PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

Bienville Capital Management, LLC's Holding History (CIK: 0001605070)

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

Q4 2017

Shares 231,325 Value ($000) $3,599 Avg Close $15.85 Range $13.99 - $18.00

Q1 2016

Shares 150,000 Value ($000) $1,631 Avg Close $8.57 Range $5.38 - $11.30

Q4 2015

Shares 214,900 Value ($000) $1,397 Avg Close $7.20 Range $6.10 - $8.80

Q3 2015

Shares 253,300 Value ($000) $1,608 Avg Close $6.83 Range $5.85 - $8.59

Q2 2015

Shares 65,000 Value ($000) $558 Avg Close $9.42 Range $8.51 - $10.44

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	231,325	$3,599	$15.85	$13.99 - $18.00
Q1 2016	150,000	$1,631	$8.57	$5.38 - $11.30
Q4 2015	214,900	$1,397	$7.20	$6.10 - $8.80
Q3 2015	253,300	$1,608	$6.83	$5.85 - $8.59
Q2 2015	65,000	$558	$9.42	$8.51 - $10.44