All amounts are expressed in US$ unless otherwise indicated. Results are preliminary and unaudited and could be adjusted based on final results. This news release contains forward-looking information about expected future events and operating performance of Pan American Silver. Readers should refer to the risks and assumptions set out in the "Cautionary Note Regarding Forward-Looking Statements and Information" at the end of this news release.

VANCOUVER, BC, Jan. 19, 2022 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American Silver") today announced its preliminary production results for the fourth quarter ("Q4 2021") and full year 2021 ("FY 2021").

Consolidated silver production in 2021 of 19.2 million ounces was within the revised guidance range of 19.0 to 20.0 million ounces provided on November 9, 2021.
Consolidated gold production in 2021 of 579.3 thousand ounces was within the revised guidance range of 560.0 to 588.0 thousand ounces provided on November 9, 2021.
Dolores achieved record gold production of 160.1 thousand ounces in 2021.

"Production improved in 2021 over 2020, although continued to be constrained by reduced workforce deployment levels due to the COVID-19 pandemic. We are pleased to see progressive production ramp up at La Colorada during the fourth quarter of 2021, following the advances on the upgrades to the ventilation circuit and ground support programs," said Michael Steinmann, President and Chief Executive Officer.

Preliminary 2021 production results

Figures are preliminary and subject to final adjustment. The final figures will be provided in Pan American Silver's financial results for Q4 and FY 2021.

Silver Production. (thousand ounces)

Gold Production

(thousand ounces)
Q4 2021 FY 2021 Q4 2021 FY 2021
La Colorada 1,584 5,171 0.8 2.7
Huaron 838 3,513 0.3 1.1
Morococha(1) 540 2,175 0.4 1.1
San Vicente(2) 641 2,548 0.1 0.3
Manantial Espejo 1,090 3,236 11.3 33.8
Dolores 507 2,240 40.1 160.1
Shahuindo 61 235 37.0 134.0
La Arena 11 40 32.6 112.4
Timmins 4. 16. 34.2 133.8
Total(3) 5,276 19,174 56.7 579.3

(1) Morococha data represents Pan American Silver's 92.3% interest in the mine's production.

(2) San Vicente data represents Pan American Silver's 95.0% interest in the mine's production.

(3) Totals may not add due to rounding.

Consolidated Base Metal Production. (thousand tonnes)
Q4 2021 FY 2021
Zinc 11.2 49.4
Lead 4.1 18.1
Copper 2.4 8.7

Consolidated zinc, lead and copper production in 2021 was 49.4, 18.1 and 8.7 thousand tonnes, respectively, compared with the revised guidance of 49.8 - 53.6, 18.5 - 20.3 and 8.9 - 9.2 thousand tonnes, respectively, provided on November 9, 2021.

COVID-19 update

Pan American Silver is currently experiencing the effects of the latest wave of COVID-19 infections, which has led to reduced workforce levels. At the present time, it is too early to determine what impact, if any, the current COVID-19 situation may have on operations in the first quarter or full-year 2022. Consequently, Pan American Silver has decided to postpone issuing its 2022 production and costs guidance. We intend to provide 2022 guidance no later than February 23, 2022, when Pan American Silver releases its audited results for Q4 and FY 2021.

Our priority is the health and safety of our workforce and communities, and we are maintaining comprehensive protocols to protect our people and limit the spread of the virus. Further details are available at panamericansilver.com.

Q4 and FY 2021 audited results

Pan American Silver plans to release its audited results for Q4 and FY 2021 on February 23, 2022, after market close. Details for the related conference call and webcast are as follows:

Date:
February 24, 2022
Time:

11:00 am ET (8:00 am PT)

Dial-in numbers:


1-800-319-4610 (toll-free in Canada and the U.S.)
+1-604-638-5340 (international participants)

Webcast:


panamericansilver.com

The live webcast, presentation slides and the Q4 and FY 2021 report will be available at panamericansilver.com. An archive of the webcast will also be available for three months.

Technical Information

Scientific and technical information contained in this news release have been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Vice President Business Development and Geology, each of whom is a Qualified Persons, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure of Mineral Projects.

For additional information about Pan American Silver's material mineral properties, please refer to Pan American Silver's Annual Information Form dated February 17, 2021, filed at www.sedar.com, or Pan American Silver's most recent Form 40-F filed with the SEC.

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. We have 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, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news 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. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, estimates of current production levels that remain subject to verification and adjustment, including our estimated production of silver, gold, and other metals in 2021; the timing and release of our guidance for production, costs and certain expenditures in 2022 and our audited results for Q4 and FY 2021.

SOURCE Pan American Silver Corp.
For further information: Siren Fisekci, VP, Investor Relations & Corporate Communications, Ph: 604-806-3191, Email: ir@panamericansilver.com