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World Silver Survey 2019 WORLD SILVER 1400 I Street, NW, Suite 550 Washington, D.C

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World Silver Survey 2019 WORLD SILVER 1400 I Street, NW, Suite 550 Washington, D.C THE SILVER INSTITUTE World Silver Survey 2019 World WORLD SILVER 1400 I Street, NW, Suite 550 Washington, D.C. 20005 SURVEY 2019 Tel: +1-202-835-0185 Email: [email protected] www.silverinstitute.org The Silver Institute / Refinitiv THE SILVER INSTITUTE (major funding companies of The Silver Institute) Asahi Refining Cia. de Minas Buenaventura, S.A.A. Coeur Mining, Inc. Endeavour Silver Corp. First Majestic Silver Corp. Fresnillo plc Hecla Mining Company Hochschild Mining plc Industrias Peñoles, S.A.B. de C.V. Pan American Silver Corp. Wheaton Precious Metals Front Cover Image: Macro close up of a pure silver bullion coin © Michael Turner - Dreamstime.com Back Cover Image: Sterling Silver Dazzle Pendant Necklace by Nambé Printed by Park Communications, London 28769 WORLD SILVER SURVEY 2019 Produced for The Silver Institute by the GFMS team at Refinitiv BY Cameron Alexander, Director of Precious Metals Research Bruce Alway, Director of Base Metals Research Saida Litosh, Manager of Metals Research Johann Wiebe, Lead Analyst Wenyu Yao, Lead Analyst Debajit Saha, Senior Analyst Karen Norton, Senior Analyst Samson Li, Senior Analyst Federico Guy, Senior Analyst Natalie Scott-Gray, Senior Analyst Seema Goenka, Analyst OTHER CONTRIBUTORS: IFR Production, Refinitiv Refinitiv The Silver Institute The Refinitiv Building, 30 South Colonnade 1400 I Street, NW, Suite 550 London, E14 5EP, UK Washington, D.C., 20005 E-mail: [email protected] Telephone: +1-202-835-0185 Web: financial.tr.com/eikon-metals [email protected] www.silverinstitute.org ABOUT THE MAJOR SPONSORS OF WORLD SILVER SURVEY 2019 Coeur Mining, Inc. Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five mines in North America employing approximately 2,000 people. Coeur’s wholly-owned operations include the Palmarejo silver-gold complex in Mexico, the Silvertip silver-zinc-lead mine in British Columbia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. In addition, the Company owns the La Preciosa project in Mexico, a silver-gold exploration stage project, and conducts exploration activities throughout North America. Fresnillo plc Fresnillo plc is the world’s largest primary silver producer and Mexico’s second largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES. Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including the San Ramón satellite mine), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (phase I), three development projects - San Julián (phase II), the Pyrites plant, and second line of DLP at Herradura, and four advanced exploration projects – Orisyvo, Juanicipio, Las Casas Rosario & Cluster Cebollitas and Centauro Deep, as well as a number of other long term exploration prospects. In total, Fresnillo plc has mining concessions covering approximately 2 million hectares in Mexico. Fresnillo plc has a strong and long tradition of mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver. Fresnillo plc’s goal is to maintain the Group’s position as the world’s largest primary silver company, producing 65 million ounces of silver per year by 2019, having already surpassed the gold target of 750,000 ounces. 1 Operations at Soledad and Dipolos are currently suspended. Industrias Peñoles, S.A.B. de C.V. Peñoles is a mining group with integrated operations in smelting and refining non- ferrous metals, and producing chemicals. Peñoles is the world’s top producer of refined silver, metallic bismuth and sodium sulfate, and the leading Latin American producer of refined gold and lead. The Company was founded in 1887 and it is part of “Grupo BAL”, a privately held diversified group of independent Mexican companies. Peñoles’ shares have traded on the Mexican Stock Exchange since 1968 under the ticker PE&OLES. Peñoles highlights: • Began operations in 1887 as a mining company. • Has integrated operations in the areas of exploration, mining, metallurgy and chemicals. • Listed on the Mexican Stock Exchange since 1968; the stock is included in the IPC index. • One of the largest net exporters in Mexico’s private sector. Pan American Silver Corp. Pan American Silver is the world’s premier silver mining company, with large silver reserves and a diversified portfolio of producing mines. On February 22, 2019, we completed our acquisition of Tahoe Resources. Our portfolio of assets now includes 10 operating mines located in Canada, Mexico, Peru, Bolivia and Argentina. Through the transaction, we also acquired the Escobal mine in Guatemala, one of the most attractive silver assets in the world. Operations at Escobal are currently suspended, pending, among other things, the completion of an ILO 169 consultation process with Xinka indigenous communities to be undertaken by Guatemala’s Ministry of Energy and Mines. Pan American intends to support this consultation process, as well as engage the local communities and Xinka populations in an effort to build long-lasting, trusting relationships for the benefit of all stakeholders. In 2018, Pan American produced 24.8 million ounces of silver and 178,900 ounces of gold. Consolidated cash costs1 to produce an ounce of silver were $3.35, net of by-product credits, and all-in sustaining costs per silver ounce sold1 were $10.73. These results do not reflect the newly acquired Tahoe assets. At December 31, 2018, our proven and probable silver and gold mineral reserves2 were approximately 279.8 million and 1.7 million ounces, respectively. Our measured and indicated mineral resources2 were approximately 682.1 million ounces of silver and 478.5 thousand ounces of gold as at the end of 2018. These results do not reflect the newly acquired Tahoe assets. Pan American’s asset portfolio offers unparalleled upside for investors seeking exposure to silver through the potential restart of the Escobal mine and development of the Navidad project, as well as our major exploration discovery at La Colorada. In 2019, we celebrate our silver anniversary: 25 years of operating in Latin America, earning an industry-leading reputation for operational excellence and corporate social responsibility. Notes: 1 Cash costs and all-in sustaining costs per silver ounce sold are non-GAAP measures and do not have standardized meanings prescribed by IFRS. Please refer to the Alternative Performance (Non-GAAP) Measures section in Pan American’s Management’s Discussion & Analysis for the period ended December 31, 2018 (the MD&A) for further information on these measures. The MD&A is available at panmericansilver.com. 2 Please refer to the complete mineral resource and mineral reserve information on the “Reserves & Resources” page of our website at panamericansilver.com for additional information. Wheaton Precious Metals Wheaton Precious Metals is one of the largest precious metals streaming companies in the world. The Company offers investors leverage to increasing precious metals prices, a sustainable dividend, and both organic and acquisition growth opportunities. Wheaton’s operating costs are contractually set at the time the stream is entered into, allowing investors to benefit from cost predictability and strong margin growth in an environment of rising metal prices. Wheaton currently has streaming agreements covering 19 operating mines and 9 development stage projects. The Company’s production profile is driven by a high-quality portfolio of low-cost, long-life assets, including a gold stream on Vale’s Salobo mine, and silver streams on Glencore’s Antamina mine and Goldcorp’s Peñasquito mine. World Silver Survey 2019 has been kindly supported by the following companies MAJOR SPONSORS Coeur Mining, Inc. Fresnillo plc Pan American Silver Corp. Industrias Peñoles S.A.B. de C.V. Wheaton Precious Metals SPONSORS Compañia de Minas Buenaventura S.A.A. Endeavour Silver Corp. Hecla Mining Company Hochschild Mining plc Italpreziosi KGHM Polska Miedz S.A. Scotiabank Sprott CONTRIBUTORS Amrapali Industries Ltd Tanaka Kikinzoku Kogyo K. K. Asahi Refining TD Bank International Depository Services Group Valcambi sa The World Silver Survey has been published annually by The Silver Institute since 1990. Hard copies of previous editions can be obtained by contacting The Silver Institute at the address and telephone number on the opening page. All previous editions are available for download at The Silver Institute’s website. For copies outside of North America, contact Refinitiv at the address on the page overleaf. ISSN: 1059-6992 (Print) ISSN: 2372-2312 (Online) ISBN-13: 978-1-880936-32-0 (2019 WSS Print) ISBN: 978-1-880936-33-7 (2019 WSS PDF Online) © Copyright April 2019. The Silver Institute and Refinitiv. We (and where relevant, any identified contributors or co-authors) are the owner or the licensee of all intellectual property rights in this document. This document is protected by copyright laws and treaties around the world. All such rights are reserved. No organization or individual is permitted to reproduce or transmit all or part of this document (including without limitation extracts such as tables and graphs), whether by photocopying or storing in any medium by electronic means or otherwise, without the written permission of The Silver Institute and Refinitiv. In cases where we have provided our document electronically, only the authorized subscriber, in respect of whom an individual user license has been granted, may download a copy of this document. Additional user licenses may be purchased on request. Your reproduction, transmission, printing off, copying or downloading (where relevant) of all or part of this document in breach of these terms may result in civil or criminal actions against you. While every effort has been made to ensure the accuracy of the information in this document, the content of this document is provided without any guarantees, conditions or warranties as to its accuracy, completeness or reliability. It is not to be construed as a solicitation or an offer to buy or sell precious metal, related products, commodities, securities or related financial instruments.
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