PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

COURAGE CAPITAL MANAGEMENT LLC's Holding History (CIK: 0001119376)

Note: Option positions (PUT/CALL) are excluded.

Q3 2015

Shares 174,048 Value ($000) $830 Avg Close $6.83 Range $5.85 - $8.59

Q2 2015

Shares 60,000 Value ($000) $515 Avg Close $9.42 Range $8.51 - $10.44

Q4 2014

Shares 150,000 Value ($000) $1,380 Avg Close $9.97 Range $8.69 - $11.32

Q4 2013

Shares 350,000 Value ($000) $4,095 Avg Close $10.66 Range $9.78 - $11.83

Q3 2013

Shares 124,581 Value ($000) $1,314 Avg Close $12.17 Range $10.50 - $14.24

Q2 2013

Shares 200,000 Value ($000) $2,328 Avg Close $12.75 Range $10.23 - $16.36

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2015	174,048	$830	$6.83	$5.85 - $8.59
Q2 2015	60,000	$515	$9.42	$8.51 - $10.44
Q4 2014	150,000	$1,380	$9.97	$8.69 - $11.32
Q4 2013	350,000	$4,095	$10.66	$9.78 - $11.83
Q3 2013	124,581	$1,314	$12.17	$10.50 - $14.24
Q2 2013	200,000	$2,328	$12.75	$10.23 - $16.36