Operator: Pan American Silver Corporation

Location: Chihuahua, Mexico

Royalty: 3.25% NSR (gold only) and 2.0% NSR (all metals)

Term of Royalty: Life of Mine

Dolores is an open-pit and underground silver-gold mine owned and operated by Compañía Minera Dolores S.A. de C.V., a wholly-owned subsidiary of Pan American Silver Corporation (Pan American). Dolores is located in Chihuahua state, Mexico, approximately 240 kilometers west of the city of Chihuahua.

Silver and gold mineralization at Dolores is hosted in north-northwest trending hydrothermal breccias and sheeted vein zones in the order of 5 to 10 meters wide. Most high-grade mineralization occurs along three major structures that provided the conduit for metal-bearing fluids. Silver and gold mineralization identified on the surface at Dolores lies over an area 4,000 meters long and up to 1,000 meters wide. The extent of mineralization at depth and along strike has not yet been fully defined.

Mining at Dolores has been ongoing since 2008 using conventional open-pit methods with excavators, shovels, loaders, and haul trucks. Underground mining of the deposit by long-hole open-stoping methods occurs concurrently with open-pit mining. Ore is crushed and conveyed to the heap leach pads at a nominal rate of 16,200 tonnes per day.

Construction of the mine began at the end of 2006, the first doré was produced in November 2008, and commercial production began in May 2009. The processing facilities include a crushing plant, conveying and stacking facilities, leach pads, solution ponds, and Merrill-Crowe and refining facilities. Pan American completed an expansion of the Dolores mine in 2017 that featured a pulp agglomeration plant to process high-grade ore from a new underground mine, together with the high-grade portion of the ore from the open-pit mine.