Pan American Silver provides update on changing mining law in Chubut, Argentina

VANCOUVER, BC, December 21, 2021 / PRNewswire / – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American Silver”) reports that, the 20 December 2021, the executive of the Province of Chubut in Argentina issued an Order in Council to the Legislative Assembly to repeal the bill passed on December 15, 2021 which would have amended the provincial mining law to allow surface mining in certain areas of the departments of Gastre and Telsen.

Pan American Silver owns 100% of the large Navidad silver project, which is located in the north-central part of the province. Pan American Silver believes that properly licensed and regulated mining activity with sustainable mining practices, both environmental and social, could benefit the people of Chubut.

About Pan American Money

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 which is not currently working. Pan American provides increased exposure to silver through a large silver reserve and resource base, as well as major catalysts for increasing silver production. We have a 27 year history of operating in Latin America, earning a reputation as an industry leader for sustainability performance, operational excellence and prudent financial management. We are based in Vancouver, BC and our shares trade on the NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.

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Caution regarding forward-looking statements and information

Certain of the statements and information contained in this press release constitute “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 information. The forward-looking statements or information contained in this press release concern, among others: the anticipated impacts of mining activities on the population of Chubut.

These forward-looking statements and information reflect Pan American Silver’s current views regarding future events and are necessarily based on a number of assumptions which, although considered reasonable by Pan American Silver, are inherently subject to significant operational uncertainties, commercial, economic and regulatory. and contingencies. These assumptions include: laws and regulatory requirements that would allow the development of mining projects and the conduct of mining activities; the global economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic is minimized or not in the long term; our ability to manage the care and maintenance properties efficiently and economically, including to maintain the necessary staff; the prices of silver, gold and base metals remaining as estimated; remaining exchange rates as estimated; capital, decommissioning and reclamation estimates; our mineral resource estimates and the assumptions on which they are based; the prices of energy inputs, labor, materials, supplies and services (including transport); no unforeseen delays or interruptions in our operations and projects; all necessary permits, licenses and regulatory approvals and reviews are received in a timely manner; our ability to obtain and retain necessary title and ownership to surface properties and rights; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Pan American Silver cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause actual results and developments to differ materially from those expressed or implied by such statements or forward-looking information contained in this news. and Pan American Silver has made assumptions and estimates based on or related to more than one of these factors. These factors include, but are not limited to: the duration and effects of COVID-19 and any other pandemic on our operations and workforce, and the effects on global economies and society; fluctuations in the prices of silver, gold and base metals; fluctuations in the prices of energy inputs, labor, materials, supplies and services (including transportation); fluctuations in currency markets (such as PEN, MXN, ARS, BOB, GTQ and CAD against the USD); disruptions to the global supply chain and logistics, including the delivery of fuel and critical parts and supplies; operational risks and dangers inherent in mining (including environmental accidents and hazards, industrial accidents, equipment failures, unusual or unexpected geological or structural formations, collapses, floods and severe weather events ); risks relating to the creditworthiness or financial condition of suppliers, refiners and other parties with which Pan American Silver does business; inadequate insurance, or inability to obtain insurance, to cover these risks and dangers; employee relations; relations with local communities and indigenous populations and their claims; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in government laws, regulations and practices in the jurisdictions in which we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, United States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where Pan American Silver may operate, including legal restrictions on mining, including Chubut, Argentina; risks associated with expropriation; the decreasing quantities or contents of mineral reserves as the properties are exploited; increased competition in the mining industry for equipment and skilled personnel; and the factors identified under “Risks Relating to the Business of Pan American” in the most recent Form 40-F and Annual Information Form of Pan American Silver filed with the United States Securities and Exchange Commission and Canadian provincial authorities securities regulation, respectively. Although Pan American Silver has attempted to identify significant factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated, estimated, described or anticipated. Investors are cautioned not to place undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s current views on our near and long term prospects and may not be appropriate for other purposes. Pan American Silver does not intend and assumes no obligation to update or revise any forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.


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SOURCE Pan American Silver Corp.

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