Pan American Silver Corp. Technical Report for the Morococha Property, Yauli, Peru Effective date: June 30 2014 Prepared by: Martin Wafforn, P. Eng. Vice President, Technical Services Michael Steinmann, P. Geo. Executive Vice President, Corporate Development and Geology Americo Delgado, P. Eng. Director, Metallurgy November 2014 1 of 71 Pan American Silver Corp. Contents 1 Summary ............................................................................................................................................... 6 1.1 Property description and ownership ............................................................................................ 6 1.2 Geology and mineralization .......................................................................................................... 6 1.3 Status of exploration, development, and operations ................................................................... 7 1.4 Mineral resource and reserve estimates ...................................................................................... 8 1.5 Conclusions and recommendations ............................................................................................ 10 2 Introduction ........................................................................................................................................ 12 3 Reliance on other experts ................................................................................................................... 14 4 Property description and location ...................................................................................................... 15 4.1 Location, issuer’s interest, mineral tenure, and surface rights .................................................. 15 4.2 Royalties, back-in rights, payments, agreements, and encumbrances ...................................... 22 4.3 Environmental liabilities ............................................................................................................. 23 4.4 Permits ........................................................................................................................................ 24 4.5 Significant factors and risks ........................................................................................................ 24 5 Accessibility, climate, local resources, infrastructure, and physiography .......................................... 25 5.1 Access, transport, and population centre ................................................................................... 25 5.2 Climate, length of operating season, and physiography ............................................................ 25 5.3 Surface rights, land availability, infrastructure, and local resources .......................................... 25 6 History ................................................................................................................................................. 27 7 Geological setting and mineralization ................................................................................................ 29 7.1 Regional, local, and property geology ........................................................................................ 29 7.2 Mineralization ............................................................................................................................. 30 8 Deposit types ...................................................................................................................................... 32 9 Exploration .......................................................................................................................................... 33 10 Drilling ............................................................................................................................................. 34 11 Sample preparation, analyses, and security ................................................................................... 36 11.1 On-site sample preparation and security ................................................................................... 36 11.2 Laboratory sample preparation and analytical methods ............................................................ 37 11.3 Quality assurance and quality control ........................................................................................ 37 12 Data verification .............................................................................................................................. 39 November 2014 2 of 71 Pan American Silver Corp. 12.1 Geology data reviews .................................................................................................................. 39 12.2 Mine engineering data reviews .................................................................................................. 39 12.3 Metallurgy data reviews ............................................................................................................. 39 13 Mineral processing and metallurgical testing ................................................................................. 40 14 Mineral resource estimates ............................................................................................................ 41 14.1 Disclosure .................................................................................................................................... 41 14.2 Method ....................................................................................................................................... 41 14.3 Mineral resource tabulation ....................................................................................................... 44 15 Mineral reserve estimates .............................................................................................................. 45 15.1 Disclosure .................................................................................................................................... 45 15.2 Method ....................................................................................................................................... 45 15.3 Mineral reserve tabulation ......................................................................................................... 46 16 Mining methods .............................................................................................................................. 47 16.1 Mining methods .......................................................................................................................... 47 16.2 Geotechnical and hydrological parameters ................................................................................ 48 16.3 Production rates and expected mine life .................................................................................... 49 16.4 Waste mining requirements ....................................................................................................... 49 16.5 Mining fleet and machinery ........................................................................................................ 50 17 Recovery methods .......................................................................................................................... 51 17.1 Introduction ................................................................................................................................ 51 17.2 Crushing ...................................................................................................................................... 51 17.3 Grinding and classification .......................................................................................................... 51 17.4 Flotation ...................................................................................................................................... 52 17.5 Thickening and filtering............................................................................................................... 52 17.6 Tailings storage ........................................................................................................................... 53 17.7 Power, water, and process consumable requirements .............................................................. 53 17.8 Summary of metal production .................................................................................................... 53 18 Project infrastructure ...................................................................................................................... 55 18.1 Transportation and logistics........................................................................................................ 55 18.2 Mine facilities .............................................................................................................................. 55 18.3 Processing facilities ..................................................................................................................... 55 November 2014 3 of 71 Pan American Silver Corp. 18.4 Power and water ......................................................................................................................... 55 19 Market studies and contracts ......................................................................................................... 57 20 Environmental studies, permitting, and social or community impact ............................................ 58 20.1 Environmental factors ................................................................................................................