding the monitoring of the 
Company’s activities and potential environmental impacts.
We have also continued our efforts towards achieving a Level A in all TSM 
protocols. In particular, our commitment to the water stewardship protocol 
provides guidelines for implementing controls and manage risks for water 
resources on and off-site. As part of this commitment, we participate in the 
multi-institutional Los Esclavos watershed committee, which encompasses 
most of the Santa Rosa Department. We hope our participation in this 
organization will help to improve the understanding and management of 
water resources across the catchment where Escobal is located.

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SOCIO-ECONOMIC  
CONTRIBUTIONS
WHY ARE SOCIO-ECONOMIC CONTRIBUTIONS IMPORTANT?
Mining companies can create significant economic benefits for host countries and communities 
through taxes, payments to governments, investments in infrastructure, local employment 
and procurement, and community investments. By working with host communities and other 
stakeholders, companies can support development priorities and catalyze economic development, 
which in turn helps companies build social acceptance and manage social risk. If not managed 
properly, however, economic contributions can create economic dependence and wealth disparity 
within communities, which can cause changes in social dynamics and harm to vulnerable groups.
At Pan American Silver, we value our host communities. We want them to see our presence as a 
positive factor, and that requires establishing long-term relationships and sharing the economic 
benefits of our operations. However, our mines have finite lifespans, so it is important that our 
investments contribute to building community resilience. We work hard to understand community 
needs and interests and collaborate to identify and implement beneficial and viable programs and 
projects that contribute to community well-being and self-reliance beyond the lifespans of our mines.
What’s included in this section:
• Economic Value Generated and Distributed
• Community and Sustainable Development
 » Local Employment and Procurement
 » Socio-Economic Development Programs
 » Local Infrastructure and Service 
Investments
GRI indicator: 3-3; 201-1; 203-1; 203-2;  
204-1; 413-1
SASB indicator: EM-MM-210b.1
Prioritized SDGs: 3; 4; 8; 12
UNGC Principles: 1; 2; 6
Potential Risks and Impacts: 
• Community opposition to mine operations 
or development resulting in project or 
production, loss of or failure to obtain 
permits, and/or loss of social acceptance
• Economic dependence or wealth disparity 
within local communities, changes to social 
dynamics, pressures on infrastructure, 
housing and services, harm to vulnerable 
groups
For additional information, see these data 
tables: GRI 201-1; GRI 202-2; GRI 204-1
ANALYST CENTER
Material topic: Socio-economic 
Contributions

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OUR APPROACH
We invest directly in host countries and communities through education, 
training, economic growth, taxes, royalties, wages, infrastructure 
improvements and local procurement. We also contribute to the sustainable 
development of host communities through investments in infrastructure 
and services, as well as socio-economic development programs created 
in partnership with communities with the intent of providing long-term 
benefits.
Policies
• Global Human Rights Policy
• Inclusion & Diversity Policy
• Social Sustainability Policy
Standards and Guidelines
• Community Development Initiative (CDI) Toolkit provides guidelines 
to help us identify and develop socio-economic programs with a high 
likelihood of long-term success, and to measure their impact
Plans, Programs and Initiatives
• Participatory community processes such as baseline assessments 
conducted jointly with communities and third parties help us understand 
the existing social context, the actual and potential impacts of our 
operations, and community needs and interests. This enables us to 
identify opportunities for long-term investment. Baseline assessments 
are updated when designing new programs or initiatives with COIs
• Natural leader focus groups are conducted when appropriate to engage 
with and seek input from informal community leaders, beyond elected 
officials and formal groups
• Socio-economic development programs focus on education, health, 
and alternative economic opportunities intended to provide long-term 
benefits
• Local procurement initiatives engage and build capacity with local 
suppliers
Monitor and Evaluate
• The TSM Aboriginal and Community Relationship Protocol provides a 
standard process for community engagement against which operations 
self-assess their performance
• Social Sustainability audits help us verify that our community investment 
programs meet our policy and that the CDI Toolkit guidelines have been 
applied. The audits also assess our progress in fulfilling our commitments
Accountability
• The Vice President of Social Sustainability, Diversity, and Inclusion leads 
social sustainability programs at the corporate level
• The Senior Vice President, Corporate Affairs and Sustainability oversees 
social sustainability in the Company
• The Board CSD Committee has oversight of the Company’s community 
investments

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OUR PERFORMANCE
Economic Value Generated and Distributed
Our core business activities generate economic value for COIs at the international, national, regional, and community levels, both directly and indirectly. Our 
direct investments include wages paid to employees, community investments, purchases of local products and services, and payments to government in the 
form of taxes, royalties, and fees. Payments made to governments can be reinvested in social and economic programs that benefit the communities, regions, 
and countries where we operate. Economic Value Retained can be used for future reinvestments in expansion and growth projects, which ultimately contribute 
to regional economies.
(1) Based on 2021 accrued revenue as per annual Financial Statements for fiscal 2021, dated February 23, 2022.
(2) Our spendings are broken down into four geographical categories; “local”, “regional”, “national”, and “international”. The “local” category refers to the expenditures in communities in the direct area of influence. The “”re-
gional” category is intended to capture expenditures in the indirect areas of influence within the surrounding regions. The “national” category includes all other areas within a given country that are excluded from either local 
or regional.
(3) This is the economic value retained by the Company, after expenditures from mining activities, which is typically used for future growth and diversification of the business. Such investments are typically deployed in 
local economies. Expenditures from mining activities include production costs, royalties, general and administrative expenditures, exploration and project development, income taxes paid, payments for mineral properties, 
plant and equipment, payment of lease obligations, repayment of construction loans, and reclamation expenditures as described in the annual Financial Statements for fiscal 2021, dated February 23, 2022. Production costs 
exclude purchase price allocation inventory, fair value adjustments and NRV inventory adjustments.
DIRECT ECONOMIC VALUE GENERATED AND DISTRIBUTED
Economic 
Value  
Generated(1)
Local 
Community  
Spending(2)
Regional 
Spending(2)
National 
Spending(2)
Payments to 
Governments
Internation-
al Spending
Dividends
Debt 
Repayments 
and Interest 
Paid
Economic 
Value 
Retained (3)
Economic 
Value Retained 
before 
Payments to 
Providers of 
Capital
$US Millions
$1,600
$1,800
$1,400
$1,200
$1,633
($293)
($374)
($454)
($190)
($81)
$242
($72)
($5)
$165
$1,000
$800
$600
$400
$200
$0

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$100
$0
$200
$300
$400
$500
$600
Mexico
Peru
Bolivia
Argentina
Canada(1)
Wages & Benefits
Supplies & Services
Taxes & Royalties
Community Investments
$377.9
$563.3
$63.9
$116.6
$220.3
OPERATING MINES SPENDING BY COUNTRY
(1) Canada amounts only include expenditures from our Timmins West & Bell Creek operations and exclude 
corporate expenditures.
Our community investments are voluntary contributions that, in addition 
to a portion of the taxes and royalties paid to governments, provide 
social benefits to local communities affected by our operations. These 
investments are meant to be sustainable, defined by communities, and 
aligned with our business objectives. We actively track each operation’s 
community investments to discern whether allocated funding is reaching 
the communities within a reasonable time and community commitments 
are met. Budget performance is audited to identify the cause of any delays.
Community Investment and Sustainable Development 
COMMUNITY INVESTMENT AND 
SUSTAINABLE DEVELOPMENT
SOCIO-ECONOMIC 
DEVELOPMENT 
PROGRAMS
INFRASTRUCTURE 
AND SERVICES 
INVESTMENTS
LOCAL 
EMPLOYMENT AND 
PROCUREMENT
LOCAL ECONOMIC 
DEVELOPMENT 
PROJECTS
HEALTH 
PROGRAMS
EDUCATION 
PROGRAMS
Throughout the year, we engaged with communities to better understand 
the effects of the pandemic and identify how we could support their needs 
through community investments.  
Local Employment and Procurement 
For many of our host communities in Latin America, the pandemic has 
created economic hardship and uncertainty, which has increased the 
number of community members reaching out to us for employment. We 
recognize these economic challenges, and that we are unable to meet 
all the demands of our Latin American community members for direct 
employment. Where possible, we create employment opportunities, both 
direct and indirect, and prioritize local hiring while focusing on our diversity 
and inclusion objectives. Most of the workforce at each operation is from 
the country where the operation is located. 
We also emphasize local procurement, which creates opportunities for 
community members and local businesses. We have programs to support 
community members in launching and/or sustaining small businesses that

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provide our mines with necessary goods and services. Where local suppliers 
cannot meet our needs or business standards, we build capacity through 
programs and support focused on:
• Business skills, such as accounting and bookkeeping 
• Bidding processes 
• Pan American Silver’s business standards and protocols 
• Health and safety training for contractors 
• Health and addiction workshops 
We also encourage our larger contractors and suppliers to hire or use 
qualified local enterprises whenever possible. This approach provides 
transferable skills and creates economic opportunities for individuals 
and small businesses. It also supports our business by deepening the 
relationships between our sites and local suppliers, providing us with a 
higher level of service, and helping us build a more resilient supply chain. In 
2021, 51% of goods and services ($421.7 million) were provided by local or 
regional suppliers. 
Key goods and services from local, regional, and national economies 
include: 
• Materials for road construction 
• Machinery and parts 
• Food and catering services 
• Maintenance services 
• Earthmoving equipment for road maintenance and smaller construction 
projects  
Socio-Economic Development Programs  
Our socio-economic programs predominately relate to education, skills 
training, health, and local economic development projects. In these 
programs, we put an emphasis on vulnerable groups, and we also make 
efforts to consider diversity and inclusion. If successful, these programs 
will provide benefits that exceed the lifespan of our mines. We also create 
programs in other areas in response to needs or priorities identified through 
engagement with COIs or impact assessments. 
Our Community Development Initiatives (CDI) Toolkit establishes guidelines 
for socio-economic programs. Our objective is that all programs: 
• Address community needs and interests 
• Are developed and implemented with community participation 
• Are appropriate to the local social context 
• Consider mine closure 
• Incorporate key performance indicators 
• Align with our prioritized SDGs 
• Align with our Social Sustainability and Global Human Rights policies 
In 2021, we updated our CDI Toolkit to incorporate, in the development 
and performance phase, environmental criteria related to water access/
availability, climate change, and health and safety. In addition, the CDI 
Toolkit now allows the team to use SPIs aligned with the UN Sustainable 
Development Goals.
Local Economic Development Projects 
Our local economic development projects support local communities, 
families, or groups in creating and self-sustaining economic opportunities 
not directly related to our mines. We provide equipment, tools, supplies, 
capacity building, training, and other support for a specific duration of 
time, with the aim that these programs will be self-sustaining beyond our 
involvement.  
In 2021, we temporarily paused certain projects due to COVID-19 
restrictions and resourcing constraints. In other projects, we shifted to 
online training and providing in person support when it was safe to do so.

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In host communities facing ongoing economic challenges, our local 
economic development projects are aimed at providing technical skills 
to increase local food production and contribute to the self-sufficiency of 
increasingly important small-scale food producers and family farmers. 
Examples of these projects include: 
• Ranching Program, Bolivia–Supports improvements in the genetic 
quality of livestock to maximize meat and wool production for personal 
consumption and sales. In 2021, San Vicente expanded the program 
to improve breeding practices of the livestock in the Loma Colorada 
community. 
• Nutritional Greenhouse program, Bolivia and Mexico–Provides supplies, 
training, and capacity building to support the community in greenhouse 
construction and maintenance, as well as in sustainable food production. 
Greenhouse projects allow for the production of vegetables and greens 
in areas where production would otherwise be impossible without 
specialized techniques.  
• Guinea Pig program, Peru–Provides families with training and supplies to 
increase guinea pig production in the districts of Chungales, Raumate, La 
Arena, and La Unión.

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Related Priority SDGs: 
Pan American Silver’s community investment programs seek to 
create self-sustaining economic opportunities that increase and/
or optimize local capacity in areas unrelated to mining activities. 
In Peru, we are implementing a variety of projects to catalyze 
socioeconomic development in host communities. These projects 
are identified through a participatory approach and are consistent 
with local, regional, and national government administrative 
priorities and policies.
Since 2020, our Shahuindo mine has been working to boost 
avocado production in the Condebamba Valley, Cachachi district 
in Cajamarca province. Our 8-year project “Strengthening the 
Avocado Production Chain in the Condebamba Valley” aims 
to generate a sustainable income source for 500 local avocado 
producers through training to improve productive techniques and 
facilitate the connection between local production, and regional 
and international markets. The project also coordinates production 
and commercialization efforts between local avocado producers, 
private institutions, and local authorities. 
We set the following targets to achieve by 2028: 
• Train 500 producers in the productive management of avocado 
cultivation with good agricultural practices (including technical, 
production-related, organizational, and commercial training)  
• Provide 500 producers with personalized technical assistance in 
avocado cultivation 
CASE STUDY
STRENGTHENING THE AVOCADO PRODUCTION CHAIN 
IN THE CONDEBAMBA VALLEY - SHAHUINDO MINE

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• Achieve the planting of at least 30 ha of avocados 
• Achieve 50 existing hectares technically managed with 
appropriate agricultural practices 
• Establish a minimum of one nursery with improved technical 
conditions, producing 10,000 seedlings 
During the implementation of this project, several challenges were 
overcome, such as establishing a permanent water collection 
system for irrigation and the installation of geotanks to improve 
water use efficiency. Nevertheless, the project has shown positive 
results in the first two years, including: 
• 150 producers trained in organizational and commercial skills 
focused on the avocado market 
• 150 producers trained on avocado production and export quality 
standards  
• 90 ha of Hass avocado trees planted 
• Five seedling nurseries managed by a local company and a 
women’s group from host communities 
Additionally, the project has provided: 
• Installation of a modern irrigation system, covering an area of 40 
ha and including geotanks with a volume of 42 m3  
• Commercial support to export a shipment of 23 tonnes of 
traditional Hass avocados to China through the agricultural 
export company MIALVAL  
• Generation of 3.39 jobs per producer supported  
• Creation of 120 seasonal jobs for women  
• Training for 10 groups of entrepreneurial avocado producers 
In 2022, we plan to expand avocado production with the likely 
addition of 50 new producers to the program and to install 
new geotanks to meet production needs. Also, as part 
of a coordination initiative with the Cajamarca Regional 
Government, production monitoring will be digitalized. We 
will start to measure the economic impact of the project as 
of 2022. 
Pan American Silver Peru won the 2021 Sustainable 
Development Award, granted by the National Society of 
Mining, Petroleum, and Energy, for the positive impact 
realized in the project’s first year.

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Health 
In 2021, we continued supporting the health, safety, and well-being of 
communities during the COVID-19 pandemic by providing access to 
vaccinations for our workforce and vulnerable groups in our communities. 
We partnered with UNICEF Canada for its GiveAVax campaign which 
provides global, equitable access to COVID-19 vaccines through the 
distribution of vaccines to low and middle-income countries. Our donation 
of USD 750,000 supported the COVAX deployment in Peru and Guatemala.  
Our operations continued to respond to COVID-related requests from 
community and local government in their areas of influence. Support 
provided include: 
• Providing hygiene and medical supplies to communities  
• Assisting in sanitization of community common areas and essential 
public facilities, such as schools, hospitals, and community centers 
• Providing rapid tests to nearby health centers  
• Provide support in accessing COVID-19 testing and vaccination for host 
communities 
We continued to run our ongoing health programs that are intended to 
facilitate access to health services for all community members, with an 
emphasis on identified vulnerable groups, such as young children, women, 
and elders. In 2021, we continued: 
• Providing community members with access to health services in areas 
including general medicine, dentistry, gynecology, laboratory exams, and 
psychology  
• Providing micronutrients to children at risk of anemia due to high levels of 
malnutrition near our Morococha mine in Peru 
• Funding the salaries of health professionals who provide health care to La 
Arena and Caracmaca communities 
In 2021, we also completed the renovation of the health center in the 
Colonia Orion community near our La Colorada mine in Mexico. 
Education 
Education helps prepare individuals for life and is key to professional 
success. Our programs include:  
• Child and adult literacy and education  
• Scholarship programs for university students 
• Support for teachers or the payment of their wages 
In 2021, we provided schools and students with access to quality remote 
education through donations of laptops, tablets, educational materials, and 
supplies. In Peru, we donated 449 tables, 20 projectors, and 20 laptops to 
the Cajabamba Education Authority near our Shahuindo mine. 
2021 was the first year in a 3-year, USD 1.5 million partnership commitment 
with UNICEF Canada to provide health and education to vulnerable children 
and families in the Latin 
American countries where  
we operate.  
Local Infrastructure and 
Services Investments
Some of our operations are 
located near communities 
that have basic services and 
amenities, whereas others are 
in remote, sparsely populated 
regions with little or no 
infrastructure. We regularly 
make investments to upgrade 
local infrastructure and social 
services in the communities 
near our operations.  
In 2021, our infrastructure 
projects included upgrading school facilities in Mexico and Peru, and 
constructing a water treatment and distribution system that will connect 
1,500 families with potable water in La Arena.
“WE PARTNERED WITH UNICEF 
CANADA FOR ITS GIVEAVAX 
CAMPAIGN WHICH PROVIDES 
GLOBAL, EQUITABLE ACCESS TO 
COVID-19 VACCINES THROUGH 
THE DISTRIBUTION OF VACCINES 
TO LOW AND MIDDLE-INCOME 
COUNTRIES. OUR DONATION OF 
USD 750,000 SUPPORTED THE 
COVAX DEPLOYMENT IN PERU 
AND GUATEMALA.”

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• Build our capacity to better implement and manage 
social programs  
• Align all community development program KPIs with  
the SDGs 
• Improving real time monitoring and evaluation of projects 
and commitments through our new management system
NEXT STEPS
In Peru, through the Public Works for Taxes (OXI) program, we collaborated 
with governments and local communities to fund and build infrastructure 
for communities in need. Through the program, the community and local 
governments identify necessary infrastructure, and the government funds 
the project, which is developed by a private company in return of corporate 
tax relief.  
Examples of such projects include: 
• Near Shahuindo: The construction of the Cachachi Primary School in 
coordination with the District Municipality of Cachachi, improvements to 
the road system in San Marcos district, the construction of Hierba Buena 
school in Cachachi, and the construction of a bus terminal in Cajabamba. 
• Near La Arena: The construction of the Choquizonguillo Health Center in 
Huamachucho

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HUMAN CAPITAL 
DEVELOPMENT
WHY IS HUMAN CAPITAL DEVELOPMENT IMPORTANT?
An engaged, skilled, and stable workforce is key to any organization’s success. In the mining 
industry, competition for skilled workers can make it challenging to recruit and retain a productive 
workforce. The remoteness of mine sites, local demographics, cultural traditions, and differing 
interests in the new generation of workers can limit the available labour pool. Moreover, increasing 
automation and the adoption of new technologies is changing the nature of certain jobs and, in 
turn, the skill sets required to do those jobs. Mining companies must foresee what skills will be 
required in their future workforce and make investments in training and development accordingly. 
At Pan American Silver, we know our people are critical to our success. We want to be an employer 
of choice and one that creates value for our stakeholders and the communities in which we 
operate. This means we must attract qualified employees who will help us achieve our business 
objectives, and invest in these employees throughout their careers. As the Company grows and the 
industry innovates, we will also have to focus on upgrading employees’ skills, building bigger pools 
of skilled workers, and accessing new talent sources. 
What’s included in this section:
• Talent Management 
• Worker Wellness 
• Worker Engagement 
• Turnover 
•  Labour Relations
GRI indicator: 3-3; 202-2; 401-1;  
403-6; G4 MM4
SASB indicator: EM-MM-310a.1;  
EM-MM-310a.2; EM-MM-000.B
Prioritized SDGs: 3; 4; 5; 8
UNGC Principles: 1; 2; 3; 4; 5; 6
Potential Risks and Impacts: 
• Skills shortages and competition for 
talent 
• Shift to automation and high- 
skilled jobs 
• Labour disruptions and work stoppages 
• Low productivity and efficiency
For additional information, see these data 
tables: GRI 2-7/GRI 2-8/SASB EM-MM-
000.B; GRI 2-30/ SASB EM-MM-310a.1; 
GRI 202-2; G4 MM4/SASB EM-MM-
310a.2; GRI 401-1
ANALYST CENTER
Material topic: Human Capital 
Development

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OUR APPROACH
Our human capital development strategy includes talent management, 
training and development, and worker wellness. We also focus on building 
work environments that foster optimal worker contributions.
Policies
• Global Code of Ethical Conduct
• Board and Senior Management Diversity Policy
• Global Human Rights Policy
• Inclusion and Diversity Policy
Plans, Programs and Initiatives
• Our Leadership Development program identifies and develops the 
Company’s current and future leaders(23) 
• Site-level training programs provide the necessary skills and development 
opportunities to meet site-specific, current and future needs 
• Succession planning helps us build the skills and talents required to fulfil 
corporate objectives (the Board reviews the Succession Plan annually)  
• Building Respect Together program fosters a respectful, safe, and 
inclusive work environment 
• Site-level union agreements 
• Whistleblower hotline provides a mechanism for employees to report 
anonymously actual or potential breaches of the Global Code of Ethical 
Conduct via phone or web, in English or Spanish, 24 hours a day, 365 days 
a year 
• PAAS Listens provides mechanisms for our workforce to give feedback or 
raise grievances with the Company
Monitoring and Evaluation 
• Compensation benchmarking helps to ensure our employee 
compensation is in line with market trends and complies with local 
legislation 
Accountability 
• The Vice President of Human Resources, Operations manages operation-
level human resources        
• The General Counsel has functional oversight of corporate human 
resources 
• The Human Resources and Compensation Committee of the Board has 
oversight of the Company’s human resources strategy
(23) Our Leadership Development Program has been on hold since 2020 due to COVID-19 restrictions.

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OUR PERFORMANCE
Our workforce comprises over 13,768 individuals. 48% of our workforce are 
contract workers.
Talent Management 
To attract and retain skilled and engaged employees, we offer meaningful 
employment, opportunities for development, competitive compensation, 
and benefits. We want our employees to feel valued, take pride in our 
Company, embody the Pan American Silver values, and share our success.  
During the year, we undertook several talent management initiatives, 
including:  
• Creating operation-level talent maps to identify the skills and talent 
currently present in our core process functions. This allows us to address 
skills gaps, prepare succession plans, and develop potential future leaders 
for our operations. 
• Piloting a new people development system in Peru. This helps us identify 
the strengths and development needs of our teams. 
We recognize the importance of creating the right working conditions 
in order to attract and retain diversely talented personnel. Our Building 
Respect Together (BRT) program is intended to help create the conditions 
for a respectful and inclusive workplace culture which fosters optimal 
worker contribution. In 2021, we rolled out this program to our entire 
workforce, conducting nearly 28,000 training hours for employees and 
contractors. Additional information on our BRT program can be found in the 
Inclusion & Diversity section of this report. 
On an ongoing basis, each operation provides training to both employees 
and contractors based on the needs and skill requirements of the mines and 
to help employees advance in their careers. 
Worker Wellness 
Since the onset of the COVID-19 pandemic, our focus has been on 
supporting the health, safety, and wellness of our 13,768 workers and 
their families. We have taken a people-first approach in our actions and 
investments, which included: 
• Health and safety protocols–we consistently reviewed and revised 
our operational and biosafety protocols with the help of an expert 
epidemiologist for changing regulations, new scientific information, and 
local virus conditions 
• Testing–we administered 442,000 COVID tests to workers (before, 
during, and after shifts)  
• Communication–we increased communications with our workforce 
through an expanded use of digital platforms  
• Vaccination–we facilitated worker access to vaccination programs 
In 2021, we placed a significant emphasis on ensuring our workforce had 
access to vaccinations to protect themselves against the COVID-19 virus. 
Site-level teams worked with national and/or local health authorities to 
provide logistic support for government vaccination programs and to 
facilitate access to vaccinations for our workforce. By the end of 2021, 
almost 96% of our workforce had been vaccinated.   
We also recognize that the impact of living nearly two years with the 
pandemic goes beyond just physical health and safety. COVID-fatigue, 
resulting from longer shifts, worker shortages, isolation during quarantine, 
as well as family and economic pressures, has imposed considerable stress 
upon our workforce. We maintain measures to improve the overall wellbeing 
of our workforce, including mental health, by providing: 
• Medical monitoring of personnel at home and on-site for those who have 
tested positive or have been exposed 
• Dedicated medical phone lines for workers to consult healthcare 
professionals on COVID 19-related concerns 
• Dedicated psychologist phone lines for workers to raise non-COVID-
related concerns, including mental health or family issues 
• Professional wellness support for families 
• Human resources apps that help us engage with employees and check on 
their wellbeing  
• Rapid antigen tests, where allowed by authorities, to reduce worker 
isolation times

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In addition, to help manage the effects of COVID fatigue, our sites developed 
the Emotional Vaccination program. Each operation has been running 
activities to boost morale and allow teams to reconnect in a COVID-safe 
manner. Activities have included barbecues, sports tournaments, fairs, 
religious celebrations, and team building sessions. 
Since the start of the pandemic, we have conducted three surveys with our 
workforce to get feedback on our response to COVID-19. Survey results 
from October 2021 showed a high level of worker satisfaction–86% of our 
workforce was satisfied with the Company’s pandemic response. 
Worker Engagement 
By listening to our workforce, we can become a better company and 
create a more positive work environment. PAAS Listens is our worker 
feedback and grievance mechanism through which our workforce can 
voice concerns, provide feedback, or raise grievances directly to Human 
Resources. Employee feedback received through other mechanisms, such 
as our Whistleblower hotline, is also entered into the PAAS Listens system. 
All grievances are reviewed and categorized, and every grievance receives 
a response. In 2021, we received 48 employee grievances/concerns. 
All grievances are reviewed by the Vice President of Human Resources, 
Operations. 
Turnover 
We aim to be a lean and efficient company. This approach has helped us 
retain our employees through market fluctuations, and it has benefited us 
during the pandemic. Tracking turnover is one way we review our market 
competitiveness, assess the effectiveness of our hiring practices, and 
evaluate our performance as an employer. Across the Company, our overall 
turnover rate in 2021 was approximately 10%, compared to 8% in 2020. 
Our turnover rates reflect local labour market competition and industry 
trends and changes. At the operation level, competitive environments for 
skilled labour and opportunities at new mines are generally responsible for 
voluntary turnover. Timmins saw the greatest voluntary turnover in 2021, 
driven by high industry competition in the region.  
Labour Relations 
Eight of our nine operations have collective agreements with one or 
more unions, and 55.5% of our employees are unionized. We respect our 
employees’ right to unionize. Our commitment to recognize the right to 
freedom of association and collective bargaining is set out in the Global 
Human Rights Policy. 
Labour strikes and work stoppages have the potential to disrupt our 
operations and reduce production. We work to build and maintain positive 
relationships with our unions and unionized workers. Our approach is to 
work in partnership with our unions, which furthers the health and safety of 
our employees, who in turn support the Company. This approach has been 
essential during the pandemic. Collaboration with our unions and taking a 
united and consistent approach to worker health, safety, and wellness have 
been fundamental in our management of COVID-19 at our sites.   
Despite overall positive relationships, strikes and work stoppages can 
sometimes occur in our industry. In 2021, we had one work stoppage during 
the collective bargaining process in Morococha.
• Continue supporting our workforce’s physical and mental 
health and safety 
• Continue managing COVID-19-related uncertainties in 
planning and predicting our staffing levels 
• Continue implementation of our people development system
NEXT STEPS

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INCLUSION AND DIVERSITY
WHY ARE INCLUSION AND DIVERSITY IMPORTANT? 
Diversity can contribute to stronger financial and operating performance. Increasingly, having a 
diverse workforce is an expectation of governments, civil society, investors, and the new generation 
of workers. In the mining industry however, certain groups such as women and Indigenous Peoples 
have been historically underrepresented. The industry is being challenged to increase diversity and 
address conditions that have created long-standing barriers to the hiring and retention of diverse 
employees. Inclusion and diversity are fundamental to Pan American Silver’s long-term success.  
We operate mines across the Americas in communities with different cultures, languages, and 
values, and we want our workforce to represent this diversity. Having a diverse workforce brings 
a wide array of backgrounds, culture, experience, and knowledge that will be essential to foster 
necessary innovations and respond to increasingly complex challenges facing the industry. We 
believe that by building an inclusive organizational culture, our workers will feel safe, valued, have 
equal access to opportunities, and will fully contribute to the success of the Company.
What’s included in this section:
• Local Hiring 
• Diversity 
• Pregnancy and Parental Leave at 
Timmins 
• Equity and Inclusion 
• Pay Equity 
• Non-discrimination 
• Building Respect Together Program
GRI indicator: 3-3; 202-2; 401-1;  
401-2; 405-1; 406-1
Prioritized SDGs: 5, 8
UNGC Principles: 1; 2; 3; 4; 5; 6
Potential Risks and Impacts: 
• Talent attrition 
• Low productivity and efficiency 
• Discrimination and lack of equal 
opportunity
For additional information, see these data 
tables: GRI 202-2; GRI 401-1;  
GRI 405-1
ANALYST CENTER
Material topic: Inclusion  
and Diversity

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OUR APPROACH
The Human Capital and Inclusion and Diversity departments work together 
to create programs and processes that enhance our ability to both hire and 
retain employees who represent the local community, and to engage with 
local contractors or suppliers. Operation-level inclusion and diversity sub-
committees develop and implement inclusion programs to address site-
specific challenges and perceived barriers to hiring and retaining employees 
who represent the local community. 
Policies
• Global Code of Ethical Conduct
• Global Human Rights Policy
• Board and Senior Management Diversity Policy
• Inclusion and Diversity Policy
• Social Sustainability Policy
Plans, Programs and Initiatives
• Building Respect Together program promotes a respectful workplace and 
develops a culture that honours inclusion and diversity 
• PAAS Listens provides employees with a mechanism to provide feedback 
or file grievances directly with the Company 
• Whistleblower hotline allows employees to report actual or potential 
breaches of the Global Code of Ethical Conduct or other policies 
anonymously via phone or web, in English or Spanish, 24 hours a day, 365 
days a year 
• Training programs, awareness, and scholarships help grow the talent pool 
of women in mining-related careers
Monitoring and Evaluating 
• The hiring and retention of women in our workforce is monitored by 
human resources on a quarterly basis 
Accountability
• The Vice President of Social Sustainability, Inclusion and Diversity, and 
the Vice President of Human Resources–Operations are responsible for 
inclusion and diversity initiatives and performance 
• The General Counsel has functional oversight of corporate human 
resources 
• The Human Resources and Compensation Committee of the Board has 
oversight of the Company’s human resources strategy

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OUR PERFORMANCE
For Pan American Silver, diversity includes gender, ethnicity, age, race, 
religion, disability, cultural and socio-economic background, nationality, 
sexual orientation, language, educational background, and expertise. Our 
aim is to build inclusive work environments in which everyone is treated 
fairly and respectfully, have equal access to resources and opportunities, 
are free from harassment, and can thrive.
Pan American Silver’s Inclusion and Diversity Policy formalizes our 
commitment to:   
• Provide a safe and healthy work environment free from violence, 
harassment, intimidation, racism, and discrimination 
• Provide equal and fair pay 
• Foster a respectful workplace culture 
• Maintain an employee feedback and grievance mechanism 
• Consider diversity when appointing, promoting, or hiring at the 
Board and senior management level
Local Hiring 
Pan American Silver emphasizes the local hiring of trained and qualified 
candidates. Local community members make up most of our workforce. In 
addition, we endeavor to hire senior managers who speak the local language 
and understand the local culture, to help translate our corporate values into 
site practices in a way that is appropriate for each site and its local norms. 
In 2021, 99.7% of our employees and 94.8% of senior management were 
locals in the countries where the mines are located. 
42%
PERU
29%
MEXICO
10%
CANADA
10%
ARGENTINA
7%
BOLIVIA
2%
GUATEMALA
EMPLOYEES BY NATIONALITY
At Timmins operations, approximately 6% of our employees self-identify 
as being of Indigenous descent, and initiatives are in place to increase this 
number, including giving hiring priority to qualified Indigenous persons.

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Diversity 
We see women as drivers of positive long-term change for Pan American 
Silver. However, mining continues to be a male-dominated industry. Just 
over 8.6% of our employees are women, a slight increase from 2020. These 
women primarily work in professional, administrative, and support roles. 
Just over 11% of our contractors are women. 
Women Workforce
Employees
8.6%
Contractors
11.4%
Total Women Workforce
9.7%
At the corporate level, the Board and Senior Management Diversity Policy 
emphasizes gender diversity as a key consideration when recruiting, 
hiring, and promoting persons at the Board and senior management 
levels. In March 2022, we formally set a target for the Company to 
maintain representation by women on the Board of at least 30%. Three 
out of our eight Board members are women, including our Board Chair, 
which represents 37.5% of our Board. Four out of our 14 vice presidents 
are women. Currently, we do not have female senior vice presidents or 
executive officers.
We continue to focus on retaining and promoting our existing women 
employees. At the start of the pandemic, our operations pledged to 
take steps to support female workers, both employees and contractors, 
considering the challenges presented by the pandemic, and implemented 
supports including:
• Work-from home protocols 
• Accommodating personal obligations such as at-home child or elderly 
care when possible 
• Establishing social services hotlines to receive concerns such as mental 
health or family issues 
We also rolled out a company-wide maternity leave program that 
provides equal support to new mothers across the Company. Our 
corporate maternity leave policy provides 19 weeks of paid leave, which 
has significantly increased maternity support in some of our operating 
jurisdictions. Our Timmins operation has developed a Pregnancy and 
Parental Leave Policy that provides both pregnancy and parental leave 
salary top-ups.   
In 2021, our efforts resulted in the retainment of 88.7% of our female 
workforce. Exit interviews indicate that turnover was due to COVID-19-
related challenges, including family obligations and health, or better 
opportunities elsewhere.  
Of all employees promoted in the Company in 2021, 12.1% were women. 
We continue to emphasize the recruitment of women, and in 2021, 18% of 
new hires were women, the same percentage as in 2020. On a mine-to-mine 
basis, we are working to identify the barriers that may limit opportunities 
for employment or advancement within our Company, and opportunities to 
work with us as contractors or suppliers. Programs and initiatives are being 
implemented to address to these barriers. Identified challenges include: 
• Interconnected and long-standing issues such as cultural biases, and 
traditional gender roles  
• Low turnover at certain sites creating a lack of entry-level positions  
• Low numbers of women candidates with mining-related technical training  
• COVID-19-related issues, such as extended shifts, lengthy stays on-site, 
and required quarantines which conflict with family obligations
Women Employees Hired And Promoted
% Women New Hires 
% Women Promoted
% Women Hired and 
Promoted
18.4%
12.1%
16.2%
Note: Represents the % of new hires that were women and the % of promotions awarded to female 
candidates

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We recognize that to attract qualified women candidates, we must invest 
in building a female talent pool in career fields related to mining. We have 
developed programs to educate women on careers in mining and provided 
those interested with the training and skills needed to work with us directly 
or with other mining companies. This training can also create contract or 
local procurement opportunities.  
In Mexico, we implemented the first phase of the Women’s Talent 
Stewardship program. Out of eighty-nine women who participated in site 
visits to La Colorada and Dolores mines, four were hired in La Colorada and 
one was hired in Dolores.  
In Peru, we launched the Women’s Talent Stewardship program in 
partnership with CETEMIN (Mining Technology Center), to provide technical 
training to eligible female candidates from communities near the Shahuindo 
and La Arena mines. Specialty areas chosen by participants included 
occupational health and safety, and metallurgical and chemical processes. 
Eighteen women (out of thirty-five) graduated from the program, and eight 
were hired to complete an internship of three months in 2021. 
Mining is a major industry in and around Timmins, Ontario, where 
our Timmins operation is located. With a shortage of skilled 
workers, competition for talent is high, which has resulted in higher 
turnover at Timmins than at our other operations. To respond to 
this challenge, our Timmins operation looked for talent retention 
opportunities. Previously, the Company did not offer paid maternity 
leave, while local competitors offered at least some paid leave. 
Offering paid maternity and paternity benefits was identified as a 
way of meeting talent retention strategies along with the Company’s 
inclusion and diversity objectives.  
In 2021, Timmins created its Pregnancy and Parental Leave Policy, 
which offers top-up payments to employees on leave and extends 
benefits beyond those provided by government employment 
insurance. The policy is intended to support new parents, regardless 
of gender, in managing new family responsibilities. The benefits apply 
to eligible salaried and hourly employees.  
Salaried Employees  
• Pregnancy leave–Top-up benefits to 100% of pre-leave weekly 
base salary for 17 weeks 
• Parental leave–Top-up benefits to 80% of pre-leave weekly base 
salary for 8 weeks 
Hourly Employees  
• Pregnancy leave–Top-up of $250 per week, for up to 17 weeks   
• Parental leave–Top-up of $250 per week, for up to 8 weeks                                         
The program has been well received by employees, and eight 
employees benefited from the policy in 2021. Timmins will continue 
to evaluate the policy’s effectiveness and make changes, as required, 
to provide supportive and competitive benefits.  
PREGNANCY AND PARENTAL LEAVE AT TIMMINS

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Equity and Inclusion 
The COVID-19 pandemic brought to light systemic social inequities 
across the globe. It also placed additional pressures on vulnerable and 
marginalized groups in our workplaces, in the businesses that supply our 
operations, and in local communities. In 2021, we took steps to further our 
inclusion and diversity commitments and support for these groups.  
We recognize the importance of increasing the dialogue within the Company 
on what it means to respect the cultural values, beliefs, traditions, and 
rights of Indigenous Peoples. In 2021, we held an online Lunch and Learn 
session with 150 participants from all of our mines in recognition of 
Indigenous Peoples Day. The intent was to introduce our workforce to the 
concept of reconciliation and build awareness of the work our Timmins 
operation is doing to meet its commitments to local First Nations. Our guest 
speaker was Chief Chad Boissoneau of the Mattagami First Nation, who 
spoke about his personal experience and the experience of Mattagami First 
Nation in working with the mining industry.  
We also included a new question in our annual COI survey, giving employees 
the opportunity to self-identify as members of an Indigenous Community. 
Currently, 15% of our total workforce self-identify as Indigenous. 
Our Traditional Indigenous Practices Leave program is available to all 
Timmins operation employees who identify as Indigenous. It provides 
up to five days of unpaid leave to enable their participation in traditional 
indigenous practices, such as hunting, fishing, harvesting, and gathering.  
We continue to advance the goals of the BlackNorth Initiative’s CEO pledge 
to address barriers for all racialized communities, Indigenous Peoples, the 
LGBTQ+ community, women, and persons with disabilities. 
In 2021 the Company established the Pan American Silver Equity and 
Inclusion Award in Science scholarships totalling $10,000, which is made 
available annually through a gift from Pan American Silver for third and 
fourth-year undergraduate and graduate students in the Faculty of Science 
who have demonstrated outstanding academic achievement and are from 
communities that have been historically, persistently and systemically 
discriminated against. Preference is given to students studying geology or 
geological sciences. Pan American Silver established this award after taking 
the BlackNorth Initiative CEO Pledge to combat anti-Black systematic 
racism and promote diversity and inclusion in the workplace. 
In 2021, we launched a 3-year commitment with the Special 
Olympics British Columbia to support year-round sport, youth, 
health, and leadership programs, empowering competitions, and 
inclusive awareness initiatives for individuals with intellectual 
disabilities across the province of British Columbia.  
Support from Pan American Silver and other partners has enabled 
Special Olympics BC to enrich the lives of over 5,200 athletes across 
BC. Through its health program, Special Olympics BC focuses on the 
following priorities: 
• increase the sustainability of health programs and access to 
follow-up care 
• improve the health status of athletes by offering health and 
wellness programming and ensuring at least 20% of Special 
Olympics athletes are enrolled in a yearly wellness program 
• increase the awareness and education of health professionals on 
treating individuals with intellectual disabilities 
• create health programs for the athletes’ families and caregivers 
• train and empower athlete leaders to become health and 
nutritional advocates 
Pan American Silver’s commitment will contribute to Special 
Olympics BC efforts to reduce the health disparities between people 
with intellectual disabilities and the general population.
PARTNERSHIP BETWEEN PAN AMERICAN SILVER AND 
SPECIAL OLYMPICS BRITISH COLUMBIA

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Pay Equity 
At each of our sites, we set salaries based on objective criteria, not gender, 
and establish salary bands that are externally benchmarked on a regular 
basis. We are in the process of developing a standardized approach to 
reporting on pay equity. 
Non-discrimination 
We have zero tolerance for any form of discrimination. Our Global Code of 
Ethical Conduct and Global Human Rights Policy prohibit discrimination, 
not only in our workplace but also against service providers and community 
members. 
Workers can raise allegations of discrimination through the PAAS Listens 
employee feedback mechanism or through our Whistleblower hotline. 
Service providers and community members can raise allegations through 
our community feedback and grievance mechanism. 
In 2021, two allegations of workplace discrimination were made, both of 
which were resolved in a timely manner.
Building Respect Together Program
We believe that respect is the foundation 
for building an inclusive organizational 
culture in which diversity is the norm and 
individuals are safe, valued, treated fairly, 
and receive equal opportunity to develop 
and advance. Our Building Respect 
Together program is the foundation of our 
approach to build and foster this inclusive 
culture. 
The program is dialogue-based and 
facilitated by over 111 employee 
volunteers across our sites. We believe 
that open dialogue around these topics is the best way to foster positive 
change. The program also includes specific content to promote a greater 
understanding and protection and respect for women’s rights.  
The program consists of three modules:
In 2021, we trained 100% of our employees and contractors on the Respect 
module—just over 13,000 individuals and over 29,000 training hours. We 
also restructured the program, reduced the number of modules from five 
to three, incorporated the original Self-esteem and Teamwork modules into 
a new module: Teamwork and Managing Differences. In 2022, we will begin 
rolling out the second module: Awareness. In addition, we will incorporate 
messaging from our Building Respect Together program in our day-to-day 
induction processes and practices. 
As a result of our training, we saw an increase in the number of related 
concerns and grievances received through our PAAS Listens worker 
feedback system. We attribute this to our workers having a better 
understanding and clearer expectations around respect in the workplace.
• Roll out the second module of the Building Respect Together 
program 
• Implement programs and practices to increase the hiring of 
women 
• Roll out a management study on inclusion and diversity to 
better understand and identify barriers and opportunities
NEXT STEPS
Respectful 
Workplaces Building 
Respect Together
Teamwork & Managing Differences – Communicating effectively
Respect – Establishing respectful understanding
Awareness – Developing assertiveness and empathy

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PAN AMERICAN SILVER
GOVERNANCE
KEY EMPLOYEES TRAINED  
ON CORRUPTION RISKS
480
OF BOARD MEMBERS, OFFICERS, 
EXECUTIVES, AND SENIOR 
MANAGEMENT CERTIFIED UNDER THE 
ANTI-CORRUPTION POLICY AND THE 
CODE OF ETHICAL CONDUCT
100%

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BUSINESS ETHICS
WHY ARE BUSINESS ETHICS IMPORTANT?
The mining industry operates in a complex and demanding legal and regulatory environment under 
cyclical market conditions. Moreover, mining operations are often located in emerging and/or 
politically unstable countries, which can be prone to levels of economic and regulatory uncertainty. 
Such circumstances can create conditions for corruption in the form of bribery, collusion, influence 
peddling, etc. Corruption can affect host communities by redirecting funds that would otherwise 
support social services or local infrastructure development. This concern is driving industry 
initiatives to increase transparency on payments made to governments. Globally, the industry is 
also experiencing increased pressure from the public, governments, and other stakeholders to 
address not only its own impacts, but to identify and manage the risks stemming from its business 
relationships.
As a Canadian company listed on the TSX and NASDAQ stock exchanges, Pan American Silver 
must comply with securities regulations and exchange rules, as well as requirements designed 
to protect investors and the integrity of financial markets. We must also adhere to applicable and 
changing legislation in the jurisdictions where we operate, as it is the case in Latin America, where 
political and economic conditions can be complex and challenging. We focus on conducting our 
activities ethically and transparently, and to apply industry best practices across all our operations. 
These practices are fundamental to manage risk, build trust with our communities of interest, and 
maintain social acceptance.
What’s included in this section:
• Anti-Corruption 
• Supplier Risk  
• Ethics Reporting 
• Tax Transparency 
• Cybersecurity
GRI indicator: 3-3; 205-1; 205-3
SASB indicator: EM-MM-510a.1;  
EM-MM-510a.2
Prioritized SDGs: 12
UNGC Principles: 1; 2; 4; 5; 6; 10
Potential Risks and Impacts: 
• Fines, penalties, sanctions for non-
compliance  
• Unanticipated changes to laws or 
regulations  
• Corruption inside our business or by 
third parties  
• Reputational damage from actual or 
perceived impropriety
For additional information, see these data 
tables: EM-MM-510a.2
ANALYST CENTER
Material topic: Business Ethics

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PAN AMERICAN SILVER
OUR APPROACH
Our Global Code of Ethical Conduct and related policies provide 
the foundational tenets of ethical business practices, set corporate 
expectations for ourselves and our business partners, and lay the path 
for operational consistency in terms of responsibility and compliance 
with applicable laws, rules, and regulations. Our Code and policies provide 
guidance on core aspects of ethical business conduct, including conflicts 
of interest, gifts and hospitality, political and charitable donations, as well 
as requirements on reporting actual or potential conflicts of interest or 
violations of this Code or other policies.
Policies
• Global Code of Ethical Conduct (the Code)
• Global Anti-Corruption Policy (the Policy)
• Supplier Code of Conduct (the Supplier Code)
Standards and Guidelines 
• Gifts and Hospitality Guidelines, which provide guidance to employees 
dealing with government officials. 
Plans, Programs and Initiatives
• Training is conducted periodically to improve employees’ understanding 
of our anti-corruption program and processes. Targeted training is 
provided to employees in procurement, government relations, and other 
roles that may be exposed to corruption risk. All new employees receive 
the Code and Policy upon commencement of employment.  
• Donation’s protocols, specific to each country, require management 
approval so that all donations made align with our values, and that the 
Company does not derive direct benefits. 
Compliance 
• Whistleblower hotline allows directors, officers, and employees to report 
actual or potential breaches of the Code or Policy via phone or web, 
in English or Spanish, 24 hours a day, 365 days a year. The hotline is 
managed by an independent service provider. The legal and compliance 
teams review and investigate all complaints made through the 
Whistleblower hotline 
• Compliance certification with the Code and the Policy is required from the 
Board, officers, executives, and senior management24 on an annual basis  
• Supply chain due diligence system helps us screen and monitor both new 
and existing suppliers for compliance with our Supplier Code, as well as a 
range of risks 
Accountability
• The Director Legal, Operations and Compliance manages anti-corruption 
programs and practices and provides annual compliance reports to the 
Board’s Audit Committee 
• The General Counsel oversees legal compliance and anti-corruption, and 
reports on these matters to the Board’s Audit Committee 
• The Board Nominating and Governance Committee also provides 
oversight regarding the compliance with the Code 
(24) Includes executive officers, vice presidents, country managers, directors, operation and unit 
managers.

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OUR PERFORMANCE 
At Pan American Silver, we adhere to the highest standards of corporate 
governance, ethics, and transparency in the conduct of our business.  
We require our Board and senior management to certify compliance 
with the Code and Policy annually.(25)  We may also request certification 
from employees in certain functions. In 2021, 294 individuals provided 
certifications.
Anti-Corruption 
We assess operations for risks related to fraud and corruption regularly. 
The most significant potential corruption-related risks identified are fraud 
perpetrated by (or in collusion with) third-party contractors or suppliers, 
and raw materials or supply inventory theft. In the operating jurisdictions 
where the risk of corruption is high, we take additional measures to manage 
these risks.(26) 
In 2021, our focus was on strengthening and standardizing our anti-
corruption and compliance processes and controls across all operations. 
Our efforts included: 
• Training and campaigns to improve our workforce’s understanding and 
level of confidence in using our Whistleblower hotline system 
• Anti-corruption training for 480 mid-level management members from all 
operations 
• Anti-money laundering training for 300 employees at La Arena and 
Shahuindo  
• Ongoing implementation of our donations protocol, which requires 
management approval to confirm that the purpose of the donation aligns 
with our values and that the Company derives no direct benefit 
• Enhancement of control mechanisms for contract bidding processes 
Supplier Risk 
Our main corruption risk lies with our third-party contractors and suppliers. 
Our supplier due diligence system helps us screen and monitor supplier 
risk. We screen all mid- and high-risk suppliers for a range of risks, including 
those related to bribery and corruption. For mid and high-risk contracts, 
we have incorporated specific anti-corruption provisions into the contract 
terms. We have also implemented additional controls into our contract 
bidding processes.
In addition, we have a process to screen our customers—which include 
refineries, bullion banks, and traders—for financial risks related to 
corruption and the financing of terrorism.   
In 2021, we continued to implement the requirements of the World Gold 
Council Conflict-Free Gold Standard at our operations in Mexico. This 
process is helping us screen for and implement processes to manage 
additional risks related to corruption and organized crime. Additional 
information about our approach to supply chain risk management can be 
found in the risk management section of this report.
Ethics Reporting 
All directors, officers, and employees are required to comply with our Code 
and Policy, and to report any actual or potential unethical or illegal activity. 
Our Whistleblower hotline service enables directors, officers, and employees 
to report, anonymously and confidentially, any actual or suspected 
unethical or illegal activity or violations, including violations of the Code or 
other policies. Employees can also use the PAAS Listens employee feedback 
mechanism anonymously to raise concerns of an ethical nature directly 
to the Company. Non-employees can submit complaints of an ethical, 
accounting, or audit nature by mail, marked “private and confidential,” to 
Pan American Silver’s General Counsel. Any ethics-related critical concerns 
raised through these mechanisms are reported to the Board. 
(25) Certification entails acknowledging receipt of the Global Code of Ethical Conduct, acknowledgment 
of its content, confirming familiarity with our policies, and committing to fulfill them and to report any 
violation. 
(26) Guatemala, Bolivia, Mexico, Peru, and Argentina are identified in Transparency International’s 2021 
Corruption Perception Index as being at high risk for corruption.

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PAN AMERICAN SILVER
Every report received is reviewed by the General Counsel and the 
compliance team. When applicable, an investigation is conducted, and 
appropriate actions are taken. We do not tolerate acts of reprisal or 
retaliation against a person for reporting any suspected violations of our 
Code or Policy. 
In 2021, the Company had 1 critical concern incident of employee fraud. The 
Company conducted a detailed investigation and determined that the 
employee had acted independently. Management self-reported the incident 
through the Whistleblower hotline and communicated the incident to the 
Audit Committee of the Board of Directors. 
Tax Transparency 
Pan American Silver pays taxes on taxable income generated through 
operations. Our approach to tax matters is aligned with the principles set 
out in our Code. In all jurisdictions in which Pan American Silver operates, 
we: 
• Comply with local tax laws and regulations, including filing appropriate 
tax returns and related reports in a timely manner. We ensure that tax 
returns and other filed reports are accurate and complete 
• Seek to maintain a good working relationship with local tax authorities. 
We respond to all requests for additional information in a timely, 
transparent, and accurate manner. If disputes arise, we work with the tax 
authorities to resolve them fairly and efficiently 
• Undertake tax planning to support the growth and development of the 
business in accordance with all applicable laws and regulations 
We have an offshore financial entity that provides insurance against certain 
risks at our worldwide mining operations. The activities of this entity are 
fully disclosed, as required, under the tax laws and regulations of the 
jurisdictions in which we operate. 
We engage in inter-company transactions and execute all such transactions 
using arm’s length transfer prices. In accordance with the Organization of 
Economic Co-operation and Development (OECD) Principles of Corporate 
Governance, we ensure that these arm’s length transfer prices are 
supported by the necessary contemporaneous documentation. 
Pan American Silver does not make any political donations or contributions 
in any of our host countries. We comply with the Canadian Extractive Sector 
Transparency Measures Act (ESTMA), which requires public reporting 
of payments to governments over CAD 100,000. Our ESTMA reports 
can be accessed on our website. In Peru, Argentina, and Guatemala, we 
publicly disclose payments in accordance with the Extractive Industries 
Transparency Initiative (EITI). In the interest of transparency, operations 
report all payments made to governments, regardless of the amount, to the 
Vice President, Tax.
Cybersecurity  
In the ordinary course of our business, Pan American Silver and our 
business partners collect and store sensitive data, including employee 
information and proprietary or confidential business information relating to 
the Company, our customers, suppliers, investors, and other stakeholders. 
Process systems at our operations may also leverage cloud-based 
technology.  
With our increasing dependence and interdependence on electronic data 
communication and storage, including the use of cloud-based services 
and personal devices, we are exposed to evolving technological risks. 
These risks include targeted attacks on our information technology (IT) 
systems or those of our business partners, and the failure of our IT systems. 
Any data breach or improper use of our information could damage our 
reputation, compromise our network or systems, and result in a loss of 
sensitive information, incidents of fraud, or operational disruptions.  
Information and cybersecurity risk is an important component of our 
business continuity. Currently, cybersecurity is managed both at the 
country and corporate levels. We are working to formalize and centralize our 
approach and processes. Our cybersecurity measures include: 
• Systems to monitor, detect and notify of potential threats 
• Annual penetration testing at all operations and corporate office locations 
• Regular phishing tests and training to raise employee awareness

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PAN AMERICAN SILVER
• Continue to incorporate local suppliers in our supplier due 
diligence system and screen additional critical suppliers 
• Implement additional measures to strengthen our corruption 
and money laundering controls 
• Continue to train employees on business ethics and anti-
corruption practices
NEXT STEPS
• System audits, including an internal audit-led assessment of the design 
and operating effectiveness of our cybersecurity risk management 
program and controls 
• The use of Multi-Factor Authentication (MFA) for critical users and 
services 
• Increased password complexity policies 
• Regular password audits to identify weak passwords 
• Cyber risk and maturity assessments 
For more information, please go to the Information and Cybersecurity 
section of our Annual Information Form on our website.

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PAN AMERICAN SILVER
APPENDIX

126   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
UNITED NATIONS GLOBAL COMPACT PRINCIPLES
To our stakeholders:
I am pleased to confirm that Pan American Silver reaffirms its support of the 10 United Nations Global Compact Principles, which cover the areas of 
human rights, labour, environment, and anti-corruption. In this report, we describe our actions to continually improve the integration of the Global 
Compact Principles into our business strategy, culture, and daily operations. We also commit to sharing this information with our stakeholders using 
our primary communication channels.  
Sincerely yours, 
This report serves as Pan American Silver’s 2021 Communication on Progress (COP) and demonstrates our commitment to integrating the 10 UNGC Principles 
into our business strategies and practices. Examples of our integration of the 10 Principles can be found throughout this report. An overview is provided in the 
table below. 
Overview: Pan American Silver’s Implementation of the 10 UNGC Principles
UNGC Principle
Implementation of the Principles 
Select 2021 Highlights 
Human Rights
Principle 1: Businesses should support and 
respect the protection of internationally 
proclaimed human rights.
• Policy commitments that foster a positive human 
rights culture and prevent, minimize, or mitigate 
adverse human rights impacts  
• Human rights analysis and risk assessment processes 
• Programs and initiatives to support and respect 
human rights in our workplace and local communities
Human Rights Highlights: 
• Developed a mine social closure standard 
• Adopted a new Social Sustainability Policy 
• Continued measuring and monitoring of our 
performance on key social and environmental 
activities through our Sustainability 
Performance Indicators  
• Linked our environmental and social goals with 
our prioritized SDGs and SPIs 
• Continued participation on the Voluntary 
Principles on Security and Human Rights 
(VPSHR) Working Group of Guatemala 
Principle 2: Businesses should make sure that 
they are not complicit in human rights abuses.
• Policy commitments to avoid being complicit in 
activities that cause adverse human rights impacts  
• Support for and participation in external initiatives 
that advance human rights performance 
• Programs and initiatives to prevent human rights 
abuses 
• Monitoring and evaluation
Michael Steinmann, President and CEO 
May 5, 2022

127   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
UNGC Principle
Implementation of the Principles 
Select 2021 Highlights 
Labour
Principle 3: Businesses should uphold the 
freedom of association and the effective 
recognition of the right to collective bargaining. 
 
Principle 4: The elimination of all forms of forced 
and compulsory labour. 
 
Principle 5: Businesses should uphold the 
effective abolition of child labour. 
 
Principle 6: Businesses should uphold the 
elimination of discrimination in respect of 
employment and occupation. 
• Policy commitments prohibit discrimination, foster a 
respectful workplace culture, and recognize the right 
to freedom of association and collective bargaining 
• Processes and best practice protocols screen for and 
prohibit forced or child labour 
• Programs and initiatives to support diversity and 
inclusion in the workplace 
• Programs and investment to support community 
socio-economic development 
Labour Highlights: 
• Provided over 29,000 training hours on inclusion 
and diversity. 100% of our employees and 
contractors received training on the first module 
of the “Building Respect Together” program 
• Continued our 3-year partnership with UNICEF 
Canada to support vulnerable children in Latin 
America 
• Procured 51% of goods and services from local 
or regional suppliers 
• Provided 1,242,545 hours of safety training for 
our workforce 
Environment
Principle 7: Businesses should support a 
precautionary approach to environmental 
challenges. 
 
Principle 8: Businesses should undertake 
initiatives to promote greater environmental 
responsibility. 
 
Principle 9: Encourage the development and 
diffusion of environmentally friendly technologies. 
• Policy commitments on addressing environmental 
issues and reducing impacts 
• Management systems and corporate standards 
that incorporate external best practices and drive 
continuous improvement 
• Programs and initiatives to manage impacts and 
reduce our footprint 
• Technological innovation to maximize efficiency  
• Performance monitoring to comply with regulations 
and encourage continuous improvement   
Environmental Highlights 
• Zero significant environmental incidents 
• 11% reduction in GHG emissions compared to 
the 2021 base case 
• 10% reduction of water use compared to the 
2021 base case 
• Achieved net positive 85 hectares of 
rehabilitated or restored land 
• 7% reduction in energy use compared to the 
2021 base case  
Anti-Corruption 
Principle 10: Businesses should work against 
corruption in all its forms, including extortion and 
bribery. 
• Policy commitments provide the foundational tenets 
of ethical business practices and requirement 
expectations for compliance 
• Programs, processes, and initiatives to identify, 
prevent, and remediate risks in our business and 
supply chain 
• Ethics reporting and compliance mechanisms to 
increase awareness and oversight  
Anti-Corruption Highlights 
• 480 key employees trained on corruption risks 
• 100% of Board members, officers, executives, 
and senior management are certified under the 
Anti-Corruption Policy and the Code of Ethical 
Conduct 
• Continued the third-party supplier due diligence 
system to screen and monitor suppliers for 
compliance with our Supplier Code

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GRI 2-7 Employees
GRI 2-8 Workers who are not employees
SASB EM-MM-000.B Total number of employees, percentage contractors
Total number of 
employees and 
contractors(1)
Employees(2)(3)
Contractors
Total 
Workforce
Administration
Geology
Engineering
Labour
Total 
Employees
Fixed(4)
Temporary(5)
Total  
Contractors
Male
Female
Male
Female
Male
Female
Male
Female
Corporate Office
22
24
6
0
15
1
0
0
68
5
0
5
73
Canada
105
41
8
5
2
2
465
30
658
0
161
161
819
Peru
230
90
35
8
223
8
2,372
26
2,992
2,210
1,675
3,885
6,877
Mexico(6)
150
95
22
6
287
27
1,358
98
2,043
1,874
38
1,912
3,955
Guatemala(6)
29
28
1
0
7
2
101
6
174
0
217
217
391
Bolivia
86
26
8
1
66
3
263
6
459
128
205
333
792
Argentina(6)
111
40
4
3
114
6
407
26
711
150
0
150
861
Total
733
344
84
23
714
49
4,966
192
7,105
4,367
2,296
6,663
13,768
(1) Data per country includes mines, offices, exploration, and project sites.
(2) Includes full-time equivalent (FTE) permanent employees only.
(3) We have full-time equivalent (FTE) permanent employees. Pan American Silver does not have temporary, non-guaranteed and part-time employees given the nature of the industry.
(4) Includes contractors with fixed term employment and whose activities are non-core to the business, but are needed to operate, e.g., catering, security, housing, cleaning, fuel supply, etc. 
(5) Includes contractors who are hired to perform a temporary activity, and whose contract has a beginning and an end date, e.g., project construction, drilling, sampling for temporary exploration.
(6) Includes Escobal, Alamo Dorado and Navidad.
(1) Data per country include mines, offices, exploration and project sites. 
(2) Direct influence area refers to the personnel who reside near the operation units. 
(3) Indirect Influence area refers to the personnel who reside in the same state or department in which the operating unit is located, but are not in the direct influence area. 
(4) National influence area refers to the personnel residing in other states or departments within the country from where the unit is located. 
(5) At the corporate level, direct influence area includes personnel who reside in Canada, and indirect influence area includes personnel who report to a manager or senior manager from corporate, but work outside of Canada. 
(6) Includes Escobal, Alamo Dorado, and Navidad.
Total number  
of employees and  
contractors by  
region(1)
Employees
Contractors
Direct  
Influence 
Area(2)
Indirect  
Influence 
Area(3)
National  
Influence 
Area(4)
Foreign
Total
Direct 
Influence 
Area
Indirect  
Influence 
Area
National 
Influence 
Area
Total
Corporate Office(5)
43
2
5
18
68
3
2
0
5
Canada
635
23
0
0
658
137
24
0
161
Peru
878
1,097
1,017
0
2,992
1,066
1,522
1,297
3,885
Mexico(6)
1,330
571
131
11
2,043
1,092
741
79
1,912
Guatemala(6)
89
58
25
2
174
217
0
0
217
Bolivia
214
111
134
0
459
121
72
140
333
Argentina(6)
383
122
205
1
711
42
105
3
150
Total
3,572
1,984
1,571
32
7,105
2,678
2,466
1,519
6,663
GRI & SASB DATA TABLES

129   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SASB EM-MM-000.A Production of (1) metal ores and (2) finished metal products 
Metal Products
2021(1)
Silver (thousand ounces) 
19,174
Gold (thousand ounces)
579.3
Zinc (thousand tonnes) 
49.4
Lead (thousand tonnes) 
18.1
Copper (thousand tonnes)
8.7
(1) See Fourth Quarter Report for the year ending December 31, 2021. 
GRI 2-28 Memberships associations
Canada and USA
• Mining Association of Canada
• Women in Mining 
• Women Who Rock 
• The Silver Institute 
• Prospectors and Developers Association of Canada (PDAC) 
• Northwest Mining Association 
• Engineers Without Borders 
• UNICEF Canada 
• Ontario Mining Association 
• United Nations Global Compact 
• Northern Industrial Electricity Rate Program 
• The Viola Desmond Chair in Social Justice at Cape Breton University
Peru
• Patronato de la Plata 
• Instituto de Minas del Perú 
• Sociedad Nacional de Minería, Petróleo y Energía 
• EITI Perú 
• Senati 
• Sencico 
• CETEMIN 
• La Cámara de Comercio Canadá Perú 
• Colegio de Ingenieros del Perú 
• ALOXI (Alianza para Obras por Impuestos)
Mexico
• Centro Mexicano Para la Filantropía (CEMEFI) 
• Fundación del Empresariado Chihuahuense (FECHAC) 
• Cámara Minera de México (CAMIMEX) 
• La Cámara de Comercio del Canadá en México, A.C. (CANCHAMM) 
• Asociación Mexicana en Dirección de Recursos Humanos, A.C. (AMEDIRH) 
• Clúster Minero de Chihuahua (CLUMIN) 
• Clúster Minero de Zacatecas (CLUSMIN) 
• Cruz Roja Durango
Argentina
• Cámara Argentina de Empresas Mineras (CAEM) 
• CADIM (Colegio Argentino de Ingenieros en Mineras) 
• CEADS (Consejo Empresario Argentino para el Desarrollo Sostenible) 
• EITI Argentina 
• Green Cross 
• Fundación LOGRAR (local development) 
• CABB, Confederación Argentina de Basquet  
• Fundación FLOR (Fundación Liderazgos y Organizaciones Responsables)  
• Fundación Codo a Codo (education initiatives at Gobernador Gregores) 
Bolivia
• Asociación de Mineros Medianos 
• Amcham Cámara Americana de Comercio 
• Colegio de Geólogos de Bolivia 
• Cámara de Comercio de Bolivia 
• Confederación de empresarios privados de Bolivia 
• Cámara de Exportadores de Bolivia 
• Cámara de Comercio Boliviano Canadiense 
• Club de Minería 
Guatemala
• United Nations Global Compact Guatemala 
• EITI Guatemala 
• Cámara de Comercio Guatemalteco Americana (AMCHAM) 
• Cámara de Industria de Guatemala (CIG) 
• Cámara de Comercio de Guatemala (CCG) 
• Cámara de Comercio Guatemalteco Canadiense (CANCHAM) 
• Gremial de Recursos Naturales Minas y Canteras (GreNat)

130   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 3-3 Management of material topics (Environment 2021 Performance and 2022 Goals by Operating Mine)
Environment 2021 Performance by Mine
2021 
Performance
Timmins
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo
Water
Improved water 
conservation in 
office/domestic 
uses.
The planned 
treatment system 
was not required 
since the unused 
section of the 
pit was used for 
sedimentation 
enabling recycle to 
the process which 
contributed to 
reduction. 
The construction of 
a vehicle washing 
system is ongoing. 
Reduction was not 
achieved through 
this project but was 
more than offset 
because of higher-
than-average 
precipitation.
Watering of 
roads with dust 
suppressant. 
The annual 
reduction target 
was substantially 
exceeded for this 
project.
The annual target 
was substantially 
exceeded and 
the internal 
connections and 
piping for a water 
reuse project were 
completed. 
The annual 
reduction target 
was exceeded 
through the reuse 
of reject water for 
irrigation. 
Completed the 
installation of 
flowmeters in the 
underground mine 
and exceeded the 
annual target. 
The design of a 
reverse osmosis 
plant to treat mine 
water is ongoing. 
The reduction target 
was met because of 
higher precipitation. 
Substantially 
exceeded 
annual 
reduction goal 
through the 
recycling of 
water from the 
tailings dam. 
Energy and 
Emissions
More than 
achieved the 
annual goal 
of 7,200 GJ 
of energy 
savings due to 
optimization 
projects and fewer 
tonnes milled. 
 
Significantly 
exceeded annual 
goal of 155 
tonnes of Co2Eq 
reduction due to 
lower energy use.
Completed the 
installation of 
variable frequency 
drives on the 
ventilation fans 
and pumps.  
 
Significant energy 
reduction due 
to the timing 
acceleration 
for the shorter 
haulage for the 
Phase 8 of the pit. 
 
Awaiting the 
completion of 
asset transfer to 
begin renewable 
energy supply.
Reductions 
achieved 
through the 
implementation of 
bus transportation 
and retirement of 
tractors in poor 
conditions.  
 
Greater use of 
energy required 
for exploration and 
ventilation fans.  
 
Awaiting the 
completion of 
asset transfer 
to commence 
renewable energy 
supply. 
Completed 
replacement of 
LED lights and 
optimization of 
the well pumping 
system. Higher 
overall energy use 
and emissions 
because of the 
increased haulage 
fleet necessary for 
the projects. 
Completed grid 
connections 
to the water 
treatment plant, 
which provided 
more savings than 
expected.
Completed the 
change of lights 
to LED bulbs. 
Tailings expansion 
required greater 
fuel use than 
anticipated.
Completed the 
replacement 
of submersible 
pumps with more 
efficient stationary 
pumps. The 
annual target was 
met. 
Reduction from 
freshwater pumping 
was more than 
offset by the greater 
energy required 
for the tailings 
expansion project. 
The annual fuel 
consumption 
rate was 
over target. 
However, 
energy use 
and emission 
reduction 
exceeded 
target due to 
fewer tonnes 
mined/milled. 
Biodiversity
Net gain of 2 ha 
rehabilitated. 
Completed 
reforestation of 
26 ha with native 
species. 
Reforestation of 3 
hectares with local 
native species.
Rehabilitated 8 
hectares. 
Achieved a 
positive net 
impact of 174 
hectares. 
Rehabilitated 2 
hectares. 
Reforestation of 
0.08 hectares. 
Unable to 
complete all 3 ha 
of reclamation. 
However, net target 
was exceeded due 
to lower than base 
case impact. 
Completed 
hydroseeding 
of 20 hectares 
to exceed the 
annual target. 
Timmins
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial Espejo
Total
Workers covered by 
collective bargaining 
agreements
0
646
794
351
315
515
566
310
414
3911
Total % of employees
0%
70%
85%
56%
54%
56%
75%
73%
64%
55%
GRI 2-30 Collective bargaining agreements(1)(2) 
SASB EM-MM-310a.1 Percentage of active workforce covered under collective bargaining agreements, broken down by U.S. and foreign employees 
(1) Unionization is free and voluntary. Pan American Silver respects freedom of association. 
(2) For most employees in Peru, Bolivia, and Argentina not covered by collective bargaining agreements, we determine their working conditions and terms of employment based on the collective bargaining agreements in place in our 
operations of such countries.

131   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
2022 Goals
Timmins(1)
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo(2)
Water
Achieve zero 
use of externally 
sourced 
freshwater for the 
mill. 
Reduction in 
freshwater usage 
through increased 
storage of treated 
effluent from the 
water treatment 
plant. 
Reduction in 
freshwater 
consumption 
through the 
installation of eco-
friendly toilets and 
urinals. 
Reduction in 
freshwater 
use through 
implementing 
water 
management 
and efficiency 
projects. 
Reduction in 
fresh-water 
consumption 
through greater 
reuse of treated 
water and 
attaining the blue 
certificate from 
the national water 
authority. 
Reduction in 
freshwater use 
by optimizing the 
amount used for 
drilling. 
Minimize water 
use on care and 
maintenance, and 
closure activities. 
Reduction in 
freshwater use by 
implementing a 
reverse osmosis 
plant to treat mine 
water.  
Reduction in 
freshwater use 
through greater 
recycling of water 
from the tailings 
dam. 
Energy and
Emissions
Reduction in 
energy use and 
emissions by 
implementing 
energy-savings 
projects. 
Reduction 
in energy 
consumption and 
emissions through 
the optimization 
of ore haulage 
routes. 
Reduction in 
energy use and 
emissions by 
replacing the 
pump trains inside 
the mine and the 
construction of an 
ore pass. 
Reduction in 
energy use 
and emissions 
through the 
replacement of 
light bulbs to LED 
and improved 
management of 
the objectives 
and action plans 
through the 
Energy & GHG 
Committee. 
Reduction 
in energy 
consumption 
and emissions 
through solar 
powered lights, 
fleet management 
software, and 
energy saving 
campaigns. 
Reduction in 
energy use and 
emissions by 
installing solar 
panels and 
replacement of 
the remaining 
lights to LED. 
Minimize energy 
use for care and 
maintenance, and 
closure activities. 
Reduction 
in energy 
consumption and 
emissions through 
the optimization 
of personnel 
transport routes 
and energy-saving 
lighting systems. 
–
Biodiversity
–
Revegetation of 
25 hectares with 
native species. 
Revegetation of 
40 hectares with 
native species. 
6 hectares of 
revegetation 
and biodiversity 
awareness 
campaigns. 
Revegetate 4.4 
hectares and 
donate 200,000 
seedlings to 
the villages of 
the Sanagoran 
district. 
1.2 ha of 
revegetation in 
the industrial and 
San José areas. 
1.6 hectares of 
rehabilitation at 
waste dumps and 
the Manuelita 
area. 
0.85 hectares of 
rehabilitation at 
the tailings dam 
and old ditches. 
Reforest 19.2 
hectares within 
the site. 
(1) No rehabilitation projects for 2022 were identified for Timmins. 
(2) No projects to reduce energy and GHG emissions were identified at Manantial Espejo since the mine is in its final stages of operation. 
Environment 2022 Goals by Mine

132   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Economic Performance
GRI 201-1 Direct economic value generated and distributed
(1) As per the annual Financial Statements for fiscal 2021, dated February 23, 2022. 
(2) Based on 2021 accrued revenue.  
(3) Payments to Suppliers, Employee Wages and Benefits, Other Taxes and Fees, and Community Investments are composed of expenditures from mining activities including production costs, general and administrative expenditures, 
exploration and project development, payments for mineral properties, plant and equipment, payment of lease obligations, repayment of construction loans, and reclamation expenditures. Production costs exclude purchase price 
allocation, inventory, fair value adjustments, and NRV inventory adjustments.  
(4) Other Taxes and Fees include payments to governments such as payroll taxes and permit fees included as production costs.  
(5) Payments to providers of capital include interests and dividends paid. 
(6) Royalties include government and 3rd party royalties.  
(7) Income and resource taxes include income taxes paid.  
(8) Corporate and Others include general and administrative expenditures, non-producing asset exploration expenditures, payments for properties, plant and equipment, income taxes paid, dividends paid to shareholders and interests 
paid to debt holders. 
(1) Only operating mines are included in this table. 
(2) In order to respect Indigenous Peoples and communities’ agreements, the “Others” category includes payments for land agreements and ad hoc activities.  
(3) Timmins includes Timmins and Bell Creek.
2021 Breakdown 
of Economic Value 
Generated and 
Distributed  
($USD thousands)(1)
Economic 
Value  
Generated
Economic Value Distributed
Economic 
Value  
Retained
Revenues(2)
Payment to 
Suppliers(3)
Employee 
Wages and 
Benefits(3)
Other Taxes 
and Fees(3)(4)
Payments to 
Providers of 
Capital(5)
Royalties(6)
Income and 
Resource 
Taxes(7)
Community 
Invest-
ments(3)
Total
Mexico
$472,668
$248,344
$94,960
$5,994
-
$12,386
$14,925
$1,290
$377,899
$94,769
Peru
713,686
338,814
104,981
11,456
-
-
101,490
6,518
563,259
150,427
Bolivia
80,446
22,187
22,345
796
-
14,165
3,962
416
63,870
16,576
Argentina
127,445
59,986
37,599
14,837
-
3,000
955
269
116,645
10,800
Canada
238,505
146,974
58,025
5,767
-
6,825
-
2,708
220,300
18,205
Corporate and Others(8)
-
14,391
25,359
1,633
76,734
-
7,873
-
125,991
(125,991)
Total
$1,632,750
$830,696
$343,269
$40,484
$76,734
$36,375
$129,205
$11,200
$1,467,963
$164,787
Community Investment 
($USD thousands)(1)
Economic 
Development
Infrastructure
Others(2)
Education
Health
Charitable 
Expenses
Total 
Timmins(3)
-
-
$2,508
$116
$81
$3
$2,708
Dolores
200
397
107
178
87
57
1,026
La Colorada
63
77
2
12
48
62
264
Shahuindo
1,090
780
818
161
120
161
3,130
La Arena
878
822
596
58
289
3
2,647
Huaron
67
132
94
188
77
3
560
Morococha
41
-
4
72
26
38
180
San Vicente
58
63
-
250
2
43
416
Manantial Espejo
-
-
-
51
142
76
269
Total
$2,397
$2,271
$4,128
$1,085
$870
$448
$11,200

133   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Paws for Hope Animal Foundation 
3,982
PDAC Mining Matters 
19,832
Society of Economic Geologists Foundation 
15,000
Special Olympics BC Society 
19,908
The BC Wildlife Federation 
3,943
The Downtown Eastside Women's Centre 
515
UNICEF Canada(1) 
500,000
Vancouver Food Runners Society 
27,696
Vancouver Symphony Orchestra 
4,055
VGH and UBC Hospital Foundation 
16,555
Total
$792,993
Corporate Giving Committee Donations
($ USD)
Atira Women's Resource Society 
$515
BabyGoRound Helping Families Society 
7,839
Big Sisters of BC Lower Mainland 
6,322
Canadian Institute of Mining, Metallurgy and Petroleum 
44,994
Cape Breton University  
63,684
Development and Alumni Engagement 
8,012
Diabetes Canada 
2,030
Greater Vancouver Food Bank Society 
3,959
Hockey Helps the Homeless 
7,928
Men's Shelter 
515
Minerva Foundation for BC Women 
15,894
Pacific Salmon Foundation 
19,815
GRI 204-1 Proportion of spending on local suppliers
GRI 202-2 Proportion of senior management hired from the local community
Procurement Practices
Market Presence
(1) Local and regional suppliers include those located in communities within the direct area of influence, and those located in surrounding regions within the indirect areas of influence. Local procurement varies by region depending on 
the availability of local suppliers and the proximity of the mine to major economic centers such as Lima and Guatemala City.
(1) Includes executive officers, vice presidents, country managers, directors, operation, and unit managers. 
(2) Includes permanent employees who are either born in or have the legal right to reside indefinitely in the same geographic region as the operation. 
(1) To support the well-being and rights of children, we entered a 3-year $1.5 million partnership commitment with UNICEF Canada to provide health and education to vulnerable children and families in the Latin American countries 
where we operate. This commitment will continue post pandemic focusing primarily on hygiene and sanitation in schools.
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial Espejo
Total
Spending on goods and services 
($US Million)
149.7
148.9
99.7
109.9
101.1
72.1
62.5
22.6
60.3
826.9
Propotion spent on local and 
regional suppliers(1)
86%
49%
20%
21%
20%
98%
97%
17%
36%
51%
 Canada 
Peru
Mexico
Guatemala
Bolivia
Argentina
Total
Senior Management(1)
100%
100%
88%
87%
100%
94%
95%
Total Employees(2)
100%
100%
99%
99%
100%
100%
100%

134   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Environment
SASB EM-MM-130a.1 (1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable 
Energy
Energy Consumption(1)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Diesel (m3)
8,833
22,910
3,757
18,477
20,368
3,583
3,173
1,197
20,618
102,916
Gasoline /Naphtha (m3)
61
1,202
226
-
-
-
-
91
 - 
1,581
Coal (tonnes)
 - 
 - 
 - 
 - 
 - 
2
 - 
 2 
 - 
4
Liquified Petroleum Gas, LPG (m3)
1,153
45
299
171
172
24
168
-
-
2,032
Compressed Natural Gas, CNG (m3)
4,159,103
-
-
-
-
-
-
-
-
4,159,103
Ammonium Nitrate, ANFO (tonnes)
17
6,718
768
-
1,737
257
803
784
273
11,357
Emulsion (tonnes)
776
431
217
4,249
8,032
94
132
75
201
14,207
Dynamite (tonnes)(2)
1,235
-
-
-
-
637
299
-
-
2,171
Electricity (MWh) 
203,656
109,452
73,307
35,437
28,077
96,563
81,504
24,240
-
652,236
(GJ) 
Energy Consumption(1)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San 
Vicente
Manantial 
Espejo
Total
Diesel (GJ)
341,660
886,159
145,325
714,686
787,819
138,574
122,740
46,314
797,497
3,980,774
Gasoline /Naphtha (GJ)
2,114
41,673
7,833
-
-
-
-
3,168
-
54,789
Coal (GJ)
 - 
 - 
 - 
 - 
 - 
53
 - 
59
 - 
112
Liquified Petroleum Gas, LPG (GJ)
29,436
1,140
7,631
4,363
4,390
616
4,294
-
-
51,871
Compressed Natural Gas, CNG (GJ)
154,843
-
-
-
-
-
-
-
-
154,843
Ammonium Nitrate, ANFO (GJ)
39
15,451
1,766
-
3,995
590
1,848
1,803
628
26,121
Emulsion (GJ)
1,785
991
499
9,773
18,475
217
303
172
462
32,677
Dynamite(2)
5,681
-
-
-
-
2,932
1,375
-
-
9,988
Electricity (GJ)
733,162
394,027
263,905
127,574
101,077
347,626
293,413
87,265
-
2,348,049
Total
1,268,721
1,339,443
426,959
856,396
915,756
490,610
423,973
138,781
798,587
6,659,225
(1) The measurement methodology to collect information is inventory control. Pan American Silver used TSM - Energy and Greenhouse Gas Emissions Management Guide 2014, Orica and conversion tools to transform the units to GJ. 
(2) In 2021, dynamite was separated from emulsions to improve reporting accuracy. This segregation allows us to apply a more specific energy density and emission factor for dynamite explosives.
(1) The measurement methodology to collect information is inventory control. Pan American Silver used TSM - Energy and Greenhouse Gas Emissions Management Guide 2014, Orica and conversion tools to transform the units to GJ. 
(2) In 2021, dynamite was separated from emulsions to improve reporting accuracy. This segregation allows us to apply a more specific energy density and emission factor for dynamite explosives.
GRI 302-1 Energy consumption within the organization

135   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
(GJ)
Total Energy Consumption(1)
2021 Total
2020 Total
2019 Total
Diesel 
3,980,774
3,651,457
4,131,221
Gasoline /Naphtha
54,789
47,151
51,548
Coal
112
95
198
Liquiﬁed Petroleum Gas, LPG
51,871
148,535
237,784
Compressed Natural Gas, CNG
154,843
43,273
-
Ammonium Nitrate, ANFO
26,121
25,844
31,073
Emulsions
32,677
28,360
40,757
Dynamite(2)
9,988
-
-
Electricity
2,348,049
2,048,170
2,179,896
Total
6,659,225
5,992,887
6,672,477
Percentage of renewable energy consumed  
Morococha
Total
Hydro (MWh)
81,504 
81,504 
Geothermal (MWh) 
-
-
Wind (MWh) 
-
-
Solar (MWh) 
-
-
Biomass (MWh) 
-
-
Total Renewable (MWh) 
81,504 
81,504 
% of total energy consumption 
69%
4%
(1) The measurement methodology to collect information is inventory control. Pan American Silver used TSM - Energy and Greenhouse Gas Emissions Management Guide 2014, Orica and conversion tools to transform the units to GJ. 
(2) In 2021, dynamite was separated from emulsions to improve reporting accuracy. This segregation allows us to apply a more specific energy density and emission factor for dynamite explosives.
(1) The percentage is calculated as renewable energy consumption divided by total energy consumption. 
 
 
(2) Morococha is the only mine that has a certified renewable energy provider, according to the IEA (International Energy Agency) definition. The tables below also report non-certified renewable energy consumed through grid supply at 
our operations. 
 
SASB EM-MM-130a.1 (1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable

136   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Purchased  
Electricity
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
%
Total MWh
203,656
109,452
73,307
35,437
28,077
96,563
81,504
24,240
-
652,236
Non-renewable
20,823
84,669
56,708
6,392
5,064
17,416
-
15,245
-
206,317
32%
Renewable
68,740
21,320
14,279
29,046
23,013
79,146
81,504
8,996
-
326,044
50%
Nuclear
114,092
3,463
2,320
-
-
-
-
-
-
119,875
18%
Purchased  
Electricity
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
%
Total GJ
733,162
394,027
263,905
127,574
101,077
347,626
293,413
87,265
-
2,348,049
Non-renewable
74,964
304,808
204,149
23,010
18,231
62,699
-
54,881
-
742,740
32%
Renewable
247,466
76,752
51,406
104,564
82,846
284,927
293,413
32,384
-
1,173,758
50%
Nuclear
410,732
12,468
8,350
-
-
-
-
-
-
431,550
18%

137   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Water
GRI 303-3 Water withdrawal(1)(2)
Water withdrawal with use or stored 
(m3)
 Timmins 
Dolores
La  
Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San  
Vicente(5)
Manantial 
Espejo(6)
Total
Total water withdrawal from all areas
Surface water body
Freshwater
4,526 
-
-
9,430
-
4,717,775
2,466,663
20,572
-
7,218,966
Other water
 - 
-
 - 
-
 - 
 - 
 - 
-
 - 
-
Precipitation  
(all freshwater)
845,141
-
232,025
1,896,400
615,420
 - 
 - 
56,261
134,270
3,779,517
Mine dewatering(3)
Freshwater
-
-
455,027
-
-
-
-
278,812
 - 
733,839
Other water
193,147
-
-
-
-
-
-
-
673,938
867,085
Groundwater
Freshwater
6,066
-
-
283,654
80,749
10,713
270
20,416
16,568
418,437
Other water
-
-
-
-
-
-
-
-
-
-
External Sources
Freshwater
-
-
-
-
-
-
-
-
-
-
Other water
-
-
-
-
-
-
-
-
-
-
Water withdrawal from areas with water stress(4)
Surface water body
Freshwater
-
1,233,287
-
-
-
-
-
-
-
1,233,287
Other water
-
-
 - 
-
 - 
 - 
 - 
-
 - 
-
Precipitation  
(all freshwater)
-
314,070
-
-
-
 - 
 - 
 - 
 - 
314,070
Mine dewatering(3)
Freshwater
-
165,373
 - 
-
-
-
-
 - 
 - 
165,373
Other water
-
-
-
-
-
-
-
-
-
-
Groundwater
Freshwater
-
193,568
-
-
-
-
-
-
-
 193,568
Other water
-
-
-
-
-
-
-
-
-
-
External Sources
Freshwater
-
-
-
-
-
-
-
-
-
-
Other water
-
-
-
-
-
-
-
-
-
-
Total water withdrawal  
with use per site:
 1,048,880
1,906,298
687,053
2,189,485
696,168
4,728,489
2,466,933
376,061
824,776
14,924,143
SASB EM-MM-140a.1 (1) Total fresh water withdrawn, (2) total fresh water consumed, percentage of each in regions with High or Extremely  
High Baseline Water Stress
(1) “Produced water”, as defined by GRI, is not included in this report since it is considered to be a non-material withdrawal. 
(2) Freshwater is water with concentration of total dissolved solids equal to or below 1,000 mg/l, other water is water with a concentration above 1,000 mg/l. 
(3) Dewatering does not include water reused within underground mines. 
(4) Areas with water stress were assessed by using the Aqueduct Water Risk Atlas project from the World Resources Institute.  
(5) While San Vicente is not in an area classified as water stressed according to the World Resources Institute, we recognize that the mine is in a water scarce region and continually work to reduce our water use from external sources.
(6) Includes data from Joaquin and COSE.

138   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
(m3)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo(2)
Total 2021
Other Managed Water(1)
2,094,816
196,011
3,343,893
1,623,832
7,169,523
 19,422,978
32,779,469 
548,328 
348,952 
67,527,801 
Water use for mineral  
processing(1)(2) 
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo 
Total 
New water for mineral pro-
cessing or stored in related 
components (m3) 
845,141 
1,145,230 
224,432 
1,404,854 
147,617
3,612,646 
2,296,660 
256,249 
581,345 
10,514,174 
Recycled process water (m3)
837,073
9,639,667
1,232,256
14,675,506
16,858,807
0
397,779
622,535
1,837,967
46,101,591
% Recycled process water
50%
89%
75%
91%
99%
0%
15%
71%
76%
81%
(1) Other water is water managed without an intent to supply the operations and includes community water supply. 
(2) Includes data from Joaquin and COSE. 
(1) The percentage of recycled water is calculated using the total recycled water divided by the total water used in mineral processing.
(2) Recycling accounting was improved by segregating new water in the recycle circuits from the recycled process water. 
Water Intensity - PAAS Specific Indicator
Water Intensity
2021 
2020
2019
Total revenue (million USD) 
1,632.75 
1,338.81 
1,350.76 
Water withdrawal (cubic meters) 
14,924,143 
10,690,000 
14,616,000 
Water intensity (cubic meters/million USD) 
9,140 
7,985 
10,821 
Water intensity (cubic meters/tonne ore milled) excluding Huaron and Morococha 
0.13 
0.14 
0.15

139   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 303-4 Water discharge(1)(2)
Water Discharge (m3)
 Timmins 
Dolores
La  
Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San  
Vicente(5)
Manantial 
Espejo(4)
Total
Water discharge from all areas
Surface water body
Freshwater
-
-
3,329,449 
291,039 
4,134,787 
23,605,585 
10,263,296 
589,316 
-
42,213,472 
Other water
922,641 
-
 - 
-
 - 
15,240 
 - 
-
394,577 
1,332,458 
Groundwater
Freshwater
10,592 
-
-
-
-
-
8,362 
-
61
19,015
Other water
-
-
-
-
-
-
-
-
-
-
External  
Destination
Freshwater
-
-
14,444
-
-
-
21,951,751 
991
-
21,967,186 
Other water
-
-
-
-
-
-
-
-
-
-
Water discharge from areas with water stress(3)
Surface water body
Freshwater
-
29,053 
-
-
-
-
-
-
-
29,053 
Other water
-
-
 - 
-
 - 
 - 
 - 
-
 - 
-
Groundwater
Freshwater
-
-
-
-
-
-
-
-
-
-
Other water
-
-
-
-
-
-
-
-
-
-
External  
Destination
Freshwater
-
166,958 
-
-
-
-
-
-
-
166,958 
Other water
-
-
-
-
-
-
-
-
-
-
Total water discharge:
933,233 
196,011 
3,343,893 
291,039 
4,134,787 
23,620,825 
32,223,408 
590,307 
394,639 
65,728,142 
(1) No mine site discharges to seawater.
(2) Water discharge includes treated wastewater, used water, and other managed water. 
(3) Areas with water stress were assessed by using the Aqueduct Water Risk Atlas project from the World Resources Institute.  
(4) Includes data from Joaquin and COSE.

140   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 303-5 Water Consumption(1)(2)(3)
GRI 304-3 Habitats protected or restored
SASB EM-MM-140a.1 (1) Total fresh water withdrawn, (2) total fresh water consumed, percentage of each in regions with 
High or Extremely High Baseline Water Stress
GRI MM1 Amount of land (owned or leased, and managed for productive activities of extractive use) disturbed or rehabilitated
Total water 
consumption 
(freshwater) (m3)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Water consumption in 
all areas 
921,572
-
687,053
1,809,005
592,060
349,016
62,884
324,116
657,009
5,402,715
Water consumption in 
areas with water stress 
-
1,744,795
-
-
-
-
-
-
-
1,744,795
Change in water storage 
116,716
161,503
-
-
76,984
-
-
9,966
99,980
465,150
Total water consumption 
and change in storage
1,038,288
1,906,298
687,053
1,809,005
669,044
349,016
62,884
334,082
756,989
7,612,659
(ha)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Land disturbed in 2021 
4
28
0.6
55
8
-
-
7
-
102
Land rehabilitated in 2021 
6
-
-
8
16
2
-
1.6
20
53
Total land not yet rehabilitated 
361
778
190
603
489
305
65.0
68
531
3,389
(m3) 
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Evaporation from other 
managed water 
1,172,175 
-
-
1,713,273 
3,061,860 
181,625 
2,960,110 
-
22,100
9,111,143 
(ha)
2021 Total(1)(2)
2020 Total(2)
2019 Total
Total land newly disturbed 
102
83
188
Total land newly rehabilitated 
53
20
126
Total land disturbed and not yet rehabilitated 
3,389
3,172
2,910
(1) Joaquin and COSE were included in the calculation in 2021. Does not include land rehabilitated outside our operations.
(2) The reporting format has changed from previous years to improve the accounting of current disturbance.   
(1) Water consumption includes evaporation. The accounting of evaporation was improved for this reporting period.  
(2) Other managed water is water managed without an intent to supply the operations. 
(3) Includes data from Joaquin and COSE.

141   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 305-1 Direct Greenhouse Gas (Scope 1) GHG emissions
GRI 305-2 Energy indirect (Scope 2) GHG emissions
GRI 305-3 Other indirect (Scope 3) GHG emissions
SASB EM-MM-110a.1 Gross global Scope 1 emissions, percentage covered under emissions-limiting regulations
GHG Emissions
(1) Pan American Silver used National Inventory Report Canada to calculate Direct (Scope 1) GHG emissions. The global warming potential (GWP) is based on the information provided by the Government of Canada. Gases included in 
this calculation are CO2, CH4 and N2O. The GHG protocol and BC Methodological Guidance for Quantifying Greenhouse Gas Emissions are used as references. 
(2) Emissions from purchased electricity calculated according to the GHG protocol using the IEA 2021 tool for all the mines except Timmins. Emission factor for Timmins provided by the Independent Electricity System Operator (IESO) 
in Ontario. Gases included in this calculation are CO2, CH4 and N2O. 
(3) In 2021, dynamite was separated from emulsions to improve reporting accuracy. This segregation allows us to apply a more specific energy density and emission factor for dynamite explosives.
(Tonnes of CO2Eq)
 Timmins 
Dolores
La  
Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San 
Vicente
Manantial 
Espejo
Total
Direct (Scope 1) 
GHG Emissions(1)
Diesel
23,681
60,457
10,073
49,537
54,474
9,605
8,507
3,210
55,276
274,820
Gasoline/Naphta
141
2,774
521
-
-
-
-
211
-
3,647
Coal
 - 
 - 
 - 
 - 
 - 
5
 - 
5
 - 
10
Liquified Petroleum 
Gas, LPG
1,747
68
453
259
261
37
255
-
-
3,078
Compressed Natural 
Gas, CNG
7,852
-
-
-
-
-
-
-
-
7.852
Ammonium Nitrate, 
ANFO
3
1,270
145
-
328
49
152
148
52
2,146
Emulsions
147
81
41
803
1,518
18
25
14
38
2,685
Dynamite(3)
319
-
-
-
-
164
77
-
-
560
Indirect (Scope 2) 
GHG Emissions(2)
MWh
5,499
38,516
25,797
6,442
5,104
17,555
-
8,341
-
107,255
Total
39,388
      103,165  
37,030
        57,041         61,686        27,432  
9,016
11,929
55,366
402,054

142   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
(Tonnes of CO2Eq)
Energy Source
2021 Total
2020 Total
2019 Total
Direct (Scope 1) 
GHG Emissions(1)
Diesel
  274,820
      255,512 
           289,328 
Gasoline/Naphtha
               3,647 
           3,357 
               3,697 
Coal
10
8
17
Liquified Petroleum Gas, LPG
3,078
8,985
14,416
Compressed Natural Gas, CNG
7,852
2,206
-
Ammonium Nitrate, ANFO
2,146
2,124
2,553
Emulsions
2,685
2,331
3,349
Dynamite(3)
560
Total Scope 1 GHG Emissions
294,799
274,522
313,360
Indirect (Scope 2) GHG 
Emissions(2)
MWh
107,255
111,895
143,863
Total Scope 1 and 2 GHG Emissions
402,054
386,418
457,223
GHG Emissions (Tonnes CO2Eq) 
2021 
2020 
2019 
Scope 1 - Direct 
                           294,799 
274,522
313,361
Scope 2 - Electricity 
107,255
111,895
143,863
Total Scope 1 and 2 
402,054
386,418
457,223
Scope 3 - Value Chain 
 716,253
618,332
668,098
Timmins
La Colorada
Manantial Espejo
Percentage of Scope 1 GHG emissions covered 
under a government emission limiting regulation or 
program that is intended to directly limit or reduce 
emissions(1)
Percentage of Scope 1 GHG emissions cov-
ered under regulation 
100%
100%
100%
Emission-limiting regulations covering the 
site Scope 1 emissions 
Output Based Pricing  
System (Federal) 
Emissions Performance 
Standard (Provincial) 
Zacatecas Eco-tax 
Federal tax on 
liquid fuels and 
carbon dioxide 
Material HFCs, PFCs, SF6, NF3 emissions 
present at the mine site? 
No
No
No
(1) Pan American Silver used National Inventory Report Canada to calculate Direct (Scope 1) GHG emissions. The global warming potential (GWP) is based on the information provided by the Government of Canada. Gases included in 
this calculation are CO2, CH4 and N2O. The GHG protocol and BC Methodological Guidance for Quantifying Greenhouse Gas Emissions are used as reference. 
(2) Emissions from purchased electricity calculated according to GHG protocol using the IEA 2021 tool for all the mines except Timmins. Emission factor for Timmins provided by the Independent Electricity System Operator (IESO) in 
Ontario. Gases included in this calculation are CO2, CH4 and N2O. 
(3) In 2021, dynamite was separated from emulsions to improve reporting accuracy. This segregation allows us to apply a more specific energy density and emission factor for dynamite explosives.
(1) Scope 1 GHG emissions from Timmins, La Colorada and Manantial Espejo represent 34.1% of the Company’s total Scope 1 GHG emissions.

143   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 306-3 Waste generated(1)
SASB EM-MM-150a.4 Total weight of non-mineral waste generated
SASB EM-MM-150a.7 Total weight of hazardous waste generated 
SASB EM-MM-150a.8 Total weight of hazardous waste recycled 
Reportable spills - PAAS Specific Indicator
Total - All Mines 
(tonnes)
Reuse
Recycled
Compost
 Recovery
Incinerator
Landfill 
(Non- 
Hazardous 
Waste)
Controlled 
Landfill 
(Hazard-
ous Waste)
Others
Total 
Waste
% 
Recycled
% 
Reused
Hazardous or dangerous 
waste
1
916
-
4
-
24
2,644
-
3,589
26%
0%
Non-hazardous inert 
waste
-
1
-
129
-
1
-
-
131
0%
0%
Domestic waste
68
-
94
-
-
5,409
-
-
5,571
0%
1%
Recyclable waste
628
4,154
-
122
-
11
-
-
4,915
85%
13%
Total
696
5,071
94
255
-
5,445
2,644
-
14,206
36%
5%
Waste & Hazardous Materials 
(1) Data was compiled from the direct measurements found in waste transfer notes. 
Total waste (tonnes) 
2021 
2020 
2019 
Hazardous or dangerous waste - secured landfill 
2,644
1,574
1,713
Non-hazardous inert waste - landfill 
155
363
468
Domestic waste to landfill 
5,409
3,221
3,533
Reuse 
696
221
58
Recycling and Composting
5,299
2,894
3,257
Total - All Mines
2021 
2020 
2019 
Number of reportable spills 
2
3
3
Volume of liquid or pulp (m3) 
0.2
80
51
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial Espejo
Number of reportable spills 
2
-
-
-
-
-
-
-
-
Volume of liquid or pulp (m3) 
0.2
-
-
-
-
-
-
-
-

144   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI G4 MM3 Total amounts of over burden, rock, tailings, and sludges
SASB EM-MM-150a.5 Total weight of tailings produced 
SASB EM-MM-150a.6 Total weight of waste rock generated
(tonnes)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Tailings not used as hydraulic 
backfill (dry tonnes)
1,593,102 
 - 
460,330 
 - 
 - 
668,015 
556,208 
349,566 
667,028 
 4,294,249 
Tailings used as hydraulic backfill 
(dry tonnes) 
147,174 
-
76,173
-
-
196,888
57,888
-
-
478,123
Waste rock not used as backfill 
111,452
15,962,510
1,809
16,717,406
22,458,991
301,460
432,371
11,254
41,485
56,038,739
Waste rock used as backfill or 
construction material
427,603
8,412,340
218,924
-
4,548,479
421,754
320,344
191,153
125,404
14,666,001
Water treatment sludge not 
reused or recycled
-
5
1,977
305
146,627
62,874
45
1,615
-
213,448
Other types of sludges not 
reused or recycled
-
-
-
-
-
-
1,679
-
-
1,679
(tonnes)
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Carbon monoxide, CO 
145
390
63
288
317
56
50
20
336
1,666
Nitrogen oxides, NOx 
286
847
125
576
634
112
99
40
741
3,459
Sulfur oxides, SOx 
42
36
18
88
97
17
15
6
30
350
Particulate matter, PM10 
45
40
20
94
103
18
16
6
34
377
Non-methane volatile organic 
compounds, VOCs 
54
101
31
106
117
21
18
11
47
504
SASB EM-MM-120a.1 Air emissions of the following pollutants: (1) CO, (2) NOx (excluding N2O), (3) SOx, (4) particulate matter (PM10), (5) mercury 
(Hg), (6) lead (Pb), and (7) volatile organic compounds (VOCs)(1)(2)
Air Quality
(1) Calculated according to on-site fuel combustion using EPA air emission factors for all sites. 
(2) The scope of reporting has changed from previous years to allow a consistent methodology and comparability for all sites. Mercury and lead are only reported for our Timmins operations in National Pollutant Report Inventory 
(NPRI) reporting.

145   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SASB EM-MM-540a.1 Tailings storage facility inventory table: (1) facility name, (2) location, (3) ownership status, (4) operational status, (5) construction 
method, (6) maximum permitted storage capacity, (7) current amount of tailings stored, (8) consequence classification, (9) date of most recent  
independent technical review, (10) material findings, (11) mitigation measures, (12) site-specific Emergency Preparedness and Response Plans (EPRP) 
Tailings Storage Facilities 
#
Facility 
name 
Location
Ownership 
status 
Operation-
al status 
Con-
struction 
method 
Maximum 
permitted 
storage 
capacity 
in million 
tonnes 
Current 
amount 
of tailings 
stored in 
million 
tonnes 
Conse-
quence 
classifica-
tion (1) 
Date of the most recent 
Independent technical review
Material 
findings
Mitigation 
measure-
ments
Site- 
specific 
EPRP
Inde-
pendent 
Third-par-
ty EoR, 
Dam Safe-
ty Review 
Another 
Independent 
Third-party 
Review 
1
Timmins 
(Bell 
Creek) 
Canada
Pan Ameri-
can Silver 
Operational 
Down-
stream/
Centerline 
24.1
14.2
Significant 
to High(2) 
2021 
2018
None
N/A
2
La Colora-
da (Presa 
#7) 
Mexico
Pan Ameri-
can Silver
Operational
Down-
stream
4.0
2.4
Significant(3)
2021
2019
None
N/A
3
La Colora-
da (Presa 
#6)
Mexico
Pan Ameri-
can Silver
Operational
Down-
stream/
Modified 
Upstream/
Centerline
12.2
4.9
Significant(3)
2021
2019
None
N/A
4
Huaron 
(Presa #5)
Peru
Pan Ameri-
can Silver
Operational
Centerline
13.2
10.2
High to Very 
High(4)
2021
2021
None
N/A
5
Morococha 
(Huascaco-
cha)
Peru
Pan Ameri-
can Silver
Operational
Down-
stream
26.1
12.1
Extreme
2021
2018
None
N/A
6
San Vicente
Bolivia
Pan Ameri-
can Silver
Operational
Centerline
9.8
4.2
Significant
2021
2017
None
N/A
7
Manantial 
Espejo
Argentine
Pan Ameri-
can Silver
Operational
Down-
stream
10.4
9.3
Significant
2021
2018
None
N/A
8
Escobal
Guatemala
Pan Ameri-
can Silver
On care & 
mainte-
nance
N/A - Fil-
tered Tail-
ings stack
6.5
2.7
N/A
2021
2018
None
N/A
9
Alamo 
Dorado
Mexico
Pan Ameri-
can Silver
Closed
N/A - Fil-
tered Tail-
ings stack
14.7
14.7
N/A
N/A
Planned 
for 2022
N/A
N/A
N/A
(1) CDA Dam Consequence Classification system. 
(2) Significant for fair weather scenario and High for flood induced scenario. 
(3) Dam Breach Analysis being updated. 
(4) High for fair weather scenario and Very High for flood induced scenario.

146   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Environmental fines and 
non-monetary penalties for 
non-compliance 
 Timmins 
Dolores
La Colorada
 Shahuindo 
 La Arena 
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
The total monetary value of fines 
paid (USD) 
-
-
-
$8,763
-
$32,359
-
-
-
$41,122
The total number of non-
monetary sanctions incurred
0
0
0
0
0
0
0
0
0
0
Cases submitted to dispute 
resolution mechanisms
0
0
0
0
0
0
0
0
0
0
GRI 2-27  Compliance with laws and regulations (Environmental Compliance)(1)
(1) The amount paid in 2021 relates to Shahuindo not carrying out guided tours in 2018 and not submitting the annual environmental management plan in 2019, as well as the unauthorized disposal of 
solid waste at Huaron in 2018. No fines incurred in 2021. 
Environmental Fines and Penalties Paid
2021
2020
2019
2018
2017
$ 41,122 
$69,117 
$ 543 
-
-

147   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
New Employee Hires(1)(2)(3)
Timmins(4)
Dolores
La  
Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
<30
Men
37 
24%
58 
25.1%
99 
37.9%
16 
23.9%
4 
13.3%
14 
23.7%
2 
10.5%
0 
0%
17 
35.4%
247 
27.2%
Women
11 
7.1%
25 
10.8%
24 
9.2%
1 
1.5%
0 
0%
3 
5.1%
1 
5.3%
5 
13.2%
6 
12.5%
76 
8.4%
Between 30 and 50
Men
69 
45%
109 
47%
123 
47.1%
39 
58.2%
22 
73.3%
38 
64.4%
14 
73.7%
21 
55.3%
15 
31.3%
450
49.6%
Women
14 
9.1%
16 
6.9%
10 
3.8%
3 
4.5%
3 
10%
3 
5.1%
0 
0%
9 
23.7%
7 
14.6%
65 
7.2%
>50
Men
18 
11.7%
22 
9.5%
5 
1.9%
8 
11.9%
1 
3.3%
1 
1.7%
2 
10.5%
3 
7.9%
3 
6.3%
63 
6.9%
Women
5 
3%
1 
0.4%
0 
0%
0 
0%
0 
0%
0 
0%
0 
0%
0 
0%
0 
0%
6 
0.7%
Total New Employee Hires
154
231
261
67
30
59
19
38
48
907
% New Women Employee Hires
19.5%
18.2%
13.0%
6.0%
10.0%
10.2%
5.3%
36.8%
27.1%
16.2%
% New Men Employee Hires
80.5%
81.8%
87.0%
94.0%
90.0%
89.8%
94.7%
63.2%
72.9%
83.8%
Employee Turnover(1)(2)(3)
Timmins(4)
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
<30
Men
19 
2.9%
57 
6.1%
28 
2.8%
1 
0.2%
4 
0.7%
1 
0.1%
7 
0.9%
0 
0%
11 
1.7%
128 
1.9%
Women
49 
7.4%
6 
0.6%
4 
0.4%
0 
0%
2 
0.3%
1 
0.1%
0 
0%
1 
0.2%
1 
0.2%
64 
1.0%
Between 30 
and 50
Men
74 
11.2%
84 
8.9%
65 
6.4%
19 
3%
35 
5.9%
26 
2.8%
50 
6.6%
17 
4.0%
23 
3.6%
393 
6%
Women
12 
1.8%
2 
0.2%
9 
0.9%
3 
0.5%
2 
03%
1 
0.1%
2 
0.3%
6 
1.4%
5 
0.8%
42 
0.6%
>50
Men
24 
3.6%
12 
1.3%
3 
0.3%
6 
0.9%
10 
1.7%
18 
2.0%
18 
2.4%
3 
0.7%
6 
0.9%
100 
1.5%
Women
2 
0.3%
1 
0.1%
0 
0%
0 
0%
2 
0.3%
1 
0.1%
0 
0%
1 
0.2%
1 
0.2%
8 
0.1%
GRI 401-1 New employee hires and employee turnover
Employment
Labour Practices
(1) Data only includes permanent employees in operating mines. 
(2) Data does not include projects or exploration figures. 
(3) The percentage in each operation is calculated against the total new employee hires in each corresponding operation. 
(4) Timmins data includes Timmins and Bell Creek employees. 
(1) Data only includes permanent employees in operating mines. 
(2) Data does not include projects or exploration figures. 
(3) The percentage in each operation is calculated against the total number of employees in each corresponding operation. 
(4) Timmins data includes Timmins and Bell Creek employees.

148   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Historical Safety Performance(1)
2021
2020
2019
Fatalities 
4
2
2
LTIF Frequency(2) 
0.96
0.35
1.04
LTIS Severity(3) 
872
534
481
TRIFR
4.61
4.64
6.25
GRI 403-9 Work-related injuries
EM-MM-320a.1. (1) MSHA all-incidence rate, (2) fatality rate, (3) near miss frequency rate (NMFR) and (4) average hours of health, safety, and emergency 
response training for (a) full-time employees and (b) contract employees
Occupational Health and Safety
Employees Only - 2021 
Safety Performance 
Timmins
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Fatalities
-
-
-
-
-
1
1
1
-
3
Lost time injury frequency(1)
1.19
0
0.47
1.30
-
2.96
1.41
6.25
0.83
1.27
Lost time injury severity(2)
3
0
69
21
-
3,370
2,974
6,859
51
1,269
TRIFR
15.04
1.22
9.80
2.61
1.93
4.94
5.17
20.83
1.65
4.61
Contractors Only - 2021 
Safety Performance 
Timmins
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha
San Vicente
Manantial 
Espejo
Total
Fatalities
-
-
1
-
-
-
-
-
-
1
Lost time injury frequency(1)
2.09
0.39
1.47
0.80
-
0.70
-
-
-
0.62
Lost time injury severity(2)
8
36
3,072
20
-
48
-
-
-
445
TRIFR
22.98
0.78
10.29
1.07
1.20
2.80
0.81
-
2.74
3.28
(1) Lost time injury frequency is calculated as the number of lost time injuries, including fatalities, in the exposure period multiplied by 1 million hours and divided by the total number of hours worked in that period. 
(2) Lost time injury severity is a measurement of the seriousness of injuries and is calculated as the number of workdays lost due to lost time injuries multiplied by 1 million and divided by the total exposure hours. We count 6,000 lost 
workdays in the event of a fatal accident. 
(1) Lost time injury frequency is calculated as the number of lost time injuries, including fatalities, in the exposure period multiplied by 1 million hours and divided by the total number of hours worked in that period.  
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Lost time injury severity is a measurement of the seriousness of injuries and is calculated as the number of workdays lost due to lost time injuries multiplied by 1 million and divided by the total exposure hours. We count 6,000 lost 
workdays in the event of a fatal accident.
(1) Consolidation of employees and contractors.  
 
 
 
 
 
(2) Lost time injury frequency is calculated as the number of lost time injuries, including fatalities, in the exposure period multiplied by 1 million hours and divided by the total number of hours worked in that period. 
(3) Lost time injury severity is a measurement of the seriousness of injuries and is calculated as the number of workdays lost due to lost time injuries multiplied by 1 million and divided by the total exposure hours. We count 6,000 lost 
workdays in the event of a fatal accident.

149   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
G4 MM4 Number of strikes and lockouts exceeding one week’s duration, by country(1)(2)
SASB EM-MM-310a.2 Number and duration of strikes and lockouts(3) 
Total number of strikes 
and lockouts that exceeded 
one week’s duration during 
the reporting 
Timmins
Dolores
La Colorada
Shahuindo
La Arena
Huaron
Morococha(2)
San Vicente
Manantial 
Espejo
Total
Number of worker strikes 
0
0
0
0
0
0
1
0
0
1
Number of lockouts 
0
0
0
0
0
0
0
0
0
0
Total
0
0
0
0
0
0
1
0
0
1
(1) In this table, we are not reporting the obligatory lockouts ordered by our sponsor countries due to the COVID-19 pandemic. 
(2) In 2021, we had one work stoppage due to a demand for the completion of collective bargaining in Morococha. 
(3) Data for strikes and lockouts of less than one week’s duration during the reporting period is not available.

150   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI 405-1 Diversity of governance bodies and employees
Percentage of employees  
per gender and age group
Employees(1)
Male
Total Male
Female
Total  
Female
< 30
30-50
> 50
> 60
< 30
30-50
> 50
> 60
Corporate Office
6%
31%
18%
9%
63%
1%
28%
7%
0%
37%
Canada
14%
50%
15%
9%
88%
3%
7%
1%
0%
12%
Peru
9%
69%
14%
3%
96%
1%
3%
0%
0%
4%
Mexico(3)
22%
58%
8%
1%
89%
4%
7%
0%
0%
11%
Guatemala(3)
14%
56%
7%
1%
79%
6%
14%
1%
1%
21%
Bolivia
4%
78%
10%
1%
92%
2%
5%
0%
0%
8%
Argentina(3)
16%
62%
10%
2%
89%
2%
7%
1%
0%
11%
Total(2)
14%
63%
12%
2%
91%
2%
6%
1%
0%
9%
Percentage of contractors  
per gender and age group(1)
Contractors(2)
Male
Total Male
Female
Total  
Female
< 30
30-50
> 50
> 60
< 30
30-50
> 50
> 60
Corporate
0%
0%
20%
40%
60%
0%
40%
0%
0%
40%
Canada
12%
55%
16%
9%
93%
2%
4%
1%
0%
7%
Peru
27%
57%
5%
0%
89%
5%
6%
0%
0%
11%
Mexico(4)
30%
51%
7%
0%
89%
4%
7%
1%
0%
11%
Bolivia
34%
41%
16%
0%
91%
2%
7%
0%
0%
9%
Argentina(4)
31%
56%
4%
0%
91%
5%
5%
0%
0%
9%
Total(3)
28%
54%
6%
1%
89%
4%
6%
1%
0%
11%
(1) The percentages by age and gender in each country and corporate uses the total number of employees per country and per corporate. 
(2) The total percentages per employees’ gender and age group use the total number of employees in the Company. 
(3) Includes Escobal, Alamo Dorado and Navidad. 
(1) Excludes Escobal project in Guatemala. 
(2) The percentages by age and gender in each country and corporate uses the total number of contractors per country and per corporate. 
(3) The total percentages per contractors’ gender and age group use the total number of contractors in the Company. 
(4) Includes Alamo Dorado and Navidad. 
Diversity and Equal Opportunity

151   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Percentage of management type per gender
Senior Manager(1)
Manager(2)
Superintendent/Assistant 
Manager(3)
Supervisor(4)
Male
Female
Male
Female
Male
Female
Male
Female
Corporate Office(5)
83%
17%
64%
36%
0%
0%
0%
0%
Canada
64%
36%
100%
0%
94%
6%
95%
5%
Peru
91%
9%
69%
31%
95%
5%
93%
7%
Mexico
90%
10%
81%
19%
93%
7%
82%
18%
Guatemala
100%
0%
80%
20%
81%
19%
94%
6%
Bolivia
100%
0%
100%
0%
100%
0%
92%
8%
Argentina
90%
10%
67%
33%
70%
30%
89%
11%
Total
84%
16%
74%
26%
92%
8%
89%
11%
(1) Senior Manager includes country managers, directors, and every employee who reports directly to a country manager. It also includes operations managers and/or general manager at the mine site.
(2) Manager includes any employee who reports directly to a senior manager but does not include country managers.
(3) Superintendent / Assistant Manager includes head of departments (mine managers, process managers, security managers, mine superintendent, maintenance superintendent, etc.) who report directly to operations manager or its 
equivalent.  
 
 
 
 
 
 
 
 
 
(4) Supervisor includes employees who have at least one person to supervise, i.e., maintenance supervisor, head guard, etc.  
 
 
 
 
 
(5) In the corporate office, Senior Manager includes executives, vice presidents, senior vice presidents and the C-level executives. Manager includes directors and managers.

152   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SASB EM-MM-210a.1 Percentage of (1) proved and (2) probable reserves in or near areas of conflict(1)(2) 
Security, Human Rights & Rights of Indigenous Peoples
Silver 
Mexico(2) 
Total Company 
Grade(3) 
(grammes/tonne)
Contained Metal  
(million ounces) 
Grade(3) 
(grammes/tonne)
Contained Metal  
(million ounces) 
Proven Reserves 
74
58.4
60
180.4
Probable Reserves  
159
62.9
117
349.0
% of Proven Reserves in or near areas of conflict
32.4%
% of Probable Reserves in or near areas of conflict
18.0%
Gold
Mexico(2) 
Total Company 
Grade(3) 
(grammes/tonne)
Contained Metal  
(thousand ounces) 
Grade (3) 
(grammes/tonne)
Contained Metal  
(thousand ounces) 
Proven Reserves 
0.66
525.9
0.63
2,250.4
Probable Reserves  
0.49
193.3
0.54
1,961.0
% of Proven Reserves in or near areas of conflict
23.4%
% of Probable Reserves in or near areas of conflict
9.9%
(1) For additional information, see Pan American Silver Corporation Mineral Reserves and Resources tables as of June 30, 2021. 
(2) We assessed the location of our mines against the Heidelberg Conflict Barometer and our own country risk reports. We identified our Mexican operations as being located in conflict-affected regions. 
(3) Average grades of each element are with respect to those mines that produce the element.

153   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
SASB EM-MM-210a.2 Percentage of (1) proved and (2) probable reserves in or near indigenous land(1)(2)
Silver 
Canada(2) 
Guatemala(2) 
Total Company 
Grade(3) 
(grammes/tonne)
Contained Metal  
(million ounces) 
Grade(3) 
(grammes/tonne)
Contained Metal  
(million ounces)
Grade(3) 
(grammes/tonne)
Contained Metal  
(million ounces) 
Proven Reserves 
-
-
486
39.5
60
180.4
Probable Reserves  
-
-
316
225
117
349.0
% of Proven Reserves in or near indigenous land
21.9%
% of Probable Reserves in or near indigenous land
64.5%
Gold
Canada(2) 
Guatemala(2) 
Total Company 
Grade(3) 
(grammes/tonne)
Contained Metal  
(thousand ounces) 
Grade(3) 
(grammes/tonne)
Contained Metal  
(thousand ounces)
Grade(3) 
(grammes/tonne)
Contained Metal  
(thousand ounces) 
Proven Reserves 
3.03
385.3
0.42
34.2
0.63
2,250.4
Probable Reserves  
2.91
642.6
0.34
243.8
0.54
 1,916.0
% of Proven Reserves in or near indigenous land
18.6%
% of Probable Reserves in or near indigenous land
45.2%
(1) For additional information, see Pan American Silver Corporation Mineral Reserves and Resources tables as of June 30, 2021. 
(2) Our Timmins operation in Canada and our Escobal mine (currently on care and maintenance) in Guatemala are located in or near indigenous land. 
(3) Average grades of each element are with respect to those mines that produce the element. 
SASB EM-MM-510a.2 Production in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index
Business Ethics & Anti-corruption
Production in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index(1) 
Pan American Silver does not operate in any of the countries designated among the 20 lowest rankings in the 2021 Transparency International’ Corruption Perception Index.  
(1) The 20 countries with the lowest rankings in the Transparency International’s Corruption Perceptions Index (ranking #161-180) for 2021, in descending order, are: South Sudan, Syria, Somalia, Venezuela, Yemen, North Korea, 
Afghanistan, Libya, Equatorial Guinea, Turkmenistan, the Democratic Republic of Congo, Burundi, Chad, Sudan, Nicaragua, Haiti, Comoros, Guinea Bissau, Congo, and Eritrea.  
Source: https://www.transparency.org/en/cpi/2021/index/cod

154   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
New and existing critical suppliers(1)(2)(3)(4)(5) 
Canada
Mexico
Peru
Bolivia
Argentina
Guatemala
Number of critical suppliers that were screened 
using environmental and social criteria 
66
45
183
9
38
35
Number of critical suppliers in the process of being 
screened using environmental and social criteria 
22
43
75
36
30
41
Total of new and existing critical suppliers  
101
108
273
45
92
76
% of critical suppliers that were screened using 
environmental and social criteria 
65%
41%
67%
20%
41%
46%
New and existing critical suppliers that were screened using environmental and social criteria - PAAS specific indicator 
Supply Chain Risk Management
(1) Suppliers assessed in any of these mines are in the category of critical tier 1 suppliers (high-risk and medium-risk suppliers). 
(2) Critical supplier (high and medium risk) is determined through an assessment of factors including transaction amounts, the nature of goods or services supplied, the contractor’s record of compliance, and exposure to corruption 
risks. 
(3) Data includes the assessment of all the existing and new critical suppliers at the Company in an effort to standardize the process that was implemented in 2020. 
(4) Segregated data of percentage of new critical suppliers that were screened using environmental and social criteria will be compiled for the 2022 Sustainability Report. 
(5) Since the implementation of the supplier due diligence software in 2020, Pan American Silver initiates due diligence as early as possible in the development of a new relationship with a supplier.

155   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Facility
Country
Current  
Water Re-
quirement
Climate 
Change 
Scenario
Year
Predicted 
Change in 
Temperature
Predicted 
Change in  
Precipitation
Water Risk Atlas Results 
(Projected Change in Water 
Supply from Baseline)
Estimated 
Future  
Water Avail-
ability
Information Source
Comments
Management 
Strategy
Timmins 
West and 
Bell Creek
Canada
Surplus
RCP 2.6
2080’s
+1.8 ºC
+5%
-
Decrease
OCDP Online Tool
 
Conduct a sensitivity 
analysis of plus 10-
20% on the design 
flood magnitude 
for mine closure 
planning.
Constantly monitor 
water availability and 
water use reduction 
and recycling 
opportunities where 
drought is an issue.
RCP 4.5
+3.1 ºC
+7%
-
RCP 8.5
+5.4 ºC
+13%
-
Dolores
Mexico
Balanced, 
though a 
surplus is 
expected with 
the growth of 
the leach pad
-
2030
-
-
Near Normal to a 1.2x De-
crease
Decrease
WRA Tool
 
-
2040
-
-
1.2x Decrease
WRA Tool
RCP 2.6
2100
+1.0 ºC
Little to No 
Change
-
IPCC 2014 Chapter 26 
- North America
Estimates of Tempera-
ture and Precipitation 
are based on interpreta
tion of IPCC figures
RCP 8.5
+5.0 ºC
-
Alamo 
Dorado
Mexico
Mine is Closed
-
2030
-
-
1.2x Increase to Near Normal
Decrease
WRA Tool
 
-
2040
-
-
Near Normal to 1.2x Decrease
WRA Tool
RCP 2.6
2100
+1.0 ºC
Little to No 
Change
-
IPCC 2014 Chapter 26 
- North America
Estimates of Tempera-
ture and Precipitation 
are based on interpreta
tion of IPCC figures
RCP 8.5
+5.0 ºC
-
La Colorada
Mexico
Surplus
-
2030
-
-
Near Normal to 1.2x Decrease
Decrease
WRA Tool
 
Estimates of 
Temperature and Pre-
cipitation are based 
on interpretation of 
IPCC figures
-
2040
-
-
1.2x Decrease
WRA Tool
RCP 2.6
2100
+1.0 ºC
Little to No 
Change
-
IPCC 2014 Chapter 26 
- North America
RCP 8.5
+4.5 ºC
-
Escobal
Guatemala
Surplus
-
2030
-
-
Near Normal
Little to no 
change
WRA Tool
 
-
2040
-
-
Near Normal
WRA Tool
A1B
2100
+3 ºC to 
+5 ºC
-5 mm/day , 
while another 
model notes the 
change to be 
around -10% to 
-30%
-
Decrease
IPCC 2014 Chapter 
27 - Central and South 
America
A2
+3 ºC to 
+6 ºC
24% to -48%
-
MODELLING PREDICTED CHANGES TO TEMPERATURE AND PRECIPITATION - POST CLOSURE SCENARIOS
TCFD PHYSICAL RISKS TABLE

156   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Facility
Country
Current  
Water Re-
quirement
Climate 
Change 
Scenario
Year
Predicted 
Change in 
Temperature
Predicted 
Change in  
Precipitation
Water Risk Atlas Results 
(Projected Change in Water 
Supply from Baseline)
Estimated 
Future  
Water Avail-
ability
Information Source
Comments
Management 
Strategy
Shahuindo
Peru
Deficit, though 
a surplus is 
expected with 
the growth of 
the leach pad
-
2030
-
-
1.2x Increase
Increase
WRA Tool
The IPCC report 
presents contra-
dictory results for 
precipitation under 
the A1B scenario, 
with one referenced 
report presenting 
a decrease and 
another presenting 
an increase.
Conduct a sensitivity 
analysis of plus 10-
20% on the design 
flood magnitude 
for mine closure 
planning.
Constantly monitor 
water availability and 
water use reduction 
and recycling 
opportunities where 
drought is an issue.
-
2040
-
-
1.2x Increase
WRA Tool
A1B
2100
+2.0ºC to 
+4.5ºC
-20% to -30%, 
while another 
model suggests 
+1 mm to + 3 
mm/day
-
Little to no 
change
IPCC 2014 Chapter 
27 - Central and South 
America
A2
>3ºC
-10% to -30%
-
La Arena
Peru
Surplus
-
2030
-
-
1.2x Increase
Increase
WRA Tool
-
2040
-
-
1.2x Increase
WRA Tool
A1B
2100
+2.0ºC to 
+4.5ºC
-20% to -30%, 
while another 
model suggests 
+1 mm to + 3 
mm/day
-
Decrease
IPCC 2014 Chapter 
27 - Central and South 
America
A2
>3ºC
-10% to -30%
-
Huaron
Peru
Surplus
-
2030
-
-
1.2x Increase to 1.4x Increase
Increase
WRA Tool
-
2040
-
-
1.4x Increase
WRA Tool
A1B
2100
+2.0ºC to 
+4.5ºC
-20% to -30%, 
while another 
model suggests 
+1 mm to + 3 
mm/day
-
Decrease
IPCC 2014 Chapter 
27 - Central and South 
America
A2
>3ºC
-10% to -30%
-
Morococha
Peru
Surplus
-
2030
-
-
Near Normal
Little to no 
change
WRA Tool
-
2040
-
-
Near Normal
WRA Tool

157   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
Facility
Country
Current  
Water Re-
quirement
Climate 
Change 
Scenario
Year
Predicted 
Change in 
Temperature
Predicted 
Change in  
Precipitation
Water Risk Atlas Results 
(Projected Change in Water 
Supply from Baseline)
Estimated 
Future  
Water Avail-
ability
Information Source
Comments
Management 
Strategy
Morococha
Peru
Surplus
A1B
2100
+2.0ºC to 
+4.5ºC
-20% to -30%, 
while another 
model suggests 
+1 mm to + 3 
mm/day
-
Decrease
IPCC 2014 Chapter 
27 - Central and South 
America
 
 
Conduct a sensitivity 
analysis of plus 10-
20% on the design 
flood magnitude 
for mine closure 
planning.
Constantly monitor 
water availability and 
water use reduction 
and recycling 
opportunities where 
drought is an issue.
A2
>3ºC
-10% to -30%
-
San Vicente
Bolivia
Deficit
-
2030
-
-
Near Normal to 1.2x Increase
Increase
WRA Tool
-
2040
-
-
Near Normal to 1.4x Increase
WRA Tool
A1B
2100
+2.0ºC to 
+4.5ºC
-20% to -30%, 
while another 
model suggests 
+1 mm to + 3 
mm/day
-
Decrease
IPCC 2014 Chapter 
27 - Central and South 
America
A2
>3ºC
-10% to -30%
-
Navidad
Argentina
Deficit during 
construction, 
then the mine 
is expected to 
operate in a 
surplus
-
2030
-
-
1.2x Decrease
Decrease
WRA Tool
-
2040
-
-
1.2x Decrease
WRA Tool
A1B
2100
+2 ºC to 
+4 ºC
+20 % to +30% 
while another 
model suggests 
+0.3 mm/day to 
+2.0 mm/day
-
IPCC 2014 Chapter 
27 - Central and South 
America
A2
+3 ºC to 
+4.5 ºC
+0.5 to +1 mm/
day
-
Manantial 
Espejo
Argentina
Surplus
-
2030
-
-
1.2x Decrease
Decrease
WRA Tool
-
2040
-
-
1.2x Decrease
WRA Tool
A1B
2100
+2ºC to +4 ºC 
+20 % to +30% 
while another 
model suggests 
+0.3 mm/day to 
+2.0 mm/day
-
Increase
IPCC 2014 Chapter 
27 - Central and South 
America
A2
+3 ºC to 
+4.5 ºC
-
-

158   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GENERAL DISCLOSURES
GRI 2: General 
Disclosures 2021
2-1 Organizational details
About Pan American Silver 
Annual Information Form 
2-2 Entities included in the 
organization’s sustainability 
reporting
About this Report
2-3 Reporting period, frequency 
and contact point
About this Report
2-4 Restatements of information
About this Report
2-5 External assurance
About this Report
2-6 Activities, value chain and 
other business relationships
About Pan American Silver 
 
Annual Information Form 
2-7 Employees
GRI & SASB Data Tables
2-8 Workers who are not 
employees
GRI & SASB Data Tables
2-9 Governance structure and 
composition
Sustainability Governance 
Management Information 
Circular
2-10 Nomination and selection of 
the highest governance body
Management Information 
Circular
2-11 Chair of the highest 
governance body
Management Information 
Circular
2-12 Role of the highest 
governance body in overseeing 
the management of impacts
Sustainability Governance 
Management Information 
Circular
2-13 Delegation of responsibility 
for managing impacts
Sustainability Governance
Statement of use
Pan American Silver has reported in accordance with the GRI Standards for the period January 1 - December 31, 2021
GRI 1 used 
GRI 1: Foundation 2021
Applicable GRI Sector Standard
GRI G4 Mining & Metals Sector Supplement
GRI INDEX

159   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GRI 2: General 
Disclosures 
2021
2-14 Role of the highest 
governance body in sustainability 
reporting
Communities and Sustainable 
Development Committee 
Charter 
Sustainability Governance
2-15 Conflicts of interest
Management Information 
Circular
2-16 Communication of critical 
concerns
Business Ethics - Our 
Performance
2-17 Collective knowledge of the 
highest governance body
Management Information 
Circular
2-18 Evaluation of the 
performance of the highest 
governance body
Management Information 
Circular
2-19 Remuneration policies
Management Information 
Circular
2-20 Process to determine 
remuneration
Management Information 
Circular
2-21 Annual total compensation 
ratio
Not reported
Ratio of the annual 
total compen-
sation for the 
organization’s 
highest-paid indi-
vidual to the me-
dian annual total 
compensation for 
all employees. 
Information un-
available/incom-
plete
There would be no accurate or meaningful way 
of determining the real pay ratio described 
and such a comparison would be of little utility 
given the multiple jurisdictions the Company 
operates in (which each have different costs 
of living, taxation, compensation and benefits 
practices, currency considerations, inflation 
rates, etc.). Trying to normalize all such cir-
cumstances and external factors to provide an 
accurate comparison would not be feasible.
2-22 Statement on sustainable 
development strategy
President’s Message 
 
Chair’s Message
2-23 Policy commitments
ESG Management Approach 
Human Rights Management 
Business Ethics - Our Approach 
Management Information 
Circular

160   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GRI 2: General 
Disclosures 
2021
2-24 Embedding policy 
commitments
ESG Management Approach
Human Rights Management 
Business Ethics - Our 
Performance
2-25 Processes to remediate 
negative impacts
ESG Management Approach 
Human Rights Management 
Relationships with Communities 
and Indigenous Peoples - Our 
Approach
2-26 Mechanisms for seeking 
advice and raising concerns
Business Ethics - Our 
Performance
2-27 Compliance with laws and 
regulations
GRI & SASB Data Tables
The total num-
ber of significant 
instances of 
non-compliance 
with laws and reg-
ulations during the 
reporting period 
other than those 
related to environ-
mental non-com-
pliance.
Information 
unavailable/
incomplete
Being the first year that we report under this 
new GRI indicator, we are only reporting en-
vironmental non-compliances, but we plan to 
expand our disclosure next year to include all 
significant instances of non-compliance with 
laws and regulations (if any).
2-28 Membership associations
ESG Management Approach 
 
GRI & SASB Data Tables
2-29 Approach to stakeholder 
engagement
Engaging with Communities of 
Interest 
Relationships with Communities 
and Indigenous Peoples - Our 
Approach
2-30 Collective bargaining 
agreements
GRI & SASB Data Tables
Topic -Specific Disclosures
GRI 3: Material 
Topics 2021
3-1 Process to determine material 
topics
Materiality Process
3-2 List of material topics
Material Topics

161   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
Economic performance
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Socio-economic Contributions – 
Our Approach
GRI 201:  
Economic  
Performance 
2016
201-1 Direct economic value 
generated and distributed
Socio-economic Contributions – 
Our Performance 
GRI & SASB Data Tables
201-2 Financial implications and 
other risks and opportunities due 
to climate change
Climate, Energy and 
Greenhouse Gas Emissions
Market presence
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Inclusion and Diversity - Our 
Approach
GRI 202: Market 
Presence 2016
202-2 Proportion of senior 
management hired from the local 
community
Inclusion and Diversity - Our 
Performance
GRI & SASB Data Tables
Indirect economic impacts
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Socio-economic Contributions – 
Our Approach
Procurement practices
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Socio-economic Contributions – 
Our Approach
GRI 204: 
Procurement 
Practices 2016
204-1 Proportion of spending on 
local suppliers
Socio-economic Contributions – 
Our Performance 
GRI & SASB Data Tables
Anti-corruption
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Business Ethics - Our Approach
GRI 205:  
Anti-corruption 
2016
205-1 Operations assessed for 
risks related to corruption
Business Ethics - Our 
Performance
205-3 Confirmed incidents of 
corruption and actions taken
Business Ethics - Our 
Performance

162   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
Energy
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Climate, Energy and 
Greenhouse Gas Emissions
GRI 302: Energy 
2016
302-1 Energy consumption within 
the organization
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting
GRI & SASB Data Tables
Water and effluents
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Water Stewardship - Our 
Approach
GRI 303: Water 
and Effluents 
2018
303-1 Interactions with water as a 
shared resource
Water Stewardship - Our 
Approach 
Water Stewardship - Our 
Performance
303-2 Management of water 
discharge-related impacts
Water Stewardship - Our 
Approach 
Water Stewardship - Our 
Performance
303-3 Water withdrawal
Water Stewardship - Our 
Performance 
GRI & SASB Data Tables
303-4 Water discharge
Water Stewardship - Our 
Performance 
GRI & SASB Data Tables
303-5 Water consumption
Water Stewardship - Our 
Performance 
GRI & SASB Data Tables
Biodiversity
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Biodiversity - Our Approach 
GRI & SASB Data Tables

163   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GRI 304: Biodi-
versity 2016
304-1 Operational sites owned, 
leased, managed in, or adjacent 
to, protected areas and areas of 
high biodiversity value outside 
protected areas
Biodiversity - Our Performance
304-2 Significant impacts of 
activities, products and services 
on biodiversity
Biodiversity - Our Performance
304-3 Habitats protected or 
restored
Biodiversity - Our Performance 
GRI & SASB Data Tables
304-4 IUCN Red List species and 
national conservation list species 
with habitats in areas affected by 
operations
Biodiversity - Our Performance
GRI G4: Mining 
& Metals Sector 
Supplement
G4 MM1 Amount of land (owned 
or leased, and 
managed for production activities 
or extractive 
use) disturbed or rehabilitated
Biodiversity - Our Performance
GRI & SASB Data Tables
GRI G4: Mining 
& Metals Sector 
Supplement
G4 MM2 Total sites requiring 
biodiversity management plans
Biodiversity - Our Performance
Emissions
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Climate, Energy and 
Greenhouse Gas Emissions
GRI 305: Emis-
sions 2016
305-1 Direct (Scope 1) GHG 
emissions
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting  
GRI & SASB Data Tables
305-2 Energy indirect (Scope 2) 
GHG emissions
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting 
GRI & SASB Data Tables
305-3 Other indirect (Scope 3) 
GHG emissions
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting  
GRI & SASB Data Tables

164   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GRI 305: Emis-
sions 2016 
305-4 GHG emissions intensity
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting  
305-5 Reduction of GHG 
emissions
Climate, Energy and 
Greenhouse Gas Emissions 
Reporting  
Waste
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Tailings Facilities and Waste 
Management - Our Approach
GRI 306: Waste 
2020
306-1 Waste generation and 
significant waste-related impacts
Tailings Facilities and Waste 
Management - Our Performance
306-2 Management of significant 
waste-related impacts
Tailings Facilities and Waste 
Management - Our Approach
Tailings Facilities and Waste 
Management - Our Performance
306-3 Waste generated
Tailings Facilities and Waste 
Management - Our Performance
GRI & SASB Data Tables
GRI G4: Mining 
& Metals Sector 
Supplement
MM3 Total amounts of 
overburden, rock, tailings, and 
sludges and their associated risks
GRI & SASB Data Tables
Employment
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Human Capital Development - 
Our Approach 
Inclusion and Diversity - Our 
Approach
GRI 401: Em-
ployment 2016
401-1 New employee hires and 
employee turnover
Human Capital Development - 
Our Performance 
Inclusion and Diversity - Our 
Performance 
GRI & SASB Data Tables

165   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
Labour/management relations
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Human Capital Development - 
Our Approach
GRI G4: Mining 
& Metals Sector 
Supplement 
MM4 Number of strikes and 
lockouts exceeding one week’s 
duration, by country
Human Capital Development - 
Our Performance
GRI & SASB Data Tables
Occupational health and safety
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Health & Safety – Our Approach
GRI 403: Occu-
pational Health 
and Safety 2018
403-1 Occupational health and 
safety management system
Health & Safety – Our Approach
403-2 Hazard identification, 
risk assessment, and incident 
investigation
Health & Safety – Our Approach 
Health & Safety – Our 
Performance
403-3 Occupational health 
services
Health & Safety – Our Approach 
Health & Safety – Our 
Performance
403-4 Worker participation, 
consultation, and communication 
on occupational health and safety
Health & Safety – Our Approach
403-5 Worker training on 
occupational health and safety
Health & Safety – Our Approach
Health & Safety – Our 
Performance
403-6 Promotion of worker 
health
Human Capital Development - 
Our Performance
403-7 Prevention and mitigation 
of occupational health and 
safety impacts directly linked by 
business relationships
Health & Safety – Our Approach 
Health & Safety – Our 
Performance
403-9 Work-related injuries
Health & Safety – Our 
Performance
GRI & SASB Data Tables

166   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
Training and education
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Human Capital Development – 
Our Approach
Diversity and equal opportunity
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Inclusion and Diversity - Our 
Approach
GRI 405: Diver-
sity and Equal 
Opportunity 
2016
405-1 Diversity of governance 
bodies and employees
Inclusion & Diversity – Our 
Performance 
GRI & SASB Data Tables
Non-discrimination
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Inclusion and Diversity - Our 
Approach
GRI 406: 
Non-discrimina-
tion 2016
406-1 Incidents of discrimination 
and corrective actions taken
Inclusion & Diversity – Our 
Performance
Corrective actions 
taken
Confidentiality 
constraints
In 2021, two allegations of workplace dis-
crimination were made, both of which were 
resolved in a timely manner. For confidentiality 
reason, we do not disclose the details of these 
allegations. 
Freedom of association and collective bargaining
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Human Rights Management 
Human Capital Development - 
Our Performance
GRI 407: Free-
dom of Associa-
tion and Collec-
tive Bargaining 
2016
407-1 Operations and suppliers 
in which the right to freedom 
of association and collective 
bargaining may be at risk
As of December 31, 2021, the 
right to exercise freedom of 
association and collective 
bargaining was not a significant 
risk for any of our operations or 
high-risk suppliers.
Child labour
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Human Rights Management
GRI 408: Child 
Labour 2016
408-1 Operations and suppliers 
at significant risk for incidents of 
child labour
As members of MAC, we have 
committed to respecting the 
rights of our workers and not 
engaging in or supporting the 
practice of child labour. As of 
December 31, 2021, child labour 
was not a significant risk for any 
of our operations or our high-
risk suppliers.

167   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
Forced or compulsory labour
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Human Rights Management
GRI 409: Forced 
or Compulsory 
Labour 2016
409-1 Operations and suppliers 
at significant risk for incidents of 
forced or compulsory labour
As members of MAC, we have 
committed to respecting the 
rights of our workers and not 
engaging in or supporting the 
practice forced labour. As of 
December 31, 2021, forced 
labour was not at a significant 
risk for any of our operations or 
high-risk suppliers.
Security practices
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Human Rights Management
GRI 410: Secu-
rity Practices 
2016
410-1 Security personnel trained 
in human rights policies or 
procedures
Human Rights Management
Rights of indigenous peoples
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
Relationships with Communities 
and Indigenous Peoples - Our 
Approach
GRI 411: Rights 
of Indigenous 
Peoples 2016
411-1 Incidents of violations 
involving rights of indigenous 
peoples
Relationships with Communities 
and Indigenous Peoples - Our 
Performance
Local communities
GRI 3: Material 
Topics 2021
3-3 Management of material 
topics
ESG Management Approach 
Relationships with Communities 
and Indigenous Peoples - Our 
Approach 
Socio-economic Contributions - 
Our Approach
GRI 413: Local 
Communities 
2016
413-1 Operations with local 
community engagement, impact 
assessments, and development 
programs
Relationships with Communities 
and Indigenous Peoples - Our 
Performance 
Socio-economic Contributions – 
Our Performance
413-2 Operations with significant 
actual and potential negative 
impacts on local communities
ESG Management Approach 
 
All material topics

168   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
GRI STANDARD/  
OTHER SOURCE 
DISCLOSURE
LOCATION
OMISSION
REQUIREMENT(S)  
OMITTED
REASON 
EXPLANATION 
GRI G4: Mining 
& Metals Sector 
Supplement
MM5 Total number of operations 
taking place in or adjacent to 
Indigenous Peoples’ territories, 
and number and percentage of 
operations or sites where there 
are formal agreements with 
Indigenous Peoples’ communities
Relationships with Communities 
and Indigenous Peoples – Our 
Performance
GRI & SASB Data Tables 
GRI G4: Mining 
& Metals Sector 
Supplement
MM6 Numbers and description 
of significant disputes relating 
to land use, customary rights 
of local communities, and 
indigenous people
Relationships with Communities 
and Indigenous Peoples – Our 
Performance
GRI G4: Mining 
& Metals Sector 
Supplement
MM7 Grievance mechanisms 
used to resolve disputes relating 
to land use, customary rights 
of local communities, and 
indigenous people
Relationships with Communities 
and Indigenous Peoples – Our 
Performance
Artisanal and small-scale mining
GRI G4: Mining 
& Metals Sector 
Supplement
MM8 Number and percentage of 
company operating sites where 
artisanal and small-scale mining 
takes place on, or adjacent to, 
the site
Relationships with Communities 
and Indigenous Peoples – Our 
Performance
Relocation
GRI G4: Mining 
& Metals Sector 
Supplement
MM9 Sites where resettlement 
took place, the number of 
households resettled in each, 
and how their livelihoods were 
affected in the process
We did not undertake any 
community resettlements in 
2021
Closure planning
GRI G4: Mining 
& Metals Sector 
Supplement
MM10 Number and percentage of 
operations with closure plans
Mine Closure - Our Performance 
Annual Report

169   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TOPIC
SASB CODE AND  
ACCOUNTING METRIC
CATEGORY
UNIT OF  
MEASURE
REFERENCE
COMMENTARY
Greenhouse 
Gas  
Emissions 
EM-MM-110a.1  
Gross global Scope 1 emissions, percent-
age covered under emissions-limiting 
regulations
Quantitative
Metric tons (t) 
CO2Eq
Percentage (%)
GRI & SASB Data Tables
EM-MM-110a.2 
Discussion of long-term and short-term 
strategy or plan to manage Scope 1 emis-
sions, emissions reduction targets, and 
an analysis of performance against those 
targets
Discussion and analysis
N/A
Climate, Energy and Greenhouse Gas 
Emissions Reporting
Air Quality
EM-MM-120a.1 
Air emissions of the following pollutants: 
(1) CO, (2) NOx (excluding N2O), (3) SOx, 
(4) particulate matter (PM10), (5) mer-
cury (Hg), (6) lead (Pb), and (7) volatile 
organic compounds (VOCs)
Quantitative
Metric tons (t)
(1) - (7) GRI & SASB Data Tables
Energy  
Management
EM-MM-130a.1 
(1) Total energy consumed, (2) percentage 
grid electricity, (3) percentage renewable
Quantitative
Gigajoules (GJ)
(1) - (2) GRI & SASB Data Tables
Water  
Management
EM-MM-140a.1 
(1) Total fresh water withdrawn, (2) total 
fresh water consumed, percentage of each 
in regions with High or Extremely High 
Baseline Water Stress
Quantitative
Thousand cubic 
meters (m3)
(1) GRI & SASB Data Tables
Percentage (%)
(2) GRI & SASB Data Tables
EM-MM-140a.2 
Number of incidents of non-compliance 
associated with water quality permits, 
standards, and regulations
Quantitative
Number
Water Stewardship - Our 
Performance
Waste & 
Hazardous 
Materials 
Management
EM-MM-150a.4 
Total weight of non-mineral waste gener-
ated
Quantitative
Metric tons (t)
GRI & SASB Data Tables
EM-MM-150a.5 
Total weight of tailings produced 
Quantitative
Metric tons (t)
GRI & SASB Data Tables
EM-MM-150a.6  
Total weight of waste rock generated 
Quantitative
Metric tons (t)
GRI & SASB Data Tables
EM-MM-150a.7  
Total weight of hazardous waste gener-
ated 
Quantitative
Metric tons (t)
GRI & SASB Data Tables
EM-MM-150a.8 
Total weight of hazardous waste recycled
Quantitative
Metric tons (t)
GRI & SASB Data Tables
SASB INDEX

170   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TOPIC
SASB CODE AND  
ACCOUNTING METRIC
CATEGORY
UNIT OF  
MEASURE
REFERENCE
COMMENTARY
Waste & 
Hazardous 
Materials 
Management
EM-MM-150a.9  
Number of significant incidents associ-
ated with hazardous materials and waste 
management  
Quantitative
Number
Tailings Facilities and Waste Manage-
ment - Our Performance
EM-MM-150a.10 
Description of waste and hazardous mate-
rials management policies and procedures 
for active and inactive operations 
Discussion and  
analysis
N/A
Tailings Facilities and Waste Manage-
ment - Our Approach
 
Tailings Facilities and Waste Manage-
ment - Our Performance
Biodiversity 
Impacts
EM-MM-160a.1 
Description of environmental manage-
ment policies and practices for active 
sites
Discussion and 
analysis
N/A
ESG Management Approach
Biodiversity - Our Approach
Climate, Energy and Greenhouse Gas 
Emissions Reporting 
Mine Closure - Our Approach 
Tailings Facilities and Waste  
Management - Our Approach 
Water Stewardship - Our Approach
EM-MM-160a.2 
Percentage of mine sites where acid rock 
drainage is: (1) predicted to occur, (2) 
actively mitigated, (3) under treatment or 
remediation
Quantitative
Percentage (%)
(1) - (3) Tailings Facilities and Waste 
Management - Our Performance
EM-MM-160a.3 
Percentage of (1) proved and (2) probable 
reserves in or near sites with protected 
conservation status or endangered spe-
cies habitat
Quantitative
Percentage (%)
(1) - (2) Biodiversity - Our Perfor-
mance
Zero. We do not have any opera-
tions or mineral reserves in or near 
endangered species habitat, areas 
designated as having high biodi-
versity value, or having protected 
conservation status
Security,  
Human 
Rights & 
Rights of 
Indigenous 
Peoples
EM-MM-210a.1  
Percentage of (1) proved and (2) probable 
reserves in or near areas of conflict
Quantitative
Percentage (%)
(1) - (2) GRI & SASB Data Tables
EM-MM-210a.2 
Percentage of (1) proved and (2) probable 
reserves in or near indigenous land 
Quantitative
Percentage (%)
(1) - (2) GRI & SASB Data Tables

171   |   2021 SUSTAINABILITY REPORT
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TOPIC
SASB CODE AND  
ACCOUNTING METRIC
CATEGORY
UNIT OF  
MEASURE
REFERENCE
COMMENTARY
Security,  
Human 
Rights & 
Rights of 
Indigenous 
Peoples
EM-MM-210a.3 
Discussion of engagement processes 
and due diligence practices with respect 
to human rights, indigenous rights, and 
operation in areas of conflict
Discussion and 
Analysis
N/A
Risk Management
ESG Management Approach
Human Rights Management 
Relationships with Communities and 
Indigenous Peoples - Our Approach
Relationships with Communities 
and Indigenous Peoples - Our 
Performance 
Socio-economic Contributions - Our 
Approach 
Inclusion & Diversity - Our Approach 
Inclusion & Diversity - Our 
Performance 
Mine Closure - Our Approach 
Business Ethics - Our Approach
Community 
Relations
EM-MM-210b.1 
Discussion of process to manage risks 
and opportunities associated with com-
munity rights and interests
Discussion and 
Analysis
N/A
Risk Management
ESG Management Approach 
Human Rights Management 
Relationships with Communities and 
Indigenous Peoples - Our Approach 
Socio-economic Contributions - Our 
Approach
Water Stewardship – Our Approach
Tailings and Waste Management – 
Our Approach 
Mine Closure - Our Approach 
Business Ethics - Our Approach
EM-MM-210b.2  
Number of non-technical delays
Quantitative
Number, Days
365 days for Escobal
The Escobal mine is currently 
on care and maintenance while 
the government of Guatemala 
conducts the court-mandated 
International Labour Organization 
(ILO) 169 consultation process.

172   |   2021 SUSTAINABILITY REPORT
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TOPIC
SASB CODE AND  
ACCOUNTING METRIC
CATEGORY
UNIT OF  
MEASURE
REFERENCE
COMMENTARY
Labour  
Relations
EM-MM-310a.1 
Percentage of active workforce covered 
under collective bargaining agreements, 
broken down by U.S. and foreign  
employees
Quantitative
Percentage (%)
GRI & SASB Data Tables
EM-MM-310a.2 
Number and duration of strikes and 
lockouts
Quantitative
Number, Days
GRI & SASB Data Tables
Workforce 
Health & 
Safety
EM-MM-320a.1 
(1) MSHA all-incidence rate, (2) fatal-
ity rate, (3) near miss frequency rate 
(NMFR) and (4) average hours of health, 
safety, and emergency response training 
for (a) full-time employees and (b) con-
tract employees
Quantitative
Rate
(1) - (2) GRI & SASB Data Tables 
(3) Not reported 
(4) Health & Safety - Our 
Performance
(3) PAAS does not collect near 
miss frequency rate (NMFR) data 
at the corporate level. This data is 
collected and managed at the site 
level. 
 
(4) We provide the total number 
of training hours provided to all 
employees and contractors. We do 
not provide average hours, break-
down training between employees 
and contractors or track hours 
of training specific to emergency 
response.
Business 
Ethics and 
Transparency
EM-MM-510a.1 
Description of the management system 
for prevention of corruption and bribery 
throughout the value chain
Quantitative
N/A 
Risk Management 
Business Ethics - Our Approach 
Business Ethics - Our Performance 
EM-MM-510a.2 
Production in countries that have the 20 
lowest rankings in Transparency Interna-
tional’s Corruption Perception Index 
Quantitative
Metric tons (t) 
saleable
GRI & SASB Data Tables
Zero. Pan American Silver does 
not operate in any of the countries 
designated among the 20 lowest 
rankings in the 2021 Transparency 
International Corruption  
Perception Index.

173   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TOPIC
SASB CODE AND  
ACCOUNTING METRIC
CATEGORY
UNIT OF  
MEASURE
REFERENCE
COMMENTARY
Tailings  
Storage 
Facilities 
Management
EM-MM-540a.1  
Tailings storage facility inventory table: 
(1) facility name, (2) location, (3) own-
ership status, (4) operational status, 
(5) construction method, (6) maximum 
permitted storage capacity, (7) current 
amount of tailings stored, (8) conse-
quence classification, (9) date of most 
recent independent technical review, (10) 
material findings, (11) mitigation mea-
sures, (12) site-specific EPRP
Quantitative
Various
(1) - (12) GRI & SASB Data Tables
EM-MM-540a.2  
Summary of tailings management 
systems and governance structure used 
to monitor and maintain the stability of 
tailings storage facilities
Discussion and 
Analysis
N/A
Tailings and Heap Leach Facilities 
Management - Our Approach
EM-MM-540a.3 
Approach to development of Emergen-
cy Preparedness and Response Plans 
(EPRPs) for tailings storage facilities
Discussion and 
Analysis
N/A
Tailings and Heap Leach Facilities 
Management - Our Approach
Scale of the 
Business
EM-MM-000.A 
Production of (1) metal ores and (2) 
finished metal products
Quantitative
Metric tons (t)
saleable
(1) - (2) GRI & SASB Data Tables
EM-MM-000.B 
Total number of employees, percentage 
contractors
Quantitative
Number
Percentage (%)
GRI & SASB Data Tables
Human Capital Development - Our 
Performance

174   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TCFD RECOMMENDATION
REFERENCE
Governance
Disclose the organization’s governance around climate-re-
lated risks and opportunities.
a) Describe the board’s oversight of climate-related risks 
and opportunities.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Governance
Sustainability Governance–Governance Structure 
Risk Management–Risk Assessments
b) Describe management’s role in assessing and managing 
climate-related risks and opportunities.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Governance
Sustainability Governance–Governance Structure
Risk Management–Risk Assessments
Strategy
Disclose the actual and potential impacts of climate-related 
risks and opportunities on the organization’s businesses, 
strategy, and financial planning where such information is 
material.
a) Describe the climate-related risks and opportunities the 
organization has identified over the short, medium, and 
long term.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Change Strategy
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Risks and Opportunities
b) Describe the impact of climate-related risks and oppor-
tunities on the organization’s businesses, strategy, and 
financial planning.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Change Strategy
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Risks and Opportunities
c) Describe the resilience of the organization’s strategy, 
taking into consideration different climate-related scenari-
os, including a 2°C or lower scenario.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Change Strategy
Appendix–TCFD Physical Risks Table
Risk Management
Disclose how the organization identifies, assesses, and 
manages climate-related risks.
a) Describe the organization’s processes for identifying and 
assessing climate-related risks.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Risks and Opportunities
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Initiatives
Risk Management–Risk Assessments
b) Describe the organization’s processes for managing 
climate-related risks.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Risks and Opportunities
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Initiatives
c) Describe how processes for identifying, assessing, and 
managing climate-related risks are integrated into the 
organization’s overall risk management.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Climate Risks and Opportunities
Risk Management–Risk Assessments
TCFD INDEX

175   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
TCFD RECOMMENDATION
REFERENCE
Metrics and Targets
Disclose the metrics and targets used to assess and man-
age relevant climate-related risks and opportunities where 
such information is material.
a) Disclose the metrics used by the organization to assess 
climate-related risks and opportunities in line with its 
strategy and risk management process.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Performance-Metrics and Targets
b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 
greenhouse gas (GHG) emissions, and the related risks.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Performance-Metrics and Targets
GRI & SASB Data Tables
c) Describe the targets used by the organization to man-
age climate-related risks and opportunities and perfor-
mance against targets.
Climate, Energy and Greenhouse Gas Emissions Reporting 
–Performance-Metrics and Targets
Goals and Performance-2022 Goals
GRI & SASB Data Tables– Environment 2021 Performance 
and 2022 Goals by Operating Mine

176   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning 
of the United States Private Securities Litigation Reform Act of 1995, 
and “forward-looking information” within the meaning of applicable 
Canadian provincial securities laws. All statements, other than statements 
of historical fact, are forward-looking statements or forward-looking 
information. Forward-looking statements or information in this document 
relate to, among other things: whether our approach to sustainability will be 
successful, and whether we will be able to achieve our goals and objectives 
related to, among other things, future financial or operational performance; 
sustainable development, safety, social performance, stakeholder 
engagement and relationships, human capital development, inclusion and 
diversity, environmental and tailings facility management, and mitigation 
of climate change (including with respect to greenhouse gas emissions, 
energy efficiency, and water management); the ongoing impact of COVID-19 
on our operations and other activities and our ability to manage the impacts 
of the pandemic should the situation continue indefinitely or change; our 
ability to ensure that that third parties adhere to our policies and/or meet 
our expectations and our ability to enforce the same; that our compliance, 
safety, environmental and other risk management programs will continue to 
be effective, or that any of our programs will be as effective as anticipated 
at eliminating risks related to our business; the duration and effect of the 
license suspensions relating to the Escobal mine, as well as the court-
mandated ILO 169 consultation process in Guatemala, and the timing and 
successful completion thereof; our future expectations with respect to 
climate and the environment, and the potential future impacts on our mines 
and other activities, including as it relates to water availability and usage; 
and our ability to successfully complete any capital projects, including, but 
not limited to, the La Colorada Skarn project, the expected economic or 
operational results derived from those projects.
These forward-looking statements and information reflect the current views 
of Pan American Silver with respect to future events and are necessarily 
based upon a number of assumptions that, while considered reasonable 
by Pan American Silver, are inherently subject to significant operational, 
business, economic and regulatory uncertainties and contingencies, 
and such uncertainty generally increases with longer-term forecasts and 
outlook. These assumptions include: the world-wide economic and social 
impact of COVID-19 and the duration and extent of the COVID-19 pandemic 
and related restrictions, and the presence and impact of COVID-19 and 
COVID-19 related restrictions on our workforce, suppliers and other 
essential resources and what effect those impacts, if they change, would 
have on our business and our activities relating to emissions and waste 
management; future changes in the environment and climate that may 
be unanticipated and the impacts on our business, including with respect 
to water availability and usage; currency exchange rates remaining as 
estimated; availability of funds for Pan American Silver’s projects and future 
cash requirements; capital, decommissioning and reclamation estimates; 
prices for energy inputs, labour, materials, supplies and services (including 
transportation); no labour-related disruptions at any of our operations; all 
necessary permits, licenses and regulatory approvals for our operations 
are received in a timely manner; our ability to secure and maintain title and 
ownership to properties and the surface rights necessary for our operations 
and activities; and our ability to comply with environmental, health and 
safety, and other laws. The foregoing list of assumptions is not exhaustive.
Forward-looking statements and information involve many known and 
unknown risks, uncertainties and other factors that could cause actual 
results or performance to be materially different from the results or 
performance that are or may be expressed or implied by such forward-
looking statements or information, including, but not limited to, factors, 
such as: the duration and effects of COVID-19 and any other pandemics on 
our operations and workforce; metal price fluctuations, fluctuation in the 
costs of energy, labour, materials and other inputs, fluctuations in currency 
markets and exchange rates, operational risks and hazards inherent with 
the business of mining (including environmental accidents and hazards, 
industrial accidents, and severe weather events); risks relating to the 
credit worthiness, financial condition or business practices of suppliers, 
refiners and other parties with whom Pan American Silver does business; 
inadequate insurance, or inability to obtain insurance, to cover these risks 
and hazards; employee relationships with, and claims by, local communities

177   |   2021 SUSTAINABILITY REPORT
PAN AMERICAN SILVER
and Indigenous peoples; our ability to obtain all necessary permits, licenses 
and regulatory approvals in a timely manner; changes in laws, regulations 
and government practices, as well as other legal or economic developments, 
in the jurisdictions where we may carry on business, including legal 
restrictions relating to mining; risks relating to the court-mandated ILO 
169 consultation process in Guatemala; and those factors identified under 
the heading “Risks Related to Our Business” in Pan American Silver’s most 
recent Form 40-F and Annual Information Form filed with the U.S. Securities 
and Exchange Commission and with Canadian provincial securities 
regulatory authorities, respectively. Pan American Silver has attempted to 
identify important factors, but there may be other factors that cause results 
not to be as anticipated, estimated, intended or described. Investors are 
cautioned against attributing undue certainty or reliance on forward-looking 
statements and information. Pan American Silver does not intend, nor 
assume, any obligation to update or revise forward-looking statements and 
information except to the extent required by applicable law.
Any feedback regarding this report is welcome. Please direct 
your comments or questions to: Brent Bergeron, Senior 
Vice President, Corporate Affairs and Sustainability; Monica 
Moretto, Vice President of Social Sustainability, Inclusion 
and Diversity; or Christian Del Valle, Director Corporate 
Affairs and ESG Engagement at csr@panamericansilver.com.
REPORT FEEDBACK