Stillwater Critical Minerals Corp. press release

Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2021

2021-08-11

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All financial figures are expressed in US$ unless otherwise indicated.

VANCOUVER, BC , Aug. 10, 2021 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American", or the "Company") today reported its estimated mineral reserves and resources as of June 30, 2021 . Proven and probable mineral reserves are estimated to contain approximately 529 million ounces of silver and 4.2 million ounces of gold. Measured and indicated mineral resources (excluding proven and probable reserves) are estimated to total approximately 818 million ounces of silver and 8.3 million ounces of gold. In addition, inferred mineral resources total 460 million ounces of silver and 5.8 million ounces of gold.

Christopher Emerson , Pan American's Vice President of Business Development and Geology commented: "Despite the restrictions the COVID-19 pandemic placed on our 2020 exploration program, excellent results were achieved at many of our operations. At La Arena, we replaced 141% of the ounces mined, extending mine life by another year. Mine life was also extended by another year at Timmins through the discovery of 209 thousand ounces of new gold mineral reserves, replacing 147% of ounces mined. At La Colorada , the ventilation restrictions impacted exploration activities, however, recent improvements to the ventilation circuit will allow us to ramp up exploration drilling at this long-life mine where we have over 100 million ounces of silver mineral reserves and 192 million ounces of inferred resources, including the large skarn deposit. Pan American has one of the largest holdings of silver mineral resources and reserves in the world."

Although the Timmins' exploration program and surface drilling for the La Colorada skarn exploration continued as planned, Pan American's overall exploration activities for the year were reduced by about 50% due to COVID-19 restrictions in Latin America . For the 12-month period ending June 30, 2021 , Pan American's producing mines replaced 8.0 million ounces of silver mineral reserves and 98 thousand ounces of gold mineral reserves. Total reserves were impacted by the reclassification of the La Bolsa project from mineral reserves to resources, reducing gold mineral reserves by 315 thousand ounces and silver mineral reserves by 4.5 million ounces. La Bolsa is a non-core project that the Company intends to divest.

Summary of Pan American's total mineral reserves and resources for the silver and gold segments

| | Tonnes (Mt) | Ag (g/t) | Contained Ag

(Moz) | Au (g/t) | Contained Au

(Moz) | | Proven and Probable Reserves | 243 | 89 | 529 | 0.58 | 4.2 | | Measured and Indicated Resources | 990 | 101 | 818 | 0.31 | 8.3 | | Inferred Resources | 417 | 47 | 460 | 0.70 | 5.8 |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2021". | | (2) Please refer to the complete mineral reserve and resource table at the end of this news release for more information. |

Reserve and resource highlights include:

At La Arena, we successfully replaced all of the production and increased the year-on-year mineral reserves by an estimated 60 thousand ounces of gold. This is the second consecutive year of reserve gains, and extends the mine life at La Arena by more than one year.

At Timmins , over 200 thousand ounces of gold were added to mineral reserves, extending the mine life by more than one year. The Bell Creek mine added 68 thousand gold ounces from exploration and infill drilling. The Timmins West mine added 137 thousand gold ounces through extensional and infill drilling on the 144 Gap and Timmins deposits.

At Morococha, 2.9 million ounces of silver were added to mineral reserves through definition of the Angela East Manto zone in the northeast portion of the mine. The new reserves are in a zone amenable to bulk mining methods.

At Huaron, 3.9 million ounces of silver were added to mineral reserves, replacing 110% of mine production.

At La Colorada , 2.9 million ounces of silver were added to mineral reserves through exploration drilling, despite the severe limitations on underground access due to ventilation issues and COVID-19 restrictions. The Company improved ventilation in the mine in July 2021 , and is now planning to increase underground exploration drilling for the second half of the year.

At the La Colorada skarn project, the approximately 39,000 metres of infill drilling that was completed during the year, continued to return wide intercepts of mineralization. The Company will include an updated resource estimate for the skarn together with a Preliminary Economic Assessment it is aiming to disclose by the end of 2021.

At Shahuindo, contained gold production of 193 thousand ounces and a reclassification of 146 thousand ounces of gold mineral reserves to resources contributed to a total depletion of 339 thousand ounces of gold, based on geological interpretation, cost estimates, and cut off grades.

At the La Bolsa project, its 315 thousand ounces of gold mineral reserves and 4.5 million ounces of silver mineral reserves have been reclassified to measured and indicated mineral resources, as it remains inactive. La Bolsa is a non-core asset that the Company intends to divest. The sale of the non-core Fenn Gib project in December 2020 further reduced gold measured, indicated and inferred resources.

A summary of the silver and gold mineral reserves and mineral resources as of June 30, 2021 is provided in the following tables.

Pan American Mineral Reserves as of June 30, 2021 (1,2)

| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Proven | 6.9 | 164 | 36.6 | -- | -- | | Probable | 3.6 | 171 | 19.8 | -- | -- | | | | Morococha (92.3%) (3) | Peru | Proven | 3.0 | 151 | 14.7 | -- | -- | | Probable | 3.5 | 155 | 17.4 | -- | -- | | | | La Colorada | Mexico | Proven | 3.9 | 350 | 43.5 | 0.25 | 30.6 | | Probable | 6.2 | 289 | 57.3 | 0.19 | 38.2 | | | | Manantial Espejo | Argentina | Proven | 0.3 | 280 | 2.5 | 2.56 | 23.1 | | Probable | 0.2 | 337 | 1.8 | 3.28 | 17.2 | | | | San Vicente (95%) (3) | Bolivia | Proven | 1.0 | 364 | 11.8 | -- | -- | | Probable | 0.5 | 375 | 6.6 | -- | -- | | | | Joaquin | Argentina | Proven | 0.1 | 497 | 1.6 | 0.19 | 0.6 | | Probable | 0.3 | 533 | 6.0 | 0.36 | 4.0 | | | | COSE | Argentina | Probable | 0.03 | 860 | 0.7 | 20.56 | 17.4 | | Probable | 0.01 | 185 | 0.1 | 11.32 | 3.7 | | | | Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34.2 | | Probable | 22.1 | 316 | 225.0 | 0.34 | 243.8 | | | | Total Silver Segment (4) | 54.2 | 278 | 484.9 | 0.36 | 412.9 | | | | Gold Segment | | | | | | | | | La Arena | Peru | Proven | 24.8 | -- | -- | 0.39 | 314.1 | | Probable | 21.9 | -- | -- | 0.27 | 193.3 | | | | Dolores | Mexico | Proven | 20.8 | 22 | 14.9 | 0.74 | 495.3 | | Probable | 6.2 | 28 | 5.6 | 0.78 | 155.1 | | | | Shahuindo | Peru | Proven | 54.6 | 8 | 14.5 | 0.54 | 949.8 | | Probable | 49.8 | 6 | 9.4 | 0.41 | 663.1 | | | | Timmins | Canada | Proven | 4.0 | -- | -- | 3.03 | 385.3 | | Probable | 6.9 | -- | -- | 2.91 | 642.6 | | | | Total Gold Segment (4) | 189 | 11 | 44.4 | 0.63 | 3,798.5 | | | | Total Gold and Silver Segments (4) | Proven + Probable | 243.2 | 89 | 529.3 | 0.58 | 4,211.5 | |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2021". | | (2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |

Pan American Silver Measured and Indicated Mineral Resources as of June 30, 2021 (1,2)

| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Measured | 1.9 | 162 | 9.9 | -- | -- | | Indicated | 2.5 | 154 | 12.1 | -- | -- | | | | Morococha (92.3%) (3) | Peru | Measured | 0.6 | 134 | 2.4 | -- | -- | | Indicated | 0.8 | 121 | 3.0 | -- | -- | | | | La Colorada | Mexico | Measured | 1.3 | 185 | 7.6 | 0.15 | 6.0 | | Indicated | 1.9 | 175 | 10.6 | 0.15 | 9.0 | | | | Manantial Espejo | Argentina | Measured | 0.2 | 185 | 1.4 | 1.85 | 14.4 | | Indicated | 0.3 | 219 | 2.1 | 2.72 | 26.3 | | | | COSE | Measured | 0.04 | 146 | 0.2 | 1.68 | 2.4 | | | Indicated | 0.01 | 218 | 0.1 | 5.55 | 1.4 | | | | Joaquin | Indicated | 0.3 | 357 | 3.8 | 0.25 | 2.7 | | | San Vicente (95%) (3) | Bolivia | Measured | 0.9 | 165 | 4.8 | -- | -- | | Indicated | 0.3 | 233 | 2.3 | -- | -- | | | | Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | -- | -- | | Indicated | 139.8 | 126 | 564.5 | -- | -- | | | | Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 16.7 | | Indicated | 14.2 | 201 | 91.6 | 0.20 | 93.0 | | | | Total Silver Segment (4) | 182.7 | 137 | 803.0 | 0.26 | 171.9 | | | | Gold Segment | | | | | | | | | Dolores | Mexico | Measured | 2.82 | 16 | 1.5 | 0.30 | 27.2 | | Indicated | 0.82 | 22 | 0.6 | 0.62 | 16.3 | | | | La Bolsa | Mexico | Measured | 10.8 | 10 | 3.5 | 0.70 | 242.8 | | Indicated | 10.6 | 8 | 2.7 | 0.54 | 184.3 | | | | Pico Machay | Peru | Measured | 4.7 | -- | -- | 0.91 | 137.5 | | Indicated | 5.9 | -- | -- | 0.67 | 127.1 | | | | La Arena | Peru | Measured | 1.6 | -- | -- | 0.32 | 16.2 | | Indicated | 2.6 | -- | -- | 0.22 | 18.1 | | | | Shahuindo | Peru | Measured | 19.3 | 5 | 3.2 | 0.29 | 182.5 | | Indicated | 24.2 | 4 | 3.5 | 0.28 | 218.6 | | | | Timmins | Canada | Measured | 2.7 | -- | -- | 3.46 | 296.0 | | Indicated | 5.1 | -- | -- | 2.90 | 478.7 | | | | La Arena II | Peru | Measured | 154.2 | -- | -- | 0.25 | 1256.6 | | Indicated | 556.6 | -- | -- | 0.23 | 4061.0 | | | | Whitney (79.0 %) (3) | Canada | Measured | 0.8 | -- | -- | 7.02 | 172.3 | | Indicated | 1.8 | -- | -- | 6.77 | 387.5 | | | | Gold River | Canada | Indicated | 0.7 | -- | -- | 5.29 | 117.4 | | Marlhill | Canada | Indicated | 0.4 | -- | -- | 4.52 | 57.4 | | Vogel | Canada | Indicated | 2.2 | -- | -- | 1.75 | 125.0 | | Total Gold Segment (4) | 807.8 | 7 | 14.9 | 0.31 | 8,122.4 | | | | Total Gold and Silver Segments (4) | Measured + Indicated | 990.5 | 101 | 817.9 | 0.31 | 8,294.3 | |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2021". | | (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development, and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |

Pan American Inferred Mineral Resources as of June 30, 2021 (1,2)

| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Inferred | 5.8 | 153 | 28.6 | -- | -- | | Morococha (92.3%) (3) | Peru | Inferred | 4.8 | 143 | 21.9 | -- | -- | | La Colorada | Mexico | Inferred | 8.4 | 190 | 51.1 | 0.15 | 40.9 | | La Colorada skarn | Mexico | Inferred | 100.4 | 44 | 141.0 | | | | Manantial Espejo | Argentina | Inferred | 0.5 | 263 | 4.3 | 2.70 | 44.6 | | San Vicente (95%) (3) | Bolivia | Inferred | 2.6 | 292 | 24.6 | -- | -- | | Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | -- | -- | | Joaquin | Argentina | Inferred | 0.2 | 317 | 1.9 | 0.27 | 1.6 | | COSE | Argentina | Inferred | 0.01 | 77 | 0.03 | 2.22 | 0.8 | | Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 53.7 | | Total Silver Segment (4) | 170.5 | 74 | 403.5 | 0.4 | 141.6 | | | | Gold Segment | | | | | | | | | Dolores | Mexico | Inferred | 2.7 | 46 | 4.0 | 1.25 | 108.5 | | La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 224.6 | | Pico Machay | Peru | Inferred | 23.9 | -- | -- | 0.58 | 445.7 | | La Arena | Peru | Inferred | 8.9 | -- | -- | 0.24 | 70.1 | | Shahuindo | Peru | Inferred | 17.7 | 8 | 4.5 | 0.47 | 268.2 | | Shahuindo Sulphide | Peru | Inferred | 97.4 | 14 | 45.1 | 0.74 | 2323.3 | | Timmins | Canada | Inferred | 3.9 | -- | -- | 3.12 | 395.9 | | La Arena II | Peru | Inferred | 71 | -- | | 0.21 | 486.7 | | Whitney (79.0 %) (3) | Canada | Inferred | 0.8 | -- | | 5.34 | 134.9 | | Gold River | Canada | Inferred | 5.3 | -- | | 6.06 | 1027.4 | | Vogel | Canada | Inferred | 1.5 | -- | | 3.60 | 168.8 | | Total Gold Segment (4) | 246.8 | 13 | 56.9 | 0.71 | 5,654.0 | | | | Total Gold and Silver Segments (4) | Inferred | 417.3 | 47 | 460.4 | 0.70 | 5,795.6 | |

| (1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2021". | | (2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |

Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2021

| Mine | Category | Ag US$/oz | Au US$/oz | Cu US$/t | Pb US$/t | Zn US$/t | | Huaron | All categories | 18.00 | 1,300 | 6,500 | 2,000 | 2,450 | | Morococha | All categories | 18.00 | 1,300 | 6,500 | 2,000 | 2,450 | | La Colorada | All categories | 18.00 | 1,300 | 6,500 | 2,000 | 2,450 | | La Colorada skarn | Inferred Resource | 18.50 | | 6,500 | 2,200 | 2,600 | | Dolores | Reserves | 18.00 | 1,350 | | | | | Resources | 20.00 | 1,600 | | | | | | La Bolsa | All categories | 14.00 | 825 | | | | | Manantial Espejo | Reserves | 18.00 | 1,450 | | | | | Resources | 20.00 | 1,600 | | | | | | San Vicente | All categories | 18.00 | 1,300 | 6,500 | 2,062 | 2,450 | | Navidad | All categories | 12.52 | | | 1,100 | | | Pico Machay | All categories | | 700 | | | | | Joaquin | Reserves | 18.00 | 1,450 | | | | | Resources | 20.00 | 1,600 | | | | | | COSE | Reserves | 18.00 | 1,450 | | | | | Resource | 20.00 | 1,600 | | | | | | Escobal | All categories | 20.00 | 1,300 | | 2,204 | 2,424 | | Shahuindo | Reserves | 18.00 | 1,350 | | | | | Resources | 20.00 | 1,600 | | | | | | Shahuindo Sulphide | Inferred Resource | 15.00 | 1,400 | | | | | La Arena | Reserves | 18.00 | 1,450 | | | | | Resources | 20.00 | 1,600 | | | | | | La Arena II | All categories | | 1,500 | 8,816 | | | | Timmins West | All categories | | 1,450 | | | | | Whitney | Resources | | 1,450 | | | | | Gold River | All categories | | 1,200 | | | | | Marlhill | All categories | | 1,125 | | | | | Vogel | Inside pit | | 1,150 | | | | | Below pit | | 1,150 | | | | |

General Notes with Respect to Technical Information

Mineral reserves and mineral resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability.

Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.

The Company's Qualified Persons have undertaken a verification process with respect to the data disclosed in this news release, including sampling, analytical, and test data underlying the estimates.

See the Company's Annual Information Form dated February 17, 2021 , available at www.sedar.com for further information on the Company's material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and mineral resources.

Quantities of contained metal are shown before metallurgical recoveries.

Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson , FAusIMM., Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of NI 43-101.

About Pan American Silver Pan American 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 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 27-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: the disclosure of estimated mineral reserve and mineral resource information; the ability of the Company to ramp up exploration drilling at La Colorada , and the success of such drilling; estimated mine life and any anticipated changes related thereto; the extent of, and success related to any future exploration or development programs, including with respect to the La Colorada polymetallic skarn; the accuracy of estimated mineral reserves and mineral resources; the ability of the Company to divest any non-core assets, including the La Bolsa project; expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves and mineral resources.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to comply with environmental, health and safety laws; and that the COVID-19 pandemic, or other pandemics, do not materially impact underlying assumptions used in estimating mineral reserves and mineral resources, such as prices, the costs and availability of necessary labour, energy, supplies, materials and services, and exchange rates, among other things. The foregoing list of assumptions is not exhaustive.