Mining Law in Chubut, Argentina Modified: Pan American Silver

According to Pan American Silver Corp., the legislature of Argentina’s Province of Chubut approved a legislative bill on December 15, 2021, that would amend the provincial mining law to allow open-pit mining in certain zones defined by a land-use sensitivity map in the Departments of Gastre and Telsen. Before being stated as law, the Bill must be approved by the Executive and published in the Federal Register. Pan American Silver controls the whole Navidad silver project in its entirety.

The Navidad project is located in the province’s north-central region, within a specified zone that could permit open-pit mining. Any mining project, including Navidad’s, would be needed to go through the appropriate review processes and submit an application for permits under provincial legislation. Pan American Silver believes that mining activity that is properly permitted and regulated and mining practices that are both environmentally and socially sustainable can benefit the people of Chubut.

Pan American Silver will continue to assess Navidad’s future development. This task includes engaging in open and transparent communication with relevant groups of interest and reviewing the permitting requirements, timelines, and capital expenditure.

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Pan American Silver is a silver and gold mining company operating in Mexico, Peru, Canada, Argentina, and Bolivia. They also own the Guatemalan Escobal mine, which is now closed. Pan American has a massive base of silver deposits and resources and significant catalysts to increase silver production, improving silver exposure.

The ability of Pan American Silver is to complete any evaluation, permitting, governmental or regulatory requisitions in the Province of Chubut; the impact that any modifications in laws in the Province of Chubut would have on Pan American Silver and its projects, including the Navidad project; and the ability of Pan American Silver to complete any evaluation, permitting, governmental or regulatory requisitions in the Province of Chubut.

Such statements and information show Pan American Silver’s present opinions on future events. They are inevitably based on several assumptions that, while Pan American Silver believes them to be reasonable, are basically subject to significant operational, business, economic, and regulatory risks and contingencies. However, this set of assumptions is by no means complete.

Although Pan American Silver has made every effort to identify significant factors that could cause actual results to differ considerably, additional factors may cause results to differ from what was expected, estimated, depicted, or intended.

Investors should avoid putting too much faith in forward-looking statements or facts. Forward-looking statements and information are made to assist readers in understanding management’s current views on their near- and long-term prospects, which may not be appropriate for other purposes.