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Pan American looking to raise $45 million

May 29, 2020

Maverix Metals Inc. and Pan American Silver Corp. are pleased to announce that further to the previously announced overnight marketed secondary offering of common shares of Maverix held by Pan American, they have entered into an underwriting agreement with a syndicate of underwriters co-led by Raymond James Ltd., as sole bookrunner, and PI Financial Corp., and including National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Stifel GMP, to sell 9,000,000 Common Shares at a price of US$4.40 per Common Share for gross proceeds of US$39,600,000. Pan American has granted the Underwriters an option, exercisable in whole or in part, for a period of 30 days following the closing of the Secondary Offering, to purchase up to an additional 1,350,000 Common Shares of Maverix currently held by Pan American at the Offering Price. If the Over-Allotment Option is exercised in full, the total gross proceeds to Pan American will be US$45,540,000.

Pan American will pay the Underwriters a cash commission equal to 4.0% of the gross proceeds of the Secondary Offering, including proceeds received from the exercise of the Over-Allotment Option, at the closing of the Secondary Offering.

The Secondary Offering will be made by way of a prospectus supplement to the Company's existing U.S. registration statement on Form F--10 (the "Registration Statement") and Canadian short form base shelf prospectus (the "Base Shelf Prospectus"), each dated September 13, 2019. The prospectus supplement relating to the Secondary Offering will be filed with the securities commissions in each of the provinces of Canada (other than Québec) and the United States Securities and Exchange Commission. The Secondary Offering has not been approved or disapproved by any regulatory authority, nor has any such authority passed on the accuracy or adequacy of the prospectus supplement.

The Secondary Offering is expected to close on or about June 5, 2020. Pan American has agreed, subject to certain limited exceptions, not to sell any Common Shares or other securities of Maverix for a period of 90 days from the closing of the Secondary Offering.

As previously announced, Pan American has notified Maverix of its intention to exercise 8,250,000 common share purchase warrants (the "Warrants") on closing of the Secondary Offering. Upon exercise of the Warrants, Maverix would receive proceeds of approximately US$15.6 million and in conjunction with the completion of the Secondary Offering, Pan American would continue to own 26,833,500 common shares of Maverix, representing an approximate 21.0% ownership interest in Maverix, before exercise of the Over-Allotment Option. If the Over-Allotment Option is exercised in full, Pan American would own 25,483,500 common shares of Maverix, representing an approximate 19.9% ownership interest in Maverix.

The U.S. prospectus supplement (together with a related Registration Statement) is available on the SEC's website at www.sec.gov and the Canadian prospectus supplement (together with the related Base Shelf Prospectus) is available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com. Alternatively, copies of the prospectus supplement relating to the Secondary Offering may be obtained, when available, from: Raymond James Ltd., by email at ecm-syndication@raymondjames.ca, and PI Financial Corp., by email at syndication@pifinancial.com.

About Maverix

Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets. Maverix's mission is to increase per share value by continuing to add new precious metals royalties and streams. Its shares trade on both the NYSE American and the Toronto Stock Exchange under the symbol "MMX".

About Pan American

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. As the world's second largest primary silver producer with the largest silver reserve base globally, we provide enhanced exposure to silver in addition to a diversified portfolio of gold producing assets. Pan American has a 25-year history of operating in Latin America, earning an industry-leading reputation for corporate social responsibility, 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".

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