P AN AMERIC AN SIL VER 11 Mining r equir e s a r eliable supply chain and tr ansport logis tic s f or both supply mat erials and pr oduct s O ur s er vic e pr o vider s ar e primarily loc ally b as ed c omp anie s or loc al sub sidiarie s o f int ernational s er vic e or c onsulting gr oup s O ur mine s pr oc e s s or e t o pr oduc e dor e b ar s an allo y c ompo s ed primarily o f silv er and g old or miner al rich c onc entr at e s a mixtur e o f b as e met als c ont aining silv er W e s end our dor e t o r e fnerie s which further r e fne it t o pr oduc e silv er and g old bullion which is then s old t o v arious bullion b ank s tr ader s and c onsumer s W e s ell our c onc entr at e s t o tr ader s or smelt er s which further pr oc e s s and r e fne it int o mark et able pr oduct s O ur Supply Chain O R E P R O CE S S IN G C O N C E NTR A TE R EF I N ED M E TA L R EF I N ED M E TA L D O R E P R E CI O US M E TA L S M A R K E T R EF I N ER I E S L AB O U R AN D E Q UI P ME N T L O G I S T I C S E R VI CE S C H E M I CA L S I N PU TS P RO D U C T S P R O C ES S ES C US T O M ER T R A N S P O R TAT I O N M E TA L C O N C E NTR A TE S D O R E SIL VER ZINC LEAD C OPPER AND GOLD LA C OL OR AD A HU AR ON MOR OC OCHA S AN VICENTE E S C OB AL REFINED SIL VER AND GOLD B AR S LA C OL OR AD A DOL ORE S MANANTIAL E SPEJO LA ARENA SHAHUINDO TIMMINS S M EL T ER T R A NSP O R T T R A NSP O R T M IN IN G O PE R A TI O NS W AT E R EN ER G Y