# EDGAR Filing Document

**Accession Number:** 0001264089
**File Stem:** 0001264089-23-000006
**Filing Date:** 2023-3
**Character Count:** 1132243
**Document Hash:** ff079f30a19a555e51eefb38b76520b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001264089-23-000006.hdr.sgml**: 20241204

**ACCESSION NUMBER**: 0001264089-23-000006

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 210

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YAMANA GOLD INC.
- **CENTRAL INDEX KEY:** 0001264089
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31880
- **FILM NUMBER:** 23776597

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, NORTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J3
- **BUSINESS PHONE:** 4168150220

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, NORTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** YAMANA GOLD INC
- **DATE OF NAME CHANGE:** 20030917

?xml version="1.0" ? auy-20221231_d2

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 40-F** 

(Check One)

**☐** **Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934**

or

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| | | |
|:---|:---|:---|
| **☒** | **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934** | **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934** |
| For fiscal year ended: December 31, 2022 | For fiscal year ended: December 31, 2022 | Commission File number: 1-31880 |

---

**YAMANA GOLD INC.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Canada**<br>(Province or Other Jurisdiction of Incorporation or Organization) | **1041**<br>(Primary Standard Industrial Classification Code Number, if applicable) | **Not Applicable** <br>(I.R.S. Employer Identification Number, if applicable) |
| | **Royal Bank Plaza, North Tower**<br>**200 Bay Street, Suite 2200** <br>**Toronto, Ontario M5J 2J3** <br>**(416) 815 0220** | |
| (Address and Telephone Number of Registrant's principal executive office) | (Address and Telephone Number of Registrant's principal executive office) | (Address and Telephone Number of Registrant's principal executive office) |
|  | **Meridian Gold Company**<br>**4635 Longly Lane**<br>**Unit 110-4A** <br>**Reno, Nevada 89502**<br>**(775) 850-3700** |  |
| (Name, Address and Telephone Number of Agent for Service in the United States) | (Name, Address and Telephone Number of Agent for Service in the United States) | (Name, Address and Telephone Number of Agent for Service in the United States) |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange <br>On Which Registered** |
| **Common Shares, no par value** | **AUY** | **New York Stock Exchange** |

---

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Securities registered or to be registered pursuant to Section 12(g) of the Act: **none**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **none**

For annual reports, indicate by check mark the information filed with this form:

☒ Annual Information Form &nbsp;&nbsp;&nbsp;&nbsp; ☒ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 961,003,488

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements in the past 90 days.

Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

---

| | | |
|:---|:---|:---|
| **Auditor Firm Id:** | **Auditor Name:** | **Auditor Location:** |
| 1208 | Deloitte LLP | Toronto, Canada |

---

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**FORWARD-LOOKING STATEMENTS** 

This annual report on Form 40-F and the exhibits attached hereto contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian and United Kingdom securities legislation. Except for statements of historical fact relating to the Company (as defined herein), information contained herein constitutes forward-looking statements, including, but not limited to, any information as to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words or negative versions thereof, or statements that certain events or conditions "may", "will", "should", "would" or "could" occur. In particular, forward looking information included in this annual report on Form 40-F and the documents incorporated herein includes, without limitation, statements with respect to: the Company's expectations in connection with closing of the Proposed Transaction (as defined herein); the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met; the Company's expectations relating to the performance of its mineral properties; the estimation of Mineral Reserves (as defined herein) and Mineral Resources (as defined herein); the timing and amount of estimated future production; the estimation of the life of mine of the Company's projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the Company's expectation regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments; expectations regarding the effects of COVID-19; the impact of proposed optimizations at the Company's projects; the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits; the implementation of the Brazilian government's new transfer pricing rules; the Company's investments and development of infrastructure improvements to enhance community relations in the locations where it operates and the further development of the Company's social responsibility programs; the payment of any future dividends; expectations regarding HSSD (as defined herein) performance and the implementation of the draft HSSD Standards; the disclosure of the Company's internal price on carbon; and the Company's goals and targets set out in its climate strategy.

Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the impact of general domestic and foreign business, economic and political conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), inflation rates, currency exchange rates (such as the Brazilian real, the Chilean peso, the Argentine peso, and the Canadian dollar versus the United States dollar), interest rates, possible variations in ore grade or recovery rates, changes in the Company's hedging program, changes in accounting policies, changes in Mineral Reserves (as defined herein) and Mineral Resources (as defined herein), risks related to acquisitions and/or dispositions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, higher prices for fuel, steel, power, labor and other consumables contributing to higher costs, risks associated with infectious diseases, including COVID-19, nature and climatic condition risks, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, potential impairment charges, and general risks of the mining industry, including but not limited to, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, environmental and government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage, timing and possible outcome of pending and outstanding litigation and labor disputes, risks related to enforcing legal rights in foreign jurisdictions, vulnerability of information systems including cyber attacks, risks related to global financial conditions, inability to complete all conditions precedent in connection with the Proposed Transaction, potential costs associated with the termination of the Arrangement Agreement (as defined herein), potential costs of completing the Proposed Transaction, restrictions on the Company to engage in alternative transactions to the Proposed Transaction, the Proposed Transaction diverting management's attention from day-to-day operations, the anticipated benefits of the Proposed Transaction not being realized, legal claims, securities class actions, derivative lawsuits and other claims in connection with the Proposed Transaction, and restrictions on the conduct of the Company's business, as well as those risk factors discussed or referred in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2022 included as exhibits to this annual report on Form 40-F. Although the Company has attempted to identify important factors that could

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cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this annual report on Form 40-F are in United States dollars. The exchange rate of United States dollars into Canadian dollars on December 30, 2022, based upon the daily average exchange rate as reported by the Bank of Canada, was U.S.$1.00 = CDN$1.3544.

**RESOURCE AND RESERVE ESTIMATES**

This annual report on Form 40-F has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the "SEC"). For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this annual report on Form 40-F, the documents attached hereto and the documents incorporated by reference herein, may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

**DISCLOSURE CONTROLS AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Evaluation of disclosure controls and procedures.* Disclosure controls and procedures are designed to provide reasonable assurance that (i) information required to be disclosed by the Company in reports that it files or submits to the Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in the Company's reports filed under the Exchange Act is accumulated and communicated to the Company's management, including its President and Chief Executive Officer ("CEO") and its Senior Vice President, Finance and Chief Financial Officer ("CFO"), as appropriate, to allow for timely decisions regarding required disclosure.

At the end of the period covered by this report, an evaluation was carried out under the supervision of and with the participation of the Company's management, including the CEO and CFO, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). The evaluation included documentation review, enquiries and other procedures considered by management to be appropriate in the circumstances. Based on that evaluation, the Company's CEO and CFO have concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Management's report on internal control over financial reporting*. The Company's management is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of the Company's financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2022, based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management has concluded that the Company's internal control over financial reporting was effective as of December 31, 2022.

The Company's independent registered public accounting firm, Deloitte LLP, have audited the consolidated financial statements included in this annual report and have issued a report dated March 29, 2023 on the Company's internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. Attestation report of the registered public accounting firm*. Deloitte LLP's attestation report, "Report of Independent Registered Public Accounting Firm", accompanies the Company's Audited Consolidated Financial Statements for the fiscal year ended December 31, 2022, dated as at March 29, 2023, which are attached hereto as Exhibit 99.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D. Changes in internal control over financial reporting*. During the period covered by this annual report on Form 40-F, no change occurred in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

The Company's management, including the CEO and CFO, does not expect that its disclosure controls and procedures or internal controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**NOTICES PURSUANT TO REGULATION BTR**

The Company was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or executive officers during the fiscal year ended December 31, 2022.

**AUDIT COMMITTEE FINANCIAL EXPERT**

The Company's board of directors (the "Board") has determined that it has at least one audit committee financial expert serving on its audit committee. The Board has determined that Mr. Richard Graff is an audit committee financial expert and is independent, as that term is defined by the Exchange Act and the New York Stock Exchange's corporate governance standards applicable to the Company.

The Commission has indicated that the designation of a person as an audit committee financial expert does not make such person an "expert" for any purpose, impose on such person any duties, obligations or liability that are greater than those imposed on such person as a member of the audit committee and the Board in the absence of such designation and does not affect the duties, obligations or liability of any other member of the audit committee or Board.

**CODE OF ETHICS**

The Board has adopted a written code of ethics entitled, "Code of Conduct" (as amended from time to time, the "Code"), by which it and all officers and employees of the Company, including the Company's principal executive officer, principal financial officer and principal accounting officer or controller, abide. There were no waivers granted in respect of the Code during the fiscal year ended December 31, 2022. The Code is posted on the Company's website at www.yamana.com. A copy of the Code may also be obtained by contacting the Corporate Secretary of the Company at the address or telephone number indicated on the cover page of this annual report on Form 40-F. If

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there is an amendment to the Code, or if a waiver of the Code is granted to any of Company's principal executive officer, principal financial officer, principal accounting officer or controller, the Company intends to disclose any such amendment or waiver by posting such information on the Company's website. Unless and to the extent specifically referred to herein, the information on the Company's website shall not be deemed to be incorporated by reference in this annual report on Form 40-F.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Deloitte LLP acted as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2022. See page 107 of the Company's Annual Information Form, which is attached hereto as Exhibit 99.1, for the total amount billed to the Company by Deloitte LLP for services performed in the last two fiscal years by category of service (for audit fees, audit-related fees, tax fees and all other fees) in Canadian dollars.

**AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES**

See page 107 of the Company's Annual Information Form, which is attached hereto as Exhibit 99.1. No audit-related fees, tax fees or other non-audit fees were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company was not a party to any off-balance-sheet arrangements that have, or are reasonably likely to have, a material current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources of the Company.

**TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS**

The disclosure provided under Section 8, "Financial Condition and Liquidity - Contractual Obligations and Commitments", on page 43 of Exhibit 99.2, "Management's Discussion and Analysis", is incorporated by reference herein.

**IDENTIFICATION OF THE AUDIT COMMITTEE**

The Company's Board of Directors has a separately designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act and satisfies the requirements of Exchange Act Rule 10A-3. The Company's Audit Committee is comprised of Richard Graff, John Begeman and Jane Sadowsky, all of whom, in the opinion of the Company's Board of Directors, are independent (as determined under Rule 10A-3 of the Exchange Act and the New York Stock Exchange Listed Company Manual) and are financially literate.

**CORPORATE GOVERNANCE PRACTICES**

There are certain differences between the corporate governance practices applicable to the Company and those applicable to U.S. companies under NYSE listing standards. A summary of the significant differences can be found on the Company's website at www.yamana.com.

I**NCORPORATION BY REFERENCE**

The Company's annual report on Form 40-F for the Year Ended December 31, 2022 is incorporated by reference into the Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471) of the Company.

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**UNDERTAKING AND CONSENT TO**

**SERVICE OF PROCESS**

**A. Undertaking**

Yamana Gold Inc. undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**B. Consent to Service of Process**

The Company has filed an Appointment of Agent for Service of Process and Undertaking on Form F-X with respect to the class of securities in relation to which the obligation to file this Form 40-F arises.

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**SIGNATURES**

Pursuant to the requirements of the Exchange Act, Yamana Gold Inc. certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: March 29, 2023

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| | |
|:---|:---|
| | **YAMANA GOLD INC.**  |
| By: | /s/ Daniel Racine |
|  | Name: Daniel Racine |
|  | Title: President and Chief Executive Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](ex9912022aif.htm)</u> | Annual Information Form for the year ended December 31, 2022 |
| <u>[99.2](ex992q42022mda.htm)</u> | Management's Discussion and Analysis for the year ended December 31, 2022 |
| <u>[99.3](auy-20221231.htm)</u> | Audited annual financial statements for the fiscal year ended December 31, 2022 |
| <u>[99.4](ex994202240f.htm)</u> | Certificate of Daniel Racine required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.5](ex995202240f.htm)</u> | Certificate of Jason LeBlanc required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.6](ex996202240f.htm)</u> | Certificate of Daniel Racine pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.7](ex9917202240f.htm)</u> | Certificate of Jason LeBlanc pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.8](ex998202240f.htm)</u> | Consent of Deloitte LLP, Independent Registered Public Accounting Firm |
| <u>[99.9](ex999202240f.htm)</u> | Consent of Eduardo de Souza Soares, MAusIMM CP (Min) |
| <u>[99.10](ex9910202240f.htm)</u> | Consent of Henry Marsden, P.Geo. |
| <u>[99.11](ex9911202240f.htm)</u> | Consent of Carlos Iturralde, P.Eng. |
| <u>[99.12](ex9912202240f.htm)</u> | Consent of Renan Garcia Lopes, MAusIMM CP (Geo) |
| <u>[99.13](ex9913202240f.htm)</u> | Consent of Luis Vasquez, P.Eng. |
| <u>[99.14](ex9914202240f.htm)</u> | Consent of Sébastien Bernier, P.Geo |
| <u>[99.15](ex9915202240f.htm)</u> | Consent of Sergio Castro, Registered Member, Chilean Mining Commission |
| <u>[99.16](ex9916202240f.htm)</u> | Consent of Marco Velásquez Corrales, Registered Member, Chilean Mining Commission |
| <u>[99.17](ex9917202240f.htm)</u> | Consent of Pascal Lehouiller, P.Geo. |
| <u>[99.18](ex9918202240f.htm)</u> | Consent of Sylvie Lampron, Eng. |
| <u>[99.19](ex9919202240f.htm)</u> | Consent of Guy Gagnon, Eng. |
| <u>[99.20](ex9920202240f.htm)</u> | Consent of Nicole Houle, P.Geo. |
| <u>[99.21](ex9921202240f.htm)</u> | Consent of François Bouchard, P.Geo. |
| <u>[99.22](ex9922202240f.htm)</u> | Consent of Patrick Fiset, Eng. |
| <u>[99.23](ex9923202240f.htm)</u> | Consent of Pierre-Olivier Richard, Eng., MBA |
| <u>[99.24](ex9924202240f.htm)</u> | Consent of Camila Passos, P. Geo. |
| <u>[99.25](ex9925202240f.htm)</u> | Consent of Danilo Ribeiro dos Santos, MAusIMM CP (Geo) |
| <u>[99.26](ex9926202240f.htm)</u> | Consent of Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining Commission |
| 101 | Interactive Data File (formatted as Inline XBRL) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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## Exhibit 99.1

**EXHIBIT 99.1**

**YAMANA GOLD INC.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2022**

**March 29, 2023**

**200 Bay Street, Suite 2200**

**Royal Bank Plaza, North Tower**

**Toronto, Ontario M5J 2J3**

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| | | |
|:---|:---|:---|
| | | *Page* |
| | **YAMANA GOLD INC.** | |
| **ITEM 1** | **INTRODUCTORY NOTES** | 3 |
| **ITEM 2** | **CORPORATE STRUCTURE** | 5 |
| **ITEM 3** | **GENERAL DEVELOPMENT OF THE BUSINESS** | 6 |
| | Overview of Business | 6 |
| | History | 6 |
| **ITEM 4** | **DESCRIPTION OF THE BUSINESS** | 11 |
| | Principal Products | 11 |
| | Competitive Conditions | 11 |
| | Employees | 11 |
| | Domestic and Foreign Operations | 12 |
| | Approach to Health, Safety, Environment and Community Excellence | 12 |
| | Other Disclosure Relating to Ontario Securities Commission Requirements for Companies Operating in Emerging Markets | 18 |
| | Risks of the Business | 20 |
| | Technical Information | 39 |
| | Mineral Projects | 42 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Summary of Mineral Reserve and Mineral Resource Estimates* | 42 |
| | Material Producing Mines | 48 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Jacobina Mining Complex* | 48 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*El Peñón Mine* | 57 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Canadian Malartic Mine* | 67 |
| | Other Producing Mines | 79 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Cerro Moro Mine* | 79 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Minera Florida Mine* | 88 |
| | Development Projects | 91 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Wasamac* | 91 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*MARA Project* | 93 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Suyai Project* | 94 |
| | &nbsp;&nbsp;&nbsp;&nbsp;*Monument Bay* | 95 |
| **ITEM 5** | **DIVIDENDS** | 96 |
| **ITEM 6** | **DESCRIPTION OF CAPITAL STRUCTURE** | 96 |
| **ITEM 7** | **MARKET FOR SECURITIES** | 98 |
| **ITEM 8** | **ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER** | 99 |
| **ITEM 9** | **DIRECTORS AND OFFICERS** | 99 |
| **ITEM 10** | **PROMOTER** | 105 |
| **ITEM 11** | **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | 105 |
| **ITEM 12** | **INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS** | 105 |
| **ITEM 13** | **TRANSFER AGENTS AND REGISTRAR** | 105 |
| **ITEM 14** | **MATERIAL CONTRACTS** | 105 |
| **ITEM 15** | **AUDIT COMMITTEE** | 106 |
| **ITEM 16** | **INTERESTS OF EXPERTS** | 107 |
| **ITEM 17** | **ADDITIONAL INFORMATION** | 109 |
| | **SCHEDULE "A" CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS** | 110 |

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**EXHIBIT 99.1**

**ITEM 1** 

**INTRODUCTORY NOTES**

**Cautionary Note Regarding Forward-Looking Statements**

This annual information form contains "forward-looking statements" within the meaning of the *United States Private Securities Litigation Reform Act* of 1995 and "forward-looking information" under applicable Canadian and United Kingdom securities legislation. Except for statements of historical fact relating to the Company (as defined herein), information contained herein constitutes forward-looking statements, including, but not limited to, any information as to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words or negative versions thereof, or statements that certain events or conditions "may", "will", "should", "would" or "could" occur. In particular, forward-looking information included in this annual information form includes, without limitation, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's expectations in connection with closing of the Proposed Transaction (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yamana's expectations relating to the performance of its mineral properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimation of Mineral Reserves (as defined herein) and Mineral Resources (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of estimated future production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimation of the life of mine of Yamana's projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of estimated future capital and operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and timing of exploration and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's expectation regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding the effects of COVID-19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of proposed optimizations at the Company's projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the implementation of the Brazilian governments new transfer pricing rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's investments and development of infrastructure improvements to enhance community relations in the locations where it operates and the further development of the Company's social responsibility programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of any future dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding HSSD (as defined herein) performance and the implementation of the draft HSSD Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure of the Company's internal price on carbon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's goals and targets set out in its climate strategy.

Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the impact of general domestic and foreign business, economic and political conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), inflation rates, currency exchange rates (such as the Brazilian real, the Chilean peso, the Argentine peso, and the Canadian dollar versus the United States dollar), interest rates, possible variations in ore grade or recovery rates, changes in the Company's hedging program, changes in accounting policies, changes in Mineral Reserves (as defined herein) and Mineral Resources (as defined herein), risks related to acquisitions and/or dispositions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs, risks associated with infectious diseases, including COVID-19, nature and climatic condition risks, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, potential impairment charges, and general risks of the mining industry, including but not limited to, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, environmental and government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage, timing and

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**EXHIBIT 99.1**

possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, vulnerability of information systems including cyber attacks, risks related to global financial conditions, inability to complete all conditions precedent in connection with the Proposed Transaction, potential costs associated with the termination of the Arrangement Agreement (as defined herein), potential costs of completing the Proposed Transaction, restrictions on the Company to engage in alternative transactions to the Proposed Transaction, the Proposed Transaction diverting management's attention from day-to-day operations, the anticipated benefits of the Proposed Transaction not being realized, legal claims, securities class actions, derivative lawsuits and other claims in connection with the Proposed Transaction, and restrictions on the conduct of the Company's business, as well as those risk factors discussed or referred to herein and in the Company's annual management's discussion and analysis ("MD&A") filed with the securities regulatory authorities in all provinces of Canada and available under the Company's SEDAR profile at *www.sedar.com*. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes.

**Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Mineral Resources**

This annual information form has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the "SEC"). For example, the terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral Reserve", "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this annual information form, the documents attached hereto and the documents incorporated by reference herein, may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

**Currency Presentation and Exchange Rate Information**

This annual information form contains references to both United States dollars and Canadian dollars. All dollar amounts referenced, unless otherwise indicated, are expressed in United States dollars. Canadian dollars are referred to as "Canadian dollars" or "C$", Brazilian reais are referred to as "R$", Chilean pesos are referred to as "CLP" and Argentine pesos are referred to as "AR$".

The closing, high, low and average exchange rates for the United States dollar in terms of Canadian dollars for the years ended December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 based on the closing rate reported by the Bank of Canada, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year-Ended December 31** | **Year-Ended December 31** | **Year-Ended December 31** | **Year-Ended December 31** |
| | **<u>2022</u>** | **<u>2021</u>** | **<u>2020</u>** | **<u>2019</u>** |
| Closing | C$1.3544 | C$1.2678 | C$1.2732 | C$1.2988 |
| High | C$1.3856 | C$1.2942 | C$1.4496 | C$1.3600 |
| Low | C$1.2451 | C$1.2040 | C$1.2718 | C$1.2988 |
| Average<sup>(1)</sup> | C$1.3011 | C$1.2535 | C$1.3415 | C$1.3269 |

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<sup>(1)</sup> Calculated as an average of the daily close rates for each period.

On March 28, 2023, the Bank of Canada daily rate of exchange was $1.00 = C$1.3626 or C$1.00 = $0.7339.

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**EXHIBIT 99.1**

**ITEM 2** 

**CORPORATE STRUCTURE**

Yamana Gold Inc. (the "Company" or "Yamana") was formed on July 30, 2003 when, pursuant to Articles of Amendment, the name of the Company was changed from Yamana Resources Inc. to its current name and on August 12, 2003, pursuant to a reverse stock split, the issued and outstanding common shares of the Company were consolidated on the basis of one new common share for 27.86 existing common shares. Prior to these corporate actions, and a concurrent reverse takeover of certain assets, the Company was an inactive shell corporation whose previous history was mostly limited to exploration activities. In an effort to streamline its corporate structure, effective January 1, 2020, the Company completed a vertical short-form amalgamation with its wholly-owned subsidiary, Yamana Malartic Canada Inc., pursuant to Articles of Amalgamation and through which the securities of the Company were not affected. The Company is continued under the Canada Business Corporations Act by Articles of Continuance, dated February 7, 1995. On February 7, 2001, pursuant to Articles of Amendment, a maximum of 8,000,000 first preference shares, Series 1 was authorized none of which are outstanding.

The Company's head office is located at 200 Bay Street, Royal Bank Plaza, North Tower, Suite 2200, Toronto, Ontario M5J 2J3 and its registered office is located at 2100 Scotia Plaza, 40 King Street West, Toronto, Ontario M5H 3C2.

The corporate chart that follows on the next page illustrates the Company's principal subsidiaries (collectively, the "Subsidiaries") as of March 29, 2023, together with the jurisdiction of incorporation of each company and the percentage of voting securities beneficially owned, controlled or directed, directly or indirectly, by the Company. As used in this annual information form, except as otherwise required by the context, reference to the "Company" or "Yamana" means Yamana Gold Inc. and the Subsidiaries.

![annualinformationformcorpo.jpg](annualinformationformcorpo.jpg)

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**EXHIBIT 99.1**

**ITEM 3** 

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Overview of Business** 

Yamana is a Canadian-based precious metals producer with significant gold and silver production, development-stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.

The Company's portfolio includes five operating gold mines and various advanced and near development-stage projects and exploration properties in Canada, Brazil, Chile, and Argentina. Yamana operates its mines and projects under common corporate oversight. Within this structure Jacobina, El Peñón and Canadian Malartic are the Company's material producing mines and among the largest contributors to operating cash flow. Set out below is a list of Yamana's main properties and mines:

***Material Producing Mines***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jacobina Mining Complex (Brazil)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• El Peñón Mine (Chile)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Canadian Malartic Mine (Canada) – 50% indirect interest

***Other Producing Mines***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cerro Moro Mine (Argentina)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minera Florida Mine (Chile)

***Additional Projects***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MARA Project (Argentina) – 56.25% indirect interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suyai Project (Argentina)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monument Bay Project (Canada)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wasamac Project (Canada)

**History**

Over the three most recently completed financial years, the Company continued to execute against its strategic priorities with a particular focus on upgrading and right-sizing the portfolio of assets and enhancing the Company's financial flexibility. These remain core values for the Company and of strategic importance. The following events contributed materially to the development of the Company's business.

***Acquisition of Yamana***

On May 31, 2022, Yamana announced that it had entered into a definitive agreement (the "Gold Fields Arrangement Agreement") with Gold Fields Limited ("Gold Fields"), under which Gold Fields would acquire all of the issued and outstanding common shares of the Company pursuant to a plan of arrangement. Under the terms of the Gold Fields Arrangement Agreement, all of the issued and outstanding common shares of the Company were to be exchanged for, at the election of each shareholder of the Company, either 0.6 of an ordinary share of Gold Fields or 0.6 of an American depositary share of Gold Fields for each common share of Yamana held.

On November 4, 2022, Yamana announced that it had received an unsolicited offer (the "New Offer") from Agnico Eagle Mines Limited ("Agnico") and Pan American Silver Corp. ("Pan American") with respect to the acquisition of Yamana. Under the terms of the New Offer, Pan American would acquire all of the issued and outstanding common shares of the Company following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana's interests in the Canadian Malartic mine, to Agnico, all by way of a plan of arrangement under the *Canada Business Corporations Act* (the "Proposed Transaction"). Pursuant to the Proposed Transaction, shareholders of the Company will receive $1.0406 in cash, 0.0376 of an Agnico Share and 0.1598 of a Pan American Share for each common share of Yamana held.

The Company's board of directors determined in good faith, after consultation with its outside financial and legal advisors, and after taking into account all the terms and conditions of the New Offer and all factors and matters considered appropriate in good faith by the Company's board of directors, including the unanimous

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**EXHIBIT 99.1**

recommendation of the special committee of independent directors of the Company's board of directors, that the New Offer constituted a "Yamana Superior Proposal" as defined by, and in accordance with, the terms of the Gold Fields Arrangement Agreement. Following a waiver by Gold Fields of its five business day matching right and response period under the Gold Fields Arrangement Agreement, on November 8, 2022, Yamana entered into an arrangement agreement (the "Arrangement Agreement") with Pan American and Agnico with respect to the New Offer, and the Company's board of directors changed its recommendation with respect to the pending transaction with Gold Fields and unanimously recommended that Yamana shareholders vote against the transaction with Gold Fields at the special meeting of shareholders which was scheduled for November 21, 2022. The Arrangement Agreement, as a "Permitted Acquisition Agreement" under the Gold Fields Arrangement Agreement, required that, until such time as the Gold Fields Arrangement Agreement had been terminated in accordance with its terms, all of the obligations of Yamana (other than confidentiality and standstill obligations) in the Arrangement Agreement would become effective only upon the Gold Fields Arrangement Agreement not being approved by Yamana shareholders at the special meeting.

On November 8, 2022, Gold Fields terminated the Gold Fields Arrangement Agreement, and the Arrangement Agreement immediately became effective. The special meeting of Yamana shareholders previously scheduled for November 21, 2022 in connection with the pending transaction with Gold Fields was cancelled, and Yamana paid a termination fee of US$300 million, less applicable withholding taxes, to Gold Fields in accordance with the Gold Fields Arrangement Agreement. Pursuant to the terms of the Arrangement Agreement, Pan American funded Yamana with US$150 million in cash for the payment of such termination fee.

On January 31, 2023, the Company announced that it had received overwhelming support of its shareholders at the special meeting of shareholders in favour of the special resolution approving the Proposed Transaction. In addition to the approval by Yamana shareholders, Pan American shareholders approved the issuance of common shares of Pan American in connection with the Proposed Transaction at a special meeting of Pan American shareholders held the same day. No approval was required from Agnico shareholders for the Proposed Transaction.

The Proposed Transaction is expected to close on or about March 31, 2023. Under certain circumstances, Pan American would be entitled to a $250 million termination fee from Yamana and the Yamana would be entitled to a $375 million termination fee from Pan American and/or Agnico. The closing of the Proposed Transaction is subject to: approval of the shareholders of Yamana and Pan American; regulatory approvals in Canada and Mexico and other customary closing conditions. As of the date of this annual information form, the Proposed Transaction has received shareholder approval from shareholders of Yamana and Pan American and regulatory approvals from Canada and Mexico.

Further details regarding the terms of the Proposed Transaction are set out in the Company's management information circular dated December 20, 2022, the Arrangement Agreement and the Material Change Report dated November 14, 2022, copies of which are available on the Company's SEDAR profile at *www.sedar.com* and on the Company's website.

***Senior Notes***

On August 6, 2021, the Company announced that it had completed an offering of $500 million aggregate principal amount of 2.630% Senior Notes due August 15, 2031 (the "Notes"). The Notes are unsecured, senior obligations of Yamana unconditionally guaranteed by certain of Yamana's subsidiaries that are also guarantors under Yamana's credit facility. Yamana used the net proceeds from the offering of the Notes, together with cash on hand, to fund the redemptions of its existing notes which included its 4.76% Series C Senior Notes due 2022, its 4.91% Series D Senior Notes due 2024, its 4.78% Series B Senior Notes due 2023 and its 4.950% Senior Notes due 2024 thereby reducing overall outstanding debt, reducing overall interest and carrying charges on the Company's outstanding debt and extending outstanding debt maturities.

***Normal Course Issuer Bid***

On July 29, 2021, the Company announced its intention to commence a normal-course issuer bid ("NCIB") to purchase up to 48,321,676 common shares of the Company, representing up to 5% of the Company's then-current issued and outstanding common shares, in open market transactions through the facilities of the TSX, the NYSE and alternative Canadian trading systems. The Company was permitted to make purchases under the NCIB over a period of twelve months, commencing on August 4, 2021 and concluding on August 3, 2022. Over the course of the NCIB the Company repurchased 6,672,628 common shares under the NCIB for approximately C$35.6 million.

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**EXHIBIT 99.1**

***Dividends***

On July 29, 2021, the Company announced a further 15% increase in its annual dividend to $0.12 per share effective for the third quarter of 2021. This was the sixth dividend increase since the second quarter of 2019 representing a cumulative increase of 500%. The annual dividend remained at $0.12 per share in 2022.

The Company considers dividends an important component of returns on investment for shareholders, and previously indicated that its policy is that as its cash flows and cash balances increase, as its balance sheet continues to improve, and as debt service decreases, the Company would evaluate further increases of its dividend. While the Company has relied over the last several years on maintaining certain levels of cash on hand to secure payment of the dividend independently of changes in gold price, with cash flow improvements, certainty of modest and manageable annual capital expenses for its growth projects and completion of various definitive studies relating to those projects, the Company has concluded that it is able to fund its dividend at current or substantially lower gold prices.

The Company will continue to engage regularly with investors to ensure it is maintaining an optimal balance between the dividend amount payable and dividend sustainability, along with other methods of return of capital to shareholders, such as stock buybacks. Following the Company's initial capital spending and development phase from 2003 to 2006, the Company has consistently paid dividends since 2007, and dividends have aggregated to over $1 billion paid over 14 years. For additional information see "Dividends".

***Wasamac Project***

On January 21, 2021, the Company completed its acquisition of the Wasamac project and the Camflo property and mill through the acquisition of all of the outstanding shares of Monarch Gold Corporation ("Monarch") not previously owned by the Company pursuant to a plan of arrangement. In connection with the plan of arrangement, Monarch completed a spin-out to its shareholders, through a newly-formed company, Monarch Mining Corporation, of its other mineral properties and certain other assets and liabilities of Monarch (collectively, the "Monarch Transaction").

Under the terms of the Monarch Transaction, Monarch shareholders received the following per Monarch share: 0.0376 of a Yamana common share; C$0.192 in cash from Yamana; and 0.2 of a share of Monarch Mining Corporation. Yamana issued 11,608,195 common shares, 383,764 replacement warrants and paid approximately $46.9 million in cash, for total consideration of approximately $108.6 million. During the second quarter of 2021, the Camflo property was sold to Canadian Malartic GP.

Additionally, on June 21, 2021, the Company entered into a definitive purchase agreement to acquire the Francoeur, Arntfield and Lac Fortune properties from Globex Mining Enterprises Inc ("Globex"). The Francoeur property is located adjacent to Yamana's Wasamac project and covers the western extension of the Wasa shear zone. This acquisition adds six kilometres of highly prospective strike length for exploration efforts to increase overall resources adjacent to a major asset and to extend the Wasamac mine life.

Subsequently, on July 19, 2021, the Company announced its decision to advance the Wasamac project to production based on the results of several studies which updated the baseline technical and financial aspects of Wasamac. The results from all studies were consistent with the Company's conclusions in its due diligence reviews relating to the purchase of Wasamac and, in some cases, are better than the conclusions from those reviews. The addition of the Wasamac project to Yamana's portfolio further solidifies the Company's long-term growth profile with a top-tier gold project in Quebec's Abitibi region, a prolific mining district where Yamana has deep operational and technical expertise and experience. For additional information see "Description of the Business – Mineral Projects – Development Projects – Wasamac Project".

***Positive Construction Decision for Odyssey Underground Project***

On February 11, 2021, the Company announced the approval of construction of the Odyssey underground project at Canadian Malartic. The decision reflected the positive technical study results and confirmed the Odyssey project as the next phase in the evolution of mining at Canadian Malartic. The construction decision serves as a milestone in the ongoing evolution of the Canadian Malartic operation and is the culmination of several years of exploration, Mineral Resource development, and technical evaluation which outline the potential for a significant increase in Mineral Resources and a mine life extension to at least 2039. For additional information see "Description of the Business – Mineral Projects – Material Producing Mines – Canadian Malartic Mine".

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**EXHIBIT 99.1**

***Agreement for Integration of Agua Rica and Alumbrera***

On March 7, 2019, the Company announced that it had signed an integration agreement with Glencore International AG ("Glencore") and Newmont Corporation (then Goldcorp Inc.) ("Newmont") pursuant to which the Agua Rica Project would be developed and operated using the existing infrastructure and facilities of Minera Alumbrera Limited ("Alumbrera"), which owns the Alumbrera Mine. On December 17, 2020, the Company completed the integration of the Agua Rica Project with the Alumbrera Mine and Alumbrera plant and infrastructure (the "MARA Project"). The Company, Glencore and Newmont created a new joint venture (the "MARA Joint Venture") pursuant to which Yamana held a controlling interest of 56.25%, Glencore held a 25.00% interest, and Newmont held an 18.75% interest. On September 23, 2022, Glencore announced that it had reached an agreement to acquire Newmont's 18.75% interest, resulting in Glencore owning a 43.75% interest in the MARA Project. Yamana continues to hold a controlling interest of 56.25% and remains the operator of the MARA Joint Venture. For additional information see "Description of the Business – Mineral Projects – Development Projects – MARA Project".

***London Stock Exchange Listing***

On October 13, 2020, the Company completed its listing and began trading on the Main Market of the London Stock Exchange ("LSE") under the ticker symbol "AUY". The Company considered a number of factors in pursuing the LSE listing.

***Sale of Equinox Gold Shares and Warrants***

On April 15, 2020, the Company announced that it had completed a sale transaction with Stifel GMP and Cormark Securities Inc. (collectively, the "Dealers") pursuant to which the Company sold 12,000,000 units (each, a "Unit") at a price of C$10.00 per Unit. Each Unit consisted of one common share of Equinox Gold Inc. ("Equinox") owned by Yamana and one-half of a common share purchase warrant of Yamana, for gross proceeds to Yamana of C$120.0 million. Each warrant entitled the holder thereof to acquire one additional common share of Equinox owned by Yamana at an exercise price of C$13.50 for a term of 9 months from the date of issue. In total, 6,000,000 warrants were issued, of which 405,000 warrants were exercised for total additional proceeds of $4.2 million and the remainder of which expired on January 15, 2021. Subsequently, the Company sold its remaining common shares in Equinox in the second quarter of 2021 for additional proceeds of $47 million.

***COVID-19 Developments***

In late March 2020, the Company announced that, in response to developments related to COVID-19, the Governments of Quebec and Argentina had imposed temporary restrictions which resulted in limited operations at the Canadian Malartic Mine and the Cerro Moro Mine and restricted the Company's efforts at the MARA Project for a brief period. By mid-April, 2020 the Company was able to resume all operations in an orderly and gradual manner with attention to health and safety requirements.

At the emergence of the global COVID-19 pandemic, the Company's crisis response team, the members of which are its senior executives and operational leaders, took quick and decisive action to respond to the pandemic during a fluid and fast-moving environment. The Company adjusted and managed its business effectively during this period, mitigating risks and further advancing opportunities, while ensuring the safety of employees, contractors and host communities. For additional information see "Description of the Business – Approach to Health, Safety, Environment and Community Excellence".

***Sale of Royalty Portfolio and Nomad Shares***

On May 27, 2020, the Company announced the completion of the sale of its portfolio of royalty interests and the contingent payment to be received upon declaration of commercial production at the Deep Carbonates Project ("DCP") at the Gualcamayo gold mine (together, the "Royalty Portfolio") to Nomad Royalty Company Ltd. (formerly, Guerrero Ventures Inc.) ("Nomad") for total consideration of $64.2 million (the "Nomad Transaction"). The Company announced that it had entered into a definitive agreement with Nomad on February 23, 2020. The Royalty Portfolio sold under the Nomad Transaction consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 1% net smelter return royalty ("NSR") on gold production and 2% NSR on base metals from the Riacho dos Machados ("RDM") gold mine operating in Minas Gerais, Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 2% NSR on oxide gold production from the Gualcamayo gold mine operating in San Juan, Argentina, once the operation produces approximately 275,000 ounces from January 1, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 1.5% NSR on production from the DCP at the Gualcamayo gold mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $30.0 million cash payment receivable upon declaration of commercial production at the DCP; and

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 2% NSR on production from the Suruca project in Goiás, Brazil.

The fair value of the consideration received by Yamana at closing of the Nomad Transaction was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.0 million in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.8 million, being the fair value of the $10.0 million deferred cash payment. The deferred cash payment was measured at fair value due to the convertible nature of the financial instrument and can be converted by the holder into shares of Nomad at C$0.90 per share over a period of two years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $43.4 million in shares of Nomad at a price of C$0.90 per share with a lock-up period of six months from the closing date.

Following the completion of the Nomad Transaction, Yamana held approximately 13% of the outstanding shares of Nomad on a non-diluted basis, assuming conversion of the deferred cash payment. On December 11, 2020, Yamana completed the sale of a portion of its shares of Nomad via a secondary offering for gross proceeds of approximately C$25.0 million. The deferred cash payment was made by Nomad to the Company pursuant to the payment terms and on August 15, 2022, Nomad was acquired by Sandstorm Gold Ltd. ("Sandstorm") pursuant to a plan of arrangement under the *Canada Business Corporations Act*. As a result, Yamana currently holds 5,293,750 shares of Sandstorm.

***Suyai Option Agreement***

On April 28, 2020, the Company announced it had entered into a definitive option agreement pursuant to which it granted Consultores Asset Management S.A. ("CAM"), a privately held portfolio management and capital markets company based in Argentina, owned by Messrs. Eduardo Elsztain and Saul Zang, the right to acquire up to a maximum 40% interest in a joint venture formed to hold the Suyai Project. CAM's portfolio includes the biggest real estate company in the country, NASDAQ-listed international agricultural companies, along with banking and mining investments. CAM has successfully led the development of significant construction projects across the country.

An initial amount of $2.0 million was paid to the Company to secure the option. CAM has agreed to assume responsibility for all environmental, social and governance ("ESG") matters, including leading the permitting efforts aimed to advance the project through its different stages of development. CAM has the right to earn a maximum 40% interest in the resulting joint venture formed to hold the Suyai Project by fulfilling certain obligations and achieving certain milestones, mostly relating to ESG matters, and by paying $31.6 million in various installments in addition to all of their proportionate expenses, on or before December 31, 2024 for an initial 35% interest, with rights to acquire an additional 5% interest within the five following years. Through certain of its holding companies, Yamana would hold the remaining 60% of the joint venture. The Company believes there is considerable value, far in excess of the cash contributions, in fulfilling the obligations and achieving the milestones relating to ESG matters which would advance the Suyai Project.

In the event the Suyai Project receives approval to proceed, Yamana would oversee its development. Development of the project would occur under the oversight of a board of directors of the holding company that owns the project with CAM nominating two out of five directors. Yamana would nominate the other directors. Each party would have the right to its proportion of gold production from the Suyai Project.

***Hedge Programs***

The Company may enter into forward contracts or other risk management strategies, from time to time, to hedge against the risk of an increase in the value of foreign currencies in the jurisdictions in which the Company operates. As at December 31, 2022, the Company had zero-cost collar contracts as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2023, with an average call and put strike price of R$5.25 and R$5.93 per US dollar, respectively, totalling R$216 million evenly split by month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2024, with an average call and put strike price of R$5.25 and R$5.93 per US dollar, respectively, totalling R$216 million evenly split by month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2023, with an average call and put strike price of CLP$825 and CLP$889 per US dollar, respectively, totaling CLP$51.9 billion evenly split by month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2024, with an average call and put strike price of CLP$825 and CLP$888 per US dollar, respectively, totaling CLP$60.0 billion evenly split by month.

As at December 31, 2022, the Company had forward contracts as follows:

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2023, with an average forward rate of R$5.53 per US dollar, totalling R$300 million evenly split by month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2024, with an average forward rate of R$5.53 per US dollar, totalling R$276 million evenly split by month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2023, with an average forward rate of CLP$849 per US dollar, totalling CLP$68.1 billion evenly split by month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the period from January to December 2024, with an average forward rate of CLP$869 per US dollar, totalling CLP$60.0 billion evenly split by month.

During the fourth quarter of 2020, the Company entered into a derivative contract to mitigate the volatility of its share price on Deferred Share Unit ("DSU") compensation, effectively locking in the exposure of the Company for 4.2 million DSUs (approximately 88% of outstanding DSUs at the time) at a value of C$7.26 per share.

**ITEM 4** 

**DESCRIPTION OF THE BUSINESS**

Yamana is a Canadian-based precious metals producer with a particular focus in gold and silver. The Company has a significant portfolio comprised of operating mines, development-stage projects, and exploration and mineral properties throughout the Americas, mainly in Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.

**Principal Products**

The Company's principal product is gold, with gold production forming a significant part of revenues. There is a global gold market into which Yamana can sell its gold and, as a result, the Company is not dependent on a particular purchaser with regard to the sale of the gold that it produces.

The Company produces gold and silver doré bars at its El Peñón Mine, Cerro Moro Mine and Canadian Malartic Mine (50% indirect interest), gold doré bars at its Jacobina Mining Complex, and gold and silver doré bars and zinc concentrate at its Minera Florida Mine. The Company has contracts with a number of smelters, refineries and trading companies to sell gold and silver doré and zinc concentrate.

**Competitive Conditions**

The precious metal mineral exploration and mining business is a competitive business. The Company competes with numerous other companies and individuals in the search for and the acquisition of attractive precious metal mineral properties. The ability of the Company to acquire precious metal mineral properties in the future will depend not only on its ability to develop its present properties, but also on its ability to select and acquire suitable producing properties or prospects for precious metal development or mineral exploration.

**Employees**

As at December 31, 2022, the Company had the following employees and contractors at its operations:

---

| | | | |
|:---|:---|:---|:---|
| **Country** | **Employees** | **Contractors** | **Total** |
| Canada | 146 | 28 | 174 |
| Canada, Canadian Malartic (50% interest) | 1040 | 1380 | 2420 |
| Argentina | 842 | 660 | 1502 |
| Argentina, MARA (56.25% interest) | 94 | 375 | 469 |
| Brazil | 1464 | 1265 | 2729 |
| Chile | 2284 | 1332 | 3616 |
| Netherlands | 1 |  | 1 |

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**EXHIBIT 99.1**

---

| | | | |
|:---|:---|:---|:---|
| United States | 3 | 1 | 4 |
| **Total** | **5874** | **5041** | **10915** |

---

**Domestic and Foreign Operations**

The Company's mine and mineral projects are located in Canada, Brazil, Chile and Argentina. See "General Development of the Business – Overview of Business" for a summary of the Company's projects. Any changes in regulations or shifts in political attitudes in any of these jurisdictions, or other jurisdictions in which Yamana has projects from time to time, are beyond the control of the Company and may adversely affect its business. Future development and operations may be affected in varying degrees by such factors as government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits. The effect of these factors cannot be accurately predicted. See "– Risks of the Business".

**Approach to Health, Safety, Environment and Community Excellence**

Excellence in health and safety, environmental protection, relationships with host communities and respect for human rights is a core part of Yamana's business. The Company believes that such excellence is an enabler and condition precedent of a good mining business, and is a signal of the quality of management. High quality management in the mining business enables the corporate and operational culture necessary to achieve growth objectives.

These convictions mean that the Company works hard to identify the aspects of its business that touch on these considerations, the impacts that may exist from its activities, actions necessary to eliminate, reduce or manage such impacts and the systems and processes developed and implemented to ensure aspects and impacts are well-managed.

The Company's approach to excellence operates at both the corporate and operations levels. The role of the corporate team is two-fold; to provide governance and oversight of the health, safety and sustainable development ("HSSD") aspects of the business and to co-develop, with operations, the management framework and systems that apply across the organization and which are implemented and actioned on the ground at operations. The corporate HSSD team also assists operations in the implementation of systems. In establishing management frameworks and systems, the corporate HSSD team must have detailed knowledge of the many evolving international best practice ("EIBP") standards from third parties that address HSSD topics to determine which of these add value to the Company and to incorporate these into systems. In this way, the Company helps ensure that its operations are up-to-date on those management approaches that achieve excellence. Management frameworks and systems must continually evolve to address changes in the business and as new commitments are adopted.

Yamana's work to achieve excellence at the operations is critical to its success since, by and large, that is where the business takes place and where the aspects exist and impacts may occur. There are two components to the Company's operational focus: first, working in its mining and processing operations to identify and manage workplace health and safety exposures and reduce environmental impacts and second, engaging with its host communities to explain the Company's business and understand their concerns. These two areas of focus often go hand-in-hand and overlap.

The Company emphasizes the importance of listening to people in host communities who are affected by its activities, from exploration to development to operations through to closure, to understand their concerns. What they experience is absolutely critical to maintaining and growing our business. This understanding, when coupled with Yamana's commitment to zero harm, allows the Company to respond to concerns in a timely fashion and develop actions to address concerns and impacts. The Company is guided by commitments to openness, honesty and transparency in such engagement.

All of this is embodied by the Company's One Team, One Goal: Zero vision that communicates in a simple and effective way our commitment and helps build the desired operational and corporate culture. *One Team, One Goal: Zero* reflects Yamana's conviction that everyone at Yamana is responsible for the Company's HSSD performance and achieving excellence. Yamana's HSSD performance is described in detail in the Company's Sustainability Report (the "Material Issues Report"), which is available on its website at *www.yamana.com*.

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**EXHIBIT 99.1**

***A Word about ESG***

Interest in ESG aspects of the Company's business has grown exponentially over the past few years, primarily from the financial and investment communities. This interest is long overdue in Yamana's view – the recognition that, in the mining sector in particular, ESG performance and excellence go a long way to predict the financial performance and growth trajectory of a company like Yamana. Identifying and managing these issues is not new for Yamana – they have been at the core of the Company's business since its inception nearly 20 years ago. ESG topics span all departments in the Company – those related to HSSD are managed by Yamana's HSSD corporate, regional and site teams; the remaining social and governance topics are the shared responsibility of other departments.

***Recognition***

Yamana's HSSD management and performance were recognized in the following ways in 2022:

&nbsp;&nbsp;&nbsp;&nbsp;• The Company achieved a 5% increase in its ESG research and rating scores, based on rankings by recognized ESG research and rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;• Yamana was named one of Canada's Best 50 Corporate Citizens by Corporate Knights Magazine and was the highest-ranked mining company, for the second consecutive year. The award recognizes performance against a broad set of ESG performance criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;• Over 80% of the Mining Association of Canada's Towards Sustainable Mining ("TSM") protocol indicators have been externally verified as Level A or higher, and Yamana achieved full conformance with the World Gold Council's Responsible Gold Mining Principles ("RGMP") based on an external assurance.

***Governance***

The Company believes that establishing the tone from the highest governance levels of Yamana is a fundamental part of achieving excellence.

---

| | | |
|:---|:---|:---|
| **The Board of Directors**<br>The Company's board of directors oversees strategy, governance and risk, including risks and opportunities associated with ESG factors, such as climate change. The Executive Chairman drives and facilitates ESG policy development, and the implementation of directives, in consultation with the board of directors and with the support of the CEO and the Senior Vice President, Health, Safety and Sustainable Development. The sustainability committee of the Company's board of directors oversees all aspects of health, safety and sustainability matters. The sustainability committee reviews policies, compliance issues and incidents, and ensures the Company has been diligent in carrying out its responsibilities and activities. | **Corporate Level**<br>The corporate HSSD team is led by the Senior Vice President, Health, Safety and Sustainable Development. The team implements strategy, develops and implements management systems, in collaboration with operations, and facilitates dialogue with external stakeholders at the corporate level. It also works with the mine sites, the development project teams and exploration teams to make sure systems are implemented, best practices are shared and performance is enhanced. | **Operational Level**<br>Each operation has an HSSD team and committee chaired by the site's general manager. The committees meet at least monthly to discuss HSSD issues, approaches, incidents, corrective actions and other operational practices. The committees monitor the implementation of management systems, the effectiveness and performance of their sustainability programs and report any material issues to the general manager who escalates matters as necessary. |

---

***Management***

Yamana revised its HSSD Management Framework in 2021 and introduced a new Responsibility Policy and eight Statements of Commitment for each functional element that comprises HSSD. In 2022, draft HSSD Standards were co-developed with operational input, incorporating elements of external EIBP codes and standards which Yamana has committed to implement. The standards address a range of topics that apply across the business and represent a minimum level of performance. Once approved and implemented, the Company expects these changes to take HSSD performance to the next level on our journey to ESG excellence.

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**EXHIBIT 99.1**

Three key principles support the Company's approach to HSSD Management – risk management, integration, and external reporting and assessment:

*1. Risk management* 

The basis of Yamana's management approach is effective risk management. Using the HSSD Management Framework and a variety of specific standards and procedures, each operation effectively maps its HSSD aspects and impacts, and areas for improvement to develop an approach to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• planning and risk assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• standard operating procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying legal and contractual requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry best practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• company objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the link between outcomes and action plans for key performance metrics, development plans and internal auditing systems.

Significant, inherent business risks, including those associated with tailings storage facilities ("TSF"), waste rock storage facilities or cyanide usage, among others, have enhanced, specific measures to help confirm optimal management of these risks. These include on-going monitoring of each structure and tools to help monitor specific risks. The Company's Director, Tailings Management also prepares monthly reports on the TSFs, and ensures regular third-party expert reviews at each facility. See "– Risks of the Business".

The Canadian Malartic Mine, a jointly-owned operation with Agnico, operates under Agnico's HSEC management systems. These systems are based on EIBP and generally align with Yamana's HSSD Management Framework.

*2. Integration*

It is the responsibility of each operation, development and exploration project to implement Yamana's HSSD Management Framework, starting with risk assessment through to implementation and monitoring. Empowering operational and project management with responsibility for integrating HSSD and aligning HSSD performance with compensation improves strategic planning and implementation, ensuring that HSSD is fully integrated into the business and that the outcome is owned by the entire site rather than being seen as the responsibility of a particular operational department.

Operating sites measure their progress against the HSSD Management Framework on an annual basis, which will expand to include the forthcoming HSSD Standards. The outcome of this is combined with annual risk assessments and the results from a range of other key performance indicators to determine each sites' annual action plans, known as the HSSD Performance Index. The results of the HSSD Performance Index, are incentivized at both the site and executive levels.

*3. Commitment to Evolving International Best Practice Standards*

An important part of establishing management frameworks and systems and achieving HSSD excellence is evaluating the range of EIBP standards from third-party organizations. The number of such standards has increased at a nearly exponential rate over the past 20 years and the breadth of topics covered by the standards has also increased. It is incumbent on the corporate HSSD team to have visibility of all standards, understand them and assess which deliver value to Yamana. In addition, the Company must understand which standards are expected to be adopted by its stakeholders, especially by investors.

Yamana's process in developing its HSSD Standards has involved incorporating these and other aspects, creating a single high standard of performance across the business. The HSSD Standards, once approved and implemented. will also set out the steps the Company intends to take to define leadership positions on important ESG issues, such as water management and climate change.

2022 was Yamana's third year implementing TSM and the first external verification process for the Company, meaning that all 33 TSM indicators across the eight protocols were subject to external verification for all operations. Over 80% of the protocol indicators have been externally verified as Level A or higher, in line with the self-assessed results.

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**EXHIBIT 99.1**

Verification was performed virtually at three of four operations; verification at El Peñón in Chile was performed in person. The verification process led to a number of lessons learned, particularly related to interpretation of certain protocols, and what constitutes sufficient evidence for a given indicator; these lessons learned will improve our future self-assessments.

Each operation excelled in multiple areas, however performance against the Health and Safety protocol was among the Company's top results at all operations, something Yamana is proud of as work continues toward its One Team, One Goal: Zero vision. Operations also performed well in the Water Stewardship and Indigenous and Community Relationships protocols, reflecting the systems the Company's operations have implemented to manage risks and develop and maintain open and trust-based relationships with host communities. Full results are publicly disclosed at: mining.ca/companies/Yamana.

In addition to TSM, Yamana finalized the implementation of the World Gold Council's RGMPs. External assurance confirmed full conformance with the 10 principles and their subprinciples.

Yamana also maintains certifications with several external organizations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Cyanide Management Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ISO 14001 Environmental Management Systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OHSAS 18001/ISO 45001 Occupational Health and Safety Management Systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Gold Council's Conflict-Free Gold Standard.

*4. External reporting and assessment* 

Yamana's commitment to openness and transparency is demonstrated by its annual Sustainability Report which describes the Company's HSSD performance and incorporates reporting against the Global Reporting Initiative, Sustainability Accounting Standards Board and CDP (formerly known as the Carbon Disclosure Project). The Company released its first standalone report aligned with the recommendations of the Task Force for Climate Related Financial Disclosures in the second quarter of 2022. For additional information see " – Climate Change".

***Performance***

Yamana regularly reports on a range of aspects, impacts and topics of interest to it and its stakeholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• workplace health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• community relations and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business ethics and human rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tailings and waste management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• water management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• biodiversity and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mine closure.

***Workplace Health and Safety***

Yamana continued its commitment to protecting the health and safety of its employees and contractors in 2022. During the year, the Company's total recordable incident rate was 0.81 on a consolidated basis, including the 50% indirect interest in Canadian Malartic and the 100% interest in MARA. This is a decrease of 27% from the comparable 2021 result.

Yamana's safety performance reflects the efforts it has made toward reaching its vision of zero injuries. The Company recognizes that there is still significant work to be done and, to that end, has continuous learning and improvement initiatives in place across the organization to help identify ways to make further step changes in safety performance. Yamana's health and safety team had the following priorities in 2022 which continue into 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• understand and improve health and safety culture at operations to determine gaps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure the continued health and safety of employees in the context of COVID-19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase measurement and reporting of preventative or 'leading' indicators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase the focus on high potential incidents and sharing learnings across sites and to upper management and senior executives;

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase focus on the quality of incident investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure fatal risk protocols and critical controls are best-in-class and verified in the field;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase capacity on emergency preparedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase focus on health, hygiene and wellness.

***Earning and Maintaining Privilege to Operate with Host Communities***

As an international mining company, Yamana builds and maintains relationships with a diverse range of stakeholders. No relationships, however, are more important than those with Yamana's host communities. In many cases, host communities are the Company's neighbours, provide workers for its operations and goods and services required for its business. The Company spends considerable effort to build, maintain and enhance these relationships.

As in previous years, Yamana had no significant community conflicts or incidents in 2022. The Company began measuring its social license to operate ("SLO") at all operations in 2019 through the use of comprehensive community perception surveys referred to as the SLO Index. The SLO Index is one tool the Company uses to achieve excellence in social performance. Yamana has seen relatively stable SLO Index results at each of its three wholly-owned operations since the inception of the SLO Index and received positive feedback from host communities specifically about the Company's local response to the COVID-19 pandemic.

Yamana's social performance is also guided by the HSSD Management Framework and the requirements of EIBP standards, including TSM and the RGMPs. Underpinning these standards are a number of management system elements, including Yamana's Responsibility Policy and eight Statements of Commitment on the different functional aspects that comprise HSSD, including human rights. These are available on the Company's website at *<u>www.yamana.com</u>*. Yamana is committed to acting in accordance with Voluntary Principles on Security and Human Rights and began formal alignment in 2021. The Company requires the same adherence from its service providers and works to confirm that all security personnel have received human rights-specific training. The HSSD Management Framework also provides best practices guidelines for stakeholder engagement, impact and benefit management.

Each operation has a community relations team that regularly engages with the local communities through formal and informal engagement mechanisms. Engagement was impacted significantly by the COVID-19 pandemic as operations transitioned to more digital forms of engagement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Virtual open houses, via remote platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental Impact Assessment ("EIA") consultation processes, utilizing simultaneous mixed media broadcasting (live TV, radio, and remote platforms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased social media presence that allowed for two-way engagement between sites and community members.

Yamana makes substantial commitments to host community development priorities and initiatives every year. These typically focus on sustainable income generation, education, health and culture. Contributions are made through direct community investment, donations and sponsorships. Throughout 2020 and 2021 the Company's focus pivoted to COVID-19 prevention and assistance, as well as digital engagement with local communities. In 2022, with the increase in vaccination rates and global decline of COVID-19 caseloads, Yamana was able to transition back to more traditional in-person engagement practices; focusing on dialogue tables with communities where the Company was able to work collaboratively to resolve issues of mutual interest.

***Climate Change***

Yamana adopted a board-approved climate strategy in 2021, at the direction of the Executive Chairman, to demonstrate climate change leadership and our commitment to the transition to a low-carbon future. Significant work was advanced that year to establish an emissions baseline, explore site-specific abatement options and establish a science-based 1.5°C target compared to pre-industrial temperatures. This means that the Company will require annual greenhouse gas emissions reductions of between four and five percent up to 2030.

The Company continued work on the strategy in 2022 with the publication of a Climate Action Report aligned with the Task Force for Climate Related Financial Disclosures. The detailed report covered Yamana's approach to governance, the link to compensation, climate-related physical and transition risks and opportunities, metrics, targets, 2021 performance and an overall strategy for emissions reduction. Part of the work in 2022 also included a detailed Scope 3 estimation and the establishment of a related target, in line with expectations for the

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**EXHIBIT 99.1**

submission of the company's Scope 1, 2 & 3 targets to the Science Based Targets initiative (STBi) at the end of the year. In addition, Yamana established an internal price on carbon, to be disclosed later in 2023.

<u>Tailings and waste management</u>

The management of mine waste, specifically tailings management, consistently remains one of the most material issues for Yamana and the mining industry as a whole. Furthermore, in light of recent tailings-related tragedies, investors and society at large are seeking confirmation that mining companies have the people, systems and performance to assure responsible management of tailings facilities. Tailings management is complex and is subject to many internal technical factors and judgements, as well as external factors over which companies often have limited or no control.

Responsible tailings management is a cornerstone of the Company's Health, Safety and Sustainable Development program and Yamana is committed to proper and effective management of TSFs. Yamana has developed best-in-class tailings governance and a strong tailings management framework, which seeks to minimize risks to the environment and the Company's host communities and ensure long-term stability of Yamana's TSFs. The Company's strategy includes incorporating EIBP into its systems and processes, quality designs, clear accountability and responsibility, sound dam safety practices, comprehensive risk management, and effective emergency response and preparedness systems. Amongst the steps the Company takes in regards to such management is working closely with local communities to ensure Yamana keeps people informed, safe and secure.

Yamana's tailings management framework builds on EIBP and governs all tailings management activities throughout the life cycle of its tailings operations. The Company's tailings strategy leverages this framework to ensure that all of its TSFs and associated water management facilities conform to the highest standards on dam safety and tailings management. Key aspects of the Company's tailing management approach include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognizing tailings management as a critical business risk, allowing for adequate and timely resource allocation in all operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and implementing a best-in-class tailings governance approach and management system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having a designated accountable executive officer, a dedicated Director, Tailings Management and responsible management and staff at the operations for all TSFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regularly completing third-party expert reviews and assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing designs prepared by registered engineers that incorporate best available technologies, including paste, dry stacking, downstream construction methods and liner installation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively communicating at the corporate level, including completing monthly tailings reports by site and corporate. Both the accountable senior officer and Director, Tailings Management have direct access to the Company's CEO and the Executive Chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regularly monitoring and reporting performance indicators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting risk assessment and management, including reporting.

In late 2021 Yamana established an Independent Tailings Review Board ("ITRB") comprised of senior, third-party experts in geotechnical engineering and tailings management to provide an additional, high-level governance element to the Company's tailings management approach. The ITRB reviews and makes recommendations to the Company to improve its tailings management practices and performance. In 2022 Yamana's ITRB held two meetings.

Also of note is the fact that all of Yamana's wholly-owned TSFs employ downstream or centerline construction methods, which are considered to be inherently safer and more stable configurations than the upstream method. Dam breach and inundation assessments are conducted on all active, operating dams and are updated regularly considering the existing dam height and approved TSF designs. In 2021, the Company committed to the staged implementation of the requirements of the recently-released Global Industry Standard on Tailings Management. Further information on tailings management is available on the Company's website at *<u>www.yamana.com</u>*.

There have been no significant spills at Yamana operations since 2016 and all operations remain compliant with the International Cyanide Management Code.

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**EXHIBIT 99.1**

***Water management***

The Company recognizes that water is a shared resource and is committed to responsibly managing it in collaboration with host communities and stakeholders. Water is an important input to mining and mineral concentration processes. Changes in the availability of, or access to, reliable water sources is a key risk for Yamana, whether it is due to the effects of climate change, regulatory or policy changes or competing priorities for water.

The goal of the Company's water strategy is to ensure that its operational water management practices are efficient and minimize consumptive use, which means minimizing impacts on local water resources, both in terms of quantity and quality. Each of Yamana's sites has a unique water context, with unique water risks and challenges that require unique water management strategies.

All operations seek to minimize their freshwater use through reducing total consumption and maximize the use of recycled water, to minimize the impact on the local water resources. In addition, the Company prevents the discharge of process water to the natural environment. Overall, the Company's water management strategy comprises four key components: efficiency, quality, climate adaptation and preparedness, and stakeholder engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Efficiency- Maximize efficiency and reduce raw water consumption, through tracking water use and management practices to identify water efficiency programs at each site

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Quality- Minimize effects on human health and aquatic ecosystems through monitoring of water quality and adhering to local regulatory requirements and EIBP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Climate Adaption and Preparedness- Identify and understand vulnerabilities, through adjusting management plans to reflect regional weather patterns and continuously updating and testing emergency response personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Stakeholder Engagement- Communicate with host communities and stakeholders about key issues at every stage of operations.

Most of the fresh water comes from within the mine site or from precipitation, with a small amount abstracted from groundwater wells, rivers, lakes or streams. In 2018, an assessment of water risks for each operation was conducted which focused on identifying key risks, opportunities, and action plans for managing water at the Company's operations. The management and implementation of these actions have been integrated into each site's short-, medium- and long-term objectives.

***Mine closure***

Mine closure is closely managed by the operations with corporate oversight. Each operation has a comprehensive mine closure plan and cost estimate, and a corresponding Asset Retirement Obligation (corporate closure provision) that is updated annually. Yamana's total liabilities for reclamation and closure cost obligations as at December 31, 2022 were $366.0 million on a 100% consolidated basis.

**Other Disclosure Relating to Ontario Securities Commission Requirements for Companies Operating in Emerging Markets**

Due to the risks inherent in mineral production and the desire to organize and structure its affairs in a tax efficient manner, the Company holds each of its material properties in a separate corporate entity (through local subsidiary companies in foreign jurisdictions and other holding companies in various jurisdictions).

The risks of the corporate structure of the Company and its subsidiaries are risks that are typical and inherent for companies who have material assets and property interests held indirectly through foreign subsidiaries and located in foreign jurisdictions. The Company's business and operations in emerging markets are exposed to various levels of political, economic and other risks and uncertainties associated with operating in a foreign jurisdiction such as differences in laws, business cultures and practices, banking systems and internal control over financial reporting. See below under "– Risks of the Business".

The Company has implemented a system of corporate governance, internal controls over financial reporting and disclosure controls and procedures that apply at all levels of the Company and its wholly-owned subsidiaries. These systems are overseen by the Company's board of directors and implemented by the Company's senior management team. The relevant features of these systems are set out below.

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**EXHIBIT 99.1**

***Control over Foreign Subsidiaries***

The Company controls its foreign subsidiaries by virtue of its ownership of 100% of the shares issued by such entities (exclusive of non-material subsidiaries and Minera Agua Rica Alumbrera Ltd. which is held at 56.25%). As the sole shareholder of its foreign subsidiaries, the Company has the power to appoint and dismiss any and all of its foreign subsidiaries' directors at any time. The directors of each foreign subsidiary (appointed by the Company) then have the power to appoint and dismiss any and all such foreign subsidiaries' officers at any time, instruct such officers to pursue business activities, and to require such officers to comply with their fiduciary obligations. As the sole shareholder of its foreign subsidiaries, the Company's approval will be required for any fundamental changes requiring shareholder approval. The Company, as shareholder, can also enforce its rights by way of various shareholder remedies available to it under local laws. As a result, through these relationships, the Company can effectively ensure that the business objectives of the foreign subsidiaries are aligned with its own.

***Board and Management Expertise***

A majority of the Company's directors have been directors for a period in excess of five years. Likewise, a majority of the Company's senior officers have at least five years of experience in senior leadership positions with the Company. As a result of their tenure, these officers and directors have gained extensive experience conducting business in the emerging jurisdictions. See "Directors and Officers" for further information on the senior officers' and directors' experience.

In addition, the Company's board of directors, through its corporate governance practices, regularly receives management and technical updates and progress reports in connection with the foreign subsidiaries, and in so doing, maintains effective oversight of their business and operations. Further, the Company's directors and senior officers visit the Company's operations in foreign jurisdictions on a regular basis to ensure effective control and management of the Company's foreign operations. As a result of the COVID-19 pandemic, such visits have been reduced but other measures, including regular video meetings, have been introduced to compensate for the temporary disruption to regular site visits. During these visits they come into contact with local employees, government officials and business persons; such interactions enhance the visiting directors' and officers' knowledge of local culture and business practices. Generally, the Company's directors visit at least one of the Company's operations in each calendar year, on a rotating basis. Certain senior and non-senior officers visit the Company's operations quarterly, or more frequently if circumstances require, on a rotating basis.

***Internal Control Over Financial Reporting and Funds***

The Company maintains internal control over financial reporting with respect to its operations in emerging jurisdictions by taking various measures. Several of the Company's Vice Presidents have the relevant language proficiency (Spanish and Brazilian Portuguese), local cultural understanding and relevant work experience in each of the Company's operating jurisdictions which facilitates better understanding and oversight of the Company's operations in the foreign jurisdictions in the context of internal controls over financial reporting.

Pursuant to the requirements of National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings, the Company assesses the design of its internal controls over financial reporting on an annual basis. Furthermore, key controls for the accounts in scope are tested across the Company on an annual basis and the audit files of these tests performed at all the locations are reviewed at the head office level. For further information on the Company's internal control over financial reporting, please refer to the Company's MD&A and annual audited consolidated financial statements for the year ended December 31, 2022, as filed under the Company's SEDAR profile at *www.sedar.com* and on the Company's website.

Differences in banking systems and controls between Canada and the emerging jurisdictions are addressed by having stringent controls over cash in all locations; especially over access to cash, cash disbursements, appropriate authorization levels, performing and reviewing bank reconciliations in the applicable jurisdiction on at least a monthly basis and the segregation of duties.

The difference in cultures and practices between Canada and the emerging jurisdictions is addressed by employing competent staff in Canada and the emerging jurisdictions who are familiar with the local laws, business culture and standard practices, have local language proficiency, are experienced in working in the applicable emerging jurisdiction and in dealing with the respective government authorities; and have experience and knowledge of the local banking systems and treasury requirements.

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**EXHIBIT 99.1**

The foreign subsidiaries also have established practices, protocols and routines in place for the distribution of its excess cash to its foreign owners. Furthermore, the opening and closing of bank accounts in the name of a foreign subsidiary is controlled, overseen and approved by the Company's Senior Vice President, Finance and Chief Financial Officer and the Treasurer.

The Company ensures the flow of funds between Canada and each emerging jurisdiction functions as intended by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing common officers of the Company and the foreign subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involving the Company's Chief Financial Officer, located in Toronto, in hiring key finance personnel in each of the emerging jurisdictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closely monitoring the finance departments in each of the emerging jurisdictions, and by regular personal visits by the Chief Financial Officer and other key executives to the emerging jurisdictions.

***Communication***

The Company maintains open communication with each of its operations through many senior and non-senior officers who are fluent in either French, Brazilian Portuguese or Spanish, as applicable. In addition, all management team members in local jurisdictions are fluent in the jurisdiction's primary language and are proficient in English. The primary language used in management and board meetings is English and material documents relating to the Company that are provided to the board of directors are in English. Although the Company does not currently have a formal communication plan, it has implemented several communications policies, including a disclosure policy and crisis communications protocols. To date, the Company has not experienced any communication-related issues.

***Records***

All of the minute books and corporate records and documents of the foreign subsidiaries are filed at the relevant entity's headquarters, and with the relevant governmental or regulatory body in each applicable jurisdiction in which the applicable entity's headquarters are located. The custodians of such documents report directly to the Company's head office and senior management team to ensure continued oversight.

**Risks of the Business** 

The operations of the Company are speculative due to the high-risk nature of its business, which is the acquisition, financing, exploration, development and operation of mining properties. These risk factors could materially affect the Company's future operating results and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. The risks and uncertainties identified by the Company below are not the only risks and uncertainties that the Company faces. These risks may not necessarily occur nor occur as described. In identifying a risk, the Company is not indicating that any particular risk will occur, only that such risk is possible. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial may also impair the Company's business operations. If any of the adverse consequences described in those risks actually occurs, the Company's business, results of operations, cash flows and financial position would suffer. See "Cautionary Note Regarding Forward-Looking Statements".

***Gold, Silver and Copper Prices***

The Company's profitability and long-term viability depend, in large part, upon the market prices of metals that may be produced from its properties, primarily gold, silver and copper. Market price fluctuations of these commodities could adversely affect profitability of the Company's operations and lead to impairments and write downs of mineral properties. Metal prices fluctuate widely and are affected by numerous factors beyond the Company's control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global and regional supply and demand for industrial products containing metals generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in global or regional investment or consumption patterns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased production due to new mine developments and improved mining and production methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased production due to mine closures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates and interest rate expectation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations with respect to the rate of inflation or deflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the value of the United States dollar and other currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and costs of metal substitutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global or regional political or economic conditions; and

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales by central banks, holders, speculators and other producers of metals in response to any of the above factors.

There can be no assurance that metal prices will remain at current levels or that such prices will improve. A decrease in the market prices could adversely affect the profitability of the Company's existing mines and projects, as well as its ability to finance the exploration and development of additional properties, which would have a material adverse effect on the Company's results of operations, cash flows and financial position. A decline in metal prices may require the Company to write-down Mineral Reserve and Mineral Resource estimates by removing ores from Mineral Reserves that would not be economically processed at lower metal prices and revise life-of-mine ("LOM") plans, which could result in material write-downs of investments in mining properties. Any of these factors could result in a material adverse effect on the Company's results of operations, cash flows and financial position. Further, if revenue from metal sales declines, the Company may experience liquidity difficulties. Its cash flow from mining operations may be insufficient to meet its operating needs, and as a result the Company could be forced to discontinue production and could lose its interest in, or be forced to sell, some or all of its properties.

In addition to adversely affecting Mineral Reserve and Mineral Resource estimates and the Company's results of operations, cash flows and financial position, declining metal prices can impact operations by requiring a reassessment of the feasibility of a particular project. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays and/or may interrupt operations until the reassessment can be completed, which may have a material adverse effect on the Company's results of operations, cash flows and financial position. In addition, lower metal prices may require the Company to reduce funds available for exploration with the result that the depleted reserves may not be replaced.

***Exploration, Development and Operating Risks***

Mining operations are inherently dangerous and generally involve a high degree of risk. Yamana's operations are subject to all the hazards and risks normally encountered in the exploration, development and production of gold, copper and silver, including, without limitation, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding, pit wall failure and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, personal injury or loss of life, damage to property and environmental damage, all of which may result in possible legal liability. Although the Company expects that adequate precautions to minimize risk will be taken, mining operations are subject to hazards such as fire, rock falls, geomechanical issues, equipment failure or failure of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability. The occurrence of any of these events could result in a prolonged interruption of the Company's operations that would have a material adverse effect on its business, financial condition, results of operations and prospects.

The exploration for and development of mineral deposits involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish Mineral Reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. It is impossible to ensure that the exploration or development programs planned by Yamana will result in a profitable commercial mining operation. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure; metal prices that are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in Yamana not receiving an adequate return on invested capital.

There is no certainty that the expenditures made by Yamana towards the search and evaluation of mineral deposits will result in discoveries or development of commercial quantities of ore.

***Health, Safety and Environmental Risks and Hazards***

Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities due to accidents that could result in serious injury or death and/or material damage to the environment and Company assets. The impact of such accidents could affect the profitability of the operations, potentially result in fines, penalties or other prosecutions, cause an interruption to operations, lead to a loss of licenses, affect the reputation of the Company and its ability to obtain further licenses, damage community relations and reduce the perceived appeal of the Company as an employer.

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**EXHIBIT 99.1**

All phases of the Company's operations are subject to environmental and safety regulations in the various jurisdictions in which it operates. These regulations mandate, among other things, aspects related to worker safety, water quality, water management, land reclamation, waste disposal (including mine waste and the generation, transportation, storage and disposal of hazardous waste), mine development and protection of endangered and other special status species. Failure to comply with applicable health, safety and environmental laws and regulations could result in injunctions, fines, suspension or cancellation of permits and approvals and could include other penalties including negligence claims or criminal prosecution. Health, safety and environmental legislation and regulations are generally becoming more prescriptive and enforcement is escalating with increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, increased permitting timelines and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that the Company has been or will at all times be in full compliance with all environmental laws and regulations or hold, and be in full compliance with, all required environmental and health and safety permits. In addition, no assurances can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could have an adverse effect on the Company's financial position and operations. Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations, including the Company, may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. The potential costs and delays associated with compliance with such laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a mine, and any non-compliance therewith may adversely affect the Company's business, financial condition and results of operations.

Government environmental approvals, permits and licenses are currently, or may in the future be, required in connection with the Company's operations. To the extent such approvals are required and not obtained, the Company may be curtailed or prohibited from proceeding with planned exploration or development of mineral properties.

The Company may also be held financially responsible for remediation of contamination at current or former sites, or at third-party sites. The Company could also be held responsible for exposure to hazardous substances. The costs associated with such instances and liabilities could be significant.

In certain jurisdictions where Yamana operates, the Company may be required to submit, for government approval, a reclamation plan and cost estimate for each of its mining/project sites. The reclamation plan establishes the Company's obligation to reclaim property after certain mining or exploration activities have been carried out by the Company. In some jurisdictions, bonds or other forms of financial assurances are required as security to ensure performance of the required reclamation activities. The Company may incur significant reclamation costs which may materially exceed the provisions the Company has made for such reclamation. In addition, the potential for additional regulatory requirements relating to reclamation or additional reclamation activities may have a material adverse effect on the Company's financial condition, liquidity or results of operations. When a previously unrecognized reclamation liability becomes known or a previously estimated cost is increased, the amount of that liability or additional cost may be expensed, which may materially reduce net income in that period.

The extraction process for gold and metals can produce tailings, which are the sand and silt-sized rock particles that remain after the target minerals are extracted. Tailings are stored in engineered facilities which are designed, constructed, operated and closed in conformance with local requirements and best practices. Should a breach of these facilities occur due to present-day limitations on engineering and scientific knowledge related to extreme weather, seismic event, or other incident, the Company could suffer a material financial impact on its operations and financial condition, including the potential for criminal and financial liability.

Production at certain of the Company's mines involves the use of cyanide which is a toxic material if not handled properly. Should cyanide leak or otherwise be discharged from the containment system, the Company could suffer a material impact on its business, financial condition and results of operations. The Company became a signatory to the International Cyanide Management Code in September 2008 to ensure the safe transport and use of cyanide in the production of gold. Conformance with this code is verified by independent audits, and the Company's operations are in full compliance with this code.

The Company actively engages with local communities to provide timely information about the operations and participates in a variety of activities to contribute to the wellbeing of local communities. Health, safety,

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**EXHIBIT 99.1**

environmental or other incidents, real or perceived, could cause community unrest that manifest into protests, road blockages, or other civil disobedience activities that could materially disrupt the Company's operations.

The mineral exploration activities of the Company are subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health and safety, hazardous substances, waste management and other matters. Although the Company believes that its exploration activities are currently carried out in accordance with all applicable rules and regulations, new rules and regulations may be enacted or existing rules and regulations may be applied in a manner that could limit or curtail production or development of the Company's properties. Amendments to current laws and regulations governing the operations and activities of the Company or more stringent implementation thereof could have a material adverse effect on the Company's business, financial condition and results of operations. See "– Risks of the Business – Foreign Operations and Political Risk".

Among the other environmental risks that Yamana has identified across all of its operations are water supply, water management and a range of climate-change related risks. For more details regarding Yamana's management approach to each of these areas see "– Communities, Environmental Protection and Policies".

***Nature and Climatic Condition Risk***

The Company and the broader mining industry can face geotechnical challenges, which could adversely impact the Company's production and profitability. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, TSF instability and rock fragility may occur in the future and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of the Company's control, such as seismic activity, severe weather and considerable rainfall, which may lead to periodic floods, mudslides and embankment instability, which could potentially result in slippage of material or, under very extreme circumstances, lead to a tailings dam failure.

Geotechnical failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts including financial liability, which could cause one or more of the Company's projects to be less profitable than currently anticipated and could result in a material adverse effect on the Company's results of operations and financial position.

Furthermore, the occurrence of physical climate change events may result in substantial costs to respond and/or recover from an event, and to prevent recurrent damage, through either the modification of, or addition to, existing infrastructure at the Company's operations. The scientific community has predicted an increase, over time, in the frequency and severity of extraordinary or catastrophic natural phenomena as a result of climate change. The Company can provide no assurance that it will be able to predict, respond to, measure, monitor or manage the risks posed as a result.

In addition, as climate change is increasingly perceived as a broad societal and community concern, stakeholders may increase demands for emissions reductions and call-upon mining companies to better manage their consumption of climate-relevant resources. Physical climate change events, and the trend toward more stringent regulations aimed at reducing the effects of climate change, could impact the Company's decisions to pursue future opportunities, or maintain existing operations, which could have an adverse effect on its business and future operations. The Company can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on its operations and profitability.

***Counterparty, Credit, Liquidity and Interest Rate Risks and Access to Financing***

The Company is exposed to various counterparty risks including, but not limited to: (i) financial institutions that hold the Company's cash and short term investments; (ii) companies that have payables to the Company, including concentrate and bullion customers; (iii) providers of its risk management services (including hedging arrangements); (iv) shipping service providers that move the Company's material; (v) the Company's insurance providers; and (vi) the Company's lenders. The Company seeks to limit counterparty risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. For cash, cash equivalents and accounts receivable, credit risk is represented by the carrying amount on the balance sheet. For derivatives, the Company assumes no credit risk when the fair value of the instruments is negative. When the fair value of the instruments is positive, this is a

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**EXHIBIT 99.1**

reasonable measure of credit risk. The Company is also exposed to liquidity risks in meeting its operating and capital expenditure requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. Under the terms of the Company's trading agreements, counterparties cannot require the Company to immediately settle outstanding derivatives except upon maintaining adequate lines of credit occurrence of customary events of default. The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates of derivatives over time, managing its capital expenditures and operation cash flows, and by maintaining adequate lines of credit. These factors may impact the ability of the Company to obtain loans and other credit facilities and refinance existing facilities in the future and, if obtained, on terms favourable to the Company. Such failures to obtain loans and other credit facilities could require the Company to take measures to conserve cash and could adversely affect its access to the liquidity needed for the business in the longer term.

The exploration and development of the Company's properties, including continuing exploration and development projects, and the construction of mining facilities and commencement of mining operations may require substantial additional financing. Failure to obtain sufficient financing will result in a delay or indefinite postponement of exploration, development or production on any or all of the Company's properties or even a loss of a property interest. Additional financing may not be available when needed, or if available, the terms of such financing might not be favorable to the Company. Failure to raise capital when needed would have a material adverse effect on the Company's business, financial condition and results of operations.

***Commodity Prices and Availability***

The profitability of the Company's operations will be dependent upon the cost and availability of commodities which are consumed or otherwise used in connection with the Company's operations and projects, including, but not limited to, diesel, fuel, natural gas, electricity, steel, concrete and cyanide. Commodity prices fluctuate widely and are affected by numerous factors beyond the control of the Company, including, without limitation, the continuance or escalation of the military conflict between Ukraine and Russia and the economic sanctions imposed on Russia in connection therewith, which have and may continue to result in increased prices for a variety of commodities and which could have other long-term effects on the global economy in addition to the near-term effects on Ukraine and Russia. Further, as many of the Company's mines are in remote locations and energy is generally a limited resource, the Company faces the risk that there may not be sufficient energy available to carry out mining activities efficiently or that certain sources of energy may not be available.

***Increase in Production Costs***

Changes in the Company's production costs could have a major impact on its profitability. Its main production expenses are personnel and contractor costs, materials, and energy. Changes in costs of the Company's mining and processing operations could occur as a result of unforeseen events, including international and local economic and political events, including, without limitation, the continuance or escalation of the military conflict between Ukraine and Russia and the economic sanctions imposed on Russia in connection therewith, which have and may continue to result in increased prices for a variety of commodities and which could have other long-term effects on the global economy in addition to the near-term effects on Ukraine and Russia, other changes in commodity prices, increased costs (including oil, steel and diesel) and scarcity of labour, and could result in changes in profitability or Mineral Reserve estimates. In addition to potentially affecting the price of commodities, general inflationary pressures may also affect the Company's labor, commodity, and other input costs at operations. Many of these factors may be beyond the Company's control.

The Company relies on third-party suppliers for a number of raw input materials. Any material increase in the cost of raw materials, or the inability by the Company to source third party suppliers for the supply of its raw materials, could have a material adverse effect on the Company's results of operations or financial condition.

The Company prepares estimates of future cash costs and capital costs for its operations and projects. There is no assurance that actual costs will not exceed such estimates. Exceeding cost estimates could have an adverse impact on the Company's future results of operations or financial condition.

***Foreign Operations and Political Risk***

The Company holds mining and exploration properties in Canada, Brazil, Chile and Argentina, exposing it to the socioeconomic conditions, as well as the laws governing the mining industry in those countries. Inherent risks with conducting foreign operations include, but are not limited to: high rates of inflation; military repression; war or civil war; social and labour unrest; organized crime; hostage taking; terrorism; violent crime; extreme fluctuations in

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**EXHIBIT 99.1**

currency exchange rates; expropriation and nationalization; renegotiation or nullification of existing concessions, licenses, permits and contracts; illegal mining; changes in taxation policies including carbon taxes; restrictions on foreign exchange and repatriation; and changing political norms, currency controls and governmental regulations that favour or require the Company to award contracts in, employ citizens of, or purchase supplies from, a particular jurisdiction.

Changes, if any, in mining or investment policies or shifts in political attitude in any of the jurisdictions in which the Company operates may adversely affect the Company's operations or profitability. Operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, importation of parts and supplies, income, carbon and other taxes, expropriation of property, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety.

Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right applications and tenure could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. In addition, changes in government laws and regulations, including taxation, royalties, the repatriation of profits, restrictions on production, export controls, changes in taxation policies, environmental and ecological compliance, expropriation of property and shifts in the political stability of the country, could adversely affect the Company's exploration, development and production initiatives in these countries.

On December 30, 2020, the Argentine government issued Decree 1060/2020 that establishes a 4.5% rate on silver and gold concentrate. Cerro Moro, owned by Estelar Resources, is entitled to tax stability pursuant to Argentina's Mining Investments Law No. 24,196. Such tax stability entitles Estelar Resources to recover taxes in excess of their overall tax burden at the time of the filing of the feasibility study in 2012 for Cerro Moro. On June 16, 2021, the Argentine government enacted legislation that increased the corporate tax rate from 25% to 35% and maintains the dividend withholding tax rate at 7% retroactive to January 1, 2021.

In July, 2021, Chile began drafting a new national constitution, which may modify, among other things, the legal framework of mining rights and water rights. The constitutional convention has a nine-month deadline, which has been extended by an additional three months, to draft a new constitution. The new constitution was put to voters on 4 September 2022 and was rejected. In July 2022, a tax reform bill was being discussed, however, on March 8, 2023, the Chamber of Deputies rejected the bill. The government will wait a year before re-introducing new legislation. In addition, there is currently a bill in Chilean Congress which seeks to impose a new mining royalty of 3% of ad valorem value on copper and make changes to the existing royal tax.

In January 2022, Chilean Congress approved a modification on the water rights regime establishing that new water rights can only be granted for a maximum of 30 years, renewable for the same number of years. The water authority can decide not to renew water rights if not being used or if there is an impact on the sustainability of the source and such water rights will be extinguished, partially or totally, if they are not used for a period of five years (consumptive rights) or ten year years (non-consumptive). For consumptive rights currently in force, which is the case for the Company's operations in Chile, the expiration term is 5 years without having carried out the necessary works to capture the water, which is not the current situation of the Company's sites. This rule is expected to become effective in 2024 and will be managed accordingly by the Company.

In February 2022, Chilean Congress enacted bill N°21.420 that changed the mining concessions regime by establishing that exploration concessions will last up to four years from the date of its constitution, with no possibility of extension. With the new regime, the former owner of the exploration concession will not be able to acquire a new exploration concession that covers all or part of the exploration concession extinguished and the new owner must be a different person with no relation at all with the former owner. The Company does not expect this to have a significant impact on its exploration activities but it may incur additional fees as a result of the new regime. The Company continues to monitor developments and policies in all the jurisdictions in which it operates and the potential impact such developments and policies may have on its operations; however, they cannot be accurately predicted and could have an adverse effect on the Company's operations or profitability.

In December 2022, the Brazilian government introduced new transfer pricing rules that would see Brazil adopt the Organisation for Economic Co-operation and Development ("OECD") arm length's principal for cross-border transactions. These rules would align Brazil with OECD countries and pave the way for Brazil to join the OECD. The rules would come into effect in 2024, with early adoption allowed in 2023.

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**EXHIBIT 99.1**

***Infectious Diseases***

Emerging infectious diseases or the threat of outbreaks of viruses or other contagions or epidemic diseases, including the COVID-19 outbreak, could have a material adverse effect on the Company by causing operational and supply chain delays and disruptions (including as a result of government regulation and prevention measures), labour shortages and shutdowns, social unrest, breach of material contracts and customer agreements, government or regulatory actions or inactions, increased insurance premiums, decreased demand or the inability to sell and deliver precious metals, declines in the price of precious metals, delays in permitting or approvals, governmental disruptions, capital markets volatility, or other unknown but potentially significant impacts. In addition, governments may impose strict emergencies measures in response to the threat or existence of an infectious disease. It is unknown whether and how the Company may be affected if a pandemic, such as the COVID-19 outbreak, persists for an extended period of time. The impact of the COVID-19 pandemic has included extreme volatility in financial markets, a slowdown in economic activity and extreme volatility in commodity prices (including precious metals). The international response to COVID-19 led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in global consumer activity. In addition, a significant outbreak of contagious diseases in the human population, such as COVID-19, could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could result in a material adverse effect on commodity prices, demand for metals, investor confidence, and general financial market liquidity, all of which may adversely affect the Company's business and the market price of the Company's common shares. Accordingly, any outbreak or threat of an outbreak of an epidemic disease or similar public health emergency, including COVID-19, could have a material adverse effect on the Company's business, financial condition and results of operations.

***Uncertainty in the Estimation of Mineral Reserves and Mineral Resources***

To extend the lives of its mines and projects, ensure the continued operation of the business and realize its growth strategy, it is essential that the Company continues to realize its existing identified Mineral Reserves, convert Mineral Resources into Mineral Reserves, increase its Mineral Resource base by adding new Mineral Resources from areas of identified mineralized potential, and/or undertake successful exploration or acquire new Mineral Resources.

No assurance can be given that the anticipated tonnages and grades in respect of Mineral Reserves and Mineral Resources contained in this annual information form will be achieved, that the indicated level of recovery will be realized or that Mineral Reserves will be mined or processed profitably. Actual Mineral Reserves may not conform to geological, metallurgical or other expectations, and the volume and grade of ore recovered may differ from estimated levels. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources, including many factors beyond the Company's control. Such estimation is a subjective process, and the accuracy of any Mineral Reserve or Mineral Resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Short-term operating factors relating to the Mineral Reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. Lower market prices, increased production costs, reduced recovery rates and other factors may result in a revision of its Mineral Reserve estimates from time to time or may render the Company's Mineral Reserves uneconomic to exploit. Mineral Reserve data is not indicative of future results of operations. If the Company's actual Mineral Reserves and Mineral Resources are less than current estimates or if the Company fails to develop its Mineral Resource base through the realization of identified mineralized potential, its results of operations or financial condition may be materially and adversely affected. Evaluation of Mineral Reserves and Mineral Resources occurs from time to time and they may change depending on further geological interpretation, drilling results and metal prices. The category of Inferred Mineral Resource is often the least reliable Mineral Resource category and is subject to the most variability. The Company regularly evaluates its Mineral Resources and it often determines the merits of increasing the reliability of its overall Mineral Resources.

***Replacement of Depleted Mineral Reserves***

Given that mines have limited lives based on Proven Mineral Reserves and Probable Mineral Reserves, the Company must continually replace and expand its Mineral Reserves at its mines. The LOM estimates included in this annual information form may not prove to be correct. The Company's ability to maintain or increase its annual production will be dependent in part on its ability to bring new mines into production and to expand Mineral Reserves at existing mines.

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**EXHIBIT 99.1**

***Uncertainty Relating to Mineral Resources***

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty which may attach to Inferred Mineral Resources, there is no assurance that Inferred Mineral Resources will be upgraded to Proven Mineral Reserves and Probable Mineral Reserves as a result of continued exploration.

***Uncertainty Relating to Future Production Estimates***

The Company prepares estimates and projections of future production for its existing and future mines. Any such information is forward-looking and no assurance can be given that such estimates will be achieved. These estimates are based on existing mine plans and other assumptions which change from time to time, including: Mineral Reserve and Mineral Resource estimates; the availability, accessibility, sufficiency and quality of ore; the Company's costs of production; the Company's ability to sustain and increase production levels; the sufficiency of the Company's infrastructure; the performance of the Company's workforce and equipment, the Company's ability to maintain and obtain mining interests and permits; and the Company's compliance with existing and future laws and regulations. The Company's actual production may vary from estimates for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; revisions to mine plans; unusual or unexpected orebody formations; risks and hazards associated with mining; natural phenomena, such as inclement weather conditions, water availability, floods, and seismic activity; and unexpected labour shortages, strikes, local community opposition or blockades. Failure to achieve the estimated forecasts could have an adverse impact on the Company's profitability, future cash flows, earnings, results of operations and financial condition.

***Joint Ventures***

Yamana holds an indirect controlling interest of 56.25% in the MARA Project, with the other 43.75% interest being held by Glencore. The Company determined that it controls the MARA Project through its 56.25% voting interest, and therefore the Company is required to consolidate 100% of the MARA Project, and recognize the non-controlling interests. The Company's interest in the MARA Project is subject to the risks normally associated with the conduct of joint ventures. These risks may include, but are not limited to: disagreement with joint venture partners on how to develop and operate mines efficiently; inability of joint venture partners to meet their obligations to the joint venture or third parties; or disputes arising between joint venture partners regarding joint venture matters such as project financing, development milestones and offtake matters. The existence or occurrence of one or more of the foregoing circumstances and events, for example, could have a material adverse impact on Company's profitability, future cash flows, earnings, results of operations and financial condition. See "Description of the Business – Mineral Projects – Development Projects – MARA Project".

***Partnership with Agnico Eagle***

The Company has formed a 50/50 partnership with Agnico in connection with the acquisition of the Canadian Malartic Mine ("Canadian Malartic GP"). There are a variety of general risks associated with the Canadian Malartic GP, particularly because Yamana is not the sole operator. These risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disagreement with Agnico about how to develop, operate or finance a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that Agnico may at any time have economic or business interests or goals that are, or become, inconsistent with the Company's business interests or goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that Agnico may not comply with the Canadian Malartic GP's partnership agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that Agnico may become bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that Agnico may be in a position to take action contrary to the Company's instructions, requests, policies, objectives or interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible litigation with Agnico about Canadian Malartic GP matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that the Company may not be able to sell its interest in the Canadian Malartic GP if the Company desires to exit the Canadian Malartic GP.

These risks could result in legal liability or affect the Company's ability to develop or operate the Canadian Malartic GP's projects, either of which could have a material adverse effect on the Company's future growth, results of operations, cash flows and financial position.

***Infrastructure***

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants that affect

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**EXHIBIT 99.1**

capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

***Permitting***

The Company's operations are subject to receiving and maintaining permits from relevant governmental authorities. There is no assurance that delays will not occur in connection with obtaining all necessary renewals of permits for the Company's existing operations, additional permits for any possible future changes to operations, or additional permits associated with new legislation. Prior to any development on any of its properties, the Company must receive permits from appropriate governmental authorities. There can be no assurance that the Company will continue to hold all permits necessary to develop or continue operating at any particular property. Any of these factors could have a material adverse effect on the Company's results of operations and financial position.

***Insurance and Uninsured Risks***

Yamana's business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labour disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, catastrophic equipment failures, fires or unavailability of materials and equipment, cyber attacks, changes in the regulatory environment and natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to the Company's properties or the properties of others, delays in mining, monetary losses and possible legal liability.

Yamana's insurance will not cover all the potential risks associated with the Company's operations. Even if available, Yamana may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production (such as limited underground coverage) is not generally available to Yamana or to other companies in the mining industry on acceptable terms. Yamana might also become subject to liability for pollution or other hazards that may not be insured against or that Yamana may elect not to insure against because of premium costs or other reasons. Losses from these events could cause Yamana to incur significant costs that could have a material adverse effect upon its financial performance and results of operations. Should the Company be unable to fully fund the cost of remedying an environmental problem, the Company might be required to suspend operations or enter into interim compliance measures pending completion of the required remedy, which may have a material adverse effect. The Company may suffer a material adverse effect on its business, results of operations, cash flows and financial position if it incurs a material loss related to any significant event that is not covered, or adequately covered, by its insurance policies.

***Compliance with Anti-Corruption Laws***

Yamana is subject to various anti-corruption and anti-bribery laws and regulations including but not limited to the Canadian Corruption of Foreign Public Officials Act, the U.S. Foreign Corrupt Practices Act, the Extractive Sector Transparency Measure Act ("ESTMA"), as well as similar laws in the countries in which the Company conducts business. In general, these laws prohibit a company and its employees and intermediaries from bribing or making other prohibited payments to foreign officials or other persons to obtain or retain business or gain some other business advantage. ESTMA, which became effective June 1, 2015, requires public disclosure of payments to governments by mining and oil and gas companies engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more governments.

In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such anti-corruption and anti-bribery laws, resulting in greater scrutiny and punishment of companies found in violation of such laws. Failure to comply with the applicable legislation and other similar foreign laws could expose the Company and its senior management to civil and/or criminal penalties, other sanctions and remedial measures, legal expenses and reputational damage, all of which could materially and adversely affect the Company's business, financial condition and results of operations, as well as have an adverse effect on the market price of the Company's common shares. The Company has instituted policies designed to facilitate compliance with such requirements that apply to all employees, consultants, contractors, suppliers and other agents, including a code of business conduct and ethics and a whistleblower policy, as anti-bribery and anti-corruption policy, as well as

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**EXHIBIT 99.1**

mandatory training. However, there can be no assurance or guarantee that such efforts have been and will be completely effective in ensuring Yamana's compliance, and the compliance of its employees, consultants, contractors, suppliers and other agents, with all applicable anti-corruption and anti-bribery laws.

***Construction and Start-up of New Mines***

The success of construction projects and the start-up of new mines by the Company is subject to a number of factors, including the availability and performance of engineering and construction contractors, mining contractors, suppliers and consultants, the receipt of required governmental approvals and permits in connection with the construction of mining facilities and the conduct of mining operations (including environmental permits), the successful completion and operation of ore passes, the adsorption/desorption/recovery plants and conveyors to move ore, among other operational elements. Timelines to permit new mining operations continue to increase and permitting requirements are becoming more stringent. Any delay in the performance of any one or more of the contractors, suppliers, consultants or other persons on which the Company is dependent in connection with its construction activities, a delay in or failure to receive the required governmental approvals and permits in a timely manner or on reasonable terms, or a delay in or failure in connection with the completion and successful operation of the operational elements in connection with new mines could delay or prevent the construction and start-up of new mines as planned. There can be no assurance that current or future construction and start-up plans implemented by the Company will be successful, that the Company will be able to obtain sufficient funds to finance construction and start-up activities, that personnel and equipment will be available in a timely manner or on reasonable terms to successfully complete construction projects, that the Company will be able to obtain all necessary governmental approvals and permits or that the completion of the construction, the start-up costs and the ongoing operating costs associated with the development of new mines will not be significantly higher than anticipated by the Company. Any of the foregoing factors could adversely impact the operations and financial condition of the Company.

Some of the Company's projects have no operating history upon which to base estimates of future cash flow. The capital expenditures and time required to develop new mines or other projects are considerable and changes in costs or construction schedules can affect project economics. Thus, it is possible that actual costs may change significantly and economic returns may differ materially from the Company's estimates.

Commercial viability of a new mine or development project is predicated on many factors. Mineral Reserves and Mineral Resources projected by feasibility studies and technical assessments performed on the projects may not be realized, and the level of future metal prices needed to ensure commercial viability may not materialize. Consequently, there is a risk that start-up of new mine and development projects may be subject to write-down and/or closure as they may not be commercially viable.

***Land Title***

The acquisition and maintenance of title to mineral properties is a very detailed and time-consuming process. Title to, and the area of, mineral concessions may be disputed. Title insurance is generally not available for mineral properties and the Company's ability to ensure that it has obtained secure mine tenure may be severely constrained. There is no guarantee that title to any of its properties will not be challenged or impaired. Third parties may have valid claims underlying portions of the Company's interests, including prior unregistered liens, agreements, transfers or claims, including native land claims, and title may be affected by, among other things, undetected defects. If these challenges are successful, this could have an adverse effect on the development of the Company's properties as well as its results of operations, cash flows and financial position. In addition, the Company may be unable to operate its properties as permitted or to enforce its rights with respect to its properties.

***Termination of Mining Concessions***

The Company's mining concessions may be terminated in certain circumstances. Under the laws of the jurisdictions where the Company's operations, development projects and prospects are located, Mineral Resources belong to the state and governmental concessions are required to explore for, and exploit, Mineral Reserves. The Company holds mining, exploration and other related concessions in each of the jurisdictions where it is operating and where it is carrying on development projects and prospects. The concessions held by the Company in respect of its operations, development projects and prospects may be terminated under certain circumstances, including where minimum production levels are not achieved by the Company (or a corresponding penalty is not paid), if certain fees are not paid or if environmental and safety standards are not met. Termination of any one or more of the Company's mining, exploration or other concessions could have a material adverse effect on the Company's financial condition or results of operations.

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**EXHIBIT 99.1**

***Competition***

The mining industry is intensely competitive in all of its phases and the Company competes with many companies possessing greater financial and technical resources than itself. Competition in the precious metals mining industry is primarily for: mineral rich properties that can be developed and produced economically; the technical expertise to find, develop, and operate such properties; the labour to operate the properties; and the capital for the purpose of funding such properties. Many competitors not only explore for and mine precious metals, but conduct refining and marketing operations on a global basis. Such competition may result in the Company being unable to acquire desired properties, to recruit or retain qualified employees or to acquire the capital necessary to fund its operations and develop its properties. Existing or future competition in the mining industry could materially adversely affect the Company's prospects for mineral exploration and success in the future.

***Indebtedness***

The Company's ability to make scheduled payments on or refinance its debt obligations (if necessary) depends on its financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond the Company's control, including the market prices of gold, silver and copper. The Company may be unable to maintain a level of cash flow from operating activities sufficient to permit it to pay the principal, premium, if any, and interest on the Company's indebtedness, or maintain its debt covenants.

If the Company's cash flows and capital resources are insufficient to fund its debt service obligations, or there is a contravention of its debt covenants, the Company could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance its indebtedness. The Company may not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow it to meet its scheduled debt service obligations.

In addition, the Company conducts a substantial portion of its operations through its subsidiaries, certain of which in the future may not be guarantors of its indebtedness. Accordingly, repayment of its indebtedness is dependent on the generation of cash flow by its subsidiaries and their ability to make such cash available to the Company, by dividend, debt repayment or otherwise. Unless they are guarantors of the Company's indebtedness, its subsidiaries do not have any obligation to pay amounts due on its indebtedness or to make funds available for that purpose. The Company's subsidiaries may not be able to, or may not be permitted to, make distributions to enable the Company to make payments in respect of its indebtedness.

Each subsidiary is a distinct legal entity, and, under certain circumstances, legal and contractual restrictions may limit the Company's ability to obtain cash from the Company's subsidiaries. While the indenture governing the Company's outstanding Notes limits the ability of the Company's subsidiaries to incur consensual restrictions on their ability to pay dividends or make other intercompany payments to the Company, these limitations are subject to qualifications and exceptions. In the event that the Company does not receive distributions from its subsidiaries, it may be unable to make required principal and interest payments on its indebtedness.

The Company's inability to generate sufficient cash flows to satisfy its debt obligations, or to refinance its indebtedness on commercially reasonable terms or at all, would materially and adversely affect its financial position and results of operations and its ability to satisfy its obligations.

***Additional Capital***

The exploration and development of the Company's properties, including continuing exploration and development projects, and the construction or expansion of mining facilities and commencement or expansion of mining operations, may require substantial additional financing. Failure to obtain sufficient financing will result in a delay or indefinite postponement of exploration, development or production on any or all of the Company's properties or even a loss of a property interest. Additional financing may not be available when needed or if available, the terms of such financing might not be favourable to the Company and might involve substantial dilution to existing shareholders. Failure to raise capital when needed could have a material adverse effect on the Company's business, financial condition and results of operations.

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**EXHIBIT 99.1**

***Currency Fluctuations***

Currency fluctuations may affect the Company's capital costs and the costs that the Company incurs at its operations. The revenue generated from the sale of gold and silver from the Company's operations is in United States dollars, but a portion of the Company's operating and capital expenses are incurred in Brazilian reais, Argentine pesos, Chilean pesos, Canadian dollars and, to a lesser extent, the Euro. The appreciation of foreign currencies, particularly the Brazilian real, Chilean peso and Canadian dollar, against the United States dollar would increase the costs of gold production at such mining operations, which could materially and adversely affect the Company's earnings and financial condition. The Company has hedged only a portion of its Brazilian real, Chilean peso and Canadian dollar risks, and none of the other currencies in which it functions, and is therefore exposed to currency fluctuation risks. See "General Development of the Business – History – Hedge Programs".

Additionally, certain exploration and assets, including the Monument Bay Project and the Wasamac Project, are located in Canada and the costs associated with such assets are primarily denominated in Canadian dollars. Any appreciation of the Canadian dollar against the United States dollar could have a material adverse effect on the Company's business, financial condition and results of operations.

***Write-downs and Impairments***

Mineral interests are the most significant assets of the Company and represent capitalized expenditures related to the development and construction of mining properties and related property, plant and equipment and the value assigned to exploration potential on acquisition. The costs associated with mining properties are separately allocated to exploration potential, Mineral Reserves and Mineral Resources and include acquired interests in production, development and exploration-stage properties representing the fair value at the time they were acquired. The values of such mineral properties are primarily driven by the nature and amount of material interests believed to be contained or potentially contained in properties to which they relate.

The Company reviews and evaluates its mining interests and any associated or allocated goodwill for impairment at least annually or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the recoverable value of the asset is less than the carrying amount of the asset. An impairment loss is measured and recorded to the net recoverable value of the asset. The recoverable value of the asset is the higher of: (i) value in use (being the net present value of total expected future cash flows); and (ii) fair value less costs of disposal.

The Company also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the Company estimates the recoverable amount and considers the reversal of the impairment loss recognized in prior periods for all assets other than goodwill. An impairment loss recognized for goodwill is not reversed in a subsequent period.

Fair value is the value obtained from an active market or binding sale agreement. Where neither exists, fair value is based on the best information available to reflect the amount the Company could receive for the asset in an arm's length transaction. This is often estimated using discounted cash flow techniques. For value in use, recent cost levels are considered, together with expected changes in costs that are compatible with the current condition of the business and which meet the requirements of International Accounting Standard 36 in a discounted cash flow model. Where a recoverable amount is assessed using discounted cash flow techniques, the resulting estimates are based on detailed mine and/or production plans. Assumptions underlying fair value estimates are subject to significant risks and uncertainties. Where third-party pricing services are used, the valuation techniques and assumptions used by the pricing services are reviewed by the Company to ensure compliance with the accounting policies and internal control over financial reporting of the Company. Future cash flows are estimated based on expected future production, commodity prices, operating costs and capital costs. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources. Differences between management's assumptions and market conditions could have a material effect in the future on the Company's financial position and results of operation.

The assumptions used in the valuation of work-in-process inventories by the Company may include estimates of metal contained in the ore stacked on leach pads, assumptions of the amount of metal stacked that is expected to be recovered from the leach pads, estimates of metal contained in ore stock-piles, assumptions of the amount of metal that will be crushed for concentrate, estimates of metal-in-circuit, estimated costs of completion to final product to be incurred and an assumption of the gold, silver and copper price expected to be realized when the gold, silver and copper is recovered. The recoverable values of assets are highly dependent on several factors

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**EXHIBIT 99.1**

including metal prices and the prevailing cost environment, and the recoverable values of some properties are more sensitive to metal prices than others. If these estimates or assumptions prove to be inaccurate, the Company could be required to write-down the recorded value of its work-in-process inventories to net realizable value, which would reduce the Company's earnings and working capital. Net realizable value is determined as the difference between costs to complete production into a saleable form and the estimated future precious metal prices based on prevailing and long-term metal prices. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of write-down is reversed up to the lower of the new net realizable value or the original cost.

Although management makes its best estimates, it is possible that material changes could occur which may adversely affect management's estimate of the net cash flows expected to be generated from its properties. Any impairment estimates, which are based on applicable key assumptions and sensitivity analysis, are based on management's best knowledge of the amounts, events or actions at such time, and the actual future outcomes may differ from any estimates that are provided by the Company. Any impairment charges on the Company's mineral projects could adversely affect its results of operations.

***Shareholder Activism***

In recent years, publicly-traded companies have been increasingly subject to demands from activist shareholders advocating for changes to corporate governance practices, such as executive compensation practices, social issues, or for certain corporate actions or reorganizations. There can be no assurances that activist shareholders won't publicly advocate for the Company to make certain corporate governance changes or engage in certain corporate actions. Responding to challenges from activist shareholders, such as proxy contests, media campaigns or other activities, could be costly and time consuming and could have an adverse effect on the Company reputation and divert the attention and resources of the Company management and the Company's board of directors, which could have an adverse effect on the Company's business and results of operations. Even if the Company does undertake such corporate governance changes or corporate actions, activist shareholders may continue to promote or attempt to effect further changes, and may attempt to acquire control of Yamana to implement such changes. If shareholder activists seeking to increase short-term shareholder value are elected to the Company's board of directors, this could adversely effect Yamana's business and future operations. Additionally, shareholder activism could create uncertainty about the Company's future strategic direction, resulting in loss of future business opportunities, which could adversely effect the Company's business, future operations, profitability and ability to attract and retain qualified personnel.

***Litigation Risks***

All industries, including the mining industry, are subject to legal claims, with and without merit. The Company is currently involved in litigation and may become involved in legal disputes in the future. Defense and settlement costs can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding may have a material adverse effect on the Company's financial position or results of operations. See "Legal Proceedings and Regulatory Actions" for further details on ongoing legal proceedings.

***Investment Risk***

Investment risk is the risk that a financial instrument's value will deviate from the expected returns as a result of changes in market conditions, whether those changes are caused by factors specific to the individual investment or factors affecting all investments traded in the market. Although the factors that affect investment risk are outside the Company's control, the Company mitigates investment risk by limiting its investment exposure in terms of total funds to be invested and by being selective of high-quality investments.

***Use of Derivatives***

From time to time the Company may use certain derivative products as hedging instruments and to manage the risks associated with changes in gold prices, silver prices, interest rates, foreign currency exchange rates and energy prices. The use of derivative instruments involves certain inherent risks including, among other things: (i) credit risk - the risk of default on amounts owing to the Company by the counterparties with which the Company has entered into transactions; (ii) market liquidity risk - risk that the Company has entered into a derivative position that cannot be closed out quickly, by either liquidating such derivative instrument or by establishing an offsetting position; and (iii) unrealized mark-to-market risk - the risk that, in respect of certain derivative products, an adverse change in

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**EXHIBIT 99.1**

market prices for commodities, currencies or interest rates will result in the Company incurring an unrealized mark-to-market loss in respect of such derivative products.

***Acquisitions and Integration***

From time to time the Company examines opportunities to acquire additional mining assets and businesses. Any acquisition that the Company may choose to complete may be of a significant size, may change the scale of the Company's business and operations, and may expose the Company to new geographic, political, operating, financial and geological risks. The Company's success in its acquisition activities depends on its ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of the Company. Any acquisitions would be accompanied by risks. For example, there may be a significant change in commodity prices after the Company has committed to complete the transaction and established the purchase price or exchange ratio; a material ore body may prove to be below expectations; the Company may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; the integration of the acquired business or assets may disrupt the Company's ongoing business and its relationships with employees, customers, suppliers and contractors; and the acquired business or assets may have unknown liabilities which may be significant. In the event that the Company chooses to raise debt capital to finance any such acquisition, the Company's leverage will be increased. If the Company chooses to use equity as consideration for such acquisition, existing shareholders may experience dilution. Alternatively, the Company may choose to finance any such acquisition with its existing resources. There can be no assurance that the Company would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

***Amendments to Mining Laws and Regulations***

The mineral exploration activities of the Company are subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substances and other matters. Mining and exploration activities are also subject to various laws and regulations relating to the protection of the environment. Although the Company believes that its exploration activities are currently carried out in accordance with all applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner that could limit or curtail production or development of the Company's properties. Amendments to current laws and regulations governing the operations and activities of the Company or more stringent implementation thereof could have a material adverse effect on the Company's business, financial condition and results of operations.

***Community Relations***

The Company's relationships with host communities are critical to ensure the success of its existing operations and the construction and development of new operations. There is an increasing level of public concern relating to the perceived effects of mining activities on the environment and on host communities. The evolving expectations related to human rights, indigenous rights, and environmental protection may result in opposition to the Company's current and future operations or further development or new development of the Company's projects and mines. Such opposition may be directed through legal or administrative proceedings or expressed in public opposition such as protests, roadblocks or other forms of expression against the Company's activities, and may have a negative impact on the Company's reputation and operations.

Opposition by any of the aforementioned groups to the Company's operations may require modification of, or preclude the operation or development of, the Company's projects and mines or may require the Company to enter into agreements with such groups or local governments with respect to the Company's projects and mines, in some cases, causing increased cost and considerable delays to the advancement of the Company's projects. Further, publicity adverse to the Company, its operations or extractive industries generally, could have an adverse effect on the Company and may impact relationships with the communities in which Yamana operates and other stakeholders. While the Company is committed to operating in a socially responsible manner, there can be no assurance that its efforts in this respect will mitigate this potential risk.

The Company's projects, including exploration projects, may also be impacted by relations with various community stakeholders, and the Company's ability to develop related mining assets may still be affected by unforeseen outcomes from such community relations.

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**EXHIBIT 99.1**

***Non-Governmental Organizations***

Certain non-governmental organizations ("NGOs") that oppose globalization and resource development are vocal critics of the mining industry and its practices. Adverse publicity generated by such NGOs or other parties generally related to extractive industries or specifically to the Company's operations, could have an adverse effect on the Company's reputation, impact the Company's relationship with the communities in which it operates and ultimately have a material adverse effect on the Company's business, financial condition and results of operations.

NGOs may organize protests, install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits seeking to cancel the Company's rights, permits and licences. NGOs may also lobby governments for changes to laws, regulations and policies pertaining to mining and relevant to the Company's business activities, which, if made, could have a material adverse effect on the Company's business, financial condition and results of operations.

***Labour and Employment Matters***

Production at the Company's mining operations is dependent upon the efforts of its employees and the Company's operations would be adversely affected if it fails to maintain satisfactory labour relations. In addition, relations between the Company and its employees may be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in whose jurisdictions the Company carries on business. For example, at the end of 2021, there was a temporary suspension of operations associated with the strike of one of the Company's unions, before collective bargaining negotiations were resumed and concluded. Changes in such legislation or in the relationship between the Company and its employees may have a material adverse effect on the Company's business, results of operations and financial condition.

***Foreign Subsidiaries***

The Company is a holding company that conducts operations through subsidiaries, including foreign subsidiaries. Accordingly, any limitation on the transfer of cash or other assets between the parent corporation and such entities, or among such entities, could restrict the Company's ability to fund its operations efficiently. Any such limitations, or the perception that such limitations may exist now or in the future, could have an adverse impact on the Company's valuation and stock price.

***Reliance on Local Advisors and Consultants in Foreign Jurisdictions***

The Company holds mining and exploration properties in Brazil, Argentina, and Chile, in addition to Canada. The legal and regulatory requirements in these countries with respect to conducting mineral exploration and mining activities, banking system and controls, as well as local business culture and practices are different from those in Canada and the United States. The officers and directors of the Company must rely, to a great extent, on the Company's local legal counsel and local consultants retained by the Company in order to keep abreast of material legal, regulatory and governmental developments as they pertain to and affect the Company's business operations, and to assist the Company with its governmental relations. The Company must rely, to some extent, on those members of management and the Company's board of directors who have previous experience working and conducting business in these countries to enhance its understanding of and appreciation for the local business culture and practices. The Company also relies on the advice of local experts and professionals in connection with current and new regulations that develop in respect of banking, financing, labour, litigation and tax matters in these countries. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices are beyond the control of the Company. The impact of any such changes may adversely affect the business of the Company.

***Market Price of Common Shares***

The common shares are listed on the TSX, the NYSE and the LSE. The price of the common shares is likely to be significantly affected by short-term changes in gold, silver or copper prices or in the Company's financial condition or results of operations as reflected in its quarterly earnings reports. Other factors unrelated to the Company's performance that may have an effect on the price of the common shares include the following: the extent of analytical coverage available to investors concerning the Company's business may be limited if investment banks with research capabilities do not continue to follow the Company's securities; the lessening in trading volume and general market interest in the Company's securities may affect an investor's ability to trade significant numbers of common shares; and the size of the Company's public float may limit the ability of some institutions to invest in the Company's securities. Global capital markets have continued to display increased volatility in response to global

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**EXHIBIT 99.1**

events which has resulted in and may continue to result in increased volatility in the market for the Company's securities and could have other long-term effects which are currently unknown.

As a result of any of these factors, the market price of the common shares at any given point in time may not accurately reflect the Company's long-term value. Securities class-action litigation often has been brought against companies following periods of volatility in the market price of their securities. The Company may, in the future, be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert management's attention and resources.

In addition, if the Proposed Transaction is not completed, the market value of the common shares could decline to the extent that the current market price of the common shares reflects a market assumption that the Proposed Transaction will be completed.

***Global Financial Conditions***

Global financial conditions continue to be characterized as volatile. In recent years, global markets have been adversely impacted by various credit crises and inflation, causing rising fuel and energy costs and impacting metals prices, including as a result of the COVID-19 virus pandemic and due to significant fluctuations in commodity prices as a result of the military conflict between Ukraine and Russia and the economic sanctions imposed on Russia in connection therewith. Many industries, including the mining industry, have been impacted by these market conditions. Global financial conditions remain subject to sudden and rapid destabilizations in response to future events, as government authorities may have limited resources to respond to future crises. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's growth and profitability. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical instability (such as the Russian invasion of Ukraine), changes to energy prices or sovereign defaults. If increased levels of volatility continue or in the event of a rapid destabilization of global economic conditions, it may result in a material adverse effect on commodity prices, demand for metals, including gold, availability of credit, investor confidence, and general financial market liquidity, all of which may adversely affect the Company's business and the market price of the Company's securities.

***Credit Rating***

There can be no assurance that the credit ratings and outlook assigned to the Company's debt securities or to Yamana will remain in effect for any given period of time or that any such rating or outlook will not be revised downward or withdrawn entirely by a rating agency. Real or anticipated changes in credit ratings or outlook assigned to the Company's debt securities will generally affect the market price of its debt securities. In addition, real or anticipated changes in its credit ratings may also affect the cost at which the Company can access the capital markets. If such ratings decline and its cost of accessing capital markets increases, the Company may not be able to fund proposed capital expenditures and other operations in the future.

***Dividend Policy***

The Company has a dividend policy providing for a dividend yield that is consistent with the yield of comparable companies' dividend rates and such policy is reviewed on a periodic basis and assessed in relation to the growth of the operating cash flows of the Company. Effective for the third quarter of 2021, the Company increased its annual dividend to $0.12 per share. See "General Development of the Business – History – Dividend Policy" and "Dividends".

Payment of any future dividends will be at the discretion of the Company's board of directors after taking into account many factors, including the Company's operating results, financial condition, comparability of the dividend yield to peer gold companies and current and anticipated cash needs. There can be no assurance that dividends will continue to be paid in the future or on the same terms as are currently paid by the Company.

***Dilution to Common Shares***

During the life of the Company's options and other rights granted or assumed by the Company, the holders are given an opportunity to profit from a rise in the market price of the common shares with a resulting dilution in the interest of the other shareholders. The Company's ability to obtain additional financing during the period such rights that are outstanding may be adversely affected and the existence of the rights may have an adverse effect on the

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**EXHIBIT 99.1**

price of the common shares. The holders of options and other rights of the Company may exercise such securities at a time when the Company would, in all likelihood, be able to obtain any needed capital by a new offering of securities on terms more favourable than those provided by the outstanding rights.

The increase in the number of common shares in the market and the possibility of sales of such shares may have a depressive effect on the price of the common shares. In addition, as a result of the issuance of additional common shares, the voting power of the Company's existing shareholders will be diluted.

***Future Sales of Common Shares by Existing Shareholders***

Sales of a large number of common shares in the public markets, or the potential for such sales, could decrease the trading price of the common shares and could impair the Company's ability to raise capital through future sales of common shares. Substantially all of the common shares not held by affiliates of the Company can be resold without material restriction any of the United States, the United Kingdom or Canada.

***Dependence Upon Key Management Personnel and Executives***

The Company is dependent upon a number of key management personnel. The loss of the services of one or more of such key management personnel could have a material adverse effect on the Company. The Company's ability to manage its operating, development, exploration and financing activities will depend in large part on the efforts of these individuals. The Company faces intense competition for qualified personnel, and there can be no assurance that the Company will be able to attract and retain such personnel. The loss of the services of one or more key employees or the failure to and attract and retain new personnel could have a material adverse effect on the Company's ability to manage and expand the Company's business. The Company has entered into employment agreements with certain of its key executives.

***Possible Conflicts of Interest of Directors and Officers of the Company***

Certain of the directors and officers of the Company also serve as directors and/or officers of other companies involved in natural resource exploration and development and, consequently, there exists the possibility for such directors and officers to be in a position of conflict. There can be no assurance that any decision made by any of such directors and officers involving the Company will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Company and its shareholders. In the event that the Company's directors and officers are subject to conflicts of interest, there may be a material adverse effect on its business.

***Disclosure and Internal Controls***

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company in reports filed with securities regulatory agencies is recorded, processed, summarized and reported on a timely basis and is accumulated and communicated to the Company's management, as appropriate, to allow timely decisions regarding required decisions. The Company has invested resources to document and analyze its system of disclosure controls and its internal control over financial reporting. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. The Company's failure to satisfy the requirements of applicable Canadian securities laws on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm its business and negatively impact the trading price of the common shares. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm the Company's operating results or cause it to fail to meet its reporting obligations.

***Enforcement of Legal Rights***

The Company has material subsidiaries organized under the laws of Brazil, Argentina and Chile and certain of the Company's directors, management and personnel are located in foreign jurisdictions. Given that the majority of the Company's material assets and certain of its directors, management and personnel are located outside of Canada, investors may have difficulty in effecting service of process within Canada and collecting from or enforcing against the Company, or its directors and officers, any judgments issued by the Canadian courts or Canadian

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**EXHIBIT 99.1**

securities regulatory authorities and predicated on the civil liability provisions of Canadian securities legislation or other laws of Canada. Similarly, in the event a dispute arises in connection with the Company's foreign operations, the Company may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.

***Failures of Information Systems or Information Security Threats***

The Company has entered into agreements with third parties for hardware, software, telecommunications and other information technology ("IT") services in connection with the Company's operations. The Company's operations depend, in part, on how well the Company and its suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. The Company's operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenditures to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact the Company's reputation and results of operations.

Although to date the Company has not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that it will not incur such losses in the future. The Company's risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cybersecurity threats continue to evolve, the Company may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. Any of these factors could have a material adverse effect on the Company's results of operations, cash flows and financial position.

***Risk Factors Related to the Proposed Transaction:***

***Conditions Precedent to Proposed Transaction***

The completion of the Proposed Transaction is subject to a number of conditions precedent, some of which are outside of the control of Yamana. In addition, the regulatory approval processes may take a lengthy period of time to complete, which could delay completion of the Proposed Transaction. There can be no certainty, nor can Yamana provide any assurance, that all conditions precedent to the Proposed Transaction will be satisfied or waived, nor can there be any certainty of the timing of their satisfaction or waiver.

***Termination of Arrangement Agreement***

The Arrangement Agreement may be terminated by the parties in certain circumstances, in which case the Proposed Transaction will not be completed. Accordingly, there is no certainty, nor can Yamana provide any assurance, that the Arrangement Agreement will not be terminated by any of Yamana, Pan American or Agnico before the completion of the Proposed Transaction. If the Arrangement Agreement is terminated and the Company's board of directors decides to seek another merger or business combination, there can be no assurance that it will be able to find a party willing to agree to an equivalent or more attractive price than the price to be paid pursuant to the Proposed Transaction.

***Costs of Proposed Transaction***

Yamana has incurred and expects to incur additional material non-recurring expenses in connection with the Proposed Transaction and completion of the transactions contemplated by the Arrangement Agreement. If the Proposed Transaction is not completed, Yamana will need to pay certain costs relating to the Proposed Transaction incurred prior to the date the Proposed Transaction was abandoned, such as legal, accounting, financial advisory, proxy solicitation and printing fees, as well as the US$150 million in respect of the termination fee paid to Gold Fields in connection with the termination of the Gold Fields Arrangement Agreement. In addition, if the Proposed Transaction is not completed for certain reasons, Yamana may be required to pay a termination fee of $250 million to Pan American. Such costs may be significant and could have an adverse effect on Yamana's cash resources, cash flows and financial condition.

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**EXHIBIT 99.1**

***Restrictions on Alternative Transactions***

Under the Arrangement Agreement, Yamana is restricted, subject to certain exceptions, from soliciting, initiating, knowingly encouraging or facilitating, discussing or negotiating, or furnishing information with regard to, any alternative transactions or offers relating to any alternative transactions. Such restrictions may prevent Yamana from pursuing attractive business opportunities that may arise prior to the completion of the Proposed Transaction.

***Diversion of Management Attention***

The pending Proposed Transaction could cause the attention of Yamana's management to be diverted from the day-to-day operations of Yamana. These disruptions could be exacerbated by a delay in the completion of the Proposed Transaction and could result in lost opportunities or negative impacts on performance, which could have a material and adverse effect on Yamana's business, operations, financial condition and results of operations or prospects if the pending Proposed Transaction is not completed.

***Anticipated Benefits of Proposed Transaction***

Achieving the benefits of the Proposed Transaction depends in part on the ability of each of the combined company and Agnico to effectively capitalize on its scale, to realize the anticipated capital and operating synergies, to profitably sequence the growth prospects of its asset base and to maximize the potential of its improved growth opportunities and capital funding opportunities as a result of combining the businesses and operations of Yamana and Pan American, in the case of the combined company, and as a result of acquiring the Canadian assets, in the case of Agnico.

The ability to realize the benefits of the Proposed Transaction will depend in part on successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient manner, as well as on each of Pan American's and Agnico's ability to realize the anticipated growth opportunities and synergies from integrating Yamana's business and/or the Canadian assets, as applicable, following completion of the Proposed Transaction. The integration of Yamana's and Pan American's businesses requires the dedication of substantial effort, time and resources on the part of Pan American's management which may divert Pan American's management's focus and resources from other strategic opportunities available to the combined company following completion of the Proposed Transaction and from operational matters during this process. Similarly, the integration of the Canadian assets and Agnico's current assets will also require the dedication of substantial effort, time and resources on the part of Agnico's management which may divert Agnico's management's focus and resources from other strategic opportunities available to Agnico following completion of the Proposed Transaction and from operational matters during this process.

In addition, the integration process could result in disruption of existing relationships with suppliers, employees, customers and other constituencies of each of Pan American and Agnico. There can be no assurance that management of each company will be able to integrate the operations of the business or assets, as applicable, successfully or achieve any of the synergies or other benefits that are anticipated as a result of the Proposed Transaction. Many operational and strategic decisions and certain staffing decisions with respect to integration have not yet been made. These decisions and the integration of the companies and assets, as applicable, may present challenges to management, including the integration of systems and personnel of the companies which may be geographically separated, unanticipated liabilities, and unanticipated costs. It is possible that the integration process with respect to each of the combined company and Agnico could result in the loss of key employees, the disruption of the respective ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect the ability of their respective management to maintain relationships with clients, suppliers, employees or to achieve the anticipated benefits of the Proposed Transaction. The performance of each of the combined company's and Agnico's operations after completion of the Proposed Transaction could be adversely affected if either the combined company or Agnico, as applicable, cannot identify, attract and retain key employees to assist in the integration and operation of Yamana and Pan American, in the case of the combined company, and the integration and operation of the Canadian assets, in the case of Agnico.

The consummation of the Proposed Transaction may pose special risks, including one-time write-offs, restructuring charges and unanticipated costs. Although each of Yamana, Pan American, Agnico and their respective advisors have conducted due diligence on the various operations, there can be no guarantee that the combined company or Agnico, as applicable, will be aware of any and all liabilities of Yamana or the Canadian assets. As a result of these factors, it is possible that certain benefits expected from the Proposed Transaction may not be realized. Any inability of management to successfully integrate the operations could have a material adverse

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**EXHIBIT 99.1**

effect on the business, financial condition and results of operations of the combined company or Agnico, as applicable.

***Legal Claims, Securities Class Actions, Derivative Lawsuits and Other Claims***

Yamana, Pan American and Agnico may be the target of securities class actions and derivative lawsuits which could result in substantial costs and may delay or prevent the Proposed Transaction from being completed. Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into an agreement to acquire a public company or to be acquired. Third parties may also attempt to bring claims against Yamana, Pan American and Agnico seeking to restrain the Proposed Transaction or seeking monetary compensation or other remedies. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting consummation of the Proposed Transaction, then that injunction may delay or prevent the Proposed Transaction from being completed.

In addition, political and public attitudes towards the Proposed Transaction could result in negative press coverage and other adverse public statements affecting Yamana, Pan American and Agnico. Adverse press coverage and other adverse statements could lead to investigations by regulators, legislators and law enforcement officials or in legal claims or otherwise negatively impact the ability of the combined company to take advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on the Company's business, financial condition and results of operations.

***Restrictions on Conduct of Business***

Under the Arrangement Agreement, Yamana must generally conduct its business in the ordinary course and, until the Proposed Transaction is completed, or the Arrangement Agreement is terminated, is subject to certain covenants which restrict it from taking certain actions without the consent of Pan American and Agnico and which require Yamana to take certain other actions. These restrictions may delay or prevent Yamana from pursuing business opportunities that may arise or preclude actions that would otherwise be advisable if Yamana was to remain a standalone entity. If the Proposed Transaction is not completed for any reason, the restrictions that were imposed on Yamana under the Arrangement Agreement may have an adverse effect on the current or future operations, financial condition and prospects of Yamana as a standalone entity.

**Technical Information**

Unless otherwise indicated, the estimated Mineral Reserves and Mineral Resources for the Company's various mines and mineral projects set forth herein have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards"). The following definitions are reproduced from the CIM Standards:

The term "***Mineral Resource****"* means a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals. Mineral Resources are subdivided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

The term "***Inferred Mineral Resource****"* means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes.

The term "***Indicated Mineral Resource****"* means that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors (as defined herein) in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

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**EXHIBIT 99.1**

The term *"****Measured Mineral Resource****"* means that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation.

The term *"****Mineral Reserve****"* means the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. Mineral Reserves are subdivided, in order of increasing confidence, into Probable Mineral Reserves (as hereinafter defined) and Proven Mineral Reserves (as hereinafter defined). Mineral Reserves are inclusive of diluting material that will be mined in conjunction with the Mineral Reserves and delivered to the treatment plant or equivalent facility.

The term *"****Probable Mineral Reserve****"* means the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve. Probable Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a pre-feasibility study.

The term *"****Proven Mineral Reserve****"* means the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors. Proven Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a pre-feasibility study.

The term "***Modifying Factors***" means considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

**Non-GAAP Financial Performance Measures**

***GEO Production and Sales***

Production and sales of silver are treated as a gold equivalent in determining a combined precious metal production or sales unit, commonly referred to as GEO (as defined below). Specifically, guidance GEO produced are calculated by converting silver production to its gold equivalent using relative gold/silver metal prices at an assumed ratio and adding the converted silver production expressed in gold ounces to the ounces of gold production. Actual GEO production and sales calculations are based on an average realized gold to silver price ratio for the relevant period.

***Non-GAAP Financial Performance Measures***

In this annual information form, the Company uses non-GAAP financial performance measures and non-GAAP ratios to supplement its financial statements, which are presented in accordance with IFRS, including Cash costs per gold equivalent ounce ("GEO") sold and all-in sustaining costs ("AISC") per GEO sold.

The Company believes that these measures and ratios, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

The reconciliations of the above-noted non-GAAP financial performance measures and ratios to the most directly comparable measures reported in the Consolidated Financial Statements can be found in section 12 of the Company's MD&A dated March 29, 2023, for the year ended December 31, 2022 available under the Company's profile on SEDAR at *www.sedar.com* and on the Company's website.

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**EXHIBIT 99.1**

***Cash Costs and All-In Sustaining Costs per GEO Sold***

The Company discloses "cash costs" because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities.

The measure of cash costs and AISC, along with revenue from sales, is considered to be a key indicator of a company's ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure. The terms "cash costs per GEO sold" and "AISC per GEO sold" are non-GAAP ratios and do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP financial performance measures employed by other companies. Non-GAAP financial performance measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS.

Cash costs include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, but are exclusive of amortization, reclamation, capital, development and exploration costs. The Company believes that such measure provides useful information about its underlying Cash costs of operations. Cash costs are computed on a weighted average basis as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash costs per GEO sold - The total costs used as the numerator of the unitary calculation represent cost of sales excluding DDA, net of treatment and refining charges. The attributable cost is calculated net of by-products by applying zinc net revenues, which are incidental to the production of precious metals, as a credit to GEO sold, thereby allowing the Company's management and stakeholders to assess net costs of precious metal sales. These costs are then divided by GEO sold.

AISC figures are calculated in accordance with a standard developed by the World Gold Council ("WGC"), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies.

AISC seeks to represent total sustaining expenditures of producing and selling GEO from current operations. The total costs used as the numerator of the unitary calculation represent cash costs (as defined above), and includes cost components of mine sustaining capital expenditures including stripping and underground mine development, corporate and mine-site general and administrative expense, sustaining mine-site exploration and evaluation expensed and capitalized and accretion and amortization of reclamation and remediation. AISC does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, borrowing costs and dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, the calculation of AISC does not include depletion, depreciation and amortization expense as it does not reflect the impact of expenditures incurred in prior periods. AISC are computed on a weighted average basis as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AISC per GEO sold - reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost components to the GEO production and sales activities but net of by-product revenue credits from sales of zinc.

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**EXHIBIT 99.1**

**Mineral Projects**

 ***Summary of Mineral Reserve and Mineral Resource Estimates***

*Mineral Reserves (Proven and Probable)*

The following table sets forth the Mineral Reserve estimates for the Company's mineral projects as at December 31, 2022. See "Interests of Experts".

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total - Proven and Probable** | **Total - Proven and Probable** | **Total - Proven and Probable** |
| **Gold** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Malartic & Barnat Open Pit (50%) | 25802 | 0.70 | 579 | 26185 | 1.10 | 926 | 51988 | 0.90 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Odyssey Underground (50%) |  |  |  | 1379 | 2.22 | 98 | 1379 | 2.22 | 98 |
| **Canadian Malartic Total (50%)** | **25802** | **0.70** | **579** | **27564** | **1.16** | **1025** | **53366** | **0.93** | **1603** |
| **Jacobina** | **24556** | **2.19** | **1731** | **17943** | **2.15** | **1241** | **42499** | **2.18** | **2973** |
| **Cerro Moro** | **343** | **9.25** | **102** | **1495** | **7.15** | **344** | **1838** | **7.55** | **446** |
| &nbsp;&nbsp;&nbsp;El Peñón Ore | 1069 | 5.43 | 187 | 4890 | 4.59 | 722 | 5959 | 4.74 | 909 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles | 6 | 2.69 | 1 | 617 | 1.09 | 22 | 623 | 1.10 | 22 |
| **El Peñón Total** | **1075** | **5.42** | **187** | **5507** | **4.20** | **744** | **6582** | **4.40** | **931** |
| &nbsp;&nbsp;&nbsp;Minera Florida Ore | 958 | 3.29 | 101 | 2708 | 3.33 | 290 | 3666 | 3.32 | 392 |
| &nbsp;&nbsp;&nbsp;Minera Florida Tailings |  |  |  | 1375 | 0.87 | 38 | 1375 | 0.87 | 38 |
| **Minera Florida Total** | **958** | **3.29** | **101** | **4082** | **2.50** | **328** | **5041** | **2.65** | **430** |
| **Wasamac** | **0** | **0.00** | **0** | **26835** | **2.51** | **2170** | **26835** | **2.51** | **2170** |
| **Jeronimo (57%)** | **6350** | **3.91** | **798** | **2331** | **3.79** | **284** | **8681** | **3.88** | **1082** |
| **MARA (56.25%)** | **330300** | **0.25** | **2655** | **291150** | **0.16** | **1498** | **621450** | **0.21** | **4152** |
| **Total Gold Mineral Reserves** | **389385** | **0.49** | **6153** | **376907** | **0.63** | **7634** | **766292** | **0.56** | **13787** |
| **Silver** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total - Proven and Probable** | **Total - Proven and Probable** | **Total - Proven and Probable** |
| **Silver** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| **Cerro Moro** | **343** | **531.3** | **5855** | **1495** | **264.5** | **12716** | **1838** | **314.3** | **18571** |
| &nbsp;&nbsp;&nbsp;El Peñón Ore | 1069 | 214.6 | 7379 | 4890 | 164.3 | 25824 | 5959 | 173.3 | 33203 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles | 6 | 116.3 | 23 | 617 | 19.0 | 376 | 623 | 19.9 | 399 |
| **El Peñón Total** | **1075** | **214.1** | **7402** | **5507** | **148.0** | **26200** | **6582** | **158.8** | **33602** |
| &nbsp;&nbsp;&nbsp;Minera Florida Ore | 958 | 17.6 | 542 | 2708 | 23.4 | 2037 | 3666 | 21.9 | 2580 |
| &nbsp;&nbsp;&nbsp;Minera Florida Tailings |  |  |  | 1375 | 12.3 | 545 | 1375 | 12.3 | 545 |
| **Minera Florida Total** | **958** | **17.6** | **542** | **4082** | **19.7** | **2583** | **5041** | **19.3** | **3125** |
| **MARA (56.25%)** | **330300** | **3.0** | **32070** | **291150** | **2.6** | **24618** | **621450** | **2.8** | **56689** |
| **Total Silver Mineral Reserves** | **332677** | **4.3** | **45869** | **302234** | **6.8** | **66117** | **634911** | **5.5** | **111987** |
| **Copper** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total - Proven and Probable** | **Total - Proven and Probable** | **Total - Proven and Probable** |
| **Copper** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| **MARA (56.25%)** | **330300** | **0.57** | **4151** | **291150** | **0.39** | **2503** | **621450** | **0.49** | **6654** |
| **Total Copper Mineral Reserves** | **330300** | **0.57** | **4151** | **291150** | **0.39** | **2503** | **621450** | **0.49** | **6654** |
| **Zinc** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total - Proven and Probable** | **Total - Proven and Probable** | **Total - Proven and Probable** |
| **Zinc** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| &nbsp;&nbsp;&nbsp;Minera Florida Ore | 958 | 1.20 | 25 | 2708 | 0.95 | 57 | 3666 | 1.01 | 82 |
| &nbsp;&nbsp;&nbsp;Minera Florida Tailings |  |  |  | 1375 | 0.59 | 18 | 1375 | 0.59 | 18 |
| **Minera Florida Total** | **958** | **1.20** | **25** | **4082** | **0.83** | **74** | **5041** | **0.90** | **100** |
| **Total Zinc Mineral Reserves** | **958** | **1.20** | **25** | **4082** | **0.83** | **74** | **5041** | **0.90** | **100** |

---

------

**EXHIBIT 99.1**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Molybdenum** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total - Proven and Probable** | **Total - Proven and Probable** | **Total - Proven and Probable** |
| **Molybdenum** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| **MARA (56.25%)** | **330300** | **0.030** | **218** | **291150** | **0.030** | **192** | **621450** | **0.030** | **411** |
| **Total Molybdenum Mineral Reserves** | **330300** | **0.030** | **218** | **291150** | **0.030** | **192** | **621450** | **0.030** | **411** |

---

The following table set forth the Mineral Resource estimates and for the Company's mineral projects as at December 31, 2022. See "Interests of Experts".

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Total - Measured and Indicated** | **Total - Measured and Indicated** | **Total - Measured and Indicated** |
| **Gold** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| Canadian Malartic, Barnat & other zones (50%) | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 |
| Odyssey Underground (50%) | 0 | 0.00 | 0 | 888 | 1.59 | 46 | 888 | 1.59 | 46 |
| East Malartic Underground (50%) | 0 | 0.00 | 0 | 6107 | 1.96 | 385 | 6107 | 1.96 | 385 |
| &nbsp;&nbsp;East Gouldie Underground (50%) | 0 | 0.00 | 0 | 25105 | 3.29 | 2652 | 25105 | 3.29 | 2652 |
| **Canadian Malartic Total (50%)** | **0** | **0.00** | **0** | **32101** | **2.99** | **3082** | **32101** | **2.99** | **3082** |
| **Jacobina** | **34221** | **2.35** | **2587** | **20845** | **2.31** | **1548** | **55066** | **2.34** | **4136** |
| **Cerro Moro** | **170** | **5.12** | **28** | **666** | **3.58** | **77** | **836** | **3.89** | **105** |
| &nbsp;&nbsp;&nbsp;El Peñón Mine | 1183 | 4.28 | 163 | 6149 | 3.21 | 635 | 7331 | 3.38 | 797 |
| &nbsp;&nbsp;&nbsp;El Peñón Tailings | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles | 0 | 0.00 | 0 | 599 | 1.43 | 28 | 599 | 1.43 | 28 |
| **El Peñón Total** | **1183** | **4.28** | **163** | **6748** | **3.05** | **662** | **7930** | **3.24** | **825** |
| **Minera Florida** | **2729** | **4.32** | **379** | **6238** | **3.84** | **769** | **8968** | **3.98** | **1149** |
| **Wasamac** | **0** | **0.00** | **0** | **6034** | **1.75** | **339** | **6034** | **1.75** | **339** |
| **Jeronimo (57%)** | **772** | **3.77** | **94** | **385** | **3.69** | **46** | **1157** | **3.74** | **139** |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 30150 | 0.13 | 126 | 116044 | 0.11 | 411 | 146194 | 0.11 | 537 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 65297 | 0.31 | 660 | 5154 | 0.29 | 48 | 70451 | 0.31 | 708 |
| **MARA Total (56.25%)** | **95447** | **0.26** | **786** | **121198** | **0.12** | **459** | **216645** | **0.18** | **1245** |
| **Arco Sul** | **0** | **0.00** | **0** | **0** | **0.00** | **0** | **0** | **0.00** | **0** |
| **La Pepa (80%)** | **47053** | **0.61** | **920** | **52324** | **0.49** | **831** | **99377** | **0.55** | **1751** |
| **Lavra Velha** | **0** | **0.00** | **0** | **4476** | **1.96** | **282** | **4476** | **1.96** | **282** |
| **Monument Bay** | **0** | **0.00** | **0** | **36581** | **1.52** | **1787** | **36581** | **1.52** | **1787** |
| **Suyai** | **0** | **0.00** | **0** | **4700** | **15.00** | **2286** | **4700** | **15.00** | **2286** |
| **Total Gold Mineral Resources** | **181574** | **0.85** | **4957** | **292297** | **1.29** | **12170** | **473871** | **1.12** | **17126** |
| **Silver** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Total - Measured and Indicated** | **Total - Measured and Indicated** | **Total - Measured and Indicated** |
| **Silver** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| **Cerro Moro** | **170** | **185.3** | **1010** | **666** | **244.9** | **5245** | **836** | **232.8** | **6255** |
| &nbsp;&nbsp;&nbsp;El Peñón Mine | 1183 | 145.3 | 5523 | 6149 | 105.9 | 20940 | 7331 | 112.3 | 26463 |
| &nbsp;&nbsp;&nbsp;El Peñón Tailings | 0 | 0.0 | 0 | 0 | 0.0 | 0 | 0.00 | 0.0 | 0 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles | 0 | 0.0 | 0 | 599 | 32.9 | 633 | 599 | 32.9 | 633 |
| &nbsp;&nbsp;&nbsp;El Peñón Total | **1183** | **145.3** | **5523** | **6748** | **99.4** | **21574** | **7930** | **106.3** | **27096** |
| **Minera Florida** | **2729** | **23.4** | **2053** | **6238** | **21.4** | **4285** | **8968** | **22.0** | **6338** |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 30150 | 1.6 | 1502 | 116044 | 1.9 | 6940 | 146194 | 1.8 | 8442 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 0 | 0.0 | 0 | 0 | 0.0 | 0 | 0 | 0.0 | 0 |
| **MARA Total (56.25%)** | **30150** | **1.6** | **1502** | **116044** | **1.9** | **6940** | **146194** | **1.8** | **8442** |
| **Suyai** | **0** | **0.0** | **0** | **4700** | **23.0** | **3523** | **4700** | **23.0** | **3523** |
| **Total Silver Mineral Resources** | **34231** | **9.2** | **10089** | **134396** | **9.6** | **41566** | **168627** | **9.5** | **51654** |

---

------

**EXHIBIT 99.1**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Total - Measured and Indicated** | **Total - Measured and Indicated** | **Total - Measured and Indicated** |
| **Copper** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| &nbsp;&nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 30150 | 0.22 | 146 | 116044 | 0.30 | 767 | 146194 | 0.28 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 65297 | 0.31 | 445 | 5154 | 0.21 | 24 | 70451 | 0.30 | 469 |
| **MARA Total (56.25%)** | **95447** | **0.28** | **591** | **121198** | **0.30** | **791** | **216645** | **0.29** | **1383** |
| **Total Copper Mineral Resources** | **95447** | **0.28** | **591** | **121198** | **0.30** | **791** | **216645** | **0.29** | **1383** |
| **Zinc** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Total - Measured and Indicated** | **Total - Measured and Indicated** | **Total - Measured and Indicated** |
| **Zinc** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| **Minera Florida** | **2729** | **1.45** | **87** | **6238** | **1.30** | **178** | **8968** | **1.34** | **266** |
| **Total Zinc Mineral Resources** | **2729** | **1.45** | **87** | **6238** | **1.30** | **178** | **8968** | **1.34** | **266** |
| **Molybdenum** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Measured Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Indicated Mineral Resources** | **Total - Measured and Indicated** | **Total - Measured and Indicated** | **Total - Measured and Indicated** |
| **Molybdenum** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| &nbsp;&nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 30150 | 0.020 | 14 | 116044 | 0.030 | 77 | 146194 | 0.030 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 65297 | 0.012 | 16 | 5154 | 0.010 | 1 | 70451 | 0.011 | 17 |
| **MARA Total (56.25%)** | **95447** | **0.014** | **30** | **121198** | **0.029** | **78** | **216645** | **0.022** | **107** |
| **Total Molybdenum Mineral Resources** | **95447** | **0.014** | **30** | **121198** | **0.029** | **78** | **216645** | **0.022** | **107** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Gold** | **Inferred Mineral Resources** | **Inferred Mineral Resources** | **Inferred Mineral Resources** |
| **Gold** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| &nbsp;&nbsp;&nbsp;Canadian Malartic, Barnat & other zones (50%) | 2804 | 0.73 | 66 |
| &nbsp;&nbsp;&nbsp;Odyssey Underground (50%) | 11250 | 2.18 | 787 |
| &nbsp;&nbsp;&nbsp;East Malartic Underground (50%) | 38781 | 2.01 | 2510 |
| &nbsp;&nbsp;&nbsp;East Gouldie Underground (50%) | 16189 | 2.54 | 1320 |
| **Canadian Malartic Total (50%)** | **69025** | **2.11** | **4682** |
| **Jacobina** | **26347** | **2.28** | **1934** |
| **Cerro Moro** | **1095** | **5.98** | **210** |
| &nbsp;&nbsp;&nbsp;El Peñón Mine | 4714 | 3.72 | 564 |
| &nbsp;&nbsp;&nbsp;El Peñón Tailings | 13767 | 0.55 | 245 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles |  |  |  |
| **El Peñón Total** | **18480** | **1.36** | **808** |
| **Minera Florida** | **4224** | **4.63** | **629** |
| **Wasamac** | **7086** | **2.00** | **455** |
| **Jeronimo (57%)** | **1118** | **4.49** | **161** |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 417881 | 0.09 | 1209 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 1708 | 0.23 | 13 |
| **MARA Total (56.25%)** | **419590** | **0.09** | **1222** |
| **Arco Sul** | **6203** | **3.08** | **615** |
| **La Pepa (80%)** | **20019** | **0.46** | **293** |
| **Lavra Velha** | **4745** | **1.56** | **238** |

---

------

**EXHIBIT 99.1**

---

| | | | |
|:---|:---|:---|:---|
| **Monument Bay** | **41946** | **1.32** | **1781** |
| **Suyai** | **900** | **9.90** | **274** |
| **Total Gold Mineral Resources** | **620778** | **0.67** | **13302** |
| **Silver** | **Inferred Mineral Resources** | **Inferred Mineral Resources** | **Inferred Mineral Resources** |
| **Silver** | Tonnes<br>(000's) | Grade<br>(g/t) | Contained<br>oz. (000's) |
| **Cerro Moro**  | **1095** | **144.2** | **5076** |
| &nbsp;&nbsp;&nbsp;El Peñón Mine | 4714 | 143.3 | 21722 |
| &nbsp;&nbsp;&nbsp;El Peñón Tailings | 13767 | 18.9 | 8380 |
| &nbsp;&nbsp;&nbsp;El Peñón Stockpiles | 0 | 0.0 | 0 |
| **El Peñón Total** | **18480** | **50.7** | **30103** |
| **Minera Florida** | **4224** | **18.4** | **2494** |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 417881 | 1.6 | 21765 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 0 | 0.0 | 0 |
| **MARA Total (56.25%)** | **417881** | **1.6** | **21765** |
| **Suyai** | **900** | **21.0** | **575** |
| **Total Silver Mineral Resources** | **442580** | **4.2** | **60013** |
| **Copper** | **Inferred Mineral Resources** | **Inferred Mineral Resources** | **Inferred Mineral Resources** |
| **Copper** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 417881 | 0.23 | 2119 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 1708 | 0.17 | 6 |
| **MARA Total (56.25%)** | **419590** | **0.23** | **2125** |
| **Total Copper Mineral Resources** | **419590** | **0.23** | **2125** |
| **Zinc** | **Inferred Mineral Resources** | **Inferred Mineral Resources** | **Inferred Mineral Resources** |
| **Zinc** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| **Minera Florida** | **4224** | **1.27** | **118** |
| **Total Zinc Mineral Resources** | **4224** | **1.27** | **118** |
| **Molybdenum** | **Inferred Mineral Resources** | **Inferred Mineral Resources** | **Inferred Mineral Resources** |
| **Molybdenum** | Tonnes<br>(000's) | Grade<br>(%) | Contained<br>lbs (mm) |
| &nbsp;&nbsp;&nbsp;Agua Rica (56.25%) | 417881 | 0.030 | 276 |
| &nbsp;&nbsp;&nbsp;Alumbrera (56.25%) | 1708 | 0.008 | 1 |
| **MARA Total (56.25%)** | **419590** | **0.030** | **277** |
| **Total Molybdenum Mineral Resources** | **419590** | **0.030** | **277** |

---

------

**EXHIBIT 99.1**

*Mineral Reserve and Mineral Resource Reporting Notes*

1. Metal Price, Cut-off Grade, Metallurgical Recovery

---

| | | |
|:---|:---|:---|
| | **Mineral Reserves** | **Mineral Resources** |
| **Canadian Malartic (50%)** | Price assumption: $1,300/oz gold<br>In-situ open pit cut-off grades range from 0.40 to 0.43 g/t gold<br>Metallurgical recoveries for gold in open pit averaging 90.6%<br>Underground mining cut-off grade after dilution and mill recovery of 1.55 g/t gold<br>Metallurgical recoveries for gold in underground averaging 95.51%  | Price assumption: $1,667/oz gold<br>Canadian Malartic, Barnat and Western Porphyry cut-off grades range from 0.32 to 0.43 g/t gold inside pit<br>Underground cut-off grade at Odyssey is 1.20 to 1.30 g/t gold (stope optimized)<br>Underground cut-off grade at East Malartic is 1.20 to 1.45 g/t gold (stope optimized)<br>Underground cut-off grade at East Gouldie is 1.15 to 1.30 g/t gold (stope optimized) |
| **Jacobina** | Price assumption: $1,250/oz gold<br>Underground Mineral Reserves are reported at variable cut-off grades by zone ranging from 0.92 g/t gold to 1.01 g/t gold<br>Metallurgical recovery is 96.2% | Price assumption: $1,250/oz gold. Cut-off grades correspond to 75% of the cut-off used to estimate the Mineral Reserves<br>Underground Mineral Resources are reported at variable cut-off grades by zone ranging from 0.69 g/t gold to 0.76 g/t gold<br>Reported within optimized underground mining shapes with minimum mining width of 1.5 metres and considering internal waste and dilution |
| **Cerro Moro** | Price assumptions: $1,250/oz gold and $18.00/oz silver<br>Underground NSR cut-off at $210.71/t and open pit NSR cut-off at $124.72/t<br>Metallurgical recoveries average 93% for gold and 91% for silver | Price assumptions: $1,250/oz gold and $18.00/oz silver. NSR cut-off values correspond to 75% of Mineral Reserves cut-off<br>Underground NSR cut-off at $158.04/t and open pit NSR cut-off at $93.54/t<br>Constrained in optimized stopes and pit shells |
| **El Peñón** | Price assumptions: $1,250/oz gold, $18.00/oz silver<br>Underground cut-off at $129.15/t<br>Low grade stockpiles cut-off range from 0.88 to 0.96 g/t gold equivalent<br>Metallurgical recoveries for underground ores range from 84.39% to 96.12% for gold and from 68.76% to 91.03% for silver<br>Metallurgical recoveries for low grade stockpiles range from 88.0% to 95.2% for gold and from 80.8% to 83.0% for silver | Price assumptions: $1,250/oz gold, $18.00/oz silver<br>Underground cut-off at $96.86/t, which corresponds to 75% of the cut-off value used to estimate the Mineral Reserves<br>Reported within optimized underground mining shapes with minimum mining width of 0.6m and 0.3m dilution on both hanging wall and footwall<br>Tailings and stockpiles reported at cut-offs of 0.50 g/t and 0.96 g/t gold equivalent respectively<br>Metallurgical recoveries for underground ores range from 84.39% to 96.12% for gold and from 68.76% to 91.03% for silver<br>Metallurgical recoveries for tailings estimated to be 60% for gold and 30% for silver<br>Metallurgical recoveries for stockpiles estimated to be 88.0% for gold and 80.8% for silver |
| **Minera Florida** | Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb zinc<br>Underground cut-off at $92.07/t<br>Metallurgical recoveries for underground are 92.59% for gold, 0.0% to 71.0% for silver, and 0.0% to 80.0% for zinc<br>Tailings are reported at a cut-off of 0.99 g/t gold equivalent<br>Metallurgical recoveries for tailings are 75.0% for gold | Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb zinc<br>Underground Mineral Resources are estimated at a cut-off value of $69.05/t, corresponding to 75% of the cut-off used to estimate Mineral Reserves, for the Las Pataguas, PVS, Fantasma, Millenium Norte, and Cucaracha zones which are constrained to underground mining shapes. The remaining zones are reported unconstrained at a NSR cut-off value of $92.07/t.<br>Metallurgical recoveries of 92.59% for gold, 0.0% to 71.0% for silver, and 0.0% to 80.0% for zinc |
| **Wasamac** | Price assumption: $1,250/oz gold using an exchange rate of US$1.32:C$1.00<br>Underground cut-off grade from 1.52 to 1.65 g/t gold (stope optimized)<br>Mineral reserves consider average total mining dilution of 11% and average mining recovery of 93% | Price assumption: $1,250/oz gold. Cut-off grades correspond to 75% of the cut-off used to estimate the Mineral Reserves<br>Underground cut-off grades range from at 1.14 to 1.42 g/t gold<br>Mineral Resources are reported fully diluted within conceptual mining shapes |

---

------

**EXHIBIT 99.1**

---

| | | |
|:---|:---|:---|
| **Jeronimo (57%)** | Price assumption:$900/oz gold<br>Cut-off grade at 2.0 g/t gold<br>Metallurgical recovery for gold is 86%. | Cut-off grade at 2.0 g/t gold |
| **MARA: Agua Rica (56.25%)** | Mineral Reserves are estimated using a variable metallurgical recovery<br>Average metallurgical recoveries of 86% Cu, 35% Au, 43% Ag, and 44% Mo were considered<br>Open pit Mineral Reserves are reported at a variable cut-off value averaging $8.42/t, based on metal price assumptions of $3.00/lb Cu, $1,250/oz Au, $18/oz Ag, and $11/lb Mo. A LOM average open pit costs of $1.72/t moved, processing and G&A cost of $6.70/t of run of mine processed. The strip ratio of the Mineral Reserves is 1.7 with overall slope angles varying from 39° to 45° depending on the geotechnical sector | Mineral Resources are estimated using a variable metallurgical recovery<br>LOM average metallurgical recoveries of 86% Cu, 35% Au, 43% Ag, and 44% Mo were considered<br>Mineral Resources are constrained by an optimized pit shell based on metal price assumptions of $4.00/lb Cu, $1,600/oz Au, $24/oz Ag, and $11/lb Mo. Open pit Mineral Resources are reported at a variable cut-off value which averages $8.42/t milled with overall slope angles varying from 39° to 45° depending on the geotechnical sector |
| **MARA: Alumbrera (56.25%)** | N/A | Price assumptions: $1,300/oz gold, $2.83/lb copper.<br>Alumbrera deposit: Whittle pit shell cut-off at 0.22% copper equivalent<br>Bajo El Durazno deposit: 0.2 g/t Au cut-off within pit shell |
| **Arco Sul** | N/A | Price assumption: $1,250/oz gold<br>Underground cut-off grade at 2.00g/t, which corresponds to 75% of the cut-off that would be used for Mineral Reserves<br>Mineral Resources reported within optimized underground mining shapes |
| **La Pepa** | N/A | Price assumption: $1,650/oz gold<br>Cut-off grade of 0.20 g/t gold for oxides and 0.26 g/t gold for sulphides, inside optimized pit envelope |
| **Lavra Velha** | N/A | Price assumption: $1,650/oz gold<br>Mineral Resources are constrained by an optimized pit shell with metallurgical recoveries of 90.0% for oxide, 85.0% for mix and 60% for sulphide material<br>Cut-off grade of 0.25 g/t Au for oxide and mix material, and of 0.37 g/t Au for sulphide material |
| **Monument Bay** | N/A | Price Assumption: $1,200/oz gold<br>Cut-off grades are 0.4 g/t gold and 0.7 g/t gold for the open pits and 4.0 g/t gold for underground |
| **Suyai** | N/A | 5.0 g/t gold cut-off inside mineralized wireframe modeling |
| 2. All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. | 2. All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. | 2. All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. |
| 3. All Mineral Resources are reported exclusive of Mineral Reserves. | 3. All Mineral Resources are reported exclusive of Mineral Reserves. | 3. All Mineral Resources are reported exclusive of Mineral Reserves. |
| 4. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. | 4. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. | 4. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. |
| 5. Mineral Reserves and Mineral Resources are reported as of December 31, 2022. | 5. Mineral Reserves and Mineral Resources are reported as of December 31, 2022. | 5. Mineral Reserves and Mineral Resources are reported as of December 31, 2022. |
| 6. For the qualified persons responsible for the Mineral Reserve and Mineral Resource estimates at the Company's material properties, see the qualified persons list below: | 6. For the qualified persons responsible for the Mineral Reserve and Mineral Resource estimates at the Company's material properties, see the qualified persons list below: | 6. For the qualified persons responsible for the Mineral Reserve and Mineral Resource estimates at the Company's material properties, see the qualified persons list below: |
| **Property** | **Qualified Persons for Mineral Reserves** | **Qualified Persons for Mineral Resources** |
| Canadian Malartic | Patrick Fiset, Eng., and Pierre-Olivier Richard, Eng., MBA, Canadian Malartic GP | Pascal Lehouiller, P. Geo, Canadian Malartic GP |
| Jacobina | Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc. | Camila Passos, P. Geo, and Danilo Ribeiro dos Santos, MAusIMM CP (Geo), Yamana Gold Inc. |
| El Peñón | Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining Commission, Yamana Gold Inc. | Marco Velásquez Corrales, Registered Member of the Chilean Mining Commission, Yamana Gold Inc. |

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**EXHIBIT 99.1**

**Material Producing Mines** 

***Jacobina Mining Complex***

Unless otherwise stated, the information, tables and figures that follow relating to Jacobina are derived, in part, and in some instances are extracts, from the technical report entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 (the "Jacobina Report"), prepared by or under the supervision of Eduardo de Souza Soares, MAusIMM CP (Min), Renan Garcia Lopes, MAusIMM CP (Geo), Henry Marsden, P.Geo., Luis Vasquez, P.Eng. and Carlos Iturralde, P. Eng., each of whom is a "qualified person" for the purpose of NI 43-101 (together the "Jacobina Qualified Persons"). The technical information contained in this section of the annual information form, other than the technical information set forth above under the heading "Mineral Projects – Summary of Mineral Reserves and Mineral Resources Estimate", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101. See "Interests of Experts".

Portions of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the Jacobina Report, which has been filed with certain Canadian securities regulatory authorities pursuant to NI 43-101 and is available for review under the Company's SEDAR profile at *<u>www.sedar.com</u>*.

*Property Description, Location and Access*

Jacobina Mine is located 10 kilometres from the town of Jacobina, which is accessible by paved secondary highway from Salvador, the state capital of Bahia, located 340 kilometres to the south-southeast of the mine complex. Well-maintained paved roads from the town of Jacobina provide access to the Jacobina property. The mine operates on a year-round basis.

Jacobina forms a long rectangle measuring 155 kilometres in a north-south direction, and 5 to 25 kilometres in an east-west direction. The shape of the claim package reflects the underlying geology as the stratigraphy favourable for hosting gold mineralization trends north-south. The Jacobina mineral rights consist of approximately 5,954 hectares of mining concessions, 71,045 hectares of exploration permits, and one 650 hectare mining claim; all of which are held by Yamana through its wholly-owned subsidiary, Jacobina Mineração e Comércio Ltda. ("JMC"). The exploration concessions are renewable on a three-year basis. JMC holds all of the surface rights required for the development of its activities.

JMC does not pay royalties, however, it does pay taxes to the federal mineral sector agency. These taxes, called Compensação Financeira pela Exploração de Recursos Minerais and also known as the Brazilian mining royalty, are set at a rate of 1.5% of revenue. JMC does not have any obligations in respect to back-in rights, payments, or other agreements or encumbrances.

JMC has all required permits to continue carrying out the proposed mining operations for Jacobina. Yamana is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform mining and exploration work on the property.

*History*

The Serra de Jacobina Mountains have been mined for gold since the late 17th century. Numerous historic workings from artisanal miners (garimpeiros) can be seen along a 15 kilometre strike length, following the ridges of the mountain chain. The modern history of the Jacobina mining camp began in the early 1970s with extensive geological studies and exploration carried out by Anglo American Corporation. Mine development at Itapicurú (Morro do Vento area) commenced in October 1980 and the processing plant was commissioned in November 1982.

The first gold bar was poured at the João Belo Mine in March 2005 and commercial production was declared effective July 1, 2005. Yamana has owned a 100% interest in Jacobina since April 2006. Total production for Jacobina since mining commenced in 1983 to the end of 2022 is shown in the table below.

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**EXHIBIT 99.1**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** |
| **Year** | **Tonnes Processed** | **Au Feed Grade (g/t)** | **Metallurgical Recovery (%Au)** | **Gold Produced**<br>**(oz Au)** |
| 1983 | 241703 | 5.73 | 85.46 | 38054 |
| 1984 | 301946 | 5.18 | 92.48 | 46529 |
| 1985 | 282878 | 4.56 | 92.50 | 38345 |
| 1986 | 311174 | 3.60 | 92.50 | 33312 |
| 1987 | 247838 | 5.10 | 96.00 | 38991 |
| 1988 | 244628 | 5.33 | 96.00 | 40238 |
| 1989 | 257247 | 3.02 | 96.00 | 23979 |
| 1990 | 681955 | 2.01 | 96.00 | 42202 |
| 1991 | 775839 | 2.70 | 90.30 | 60847 |
| 1992 | 594181 | 2.57 | 89.90 | 44184 |
| 1993 | 518889 | 2.32 | 93.20 | 36039 |
| 1994 | 551141 | 2.54 | 90.00 | 40582 |
| 1995 | 579913 | 2.57 | 95.60 | 45813 |
| 1996 | 591107 | 2.36 | 94.60 | 42390 |
| 1997 | 865681 | 2.13 | 92.20 | 54778 |
| 1998 | 741089 | 1.91 | 93.00 | 42386 |
| 1999-2004 | 0 | 0 | 0 | 0 |
| 2005 | 906759 | 1.90 | 96.00 | 53170 |
| 2006 | 1418508 | 1.86 | 96.00 | 81272 |
| 2007 | 1040174 | 1.70 | 95.00 | 54068 |
| 2008 | 1388087 | 1.83 | 89.86 | 73241 |
| 2009 | 1996989 | 1.88 | 91.77 | 110514 |
| 2010 | 2158096 | 1.89 | 93.30 | 122152 |
| 2011 | 2148275 | 1.89 | 93.11 | 121675 |
| 2012 | 2104683 | 1.84 | 93.73 | 116862 |
| 2013 | 1575628 | 1.57 | 92.48 | 73695 |
| 2014 | 1419031 | 1.78 | 92.93 | 75650 |
| 2015 | 1469095 | 2.17 | 94.43 | 96715 |
| 2016 | 1802855 | 2.17 | 95.71 | 120478 |
| 2017 | 1978409 | 2.22 | 96.35 | 135806 |
| 2018 | 2035457 | 2.30 | 96.21 | 144695 |
| 2019 | 2254793 | 2.28 | 96.70 | 159499 |
| 2020 | 2425886 | 2.36 | 96.45 | 177830 |
| 2021 | 2657590 | 2.26 | 96.44 | 186206 |
| 2022 | 3025361 | 2.10 | 96.50 | 195427 |
| **Total** | **41592885** | **2.20** | **94.43** | **2767624** |

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*Geological Setting, Mineralization and Deposit Types*

The Jacobina gold district is defined by a 40-kilometre long belt that extends from Campo Limpo, in the south, to Santa Cruz do Coqueiro, in the north. The gold mineralization found at Jacobina occurs as two styles of mineralization (Texeira et al, 2001): (i) conglomerate-hosted placer gold mineralization (the most important mineralization type in the Jacobina district) and (ii) post-depositional gold-bearing stockwork, shear zones, and associated extensional quartz veins, which are relatively minor and do not contribute to the established Mineral Resources at Jacobina.

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**EXHIBIT 99.1**

The gold mineralization at Jacobina is hosted almost entirely within quartz pebble conglomerates of the Serra do Córrego Formation, the lowermost sequence of the Proterozoic age Jacobina Group. This formation is typically 500 metres thick but locally achieves thicknesses of up to one kilometre. The gold-bearing conglomerate units, known as reefs, range from less than 1.5 metres to 25 metres in width and can be followed along strike for hundreds of metres, and in some cases for kilometres. Some contacts between the reefs and crosscutting mafic and ultramafic intrusive rocks are enriched in gold. Although they are quite homogeneous along their strike and dip extensions, the gold-bearing conglomerates differ from one another in stratigraphic position and pattern of gold distribution. The differences are likely due to variations in the sedimentary source regions, in the erosion and transportation mechanisms, and in the nature of the depositional environments. Not all conglomerates of the Serra do Córrego Formation are gold-bearing.

The Jacobina gold district coincides with most of the Jacobina Range, where quartzite, conglomerate, and schist units of the Paleoproterozoic Jacobina Group form a series of north-south-trending mountain ranges that rise up to 1,200 MASL. The longitudinal north-south valleys as well as the east-west oriented valleys often correspond to recessive ultramafic sills and dykes. The Mairi Complex consists of a group of Archean-aged tonalitic, trondhjemitic, and granodioritic gneiss-dominated basement and related remnants supracrustal rocks of the Gavião Block; it underlies the flatter terrain east of the Jacobina range. East of the Mairi Complex, the fine-grained biotite gneisses of the Archean Saúde Complex also underlie a flat landscape. The transition between the hilly and the flatter topography of the eastern domains corresponds to the exposures of the Archean Mundo Novo Greenstone Belt.

The stratigraphic subdivisions of the Jacobina Group (Griffon, 1967; Mascarenhas et al., 1998) have long been controversial. While the stratigraphy in the Jacobina area is well documented, it is challenging to develop a usable nomenclature to define the upper formations of the Jacobina Group, specifically the Cruz das Almas, Serra do Meio, and the Serra da Paciência Formations.

Different styles of deformation are recognized within the Jacobina Group and surrounding Archean rocks, along and across the northern portion of the 50-kilometre-long, north-trending Contendas–Mirante–Jacobina lineament. Thrust faults, oblique sinistral-reverse faults, and regional tight and open folds were developed in response to the strong westward-verging mass transport event caused by the Paleoproterozoic continent/continent collision. To the west, the Jacobina Group is thrust over the Archean Mairi Complex, the Campo Formoso Mafic–Ultramafic Complex, and the late- to post-tectonic granitic intrusions (Miguel Calmon-Itapicurú, Mirangaba-Carnaíba and Campo Formoso intrusions), along a thrust fault named the Jacobina Fault. This structural setting changes eastwards to a series of steeply east-dipping blocks, bounded by east-dipping subparallel reverse faults.

The mineralization at Jacobina consists of conglomerate-hosted gold deposits generally interpreted to represent paleoplacer gold deposits, with some post-depositional modification by structural and hydrothermal events. This type of deposit is similar to the Witwatersrand and Tarkwa deposits in South and West Africa.

*Exploration* 

Since 2006, Yamana has carried out a program of regional exploration with the goal of identifying additional occurrences of mineralized conglomerates at surface along the strike length of the Jacobina belt. Between 2010 and 2020, a total of 13,269 chip or grab samples, mainly of conglomerates, ranging from one kilogram to three kilograms in weight, were collected on the Jacobina property. An additional 890 samples were collected in 2021, largely from the Jacobina Norte area. All samples were processed according to Yamana's quality assurance/quality control ("QA/QC") protocols.

In 2018, a structural mapping program was carried out on surface in the immediate vicinity of the mines. The program focused specifically on the Serra do Córrego, Canavieiras North, Canavieiras Central, and Canavieiras South mine areas, in addition to the Lagartixa and Morro da Viúva target areas. The results were used to reinterpret the structural setting and genesis of the Jacobina style of mineralization. This improved understanding informed the drilling programs completed in 2018 through 2020.

Exploration from 2018 to 2020 focussed on the higher-grade deposits within the mine complex and led to the discovery of significant extensions to mineralization at Moro do Vento, Moro do Cuscuz and Canavieiras. Drilling in 2019 extended Canavieiras Sul both down dip and along strike and expanded the Canavieiras Central zone with excellent intercepts in the LU, MU, and LVLPC reefs. In 2020, the Jacobina exploration team continued to expand and extend higher-grade (>3.0g/t gold) mineralization both down-dip and along strike at multiple zones close to current mine infrastructure, including at Canavieiras Sul and Canavieiras Norte, the south extension of João Belo and at Moro do Vento mine. In 2021 further Mineral Reserves were delineated at Moro do Vento, João Belo and significant new Mineral Resources were added to a new sector of the mine João Belo Sul.

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**EXHIBIT 99.1**

In terms of the regional exploration potential, the favourable Serra do Córrego Formation stratigraphy that hosts the gold mineralization at Jacobina has been traced along a strike length of approximately 150 kilometres within Yamana's approximately 78,000-hectare land package. Exploration programs have discovered many gold occurrences along this favourable stratigraphy, including the Serra Branca and Barrocão zones at Jacobina Norte project where gold mineralization in conglomerate has been discovered along a 15 kilometres long trend. Initial exploratory drilling at Jacobina Norte began in late 2020 and is ongoing.

*Drilling*

From 1970 to the end of December 2022, approximately 925,000 metres of surface and underground drilling has been completed in the Jacobina area. Surface drilling is done using NQ-diameter (47.6 mm) sized core; underground drilling uses LTK48-diameter core (35.3 mm) and BQ-diameter core (36.5 mm). The drill contractors used for surface drilling on the property were Geoserv Pesquisa Geologicas S.A., WFS Sondagem Ltda., Geocontrole, and Geologia e Sondagens Ltda. ("Geosol"). Underground core drilling was completed by Jacobina personnel. Any unsampled core is stored on site at the core storage facility.

Jacobina geologists follow a series of Standard Operating Procedures ("SOPs") for the planning and execution of surface-based and underground-based core drilling programs. In brief, the procedures currently used during the core drilling programs are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The collar locations of all drill holes are marked by Jacobina survey crews prior to drilling and the collars are surveyed using a differential base-station GPS after the completion of the drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A Reflex Gyro survey instrument is used to provide control information on the directional deviation (both azimuth and inclination) at three-metre intervals in each hole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Core is placed in labelled boxes at the drill site and the boxes are transported by the drill contractor to the logging facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All core is photographed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Yamana geologist conduct lithological logging of drill core and recording of geotechnical observation, describing all downhole data including assay intervals. All information is recorded on paper forms and then entered in digital format. The following features are recorded: core diameter, rock quality designation measurements, core recovery record, downhole inclination, lithological contacts, description of geology, recording of heavy mineral and sulphide content, type and intensity of various alterations, structural features, such as fractures and fault zones, core angles, sampling intervals.

Drilling activities at Jacobina have been successful at expanding the extent of known gold mineralization and in defining the plunge of the higher-grade portions of mineralized zones.

A total of 117 infill drill holes with a total length of 42,117 metres were completed at João Belo Sul, João Belo, Moro do Vento and Moro do Vento Leste in 2022. Exploratory drilling totalling 11,896 metres was completed in 36 drill holes at Moro do Vento Main reef down dip, João Belo Leste and in the Lagartixa, Moro da Viuva areas.

Yamana is of the opinion that the logging and recording procedures are consistent with industry standards and there are no known drilling, sampling or recovery factors that could materially affect the accuracy and reliability of the results.

*Sampling, Analysis and Data Verification* 

Yamana employs a comprehensive QA/QC program for monitoring the assay results of exploration drilling programs, in-fill drilling programs, and grade control channel samples. Samples from the exploration drilling programs are assayed using ALS Chemex ("ALS") and the Jacobina laboratory as the primary laboratories and SGS Geosol Lab Ltda ("SGS Geosol") as the secondary laboratory. Samples from the in-fill drilling programs and from the grade control channel samples are assayed using the Jacobina laboratory as the primary laboratory and using SGS Geosol located in Vespasiano, Brazil, as the secondary laboratory. The Jacobina laboratory is owned and operated by Yamana and is not accredited. The ALS and SGS Geosol laboratories are independent of Yamana and are accredited under ISO/IEC 17025. The results from the QA/QC program are reviewed and monitored by a dedicated Quality Control Team who present the results by means of detailed reports on a regular basis. Sample preparation and analysis at the Jacobina laboratory is carried out according to a series of SOPs. The current methodology of sampling drill core and underground workings at Jacobina is described below.

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**EXHIBIT 99.1**

Sampling of drill core is carried out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sampling/assay intervals are generally 0.5 metres in length in the conglomerates and 1.0 metre in the boundary quartzites, but can be shorter to respect geological boundaries. Four 0.5 metre boundary samples are taken from the waste quartzites on each side of a conglomerate intersection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample numbers are assigned to the intervals. Certified standards and blanks are inserted into the sample stream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core samples from the surface drilling (HQ and NQ core diameter, 63.5 millimetres and 47.6 millimetres, respectively) are cut in half by saw; one half is sent for assay and the remainder is stored on site. Underground drill core (BQ and LTK48 core diameter, 36.5 millimetres and 35.3 millimetres, respectively) is sampled in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration drill core samples are placed in bags and are sent to the ALS laboratory in Vespasiano, Brazil, for preparation and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infill drill core samples are placed in bags and are sent to the mine laboratory at Jacobina for preparation and analysis.

Underground sampling is carried out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground faces are washed and the contacts of the mineralization are marked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Channel samples are taken at right angles to the dip across the face in both ore and waste, respecting the geological contacts. The normal sample length is 0.5 metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are bagged and sent to the Jacobina laboratory for preparation and assaying. Certified standards and blanks are inserted into the sample stream.

The following procedures, including the insertion rate of the QA/QC samples, are used by the Jacobina laboratory and the ALS laboratory for sample preparation and analysis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A submittal form is filled out by a Jacobina geologist or technician and delivered with the samples to the Jacobina laboratory or to ALS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are sorted, logged in, opened, and dried at 110ºC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The entire sample is crushed in a jaw crusher to better than 90% passing 10 mesh. Crushers are cleaned with compressed air between every sample and with a quartz blank wash every 20<sup>th</sup> sample. Every second quartz blank wash sample is placed into the analytical sequence. Granulometric checks on the crushed material are done three times per shift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 500 g subsample is taken by a rotary splitter or by Jones riffle splitter. The split is pulverized using a steel ring mill to better than 95% passing 150 mesh. Pulverizers are cleaned with compressed air after each sample and with a quartz wash after every 20<sup>th</sup> sample. Every second quartz wash sample is placed into the analytical sequence. Granulometric checks on the pulverized material are done three times per shift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard fire assay methods using a 50 g pulp sample are used to determine total gold content. Samples containing visible gold can be assayed using a screened metallic assay protocol. In this procedure, a 500 g or 1 kg split is pulverized to 95% passing 150 mesh; screening this pulp results in a fine and coarse fraction (possibly containing coarse gold) which are assayed separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sample, fluxes, lead oxide litharge, and silver are mixed and fired at 1,100 to 1,170ºC for 50 to 60 minutes so that precious metals report to the molten lead metal phase. The samples are removed from the furnace and poured into moulds. Next, the slag is removed from the cooled lead button and the button is placed in a cupel and fired at 920ºC to 960ºC for one hour to oxidize all the lead and render a precious metal bead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cupels are removed from the furnace and the beads are separated by acid digestion using nitric and hydrochloric acid to dissolve the precious metals into solution. The sample solutions are analyzed by an atomic absorption spectrophotometer-AAS. For screened metallic assays, the coarse fraction is assayed in total and an aliquot of the fine fraction is analyzed. The gold concentration of the entire sample is determined by weighted average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analytical batches contain 42 client samples, two pulp duplicates, two reagent blanks, and two certified standards.

Yamana is of the opinion that the sample preparation, analytical, and assay procedures of drill core samples used for exploration and delineation are consistent with industry standards and adequate for use in the estimation of Mineral Resources.

Yamana employs a comprehensive QA/QC program for monitoring the assay results of exploration drilling programs, infill drilling programs, and grade control channel samples. Yamana and JMC use certified reference materials ("CRM" or standards), blanks, field and coarse crush duplicate samples and pulp duplicates to monitor the precision, accuracy, contamination and quality of the laboratories. These standards are purchased from Geostats Pty Ltd. and ORE Pty Ltd., both in Australia. Currently, Yamana has protocols in place for describing the frequency

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**EXHIBIT 99.1**

and type of QA/QC submission, the regularity of analysis of QA/QC results, and failure limits. There are also set procedures to be followed in case of failure, or for flagging failures in the QA/QC database. The results from the QA/QC program are reviewed and monitored by a dedicated Quality Control Team who presents the results by means of detailed reports on a regular basis.

Samples are handled only by personnel authorized by JMC. Channel samples from the mining operation are delivered directly to the Jacobina laboratory each day upon completion of underground sampling. All drill core from surface and underground drill holes is taken directly to authorized exploration personnel to a drill logging and sampling area within the secured and guarded mine property. The mineralized core intervals are logged and sampled. Core samples from infill drill holes are subsequently delivered to the Jacobina laboratory and core samples from exploratory drill core samples are loaded onto an outsourced company truck and delivered to ALS laboratory in Vespasiano, Minas Gerais, Brazil.

Yamana is of the opinion that data entry and verification procedures of drill hole and channel samples data at Jacobina are consistent with industry standards and the data is adequate for the purposes of Mineral Resource estimation.

*Mineral Processing and Metallurgical Testing* 

See below under "Processing and Recovery Operations".

*Mineral Resource and Mineral Reserve Estimates*

See "– Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

The Mineral Resource estimate for Jacobina was prepared in accordance with CIM Standards.

The Jacobina workflow for building resource domains first involves modelling all faults, stratigraphic units, and intrusions independently of grade. These models are built using all available information including drilling data, geology maps, and structural measurements. This step affects the geometry and extent of the gold-bearing reefs and consequently the domains used for resource estimation purposes. Mineral Resource domains are individually modelled for all reefs confined within the conglomerate units using a gold threshold of 0.5 g/t. The grade domains are conformable to their respective conglomerate units and do not mutually crosscut each other. Underground Mineral Resources are estimated within conceptual underground mining shapes at variable cut-off grades by zone ranging from 0.69 g/t gold to 0.76 g/t gold, which corresponds to 75% of the break-even cut-off used to estimate the Mineral Reserves. A minimum mining width of 1.5 metres is used to construct the conceptual mining shapes. Mineral Resources are reported considering internal waste and dilution.

The Mineral Resource classification was done within each grade shell based on the distance from the drill holes. The block models were flagged using a distance buffer from the wireframe solids. The blocks inside a 30 m radius from a minimum of three drill holes composites were classified as Measured Mineral Resources. The blocks inside a 30 to 80 m radius from the minimum of three drill holes composites were classified as indicated Mineral Resources. Finally, the blocks within a distance between 80 and 150 m from a single drill hole composite were classified as Inferred Mineral Resources.

Yamana is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate for Jacobina.

The methodology used at Jacobina to convert Mineral Resources to Mineral Reserves is summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verify geometries for the block model and resource wireframes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirm accurate block model depletion with current excavated development and stope solids up to the effective reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discard any resources within 30 metres of the surface topography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create automated stope shapes using MSO in Datamine using variable break-even cut-off grades by zone and stope dimensions of 10 × 10 metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design stope polygons in Maptek Vulcan based on MSO stope shapes at section spacing of 5 to 10 metres, depending on continuity of mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design the stope shapes in Maptek Vulcan based on the stope polygons and stope design parameters, considering orebody geometry, mine layout, historical information, and geotechnical analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design development shapes and cut development shapes from stope shapes.

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate all shapes against the block model and report ore tonnes and grade by classification. Exclude stope shapes and associated development below the cut-off grades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclude all stopes that contain mostly Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design capital and auxiliary development, including ramps, ventilation, materials handling, access, and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete an economic analysis of each stope shape and exclude all stope shapes that are not cash-flow positive when considering associated development and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a geotechnical analysis of each sector and make adjustments to the design where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• List stopes as "approved" or "not approved" based on cut-off grade, economic and geotechnical analyses prior to conversion to Mineral Reserves. Apply the mining extraction factor.

Yamana is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate for Jacobina. Please also refer to "Description of the Business – Risks of the Business – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources".

Jacobina had another successful year of exploration in 2022, adding over 35,000 ounces of gold Mineral Reserves net of depletion, with additions of 239,000 gold ounces amounting to 117% of depletion. Gold Mineral Reserves have grown by 57% or more than 1 million ounces over the past five years to 2.97 million ounces. Mineral Resources have increased by 80% over the same period, with Mineral Resources, exclusive of Mineral Reserves, increasing by 328,000 ounces of gold in measured and indicated Mineral Resources and 30,000 ounces of gold in inferred Mineral Resources versus the prior year. Mineral Reserves average gold grade is unchanged from the previous year at 2.18 g/t and the Company continues to sequence lower grade stopes later in the mine life. Importantly, the rate of growth in Mineral Reserves and Mineral Resources exceeds annual depletion, supporting the Company's strategy to sustain a multi-decade mine life and facilitating the future Phase 3 expansion to increase production up to 250,000-270,000 ounces per year. Highlights from 2022 include ongoing infill drilling success at João Belo Sul and Morro do Vento and successful exploration drilling at the new Morro do Vento Leste zone.

*Mining Method*

Jacobina utilizes the Sublevel Longhole Stoping ("SLS") method without backfill to achieve an average production rate of approximately 8,500 tonnes per day ("tpd") from the ramp-accessed underground mines, including João Belo, Canavieiras, Serra do Córrego, Morro do Cuscuz, and Morro do Vento.

The SLS method consists of fan drilling. Production drill holes vary in size from 76 millimetres to 112.5 millimetres and are drilled using three types of fan drills; these include the Solo 5 7F, the Solo DL 420, and the Solo DL 421. For the most part, drill holes are no longer than 25 metres, which helps control deviation. Backfill is not required for the SLS mining method as the stopes are supported by pillars left in place. However, development waste is increasingly being deposited in underground voids.

With its phased expansion strategy and Mineral Reserves and Mineral Resources growth, the Company anticipates Jacobina will be a multi-decade, low-cost operation. The life of mine ("LOM") plan has been developed based on the Mineral Reserves and Mineral Resources inventory of Jacobina as of December 31, 2022. Phased expansion of Jacobina is expected to establish a gold production platform of up to 350,000 ounces per year.

*Processing and Recovery Operations* 

The Jacobina mineral processing plant uses conventional gold processing methodologies to treat run-of-mine material from the underground mines. Comminution comprises three stages of crushing followed by wet grinding. Within the grinding circuit, gravity concentration of gold is performed on a bleed stream of classification cyclone underflow. Rejects from the gravity circuit are returned to the grinding circuit. The cyclone overflow is sent to leaching in a conventional cyanide leaching process, and gold extraction from the leach solution is performed by carbon adsorption in the carbon-in-pulp ("CIP") tanks. Gold is stripped in an elution circuit and final gold recovery is performed in an electrowinning circuit. The sludge and solids from electrowinning are dried and smelted in an induction furnace to produce doré bars. In 2022, the processing plant at Jacobina achieved a record annual throughput of 3,025,361 tonnes, averaging 8,289 tpd, a 14% increase compared to the previous year. The average gold recovery in 2022 was 95.5%.

The Phase 1 optimization project, whose objective was to stabilize throughput at a sustainable 6,500 tpd, was completed in June of 2020. The Phase 2 expansion was successfully completed in the third quarter of 2022, establishing Jacobina's sustainable production profile at 230,000 ounces of gold per year, as grades will increase throughout 2023 due to the reduction of reliance on stockpiles, combined with access to higher grade zones. The

------

**EXHIBIT 99.1**

Company has now begun pursuing the Phase 3 expansion to 10,000 tpd through continued incremental debottlenecking. With the permit to 10,000 tpd already in hand, Phase 3 is expected to increase gold production to approximately 270,000 ounces per year by 2025. The Phase 4 expansion, of up to 15,000 tpd, would increase gold production in excess of 350,000 ounces per year. To achieve the target throughput rates, a third grinding line would be added as well as an expansion of the leaching and CIP circuits. A comprehensive plan, aligning the processing plant, underground mine, and tailings management strategy, while managing capital expenditures and cash flow, is underway.

There are no known processing factors or deleterious elements that could have a significant effect on potential economic extraction.

*Infrastructure, Permitting and Compliance Activities* 

Jacobina currently operates five mines and has all required infrastructure necessary for a mining complex. Currently, the major facilities associated with Jacobina include a conventional flotation mill, with leach and CIP tanks, which produces gold doré, mine and mill infrastructure including office buildings, shops, and equipment. A modest amount of additional mining equipment and ventilation and dewatering infrastructure is required and the acquisition of certain infrastructure will be brought forward to support the Phase 3 and Phase 4 expansions.

The tailings produced at the Jacobina mill are presently stored in a fully-lined TSF, TSF B2, located 2.5 km north of the mineral processing plant. TSF B2 has an ultimate capacity of approximately 41.8 M m<sup>3</sup> of tailings, including 27.8 M m<sup>3</sup> of slurry fine tailings and 14 M m<sup>3</sup> of cyclone sand material used for construction of the embankment dam. TSF B2 consists of a cyclone sand dam built following a downstream construction method. TSF B1 is a decommissioned tailings facility that has not been in operation since 2012. TSF B2 will be built in seven construction phases. The final phase, Phase VII, has an ultimate dam elevation of 640 MASL.

The tailings storage strategy is aligned with the accelerated expansion timeline. A comprehensive tailings storage strategy is well advanced to provide additional storage solutions including hydraulic backfill, paste fill, and a dry-stack TSF.

Permits and licences required by various government agencies covering the operation of the mines, mill, and TSF have been obtained. Jacobina has the operational licences required for operation according to the national legislation. During the fourth quarter of 2021, Jacobina received the expansion permit, allowing throughput to increase to 10,000 tpd.

Yamana has implemented an integrated management system covering health, safety, environment, and community through internationally accredited systems. JMC has many active programs to cover all aspects of the environment in and around the mine complex, including an Environmental Complex Project, an Environmental Control and Monitoring Plan, a Water Balance and Use program, a Recovery Plan for Degraded Areas, and a Solid Residue Management Program. JMC also carries out several environmental initiatives such as environmental education, environmental emergency brigade, and maintenance of certifications such as ISO 14001.

An environmental monitoring program is in place at Jacobina for weather, surface water quality, groundwater quality, air quality and emissions, and ambient noise. Monitoring of flora and fauna was initiated in the first quarter of 2020. No environmental issues have been identified that could materially impact the ability to extract the Mineral Resources and Mineral Reserves.

No social issues have been identified. At present, Yamana's operations at Jacobina are a positive contribution to sustainability and community well-being. Jacobina has demonstrated a commitment to employee health, safety, and well-being; community programs; and ongoing outreach and data collection to support issues management and mitigation. Yamana has established and continues to implement its various policies, procedures, and practices in a manner aligned with EIBP standards.

*Capital and Operating Cost Estimates* 

The current total LOM capital costs estimate is approximately US$844 million and is assumed to support sustaining capital requirements for the mining and processing of Mineral Reserves over Jacobina's 20-year LOM as set out in the following table:

------

**EXHIBIT 99.1**

---

| | |
|:---|:---|
| | **Total LOM ($000s)** |
| **Sustaining Capital Costs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**577816** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicles & Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings Dam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardware & Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Sustaining CAPEX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| **Expansionary Capital Costs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**266300** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansionary Mine Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity Increases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings Dam Expansion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expansionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 |
| **Total LOM Capital Costs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844116** |

---

Capital costs do not include project financing and interest charges, working capital, sunk costs, capitalized exploration or closure costs. Operating costs are forecasted to average US$33.73 per tonne over the LOM, as set out in the following table:

---

| | |
|:---|:---|
| | **Total LOM (US$/t processed)** |
| Mining | 16.53 |
| Process | 13.58 |
| G&A | 3.62 |
| **Total** | **33.73** |

---

*Exploration, Development and Production*

Jacobina has increased annual gold production for the past nine consecutive years. The ongoing Phase 3 Expansion project to increase the processing plant capacity to 10,000 tpd is expected to continue this increasing trend up to 270,000 ounces per year. The Company is now considering a Phase 4 expansion on the back of another year of significant Mineral Reserve and Mineral Resource growth. Phase 4 would involve an expansion of the existing processing plant to a throughput of up to 15,000 tpd.

The Jacobina mine is part of the Jacobina district, for which geological evidence and tectonic reconstruction suggest strong affinities with similar gold districts in West and South Africa, which host exceptionally large gold deposits, including those of the prolific Witwatersrand Basin and the Tarkwa mine. Gold mineralization at Jacobina is hosted by the Serra do Corrego Formation, preserved within the Jacobina belt, for a strike length of over ninety kilometres. The mine complex consists of six mining areas exploiting economic mineralization within a nine-kilometre long mineralized belt extending from João Belo in the south to Canavieiras Norte in the north. As at December 31, 2022, past gold production from the mine complex was well over two million ounces, with Mineral Reserves of 2.97 million ounces of gold and total Mineral Resources of approximately 6.1 million ounces of gold, indicating the world class size of the current known deposit. Since 2019, the Company has started systematic exploration of its 77,800 hectare land package that covers 155 kilometres of exploration potential along the north-south trending belt. This work has defined a fourteen-kilometre long belt of gold-bearing conglomerate located north of the mine complex and has also extended the known mineralized reefs south of João Belo in a continuous area extending 2,200 metres south of the limits of the João Belo mine. Further areas have been identified both to the north and further south during reconnaissance exploration programs. Work will continue to define mineralized reefs exposed on surface and follow up with widely spaced drill testing targeting both extensions of the mine complex and new standalone mine targets. Consequently, the Company sees significant opportunities to grow its regional presence and continue to build the world-class Jacobina Complex.

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**EXHIBIT 99.1**

***El Peñón Mine*** 

Unless otherwise stated, the information, tables and figures that follow relating to El Peñón are derived, in part, and in some instances are extracts, from the technical report entitled "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 (the "El Peñón Report"), prepared by or under the supervision of Sergio Castro, Registered Member Chilean Mining Commission, Marco Velásquez Corrales, Registered Member Chilean Mining Commission, Henry Marsden, P.Geo. and Carlos Iturralde, P. Eng., each of whom is a "qualified person" for the purpose of NI 43-101 (together the "El Peñón Qualified Persons"), and each of whom is a full time employee of Yamana. The technical information contained in this section of the annual information form, other than the technical information set forth above under the heading "Mineral Projects – Summary of Mineral Reserves and Mineral Resources Estimate", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101. See "Interests of Experts".

Portions of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the El Peñón Report, which has been filed with certain Canadian securities regulatory authorities pursuant to NI 43-101 and is available for review under the Company's SEDAR profile at *<u>www.sedar.com</u>*.

*Property Description, Location and Access*

El Peñón is located approximately 165 kilometres southeast of the city of Antofagasta. The mine site, situated approximately midway between the Pacific Coast and the border with Argentina, is in the Atacama Desert, a desert plateau with one of the driest climates on earth. The mine has been in operation since 1999 and it operates on a year-round basis. There are no communities close to El Peñón.

The El Peñón Mine is owned by Yamana through its wholly-owned subsidiary Minera Meridian Limitada ("Minera Meridian"). Yamana has owned the property since late 2007. The mineral rights consist of 443 individual mining exploitation claims that comprise an area measuring 92,387 hectares that covers the El Peñón core mine area, the Fortuna area, the Laguna area, the Pampa Augusta Vitoria area, and the surrounding exploration lands.

Minera Meridian is subject to a royalty tax between 5% and 14% based on the mining gross profit margin and currently pays approximately a 5% to 7% royalty tax on taxable mining income. In addition, El Peñón is also subject to First Category Tax (income tax) in Chile at a rate of 27%. A 2% NSR royalty is payable to Maverix Metals Inc. as agreed as part of the purchase of the Nado claims covering the Fortuna area and a further 2% NSR is payable to Soquimich Comercial SA for claims Providencia 1, 2, 3, 4, and 5 and claims Dominador 1, 2, and 4. These claims are also located in the Fortuna area.

Yamana is not aware of any material, unidentified environmental liabilities on the property or other significant factors and risks that may affect access, title, or the right or ability to perform mining and exploration work on the property.

*History*

The discovery of the El Peñón gold-silver deposit was the result of successful grassroots exploration carried out throughout the early 1990s. Regional exploration focused on Early to Mid-Eocene volcanic belts in northern Chile and led to the acquisition of the El Peñón property in 1993. Trenching carried out that year was followed by a 13-hole drilling program which led to the discovery of significant gold-silver mineralization. The next year, the first hole of a follow-up program intersected 100 metre grading 10.9 g/t Au and 123.4 g/t Ag in what eventually became the Quebrada Orito deposit. In July 1998, the property was advanced into production, and construction on a 2,000 tpd mine and mill facility commenced later that year. Production began in September 1999, ramping up to full capacity by January 2000 and has continued un-interrupted to the present day.

Since September 1999, the operation has run continually at design and increased capacity, treating both open-pit and underground ore. As of December 31, 2022, the mine had processed approximately 26.4 Mt of ore grading 7.15 g/t gold and 190.9 g/t silver, producing 5.7 million ounces ("Moz") of gold and 140.7 Moz of silver, as shown in the table below. The mine's current production rate, the result of the right-sizing of the operation initiated in late 2016, increased free cash flow generation and reduced capital expenditures while ensuring the long-term sustainability of the mine, matching production rate with Mineral Reserves and Mineral Resources replacement.

------

**EXHIBIT 99.1**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** | **Historical Gold Production to December 31, 2022** |
| **Year** | **Processed Tonnes** | **Au Feed Grade (g/t)** | **Ag Feed Grade (g/t)** | **Au Recovery (%)** | **Ag Recovery (%)** | **Au Production (oz)** | **Ag Production (oz)** |
| 2000 | 739450 | 13.18 | 194.4 | 93.6 | 89.1 | 282718 | 4018397 |
| 2001 | 715413 | 14.87 | 234.4 | 94.5 | 89.0 | 318012 | 4751758 |
| 2002 | 688876 | 15.33 | 249.5 | 95.3 | 90.8 | 328061 | 5077188 |
| 2003 | 703775 | 14.62 | 204.5 | 96.6 | 92.4 | 320998 | 4283436 |
| 2004 | 837111 | 11.96 | 192.7 | 96.5 | 92.2 | 314080 | 4812152 |
| 2005 | 880229 | 11.13 | 211.1 | 96.4 | 92.8 | 303508 | 5537589 |
| 2006 | 935105 | 8.10 | 234.6 | 95.5 | 92.8 | 230145 | 6428905 |
| 2007 | 998252 | 7.64 | 274.6 | 94.2 | 91.8 | 234598 | 8186718 |
| 2008 | 1124567 | 6.73 | 305.4 | 92.0 | 89.2 | 224990 | 9864275 |
| 2009 | 1271596 | 5.79 | 276.3 | 91.2 | 86.9 | 215846 | 9820474 |
| 2010 | 1522366 | 5.74 | 228.5 | 91.1 | 84.1 | 256530 | 9427207 |
| 2011 | 1452090 | 7.05 | 215.9 | 93.0 | 84.0 | 306184 | 8470112 |
| 2012 | 1415292 | 7.47 | 199.2 | 93.4 | 80.0 | 317508 | 7249430 |
| 2013 | 1422055 | 7.94 | 187.2 | 93.0 | 75.6 | 338231 | 6464623 |
| 2014 | 1475857 | 6.36 | 212.0 | 93.3 | 83.9 | 282617 | 8475133 |
| 2015 | 1418132 | 5.32 | 194.0 | 93.6 | 86.9 | 227228 | 7692811 |
| 2016 | 1421243 | 5.11 | 153.9 | 94.3 | 85.7 | 220209 | 6020758 |
| 2017 | 1041199 | 5.05 | 148.3 | 95.1 | 86.4 | 160510 | 4282339 |
| 2018 | 1103835 | 4.53 | 131.3 | 94.1 | 83.6 | 151893 | 3903961 |
| 2019 | 1290239 | 4.09 | 120.6 | 94.0 | 86.2 | 159515 | 4317292 |
| 2020 | 1266829 | 4.22 | 138.9 | 93.7 | 86.7 | 160824 | 4917101 |
| 2021 | 1304807 | 4.49 | 100.6 | 94.3 | 86.7 | 176439 | 3587092 |
| 2022 | 1355596 | 4.31 | 81.6 | 95.3 | 86.5 | 179331 | 3085077 |
| **Total** | **26383914** | **7.15** | **190.9** | **94.1** | **86.9** | **5709975** | **140673828** |

---

*Geological Setting, Mineralization and Deposit Types*

El Peñón is located in the Central Depression (also known as the Central or Longitudinal Valley), that extends for 650 kilometers from the Chile-Peru border in the north to south-central Chile in the south. In the Atacama Desert, this valley corresponds in part to a Late Cretaceous to Paleogene volcanic belt that separates the Mesozoic magmatic arc, exposed in the Coast Mountains located to the west, from the Paleozoic and Triassic volcanic and sedimentary assemblages of the Domeyko Cordillera to the east. The Late Cretaceous to Eocene volcanic and intrusive rocks within the Central Depression consist of an alkali-enriched calk-alkaline bimodal suite. Rocks consist of basaltic andesite to rhyolitic lavas and tuffs, subvolcanic porphyritic intrusions, and granitoid stocks. This belt is host to many epithermal deposits and subvolcanic porphyry systems.

The local area is underlain by a fault-bounded north-south trending panel of Paleocene to Eocene volcanic rocks. This panel is bounded to the east and west by rocks of Permian to Cretaceous age. Formation names and ages as reported below have been updated by extensive recent work by the Servicio Nacional de Geología y Minería, which resulted in significant changes from stratigraphic divisions reported in earlier reports. The Cretaceous sequence (95-90 Ma) dominates and consists of volcanic and minor sedimentary rocks of the Paradero del Desierto Strata Formation and continental sedimentary and volcanic rocks Quebrada Mala Formation. The Paradero del Desierto Strata outcrops northwest of the deposit area. The Upper Cretaceous Quebrada Mala Formation is present to the west, north, and northeast of El Peñón; it consists of volcanic rocks varying in composition from basaltic andesite to high-silica rhyolite; textures vary from flows to ignimbrites (Astudillo et al, 2017; Ferrando et al., 2013). Ignimbrites and other rock types formerly assigned to the Augusta Vitoria Formation are now included in the Quebrada Mala Formation. Away from the deposit, these rocks are intruded by large granitic to dioritic stocks dated at between 40 and 50 Ma.

------

**EXHIBIT 99.1**

Surface exposures at El Peñón are not common, and much of the mapping for the area is based on float. The property is mostly underlain by Late Cretaceous to Early Eocene pyroclastic flows and lavas, volcaniclastic breccias, and tuffs of basaltic to rhyolitic composition. Several thin Early Cretaceous rhyolite tuff and dacite to andesite flow layers occur in the northern part of the property. These rocks are intruded by Late Cretaceous diorite and monzodiorite stocks and dacite domes. The rocks hosting gold-silver mineralization at El Peñón are near-horizontal to gently-dipping Paleocene to Eocene basaltic to rhyolitic volcanic rocks. The stratigraphy consists of a lower sequence of volcanic breccias and andesitic to basaltic flows overlain by rhyolitic to dacitic pyroclastic rocks, dacitic to andesitic flows, and volcanic breccias. Rhyolitic intrusions, domes, and associated flows are intercalated with earlier volcanic units.

The gold-silver mineralization at El Peñón is hosted in near-horizontal to gently dipping Paleocene to Eocene basaltic to rhyolitic volcanic rocks. The El Peñón deposit comprises many individual tabular and steeply dipping zones that are amenable to mining by both underground and surface methods. Vein thickness ranges from decimetre-scale to more than 20 metres. The strike length of individual mineralized zones ranges from less than 1 kilometre to 4 kilometres and the down-dip extent reaches up to 350 metres. The veins strike predominantly north-south and dip steeply to the east and west. Vein textures often display crustiform textures, although the highest-grade gold and silver mineralization are associated with massive banded quartz-adularia. Gangue minerals occur as open space filling as well as replacements of primary host rock mineral phases.

Gold and silver mineralization occur as disseminated electrum, acanthite, native gold, native silver, silver sulphosalts, and silver halides; these minerals are hosted in a gangue dominated by quartz, adularia, carbonate, and clay. Precious metals occur mainly as micron- to millimetre-size subrounded and irregular grains of electrum. Two phases of electrum are present: a primary phase, which contains approximately 55 to 65% gold, and a secondary phase where the gold content is usually greater than 95%, due to the supergene remobilization of silver.

Sulphide minerals are relatively rare, except at the northeastern portion of the El Peñón mine area. This paucity of sulphides may be due to oxidation, or to an initial overall low abundance of sulphides as would be expected in a low-sulphidation environment. Iron- and manganese-oxyhydroxides are common, with only trace occurrences of relict sulphides. In order of abundance, trace amounts of pyrite, galena, sphalerite, chalcocite and covellite occur locally.

Age-dating of adularia from the veins at El Peñón suggests that mineralization took place at around 52 Ma to 53 Ma (Early Eocene). Two mineralization and alteration events have been defined from fluid inclusion studies. The principal mineralization event resulted from circulation of neutral reduced fluids that replaced host-rock phenocrysts and groundmass by quartz, adularia, albite, carbonate, clays, calcite, and chlorite. It also produced quartz-adularia flooding and breccia-filling in the vicinity of the veins. Another, more widespread, alteration process was derived from acidic oxidized hydrothermal solutions. This event resulted in the formation of lithocaps of quartz-alunite alteration, quartz-alunite breccia-filling, with minor copper and silver and little or no gold.

El Peñón is classified as a low- to intermediate-sulphidation epithermal gold-silver deposit associated with steeply dipping fault-controlled veins emplaced following rhyolite dome emplacement. Gold and silver mineralization consists of disseminations of electrum, native gold and silver, acanthite, silver sulphosalts, halides, and accessory pyrite occurring with quartz, adularia, carbonates, and clay minerals. Epithermal deposits represent shallow parts of larger, mainly subaerial, hydrothermal systems formed at temperatures as high as about 300°C and at depths from about 50 to as much as 1,500 m below the water table. Analogous epithermal gold-silver deposits set in an extensional-transtensional, continental-margin arc are the Comstock Lode in Nevada, Martha Hill in New Zealand, Peñasquito in Mexico, and Hishikari in Japan.

*Exploration* 

Yamana has continually expanded the footprint of mineralization by geological mapping, geochemical characterization, geophysics, and abundant surface and underground drilling within the northeast trend, first starting at the El Peñón area, with Quebrada Orito in the southwest and extending to Angosta in the northeast. Exploration has also been successful at the Fortuna and Pampa Augusta Vitoria areas located to the southwest and to the north of El Peñón, respectively. Geophysical anomalies and positive drill intersections remain to be followed up in all areas. GoldSpot Discoveries Corp. was contracted in 2019 to apply machine learning to target unknown mineralization. Exploration work completed to date has defined 40 main mineralized zones and subsidiary veins, within ten geological trends.

Exploration conducted between 2018 to 2020 can be divided into three categories: infill, expansion, and district.

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infill drilling is designed to replace production by upgrading and extending known Mineral Resources with a combination of reverse circulation ("RC") and core drilling methodology (ratio of approximately 70% RC to 30% core drilling).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion (or step-out) exploration drilling aims to upgrade Inferred Mineral Resources to measured or indicated categories, or to transform zones of geological potential into Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• District exploration is meant to test the extension of little-known areas of mineralization or to discover new primary structures by testing targets identified in mapping, geochemistry, geophysics, or machine learning programs.

A total of 384,000 metres of drilling has been planned for 2021 though 2023 at a budgeted cost of US$54 million. The amount of proposed drilling is based on the past success rate of adding resources at El Peñón. Infill targets in 2021 included Pampa Campamento, Paloma, Sorpresa Este and Esmeralda Sur. Expansion targets tested in 2021 included Colorada Sur, Sorpresa, Orito, Bermuda, Dorada and Abundancia amongst other targets. District targets in 2022 focussed on drilling the Peñón Sur target directly south of the mine following the main host rhyolite down dip.

Exploration results at El Peñón continue to highlight the expansion potential of the mine and Yamana's ability to replenish Mineral Reserves and Mineral Resources so as to extend the life of mine past its current Mineral Reserve base.

 *Drilling*

Systematic testing of the gold-silver-bearing zones was started by Meridian Gold in 1993 and continued until 2007. Yamana has drilled continuously on the property since 2007 to expand the Mineral Resources and replace depletion of Mineral Reserves. To the end of December 2021, over three million metres have been drilled at El Peñón in the Fortuna, El Peñón, and Pampa Augusta Vitoria areas. This includes 118,247 metres completed in 2022 (62,861 metres exploration and 41,874 metres infill drilling and 13,512 metres of district exploration drilling).

Surface drilling is mostly collared with RC and converted to core drilling prior to intersecting the mineralized zone. At least one hole per 30 metre section is drilled as a core drill hole. Core size is HQ (63.5 millimetre core diameter), sometimes reduced to NQ (47.6 millimetre core diameter). RC holes are drilled with 146 millimetre-diameter equipment, which produces a hole approximately 152 millimetres in diameter. Drilling on the mine property from 2018 to 2021 was performed by AK Drilling International. The procedures used during drilling programs are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The collar locations of all drill holes are surveyed and marked by El Peñón crews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directional deviation (for both azimuth and inclination) is surveyed in each drill hole using a REFLEX multi-shot survey instrument by IMDEX Ltd for underground drill holes and using a gyroscope survey instrument by Axis Mining Technology for drill holes drilled from the surface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lithological logging is done on drill core and RC chips. Geotechnical observations are made by company geologists and technicians. All information is recorded on digital tablets using commercial software and depicts all downhole data. This includes recording the following items as appropriate for the drilling method:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drill type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Collar coordinates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Core diameter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Downhole inclination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Percent core recovery record

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Rock Quality Designation ("RQD") measurements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Lithologic contacts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Descriptive geology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Core angles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Intensity of various alteration types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Structural features, such as foliation, fractures, and brecciated zones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recording of mineralization, such as quartz type, sulphide type and content

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A photographic record of the core taken with a digital camera

Drill core recoveries are generally good (>95%) but are moderately lower at the Quebrada Orito and El Valle veins (>85%). The lower core recovery in those veins, however, does not have significant impact on the quality of the samples.

Collars of surface drill holes are preserved by a PVC casing. A wooden stake is placed close to each collar; it is affixed with metal plates, on which the code, azimuth, dip, and other relevant drill hole information is recorded.

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**EXHIBIT 99.1**

Yamana is of the opinion that the logging and recording procedures are consistent with industry standards and there are no known drilling, sampling or recovery factors that could materially affect the accuracy and reliability of the results.

*Sampling, Analysis and Data Verification* 

Analytical samples include both drill core and channel samples. The drill core samples are generated from exploration and infill drilling programs that are conducted on surface and underground; they are used for target generation and estimation of Mineral Resources and Mineral Reserves. The channel samples come from underground grade-control channels in development drifts; analytical results are used for short-term forecasting and grade control as well as for estimation of Mineral Resources and Mineral Reserves.

For sampling of drill core, the drill core is received in the logging area by technicians who first verify depth markers and reassemble the core so that pieces connect with each other; they then apply depth marks to the core verifying with the wooden block markers placed by the drillers. Before geological logging, all drill holes are logged for geotechnical parameters; these include core recovery, RQD, number of fractures, and if core intervals include major structures such as faults. Drill holes are not oriented. The geological description is then made by an on-site geologist who enters the data directly into the geological data management system. In this step, lithology, alteration, structures, mineralization and percentage of quartz vein/veinlets are recorded. The limits of each sample interval are marked with an indelible marker on the core and on the box by the logging geologist. The core boxes are photographed with a digital camera prior to sampling.

For exploration drill holes, the complete length of the drill hole is sampled and sent for analysis. The sample lengths are determined by the presence or absence of quartz veins or veinlets. In mineralized zones of Hydrothermal Breccia (unit "HyB") or Massive Quartz Vein ("MQV") with abundant sulphides, the minimum sample length is 0.35 metres and the maximum samples length is 0.5 metres. For drill core without veins or sulphides and in exploration areas, the maximum sample length is 2 m. The exploration drill cores are cut in half along the longitudinal axis, using a hydraulic core splitter. Half of the core is placed in previously labelled plastic bags; the other half is left in the core box as a reference. For infill drill holes, the minimum and maximum sample lengths in mineralized zones are 0.2 metres and 0.5 metres, respectively. For each interval, the full drill core is sampled; it is broken with a hammer and placed in a previously labelled plastic bag. The bagged samples are placed in plastic bins to be sent to the primary laboratory along with the submittal form.

The sampling of underground faces is carried out systematically by production geologists and technicians in the advance galleries after each advance. After the face is washed and secured, the sample is taken from left to right along a line of constant elevation, generally 1.5 metres above the floor. The sample location is determined by measuring the distance and azimuth from the nearest bolt left by the surveying team. Geological contacts (lithology, alteration, mineralization, structures, etc.) are identified and sampling intervals respect these contacts. Once the limit of the samples has been defined, they are marked with red spray paint. The area to be sampled is then delimited by a rectangle. In mineralized zones mapped as MQV or HyB, the maximum sample length is 1 metre, whereas in host rocks the maximum sample length is 2.0 metres. Sampling is done with a rock hammer or with a mallet and wedge. The rock fragments that are detached from the wall are collected in a bag on the ground and then placed in plastic bags properly identified with correlative numbering tags. The samples are then transported to El Peñón laboratory for preparation and assaying. The results of the underground channel samples are used for short-term forecasting and grade control as well as in the grade estimation process for Mineral Resource models.

The Geoassay Group Ltda. ("Geoassay") laboratory in Antofagasta, Chile, was the primary laboratory for exploration and infill drilling samples prior to February 2018. Geossay is independent of Yamana and was not certified at the time. Starting in February 2018, samples from exploration and infill drilling were prepared and analyzed at SGS Minerals S.A. ("SGS") laboratories in Antofagasta and Santiago, Chile. The SGS laboratories are independent of Yamana and hold ISO/IEC 17025 certification. SGS moved its headquarters from Antofagasta to Santiago in September 2019 and transferring the El Peñón samples from Antofagasta to Santiago created significant delays and problems with accuracy. The samples from exploration drilling were processed at SGS in Antofagasta from February 2018 to September 2019, after which they were processed at the Santiago laboratory until March 2020. Samples from infill drilling were processed at SGS in Antofagasta from February 2018 to September 2019, after which they were processed in the Santiago laboratory until May 2020. For a short period in late 2018, Intertek Caleb Brett Chile S.A. ("Intertek") laboratory in Copiapo was also used as a primary laboratory, in parallel with SGS, to help provide analytical results in time for year-end reporting. Intertek is independent of Yamana and was certified to ISO9001:2015 standards by ABS Quality Evaluations. The primary laboratory for exploration samples was changed to Geoassay in Antofagasta starting in March 2020. In May 2020, Geoassay became the

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**EXHIBIT 99.1**

primary laboratory for both exploration and infill drilling program samples. Geossay is a local laboratory independent of Yamana and is in the process of being certified to ISO/IEC 17025 standards.

Umpire laboratory check assays were carried out at Intertek laboratory in Copiapo, Chile, until February 2019 and at Geoassay's laboratory in Antofagasta, Chile, until May 2020, when it became the primary laboratory. Intertek is independent of Yamana and was certified to ISO9001:2015 standards by ABS Quality Evaluations during the time it was used as Yamana's umpire laboratory, but not to ISO/IEC 17025 standards. The Geoassay laboratory is a local laboratory independent of Yamana and is in the process of being certified to ISO/IEC 17025 standards. The selection process for a new umpire laboratory is ongoing. Samples from underground channels are assayed at the in-house El Peñón laboratory. This laboratory is owned and operated by Yamana and is certified to ISO/IEC 17025 standards.

The following procedures are used for sample preparation and analysis at the SGS, Geoassay, Intertek, and El Peñón laboratories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A submittal form is filled out by an El Peñón geologist or technician and is delivered with the samples to the El Peñón or SGS/Geoassay/Intertek laboratories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Samples are sorted, logged in the laboratory database ("LIMS"), weighed and dried into a furnace at 105°C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The complete sample is crushed to 85% less than # 10 mesh (passing 2 mm), and riffle split to obtain 1 kg of material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A 1 kg sample is pulverized at 95% through # 140 mesh (passing 0.105 mm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The laboratories clean the crushing and grinding instruments with compressed air between samples, insert sterile quartz every 10 samples, and perform a granulometric control of crushing and pulverization on at least 3% of the samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Two pulp packages of 250 g each (labelled A and B) are prepared at the SGS, Geoassay, or Intertek laboratories. The master pulp (pulp A) is used for the analysis. Remaining material from pulp A is combined with pulp B, which is returned to site for storage. At the El Peñón laboratory, only a single package of 250 g pulp is prepared and used for analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.To determine the gold content, the samples are analyzed by fire assay on 30 g samples (prior to February 2018, the fire assays used a 50 g sample). Fluxes, lead oxide litharge, and silver are mixed and fired at 1,100°C to 1,170°C for 50 to 60 minutes to separate the precious metals as a molten lead metallic phase. The samples are removed from the oven and poured into moulds. Next, the slag is removed from the cooled lead button and the button is placed in a cupel and fired at 920°C to 960°C for an hour to oxidize all the lead and make a precious metal bead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The cupels are removed from the furnace and the beads are separated by acid digestion using nitric and hydrochloric acid to dissolve the precious metals into solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.At the SGS, Geoassay, and Intertek laboratories the sample solutions are analyzed by atomic absorption spectrometry ("AAS") and samples containing more than 5 g/t gold are finished by gravimetry. At the El Peñón laboratory, the analysis is finished by gravimetry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The silver determination is done by AAS at the SGS, Geoassay, and Intertek laboratories and by fire assay at the internal El Peñón laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.At the SGS, Geoassay, and Intertek laboratories, a 2 g sample is first digested in a solution of four acids (nitric, hydrochloric, perchloric, and hydrofluoric). The digested solution is brought to volume with hydrochloric acid for the quantification of the analytes through AAS. If the sample contains more than 220 g/t silver, the silver content is quantified by gravimetry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.At the El Peñón laboratory, the silver is determined in a manner similar to gold, using fire assay and finished by gravimetry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.For screened metallic assays, the totality of the coarse fraction is assayed and an aliquot of the fine fraction is analyzed. The gold concentration of the entire sample is determined by weighted average.

Samples are handled only by personnel authorized by Yamana. Channel samples from the mining operation are delivered directly to the El Peñón laboratory each day upon completion of underground sampling. All drill core from surface and underground drill holes is taken directly to authorized exploration personnel to a drill logging and sampling area within the secured and guarded mine property. The mineralized core intervals are logged, sampled, placed in plastic bags properly labelled for identification. Core samples are subsequently delivered to the primary laboratory in Antofagasta by truck in secured plastic bins along with dispatch forms. The pulps and rejects that are returned by the laboratory are transported inside the plastic bins, by the same truck that collects the samples to the mine.

Each sample is assigned a unique sample number that allows it to be traced through the sampling, database, and analytical procedure workflow, and is validated against the original sample site. For exploration drill

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**EXHIBIT 99.1**

holes, the remaining half of the split core is stored on-site as a control sample, available for review and resampling if required. The photographic record of all drill holes is kept as reference.

Yamana employs a comprehensive QA/QC program for the El Peñón exploration drilling programs, infill drilling programs, and grade control channel samples. The program applies the following steps to monitor the accuracy and bias of the gold and silver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insertion of CRMs or standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of contamination in preparation and analysis by inserting blanks in the preparation and analytical sampling streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control of the precision by taking duplicates during preparation and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sending pulp samples for umpire check assaying at secondary laboratories.

The results from the QA/QC program are reviewed and monitored by a geologist who presents the results in monthly reports.

Yamana is of the opinion that the sample preparation, sample security, and analytical procedures at El Peñón are adequate and consistent with industry standards.

*Mineral Processing and Metallurgical Testing* 

See below under "Processing and Recovery Operations".

*Mineral Resource and Mineral Reserve Estimates*

See "– Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

The Mineral Resource estimate for El Peñón was prepared in accordance with CIM Standards.

Interpreted geological wireframes were constructed in Vulcan, based on geology sections, assay results, lithological information and structural data. Assays were composited to one-metre lengths, then interpolated using capping and a high yield restriction for anomalously high grades. Gold and silver grades were interpolated into a sub-blocked model with minimum block size of 0.5 × 0.5 × 0.5 metres and a parent block size of 20 × 20 ×20 metres. Estimated grades were interpolated into blocks using Inverse Distance Cubed and checked using Nearest Neighbor methods. Block estimates were validated using industry standard validation techniques. Classification of blocks was completed following distance-based criteria. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. Underground Mineral Resources are estimated within conceptual underground mining shapes at a cut-off value of US$95.31 per tonne, which corresponds to 75% of the break-even cut-off value used to estimate the Mineral Reserves. A minimum mining width of 0.60 metres as well as 0.30 metres of hanging-wall and 0.30 metres of footwall overbreak dilution are used to construct the conceptual mining shapes. Mineral resources are reported fully diluted.

Mineral Resource classification was completed using an in-house algorithm which works according to the following workflow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocks located in areas supported by underground channel samples are classified as Measured Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocks located in areas supported by drill hole information and that are within a 10 m-radius from underground channel samples are classified as Indicated Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocks supported only by drillholes are classified as Indicated Mineral Resources if they meet both following criteria: Blocks are contained within a 26.25 m-search square from a single informing intercept AND the informing intercept is contained within a 52.5 metres search square that includes at least one additional informing intercept. Distances defining both search squares are measured in the plane of the vein plane (in the strike and dip directions) and from the center (intercept position) to the edge of the search square.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remainder of the blocks estimated within the interpreted vein wireframes are classified as Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocks located outside the vein wireframes are not classified and are considered dilution for Mineral Resources reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finally, the Mineral Resource classification results are smoothed, using an in-house algorithm based on local classification proportions, to remove geometrical artifacts. The local proportions are calculated in a 10 × 10 metres moving window.

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**EXHIBIT 99.1**

Yamana is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the Mineral Resource estimate.

The methodology used at El Peñón to convert Mineral Resources to Mineral Reserves is summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drift and bench (stope) selective mining units ("SMUs") are designed using Vulcan Stope Optimiser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metal prices, processing recoveries, and operating costs are used to determine an economic score for each SMU. SMUs with positive scores are selected for further classification. Only Measured and Indicated Mineral Resources are considered for conversion to Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMUs with positive scores are analyzed for inclusion into the Mineral Reserve inventory. This is done by analyzing development costs, considering the capital and auxiliary development required to enable mining of the designed SMUs, such as the cost of ramps, ventilation, materials handling, and development of access and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before including SMUs with positive scores in the Mineral Reserves inventory, geomechanical considerations are revised, especially in areas with known poor ground conditions or were pillars between the new stopes and previously backfilled areas are thin. Design is adjusted when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finally, where a small amount of supplementary lower-grade drift segment must be developed to enable mining of the higher-grade Mineral Reserves, it is also included in the Mineral Reserves inventory since this improves the cashflow generation profile. This material represents approximately 1% of the Mineral Reserves inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMUs containing a majority portion of measured or indicated blocks are converted to Proven or Probable Mineral Reserves, respectively.

Yamana is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate for El Peñón.

Successful drilling at El Peñón resulted in the operation achieving a fifth consecutive year of adding new Mineral Reserves in excess of mining depletion, with Mineral Reserves growing 23% to 1.37 million GEO over that period. Drilling continues to expand the Mineral Resource envelopes to depths below several producing sectors, most notably Paloma, Pampa Campamento and Martillo Flat. The significance of the result is the continued extension of the El Peñón mine life at a production rate of 220,000 to 230,000 GEO per year, while replacement of Mineral Resources provides an inventory for future Mineral Reserves development.

Please also refer to "Description of the Business – Risks of the Business – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources".

*Mining Method*

Ore from underground mines have recently been - and will continue to be - the main source of feed for the El Peñón mill.

The various underground mining zones are accessed by ramps; this type of access is suitable for this mine in light of its shallow depth. The underground workings of the core mine extend approximately ten kilometers along strike and span a vertical extent of approximately 500 m, measured from the highest portal collar elevation to the bottom-most mine workings. The ramps provide flexibility for rapid adjustments for changes in direction and elevation and allow access to the veins at appropriate elevations.

The main mining method utilized at El Peñón is the bench-and-fill method, which is a narrow longhole-stoping method that uses a combination of rockfill and cemented rockfill. The method involves ore development at regular level intervals, which, at El Peñón, range generally between 10 and 20 metres. Due to the narrow vein widths, a "split-blasting" technique is used in many areas of the mine to reduce dilution in secondary development of ore zones. The minimum mining width of a split blast is of 0.6 metres, plus 0.5 metres of total overbreak, generating a minimum blast void of 1.1 metres width. Once the split-blast ore is mucked out, the remaining waste is slashed out and used for rockfill purposes. The split-blasting technique has been refined and improved at El Peñón since 2016, reducing the achievable ore mining width from 2.1 m to 1.1 m, minimizing dilution and ore loss, and improving productivities for faster face cycle times. The result is increased gold and silver mining grades. In some cases, development rounds that would have previously been mined as waste if blasted to the full drift dimensions are now mined selectively as separate ore and waste rounds, resulting in increased Mineral Reserves.

All underground mining operations are carried out by Yamana, while the open pit mining operations, representing only a very small proportion of the production over the LOM, are carried out by a contractor.

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**EXHIBIT 99.1**

The Company has confidence that it will continue to replace Mineral Reserves through new discoveries and infill drilling on several major veins, thereby maintaining mine life visibility for at least another ten years. The LOM plan assumes a processing rate between 3,500 tpd to 3,700 tpd with annual production of between 220,000 GEO and 230,000 GEO. The plant however has a processing capacity of up to 4,200 tpd and reaching that capacity would not require any additional capital spending. This higher plant capacity processing rate could support an annual production platform of between 250,000 GEO to 270,000 GEO which is not currently considered in the Company's ten-year outlook. The LOM plan remains fully supported by Mineral Reserves and Mineral Resources. Mineral Resources are comprised of multiple veins at different grades. District-scale exploration work completed during the year yielded positive results, and opens up a new, large area of high exploration potential, suggesting a significant expansion of the highly productive El Peñón vein system south of the existing mine. Such expansion of the vein system could in turn meet the objective of increasing production at a site that has significant excess plant capacity. Notably, the new South Deeps discovery appears to have similar geology to the wide veins El Peñón was mining when GEO production was materially higher.

*Processing and Recovery Operations* 

The El Peñón mineral processing plant and associated facilities process run-of-mine as well as stockpiled ore. Comminution comprises a single stage of crushing followed by wet grinding in a semi-autogenous grinding ("SAG") mill operating in series with a ball mill; these feed a battery of hydrocylcones. Leaching starts at the SAG mill, where sodium cyanide is added as a leaching agent. The hydrocyclones overflow is subsequently clarified and leached in reactors with mechanical agitators. The leached pulp is finally transported by gravity to a CCD thickener circuit to wash the pulp and recover the pregnant solution for gold and silver by zinc precipitation and refining to doré.

The El Peñón processing plant has a nominal production capacity of approximately 1.533 Mtpa, or 4,200 tpd. The processing plant averaged 3,575 tpd during 2021. Since 2017, the plant throughput has been lower than design, ranging from 1 Mtpa to 1.3 Mtpa, in line with the mine plan. The lower throughput is beneficial in terms of leach residence time and results in a marginal increase of both gold and silver recovery. Stockpiled ore can be fed to the plant feed system to supplement feed if required.

Significant metallurgical testwork has been carried out on a continual basis at El Peñón since 2014. Results from metallurgical tests inform the geometallurgical block model utilized for operational and mine planning purposes. The geometallurgical model includes variables for gold and silver recoveries, cyanide consumption, and sedimentation and filtration rates.

*Infrastructure, Permitting and Compliance Activities* 

El Peñón consists of historical open pits, underground mining operations, a process plant, and other support infrastructure, including waste dumps and a filtered tailings facility with a total storage capacity of 49.8 Mt. The approved plant capacity is 4,800 tpd. The major assets and facilities associated with El Peñón are: the mining and processing infrastructure, which include office buildings, shops, and equipment; a processing plant which produces gold doré by crushing, grinding, leaching, counter-current decantation concentrate solution recovery, zinc precipitation and refining; concrete and cemented backfill plants, and a filtered tailings stack storage facility.

El Peñón is connected to the National Electric Grid through a 66 kV transmission line connected to the Palestina substation.

Minera Meridian has all required permits to continue carrying out mining and processing operations on the El Peñón property. The El Peñón operation submitted its first EIA in 1997 to the Chilean Environmental Impact Assessment System. The Environmental Commission of the Region of Antofagasta approved the application with Exempt Resolution Nr. 043 in 1998. The El Peñón operation has undergone a series of modifications since its original EIA submission. Required Environmental Qualification Resolutions ("RCAs") were granted through a series of Declaration of Environmental Impacts ("DIAs").

El Peñón has developed a closure plan covering all current and approved facilities; this plan is in accordance with applicable legal requirements and updated regularly as the life of mine is extended. The approved 2019 mine closure plan addresses progressive and final closure actions, post-closure inspections, and monitoring. A new DIA was submitted in February 2021 considering an extended LOM plan as a result of Mineral Reserves increases over the past three years. Other sectoral licences and permits have been obtained and applications for renewals have been filed. The operation has not been subject to sanctioning for environmental compliance by any of the regulatory agencies.

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**EXHIBIT 99.1**

Yamana has implemented an integrated management system covering health, safety, environment, and community through internationally accredited systems that include the ISO 14001 Environment Management System and the OSHAS 18001 Occupational Health and Safety Management System. A risk assessment matrix has been developed for El Peñón operation that integrates risk matrices for ISO 14001:2015 and OHSAS 18001:2007. Beginning in 2020, El Peñón also began the implementation of the Mining Association of Canada's Towards Sustainable Mining framework as well as the World Gold Council's Responsible Gold Mining Principles, each of which included internal assessments and will require external audits within a three-year timeframe. Activities for 2021 include the process of certification for ISO 45001 (replacing OSHAS 18001) and recertification of the ISO 14001 Environment Management System. In addition, Yamana is signatory to the International Cyanide Management Code. A standard for operational processes has been developed for the management of other hazardous and non-hazardous solid waste (Certified NCh-ISO 17025 INN – Instituto de Normalizacion Chilena).

Water conservation is a primary focus at El Peñón. The water management system at El Peñón has been designed as a closed circuit. Process water from the mill is recovered in the tailings filter plant and recirculated back to the processing plant.

Even though no communities are located near El Peñón, Yamana has made a number of commitments to the well-being, health, and safety of the communities in the area. As such, the social and community activities conducted by Yamana are concentrated in the Taltal District and are of philanthropic orientation.

*Capital and Operating Cost Estimates* 

The total LOM capital cost estimate is approximately US$512 million and is assumed to support sustaining capital requirements for the mining and processing of Mineral Reserves over the project's nine-year LOM as well as a small amount of expansionary underground mine development. A summary of the LOM capital costs for the project is set out in the table below:

---

| | |
|:---|:---|
| | **Total LOM ($000s)** |
| **Sustaining Capital Costs** | **439665** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Development | 384493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and Equipment | 45371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and Infrastructure | 9186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardware & Software | 615 |
| **Expansionary Capital Costs** | **72570** |
| **Total LOM Capital Costs** | **512235** |

---

Capitalized development consists of 126,995 metres, or an average of 10,774 metres per year, over the first ten years and subsequently declining towards the end of the mine life. The expected run rate for sustaining capital, including infrastructure, equipment, and mine development is averaged at US$37 million per year for the next five years, with spending decreasing in the last year of the mine life. Capital costs do not include project financing and interest charges, working capital and sunk costs.

Operating costs are defined as the direct operating costs and include mining, processing as well as general and administrative costs. Mining operating costs are forecasted to average US$92.29 per tonne mined over the LOM, or US$84.01 per tonne processed. Total operating costs are forecasted to average US$131.74 per tonne processed over the LOM period as set out in the following table:

---

| | |
|:---|:---|
| | **Total LOM (US$/t processed)** |
| Mining | 84.01 |
| Process | 30.99 |
| G&A | 16.74 |
| **Total** | **131.74** |

---

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**EXHIBIT 99.1**

*Exploration, Development and Production*

Over the past 20 years, El Peñón has established an exploration strategy to continually replace depletion of Mineral Reserves and extend mine life. The strategy involves maintaining a pipeline of Mineral Resources and exploration potential to maintain a rolling mine life visibility of at least 10 years. To continue this trend, drilling programs should continue to be carried out with the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infill drilling to replace production by upgrading and extending known Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion exploration drilling to upgrade Inferred Mineral Resources to Measured or Indicated Mineral Resource categories, or to transform zones of geological potential into Inferred Mineral Resources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• District exploration to test the extension of little-known areas of mineralization or to discover new primary structures by testing targets identified in mapping, geochemistry, geophysics, or machine learning programs.

Ongoing exploration success could also unlock the opportunity to leverage the available processing capacity which could increase annual gold and silver production and reduce unit costs.

***Canadian Malartic Mine*** 

Unless otherwise stated, the information, tables and figures that follow relating to the Canadian Malartic Mine are derived, in part, and in some instances are extracts, from the technical report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Quebec, Canada" dated March 25, 2021 (the "Canadian Malartic Report"), prepared by or under the supervision Pascal Lehouiller, P. Geo, Sylvie Lampron, Eng., Nicole Houle, P.Geo. and François Bouchard, P.Geo., employees of Canadian Malartic GP and Guy Gagnon, Eng., a former employee of Canadian Malartic GP, and all of whom are all qualified persons pursuant to NI 43-101. The technical information contained in this section of the annual information form, other than the technical information set forth above under the heading "Mineral Projects – Summary of Mineral Reserves and Mineral Resources Estimate", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101. See "Interests of Experts".

Portions of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the Canadian Malartic Report, which has been filed with certain Canadian securities regulatory authorities pursuant to NI 43-101 and is available for review under the Company's SEDAR profile at *<u>www.sedar.com</u>*.

*Property Description, Location and Access*

The Canadian Malartic property, including the Canadian Malartic Mine, is located within the Municipality of Malartic, approximately 25 kilometres west of Val-d'Or and 80 kilometres east of Rouyn-Noranda in the Province of Quebec, Canada, and extends into the Municipality of Rivière Héva and the City of Val-d'Or. The northern part of the Canadian Malartic property is accessible via Highway 117 in Quebec. The southern part is accessible via a secondary paved road that runs south from Highway 117 towards Mourier Lake and cuts through the central area of the Canadian Malartic Mine. The Canadian Malartic property is also accessible by a series of gravel logging roads and trails. The operations are year-round with the exception for prospecting (soil and outcrop sampling, outcrops mapping, etc.) which usually take place between May and October.

The Canadian Malartic property consists of the Malartic CHL Prospect, the Canadian Malartic Mine and the East Amphi, Fournière, Midway, Piché-Harvey and Rand properties and consists of a contiguous block comprising one mining concession, five mining leases, and 293 claims for a total of 12,568.43 hectares. Expiration dates for the mining leases on the Canadian Malartic Mine range from November 24, 2029, to July 27, 2037, and each lease is automatically renewable for three further 10-year terms upon payment of a small fee.

The Company acquired its 50% interest in the Canadian Malartic property on June 16, 2014 through its joint acquisition of Osisko Mining Corporation ("Osisko") with Agnico and operates through the Canadian Malartic GP. The claims, mining leases and mining concession are all held, completely or partially, by Canadian Malartic GP, a general partnership that is directly and indirectly held by Agnico and Yamana. Each of these Canadian corporations controls 50% of the Canadian Malartic GP. A portion of the East Amphi property, called the Radium-Nord property, is held by Abitibi Royalties Inc. ("Abitibi Royalties") (15%) and Canadian Malartic Corporation (85%), the latter being an affiliate of Canadian Malartic GP, jointly controlled by Agnico and Yamana. All mining titles of the Canadian Malartic property on the Government of Quebec's online claim management system are registered to Canadian

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**EXHIBIT 99.1**

Malartic GP, except those of the Radium-Nord Property, which are registered to Canadian Malartic Corporation (85%) and Abitibi Royalties (15%).

The mining titles constituting the current Canadian Malartic property were acquired by Osisko, mostly in stages, between 2004 and 2014. Many of the mining titles for the Canadian Malartic property were map-staked by Osisko or its appointed intermediaries and are not subject to any encumbrances. Others were purchased outright from independent parties, without royalties or other obligations.

Most of the mining titles are subject to a 5% NSR royalty payable to Osisko Gold Royalties Ltd. ("OGR"). The claims comprising the Malartic CHL prospect are subject to 3% NSR royalties payable to both OGR and Abitibi Royalties. In addition, 172 of the claims are also subject to other NSR royalties that vary between 1% and 2%, payable under varying circumstances. In 2019, Canadian Malartic GP paid C$75.3 million in aggregate payments with respect to these royalties and paid approximately C$82.4 million related to 2020 (100% basis).

On March 17, 2022, Canadian Malartic GP entered into a royalty repurchase agreement with Tintina Mines Limited to exercise its buy-out option to repurchase the 2% net smelter return royalty on its Rand property for $7,000,000.

Canadian Malartic GP has all required permits to continue carrying out the current mining operations on the property. Yamana is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform mining and exploration work on the Canadian Malartic Mine.

*History*

The mining history of the Canadian Malartic property stretches over a 100-year period, from the 1920s to the present day. The current limits of the Canadian Malartic property cover and overlap many historical mining and exploration properties. The boundaries and names of those properties have changed over time following ownership and/or option changes, abandoned and/or added claims, and status changes from exploration claim to mining lease.

The Canadian Malartic Mine hosts six historical underground mines: Canadian Malartic, Barnat, Sladen, East Malartic, Malartic Goldfields and East Amphi. It is currently in a new production phase since 2011 with the Canadian Malartic Mine open pit operations and expansion project. As of the end of 2021, the historical and recent gold production from the Canadian Malartic Mine amounts to 273,149,919 tonnes at 1.64 g/t gold, for 14,427,311 ounces of gold. The historical production data for the Canadian Malartic property is summarized in the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Historical Group of Properties** | **Owners and/or Property Area** | **Years** | **Tonnes Milled** | **Gold Grade (After Recovery)**<br>**(g/t Au)** | **Ounces of Gold** |
| **Canadian Malartic Mine and Malartic CHL Prospect** | Canadian Malartic Mine | 1935-1965 | 9929000 | 3.77 | 1203477 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | Barnat-Sladen Mine (including East Malartic) | 1938-1970 | 8452000 | 4.73 | 1285321 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | East Malartic Mine | 1938-1983 | 18316000 | 5.19 | 3056251 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | Canadian Malartic (Canadian Malartic GP + Osisko) | 2011-2022 | 216096692 | 0.98 | 6795031 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | Gouldie (Canadian Malartic GP) | 2014-2015 | 2210549 | 0.74 | 52435 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | Jeffrey (Canadian Malartic GP) | 2018-2019 | 2663505 | 0.88 | 74934 |
| **Canadian Malartic Mine and Malartic CHL Prospect** | South Barnat (Canadian Malartic GP) | 2019-2022 | 25259768 | 1.20 | 975071 |
|  | Odyssey (Canadian Malartic GP) | 2022 | 58899 | 0.87 | 1657 |
| **East Amphi** | East Amphi OP (McWatters) | 1998-1999 | 120427 | 5.66 | 21914 |
| **East Amphi** | East Amphi UG (Richmont) | 2004-2007 | 347964 | 3.37 | 37700 |
| **Rand** | *UG exploration program / no production* | 1988-1989 | 31115 | n/a | n/a |

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**EXHIBIT 99.1**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Midway Property Group (Fournière, Midway, Piché-Harvey)** | Malartic Goldfields | 1945-1965 | 8956886 | 5.90 | 1699025 |
| **Midway Property Group (Fournière, Midway, Piché-Harvey)** | NSM (Midway) | 2009-2010 | 10558 | 2.76 | 937 |
| **Camflo** | Camflo Mattagami Mines | 1965-1992 | 8799800 | 5.79 | 1639300 |
|  | **Total** | **1935-2022** | **301253163** | **1.74** | **16843053** |

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*Geological Setting, Mineralization and Deposit Types*

The Canadian Malartic property straddles the southern margin of the eastern portion of the Abitibi Subprovince, an Archean greenstone belt situated in the southeastern part of the Superior Province of the Canadian Shield. The Abitibi Subprovince comprises an older northern volcanic zone and a younger southern volcanic zone, separated by the regional Porcupine-Destor Fault Zone. The Abitibi Subprovince is limited to the north by gneisses and plutons of the Opatica Subprovince and to the south by metasedimentary and intrusive rocks of the Pontiac Subprovince. The contact between the Pontiac Subprovince and the rocks of the Abitibi greenstone belt is characterized by a major fault corridor, the east-west trending Larder Lake–Cadillac Fault Zone ("LLCFZ"). This structure runs from Larder Lake, Ontario, through Rouyn-Noranda, Cadillac, Malartic, Val-d'Or and Louvicourt, Quebec, at which point it is truncated by the Grenville Front.

The regional stratigraphy of the southeastern Abitibi area is divided into groups of alternating volcanic and sedimentary rocks, generally oriented N280°–N330° and separated by fault zones. The main lithostratigraphic divisions in this region are, from south to north, the Pontiac Group of the Pontiac Subprovince, and the Piché, Cadillac, Blake River, Kewagama and Malartic groups of the Abitibi Subprovince. The various stratigraphic units listed above are folded into a regional synclinal structure known as either the Malartic or Cadillac Syncline. The fold axis trends west-northwest and plunges steeply to the north, with the axial trace located within the Cadillac Group sedimentary rocks. The various lithological groups within the Abitibi Subprovince are metamorphosed to greenschist facies.

Most of the Canadian Malartic property is underlain by sedimentary units of the Pontiac Group, immediately south of the LLCFZ, in the mine and property reports. The north-central portion of the Canadian Malartic property covers an approximately 16 kilometre segment of the LLCFZ corridor and is underlain by mafic-ultramafic volcanic rocks of the Piché Group cut by porphyritic and dioritic intrusions. The Cadillac Group underlies the northern part of the Canadian Malartic Mine (north of the LLCFZ). It consists of greywacke interbedded with lenses of conglomerate.

Mineralization in the Canadian Malartic deposit occurs as a continuous shell of 1 to 5% disseminated pyrite associated with fine native gold and traces of chalcopyrite, sphalerite and tellurides The gold resource is mostly hosted by altered clastic sedimentary rocks of the Pontiac Group (70%) overlying an epizonal dioritic porphyry intrusion. A portion of the deposit also occurs in the upper portions of the porphyry body (30%).

Surface drilling by Lac Minerals Ltd. in the 1980s defined several near-surface mineralized zones now included in the Canadian Malartic deposit (the F, P, A, Wolfe and Gilbert zones), all expressions of a larger, continuous mineralized system located at depth around the old underground workings of the Canadian Malartic and Sladen mines. In addition to these, the Gouldie mineralized zone occurs approximately 0.5 kilometres southeast of the main Canadian Malartic deposit, although the relationship between these zones and the main deposit is presently unknown. The recently discovered East Gouldie deposit is located 2 kilometres east of the Gouldie mineralized zone.

The South Barnat deposit is located to the north and south of the old South Barnat and East Malartic mine workings, largely along the southern edge of the LLCFZ. The portion of this deposit that is originally modelled for surface mining evaluation extends on a 1.7 kilometre strike and a width of 900 metres (perpendicular to the strike) and from surface to -480 metres below surface.

The East Malartic deposit (as modelled for the underground mining model) has been previously mined by the East Malartic, Barnat and Sladen mines mainly along the contact between the LLCFZ and the Pontiac Group sedimentary rocks. This deposit includes the deeper portion of the South Barnat deposit (below actual pit design). The portion of this deposit that is modelled for the underground mining evaluation extends on a 3 kilometres strike and a width of 1.1 kilometres (perpendicular to the strike) and from the bottom of the South Barnat actual pit design to –1,800 metres below surface.

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**EXHIBIT 99.1**

The Odyssey deposit is also located at the contact between the LLCFZ and the Pontiac Group sedimentary rocks east of the East Malartic deposit. It extends on a 2 kilometres strike and a width of 500 metres (perpendicular to the strike) and from surface to –1,500 metres below surface. It is characterized by the presence of a massive porphyritic unit known as the #12 Porphyry. While the whole porphyritic intrusion is anomalous in gold, continuous zones of higher-grade (>1 g/t Au) gold mineralization occur along the south-dipping sheared margins of the intrusion (in contact with the Pontiac Group to the south and the Piché Group to the north). Gold mineralization within the Odyssey and Jeffrey deposits is broadly similar to the style of mineralization associated with porphyry dikes at the South Barnat and East Malartic deposits, which is typically associated with pyrite enrichment and silica-calcite and potassic alteration.

Several other mineralized zones have been documented within the LLCFZ, namely Buckshot, East Amphi, Western Porphyry, Fourax, all of which are generally spatially associated with stockworks and disseminations within or in the vicinity of dioritic or felsic porphyritic intrusions.

The East Gouldie deposit is located south of the Odyssey deposit and east of the Gouldie deposit. As currently defined by drilling, the deposit has a strike length of at least 1.2 kilometres and extends from approximately 500 metres below surface to 2 kilometres depth. It is generally constrained in a west-trending high-strain corridor (40 to 100 metres true width) that dips approximately 60° north. The main high grade (>1 g/t Au) auriferous zone is typically 15 m wide (true width) and reaches up to 80 metres. The average intercepts grades vary between 2 and 10 g/t gold.

The origin of gold deposits in the Malartic area is still a subject of controversy. Recently, De Souza et al. (2019) describe the Canadian Malartic deposit as a mesozonal stockwork-disseminated replacement-type deposit formed within an orogenic setting where the variable geometry, rheology and composition of the various intrusive and sedimentary rocks have provided strain heterogeneities and chemical gradients for the formation of structural and chemical traps that host the gold. This study suggests that the mineralized intrusions of the Canadian Malartic Mine area have played an essentially passive role in the mineralization processes.

*Exploration* 

Exploration work by Canadian Malartic GP since 2014 has focused mainly on exploration drilling. In December 2019, a high-resolution heliborne magnetic susceptibility survey was flown by GeoData Solutions GDS Inc. over the eastern part of the Canadian Malartic property. The survey covered 251 line-kilometre with a 50 metres spacing between the lines. The results were merged with historical geophysical data from the area; a portion of the Fugro airborne survey (2006) and a compilation of ground survey data from the Midway Property Group. The purpose of the survey was to provide consistent magnetic coverage over the area of interest with enough resolution to support the geological and structural interpretation of this segment of the LLCFZ.

*Drilling*

Since the beginning of the partnership in 2014, the Canadian Malartic GP's drilling programs have mainly focused to the east of its mining operation on three main targets: the Odyssey, East Malartic and East Gouldie deposits. The drilling programs on the Odyssey target were supervised by the Regional Exploration Department ("Regional Exploration") while the drill programs on the East Malartic and East Gouldie targets were supervised by the Mine Exploration Department ("Mine Exploration"). The Regional Exploration also conducted drilling programs on the Rand, the East Amphi, the Radium-Nord Properties and on the Midway Property Group.

Since 2014, core drilling has been performed with NQ size (47.6 millimetre core diameter) using conventional surface drill rigs. The drilling programs have been run by several drilling contractors, with the main contractors being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spektra Drilling (Val-d'Or) for Regional Exploration 2014 and 2015 programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nordik Drilling (Val-d'Or) and several subcontractors for Regional Exploration 2015 to 2021 programs and for Mine Exploration 2018 to 2021 programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orbit-Garant Drilling (Val-d'Or) and sub-contractors for Mine Exploration 2017 program.

From 2014 to the end of 2021, 869,736 metres have been drilled with 394,833 metres by the Regional Exploration and 474,903 metres by the Mine Exploration. The average core recovery rates were higher than 95%. The Mine Exploration drilling programs from 2017 to 2021 mainly focused on East Malartic and East Gouldie deposits. The Regional Exploration drilling program from 2014 to 2020 mainly focused on the Odyssey deposit while drilling was also completed on the Rand, East Amphi, Radium-Nord Properties and the Midway Property Group.

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**EXHIBIT 99.1**

*Sampling, Analysis and Data Verification* 

Mine Exploration's procedures for sample preparation, analysis, and security protocols for the Canadian Malartic GP's diamond drilling programs were established in 2017 based on Regional Exploration's procedures, and both departments have followed roughly the same procedures since then.

The drill core is placed into wooden core boxes at the drill site. At the end of each drill run, a wooden block is inserted with the depth of the hole written on it. Each box is labelled with the hole/box number and closed with metal strapping. The drilling crew trucks them daily to the Canadian Malartic GP's secure core storage and logging facility (core shack) on the property.

At the core shack, the boxes are opened and inspected by the Canadian Malartic GP staff to ensure the box numbers and meterage are correctly identified. The geologist looks for anomalies in the core box (misplaced core, ground rock, footage block error) that could affect the meterage of the hole, and it is corrected in case of an error.

Once the meterage work is complete, the geologist provides a thorough description of the core. Following existing QA/QC protocols, the geologist inserts the corresponding sample labels at the correct meterage (the "from" distance of the sample) as well as the QA/QC identification tags, before photographing the wet core. Each label is divided into two identical number tags, one placed inside the sample bag and the second stapled to the core box. All samples are assigned a unique sample number. Samples are typically between 0.8 metres and 1.5 metres, although shorter sample lengths between 0.5 metres and 0.8 metres have been allowed since 2018.

Canadian Malartic GP's staff then bring the core boxes to the splitting room. The saw operator saws the core in half according to the limits marked by the geologist and to the labels in the boxes. One half of the sawed core sample is placed in a numbered bag, and the other half stays in the box for future reference and is stored outside in the core racks. An inventory list is updated daily to ensure the core boxes are easily accessible.

QA/QC samples are inserted as directed by the geologist using the tags in the boxes. A list is made by the geologist showing the meterage, the number of samples and the QA/QC sample meterage and type. To prevent mistakes, the technician provides the supervisor with a daily report that shows the number of samples and QA/QC types ready to ship to the external laboratory. The supervisor reviews the list and validates its conformity by comparing it to the geologist's sampling list.

The samples are packed in batches of 10 into a jute bag that is secured by a plastic padlock with a registered serial number. A detailed list is emailed to the laboratory. The laboratory checks that the number of samples received matches the list, as well as the barcode. If discrepancies are observed by the laboratory, the Canadian Malartic GP is immediately contacted before the batch is assayed. The rejects and pulps from the samples are returned to the Regional Exploration office after the QA/QC has been reviewed by Canadian Malartic GP staff. This material is stored in a locked facility for future reference.

All the samples of the 2014 to 2022 programs were submitted to ALS Geochemistry ("ALS") in Val-d'Or, Québec, which acted as the primary laboratory for all assaying. ALS occasionally used other ALS laboratories belonging to the ALS Global Group. ALS has ISO 9001 certification and ISO/IEC 17025 accreditation through the Standards Council of Canada.

Over the years, three different laboratories were used for external check assays on pulps, as summarized in the table below. All secondary laboratories used since 2014 are commercial laboratories independent of Canadian Malartic GP.

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| | | |
|:---|:---|:---|
| **Laboratory** | **Location** | **Accreditation** |
| SGS Canada | Burnaby,<br>British Columbia | ISO/IEC 17025 |
| TSL Laboratories | Saskatoon,<br>Saskatchewan | ISO/IEC 17025 |
| Technilab S.G.B. Abitibi Inc. | Ste-Germaine-Boulé,<br>Québec | ISO/IEC 17025 |

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Sample preparation and gold assays are carried out according to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are received, sorted, and logged (LOG-21) into the ALS LIMS program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are dried (DRY-21, if necessary) and weighed (WEI-21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed (CRU-31), +70% passing a 2 mm screen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushed samples are split (SPL-21) to 250 g using a riffle splitter.

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are pulverized (PUL-31) to +85% passing a 75 µm screen (Tyler 200 mesh).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 50 g pulp aliquot is analyzed by fire assay and AAS (Au-AA24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For samples returning results higher than 10 g/t Au, a second 50-g pulp sample is assayed by FA with a gravimetric finish (Au-GRA22). The Au-GRA22 value is considered the official result in the database.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples containing visible gold (or returning results higher than 10 g/t Au from 2017 to mid-2018 for Regional Exploration samples) are analyzed by metallic sieve (SCR24). Sample pulps (up to 1 kg) are passed through a 100 µm (Tyler 150 mesh) stainless steel screen. The material remaining on the screen (+100 µm) is retained and analyzed in its entirety by FA with gravimetric finish and reported as the Au (+) fraction. The material passing through the screen (100 µm) is homogenized, and two subsamples (50 g) are analyzed by FA with AAS finish (Au AA26 and Au AA26D). The average of the two AAS results is taken and reported as the Au (-) fraction. All three values are used to calculate the combined gold content of the plus and minus fractions.

The Canadian Malartic GP's QA/QC program includes a routine insertion of CRMs or standards, blanks and duplicates, as well as an external duplicate assay check ("check assay"). One standard is included every 20 samples, and one blank and one coarse duplicate every 50 samples (since 2016). In 2014 and 2015, the coarse duplicated insertion rate was one duplicate every 25 samples. Additional blanks and coarse duplicates are typically inserted in the mineralized zones. The QA/QC program does not include a systematic field duplicate control. From 2014 to 2021, 536,170 samples were sent for analysis.

Standards are used to detect any problem with specific sample batches and/or any possible long-term biases in the overall dataset. The CRMs were purchased from CDN Resource Laboratories Ltd, except in 2020 when certified custom standards were used in addition to the purchased CRMs.

Canadian Malartic GP used coarse duplicates to address the representativeness of the results. At every 25 or 50 samples, the laboratory takes two different 250-gram fractions from the crushed samples and follows the same process for the pulverization and assaying. Since 2018, Regional Exploration coarse duplicate samples were requested only for the infill drilling of the Odyssey South Zone. For Mine Exploration, the coarse duplicate assaying (as described above) is a standard procedure.

To assess the assay accuracy of the primary laboratory, pulp samples from the mineralized sections are routinely collected and sent to a secondary laboratory every quarter.

Several database validations, verifications and audits were completed prior to the Canadian Malartic GP's acquisition of the Canadian Malartic property. Once these processes were completed, the historical databases were locked to prevent any changes. As part of the validation for the December 31, 2021 Mineral Resource estimate for Canadian Malartic, Canadian Malartic GP performed a basic cross-check routine to ensure the usage of the validated and locked databases for data prior to 2014. Canadian Malartic GP did not find any discrepancies with the current database. All historical drill holes used in the open pit databases were completed before Canadian Malartic GP acquired the Canadian Malartic property.

Since 2014, Canadian Malartic GP's data verification has occurred simultaneously with drilling. The Canadian Malartic Qualified Persons had full access to the data, and their verification included, but was not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill rig site visit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core review (description and photos)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• QA/QC review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spatial validation of the models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistic validations and comparisons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Checks on values in the data tables (import errors, special values)

Yamana is of the opinion that the sample preparation, sample security, and analytical procedures at the Canadian Malartic property are adequate and consistent with industry standards.

*Mineral Processing and Metallurgical Testing* 

*&nbsp;&nbsp;&nbsp;&nbsp;*See below under "Processing and Recovery Operations".

*Mineral Resource and Mineral Reserve Estimates*

See "– Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

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**EXHIBIT 99.1**

The Mineral Resource estimate for the Canadian Malartic property was prepared in accordance with CIM Standards. The Mineral Resource estimate for the Canadian Malartic property consists of 7 block models ("BMs") (two for open pit mining, nine for underground mining) covering the following deposits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Canadian Malartic, South Barnat and Gouldie deposits (1 BM open pit)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jeffrey deposit (2 BMs, underground)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Western Porphyry deposit (1 BM, open pit)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• East Malartic deposit (1 BM, underground)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Odyssey deposit (1 BM, underground)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• East Gouldie deposit (1 BM, underground)

Canadian Malartic, South Barnat, Gouldie, Jeffrey and Western Porphyry were initially modelled and estimated for the purpose of open pit mining and the report refers to these deposits as "open pit projects". The East Malartic, Odyssey and East Gouldie deposits were modelled and estimated for the purpose of underground mining and the report refers to these deposits as "underground projects".

The Mineral Resource estimate models for the Canadian Malartic property were prepared and updated using LeapFrog GEO, STUDIO RM and DESWIK CAD. The broad geological model for the Canadian Malartic deposits was created using drill logs as well as production hole data, when available. The most prominent component of the geological model is a major, east-west lithological contact between the sedimentary rocks of the Pontiac Group to the south and the volcanic rocks of the Piché Group to the north. This contact corresponds to the southern limit of the LLCFZ and it is modelled as a surface. Individual models were also prepared and updated for each deposit, and they encompass information on porphyry, sedimentary and volcanic units; geological contacts; mineralized zones; and topographic and overburden surfaces.

The main steps in the Mineral resource estimation methodology were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compile and validate the diamond drill hole databases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Update the geological model, the mineralized zones interpretation and the voids model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate the drill hole intercepts and composites for each mineralized zone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform basic statistics (capping).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform geostatistical analysis and variography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interpolate grade within the block models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Validate the block models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish Mineral Resource classification criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assess the Mineral Resources with the "reasonable prospects for eventual economic extraction" and select appropriate cut-off grades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As required, model depletion and pillar exclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate a Mineral Resource statement.

Mineral resource classification for the Canadian Malartic property is based on the robustness of the various available data and model characteristics, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality and reliability of drilling and sampling data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presence of RC and/or production drilling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill hole density;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidence in the geological interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geological and grades continuity of the structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variogram models and search ellipse criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interpolation parameters.

The Mineral Reserve estimate for the Canadian Malartic property includes open pit and stockpile Mineral Reserves. The Mineral Reserves are reported according to CIM Standards.

The design for the Canadian Malartic and Barnat pits was prepared from Canadian Malartic GP's resource block model updated on December 31, 2022. From this resource block model, a reserve block model was developed to integrate additional parameters such as mill recovery, dilution, mining zones and royalties.

Open pit optimization was conducted to determine the optimal economic shape of the open pit in 3D. This task was undertaken using Whittle software, which is based on the Lerchs-Grossmann algorithm. The method works on a block model of the orebody and progressively constructs lists of related blocks that should or should not be mined. The method uses the values of the blocks to define a pit outline that has the highest possible total economic value, subject to the required pit slopes defined as structure arcs in the software. The results of the Whittle optimization served as the basis for the final pit design. The optimization considered the space needed for

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**EXHIBIT 99.1**

ramps and the constraints related to the presence of old excavations. GEMS Pit Design software was used to design ramps with 10% grades and widths of 35 metres.

The ore tonnage and grades include dilution tonnage and grades, as estimated from optimized mining shapes. As Canadian Malartic GP is backfilling all open underground stopes and mining their pillars, the Mineral Reserve estimate does not consider mining loss.

In 2022, the Canadian Malartic & Barnat Open Pit saw a decrease of approximately 263,000 ounces of gold in Proven and Probable Mineral Reserves (reflecting the Company's 50% interest) driven primarily by depletion of 360,000 ounces of gold (50% interest). With initial production from the underground Odyssey mine at Canadian Malartic expected to commence in March 2023, an initial small portion of the Indicated Mineral Resources at the Odyssey South deposit was converted to Probable Mineral Reserves as at December 31, 2022, adding 98,000 ounces of gold in Mineral Reserves (50% interest). An addition of Mineral Reserves is expected at the Odyssey project at year-end 2023 with the conversion of Indicated Mineral Resources at the East Gouldie deposit where continued conversion drilling success resulted in the addition of 1.9 million ounces of gold in Indicated Mineral Resources (50% interest) during the year.

Yamana is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political, and other relevant issues that could impact the Mineral Resource estimate or the Mineral Reserve estimate for the Canadian Malartic property. Please also refer to "Description of the Business – Risks of the Business – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources".

*Mining Method*

The mining method selected to mine the Mineral Reserves is by open pit using conventional trucks and shovels. The mining method is optimized in legacy underground mining areas by using remote controlled shovels, drills and dozers. The highest-grade ore is sent directly to the crusher. When ore extraction exceeds milling capacity, the ore is directed to a dedicated stock pile depending on grade (high or low). Waste rock is stockpiled on a dedicated rock pile. Ground reinforcement is used in selected areas following tight scaling procedure and geotechnical inspections. Cable bolts are typically used. Some mesh draping, energy absorption support and high capacity anchors are also installed but to a lesser extent.

Mining constraints in the Canadian Malartic North sector due to the town's proximity and old underground openings make it impractical to divide the pit into phases. Instead, the design considers two pits, Canadian Malartic and Barnat, according to the permits obtained.

The optimal pit shells produced with the Lerchs-Grossmann algorithm were used as a guideline for the pit design. The pit design process consisted of designing ramp accesses to the bottom of the pit using the geotechnical recommendations guiding bench geometry. The shell selection process involved analyzing a series of graphs, tables and figures generated in Whittle and GEMS. The net present value graphs generated in Whittle have distinct characteristics showing major changes to the pit economics. The selected Whittle shells were further analyzed in and DESWIK to address the mining practicalities of the selected shells, such as the distances from underground openings.

The drill pattern design is dictated by the need to control blast-induced vibrations and air overpressures (airblasts) in the neighbouring town of Malartic.

Waste material is stored north of the TSF. An estimated total tonnage of 450 Mt of waste will be placed on the waste rock pile. An in-situ compacted density of 1.96 t/m<sup>3</sup> was used to estimate the storage volume of 230 Mm<sup>3</sup>.

The ramps and haul roads are designed to accommodate the largest equipment, which is currently the Caterpillar 793F haul truck. For double-lane traffic, provincial regulations are followed. Double lane roads are designed for all accesses. Optimization to complete mining at the bottoms of pits is planned to be single lane. The travelling surface is at least triple the width of the largest vehicle. Ramp gradients are designed at 10%.

*Processing and Recovery Operations* 

Since its commissioning in 2011, Canadian Malartic Mine has improved its throughput as a result of several additions to the process flowsheet. First, a secondary crushing line and a second pebble crusher in closed loop with the SAG mill were added in 2012. In 2016, modifications were made to the tailing thickener to reach higher underflow densities and the cyanide destruction process was changed to Caro's acid. An auxiliary line of pre-

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**EXHIBIT 99.1**

crushed material was added to the grinding circuit in 2017. The Zadra process at the elution circuit was upgraded to a Split-Zadra for better performance and an Advanced Control System was implemented at the grinding circuit in 2018. Throughout the years of operation, the mill's operational team has completed several continuous improvement projects and audits with external experts to improve the overall efficiency of the plant. This methodology of continuous improvement remains a key management practice at the current operations.

The Barnat deposit is located 1.2 km northeast of the centre of the Canadian Malartic deposit and has similar ore mineralogy. With Barnat ore planned to be processed in the same circuit as Canadian Malartic ore, the purpose of the metallurgical testwork was to validate that Barnat ore will behave similarly to Canadian Malartic ore during processing. No equipment selection or circuit design modification are expected, and it is expected that Barnat ore will be processed from the pit or stockpiles with a majority of Canadian Malartic ore.

The Canadian Malartic ore was subjected to a full drop weight test program in 2011 to study hardness. The conclusion of the testwork is that the material's Axb values range from 17 to 45 with an average of 26.8, which justifies the need for extra crushing capacity, installed after initial start-up, due to the very competent nature of the ore. It is the characteristic of the ore that limits the process plant throughput.

Review of the ore composition of the Barnat deposit shows it has many similarities to ore from the Canadian Malartic deposit. However, ultramafic rock at Barnat which is mainly low grade and waste material will be new to the existing milling process at the Canadian Malartic operation. Testwork representing grinding, leaching, gravimetric and settling was completed to evaluate the differences.

Approximately 75% of the ore from Barnat will behave as Canadian Malartic ore, which is hard rock with gold and silver telluride finely disseminated in pyrite. The ultramafic ore from Barnat is softer ore and its settling rate is lower than Canadian Malartic ore but it should not impact the milling process outside of its limits when it is blended with more than 80% of the hard rock. The ultramafic ore is diluted with porphyry when fed to the mill. Reagent consumption is adjusted to take into account this new rock type.

Composite leach testwork confirmed that the actual circuit is adapted to this project and a small composite was used to define the recovery area. All the models are dependent only on zone and grade. The Pontiac zone of the Barnat deposit is the extension of the south Canadian Malartic deposit and they have the same model. The Piché-Barnat zone shows better recovery in porphyry. The gold recovery from ultramafic rock is better than from the rest of the deposit but it has been included in the Piché recovery model since proportion and grade is not representative of the ore that will feed the mill. The same conclusion is applicable for gravimetric techniques which show good potential of gold recovery but on a small proportion of the deposit — however, leaching alone provides good recovery.

A tails diagnostic leaching study indicated that refractory gold is locked. Fine grinding is still the sole technique to increase its liberation. No deleterious elements were identified in the samples tested.

Considering the existing processing circuit and similarity between the Canadian Malartic and Barnat deposits, Yamana is of the opinion that the metallurgical testwork that has been completed is appropriate to support the Mineral Resource estimates. No modifications to the processing equipment are required.

*Infrastructure, Permitting and Compliance Activities* 

The main infrastructure of the Canadian Malartic Mine includes the multi-service building (administration / warehouse / mine office / truck shop), the process plant, the crushing plant, the guardhouse, several pumping stations, the construction office and many MegaDome buildings.

The electrical power is supplied by the existing Hydro-Québec 120 kV Cadillac main substation, which was connected to the mine site with the construction of a 19-km-long 120 kV electrical transmission line. The power demand for the entire project is about 85 MW, including all ancillary facilities for the mill and mine.

A water treatment plant has been built to treat water pumped from the Southeast Pond before discharging it into the polishing pond for a capacity of 1,000 m3/hour. The effluent treatment plant ("ETP") is used mainly for cyanide destruction, dissolved metal ions and total suspended solids removal. It is a common oxidation process (hydrogen peroxide and copper sulphate) followed by the addition of a metal precipitant, addition of iron sulphate as a coagulant and the addition of a flocculant. The discharge of the ETP is then filtered by geotubes located at the polishing pond prior to final discharge to the environment. Treatment occurs mainly in the spring when ice melting raises the pond's levels or during the summer.

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**EXHIBIT 99.1**

Since 2014, sustained efforts have significantly reduced the Canadian Malartic Mine's impact on the environment, resulting in a considerable decrease in the number of notices of non-compliance. Challenges are always present for the air overpressures and NOx emissions from the blasts. In 2019, the Canadian Malartic GP received two notices of non-compliance for air overpressure and two notices of non-compliance for NOx emissions. All notifications are investigated, an action plan is produced, and corrective actions are put in place. The action plan is transmitted to the regulator. The last notices of non-compliance for air quality and noise date back to events in May 2015 and October 2016, respectively.

On August 2, 2016, Canadian Malartic GP was served with a class-action lawsuit and injunction request with respect to allegations involving the Canadian Malartic Mine. The complaint was in respect of "neighbourhood annoyances" arising from dust, noise, vibrations and blasts at the mine. On October 15, 2019, an agreement in principle was announced by the parties with respect to the class action, the permanent injunction and the judicial review proceedings. As no appeal was filed, the judgement approving the settlement is definitive, and the plaintiffs consequently withdrew from the injunction and the judicial review proceedings on January 20, 2020.

In its Sustainable Development Policy adopted in 2014, Canadian Malartic GP commits to contributing socially and economically to the sustainable development of the communities where it operates and to maintaining fair and respectful relationships with its employees and host communities. The Canadian Malartic GP has incorporated social and economic impact management into its practices to build a strong organization with a business strategy that offers employees a workplace of choice, contributes to host communities' well-being and social development, and creates value for shareholders and its partners.

As part of ongoing stakeholder engagement, in June 2020, the Canadian Malartic GP entered into a Collaboration Agreement with four Anishinabeg First Nation communities (Abitibiwinni, Lac Simon, Long Point and Kitcisakik). The Collaboration Agreement sets out measures to increase the participation of the four communities in Canadian Malartic GP's activities in regard to training, job and business opportunities, and environmental protection until 2027. The communities will also receive annual financial contributions to promote their sustainable development and to establish community-building projects.

All identified environmental impacts and risks arising from Canadian Malartic GP's activities are monitored and mitigated. Numerous solutions to reduce the impact and risks of its operations have been implemented. The environmental monitoring program ensures Canadian Malartic GP's activities comply with its permits and the applicable laws and regulations for the mining industry in Quebec. The program includes components for vibrations and air overpressure, noise, air quality, atmospheric emissions, effluent quality, groundwater level and quality, solid and hazardous waste management, mine waste management, accidental spills and greenhouse gas emissions.

The primary environmental considerations and potential liabilities for the Canadian Malartic property are related to the operations of the TSFs. Canadian Malartic GP prioritizes the management of tailings and is in the process of aligning the tailings management system with best practices proposed by the Mining Association of Canada guidelines.

Tailings management practices at the Canadian Malartic property incorporate evolving international best practices for design and management, as represented by the Canadian Dam Association and the Mining Association of Canada.

The water management infrastructure is designed to minimize the impact on the environment, ensure an uninterrupted long-term mining sequence and preserve the geotechnical stability of the surrounding mining infrastructure. The site-wide water balance is updated on an annual basis, and water quality modelling is conducted as needed to update the predictive water management models.

The current closure plan for the Canadian Malartic Mine was approved by the Ministry of Energy and Natural Resources of Québec ("MERN") in 2017. The costs of the current approved 2015 reclamation plan are estimated at C$163.3 million. The closure costs include the additional reclamation costs related to the Malartic Extension Project, which mainly consists of the mining of the Barnat pit, the expansion of the waste rock pile, and the expansion of the TSF. A new revision of the reclamation plan was submitted to the MERN in December 2020 and is currently under review. The 2020 closure plan includes new project components and associated new reclamation costs and it is expected that that reclamation and closure costs will rise once approved based on an increase in the affected area, more refined final cover method and increasing unit costs, indirect costs, and contingency.

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**EXHIBIT 99.1**

The Canadian Malartic GP has submitted the total amount of the reclamation bond to the MERN in the form of irrevocable letters of credit according to MERN's payment terms.

*Capital and Operating Cost Estimates* 

The capital and operating costs presented below are for the Canadian Malartic open pit operation only and do not include costs related to the construction of the Odyssey underground project that was approved by the Partnership in February 2021. For information about Odyssey project costs, refer to "Odyssey underground project internal Preliminary Economic Assessment Technical Study".

The estimated capital costs of the Canadian Malartic Mine correspond to the sustaining capital for mine and pit development costs, including deferred stripping costs. For the mining operations, there are no near-term capital costs for the purchase of new equipment. A summary of the three-year capital cost forecast for the Canadian Malartic Mine is set out in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Capital Cost (C$M)** | **2022** | **2023** | **2024** |
| Sustaining cost | 64.3 | 57.5 | 29.7 |
| Development cost | 24.3 | 24.3 | 23.4 |
| Deferred stripping | 55.0 | 70.9 | 45.2 |
| **Total Capital Cost** | **143.7** | **152.7** | **98.2** |

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Operating costs consist of annual expenditures incurred at the mine to extract ore and waste rock and to process the ore. The mining consumables are based on the costs and contracts. The costs for future operation consumables, such as mill reagents, grinding media, etc., are based on recent supplier quotations, general and administrative ("G&A") costs, and transport and refining costs. The decrease in mining cost per tonne is primarily a result of open pit mining activities progressively declining while the drawdown of stockpile increases to maintain the plant feed relatively stable. A summary of the three-year operating expenditures forecast for the Canadian Malartic Mine is set out in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Operating Forecast** | **2022** | **2023** | **2024** |
| Projected processed tonnes | 17949247 | 19886852 | 20622498 |
| Projected gold ounces recovered | 630052 | 598978 | 530685 |
| Mining cost (C$M) | 337.03 | 316.84 | 222.72 |
| Processing cost (C$M) | 209.19 | 225.50 | 234.44 |
| G&A (C$M) | 86.89 | 77.33 | 70.44 |
| Transport and refining (C$M) | 1.19 | 1.09 | 0.98 |
| **Total Operating Costs (C$M)** | **634.3** | **620.8** | **528.6** |
| **Total Operating Costs Per Tonne**<sup>(1)</sup> | **35.3** | **31.2** | **25.6** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluding royalties

*Exploration, Development and Production*

In 2022, the Canadian Malartic GP drilled 177,163 metres (100% basis) with 151,249 metres dedicated to definition drilling at East Gouldie and Odyssey focused on increasing the known mineralization and conversion to Mineral Resources at the Odyssey project. An additional 25,914 metres was drilled for exploration at East Gouldie on the Rand claims, as well as testing targets at Midway, East amphi and largets located north of the open pit operation. All Camflo data was integrated into a geological model in preparation for the 2023 drill program testing the potential for shallow resources in the crown pillar area of the historic operation.

*Odyssey underground project internal Technical Study*

The Odyssey underground project internal Preliminary Economic Assessment level technical study (the "Technical Study") was completed in February 2021. The Technical Study is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the forecast production amounts will be realized.

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**EXHIBIT 99.1**

The Odyssey underground mining project is located east of the current Canadian Malartic open pit operation and is comprised of the Odyssey, East Gouldie, and East Malartic deposits. As of December 31, 2022, the Odyssey project contains 197 Koz gold in Probable Mineral Reserves, 6.165 Moz gold Indicated Mineral Resources and 9.2 Moz gold Inferred Mineral Resources on a 100% basis. Canadian Malartic GP approved the construction of the project after completion of the Technical Study in February 2021.

The Technical Study outlines an underground project ramping up to a production rate of approximately 19,000 tpd. Mineralized material from the underground mine will be processed through the existing Canadian Malartic processing plant with first gold production scheduled for 2023. At full production, the Odyssey project is expected to produce an average of approximately 545,400 ounces of gold per year.

The Odyssey project will utilize a transverse long-hole stoping mining method with primary and secondary stopes and paste backfill to fill the voids. This is a proven mining method in the region. In some areas of the East Malartic zone, where access to the mineralization is restricted by historical mine openings, mining will be undertaken using a longitudinal stoping method. Stope height varies from 30m to 50m depending on depth and rock quality differing in mining zones. As the mine ramps-up to full production more active mining fronts from each deposit will be created to sustain steady state production.

The mine plan presented in the Technical Study is based on a mining inventory estimated using the Mineral Resource models as of December 31, 2020 and includes Indicated and Inferred Mineral Resources. For the purposes of the Technical Study, only the Mineral Resources above mining cut-off grades ranging from 1.4 to 1.9 g/t at a gold price assumption of C$1,625 per ounce (USD$1,250 per ounce at an exchange rate of 1.3 CAD/USD) were included in the mineable inventory. Additionally, the Mineral Resources included in the Technical Study include full dilution and mining recovery. Overall, the Odyssey project mine plan is based on 82 million tonnes at an average grade of 2.76 g/t for a total of 7.3 million ounces contained gold. The East Gouldie mining zone accounts for more than 72% of the contained gold, while the Odyssey South, Odyssey North, and East Malartic mining zones contribute 5%, 11%, and 12% of the contained gold respectively.

In total, the mine plan supports 7.3 million mineable ounces (100% basis). Lower grade Mineral Resources, that fall below cut-off grade when fully diluted and using a gold price assumption of 1,250 US$/oz, are excluded from the mine plan. Additional Mineral Resources are excluded with the application of a mining recovery factor. Mineral Resources from the Odyssey internal zones are not currently included in the mine plan due to the increased geological complexity of the zones. Infill drilling of these zones from underground is planned to increase geological understanding, which could present opportunities for additional production during the underground ramp-up period. East Malartic Mineral Resources at depth represents another opportunity for future inclusion in the mine plan, which could extend the life of the underground project.

Production via the ramp is expected to begin at Odyssey South in 2023, increasing up to 3,500 tpd in 2024. Collaring of the shaft and installation of the headframe commenced in 2021, with shaft sinking activities expected to begin in 2023. The first loading station is expected to be commissioned in 2027 with modest production from East Gouldie. East Malartic and Odyssey North are scheduled to enter into production in 2028 and 2030 respectively. The operations at the Odyssey project should reach full production of approximately 19,000 tpd by 2031. Life of mine is estimated at 17 years and average annual payable production is approximately 545,400 ounces of gold from 2029 to 2039. The operation will progressively shift from open pit to underground mining between 2023 and 2028.

The Canadian Malartic Mine mill will be modified to decrease its capacity from 57,000 tpd to 19,000 tpd on a calendar day basis. These modifications will occur in three phases. A gravity circuit will be installed in the ball mill area, while two ball mills will be put in care-and-maintenance. Construction of the gravity circuit can be achieved during standard quarterly plant shutdowns and is not expected to impact on production.

Tailings will be stored in two different facilities over the years of operation of the Odyssey project. Until the end of 2023, tailings will continue to be stored in the current Canadian Malartic Mine TSF. Designs to expand the current TSF past 2022 are under progress. Towards the end of 2023, the mined out open pit at Canadian Malartic will be ready to store tailings. The in-pit tailings storage capacity is approximately 125 Mt, sufficient for the 109 Mt required over the current life of the combined open pit and underground operation, considering that 41 Mt of tailings will be deposited in the underground voids as paste backfill.

A provincial decree was granted in 2018 providing for underground mining of Odyssey South and Odyssey North through ramp and shaft. A request for decree amendment, adding the East Gouldie and East Malartic mining zones was submitted to the Ministère de l'environnement et de lutte aux Changements climatiques du Québec in February 2021. Permits were obtained allowing the first phase of the project, (decline, fresh air raise development,

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**EXHIBIT 99.1**

potable water withdrawal, wastewater treatment, temporary access to Highway 117). An application for a Certificate of Authorization for shaft sinking and related surface infrastructure was submitted and is pending.

The Odyssey project has modest capital requirements in any given year which are manageable and fully funded using Canadian Malartic GP's cash on hand and free cash flow generation, with no external funding required. In the Technical Study, gold production during the construction period is expected at 932,000 ounces (100% basis), with net proceeds from the sale of these ounces significantly reducing the capital requirements for construction of the Odyssey project. Assuming a gold price of $1,550 per ounce, the projected initial expansionary capital of $1.14 billion over this eight-year period would be reduced in half. Operating costs are estimated to total C$5.2 billion over the life of the underground project, averaging 62.92 C$/t of ore processed and considering synergies between the Odyssey project and the Canadian Malartic open pit operation.

The Odyssey project continues to be on schedule, with the first key milestone of gold production from Odyssey South in the first quarter of 2023 remaining on target. Underground development costs have been tracking below budget since the initiation of the project, and together with further productivity improvement opportunities, such as the internalization of development in the second and third quarters, have been able to mitigate any inflationary pressures on surface infrastructure costs. Further, a weaker Canadian Dollar versus the US Dollar, in relation to the PEA assumptions, continues to be beneficial to costs. Beyond that, drilling continues to expand the Odyssey South and East Gouldie zones and delineate the Odyssey internal zones, which were not previously considered in the 2021 PEA mine plan. The Odyssey team is in the process of optimizing the mine plan with these drilling results, which is expected to result in higher gold production during the construction period, further offsetting the initial capital cost and optimizing the cash flows profile starting in 2023. Further, as construction activities continue through 2028, further optimization opportunities will be pursued. The Odyssey project is now fully permitted with the mine production certificate of authorization received in October and the mining lease granted in November 2022.

With only 7.3 million ounces, or approximately 47% of the Odyssey Mineral Resources included in the mine plan outlined in the March 2021 technical study on a 100% basis, there is significant upside potential to a mine life already expected to last until at least 2039.

As previously reported, exploration drilling of the East Gouldie Extension and parallel Titan zone indicate that a corridor of mineralization extends at least 1.3 kilometres to the east of East Gouldie and over an approximate 2,000 metre vertical extent. The Company believes that the underground development will support a significantly higher level of production than assumed in the current mine plan with more production that could come from further ramp development and from a possible second shaft at depth where mineralization remains open in all directions.

Drilling demonstrates that the East Gouldie deposit also extends significantly to the west of the resource envelope at economically favourable grades and widths. Overall, drilling indicates that the East Gouldie deposit extends more than 4 kilometres along strike, of which only approximately 1.5 kilometres is currently reported as Mineral Resources. Thirteen drill rigs are currently active on the property, with five underground drills in the Odyssey South and Internal zones and eight surface drills focused on infilling and expanding the East Gouldie mineralization.

**Other Producing Mines**

***Cerro Moro Mine***

*Property Description, Location and Access*

Cerro Moro is a gold-silver mine located in the Santa Cruz province in southern Argentina. It is located approximately 70 kilometres (90 kilometres by road) southwest of the port city of Puerto Deseado. Access to Cerro Moro is via 20 kilometres of paved road (Provincial Highway 281) from Puerto Deseado to the locality of Tellier, followed by 70 km of all-weather gravel road (Provincial Route 47) to the project turnoff. Cerro Moro is accessed and operates on a year-round basis. Puerto Deseado is the closest community to the mine.

Cerro Moro is comprised of ten grouped mining concessions consisting of a combination of 70 mining minas and 12 exploration cateos, totalling 304,167 hectares. Estelar Resources S.A. ("Estelar"), an indirect subsidiary of Yamana, holds valid and marketable title to the Cerro Moro group of concessions. The main mine area is within the Cerro Moro group of concessions. The Bahía Laura group of concessions are registered to Fomento Minera de Santa Cruz Sociedad del Estado SE ("Fomicruz SE"), a mining company owned by the province of Santa Cruz. Yamana has an agreement with Fomicruz SE to hold an 80% interest of these concessions. This agreement also gives Fomicruz SE a 5% interest in the Cerro Moro group of concessions. The remaining groups of concessions are

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**EXHIBIT 99.1**

registered to Yamana Argentina Servicios S.A. ("YASSA") or Suyai del Sur S.A. ("Suyai del Sur"), both wholly-owned subsidiaries of Yamana.

Mining claims do not expire as long as payment of fees (canons) to the province are paid. Canons payable for each claim are calculated based on the type of mining claim and the number of claims.

On December 30, 2003, Cerro Vanguardia Sociedad Anonima ("CVSA") and Exeter Resource Corporation ("Exeter") signed an agreement, granting Exeter the right to undertake exploration and prospecting work on 39 CVSA properties. The agreement provided Exeter with the exclusive right to acquire a 100% interest in the properties contained in four projects by incurring exploration expenditures of US$3 million over five years. CVSA would retain a 2% NSR on the Cerro Moro group of concessions. Franco Nevada acquired the 2% NSR from CVSA. The transaction closed on April 24, 2014.

On October 27, 2015, Yamana entered into a silver purchase agreement with Sandstorm. In consideration of an advanced payment and an additional payment of 30% of the spot price of silver at the time each ounce of silver is delivered, Yamana agreed to deliver silver related to Cerro Moro to Sandstorm equal to 20% of the silver produced, up to a maximum of 1.2 million ounces of silver annually. When 7.0 million ounces of silver have been delivered to Sandstorm, the silver stream will reduce to 9.0% of the silver produced for the life of the mine.

On June 15, 2016, Samco Gold Limited and a subsidiary of Yamana, signed an NSR agreement granting the right to undertake exploration and prospecting work on three properties grouped as the Corina concessions in exchange for a 2% NSR.

On April 25, 2017, Minas Argentinas S.A. entered into an option agreement with Minera Santa Cruz S.A. ("MSC") for the purchase of the Mosquito property. The option agreement was subsequently assigned to YASSA on August 30, 2018. The term of the option is for five years and is subject to the investment condition of US$5 million in exploration works by YASSA. As consideration for exercising the option, YASSA has agreed to pay to MSC US$30 for every ounce of gold defined or mined in the Mosquito Property up to a maximum of US$12 million (minus US$1 million advanced by YASSA to MSC at the time of execution of the option). In addition, YASSA has agreed to pay a 2% NSR to MH Argentina S.A. ("MHA"). No NSR royalty will be payable on the first 200,000 ounces of gold produced from the Mosquito Property and the advance payment of US$1 million paid by YASSA to MHA must be credited against the NSR. Estelar. has guaranteed YASSA's obligations.

Estelar has all required permits to continue carrying out the proposed mining operations on the Cerro Moro property. Yamana is not aware of any significant factors and risks that may affect access, title, or the right or ability to perform mining and exploration work on the property.

*History*

The Cerro Moro property was discovered in 1993 by Mincorp Explorations S.A. ("Mincorp"). Follow-up exploration programs, consisting of geological mapping, rock chip geochemistry, and drilling, led to the discovery of widespread and variably mineralized quartz vein structures covering an area spanning more than 100 square kilometres. A number of mineralized structures were identified by trenches, surface samples, and by core and RC drill holes by the previous owners. Exploration activities were focused on testing the extension and infill drilling of the identified structures.

Yamana has owned Cerro Moro since August 2012 and construction of the operation was approved in 2015. The Cerro Moro operation began feeding ore to the processing plant in April 2018. Production on the property from April 2018 to December 2022 is listed in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Historical Gold and Silver Production to December 31, 2022** | **Historical Gold and Silver Production to December 31, 2022** | **Historical Gold and Silver Production to December 31, 2022** | **Historical Gold and Silver Production to December 31, 2022** | **Historical Gold and Silver Production to December 31, 2022** | **Historical Gold and Silver Production to December 31, 2022** |
| **Year** | **Tonnes Processed** | **Gold<br>Feed Grade<br>(g/t)** | **Silver<br>Feed Grade<br>(g/t)** | **Gold Production (oz)** | **Silver Production (oz)** |
| 2018 | 199602 | 15.85 | 724.7 | 92793 | 4119085 |
| 2019 | 367334 | 10.81 | 568.6 | 120802 | 6322864 |
| 2020 | 320701 | 6.91 | 565.1 | 66995 | 5448561 |
| 2021 | 376557 | 7.19 | 505.1 | 79988 | 5582197 |

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**EXHIBIT 99.1**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2022 | 371252 | 9.10 | 543.1 | 108240 | 6116624 |
| **Total** | **1635446** | **9.44** | **566.6** | **468818** | **27589331** |

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*Geological Setting, Mineralization and Deposit Types*

Cerro Moro is located within the Deseado Massif, a tectonic block in the central portion of the Santa Cruz Province that covers an area of approximately 60,000 square kilometres. The Deseado Massif is host to several producing and past-producing gold and silver mines, all of the low-sulphidation gold-silver-quartz vein deposit type. This deposit type is characterized by quartz veins, stockworks, and breccias that contain gold, silver, electrum, argentite, and pyrite with lesser and variable amounts of sphalerite, chalcopyrite, galena, rare tetrahedrite and sulphosalt minerals that form in high-level (epizonal) to near-surface environments.

The Cerro Moro property is underlain by Tertiary marine sediments, Quaternary gravels and volcanic rocks of Jurassic age assigned to the Bahía Laura Group by Panza et al. (1994).

The current distribution of rock units is strongly controlled by faulting. Stratified rocks generally dip gently to the south but are displaced along numerous faults. Actual displacement vectors on faults are poorly defined and structural observations of veins and fault surfaces show a complex history, with reactivation of fault surfaces showing different displacement vectors during different periods of deformation and resultant mineralization.

Gold-silver mineralization at Cerro Moro is associated with epithermal veins. Geological mapping and Ar-Ar age dating on vein adularia have defined at least three episodes of veining, spread over 9 million years from 180 to 171 Ma. The different ages of veining tend to have different orientations and structural controls on high-grade shoots. The earlier pulses of veining (Michelle vein at 180 Ma, Esperanza at 175 Ma, and Gabriela at 178 Ma) are characterized by banded crystalline quartz veins with local adularia and low sulphide content. These veins are generally poorly mineralized although they locally contain significant ore shoots. Grades are lower than in the younger pulse of mineralization and ore shoots terminate at shallow depths, suggesting significant erosion of the vein systems has taken place.

A second later pulse (171 Ma) consisting of black silica, is rich in base metal and silver sulphides and hosts high-grade gold mineralization, mainly in the Escondida-Zoe vein system. These high-grade veins and stockworks consist of banded veins with white quartz, fine-grained black silica, and coarse sulphides including pyrite, pale-coloured sphalerite, galena, and acanthite as well as local electrum. The black silica is also characterized by anomalously high molybdenum content.

Veining at Cerro Moro is complex and widespread. Veining varies from simple single veins to complex vein systems. Veins are typically steeply dipping to sub-vertical. Outcropping veins locally reach widths up to 4 m, whilst associated zones of quartz stringers and stockwork may reach widths in the order of 10 to 15 m. The strike length of individual veins is variable and ranges generally between 200 metres and 1 kilometre. Alteration has been identified by Terraspec using spectrometry and is typical of the low-sulphidation model, with broad haloes of white mica and less common kaolinite alteration around the mineralized veins.

Structural controls on veining at Cerro Moro vary with the age of the veins. The oldest veins at Cerro Moro trend north to northeast and mineralization is preferentially hosted in northeast-trending segments, especially in areas close to intersections with northwest or east-west structures, suggesting possible reactivation with emplacement of younger mineralization. A second episode of white quartz-adularia veining was emplaced along northwest-trending structures. These veins are widespread in the main mine area and host lower-grade but significant mineralization in the Gabriela and Esperanza-Nini areas. The mineralization in these veins extends to relatively shallow depths below the current surface and probably represent the roots of deeply eroded veins. The third high-grade episode of sulphide-rich mineralization is also hosted along northwest-trending faults. The main Escondida fault is a large displacement south side-down fault. Mineralization is localized around east-west trending segments as well as in small east-west splays off the main structure. These observations, along with the stratigraphic displacement observed above, suggest a strong sinistral-normal oblique movement vector that controls this part of the mineralization.

*Exploration* 

Prior to 2017, exploration activities led by Yamana were primarily focused on infill drilling programs with the intent to upgrade the classification of Inferred Mineral Resources on several mineralized structures that include Escondida-Zoe, Martina, Carla, Carlita, Gabriela, Michelle, Loma Escondida, Nini, and Deborah.

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**EXHIBIT 99.1**

Beginning in 2017, exploration activities expanded considerably with an on-going aggressive program aimed at delineating new mineralized areas, not only in the main mine area (covering ~6000 hectares) but also over the entire consolidated property of near 300,000 hectares (some of them under third-party agreements, such as the Bahía Laura and El Mosquito projects).

The exploration team has utilized a wide range of exploration techniques, including geological mapping, soil sampling, whole rock sampling, spectrometry on rock and soil samples, rock-chip sampling, RC and diamond drilling, interpretation of satellite imagery, and remote sensing. Multiple geophysical techniques were used including Controlled Source Audio Magnetotelluric, and both ground and airborne magnetic surveys. Exploration is conducted by trained geologists and technicians using established standard operating procedures.

Surface sampling by Yamana includes soil and rock sampling as well as Terraspec spectrometry surveys of these samples. The current database of surface samples consists of 35,938 rock chips samples, 36,510 soil samples, with spectrometry analysis completed on approximately one third of these samples. Recent exploration efforts have delineated multiple district-scale fault structures on the property that show significant displacements and strike lengths, with both northwest and northeast trends. These structures are similar in orientation and character to structures hosting known high-grade mineralization on the Cerro Moro property; these structures continue to be the main focus of current exploration.

The strategy for Cerro Moro remains to improve the long-term production profile through a more aggressive exploration program with the objective of increasing Mineral Reserves in the short-term. During 2022, the Cerro Moro exploration program consisted of 11,602 metres of delineation drilling to improve the definition of exiting reserves and 23,948 metres of infill drilling to convert Inferred Mineral Resources to Indicated Mineral Resources in the Zoe-Escondida corridor and at Naty and Gabriela. An additional 23,629 metres of exploration drilling testing targets at depth and adjacent known resources in the Zoe and Escondida areas was dedicated to new Inferred Mineral Resources, largely at Escondida, Zoe, Veronica and Martina. Scout exploration drilling of 18,951 metres was completed to test regional exploration targets and initiate definition of a heap leach resource Drilling was completed at numerous targets including Michelle, Gabriela, Patricia, along the northeast striking Naty structure and at Domos Union Ongoing property-scale mapping, geophysics, soil and outcrop sampling continued through 2022 to identify future drill targets.

*Drilling*

As of the end of December 2022, 6006 drill holes have been drilled in the Cerro Moro project area, for a total of 729,455 metres. Of this, 418,996 metres has been drilled since Yamana became the operator. The majority of core drill holes have been drilled in HQ3 size (61.1 millimeter diameter) and utilizing a triple tube core barrel system. About 40% of the core drilling at Cerro Moro is oriented core. All downhole surveys have been performed during the drilling operations. Geologists and technicians at Cerro Moro follow a series of standard operating procedures for the planning and execution of both diamond and RC drilling programs. The core logging procedures used by all operators have been consistent with industry standards.

*Sampling, Analysis and Data Verification* 

Diamond drilling is used for exploration, infill and underground grade control. Drilling pattern is variable and range from 15 × 15 m in underground grade control to 60 × 60 m in exploratory and expansionary drilling. Drilling size is HQ and NQ for surface and underground drilling respectively. The cores are received by the exploration technicians, who first regularize them by marking the depths and controlling with the wooden blocks placed by the drillers. After the technicians performed the geotechnical logging, the geologists perform the geological logging and determine the sampling intervals. Subsequently the drill core is photographed in a dry and wet state and transferred to the sampling area. The recovery and the RQD are measured by technicians. The core recovery in Cerro Moro is close to 98%.

After geotechnical logging, the geological description is captured including lithology (stratigraphic unit, lithology, pervasive structure, and oxidation), alteration, local structures, mineralization, and vein intervals. The intervals of each sample are marked with an indelible marker on the core and on the box. The complete drill hole is sampled and sent for analysis. The sample lengths are determined by the lithological contacts and by the mineralization of the drill hole. The sample length for HQ core varies between 0.3 metres and 2 metres in length. For NQ drill holes, the minimum sample lengths are 0.4 metres and up to 2 metres. The drill cores are cut in half using a circular diamond saw.

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**EXHIBIT 99.1**

RC drilling is used for exploratory drill holes and for open-pit grade control (short-term planning) on 10 × 10 m grids using an Atlas Copco L8 rig. The RC chip samples are collected by using a rig mounted automatic sampling splitter designed by Metzke. Samples are taken at regular intervals of 1 m and are split at 12.5%, obtaining samples weighing approximately 4 to 6 kg for a drilling size of 5.5". Individual samples are logged in the rig platform by a Company technician and the information is recorded in the geological database. A small portion of cuttings for each sample is stored in a box for detailed logging.

The sampling of underground faces is carried out systematically by production geologists and technicians in the advance galleries after each advance. Channel sampling is performed over the development face approximately every 3.5 m. After washing the face, geological mapping is performed to characterise the lithology, mineralization, structures, and alteration of the rocks. The sample length is determined according to geological criteria. If the mineralized structure has defined contacts with the wall rock and is homogeneous, the vein is sampled in even intervals, with sample length ranging between 0.3 and 1.0 m. If the vein has heterogeneous geological characteristics, sample limits respect these variations, with a minimum sample length of 0.3 m and a maximum of 1 m. Sampling is executed horizontally from left to right at a height of approximately 1.5 m. Channel size is 10 cm height and 5 cm depth giving average samples weight from 3.5 to 10 kg.

The specific gravity measurements are determined using Archimedes' principle, which states that an object totally or partially immersed in a fluid is buoyed by a force equal to the weight of the fluid that is displaced. Core samples between 10 and 20 cm in length are selected, dried at 100° C in an electric furnace, coated with a waterproofing sealant and weighed. The sealed sample is then submerged and weighed in water. A total of 1,497 samples were measured for density determination with all lithologies represented in the sampling.

Yamana employs a comprehensive QA/QC program for monitoring the assay results for samples generated from the exploration drilling programs, in-fill drilling programs, and grade control channel samples. The QA/QC program implemented by Yamana from 2012 to the present, includes the monitoring of accuracy and bias by inserting CRM, precision control through the processing of duplicate samples (duplicates of preparation and analysis, both controls taken in the laboratory, and field duplicates) and control of contamination by geochemical fine blanks and sterile (coarse blanks) material. In 2012, pulp verification was implemented in a secondary laboratory to determine the existence of bias between the primary and secondary laboratories. The results from the QA/QC program are reviewed and monitored by a dedicated Quality Control Team who present the results by means of detailed reports on a regular basis.

From February 2011 to December 2015, Acme Analytical Laboratories ("Acme") were the primary laboratory for exploration samples. Acme established a dedicated on-site sample preparation laboratory at the Cerro Moro project in 2011. Samples were prepared by experienced personnel and a pulp split was sent to the company's ISO9001 certified analytical laboratory located in Santiago, Chile for analysis. The sample preparation facility had a capacity of 150 to 300 samples per day. Activities carried out by the on-site sample preparation facility were as follows: drying (60°C), crushing (70% < 10 mesh), splitting, and pulverizing of the split fraction. Starting in January 2013, some samples were also prepared at the Acme facility located in Mendoza, Argentina. The pulps, in both cases, were sent for analysis to the primary laboratory in Santiago, Chile.

From April 2016 to July 2019, the primary laboratory changed to ALS Patagonia S.A. ("ALS"). The samples are sent to Mendoza, Argentina, for preparation and then the pulps are transported to Lima, Peru, for analysis. As of July 2019, the primary laboratory is Bureau Veritas in Lima, Peru, with sample preparation in Perito Moreno, Argentina. Bureau Veritas is accredited ISO17025:2005 for the analytical used for gold and silver.

Before 2013, samples were initially assayed for gold by fire assay with 50 g aliquot and atomic absorption spectroscopy ("AAS") analysis. Samples over 10 g/t were re-analyzed by gravimetric finish methods. In 2013, the analysis changed to a 30 g aliquot, fire assay, AAS finish, and the limit to be reanalyzed by gravimetric finish method was changed from 10 g/t to 5 g/t gold.

For silver, before October 2012, samples were analyzed by multi-element multi-acid digestion with inductively coupled plasma atomic emission spectroscopy ("ICP-AES"). Samples with silver between 100 g/t and 1,000 g/t were re-analyzed by multi-acid digestion and AAS finish. If silver was greater than 1,000g/t, the sample were re-analyzed by gravimetric method. From October 18, 2012 to July, 2013, samples were analyzed by aqua regia digestion with ICP-AES with samples over 100 g/t silver re-analyzed with gravimetric method. From August 2013 to the present, all samples are analyzed by multi-elements four acid digestion with ICP-AES finish. Samples with silver between 100 g/t and 1,000g/t are reanalyzed by multi-acid digestion and AAS finish, Fire Assay 30 g aliquot with gravimetric method for samples with silver above 1,000 g/t.

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**EXHIBIT 99.1**

Starting in May 2018, samples collected during underground channel sampling are prepared and analysed at the internal mine site laboratory operated by Yamana. The Cerro Moro laboratory is not accredited. The results of the underground samples are used for short term forecasting and grade control as well as in the grade estimation process for resource models. Each sample is weighed, put into the furnace at 120°C +/-5°C, crushed to 85% less than # 10 mesh (passing -2millimetres), riffle split to obtain 200g +/-50g of material, and that 200 g of sample is pulverized at 90% through # 200 mesh. The analysis of gold for underground channel samples uses fire assay with a 30 g charge and an AAS finish. If the sample contains more than 10 g/t of gold, the sample is reanalysed with a gravimetric finish. Silver is determined by fire assays on a 30 g charge and a gravimetric finish.

Due to a backlog in ALS and Bureau Veritas, during May to June 2019, samples from the RC exploration drill holes were sent to Alex Stewart International Argentina (ASI) in Mendoza, Argentina for processing and analysis. From September 2019, due to continued backlog, infill drilling samples are sent for analysis to the internal Cerro Moro laboratory. Starting in October 2022, exploration samples other than for infill drilling are sent to ASI. Other than samples sent to the internal laboratory, all primary laboratories used for drilling and exploration samples are independent of Yamana and certified to ISO/IEC 17025 standards.

Samples are handled only by personnel authorized by Yamana. Samples from the mining operation are delivered directly to the Cerro Moro laboratory each day upon completion of underground sampling. All drill core from surface and underground drill holes is taken directly to a drill logging and sampling area within the secured and guarded mine property by authorized mine or exploration personnel. The mineralized core intervals are logged and sampled, samples are subsequently delivered to the primary laboratory.

*Mineral Processing and Metallurgical Testing* 

See below under "Processing and Recovery Operations".

*Mineral Resource and Mineral Reserve Estimates*

See "– Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

Cerro Moro Mineral Resources have been estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 2019) and are reported in accordance with NI 43-101.

The Mineral Resources have been estimated using a geostatistical block modelling approach informed by gold and silver assay data collected from core drill holes, RC drill holes, trenches, and underground channel samples. The evaluation of the Mineral Resources involved the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Database compilation and verification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of three-dimensional solids for faults and stratigraphic units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of three-dimensional veins/resource domains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data conditioning (compositing and capping), statistical analysis, and variography;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selection of estimation strategy and estimation parameters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Block modelling, grade estimation, and validation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification and tabulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation of the Mineral Resource statement.

Faults and stratigraphy contacts were identified and used to build the lithology model regardless of the gold and silver endowment. Breccia units, dikes, intrusions and overburden were modelled. Mineralized faults were created as volumes using the rock type codes logged. The final Mineral Resource domains were built as sub-domains based on the black-silica content and/or the occurrence of gold and silver mineralization within the fault.

Ordinary kriging estimation was used for models updated in 2020 onwards. Correlograms were generated for individual veins, since correlograms are more stable in the presence of outliers than traditional semi-variograms. Experimental correlograms were calculated in the strike, dip, and pole directions of each vein. A total of 20 models have been estimated using inverse distance square (ID2, 2020-2021-2022) or inverse distance cube (ID3, 2017-2018-2022). Inverse distance cube was chosen to estimate Mineral Resources in new potential areas where limited information was available. Models created before 2020 included a process of "unfolding" to counteract the effect of gentle undulations and post-mineralization brittle faults affecting mineralization.

Underground Mineral Reserves were estimated using Maptek Vulcan software and open pit Mineral Reserves were estimated using Whittle software for pit optimization and subsequently Vulcan for pit design and

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**EXHIBIT 99.1**

evaluation. To account for gold and silver revenue, a NSR value was calculated for each block in the block models, and a cut-off value on this parameter was used for Mineral Reserve estimates.

The methodology used for converting Mineral Resources to underground Mineral Reserves is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verify geometries for the block model and resource wireframes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirm accurate block model depletion with excavated development and stope solids up to the effective reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create stope and ore drift shapes using Vulcan Stope Optimizer ("VSO") using the cut-off values and design parameters applicable to the selected mining method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refine the VSO output shapes, considering orebody geometry, mine layout, historical information, and geotechnical analysis. Drift selective mining units ("SMU's") are optimized considering a split blasting scenario; however, Mineral Reserve estimates are completed considering full face blasting. Additional waste tonnes are manually added to the drift SMUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclude all drift and stope SMUs containing a majority portion of Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design capital and auxiliary development, including ramps, ventilation, materials handling, access, and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete an economic analysis of each stope shape and exclude all stope shapes that are not cash flow positive when considering associated development and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a geotechnical analysis of each zone and make adjustments to the design where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMUs that meet the previous criteria containing a majority portion of Measured or Indicated Mineral Resources are converted to Proven or Probable Mineral Reserves respectively.

The methodology used for converting Mineral Resources to open pit Mineral Reserves is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pit optimization is undertaken on each block model using open pit NSR cut-off values and 52.5-degree overall slope angles. Only Measured and Indicated Mineral Resources are considered in the pit optimization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pit designs are then completed in Vulcan based on the output pit optimization shells using 5 metre bench heights and recommended geotechnical design parameters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining dilution and ore loss are applied through the creation of SMUs using VSO with a minimum mining width of 1.50 metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic evaluations are conducted for each pit. If the evaluation is positive, SMUs contained in the pit volumes are reclassified to the majority resource category contained within each SMU. SMUs containing a majority portion of Measured or Indicated Mineral Resources are converted to Proven or Probable Mineral Reserves, respectively.

In 2022, Mineral Reserves changed due to depletion and adjustments to the geological models, partly offset by additions to the Mineral Reserves inventory from successful infill and delineation drilling. While gold ounces added by drilling covered annual depletion, an updated block model at Verónica caused an overall decrease of approximately 11,000 gold ounces. Depletion during 2022 was primarily from Zoe, a higher grade silver deposit, resulting in an overall decline of approximately 3.6 million silver ounces contained in Mineral Reserves. Cerro Moro has a significant inventory of lower-grade veins that are not fully reflected in the current Mineral Reserves and Mineral Resource statements, which could potentially be processed with an expansion of the processing plant or through a parallel heap leach operation.

Please also refer to "Description of the Business – Risks of the Business – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources".

*Mining Operations - Mining Method* 

Cerro Moro consists of several open pit and underground mines which feed a single processing plant with a throughput capacity of approximately 1,150 tpd. Production from mines located close to the Run of mine ("ROM") pad is hauled directly from the mine. For mines located at greater distances, ore is hauled to a stockpile located close to the portal or pit and then hauled to the ROM pad in hauling campaigns.

Open pit operations are currently carried out by a contractor. The open pit mining sequence consists of first pre-splitting both sides of the vein with holes spaced every 1 meter apart. Then, from the ramp access, waste polygons on the hangingwall side of the vein are mined to create a free face for the vein. Once the vein is fully exposed, the vein is blasted and mined separately to minimize dilution. Once the vein is completely extracted, the remaining waste polygons on the footwall are extracted.

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**EXHIBIT 99.1**

Underground mining at Cerro Moro is carried out using longitudinal long-hole stoping methods. Two variations of long-hole stoping are employed; bench-and-fill, and uphole retreat. Both methods involve ore development at regular level intervals. Stopes are formed by drilling blast holes between levels. After blasting, the broken ore is extracted from the lower level using conventional and remotely operated load-haul-dumpers.

Bench-and-fill is a bottom-up method, in which mining takes place on top of and adjacent to previously mined and filled stope voids. Once the maximum allowed stope span is reached, and after completion of ore extraction from the blasted stope, stopes are filled with loose rockfill with selective use of cemented rock fill. Uphole retreat is a top-down method, where the stope voids are left open and rock pillars are left between stopes to provide ground support. The LOM consists in an integrated operation from open pits and underground mines.

Additionally, the mine has a significant inventory of lower-grade veins that are not fully reflected in the current Mineral Reserves and Mineral Resource statements, many of which are wider than the veins currently being mined. Drilling of these lower grade veins was not typically followed up with infill drilling in the past as the mineralization is below the current cut-off grade. Cerro Moro was developed as a high grade, low tonnage operation but, from the beginning, the Company has considered alternative processing options to allow for economic extraction of lower grade mineralization, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a scalable plant, where the front-end of the plant anticipates higher 2,000 tpd tonnage, with the expectation of modest capital requirement to achieve this objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heap leaching near surface, lower-grade material, to supplement other production.

The objective at Cerro Moro is to create a sustainable ten-years of production of at least 160,000 GEO per year, and up to 200,000 GEO per year. If the Company successfully develops both the plant expansion and heap leach projects, which represent significant upside opportunities, along with conversion of the exploration targets to Mineral Resources, Cerro Moro could produce at least 200,000 GEO per year.

*Processing and Recovery Operations* 

The processing plant at Cerro Moro is currently designed for a throughput of 1,000 tpd or 365,000 tpy on an operating basis of 92 percent availability. The design metal recoveries are 95% for gold and 93% for silver.

The principle processing stages are: crushing, milling, flash flotation, conventional flotation, leaching by agitation, countercurrent decant system to wash the pulp ("CCD"), precipitation with metallic zinc ("Merrill-Crowe process"), detoxification of the pulp to destroy the cyanide, refining, and tailings disposal. Ancillary processes are reagent preparation, water supply treated through a reverse osmosis plant, and reclaim water from the tailings dam.

The grinding circuit consists of a single-stage overflow ball mill operated in closed circuit with hydro-cyclones, and a flash flotation cell (on cyclone underflow) to produce a cyclone overflow product with a grind of 80% passing 75 μm. A portion of the mill discharge stream is treated in a gravity circuit for removal of free gold and electrum, with the concentrate going to the refinery for further concentrating and smelting and the tails going back to the cyclones. The gravity circuit consists of a single high-capacity continuous centrifugal concentrator and a concentrating table.

There is a bulk rougher flotation with a single stage of cleaning. Concentrate thickening of combined flash flotation and conventional cleaner concentrate and regrinding produce a concentrate leach feed with P80 of 30 μm. The re-ground product of the concentrated thickener is sent to an intensive leach tank to liberate the high-grade gold and silver. The scavenger tails are sent to a tails flotation thickener and the underflow is then sent to agitation tanks in a conventional leaching process.

Intensive cyanide leaching of concentrate is done in a single agitation leach tank. The underflow of the tailing flotation thickener is combined with the concentrate from the intensive leach and are agitated in conventional leach tanks (five tanks). The normal residence time is 48 hours. Solid and liquids are separated using a six-stage countercurrent decantation (CCD, six thickeners) circuit. Overall washing efficiency in the circuit is greater than 95% for gold. In addition, the overflow from CCD 1 is pumped to the Merrill-Crowe pregnant solution clarifier to remove remaining solids from the solution. The solution from the clarifier is treated using pressure-leaf clarifier filters to lower the solids content of the solution to less than 10 ppm. The pregnant clarified solution is treated in a deaeration tower to lower the dissolved oxygen content to less than 0.4 ppm prior to the addition of zinc. The Merrill-Crowe process (zinc precipitation) is used to precipitate the gold, silver, and mercury contained in the deaerated pregnant solution. The solution containing the precipitate is filtered in plate- and frame-filter presses.

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**EXHIBIT 99.1**

The detoxification of cyanide in the final tailings uses exclusively hydrogen peroxide. Detoxified slurry is sent to a conventional TSF. Solution from the tailings pond is recycled for reuse in the process.

Yamana continues to advance the plant expansion study with a trade-off of various comminution circuit configurations to optimize the expansion processing flow sheet. Similar to the approach that has proven successful at Jacobina, the Company is considering a low-risk, phased expansion for Cerro Moro with quick payback from the initial phase used to fund subsequent phases.

In parallel, a technical study on the potential heap leach project was conducted, and while the results obtained in 2022 were positive, the Company has elected to prioritize the plant expansion project, as it provides a more immediate high return growth prospect, similar to the phased expansion successfully deployed at Jacobina. Results from a four-month cyanide column leach test program indicate good potential for leaching of both oxidized near-surface vein material, zones with hypogene oxides (hematite) and some low sulphide gold-bearing veins.

Additionally, ore sorting test work was completed in 2022, showing positive results with high recovery of gold and silver with a significant reduction in mass. Although further testing and analysis is required, ore sorting represents an opportunity to remove waste dilution from the mill feed and/or increase the feed grade of lower grade open pit mineralization. As such, ore sorting at Cerro Moro has the potential to replace or complement the plant expansion project. The Company continues to evaluate the ore sorting opportunity, and is currently conducting additional testwork with the objective of defining the optimum sensor technology for a site-based trial in the second half of 2023.

*Infrastructure, Permitting and Compliance Activities* 

The major facilities at Cerro Moro include a ball mill with conventional and flash flotation, intensive and conventional leach with Merrill-Crowe process and precipitate filters, a TSF, an osmosis plant, a six-unit diesel power station operating with diesel generator sets, office buildings, and mine infrastructure.

The TSF embankment is a downstream-configured design and Phase 2 is currently in operation. Land for the TSF was cleared by removing the overburden and stockpiling it next to the dam; this will be used for remediation at the end of the dam's useful life. The total TSF footprint of 564,000 m<sup>2</sup> and features a 1.5 mm thick linear low-density polyethylene membrane liner.

The Phase 2 dam construction was completed in 2022 to a designed dam elevation of 63 metres. The tailings dam will have a final capacity of 2.2 million m<sup>3</sup> of tailings, sufficient for storage of the present Cerro Moro Mineral Reserves. A conceptual trade-off study was initiated in 2022 to assess opportunities for increasing the current tailings storage capacity considering Phase 1 and Phase mine expansions.

Tailings are detoxified before going through the thickener to achieve a 55%-thickened-solids prior to disposal into the TSF. There is no discharge from Cerro Moro's TSF. To date, there have been no external audits to review the existing system. All construction was carried out following the design parameters, and the responsibility for quality control of the applied engineering was assumed by Knight Piesold as the external engineering consultant.

Power at Cerro Moro is provided by six diesel generator sets with an installed capacity of approximately 1,650 to 2,000 kW of electricity. As Cerro Moro's mineral inventory increases, the Company will evaluate its options for alternative sources of power, which include a connection to the grid and wind power. Both options are expected to improve costs and further reduce GHG emissions, thereby accelerating the achievement of the Company's carbon emissions reduction goal. This area of southern Argentina is one of the most prospective areas in the world for wind-based energy generation; the Company's third-party process to evaluate wind power indicates there should be a sufficient and sustainable supply of power. The results of the alternative power analysis will be considered in the plant expansion pre-feasibility and heap leach studies to explore synergies between the projects. Based on preliminary analysis, the Company believes that the conversion of approximately twenty-five per cent of Cerro Moro's power sources to wind would significantly contribute to the carbon reduction goals of the Company to achieve net zero emissions.

Permits required by various government agencies covering the operation have been obtained. The most important licence for the project is the Environmental Impact Statement ("EIS") which was obtained from the approval of the IIA, and is updated every two years. Currently, the third update of the EIS has been submitted and is under evaluation by the Ministry of Mining. The EIS has undergone two rounds of observations which were answered in a timely manner. This permit is authorized at the national level before the Ministry of Environment and Control of Sustainable Development.

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**EXHIBIT 99.1**

All water in the reservoir, which supplies the camp as well as the process plant, comes from groundwater wells and water collected in the TSF area and nearby catchment areas. Water treatment is completed to the water used for human consumption and some sectors of the process. The water goes through a reverse osmosis treatment and ultrafiltration process. The site is certified ISO 14001 and is in the process of certification to International Cyanide Code. Acid rock drainage ("ARD") has not been an issue to date at Cerro Moro. Some studies have demonstrated a potential for future ARD generation and the site continues to monitor waste dumps for runoff and infiltration. In addition, the site monitors the underground mine water quality.

A detailed closure plan for Cerro Moro was submitted to the provincial government in 2021.

Despite the relatively long distance between the mine and the nearest community (~100 kilometres), Cerro Moro maintains an active community relations program. Focusing on strong engagement with the local community, Cerro Moro invests in a wide range of cultural, social, and economic programs. For the past year, Cerro Moro has been quantitatively measuring its SLO with the support of the SLO Index, a tool developed by the Commonwealth Scientific and Industrial Research Organization of Australia (CSIRO). The SLO Index provides direct performance feedback on the quality and quantity of engagement, perception of impacts versus benefits, and an indication of how communities perceive Yamana's management of jobs, local procurement, operational impacts, and environmental concerns.

*Exploration, Development and Production*

The Company expects production at Cerro Moro will maintain a sustainable level of 160,000 GEO for the next ten-years. If the Company successfully developed both the plant expansion and heap leach projects, which represent significant upside opportunities, along with conversion of the exploration targets to Mineral Resources, Cerro Moro could produce at least 200,000 GEO per year. This upside would be beyond the current ten-year outlook, which is expected to be sustainable from Mineral Reserves mine life, ongoing exploration successes and Mineral Reserve replacement.

***Minera Florida Mine***

*Property Description, Location and Access*

The Minera Florida Mine is an underground gold-silver-zinc mine located in the Metropolitan Region of Chile, approximately 75 km in a straight line southwest of the capital city of Santiago. The mine site is situated in the mountains of the Chilean Coastal Range, between the Pacific Coast and the Central Valley, approximately 8 and 1.5 km by road from the nearby towns of Alhué and El Asiento, respectively. The mine operates on a year-round basis.

Yamana holds a 100% indirect interest in the property through its wholly-owned subsidiary, Minera Florida Ltda. The property consists of 200 individual mining exploitation claims covering 18,598 ha including the Minera Florida core mine area and the area used for mineral processing and tailings management. Exploitation claims do not expire as long as canons are paid annually to maintain the active claim status. Minera Florida has been in continuous operation since 1986 and the existing surface rights are deemed sufficient for mining and processing operations.

Minera Florida has sufficient water, power, and labour supplies and sufficient areas for tailings and waste disposal. The access to the property is by paved road. The total driving distance from Santiago is approximately 150 kilometres. The mine sites are located in an area of narrow valleys and high hills at elevations ranging between 500 masl and 1,200 masl. Electric power is available from the Chilean grid and mining services and suppliers are available locally and in the region.

*Geological Setting, Mineralization and Deposit Types*

The geology of the property area is characterized by a fault-bounded block of pyroclastic and volcanic rocks of the Lower Cretaceous Las Chilcas Formation that is in contact with various coeval or younger Cretaceous intrusions. Two important N-S faults define this block: the Agua Fria Fault to the west and the El Roble Fault to the east. Mineralization at Minera Florida is hosted by the Lower Cretaceous (Aptian-Albian) Las Chilcas Formation, here represented by an approximately 1000 m thick sequence of continental volcanic rocks and minor sedimentary rocks. This sequence is dominated by rhyolitic pyroclastic and volcaniclastic units that include welded crystal-lithic and lithic tuff units, coarse volcanic breccias, and highly welded and partly rheomorphic pumiceous ignimbrites. The intrusive rocks comprise mainly granodiorites and monzodiorites.

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**EXHIBIT 99.1**

The gold-silver-zinc mineralization at Minera Florida presents characteristics common to several deposit models but they do not fit any unique model. The complex structural setting of the Minera Florida property is key to understanding the mineral deposit. The southern and central parts of the core mine area are characterized by a series of WNW-trending mineralized structural corridors (e.g. Las Pataguas, Pedro Valencia, and Peumo), whereas further north their orientation changes to ENE-trending (e.g. Tribuna). North-trending faults prominently occur in the mine area with some being important hosts to mineralization (e.g. Maqui). Mineralized zones develop along primary and secondary structures as hydrothermal breccias and zones of stockwork and veinlets. The mineralization is always multi-episodic with re-brecciation of previous pulses and multiple cross-cutting relationships of veinlets; it can also be reworked in cataclastic zones. The mineralization is multi-episodic and polymetallic. It consists of pyrite-sphalerite-galena-chalcopyrite; it contains precious metals in the form of native gold and silver, electrum, silver sulphosalts, and acanthite and is associated with quartz-epidote-chlorite-amphibole-calcic garnet-magnetite-(rhodonite). Gangue minerals such as amphibole, rhodonite, scapolite, albite, and tourmaline are important vectors to mineralization. Mineralized zones have highly variable widths of less than one metre to twenty metres and have horizontal and vertical continuities of up to 300 m. Fluid flow from the hydrothermal system produced strong hydrothermal alteration in the rocks located at high stratigraphic levels above the mineralization. The multiple zones comprising the Minera Florida Mine are hosted in a variety of host rock and span significant vertical and lateral distances as well as time. Variations in alteration and ore mineralogy can be expected.

*Exploration and Drilling* 

Systematic sampling of the gold bearing structures has been ongoing since 1986 and includes diamond drillholes and underground channel sampling. Drill core samples are used for target generation and estimation of Mineral Resources and Mineral Reserves. Channel samples are used for grade control monitoring in development drifts as well as in estimation of Mineral Resources. The sampling protocols for drilling and underground channel sampling are documented in standard operating procedures. For exploration drill core, sample length is determined by the structures logged as well as the presence or absence of quartz veining. Sample lengths in mineralized zones range from 0.2 m to 1.0 m, while sample lengths in unmineralized areas can be up to 3.0 m. For infill drill core, the minimum and maximum sample lengths in mineralized zones are 0.2 and 0.5 m, respectively. For underground channel sampling, samples are taken horizontally across the face with the lengths determined by the mapped geological contacts, to a minimum sample length of 0.2 m and a maximum of 1.0 m.

*Sampling, Analysis and Data Verification* 

Samples from underground channels are assayed at the in-house Minera Florida mine laboratory. This laboratory is owned and operated by Yamana and is certified to ISO/IEC 17025 standards. The primary external laboratories for exploration and infill drilling samples are Bureau Veritas in Santiago, Chile from 2011 to April 2016, and ALS Patagonia S.A., also in Santiago, Chile, from April 1, 2016 onwards. Bureau Veritas and ALS Patagonia are independent of Yamana and accredited to ISO / IEC 17025 standards.

Yamana employs a comprehensive QA/QC protocol for monitoring of precision, accuracy, contamination and bias for Au, Ag and Zn. This includes inserting CRMs for precision control, duplicate samples (duplicates of preparation, analysis and field duplicates), control of contamination by geochemical fine blanks and sterile (coarse blanks) material, and sending pulp samples to a secondary umpire laboratory for check assaying.

*Mineral Processing and Metallurgical Testing* 

See below under "Processing and Recovery Operations".

*Mineral Resource and Mineral Reserve Estimates*

See "– Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

Minera Florida Mineral Resources have been estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 2019) and are reported in accordance with NI 43-101.

The Mineral Resources have been estimated using a geostatistical block modelling approach informed by gold, silver, and zinc assay data collected from core drill holes and underground channel samples. The evaluation of the Mineral Resources involved the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Database compilation and verification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of three-dimensional solids for the different zones

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data conditioning (compositing and capping), statistical analysis, and variography

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selection of estimation strategy and estimation parameters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Block modelling, grade estimation, and validation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification and tabulation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation of the Mineral Resource statement

Interpreted geological wireframes were constructed based on geology sections, assay results, lithological information and structural data. Assays were composited to total width, then capped for anomalously high grades. Gold, silver and zinc grades were interpolated into a parent block size of 5 × 5 × 5 m. Estimated grades were interpolated into blocks using Inverse Distance (ID2) in secondary veins and ordinary kriging in the principal veins. Block estimates were validated using industry standard validation techniques. Classification of blocks was completed following distance-based criteria.

The methodology used for converting Mineral Resources to underground Mineral Reserves is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drift and stope SMUs are designed using Vulcan Stope Optimiser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The metal prices, processing recoveries, and operating used to determine an economic score for each SMU

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMUs with positive scores are analyzed for inclusion into the Mineral Reserve inventory. This is done by analyzing development costs, considering the capital and auxiliary development required to enable mining of the designed SMUs, such as the cost of ramps, ventilation, materials handling, and development of access and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before including SMUs with positive scores in the Mineral Reserves inventory, geomechanical considerations are revised, especially in areas with known poor ground conditions or where thin pillars separate the new stopes from previously mined areas, which may or may not be filled with rockfill. Design is adjusted when required and appropriate mining recoveries applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SMUs containing a majority portion of Measured or Indicated Mineral Resources blocks are converted to Proven or Probable Mineral Reserves, respectively.

*Mining Operations - Mining Method* 

The Minera Florida operation consists of several underground mines that are accessed via six adits. Ore is sent to a mill where it is processed at an approximate rate of 2,450 tpd. Mining at Minera Florida is conducted using various underground variations on SLS, either traditional SLS or longitudinal retreat. The different mining zones are accessed via ramps that provide flexibility and access to the ore at different elevations. Traditional SLS is used for veins thicker than 3.5 m. This method considers an upper level for production drilling, which is carried out in a descending pattern for benching or in an ascending one when undercutting the back. For veins thinner than 3.5 m, a longitudinal retreat method is applied. This method considers the development of a single lower gallery which is used for uphole drilling and subsequent (after the ore is blasted) ore extraction using remotely operated equipment to access the stope. In both cases, pillars are left in place to control dilution and to provide ground support. Where required, stopes that have been completely mined can be backfilled with development waste to reduce waste haulage distances and save on waste dump capacity.

Underground operations are carried out by Minera Florida Ltda with the support of contractors that are responsible for hauling ore from the mine to the processing plant, transportation of materials and personnel. Underground mining operations are mechanized, utilizing: articulated haul trucks; electronic hydraulic development and production jumbos; load-haul dumpers; and a number of ground support and service equipment.

*Processing and Recovery Operations* 

The Minera Florida processing plant has a nominal production capacity of approximately 900 ktpa or 74,500 tpm on an operating basis of 95% availability, for stockpiled and mined ore. The processing plant at Minera Florida comprises two main precious metal extraction circuits which were joined in 2017 to form a unified plant for improved performance and recovery: the concentrate leaching plant, named PLC (planta de lixiviación concentrado), and the tailings treatment plant, named PTR (planta de tratamiento de relaves). The main processes are: reception and classification of ore, crushing, grinding, gold bulk flotation, concentrate leaching plant (PLC), electrowinning of rich solution, doré metal melting, Zinc-Lead flotation plant, tailings treatment plant (PTR), and tailings thickening and disposal.

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**EXHIBIT 99.1**

*Infrastructure, Permitting and Compliance Activities* 

The major facilities at Minera Florida are the processing plant and refinery, the TSF, as well as all the required infrastructure associated to an underground mining complex such as access, power, ventilation compressed air ventilation, industrial water supply, and dewatering infrastructure.

There are three TSFs located at Minera Florida. Tailings produced at Minera Florida's processing plant are stored at the Pastas Tailings Storage Facility (Pastas TSF). The other two TSFs located at site are no longer in operation, including the Adosado TSF and the Unificado TSF. The Pastas TSF is located approximately 1 km to the southwest of the mineral processing plant and covers an area of 87 ha. The TSF area is confined by an L-shaped embankment dam constructed using compacted borrow fill material and non-acid-generating waste rock. The latest TSF designs propose a 21 metre-high dam with an ultimate storage capacity for 17.4 Mt of tailings, assuming an average dry density of 1.53 t/m3 for the tailings deposited the TSF reservoir. The current dam is 16 m high with upstream and downstream slopes of 1.8H:1V.

Minera Florida's Environmental Management Systems are ISO 14001-2015 certified. An external audit was carried out in September 2020 and the mine was certified for 3 years. Current Minera Florida environmental approvals consist of 585 commitments issued in 13 Environmental Qualification Resolutions (RCAs). At the present, the mine has an open investigation process with the environmental authority concerning the mine closure commitments. The site expects this process to be closed in 2022 in a satisfactory manner as closure actions are successfully executed as required by the regulators. Minera Florida holds additional permits granted by various other government agencies, including the General Water Directorate (DGA), the National Geology and Mining Service (SERNAGEOMIN), the Health Ministry (SEREMI), and the National Forestry Corporation (CONAF).

*Exploration, Development and Production*

Production at the Minera Florida Mine totaled 82,427 ounces of gold in 2022. During the past year, Minera Florida has seen improved operational efficiency and reduced haulage distances as a result of re-establishing ore passes. Internalization of mining activities, ongoing optimization of the haulage infrastructure, and increasing disposal storage of development waste into underground voids will further improve mine productivity going forward. A review of the processing plant in the first quarter identified several opportunities to increase recovery. Management is prioritizing these opportunities, focusing on the initiatives that can be implemented quickly with minimal investment.

The plant de-bottlenecking study is advancing on schedule, with the objective to increase throughput from 74,500 to 100,000 tonnes per month, thereby increasing annual gold production to approximately 120,000 ounces. The Company submitted the ESIA for the expansion during the fourth quarter of 2021, with the timeline expected to be approximately 18 months for approval, with another 12 months to receive sectoral permits. With the expected permitting timelines, the mine could begin operating at a planned 100,000 tonnes per month level in 2025. Preliminary studies indicate that the capacity of the processing plant can be increased to approximately 90,000 tonnes per month with incremental adjustments. An upgrade of the crushing circuit would be required to achieve 100,000 tonnes per month.

Exploration activity in 2022 at Minera Florida included property-scale surface exploration using mapping soil and rock sampling, as well as exploration and infill drilling targeting near-mine opportunities. Exploration drilling had positive results translating to new production areas and resource growth at the mine. Exploration drilling in 2022 totalled 42,890 metres of drilling. Infill drilling was completed in 227 drill holes totalling 30,491 metres to convert Inferred Mineral Resources, largely in the Patagua, Don Leopoldo, Maqui, Central Norte and Satelite zones. Exploration drilling totalling 24,438 metres in 129 drill holes was completed on many targets including Don Leopoldo, Maqui, Maqui Mila and Flor areas, while exploration drilling for new potential totalled 12,302 metres in 40 drill holes also in the Maqui area as well as the Cucaracha, Hallzago and Don Leopoldo areas.

**Development Projects**

***Wasamac***

The wholly-owned Wasamac underground gold project is located 15 kilometres west of Rouyn-Noranda in the Abitibi-Témiscamingue Region of Quebec adjacent to the Trans-Canada highway and Ontario Northland rail line, and just 100 kilometres west of Yamana's 50%-owned Canadian Malartic mine. Yamana acquired the project in January 2021, further expanding its footprint in Quebec and significantly enhancing the Company's long-term growth prospects.

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**EXHIBIT 99.1**

Wasamac is designed as a modern underground operation with a small footprint and almost all surface infrastructure located on the north of Route 117 highway, away from the neighbouring community. Use of an underground conveyor, electric mining equipment and high-efficiency ventilation fans to minimize energy use and carbon emissions, with further electrification planned as new technology becomes commercially available between now and project execution. Ore will be processed through a new processing plant at a planned average throughput of 7,000 tpd and tailings will be deposited underground as paste fill and in a filtered dry-stack tailings storage facility.

As previously disclosed, the initial capital cost is expected to be relatively modest for a 7,000 tpd underground operation, at approximately $416 million. The Company undertook extensive due diligence relating to the acquisition of Wasamac and identified several opportunities for optimizations and improvements; the updated studies confirmed the opportunities. The Company plans to fully fund development with available cash and cash flows. The Company anticipates building significant cash balances over the upcoming years, which will be allocated to the project in time for its formal development, once the required permits are received.

Total LOM sustaining capital is estimated at $318 million primarily for underground mine development and mobile equipment. LOM cash costs<sup>1</sup> and AISC<sup>1</sup> of $640 per ounce and $828 per ounce, respectively, remaining well below the Company's average, reflecting the application of more conservative cost assumptions to de-risk the project and align with benchmark costs from Yamana's other operations.

Robust project economics with an after-tax IRR of 16.1% at $1,550 per ounce of gold and an after-tax IRR of 24% at $1,850 per ounce of gold, based on Mineral Reserves and excluding future upside potential from encouraging exploration prospects. There is potential for an increase in NPV and after-tax IRR with an increase in mineral inventory and increase in mine life. An increase in mine from the presently contemplated 10 years to 15 years doubles the NPV of the project.

Yamana's average annual gold production in Quebec, including production from Wasamac and the Odyssey underground at Canadian Malartic, has the potential to increase to approximately 500,000 ounces by 2028, and continue at this level through at least 2041.

Exploration activities continued in 2022, with a focus on infill drilling on the Wasamac Mineral Resource, with 29,622 metres in 46 drill holes completed with an additional 38 exploration holes totalling 21,410 metres of exploration drilling focussed on extensions of the Wasamac deposit, Wildcat, Wildcat South and Francoeur. Three drill rigs are currently operating to advance the infill and exploration drill programs. Drilling completed in 2022 also included 5,940 metres of geotechnical drilling.

The 2022 drill program has increased the Mineral Reserves and Mineral Resources across all categories. Mineral Reserves have increased by 260,000 ounces to a total of 2,170,000 ounces of gold while indicated and inferred resources grew by 4% and 76% respectively. These results highlight the excellent potential at Wasamac for ongoing inventory growth through exploration.

The growth in Mineral Reserves and Mineral Resources is the positive result of infill drilling completed to date with both wider than expected mineralization in some sectors of the existing Mineral Reserves and the definition of several new mineralized zones in the hanging wall of the deposit. These results have contributed to an updated resource model and stope designs, with the average horizontal stope width increasing from 12.6 metres in 2021 to 13.6 metres in 2022. As such, the additional Mineral Reserves are expected to be accessible at a lower unit cost, with an improved ratio of gold ounces per development metre.

The positive results support the expanded production plan at 9,000 tpd, with a gold production profile of 200,000 to 250,000 ounces per year compared to the LOM average of 169,000 ounces in the 2021 feasibility study, while maintaining a reserves life of nearly 10 years. Additionally, 47 new infill drill holes within the Indicated Mineral Resource envelope provides a high level of geological confidence, supporting the first three years of production.

The Wasamac property was also expanded with the acquisition in June 2021 of the adjoining Francoeur, Arntfield and Lac Fortune properties, located to the west and along strike of the Wasamac property, as well as additional claims in the Beauchastel township to the east of Wasamac, from Globex. Project consolidation and integration of exploration data from Wasamac and the acquired properties continued during the fourth quarter. The acquisition of the Globex claims will significantly add to the exploration upside of the Wasamac project, and it is consistent with Yamana's strategy to expand its presence in the Abitibi-Témiscamingue Region of Quebec.

<sup>1</sup> A cautionary note regarding non-GAAP financial performance measures can be found in the Non-GAAP Financial Performance Measures section of this AIF

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**EXHIBIT 99.1**

Historical drilling, previous production from the Francoeur and Arntfield properties, both former operating mines, and recent trenching and exploration work by Globex has defined a six-kilometre western continuation of the Wasa shear - located immediately north of the prolific Cadillac Break - with mineralization similar to that at Wasamac. Exploration drilling is expected to begin during the first quarter of 2022, following completion of data compilation and integration and target definition, with the objective of adding Mineral Resources that could extend mine life or enhance production scenarios at the proposed Wasamac mine.

***MARA Project***

On December 17, 2020, the Company completed the integration with Glencore and Newmont and a new joint venture, the MARA Joint Venture, was formed to manage, develop and operate the project. Under the integration, Yamana, the former 100% holder of Agua Rica and the former partners of Alumbrera have created the MARA Joint Venture pursuant to which Yamana holds a controlling ownership interest in the MARA Project at 56.25%. Glencore held a 25.00% interest, and Newmont held an 18.75% interest. On September 23, 2022 Glencore announced that it had reached an agreement to acquire Newmont's 18.75% interest, resulting in Glencore owning a 43.75% interest in the MARA Project. Yamana is manager of the MARA Joint Venture and is leading the engagement with local, provincial, and national stakeholders, and the feasibility study and Environmental and Social Impact Assessment ("ESIA") for the MARA Project. Among other governance committees, a MARA Joint Venture Technical Committee was formalized, comprised of representatives of the two shareholder companies, to provide oversight and guidance to the advancement of the feasibility study. See "General Development of the Business – History – Agreement for Integration of Agua Rica and Alumbrera".

The integration creates significant synergies by combining existing substantive infrastructure which was formerly used to process ore from the Alumbrera mine during its mine life, including processing facilities, a fully permitted TSF, pipeline, logistical installations, ancillary buildings, and other infrastructure, with the future open pit Agua Rica mine. The result is a de-risked project with a smaller environmental footprint and improved efficiencies, creating one of the lowest capital intensity projects in the world as measured by pound of copper produced and in-situ copper Mineral Reserves, and creating significant benefits for the host communities, the province of Catamarca and Argentina.

The MARA Project, has Mineral Reserves and Mineral Resources in the Agua Rica and the Alumbrera orebodies. Agua Rica is a large-scale copper, gold, silver and molybdenum deposit and it has Proven and Probable Mineral Reserves of 11.8 billion pounds of copper and 7.4 million ounces of gold contained in 1.1 billion tonnes of ore. Mineral Resources include 259.9 million tonnes of Measured and Indicated Mineral Resources, containing more than 1.6 billion pounds of copper and 954,000 ounces of gold. Additionally, Inferred Mineral Resources of 742.9 million tonnes represent significant upside potential to further define an increase Mineral Reserves and life of mine. The MARA Project also has Mineral Resources in the Alumbrera deposit which consists of 125.2 million tonnes of Measured and Indicated Mineral Resources containing more than 800 million pounds of copper and 1.2 million ounces of gold on a 100% basis.

On July 19, 2019, the Company announced the positive results of a pre-feasibility study (A) ("PFS(A)"), underscoring the MARA Project as being long life and low-cost with robust economics and opportunities to realize further value, including converting economic-grade Inferred Mineral Resources and expanding throughput scenarios aimed to increase metal production and returns, among other opportunities. The MARA Joint Venture Technical Committee advanced optimization studies in late 2019 and early 2020, the results of which were compiled as pre-feasibility study (B) ("PFS(B)"), and is now advancing a full feasibility study on the MARA Project, with updated Mineral Reserves, production and project cost estimates.

The pre-feasibility studies for the MARA Project consider the Agua Rica deposit will be mined via a conventional high tonnage truck and shovel open pit operation. Average life of mine material moved is expected to be approximately 108 million tonnes per year, with ore feed of 42 million tonnes per year and average life of mine strip ratio of 1.66.

Ore extracted from the Agua Rica mine will be transported from the open pit by truck to the primary crusher area and then transported via a conventional conveyor to the existing Alumbrera processing plant. To route the overland conveyor system, approximately 5.2 kilometres of tunnel development will be required. The conveyor will extend 35 kilometres to the Alumbrera processing plant, where it will feed the existing stacker conveyor via a new transfer station.

Relatively modest modifications to the circuit are needed to process the Agua Rica ore at the Alumbrera plant. The copper and by-products concentrates will be transported by the existing pipeline to Tucuman and then by

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**EXHIBIT 99.1**

rail to the port for commercialization. An in-situ blending strategy has been defined to manage the concentrate quality over certain years of the mine life, which will allow the project to achieve the desired targets. Further optimizations to this strategy are being studied as part of the current design phase.

The previously completed studies provide the framework for the preparation and submission of a new ESIA to the authorities of the Catamarca Province and for the continued engagement with local stakeholders and communities. The shareholders of the MARA Joint Venture began the ESIA process in 2019, given the level of significant detail in the PFS(A).

The PFS(B) highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual ore feed increased to 42 million tonnes per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual production for the first 10 full years increased to 556 million pounds of copper equivalent(i) production. Copper equivalent metal includes copper with gold, molybdenum, and silver converted to copper-equivalent metal based on the following metal price assumptions: $6,614 per tonne of copper, $1,250 per ounce for gold, $24,250 per tonne for molybdenum, and $18.00 per ounce for silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash costs<sup>2</sup> of $1.32 per pound and AISC<sup>2</sup> of $1.44 per pound for the first 10 years of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial capital of $2.78 billion. Initial capital reduced to $2.39 billion if first year of owner mine fleet purchases are reclassified as sustaining capital, as was assumed for PFS(A). Total LOM capital spending the same under both PFS(A) and PFS(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV of $1.906 billion and an increased IRR of 21.2% assuming metal prices of $3.00 per pound of copper, $1,300 per ounce of gold price, $18.00 per ounce of silver, $11.00 per pound of molybdenum and using an 8% discount rate. PFS(B) reflects the inclusion of a progressive Argentina export tax with a long-term assumption of 4.3%.

Work during 2022 focused on continuing the progress made during 2021: advancing the feasibility study engineering, mine design and planning, metallurgical testwork and geotechnical drilling campaigns, other fieldwork at site, baseline social and environmental studies, as well as permitting and working with local stakeholders. The work continues, with the drilling campaign and other fieldwork now covering the Agua Rica mine infrastructure, which is now substantially complete. Testwork results and dependent engineering development, project execution planning, cost estimate preparation, and report compilation will continue through the first half of 2023.

The Company is also planning to complete deep drill holes in 2023 to check the extension of high-grade chalcopyrite mineralization that could potentially unlock a pit expansion of Agua Rica, as well as to test for deep extensions of mineralization in the hypogene area of the porphyry, given the deposit is open at depth and relatively unexplored beyond the supergene zone.

The bulk metallurgical test program is now concluded and the results are well aligned with previous results and expectations, with indicative improvements to concentrate grades and mass pull. Third party testing is also complete. Molybdenum separation testwork continues to establish technical and economic viability.

Project engineering work during the period included drilling and testwork campaigns in the water storage and waste areas, and further development of the feasibility work in the areas of water management, ore conveying tunnel and general services, production facilities around the mine, and on flowsheet development and advancing the process design package.

The MARA Project represents both a significant strategic value opportunity and a solid development and growth project, which the Company intends to continue to advance through the development and permitting processes via Yamana's controlling interest, while considering strategic alternatives that could unlock significant value along the way. The project design minimizes the environmental footprint of the project, incorporating the input of local stakeholders. The MARA Project is planned to be a multi-decade, low cost copper gold operation with annual production in the first ten years of 556 million pounds of copper equivalent and a life of mine annual production of 469 million pounds of copper equivalent on a 100% basis. The MARA Project will be among the top 25 copper producers in the world when in production, and will be one of the lowest capital intensity projects globally.

***Suyai Project***

The Suyai Project is a near development-stage gold project comprising 36,702.30 hectares of land located in the Cordon de Esquel, Chubut Province, in southern Argentina. The various properties comprising the Suyai

<sup>2</sup> A cautionary note regarding non-GAAP financial performance measures can be found in the Non-GAAP Financial Performance Measures section of this AIF

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**EXHIBIT 99.1**

Project are classified as either "permits", "claims" or "mines" and are either owned outright by Suyai del Sur S.A. ("Suyai del Sur") or through option contracts between Suyai del Sur and the direct owners.

On April 28, 2020, the Company announced it entered into a definitive option agreement pursuant to which it granted CAM, a privately held portfolio management and capital markets company based in Argentina, owned by Messrs. Eduardo Elsztain and Saul Zang, the right to acquire up to a maximum 40% interest in a joint venture formed to hold the Suyai Project. CAM's portfolio includes the largest real estate company in the country, NASDAQ-listed international agricultural companies, along with banking and mining investments. CAM has successfully led the development of significant construction projects across the country.

An initial amount of $2.0 million was received by the Company to secure the option. CAM will assume responsibility for all ESG matters, including leading the permitting efforts aimed to advance the Suyai Project through its different stages of development. As noted, CAM has the right to earn a maximum 40% interest in the resulting joint venture which may be formed to hold the Suyai Project by fulfilling certain obligations and achieving certain milestones, mostly relating to ESG matters, and by paying $31.6 million in various installments in addition to their proportionate expenses, on or before December 31, 2024. The Company believes there is considerable value, far in excess of cash value, in fulfilling the obligations and achieving the milestones relating to ESG matters which would advance the Suyai Project. Through certain of its holding companies, Yamana would hold the remaining 60% of the joint venture.

In the event the project receives approval to proceed, Yamana would oversee its development, applying best industry mining and HSSD/ESG practices and its experience in project development and operations in southern Argentina. Development of the Suyai Project would occur under the oversight of a board of directors of the holding company that owns the Suyai Project with CAM nominating two out of five directors. Yamana would nominate the other directors. The joint venture would entitle each party to its proportion of gold production from the Suyai Project.

The Company previously completed studies that in addition to redesigning the Suyai Project as a small scale high-grade underground project, evaluated different options for ore processing, which provided favourable project economics.

The preferred option calls for the construction of a processing facility for on-site production of gold and silver contained in a high-grade flotation concentrate, which would be transported by land and by sea to one or more gold smelters world-wide. As only a flotation concentrate would be produced at the Suyai Project, no cyanide or other deleterious chemicals would be used at site. Gold production is expected to reach up to 250,000 ounces annually for an initial eight years.

***Monument Bay***

In June 2015, as part of the acquisition of Mega Precious Metals Inc., the Company acquired the Monument Bay property, which is located in Manitoba, approximately 570 kilometres northeast of Winnipeg, and consists of 136 contiguous claims totalling 31,250 hectares. The Monument Bay deposit is hosted in the Stull Lake Greenstone Belt, comprising three volcanic-sedimentary assemblages ranging in age from 2.85 to 2.71 billion years. Gold mineralization occurs along the steeply north-dipping, regional-scale Twin Lakes Shear Zone and the lesser-explored, adjacent AZ Shear Zone.

On September 13, 2018, the Company signed an Exploration Agreement with Red Sucker Lake First Nation in relation to the Monument Bay exploration site in Northern Manitoba. This is an important step allowing the Company to solidify a strategic collaboration with this community, as it continues to advance the project.

The focus of the current exploration program has been the advancement of the Twin Lakes resource. Beyond the Twin Lakes target, the large Monument Bay land package is under-explored and hosts potential for additional discovery. A smaller but important component of recent exploration at Monument Bay has been the continued evaluation and advancement of secondary targets on the property.

Most recent exploration at Monument Bay has been to advance the evaluation and definition of high-grade ore shoots at depth at the Twin Lakes resource as part of assessing the project as an underground mine. Approaching the Twin Lakes target as a potential underground project is an economically attractive alternative to the open pit scenario with lower capital (due to the higher investment required to develop a large tonnage, low grade, open pit mine), reduced environmental footprint, and clear upside exploration potential. The recently completed winter 2021 drill program provided an initial test of the depth extent and potential of several well-defined high-grade

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**EXHIBIT 99.1**

steeply plunging mineralized shoots along a four kilometre strike length of the deposit. Shallow diamond drilling during the first half of 2020 confirmed the continuation and orientation of higher-grade mineralization and provided targets for follow up drilling at depth. Highlights from the winter 2021 program included the following core length intercepts: 6.52 g/t of gold over 2.14 m (TL-21-732) and 4.20 g/t of gold over 6.28 m, including 2.58 m grading 7.48 g/t of gold (TL-21-727B). These and other results are being evaluated as next steps are being determined.

**ITEM 5** 

**DIVIDENDS**

The Company has a dividend policy providing for a dividend yield that is consistent with the yield of comparable companies' dividend rates and such policy is reviewed on a periodic basis and assessed in relation to the current and expected future operating cash flows of the Company and the conservation and reinvestment of capital. The Company increased its annual dividend to $0.12 per share, effective for the third quarter of 2021, the Company's sixth dividend increase since the second quarter of 2019, representing a cumulative increase of 500%. See "General Development of the Business – History – Dividends".

The following table sets forth the quarterly dividends paid by Yamana on its common shares during each of the three most recently completed financial years:

---

| | | |
|:---|:---|:---|
| **<u>2022</u>** | **<u>2021</u>** | **<u>2020</u>** |
| Q1 – $0.03 | Q1 - $0.02625 | Q1 - $0.0125 |
| Q2 - $0.03 | Q2 - $0.02625 | Q2 - $0.015625 |
| Q3 - $0.03 | Q3 - $0.03 | Q3 - $0.0175 |
| Q4 - $0.03 | Q4 - $0.03 | Q4 - $0.02625 |

---

Payment of any future dividends will be at the discretion of the Company's board of directors after taking into account many factors, including the Company's operating results, financial condition, comparability of the dividend yield to peer gold companies and current and anticipated cash needs.

**ITEM 6** 

**DESCRIPTION OF CAPITAL STRUCTURE**

***Authorized Capital***

The Company is authorized to issue an unlimited number of common shares and 8,000,000 first preference shares, Series 1 (the "Preference Shares") of which there were 962,196,937 common shares and no Preference Shares issued and outstanding as of March 29, 2023.

***Common Shares***

Holders of common shares are entitled to receive notice of any meetings of shareholders of the Company, to attend and to cast one vote per common share at all such meetings. Holders of common shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the common shares entitled to vote in any election of directors may elect all directors standing for election. Holders of common shares are entitled to receive on a *pro-rata* basis such dividends, if any, as and when declared by the Company's board of directors at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a *pro-rata* basis the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a *pro-rata* basis with the holders of common shares with respect to dividends or liquidation. The common shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

***Preference Shares***

Upon a consolidation, merger, or amalgamation of the Company with or into any other corporation, holders of Preference Shares who have not exercised their right of conversion at the date of the consolidation, merger, or amalgamation are entitled to receive upon the exercise of their conversion right, after the effective date of the consolidation, merger, or amalgamation, the aggregate number of shares or securities or property of the Company resulting from the consolidation, merger, or amalgamation, the holder would have been entitled to receive if they

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**EXHIBIT 99.1**

had at the effective date of the consolidation, been the registered holder of such number of common shares. Holders of Preference Shares are also entitled to receive, in the event of liquidation, dissolution or winding up of the Company, an amount equal to $0.125 in respect of each of Preference Share held and all unpaid cumulative dividends before any distribution of the assets of the Company among holders of the common shares or any other class of shares. Holders of Preference Shares are not entitled to receive notice of or to attend meetings of the shareholders of the Company nor do they have any voting rights for the election of directors or for any other purpose (except where the holders of a specified class are entitled to vote separately as a class).

***Ratings***

Yamana's long-term credit ratings from Standard & Poor's Rating Services ("**S&P**"), Moody's Investors Service, Inc. ("**Moody's**"), and Fitch Ratings, Inc. ("**Fitch**") are BBB- (Stable), Baa3 (Stable), and BBB- (Stable), respectively.

S&P's long-term credit ratings are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality of such securities rated. S&P's "BBB" rating is the fourth highest rating of 10 major rating categories. Ratings AAA to BBB- are considered investment grade, and BB+ to D are considered speculative grade. A "BBB" rating indicates that the obligor has adequate capacity to meet its financial commitments but is more subject to adverse economic conditions. S&P uses "+" or "–" designations to indicate the relative standing of securities within a particular rating category.

Moody's long-term credit ratings are on a rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality of such securities rated. Moody's "Baa" rating is the fourth highest rating of nine rating categories. Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. Moody's appends numerical modifiers from 1 to 3 to its long-term ratings, which indicate where the obligation ranks within its generic rating category. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Fitch's long-term credit ratings are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality of such securities rated. Fitch's "BBB" rating is the fourth highest rating of 11 major rating categories. The terms "investment grade" and "speculative grade" have established themselves over time as shorthand to describe the categories AAA to BBB (investment grade) and BB to D (speculative grade). According to Fitch's ratings system, BBB ratings indicate good credit quality and that the expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. The ratings from AA to B may be modified by the addition of a plus (+) or minus (–) sign to show relative status within the major rating categories.

Ratings are intended to provide investors with an independent view of credit quality. They are not a recommendation to buy, sell or hold securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. In addition, real or anticipated changes in the rating assigned to a security will generally affect the market value of that security. Investors cannot be assured that a rating will remain in effect for any given period of time or that a rating will not be revised or withdrawn entirely by a rating agency in the future. Each rating should be evaluated independently of any other rating.

Yamana pays an annual fee to S&P, Moody's, and Fitch for the provision of a credit rating.

S&P identified the following factors or considerations as giving rise to unusual risks associated with the credit ratings of Yamana:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sensitivity to gold prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk of execution challenges and cost overruns from Odyssey underground expansion at Canadian Malartic; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• smaller scale of gold output and lower operating breadth relative to its investment grade-rated gold mining peers.

In November 2022, S&P publicly confirmed that the Proposed Transaction did not affect its BBB- (stable) rating. S&P's confirmation was based on the assumption that Pan American would assume the Notes on closing of the Proposed Transaction.

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**EXHIBIT 99.1**

Moody's identified the following factors or considerations as giving rise to unusual risks associated with the credit ratings of Yamana:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its smaller scale compared to investment grade peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sensitivity to gold price volatility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical exposure to Argentina (Ca Stable) with about 15% of gross profits expected from Cerro Moro over the medium term.

In November 2022, Moody's affirmed Yamana's Baa3 credit rating following the announcement that Yamana had entered into the Arrangement Agreement. The outlook remains stable. The rating was based on the assumption that Pan American would assume or guarantee Yamana's existing debt on closing of the Proposed Transaction.

Fitch identified the following factors or considerations as giving rise to unusual risks associated with the credit ratings of Yamana:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yamana's current operating size, scale and diversification as relatively limited compared to other investment-grade peers, although the company has a promising pipeline of exploration and development projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yamana's average operating reserve life is shorter than investment-grade peers at 10+ years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sensitivity to gold prices.

In June 2022, Fitch placed Yamana's 'BBB-' credit on Rating Watch Positive following the announcement that Gold Fields and Yamana had entered into the Gold Fields Arrangement Agreement. Rating Watches indicate that there is a heightened probability of a rating change and the likely direction of such a change, and those designated as "Positive" indicate that a rating could stay at its present level or potentially be upgraded. A Rating Watch is typically event-driven, and as such, it is generally resolved over a relatively short period. The event driving the Rating Watch may be either anticipated or have already occurred, but in both cases, the exact rating implications remain undetermined. The Rating Watch period is typically used to gather further information and/or subject the information to further analysis.

In November 2022, the Rating Watch Positive was removed by Fitch and replaced by a Stable Outlook. The Stable Outlook reflects Fitch's expectation that the combination of Yamana's non-Canadian assets with Pan American's assets is credit neutral.

**ITEM 7** 

**MARKET FOR SECURITIES**

***Price Range and Trading Volume***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares are listed and posted for trading on the TSX under the symbol "YRI", the NYSE under the symbol "AUY" and the LSE under the symbol "AUY". The following table sets forth information relating to the monthly trading of the common shares on the TSX for the financial year ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Period** | **High (C$)** | **Low (C$)** | **Volume** |
| January 2022 | 5.58 | 4.87 | 55263011 |
| February 2022 | 6.74 | 5.035 | 69984099 |
| March 2022 | 7.39 | 6.26 | 74698620 |
| April 2022 | 8.05 | 6.81 | 58116473 |
| May 2022 | 7.34 | 6.215 | 69269748 |
| June 2022 | 7.44 | 5.98 | 61500814 |
| July 2022 | 6.45 | 5.56 | 34046238 |
| August 2022 | 6.68 | 5.79 | 27005896 |
| September 2022 | 6.36 | 5.345 | 43956653 |
| October 2022 | 6.89 | 5.88 | 33795804 |
| November 2022 | 7.385 | 5.55 | 53597856 |
| December 2022 | 7.78 | 7.31 | 28936753 |

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**EXHIBIT 99.1**

**ITEM 8** 

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO** 

 **CONTRACTUAL RESTRICTION ON TRANSFER**

To the Company's knowledge, there are no securities of the Company which are subject to escrow or to contractual restriction on transfer as of March 29, 2023.

**ITEM 9** 

**DIRECTORS AND OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the name, province or state and country of residence, position held with the Company and period(s) during which each director of the Company has served as a director, the principal occupation of each director and executive officer of the Company, as of the date hereof. All directors of the Company hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

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| | | |
|:---|:---|:---|
| **Name and Residence** | **Position with the Company and Period(s) Served as a Director** | **Principal Occupation** |
| John Begeman<sup>(1)(3)</sup><br>South Dakota, United States | Director since May 2, 2007 | Company Director |
| Christiane Bergevin<sup>(2)(4)</sup><br>Québec, Canada | Director since September 1, 2014 | President of Bergevin Capital |
| Alexander J. Davidson<sup>(3)</sup><br>Ontario, Canada | Director since August 31, 2009 | Company Director |
| Richard Graff<sup>(1)(2)</sup><br>Colorado, United States | Director since October 16, 2007, Lead Director since September 30, 2017 | Company Director |
| Kimberly Keating<sup>(2)(3)</sup><br>Newfoundland, Canada | Director since February 15, 2017 | Company Director |
| Jane Sadowsky<sup>(1)(4)</sup><br>New York, United States | Director since September 1, 2014 | Managing Partner of Gardener Advisory LLC |
| Dino Titaro<sup>(2)(3)(4)</sup><br>Ontario, Canada | Director since August 5, 2005 | Company Director |
| Peter Marrone<br>Ontario, Canada | Executive Chairman and a Director (director since July 31, 2003) | Executive Chairman of the Company |
| Daniel Racine<br>Ontario, Canada | President and Chief Executive Officer and a Director (director since April 29, 2021) | President and Chief Executive Officer of the Company |
| Jason LeBlanc<br>Ontario, Canada | Senior Vice President, Finance and Chief Financial Officer | Senior Vice President, Finance, and Chief Financial Officer of the Company |
| Yohann Bouchard<br>Ontario, Canada | Senior Vice President and Chief Operating Officer | Senior Vice President and Chief Operating Officer of the Company |
| Luke Buchanan<br>Ontario, Canada | Senior Vice President, Technical Services | Senior Vice President, Technical Services of the Company |
| Richard C. Campbell<br>Ontario, Canada | Senior Vice President, Human Resources | Senior Vice President, Human Resources of the Company |
| Gerardo Fernandez<br>Ontario, Canada | Senior Vice President, Corporate Development & Investor Relations | Senior Vice President, Corporate Development & Investor Relations of the Company |
| Craig Ford<br>Ontario, Canada | Senior Vice President, Health, Safety and Sustainable Development | Senior Vice President, Health, Safety and Sustainable Development of the Company |
| Henry Marsden<br>Ontario, Canada | Senior Vice President, Exploration | Senior Vice President, Exploration of the Company |
| Sofia Tsakos<br>Ontario, Canada | Senior Vice President, General Counsel and Corporate Secretary | Senior Vice President, General Counsel and Corporate Secretary of the Company |

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1. Member of the Audit Committee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Member of the Sustainability Committee.

2. Member of the Compensation Committee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Member of the Corporate Governance and Nominating Committee.

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**EXHIBIT 99.1**

The principal occupations, businesses or employments of each of the Company's directors and executive officers within the past five years are disclosed in the brief biographies set out below.

***John Begeman – Director*.** John Begeman is a Professional Mining Engineer with over 40 years of mining experience. His extensive experience in the mining industry, combined with his background in precious metals operations, executive and project development management, provide valuable industry insight and perspective to both the board and management. He currently sits on the board of directors of i-80 Gold Corp. and Paycore Minerals Inc.

Mr. Begeman previously served as the Executive Chairman of the board of Premier Gold Mines Limited, a director of Aberdeen International Inc., the President and Chief Executive Officer of Avion Gold Corporation, the Chief Operating Officer of Zinifex Canada Inc. and Vice President, Western Operations of Goldcorp Inc. Prior to his employment at Goldcorp, Mr. Begeman held various and progressive engineering and management positions with Morrison Knudsen Company's mining operations group throughout the western United States. His experience in executive leadership in international mining operations, permitting and community involvement assists the board and management with its ongoing business endeavours. His past environmental and social license analysis along with project risk assessment also form a broad base the board and management can draw on.

Mr. Begeman holds a B.S. in Mining Engineering, an M.S. in Engineering Management and an MBA. He has completed the Rotman-ICD Directors Education program, and is a member of the Institute of Corporate Directors with the ICD.D designation. He is also a member of the National Association of Corporate Directors ("NACD") and is NACD Directorship Certified.

***Christiane Bergevin – Director.*** Christiane Bergevin is the President of Bergevin Capital and provides strategic counselling to international consulting firms and corporate clients. She serves as Senior Advisor with Roland Berger Canada and as Chief Canada Representative for Astris Finance, an international financial advisory firm in the renewable and infra sectors. As a former managing executive in the engineering and financial services sectors, she brings international experience in project development and risk structuring, strategy, M&A in regulated and commercial environments and financing of resource, transport and infrastructure projects across the world. She is skilled in sustainability and community engagement from both an operational and governance standpoint and served on health, safety and corporate social responsibilities board committees in the resources and oil and gas sectors.

Ms. Bergevin's former executive positions include Executive Vice President, Partnership and Business Development with Desjardins Group, and during a career extending 19 years with the SNC-Lavalin Group, as President and Senior Vice President & General Manager with SNC-Lavalin Capital Inc., its finance advisory arm where she was involved in numerous transport and mining developments. She was also a member of the risk and finance committees for both organizations. Ms. Bergevin currently serves on the board of Iamgold Inc., the board of Azimut Exploration Inc., the supervisory Board of RATP Dev, an international public transport operator and the advisory board of AGF Group Inc, a Canadian-based reinforcing steel supplier in addition to chairing the Board of Tennis Quebec. Ms. Bergevin is a former Chair and serves as a Governor of the Canadian Chamber of Commerce.

Ms. Bergevin holds a Bachelor of Commerce (with Distinction) from McGill University and graduated from the Wharton School's Business Advanced Management Program. In 2013, she was awarded the ICD.D designation and has served as a volunteer examiner for the Institute of Corporate Directors.

***Alexander J. Davidson – Director.*** Alexander Davidson was Barrick Gold Corporation's Executive Vice President, Exploration and Corporate Development with responsibility for international exploration programs and corporate development activities. Mr. Davidson was instrumental in Barrick's acquisition of Lac Minerals, Sutton Resources, Arequipa Resources, Pangea Goldfields, Homestake Mining and Placer Dome Inc. Mr. Davidson joined Barrick in October 1993 as Vice President, Exploration with responsibility for the company's expanding exploration program. He initiated Barrick's expansion out of North America and into Latin America and beyond.

Prior to joining Barrick, Mr. Davidson was Vice President, Exploration for Metall Mining Corporation. Mr. Davidson has over 40 years of experience in designing, implementing and managing gold and base metal exploration and acquisition programs throughout the world. In April 2005, Mr. Davidson was presented the 2005 A.O. Dufresne Award by the Canadian Institute of Mining, Metallurgy and Petroleum to recognize exceptional achievement and distinguished contributions to mining exploration in Canada. In 2003, Mr. Davidson was named the Prospector of the Year by the Prospectors & Developers Association of Canada in recognition of his team's discovery of the Lagunas Norte Project in the Alto Chicama District, Peru.

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**EXHIBIT 99.1**

In February 2019, Mr. Davidson was awarded the Charles F. Rand Gold Medal by the American Institute of Mining Engineers in recognition of his key role in numerous acquisitions and discoveries and his leadership in developing Barrick's unparalleled exploration programs, both of which have resulted in remarkable achievements that distinguish his remarkable career and legacy at Barrick.

Mr. Davidson received his B.Sc. and M.Sc. in Economic Geology from McGill University. His extensive experience in the mining industry and his background in precious metal exploration and corporate development allow him to provide valuable industry insight and perspective to the board and management. Mr. Davidson also has extensive board level experience and has sat on or has chaired a number of health, safety & environment, technical, sustainability, audit and compensation committees. He currently sits on the board of directors of Americas Gold and Silver Corporation, NuLegacy Gold Corporation and Capital Limited.

***Richard Graff – Director.*** Richard Graff has served on numerous public boards in the mining and oil and gas industries and has served as a board chairman, chairman of audit committees, governance and nominating committees, and special committees, as well as having compensation committee experience. His extensive experience in the metals and mining industry includes accounting and financial reporting, internal control, governance and compliance initiatives, and mergers. Mr. Graff has been an advisor to the mining industry and was a member of a Financial Accounting Standards Board task force, which resulted in the issuance of accounting and financial reporting guidance in the mining industry for US GAAP. He represents a consortium of international mining companies, and has met with and provided recommendations to the International Accounting Standards Board ("IASB") on financial reporting issues in the mining industry. The IASB incorporated input from these meetings into its published rules. Mr. Graff has organized periodic meetings in London between global mining companies and the IASB to discuss financial reporting issues affecting the industry and shares that information with the management, boards and audit committees on which he serves. He also has had discussions with and provided input to the U.S. Securities and Exchange Commission on financial reporting issues in the industry.

Mr. Graff has been a speaker at industry conferences and directors' education programs on the topics of financial reporting in the mining industry, audit committee trends, board succession, investor engagement and enterprise risk management. Mr. Graff has moderated the Canadian Public Accountability Board Mining Industry Forum in Toronto. He also serves as Interim Chairman and member of the audit committee of DMC Global Inc. He served as the chairman of the audit committee for many years and was the lead director and a member of the compensation committee of Alacer Gold Corp. Mr. Graff's extensive international experience in the mining industry, coupled with his expertise summarized above, brings insight to the board and management as to best practices with respect to accounting, corporate governance and other issues for an international public company in the mining industry. Mr. Graff is a retired partner from PricewaterhouseCoopers LLP where he served as the audit leader in the United States for the mining industry. He received his undergraduate degree in Economics from Boston College and his post-graduate degree in Accounting from Northeastern University.

***Kimberly Keating – Director.*** Kimberly Keating is a Professional Engineer with 25 years of broad international experience in the oil and gas, nuclear, hydropower, and mining sectors. Most recently, Ms. Keating was the Chief Operating Officer of the Cahill Group, one of Canada's largest multi-disciplinary construction companies with operations across the country. Prior to joining the Cahill Group in 2013, Ms. Keating held a variety of progressive leadership roles from engineering design through to construction, commissioning, production operations and offshore field development with Petro-Canada (now Suncor Energy Inc.). Throughout her career, Ms. Keating has made significant leadership contributions to major projects in the Canadian, Norwegian and UK energy sectors, bringing a wealth of strategy, operational execution, and technical expertise to the Yamana board. She is currently a board director of Major Drilling Group International Inc. and the Drax Group plc. Ms. Keating is also a founding member of Makwa-Cahill Limited Partnership, a fully nuclear qualified indigenous fabrication company. Ms. Keating graduated from the Rotman-Institute of Corporate Directors Education Program and was awarded her ICD.D designation.

Ms. Keating has also held numerous volunteer leadership roles, including serving as Co-Chair of the 2025 Canada Games, Vice Chair of Memorial University's Board of Regents, Vice Chair of the Fisheries and Marine Institute Advisory Committee, board director with the Dr. H. Bliss Murphy Cancer Care Foundation, Chair of the Rhodes Scholarship selection committee and Chair of the St. John's Board of Trade. She holds a Bachelor of Civil (Structural) Engineering degree, a Master of Business Administration, is a registered member of the Professional Engineering & Geoscientists NL (PEGNL) and holds the Canadian Registered Safety Professional (CRSP) designation. In June 2016, she was named a Fellow of the Canadian Academy of Engineers, a national institution through which Canada's most distinguished and experienced engineers provide strategic advice on matters of critical importance to Canada.

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**EXHIBIT 99.1**

In 2022, Ms. Keating received the Atlantic Canada's 25 Most Powerful Women in Business Award and in 2018, received the Memorial University Faculty of Engineering Distinguished Alumni Award, the Professional Engineers and Geoscientists of Newfoundland and Labrador Community Leadership Award, as well as the St. John's Board of Trade Community Builder of the Year Award.

***Jane Sadowsky – Director.*** Jane Sadowsky retired from Evercore Partners as a Senior Managing Director and Head of the Power & Utility Group in 2011, after more than 22 years as an investment banker. Prior to Evercore Partners, she was a Managing Director and Group Head at Citigroup's Investment Bank and began her investment banking career at Donaldson, Lufkin & Jenrette.

In addition to a broad and diverse range of finance and deal-related expertise, Ms. Sadowsky has sector expertise in power and utilities and the related fields of commodities, renewables, power technology, infrastructure and energy. She brings depth of knowledge and experience in mergers and acquisitions, public and private debt and equity, corporate restructurings and cross-border transactions. While at Evercore and Citigroup, she was responsible for strategy and resultant P&L, for managing people and for internal and external collaboration. She participated in or led global committees including compensation, fairness and valuation, diversity, mentoring and recruiting. Ms. Sadowsky has provided expert testimony in numerous US jurisdictions and the World Court.

Since retiring, Ms. Sadowsky has served as the Managing Partner for Gardener Advisory LLC, which provides consulting and advisory services, and as a Senior Advisor on diversity and inclusion at Moelis & Company, a global investment bank. Ms. Sadowsky presents and teaches at the NACD as well as other governance forums. Ms. Sadowsky earned her MBA from the Wharton School and her BA in Political Science and International Relations from the University of Pennsylvania. Ms. Sadowsky is an NACD Board Leadership Fellow and currently sits on the board, audit committee and compensation, nominating and governance committee of Nexa Resources S.A.

***Dino Titaro – Director*.** Dino Titaro has over 30 years of international experience having been involved in project management, feasibility studies, reserve estimation, due diligence studies, valuation studies, social and environmental permitting processes for mine construction and development and related risk management, as well as operational experience in the gold sector. He is the founder of Carpathian Gold Inc., a public mineral exploration company listed on the TSX, and was the President and Chief Executive Officer from January 2003 to January 2014 and a director from January 2003 to August 2014.

From 1986 to 2003, Mr. Titaro was the principal owner and President and Chief Executive Officer of A.C.A. Howe International Limited, a geological and mining consulting firm. From 1980 to 1986, Mr. Titaro was employed by Getty Mines Limited, in various supervisory roles as a geologist, working on base and precious metal projects as well as uranium, principally in resource definition stages.

Mr. Titaro previously served as the President and is currently Chairman, director and member of the governance and nominating committee of Avidian Gold Corp. He is also a director of Galane Gold Ltd., Chair of the governance and nominating committee, and member of the audit and compensation committee. Mr. Titaro has been a director and officer of several publicly traded companies in the mining, industrial and health care technology fields. Mr. Titaro holds a Master of Science degree in Geology from the University of Western Ontario. He is also a qualified person as defined by NI 43-101 and is a registered P.Geo in Ontario.

***Peter Marrone – Executive Chairman and Director.*** Peter Marrone is Executive Chairman of Yamana Gold Inc., which he founded in 2003. He has more than 35 years of mining, business and capital markets experience. He has been on the boards of a number of public companies and has advised companies with a strong South American and North American presence. Mr. Marrone currently sits on the board of directors of Aris Gold Corporation. Prior to Yamana, Mr. Marrone was the head of investment banking at a major Canadian investment bank and before that practised law in Toronto with a strong focus on corporate law, securities law and international transactions.

***Daniel Racine – President and Chief Executive Officer.*** Mr. Racine joined Yamana in May 2014 and in August 2018 he was appointed President and Chief Executive Officer. From August 2012 until March 2014, Mr. Racine was President and Chief Operating Officer of Brigus Gold Corp. Prior to joining Brigus, Mr. Racine was Senior Vice President, Mining of Agnico-Eagle Mines Limited where he was responsible for Agnico-Eagle's global mining operations. Mr. Racine joined Agnico-Eagle as a junior mining engineer in 1987 taking on progressively senior roles throughout his tenure, including LaRonde Mine Manager, Vice-President Operations Manager, and Senior Vice President Operations.

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**EXHIBIT 99.1**

Mr. Racine holds a Bachelor of Mining Engineering degree from Laval University. He is a registered engineer with L'Ordre des Ingenieurs du Quebec, a professional engineer with Professional Engineers Ontario and a member of the Ontario Society of Professional Engineers.

***Jason LeBlanc* – *Senior Vice President, Finance, and Chief Financial Officer.*** Mr. LeBlanc joined the Company in January 2006 and has over 20 years of research-based and financial experience in the mining industry. During his time at Yamana, Mr. LeBlanc has held increasingly senior positions including most recently the position of Vice President, Finance since 2009. He was appointed Chief Financial Officer in February 2017. Mr. LeBlanc has a Master of Finance from the University of Toronto, a Bachelor of Commerce from the University of Windsor and holds a Chartered Financial Analyst designation.

***Yohann Bouchard, Senior Vice President and Chief Operating Officer.*** Mr. Bouchard joined Yamana in October 2014. Mr. Bouchard has a progressive technical and operating experience with a solid background of more than 20 years of mining in underground and open pit operations. Prior to joining Yamana, Mr. Bouchard occupied key operating and technical positions with Primero Mining Corporation, IAMGOLD Corporation, Breakwater Resources Ltd. and Cambior Inc. Mr. Bouchard oversaw precious and base metal operations in both the Americas and in Africa. Mr. Bouchard holds a Bachelor of Mining Engineering degree from École Polytechnique of Montréal. He is registered as a professional engineer with Professional Engineers Ontario.

***Luke Buchanan, Senior Vice President, Technical Services.*** Mr. Buchanan joined Yamana in June 2015 and was appointed Senior Vice President, Technical Services in May 2022. Mr. Buchanan has over 18 years' experience as a mining engineer overseeing mine planning, technical studies and Mineral Resources and reserves in various mining companies. Prior to joining Yamana, Mr. Buchanan occupied progressively senior operating and technical positions at Newmont Corporation, AMC Consultants and Primero Mining Corporation in both Australia and Canada. Mr. Buchanan holds a Bachelor of Mining Engineering from the University of New South Wales.

***Richard C. Campbell* – *Senior Vice President, Human Resources.*** Mr. Campbell joined Yamana as Senior Vice President, Human Resources in May 2011. Prior to joining Yamana, Mr. Campbell enjoyed progressively senior roles during his 21 years at TD Bank Financial Group ("TD"). During his tenure at TD, Mr. Campbell worked in executive roles in the business as well as Human Resources, encompassing retail, wealth management, and wholesale/corporate banking. From April 1998 to February 2002, Richard completed international secondments in Hong Kong and London, UK with TD Waterhouse. In his role as SVP Human Resources, TD Canada Trust, Richard led a multi-functional team of HR professionals to develop, implement and execute all aspects of HR services supporting a 36,000 employee workforce across Canada. More recently, Richard's experience as SVP Human Resources with the Ontario Lottery Group has provided him with valuable and practical executive experience in the public service sector. Mr. Campbell holds an Honours Bachelor of Arts in Geography and Economics, and a Master of Arts in Economic Geography from Wilfrid Laurier University.

***Gerardo Fernandez – Senior Vice President, Corporate Development and Investor Relations.*** Mr. Fernandez has been with the Company since 2000, having worked in several leadership positions in operations, strategic planning and project development. Most recently, Mr. Fernandez held the positions of Senior Vice President, Operations and Senior Vice President, Projects & Technical Services. Mr. Fernandez holds a Masters of Business Administration (Nevada, USA) and degrees in Civil Mining Engineering and BSc. Engineering from the University of Chile.

***Craig Ford – Senior Vice President, Health, Safety and Sustainable Development*.** Dr. Ford joined Yamana as Senior Vice President, Health, Safety and Sustainable Development in January 2021. Dr. Ford has more than 40 years of experience in the mining industry and more than 25 years of experience in corporate and operational management of health, safety, security, environment, community relations and development, and human rights in the Americas, Europe and Asia. Dr. Ford was President of Corporate Responsibility Solutions Inc., a sustainability-focused advisory firm from 2013 to 2020. As part of this role, Dr. Ford was a member of the Independent Expert Advisory Panel of the International Council on Mining and Metals from 2015 to 2020. From 2000 to 2013, Dr. Ford was the senior-most corporate responsibility executive at Inmet Mining Corporation. Dr. Ford holds a Bachelor of Science (Honors Geology) and Master of Science (Geology) from Western University, a Ph.D. (Geology and Geochemistry) from the Colorado School of Mines and an ICD.D designation from the Institute of Corporate Directors.

***Henry Marsden – Senior Vice President, Exploration*** Mr. Marsden joined Yamana in September 2016. Mr. Marsden has over 30 years of exploration experience, including over 20 years as a consulting geologist working with a variety of clients and focusing on field exploration work. He also played a key role in the discovery and advancement of several deposits including Rio Blanco and Pico Machay in Peru, and the Timmins West gold

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**EXHIBIT 99.1**

deposit in Timmins, Ontario where he was responsible for the first Mineral Resource estimate which ultimately lead to mine construction. Mr. Marsden holds a Master of Science in Earth Sciences from Carleton University, a Bachelor of Science in Geology from the University of British Columbia, and is a Professional Geoscientist.

***Sofia Tsakos – Senior Vice President, General Counsel and Corporate Secretary.*** Ms. Tsakos joined Yamana as Vice President, Corporate Counsel in December 2007, was appointed Corporate Secretary in November 2009 and Senior Vice President, General Counsel in June 2010. Prior to joining Yamana, Ms. Tsakos was a partner practicing securities law at Cassels Brock & Blackwell LLP. From 2001 to 2006, Ms. Tsakos was an associate at Goodman and Carr LLP. Ms. Tsakos holds an Honours Bachelor of Arts in Economics and Political Science from the University of Toronto, a Master in Business Administration with a focus in Finance from the University of Windsor and a Bachelor of Laws also from the University of Windsor.

Based on the disclosure available on the System for Electronic Disclosure by Insiders, as of March 29, 2023, the directors and executive officers of the Company, as a group, beneficially owned, directly or indirectly, or exercised control or direction over approximately 5,261,367 common shares, representing approximately 0.5% of the total number of common shares outstanding. Additionally, directors and officers of the Company, as a group, hold deferred share units and restricted share units totalling 6,442,174 units. This represents a total of 11,703,541 common shares, deferred share units and restricted share units of the Company.

**Corporate Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Except as described below, no director or executive officer of the Company is, as at the date hereof, or has been, within the 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including Yamana) that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade or similar order, or an order that denied the company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days and issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade or similar order, or an order that denied the company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days and was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer but which resulted from an event that occurred while that person was acting in the capacity as a director, chief executive officer or chief financial officer.

Mr. Titaro was a director of Carpathian Gold Inc. ("Carpathian") when, on April 16, 2014, the Ontario Securities Commission (the "OSC") issued a management cease trade order against the Interim Chief Executive Officer and the Chief Financial Officer of Carpathian in connection with Carpathian's failure to file its audited annual financial statements (and related management's discussion and analysis and certifications) for the period ended December 31, 2013. The management cease trade order was lifted on June 19, 2014 following the filing by Carpathian of the required documents. Mr. Titaro did not stand for re-election and was no longer a director on August 12, 2014 but was a director of Carpathian during the period of the management cease trade order. In addition, Mr. Titaro resigned as director of Royal Coal Corp. ("Royal Coal") on May 9, 2012. On May 17, 2012, Royal Coal announced that it received notice from the TSX Venture Exchange that trading in Royal Coal's securities was suspended as a result of a cease trade order by the OSC for the failure to file financial statements. Subsequently, similar cease trade orders were also issued by the Manitoba Securities Commission, Alberta Securities Commission and British Columbia Securities Commission. The cease trade orders were revoked on July 27, 2020.

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially control of the Company, is as of the date hereof, or has been within the 10 years before the date hereof, a director or executive officer of any company (including Yamana) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to the bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

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**EXHIBIT 99.1**

**Conflicts of Interest**

To the best of the Company's knowledge, and other than as disclosed herein, there are no known existing or potential material conflicts of interest between the Company or a subsidiary of the Company and any directors or officers of the Company or of a subsidiary of the Company, except that certain of the directors and officers serve as directors, officers, promoters and members of management of other public or private companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company and their duties as a director, officer, promoter or member of management of such other companies.

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest and the Company will rely upon such laws in respect of any directors' and officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers. All such conflicts will be disclosed by such directors or officers in accordance with the *Canada Business Corporations Act* and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

**ITEM 10**

 **PROMOTER**

No person or company has within the two most recently completed financial years, or is during the current financial year, been a promoter of Yamana or a subsidiary thereof.

**ITEM 11** 

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

**Legal Proceedings** 

Neither the Company nor any of its property is currently, and was not during financial year 2022, a party to or the subject of any legal proceedings, nor are any such proceedings known to be contemplated, that involve a material claim for damages within the meaning of applicable securities legislation.

**Regulatory Actions**

There have been no penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the 2022 financial year, or any other time that would likely be considered important to a reasonable investor making an investment decision in the Company, and the Company has not entered into any settlement agreements with a court relating to securities legislation or with a securities regulatory authority during the 2022 financial year.

**ITEM 12** 

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Other than as described elsewhere herein, none of the directors, executive officers or persons or companies who beneficially own, or control or direct, directly or indirectly, more than 10 percent of any class of outstanding voting securities of the Company, nor any associate or affiliate of the foregoing persons, has or has had any material interest, direct or indirect, in any transaction within the past three financial years or during the current financial year, that has materially affected or is reasonably expected to materially affect the Company.

**ITEM 13** 

**TRANSFER AGENTS AND REGISTRAR**

The transfer agent and registrar for the common shares of the Company is Computershare Trust Company of Canada, at its principal offices in Toronto, Ontario, and the co-transfer agent for the common shares in the United States is Computershare Trust Company, N.A., at its principal offices in Louisville, Kentucky.

I**TEM 14**

 **MATERIAL CONTRACTS**

The Company has not entered into any material contracts outside of the ordinary course of business during the most recently completed financial year, and has not entered into any material contract before the most recently

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**EXHIBIT 99.1**

completed financial year that is still in effect, other than (i) the share and loan purchase agreement dated as of April 15, 2019 (the "Purchase Agreement") among Yamana, as guarantor and as vendor; Yamana International Holdings Coöperatie U.A., as vendor; Lundin, as buyer guarantor; an affiliate of Lundin as buyer of the Netherlands target company shares; and an affiliate of Lundin as buyer of certain intercompany loans; (ii) the Gold Fields Arrangement Agreement; and (iii) the Arrangement Agreement. See "General Development of the Business – History" for further details. Copies of the Purchase Agreement, the Gold Fields Arrangement Agreement and the Arrangement Agreement are available under the Company's SEDAR profile at *www.sedar.com* and may be inspected at the head office of the Company at Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2200, Toronto, Ontario, M5J 2J3 during normal business hours.

**ITEM 15** 

**AUDIT COMMITTEE**

The Audit Committee is responsible for monitoring the Company's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents and monitoring the performance and independence of the Company's external auditors. The committee is also responsible for reviewing the Company's annual audited financial statements, unaudited quarterly financial statements and MD&A of financial results of operations for both annual and interim financial statements and review of related operations prior to their approval by the full board of directors of the Company.

The Audit Committee's charter sets out its responsibilities and duties, qualifications for membership, procedures for committee member removal and appointment and reporting to the board of directors of the Company. A copy of the charter is attached hereto as Schedule "A".

During the year ended December 31, 2022, the Audit Committee was comprised of three directors, all of whom were independent directors. As of the date hereof, the current members of the Audit Committee are Richard Graff (Chair), John Begeman and Jane Sadowsky. In addition to being independent directors as described above, all members of the Company's Audit Committee must meet an additional "independence" test under National Instrument 52-110 - *Audit Committees* ("NI 52-110") in that their directors' fees are the only compensation they, or their firms, receive from the Company and that they are not affiliated with the Company. Each member of the Audit Committee is financially literate within the meaning of NI 52-110.

The Audit Committee met four times during the most recently completed financial year and all members of the committee were in attendance at all such meetings.

***Relevant Educational Experience***

Set out below is a description of the education and experience of each of the Company's three current audit committee members, which is relevant to the performance of his responsibilities as an audit committee member.

*Richard Graff* – Richard Graff is a retired partner from PricewaterhouseCoopers LLP where he served as the audit leader in the United States for the mining industry. Since his retirement, Mr. Graff has been an advisor to the mining industry and was a member of a Financial Accounting Standards Board task force for establishing accounting and financial reporting guidance in the mining industry. He represents a consortium of international mining companies and has provided recommendations to the International Accounting Standards Board on mining industry issues and to regulators on industry disclosure requirements of securities legislation. He received his undergraduate degree in Economics from Boston College and his post-graduate degree in Accounting from Northeastern University. He serves as chairman of the audit committee and is a member of the risk committee of DMC Global Inc. He also served as the chairman of the audit committee for many years and was the lead director and a member of the compensation committee of Alacer Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;

*John Begeman* – John Begeman currently sits on the boards of directors of i-80 Gold Corp and Paycore Minerals Inc. and previously served as the Executive Chairman of the board of Premier Gold Mines Limited, a director of Aberdeen International Inc., the President and Chief Executive Officer of Avion Gold Corporation, the Chief Operating Officer of Zinifex Canada Inc. and Vice President, Western Operations of Goldcorp Inc. Prior to his employment at Goldcorp Inc., Mr. Begeman held various and progressive engineering and management positions with Morrison Knudsen Company's mining operations group throughout the western United States. Mr. Begeman holds a B.S. in Mining Engineering, an M.S. in Engineering Management and an MBA. He has completed the Rotman-ICD Directors Education program and is a member of the Institute of Corporate Directors with the ICD.D designation. He is also a member of the NACD and has achieved the status of "Directorship Certification" by the NACD.

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**EXHIBIT 99.1**

*Jane Sadowsky –* Jane Sadowsky retired from Evercore Partners as a Senior Managing Director and Head of the Power & Utility Group in 2011, after more than 22 years as an investment banker. Prior to Evercore Partners, she was a Managing Director and Group Head at Citigroup's Investment Bank and began her investment banking career at Donaldson, Lufkin & Jenrette. Since retiring, Ms. Sadowsky has served as the Managing Partner for Gardener Advisory LLC, which provides consulting and advisory services predominantly in the electricity power sector to public and private sector clients in the United States and abroad. Ms. Sadowsky presents and teaches at the National Association of Corporate Directors as well as other governance forums. Ms. Sadowsky earned her MBA from the Wharton School and currently sits on the board, audit committee and compensation, nominating and governance committee of Nexa Resources S.A.

***Pre-Approval Policies and Procedures***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee's charter sets out responsibilities regarding the provision of non-audit services by the Company's external auditors. This policy encourages consideration of whether the provision of services other than audit services is compatible with maintaining the auditor's independence and requires Audit Committee pre-approval of permitted audit and audit-related services.

***External Auditor Service Fees***

*Audit Fees*

The aggregate audit fees billed by the Company's external auditors for the year ended December 31, 2022 were C$4,389,391 (December 31, 2021 – C$3,869,225). The audit fees relate to the audit of the annual consolidated financial statements, quarterly reviews, statutory/regulatory filings, and associated translation work.

*Audit-Related Fees*

The aggregate audit-related fees billed by the Company's external auditors for the year ended December 31, 2022 were C$158,718 (December 31, 2021 – C$71,775). This included services related to certain statutory audits outside of Canada.

*Tax Fees*

The aggregate tax fees billed by the Company's external auditors for the year ended December 31, 2022 were C$141,282 (December 31, 2021 – C$225,000). This included professional services for tax compliance, tax advice and tax planning.

*All Other Fees*

The other fees billed by the Company's external auditors for the year ended December 31, 2022 were C$22,500 (December 31, 2021 – C$22,000), which related primarily to certain agreed-upon procedures, technical training materials and services, and assurance on the Company's Conflict-Free Gold Report.

**ITEM 16** 

**INTERESTS OF EXPERTS**

The following are the technical reports prepared in accordance with NI 43-101 from which certain scientific and technical information relating to the Company's material mineral projects contained in this annual information form has been derived, and in some instances extracted, as well as certain qualified persons involved in preparing such reports, and details of certain technical information relating to the Company's material mineral projects contained in this annual information form which have been reviewed and approved by qualified persons.

*Jacobina Mining Complex* – "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020, prepared by or under the supervision of Eduardo de Souza Soares, MAusIMM CP (Min), Henry Marsden, P.Geo. and Carlos Iturralde, P. Eng. of Yamana, Renan Garcia Lopes, MAusIMM CP (Geo) formerly of Yamana, and Luis Vasquez, P.Eng. of SLR Consulting (Canada) Ltd. all of whom are qualified persons pursuant to NI 43-101. The technical information set forth under the heading "Description of the Business – Material Producing Mines – Jacobina Mining Complex", other than the technical information under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101.

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**EXHIBIT 99.1**

*El Peñón Mine* – "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 prepared by or under the supervision of Sergio Castro, Registered Member Chilean Mining Commission, Marco Velásquez Corrales, Registered Member Chilean Mining Commission, Henry Marsden, P.Geo and Carlos Iturralde, P.Eng, all of whom are employees of Yamana and are qualified persons pursuant to NI 43-101. The technical information set forth under the heading "Description of the Business – Material Producing Mines – El Peñón Mine", other than the technical information under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101.

*Canadian Malartic Mine —* "NI 43-101 Technical Report, Canadian Malartic Mine, Quebec, Canada" dated March 25, 2021 prepared by or under the supervision of Pascal Lehouiller, P. Geo, Sylvie Lampron, Eng., Nicole Houle, P.Geo. and François Bouchard, P.Geo., all of whom are employees of Canadian Malartic GP and Guy Gagnon, Eng., a former employee of Canadian Malartic GP, and all of whom are all qualified persons pursuant to NI 43-101. The technical information set forth under the heading "Description of the Business – Material Producing Mines – Canadian Malartic Mine", other than the technical information under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates", has been reviewed and approved by Sébastien Bernier, P. Geo. Mr. Bernier is employed by the Company as its Senior Director, Reserves and Resources and is a "qualified person" for the purpose of NI 43-101.

Each of the technical reports noted above are available under the Company's SEDAR profile at *<u>www.sedar.com</u>*, and a summary of each report is contained in this annual information form under "Description of the Business – Mineral Projects – Material Producing Mines".

The following are the qualified persons responsible for the Mineral Resource and Mineral Reserve estimates for each of the Company's material mineral projects set out in this annual information form under "Description of the Business – Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates".

---

| | | |
|:---|:---|:---|
| **Property** | **Qualified Persons for Mineral Reserves** | **Qualified Persons for Mineral Resources** |
| Canadian Malartic | Patrick Fiset, Eng., and Pierre-Olivier Richard, Eng., MBA, Canadian Malartic GP | Pascal Lehouiller, P. Geo, Canadian Malartic GP |
| Jacobina | Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc. | Camila Passos, P. Geo, and Danilo Ribeiro dos Santos, MAusIMM CP (Geo), Yamana Gold Inc. |
| El Peñón | Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining Commission, Yamana Gold Inc. | Marco Velásquez Corrales, Registered Member of the Chilean Mining Commission, Yamana Gold Inc. |

---

The aforementioned firms or persons held either less than one percent or no securities of the Company or of any associate or affiliate of the Company when they prepared the reports or the Mineral Reserve estimates or the Mineral Resource estimates referred to, or following the preparation of such reports or data, and either did not receive any or received less than a one percent direct or indirect interest in any securities of the Company or of any associate or affiliate of the Company in connection with the preparation of such reports or data.

None of the aforementioned firms or persons, nor any directors, officers or employees of such firms, are currently, or are expected to be elected, appointed or employed as, a director, officer or employee of the Company or of any associate or affiliate of the Company other than Eduardo de Souza Soares, Camila Passos, Danilo Ribeiro dos Santos, Jimmy Avendaño Gonzalez and Marco Velásquez Corrales, who are employed by Yamana, and Patrick Fiset, Pierre-Olivier Richard, and Pascal Lehouiller, who are employed by Canadian Malartic GP.

Deloitte LLP is the auditor of Yamana and is independent with respect to Yamana within the meaning of the U.S. Securities Act of 1933 and the applicable rules and regulations thereunder adopted by the SEC and the Public Company Accounting Oversight Board (United States) and within the meaning of the rules of professional conduct of the Chartered Professional Accountants of Ontario.

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**EXHIBIT 99.1**

**ITEM 17** 

**ADDITIONAL INFORMATION**

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, as applicable, is contained in the Company's management information circular filed in connection with its annual shareholders' meeting for 2022. Additional financial information is provided in the Company's financial statements and MD&A for the financial year ended December 31, 2022. Additional financial information relating to the Company may also be found under the Company's SEDAR profile at *www.sedar.com*.

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**EXHIBIT 99.1**

**SCHEDULE "A"**

 **CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS** 

**Dated as of February 15, 2022** 

1.**Purpose**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is a committee of the Board of Directors (the "Board") of Yamana Gold Inc. (the "Company") and operates within the governance structure of the Company and its subsidiaries (the "Group"). The purpose of the Audit Committee is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.assist the Board in discharging its responsibility to exercise due care, diligence an skills in its oversight responsibilities with respect to: (i) the integrity of the Company's financial statements; (ii) the Company's compliance with legal and regulatory requirements; (iii) the external auditors' qualifications and independence; and (iv) the performance of the Company's internal and external audit functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.serve as an independent and objective party to monitor the Company's financial reporting processes and internal control systems, including business policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.review and appraise the audit activities of the Company's external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.prepare Audit Committee report(s) as required by applicable regulators.

&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall have the authority to delegate to one or more of its members, responsibility for developing recommendations for consideration by the Audit Committee with respect to any of the matters referred to in this Charter. Ultimate responsibility for the integrity of the company's financial reporting rests with the full Board.

2.**Composition and Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Audit Committee shall be comprised of three or more directors as determined by the Board, each of whom shall be an "independent director" in accordance with applicable legal requirements, including the requirements of National Instrument 52-110 Audit Committees ("NI 52-110") and the Corporate Governance Rules of the New York Stock Exchange, as such rules are revised, updated or replaced from time to time, subject to any waivers or exceptions granted by such stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All members shall, to the satisfaction of the Board, be "financially literate", and at least one member shall have accounting or related financial management expertise to qualify as a "financial expert" in accordance with applicable legal requirements, including the requirements of NI 52-110 and the rules adopted by the United States Securities and Exchange Commission (the 'SEC"), as revised, updated or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit Committee and its chair shall be elected by the Board at the annual organizational meeting of the Board, and shall serve until: the next annual meeting of shareholders; they resign; their successors are duly appointed; or such member is removed from the Audit Committee by the Board. If the Board fails to designate one member as the chair of the Audit Committee (the "Chair"), the members of the Audit Committee shall appoint the Chair from among its members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall meet as frequently as the Audit Committee considers necessary, but not less than once each quarter, to review the financial results of the Company. Meetings shall be in person or by audio or video conference or such other electronic facility as provides electronic means of attendance and participation in the meeting. The Audit Committee shall have the resources and authority appropriate to discharge its duties and responsibilities, including the authority to select, retain, terminate, and approve the fees and other retention terms of special or independent counsel, accountants or other experts or advisors, as it deems necessary or appropriate, without seeking approval of the Board or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall have the authority to meet with the Executive Chairman or the Chief Executive Officer as delegate of the Executive Chairman and the Chief Financial Officer, along with internal auditors and the external auditor, and have such other direct and independent interaction with such persons from time to time as the members of the Audit Committee deem appropriate. The Audit Committee may request the Executive Chairman or the CEO as delegate of the Executive Chairman to have such officers or employees of the Company or the Company's outside counsel or external auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The external auditors will have direct access and report directly to the Audit Committee at their own initiative.

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quorum for the transaction of business at any meeting of the Audit Committee shall be a majority of the number of members of the Audit Committee or such greater number as the Audit Committee shall by resolution determine. A duly convened meeting of the Audit Committee at which a quorum is present shall be competent to exercise all or any of the authorities, powers and discretions vested in or exercisable by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of the Audit Committee shall be held from time to time as the Audit Committee or the Chair shall determine upon notice to each of its members in compliance with the Company's by-laws. The notice period may be waived by a quorum of the Audit Committee.

3.**Responsibilities and Powers**

Responsibilities and powers of the Audit Committee include:

<u>General</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.review and assess the adequacy of this Charter at least annually and, where necessary or desirable, recommend changes to the Board provided that this Charter may be amended and restated from time to time without the approval of the Board to ensure that the composition of the Audit Committee and the responsibilities and powers of the Audit Committee comply with applicable laws, regulations and stock exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.oversight of the Group as a whole and, unless required otherwise by regulation, carry out the duties below for the parent company, major subsidiary undertakings and the Group as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.evaluate the functioning, effectiveness and performance of the Audit Committee and its members on an annual basis;

<u>Documents/Reports Review</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.prior to the recommendation to the Board for approval of release of the annual and quarterly financial statements, monitor the integrity of, review and discuss with management and the independent public accountants, upon completion of their audit or review, the financial results for the year or quarter and the results of the audit or review, including (i) the Company's annual or quarterly financial statements and related footnotes; (ii) interrogation and challenge of management's discussion and analysis of the financial condition and results of operations; (iii) annual and quarterly earnings press releases; (iv) the results of the audit or review, including the nature and amount of unrecorded adjustments resulting from the audit or review; (v) review with the independent public accountants and management the Company's policies and procedures relative to the adequacy of internal accounting and financial reporting controls (including any significant deficiencies and significant changes in internal control over financial reporting), including controls over quarterly and annual financial reporting, computerized information systems and information security (vi) the independent public accountants' management recommendations; (vii) any significant transactions which occurred during the year or quarter; (viii) any significant adjustments; critical accounting policies and practices (ix) management judgments and accounting estimates; (x) new accounting policies; (xi) all alternative treatments of financial information within generally accepted accounting principles, ramifications of the use of alternative disclosures and treatments, and the treatment preferred by the independent public accountants; and (xii) any disagreements between management and the independent public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.ensure that adequate procedures are in place for the review of the issuer's disclosure of financial information extracted or derived from the issuer's financial statements and periodically assess the adequacy of such procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.review the effects of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.at least annually, (i) inquire of management and the independent public accountant about the significant business, political, regulatory and internal control issues or exposures to financial risk; (ii) oversee and monitor management's documentation of the significant financial risks that the Company faces and update as events change and risks shift; and (iii) assess the steps that management has taken to control identified financial and internal control risks to the Company;

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**EXHIBIT 99.1**

<u>Responsibilities of the Audit Committee Chair</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.the fundamental responsibility of the Audit Committee Chair is to be responsible for the management and effective performance of the Audit Committee and provide leadership to the Audit Committee in fulfilling its mandate and any other matters delegated to it by the Board. To that end, the Audit Committee Chair's responsibilities shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.working with the Executive Chairman or the Chief Executive Officer as delegate of the Executive Chairman and the Corporate Secretary to establish the frequency of Audit Committee meetings and the agendas for meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.providing leadership to the Audit Committee and presiding over Audit Committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.facilitating the flow of information to and from the Audit Committee and fostering an environment in which Audit Committee members may ask questions and express their viewpoints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.reporting to the Board with respect to the significant activities of the Audit Committee and any recommendations of the Audit Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.leading the Audit Committee in annually reviewing and assessing the adequacy of its mandate and evaluating its effectiveness in fulfilling its mandate; and taking such other steps as are reasonably required to ensure that the Audit Committee carries out its mandate;

<u>External Auditors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.recommend external auditors nominations to the Board to be put before the shareholders for appointment or re-appointment and, as necessary, the removal of any external auditor in office from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.approve the fees (for both audit and non-audit services) and other compensation to be paid to the external auditors and the funding for payment of the external auditors' compensation and any advisors retained by the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.pre-approve all audit services, internal control related services and any permissible non-audit engagements of the external auditors, in accordance with applicable legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.meet with external auditors and financial management of the Company to review the scope of the proposed audit of the current year, and the audit procedures to be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.approve terms of engagement of external auditor, including any engagement letter issued at the start of each audit and the scope of the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.meet quarterly with external auditors "in camera" to discuss reasonableness of the financial reporting processes, systems of internal control and risk management, significant comments and recommendations, and management performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.advise the external auditors of their ultimate accountability to the Board and the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.oversee the work of the external auditors engaged for the purpose of preparing an audit report or performing other audit, review and attest services for the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.evaluate the qualifications, performance and independence of the external auditors, in accordance with relevant ethical and professional guidance, which are to report directly to the Audit Committee, including: (i) reviewing and evaluating the lead partner on the external auditors' engagement with the Company, (ii) considering whether the auditors' quality controls are adequate and the provision of permitted non-audit services is compatible with maintaining the auditors' independence, (iii) determine the rotation of the lead audit partner and the audit firm, and (iv) take into account the opinions of management and the internal audit function in assessing the external auditors' qualifications, independence and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.present the Audit Committee's conclusions with respect to its evaluation of external auditors to the Board and take such additional action to satisfy itself of the qualifications, performance and independence of external auditors and make further recommendations to the Board as it considers necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.obtain and review a report from the external auditors at least annually regarding: (i) the external auditors' internal quality-control procedures; (ii) material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more external audits carried out by the firm; (iii)

------

**EXHIBIT 99.1**

any steps taken to deal with any such issues; and (iv) all relationships between the external auditors and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.discuss with the external auditors any relationships that might affect the external auditors' objectivity and independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.recommend to the Board any action required to ensure the independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.review and approve policies for the Company's hiring of employees or former employees of the present and former external auditors and compliance with regulatory requirements;

<u>Internal Audit</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.receive reports from the Company's Chief Financial Officer on the scope and material results of its internal SOX audit activities and review and monitor management's responsiveness to the internal auditor's findings and recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.review and discuss the Corporation's Code of Conduct and Corporate Governance Policies and the actions taken to monitor and enforce compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.establish procedures for: (i) the receipt, retention and treatment of complaints regarding accounting, internal controls or auditing matters; and (ii) the confidential, anonymous submission of concerns regarding questionable accounting, internal control and auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.the Audit Committee will ensure that the internal audit function is adequately funded and resourced to enable it to fulfil its mandate and is equipped to perform in accordance with appropriate professional standards for internal auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.monitor and review the effectiveness of the Company's internal audit function in the context of the Company's overall risk management system;

<u>Financial Reporting Process</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.periodically discuss the integrity, completeness and accuracy of the Company's internal controls and the financial statements with the external auditors in the absence of the Company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.in consultation with the external auditors, review the integrity of the Company's financial internal and external reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.consider the external auditors' assessment of the appropriateness of the Company's auditing standards and accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.review and discuss with management and the external auditors at least annually and approve, if appropriate, any material changes to the Company's internal auditing and accounting principles and practices suggested by the external auditors or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.review disclosures made by the Executive Chairman or the CEO as delegate of the Executive Chairman and CFO during their certification process for the annual and interim filings with applicable securities regulatory authorities about any significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in the internal controls, and any fraud involving management or other employees who have a significant role in the Company's internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.establish regular and separate systems of reporting to the Audit Committee by management and the external auditors of any significant decision made in management's preparation of the financial statements, including the reporting of the view of management and the external auditors as to the appropriateness of such decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.discuss during the annual audit, and review separately with each of management and the external auditors, any significant matters arising from the course of any audit, including any restrictions on the scope of work or access to required information; whether raised by management or the external auditors;

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**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.resolve any disagreements between management and the external auditors regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.review with the external auditors and management the extent to which changes or improvements in financial or accounting practices, as approved by the Audit Committee, have been implemented at an appropriate time subsequent to the implementation of such changes or improvements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.retain and determine the compensation of any independent counsel, accountants or other advisors to assist in its oversight responsibilities (the Audit Committee shall not be required to obtain the approval of the Board for such purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.discuss any management or internal control letters or proposals to be issued by the external auditors of the Company;

<u>Legal Compliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.review with the Company's legal counsel any legal matter that the Audit Committee understands could have a significant impact on the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.conduct or authorize investigations into matters within the Audit Committee's scope of responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.perform any other activities, in accordance with the Charter, the Company's by-laws and governing laws, that the Audit Committee or the Board deems necessary or appropriate;

<u>Reporting and Powers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.record minutes of its meetings and report periodically to the Board on all matters and recommendations made by the Audit Committee and at such other times as the Board may consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.exercise such other powers and perform such other duties and responsibilities as are incidental to the purposes, duties and responsibilities specified herein and as may from time to time be delegated to the Audit Committee by the Board.

4.**Limitation of Responsibility**

While the Audit Committee has the responsibilities and powers provided by this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements are complete and accurate and are in accordance with applicable accounting principles and standards. This is the responsibility of management (with respect to whom the Audit Committee performs an oversight function) and the external auditors.

## Exhibit 99.2

**EXHIBIT 99.2**

![image1.jpg](image1.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

 **OPERATIONS AND FINANCIAL CONDITION**

 **FOR THE YEAR ENDED DECEMBER 31, 2022** 

**CONTENTS**

---

| | | |
|:---|:---|:---|
| | | ***Page*** |
| **1:** | Highlights and Relevant Updates | ***<u>[1](#i8612b71fdd854ea6ae2b2a117c3e9f7c_10)</u>*** |
| **2:** | Core Business, Strategy and Outlook | ***<u>[7](#i8612b71fdd854ea6ae2b2a117c3e9f7c_31)</u>*** |
| **3:** | Review of Financial Results | ***<u>[7](#i8612b71fdd854ea6ae2b2a117c3e9f7c_34)</u>*** |
| **4:** | Operating Segments Performance | ***<u>[12](#i8612b71fdd854ea6ae2b2a117c3e9f7c_46)</u>*** |
| **5:** | Construction, Development and Other Initiatives | ***<u>[19](#i8612b71fdd854ea6ae2b2a117c3e9f7c_64)</u>*** |
| **6:** | Mineral Reserve and Mineral Resource Estimates | ***<u>[27](#i8612b71fdd854ea6ae2b2a117c3e9f7c_139)</u>*** |
| **7:** | Exploration | ***<u>[33](#i8612b71fdd854ea6ae2b2a117c3e9f7c_85)</u>*** |
| **8:** | Financial Condition and Liquidity | ***<u>[38](#i8612b71fdd854ea6ae2b2a117c3e9f7c_88)</u>*** |
| **9:** | Economic Trends, Business Risks and Uncertainties | ***<u>[41](#i8612b71fdd854ea6ae2b2a117c3e9f7c_91)</u>*** |
| **10:** | Contingencies | ***<u>[43](#i8612b71fdd854ea6ae2b2a117c3e9f7c_94)</u>*** |
| **11:** | Critical Accounting Policies and Estimates | ***<u>[43](#i8612b71fdd854ea6ae2b2a117c3e9f7c_97)</u>*** |
| **12:** | Non-GAAP Financial Performance Measures | ***<u>[43](#i8612b71fdd854ea6ae2b2a117c3e9f7c_100)</u>*** |
| **13:** | Disclosure Controls and Procedures | ***<u>[51](#i8612b71fdd854ea6ae2b2a117c3e9f7c_124)</u>*** |

---

------

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION**

*This Management's Discussion and Analysis of Operations and Financial Condition ("MD&A") should be read in conjunction with Yamana Gold Inc.'s (the "Company" or "Yamana") most recently issued annual consolidated financial statements for the year ended December 31, 2022 ("Consolidated Financial Statements"). All figures are in United States Dollars ("US Dollars") unless otherwise specified and are in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS").* 

*The Company has included certain non-GAAP financial performance measures, which the Company believes, that together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP financial performance measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial performance measures included in this MD&A include:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cash costs per gold equivalent ounce ("GEO") sold;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• All-in sustaining costs ("AISC") per GEO sold;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Net free cash flows;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Free cash flows before dividends and debt repayment; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Average realized price per ounce of gold/silver sold*

*Reconciliations and descriptions associated with the above non-GAAP financial performance measures can be found in Section 12: Non-GAAP Financial Performance Measures in this MD&A. In addition, each non-GAAP financial performance measure in this MD&A has been annotated with a reference to endnote (1).* 

*Cautionary statements regarding forward-looking information and mineral reserves and mineral resources can be found in Section 13: Disclosure Controls and Procedures in this MD&A.*

*Endnotes can be found on the final page of this MD&A.*

**1. &nbsp;&nbsp;&nbsp;&nbsp;HIGHLIGHTS AND RELEVANT UPDATES**

**For the three months ended December 31, 2022 unless otherwise noted**

**Summary of Operational, Earnings and Cash Flows Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter production of 264,891 GEO<sup>(2)</sup>. As expected and previously guided, production in the second half of the year was comparable to that in the first half, with the sequential increase in the fourth quarter over the third quarter mirroring that realized in the second quarter over the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year production of 1,005,770 GEO<sup>(2)</sup> exceeded guidance of 1,000,000 GEO<sup>(2)</sup>. The standout production results were realized despite the gold-to-silver ratio being near an all-time high, and significantly above what was anticipated in 2022 guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold production of 235,072 ounces exceeded plan, with gold production of 894,820 ounces for the full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Silver production of 2,433,413 ounces, with silver production of 9,201,700 ounces for the full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis of $1,271, $792, and $1,179 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis of $1,237, $764, and $1,124 respectively, generally in line with guidance when adjusted for the impact of the higher gold-to-silver ratio. The standout production results, which were realized despite the gold-to-silver ratio being near an all-time high and significantly above what was anticipated in guidance, are a testament to the Company's focus on operational excellence and track record of execution despite inflationary conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Cash flows from operating activities were $24.0 million and net free cash flows<sup>(1)</sup> were $112.8 million, for the three months ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at December 31, 2022, the Company had cash and cash equivalents of $366.5 million, including $210.0 million available for utilization by the MARA Project.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss<sup>(3)</sup> for the three months ended December 31, 2022 was $1,131.9 million or $1.18 per share basic and diluted, compared to net earnings<sup>(3)</sup> of $109.7 million or $0.11 per share basic and diluted for the three months ended December 31, 2021. Adjusting items of $1,201.1 million<sup>(3)</sup>, that management believes may not be reflective of current and ongoing operations, and which may be used to adjust or reconcile input models in consensus estimates, impacted net earnings<sup>(3)</sup> for the current period. Key adjusting items in the three months ended December 31, 2022 include a net termination fee of $150.0 million paid to Gold Fields upon termination of the Gold Fields Arrangement Agreement and a non-cash after-tax impairment of $1.0 billion attributable to Yamana equity holders (a gross impairment of $1.4 billion attributable to Yamana equity holders). The impairment, which is required under IFRS, results in a carrying value for the Company as a whole that does not reflect its fair value or the consideration being offered in the Pan American and Agnico arrangement. The impairment is a consequence of the structure and component parts of the consideration, whereas more is being paid for the Canadian components than the non-Canadian components in relation to their respective carrying values. However, the overall consideration exceeds the value of the Company's equity attributable to Yamana equity holders and the impairment does not affect the fair value of the assets being acquired by Pan American and Agnico. See below for full details on these two matters. For a complete list of adjustments attributable to Yamana Gold Inc. equity holders, refer to the Financial highlights section below.

**Corporate Developments**

**Acquisition of Yamana by Pan American and Agnico**

On November 4, 2022, Yamana announced that the Company had received an unsolicited binding proposal from Agnico Eagle Mines Limited (TSX, NYSE: AEM) ("Agnico") and Pan American Silver Corp. (TSX, NASDAQ: PAAS) ("Pan American") for the acquisition by Pan American of all of the issued and outstanding common shares of Yamana and the sale by Yamana of certain subsidiaries and partnerships which hold Yamana's interests in its Canadian assets, including the Canadian Malartic mine, to Agnico, all by way of a proposed plan of arrangement (the "Pan American-Agnico Transaction"). The Board of Directors of Yamana determined that this new offer constituted a "Yamana Superior Proposal" in accordance with the terms of the Gold Fields Arrangement Agreement, which had previously been entered into on May 31, 2022. In accordance with terms of such agreement, Yamana notified Gold Fields that its Board of Directors had determined that the new offer constituted a Yamana Superior Proposal and that the five business day matching period had commenced, during which Gold Fields had the right, but not the obligation, to propose to amend the terms of the Gold Fields Arrangement Agreement in order for the new offer to cease to be a Yamana Superior Proposal. The Pan American-Agnico Transaction provided consideration to Yamana's shareholders that represented a 23% premium to the closing price of the Yamana Shares as of November 3, 2022, the last trading day prior to the submission of the offer, and a 15% premium to the implied price of the Gold Fields offer, based on the closing price of the Gold Fields shares as of November 3, 2022.

On November 7, 2022, Gold Fields announced that the Gold Fields Board had unanimously determined that it would not offer to change the terms of the transaction.

On November 8, 2022, Yamana therefore, entered into an arrangement agreement with Pan American and Agnico (Pan American-Agnico Arrangement Agreement) and announced that Yamana's Board of Directors had changed its recommendation with respect to the pending transaction with Gold Fields and now unanimously recommended that Yamana shareholders vote against the Gold Fields transaction at the special meeting of Yamana shareholders to be held to consider the Gold Fields Transaction.

Following this, also on November 8, 2022, Gold Fields announced that they had terminated the arrangement agreement in respect of the transaction with Yamana.

Pursuant to the terms of the Gold Fields Arrangement Agreement, the agreement could be terminated by both or either of the parties in certain situations, including, but not limited to, by Gold Fields in the event that a Yamana Change in Recommendation occurred. The Gold Fields Arrangement Agreement also provided for Yamana to pay Gold Fields a termination fee in the amount of $300.0 million in the event that the Gold Fields Arrangement Agreement was terminated for this reason.

Accordingly, upon termination of the Gold Fields Arrangement Agreement, Yamana paid Gold Fields $300.0 million and Pan American paid Yamana $150.0 million as partial reimbursement for the termination fee paid to Gold Fields, as provided for in the Pan American-Agnico Arrangement Agreement.

The special meetings of Yamana and Pan American shareholders to vote on the proposed Pan American-Agnico Transaction took place on January 31, 2023 and shareholders of Yamana and Pan American voted overwhelmingly in favour of the resolutions approving the transaction and the issuance of common shares of Pan American as consideration in respect of the transaction, respectively.

The transaction is expected to close on or about March 31, 2023 and has received approval from shareholders of Yamana and Pan American and regulatory approvals from Canada and Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 2

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Upon closing of the transaction, Yamana will receive total consideration valued at approximately $5.4 billion, comprising $2.5 billion from Pan American and $2.9 billion from Agnico (based on the closing share prices of Pan American and Agnico at December 31, 2022). The Pan American and Agnico arrangement is structured as an en bloc transaction, and one part of the transaction cannot exist without the other. The total consideration value as of December 31, 2022 represents a $1.1 billion premium over the pre-impairment equity attributable to Yamana equity holders of $4.3 billion at the same date. However, the transaction price from Agnico exceeds the carrying value of the Canadian assets, while the transaction price from Pan American is lower than the carrying value of the non-Canadian assets. As Yamana's property, plant and equipment assets are accounted for under IFRS using the cost model, if the fair value exceeds the carrying value, the assets cannot be written up to fair value. Under the cost model, assets (excluding goodwill) can only be written up if they have previously been impaired, the write up being limited to the maximum of the previous impairment. Consequently, the consideration paid by Agnico for Canadian Malartic, Wasamac and Monument Bay, which exceeded the carrying value of these assets considerably, could not be used to write up the value of the assets, as they had not been previously impaired. Despite the offsetting impact of the excess of consideration above carrying value for the Canadian assets and the consideration below carrying value for the non-Canadian assets, IFRS accounting standards require an entity to assess its assets for indicators of impairment at the cash-generating unit level, or in this case, distinct from the total consideration of the combined offer. Accordingly, the consideration differential was considered to be an indication that the carrying value of the Company's non-Canadian CGUs may not be recoverable, and the Company was required to perform further analysis, considering internal sources of information, to identify which of the non-Canadian CGUs should be tested for impairment.

The non-cash impairment, that arose from the impairment testing performed on certain of the Company's non-Canadian CGUs, results in a carrying value for the Company as a whole that does not reflect its fair value, and was taken as a consequence of the structure and component parts of the consideration. As aforementioned, more is being paid for the Canadian components than the non-Canadian components in relation to their respective carrying values, and the overall consideration exceeds the value of the Company's equity attributable to Yamana equity holders. The allocation of consideration arising from the structure of the transaction leads to further analysis that resulted in the impairment of certain of the non-Canadian assets without a corresponding increase in the carrying value of the Canadian assets. Further, although the Company believes that the full pre-impairment book value of the non-Canadian assets would be recoverable through operation of the assets over time, the fair value of the consideration receivable from Pan American, which is below the Company's carrying value for those assets, was required to be used to assess their impairment. This impairment will not be recorded in the financial statements of the post-transaction combined company, as it is being recorded in the books of the Company pre-acquisition, and is reflective of the purchase price adjustments required in the Pan American pro-forma financial statements that were disclosed in Yamana's Management Information Circular in connection with the proposed transaction, filed on December 28, 2022. For the combined company, the fair value of the assets will be based on the final share consideration and on the final purchase price accounting.

The details of the impairment are further described in Note 13 to the Company's Consolidated Financial Statements for the year ended December 31, 2022. The testing resulted in an impairment on certain of the non-Canadian operating and non-operating mining properties being acquired by Pan American. The net impairment after tax, attributable to Yamana equity holders was $1.0 billion (being a gross impairment of $1.9 billion, net of tax of $0.5 billion and net of the loss attributable to non-controlling interests of $0.4 billion), despite the value of the total offer and proceeds to Yamana equity holders exceeding pre-impairment equity attributable to Yamana equity holders by $1.1 billion.

The impairment recorded (on a net of tax basis, and attributable to Yamana equity holders) was predominantly at MARA ($458.3 million), Cerro Moro ($155.2 million), Minera Florida ($42.7 million), and the remainder ($380.0 million) at a variety of projects and exploration properties including Suyai, Jeronimo, La Pepa, Lavra Velha, Don Sixto and the Argentinian and USA exploration properties. With respect to MARA, the Company received purchase proposals for its interest in the project over time, which were rejected as not being sufficient. The purchase price paid by Glencore for Newmont's 18.75% interest in the project was used for the assessment of the non-cash impairment taken on MARA, and represents point-in-time information required to be considered. Despite the impairment taken in light of an observable market transaction, the Company believes that the value of its controlling interest in the project (in contrast with Newmont's minority interest acquired by Glencore) will continue to increase as the project advances, more certainty is obtained, and more value for the project is created.

**OPERATING**

Fourth quarter GEO<sup>(2)</sup> production was 264,891 ounces, despite the gold-to-silver ratio being near an all-time high. GEO<sup>(2)</sup> production in the comparative period was 281,388 ounces, benefiting from a lower gold-to-silver ratio. Fourth quarter total cost of sales, cash costs<sup>(1)</sup>, and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis were $1,271, $792, and $1,179 respectively.

GEO<sup>(2)</sup> is calculated as the sum of gold ounces and the gold equivalent of silver ounces using a ratio of 81.61 for the three months ended December 31, 2022, and 77.28 for the three months ended December 31, 2021. GEO calculations are based on an average market gold-to-silver price ratio for the relevant period.

GEO<sup>(2)</sup> production of 1,005,770 ounces during the year ended December 31, 2022 exceeded guidance of 1,000,000 ounces, and was comparable to prior year production of 1,011,180 ounces. The strong year-to-date gold equivalent production has exceeded budget despite the gold-to-silver ratio being near an all-time high and significantly above the Company's budget assumption for

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 3

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that ratio. For the year ended December 31, 2022, total cost of sales, cash costs<sup>(1)</sup>, and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis were $1,237, $764, and $1,124 respectively.

GEO<sup>(2)</sup> is calculated as the sum of gold ounces and the gold equivalent of silver ounces using a ratio of 82.94 for the year ended December 31, 2022, and 72.55 for the year ended December 31, 2021. GEO calculations are based on an average market gold-to-silver price ratio for the relevant period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
|  | **2022** | 2021 | **2022** | 2021 |
| **GEO**<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Production | **264891** | 281388 | **1005770** | 1011180 |
| &nbsp;&nbsp;Sales | **264539** | 280409 | **1006465** | 1009262 |
| *Per GEO sold data* |  |  |  |  |
| &nbsp;&nbsp;Total cost of sales<sup>(5)</sup> | $**1271** | $1109 | $**1237** | $1166 |
| &nbsp;&nbsp;Cash costs<sup>(1)</sup> | $**792** | $642 | $**764** | $689 |
| &nbsp;&nbsp;AISC<sup>(1)</sup> | $**1179** | $962 | $**1124** | $1030 |
| **Gold** |  |  |  |  |
| &nbsp;&nbsp;Production (ounces) | **235072** | 240718 | **894820** | 884793 |
| &nbsp;&nbsp;Sales (ounces) | **235274** | 242486 | **894485** | 885293 |
| &nbsp;&nbsp;&nbsp;Revenue per ounce | $**1730** | $1796 | $**1800** | $1799 |
| &nbsp;&nbsp;Average realized price per ounce<sup>(1)</sup> | $**1730** | $1796 | $**1800** | $1799 |
| &nbsp;&nbsp;Average market price per ounce\* | $**1729** | $1795 | $**1801** | $1800 |
| **Silver** |  |  |  |  |
| &nbsp;&nbsp;Production (ounces) | **2433413** | 3142781 | **9201700** | 9169289 |
| &nbsp;&nbsp;Sales (ounces)\*\* | **2377532** | 2937805 | **9274051** | 8976269 |
| &nbsp;&nbsp;&nbsp;Revenue per ounce | $**21.17** | $23.24 | $**21.25** | $24.85 |
| &nbsp;&nbsp;Average realized price per ounce<sup>(1)</sup> | $**21.17** | $23.24 | $**21.63** | $24.59 |
| &nbsp;&nbsp;Average market price per ounce\* | $**21.20** | $23.32 | $**21.75** | $25.17 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Source of information: Bloomberg.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Included in the three months and year ended December 31, 2022 silver sales ounces were 294,871 and 1,272,959 ounces, respectively, delivered under the silver streaming arrangement (2021: 228,553 and 1,024,883 ounces).

**HEALTH, SAFETY, AND SUSTAINABLE DEVELOPMENT**

Yamana's health, safety and sustainable development ("HSSD") approach is guided by the Company's corporate-level standards and programs; these are integrated into all operations, development projects, and exploration activities. Yamana recognizes the importance of striving to meet and exceed its HSSD responsibilities and objectives, and the role these efforts have in delivering on the overall objective of creating value for all stakeholders. Our most important considerations and priorities are safeguarding worker health and safety, respecting human rights, protecting the environment and building privilege to operate with host communities.

High vaccination rates amongst the Company's employees and contractors at all locations continue to protect people, host communities and our business. The Company continues to have low numbers of worker COVID-19 cases at sites and these do not have any significant effect on the Company's business. The Company continues to manage its business in a way that respects, and is mindful of, the impact that COVID-19 has had and could have on host communities.

The Company continued the implementation of its Climate Action Strategy during the quarter, including completing its estimation of the Company's Scope 3 GHG emissions, approving an internal carbon price and submitting the Company's plans to achieve its 1.5ºC-aligned pathway to the Science-based Target Initiative for verification. Work also continued on the analysis of converting approximately 50% of Cerro Moro's electricity requirements from diesel to wind power to meet the greenhouse gas emission reductions required between now and 2030.

Other recent highlights relating to HSSD are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Total Recordable Injury Rate ("TRIR") for the full-year 2022 was 0.83\*. The Company has modified its TRIR reporting to align with our financial reporting standards which include our wholly-owned operations, exploration projects, development projects (Wasamac and MARA), proportional consolidation of Canadian Malartic (50%), and closed projects. For comparison, the corresponding full-year 2021 result was 1.11\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of January 25, 2023, more than 98%\*\* of the Company's employees and contractors at its wholly-owned operations and exploration projects have received at least one dose of a COVID-19 vaccine, 96%\*\* have received two doses, and

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 4

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90%\*\* have received a third dose booster shot. Approximately 53%\*\* of workers have received a fourth dose booster shot.

\*&nbsp;&nbsp;&nbsp;&nbsp;Calculated on a 200,000 exposure-hour basis including employees and contractors.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Vaccination rates are exclusive of Canadian Malartic, in which we hold a 50% interest. Vaccination rates at Canadian Malartic are in line with the high Abitibi-Témiscamingue regional rates.

**FINANCIAL**

Net loss<sup>(3)</sup> for the three months ended December 31, 2022 was $1,131.9 million or $1.18 per share basic and diluted, compared to net earnings<sup>(3)</sup> of $109.7 million or $0.11 per share basic and diluted for the three months ended December 31, 2021. Net loss<sup>(3)</sup> for the three months ended December 31, 2022 was impacted by $1,201.1 million of items that management believes may not be reflective of current and ongoing operations attributable to Yamana Gold Inc. equity holders and which may be used to adjust or reconcile input models in consensus estimates.

Net loss<sup>(3)</sup> for the year ended December 31, 2022 was $982.3 million or $1.02 per share basic and diluted, compared to net earnings<sup>(3)</sup> of $147.5 million or $0.15 per share basic and diluted for the year ended December 31, 2021. Results for the year ended December 31, 2022 were impacted by $1,265.4 million of items that management believes may not be reflective of current and ongoing operations attributable to Yamana Gold Inc. equity holders and which may be used to adjust or reconcile input models in consensus estimates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| *(In millions of US Dollars; except per share amounts)* | **2022** | 2021 | **2022** | 2021 |
| Non-cash net foreign exchange (gains) losses<sup>(3)</sup> | $**17.2** | $(2.3) | $**21.8** | $3.6 |
| Share-based payments/mark-to-market of deferred share units | **12.1** | 2.2 | **28.0** | 3.2 |
| Mark-to-market losses on derivative contracts, investments and other assets and liabilities | **(0.1)** | 0.2 | **0.8** | 0.3 |
| Gain on discontinuation of the equity method of accounting | **—** |  | **—** | (10.2) |
| Temporary suspension costs<sup>(5)</sup> | **0.3** | 3.5 | **7.7** | 3.5 |
| Standby and other incremental COVID-19 costs<sup>(5)</sup> | **0.3** | 5.2 | **7.0** | 33.9 |
| Impairment of operating and non-operating mining properties | **1374.5** |  | **1374.5** |  |
| Termination fee payment to Gold fields, net of reimbursement from Pan American | **150.0** |  | **150.0** |  |
| Early note redemption premium | **—** |  | **—** | 53.3 |
| Variable consideration adjustment - stream revenue and accretion | **—** |  | **3.8** | (1.5) |
| Other provisions, write-downs and adjustments\*<sup>(3)</sup> | **26.4** | (0.1) | **48.0** | 9.9 |
| Non-cash tax on unrealized foreign exchange (gains) losses | **4.0** | 1.7 | **12.0** | 1.9 |
| Income tax effect of adjustments<sup>(3)</sup> | **(50.0)** | (1.4) | **(57.0)** | (19.0) |
| One-time tax adjustments<sup>(3)</sup> | **(333.6)** | (10.6) | **(331.2)** | 97.0 |
| **Total adjustments - increase to net earnings**<sup>(3)</sup> | $**1201.1** | $(1.6) | $**1265.4** | $175.9 |
| **Total adjustments - increase to net earnings**<sup>(3)</sup> **per share** | $**1.25** | $— | $**1.32** | $0.18 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;This balance includes, among other things, transaction costs related to the terminated Gold Fields transaction and the Pan American transaction, in addition to revisions in estimates and write-downs and provisions, or reversals of provisions, for items such as tax credits and legal contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 5

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**Summary of Financial Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| *(In millions of US Dollars; unless otherwise noted)* | **2022** | 2021 | **2022** | 2021 | 2020 |
| **Revenue** | $**457.2** | $503.8 | $**1807.1** | $1815.4 | $1561.0 |
| Cost of sales excluding DDA<sup>(5)</sup> | **(209.8)** | (185.2) | **(778.1)** | (728.9) | (654.6) |
| **Gross margin excluding DDA**<sup>(5)</sup> | $**247.4** | $318.6 | $**1029.0** | $1086.5 | $906.4 |
| Depletion, depreciation and amortization ("DDA") | **(126.3)** | (125.7) | **(466.8)** | (447.9) | (395.0) |
| Impairment of operating mining properties | **(214.9)** |  | **(214.9)** |  | 191.0 |
| Temporary suspension costs<sup>(5)</sup> | **(0.3)** | (3.5) | **(7.7)** | (3.5) |  |
| **Mine operating (loss) earnings** | $**(94.1)** | $189.4 | $**339.6** | $635.1 | $702.4 |
| General and administrative | **(52.2)** | (20.0) | **(121.0)** | (74.8) | (85.9) |
| Exploration and evaluation | **(10.0)** | (6.8) | **(39.8)** | (31.6) | (15.1) |
| Share of earnings (loss) of associates | **—** |  | **—** | 0.9 | (1.0) |
| Termination fee payment to Gold Fields | **(300.0)** |  | **(300.0)** |  |  |
| Reimbursement of termination fee from Pan American | **150.0** |  | **150.0** |  |  |
| Other operating expenses, net | **(25.2)** | (12.1) | **(80.1)** | (37.4) | (14.6) |
| Impairment of non-operating mining properties | **(1707.8)** |  | **(1707.8)** |  |  |
| **Operating (loss) earnings** | $**(2039.3)** | $150.5 | $**(1759.1)** | $492.2 | $585.8 |
| Finance costs | **(17.9)** | (15.9) | **(64.9)** | (134.4) | (77.0) |
| Other income (costs), net | **0.6** | 14.3 | **29.6** | 26.7 | (18.7) |
| **(Loss) earnings before taxes** | $**(2056.6)** | $148.9 | $**(1794.4)** | $384.5 | $490.1 |
| Income tax recovery (expense), net | $**516.4** | $(44.2) | $**399.0** | $(295.7) | $(286.5) |
| **Net (loss) earnings** | $**(1540.2)** | $104.7 | $**(1395.4)** | $88.8 | $203.6 |
| **Attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Yamana Gold Inc. equity holders | $**(1131.9)** | $109.7 | $**(982.3)** | $147.5 | $203.6 |
| &nbsp;&nbsp;&nbsp;Non-controlling Interests | $**(408.3)** | $(5.0) | $**(413.1)** | $(58.7) | $— |
| **Per share data (Yamana Gold Inc. equity holders)** |  |  |  |  |  |
| &nbsp;&nbsp;Net (loss) earnings<sup>(3)</sup> per share - basic and diluted | $**(1.18)** | $0.11 | $**(1.02)** | $0.15 | $0.21 |
| &nbsp;&nbsp;Dividends declared per share | $**0.0300** | $0.0300 | $**0.1200** | $0.1125 | $0.072 |
| &nbsp;&nbsp;Dividends paid per share | $**0.0300** | $0.0300 | $**0.1200** | $0.1088 | $0.056 |
| **Weighted average number of common shares outstanding (thousands)** |  |  |  |  |  |
| &nbsp;&nbsp;Basic | **961024** | 961185 | **960700** | 963393 | 951818 |
| &nbsp;&nbsp;Diluted | **961024** | 962695 | **960700** | 964932 | 953846 |
| **Cash flows** |  |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $**24.0** | $238.2 | $**528.1** | $742.3 | $617.8 |
| &nbsp;&nbsp;Cash flows (used in) from operating activities before net change in working capital | $**(6.3)** | $230.8 | $**540.3** | $784.6 | $688.7 |
| &nbsp;&nbsp;Cash flows used in investing activities  | $**(154.3)** | $(117.4) | $**(519.4)** | $(399.7) | $51.4 |
| &nbsp;&nbsp;Cash flows used in financing activities  | $**(41.5)** | $(55.7) | $**(162.5)** | $(467.5) | $(175.9) |
| &nbsp;&nbsp;Net free cash flows<sup>(1)</sup> | $**112.8** | $188.4 | $**469.7** | $547.4 | $455.6 |
| &nbsp;&nbsp;Free cash flows before dividends and debt repayments<sup>(1)</sup> | $**3.9** | $119.7 | $**116.1** | $328.5 | $295.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 6

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**Capital Expenditures\***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the three months ended December 31,* | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 |
| *(In millions of US Dollars)* | **Sustaining** | **Sustaining** | **Expansionary** | **Expansionary** | **Exploration** | **Exploration** | **Total** | **Total** |
| Canadian Malartic | $**12.9** | $17.3 | $**46.7** | $22.7 | $**3.1** | $4.4 | $**62.7** | $44.4 |
| Jacobina | **6.1** | 4.2 | **14.4** | 10.5 | **2.0** | 1.8 | $**22.5** | $16.5 |
| Cerro Moro | **13.0** | 12.4 | **—** | 0.5 | **1.7** | 1.3 | $**14.7** | $14.2 |
| El Peñón | **10.0** | 7.1 | **0.5** | 1.6 | **3.7** | 2.3 | $**14.2** | $11.0 |
| Minera Florida | **3.8** | 2.9 | **7.6** | 6.3 | **1.7** | 3.1 | $**13.1** | $12.3 |
| MARA | **—** |  | **9.6** | 4.9 | **—** | 0.1 | $**9.6** | $5.0 |
| Wasamac | **—** |  | **4.7** | 2.9 | **1.3** | 4.7 | $**6.0** | $7.6 |
| Other | **0.4** | 0.5 | **2.0** | 0.1 | **0.6** | 1.9 | $**3.0** | $2.5 |
| **Total** | $**46.2** | $44.4 | $**85.5** | $49.5 | $**14.1** | $19.6 | $**145.8** | $113.5 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31,* | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 |
| *(In millions of US Dollars)* | **Sustaining** | **Sustaining** | **Expansionary** | **Expansionary** | **Exploration** | **Exploration** | **Total** | **Total** |
| Canadian Malartic | $**52.3** | $69.2 | $**136.0** | $50.1 | $**15.7** | $15.7 | $**204.0** | $135.0 |
| Jacobina | **20.5** | 14.0 | **40.6** | 28.1 | **10.5** | 7.2 | $**71.6** | $49.3 |
| Cerro Moro | **42.6** | 39.8 | **0.7** | 1.2 | **6.1** | 5.6 | $**49.4** | $46.6 |
| El Peñón | **37.8** | 34.6 | **3.9** | 7.8 | **14.3** | 15.6 | $**56.0** | $58.0 |
| Minera Florida | **15.6** | 15.2 | **23.3** | 22.6 | **6.3** | 6.5 | $**45.2** | $44.3 |
| MARA | **—** |  | **25.1** | 17.3 | **—** | 0.1 | $**25.1** | $17.4 |
| Wasamac | **—** |  | **13.6** | 6.7 | **7.8** | 6.9 | $**21.4** | $13.6 |
| Other | **1.3** | 0.9 | **4.3** | 0.8 | **3.3** | 10.5 | $**8.9** | $12.2 |
| **Total** | $**170.1** | $173.7 | $**247.5** | $134.6 | $**64.0** | $68.1 | $**481.6** | $376.4 |

---

\* Capital expenditures in this table are presented net of the benefit of realized foreign exchange gains and losses.

**2.&nbsp;&nbsp;&nbsp;&nbsp;CORE BUSINESS, STRATEGY AND OUTLOOK**

Yamana Gold Inc. ("Yamana" or the "Company") is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas' mining friendly jurisdictions, including Canada, Brazil, Chile and Argentina. The Company is primarily focused on gold, but has exposure to green metals from silver and copper exposure. The Company plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.

Yamana has a strong sustainable production platform of at least 1 million GEO<sup>(2)</sup> per year, and with multiple low-risk, low-capital projects that have the ability to be mixed and matched to optimize free cash flows generation, exploration success and track record of mineral reserve replacement and mineral resource growth, the Company has a pathway for production growth to 1.5 million GEO<sup>(2)</sup> within the ten-year outlook horizon and to meaningfully extend the production platform beyond that timeframe. Such project flexibility allows the Company to re-arrange, adjust or defer the projects at its discretion while still having confidence in achieving the overall plan. Further growth beyond this level from the MARA and Suyai projects, in addition to the opportunities currently within the generative exploration portfolio provide additional upside potential to the ten-year outlook.

The Company is listed on the Toronto Stock Exchange (trading symbol "YRI"), the New York Stock Exchange (trading symbol "AUY"), and the London Stock Exchange (trading symbol "AUY").

The Company's principal mining properties comprise the Jacobina mine in Brazil, the Canadian Malartic mine (50% interest) in Canada, the El Peñón and Minera Florida mines in Chile and the Cerro Moro mine in Argentina. On January 21, 2021 the Company completed the acquisition of the Wasamac property, a high-quality project with a significant mineral reserve and mineral resource base and excellent potential for further expansion, adding to Yamana's pipeline of organic opportunities, significantly enhancing the Company's future growth prospects for which a positive development decision has been made during the year. Additionally, following the finalization of the integration agreement in the fourth quarter of 2020, the Company also owns a 56.25% interest in the MARA Project, a large-scale copper, gold, silver and molybdenum project located in the province of Catamarca, Argentina. For full details on the Wasamac property acquisition and the MARA Project integration agreement, please refer to *Section 5: Construction, Development and Other Initiatives.*

**3.&nbsp;&nbsp;&nbsp;&nbsp;REVIEW OF FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 7

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**FOR THE THREE MONTHS ENDED DECEMBER 31, 2022**

**Revenue**

In the three months ended December 31, 2022, revenue was $457.2 million compared to $503.8 million in the same period in 2021. The 9% decrease was primarily driven by lower gold and silver sales volumes in the current quarter, as well as lower average realized gold and silver prices<sup>(1)</sup> compared to the fourth quarter of 2021. The average realized gold price<sup>(1)</sup> for the quarter ended December 31, 2022 was $1,730 per ounce versus $1,796 per ounce in the comparative quarter. Lower sales volumes were attributable to lower production from several mines due to mine sequencing during the quarter, as planned.

For a cautionary note on non-GAAP financial performance measures and a reconciliation to average realized prices, refer to *Section 12: Non-GAAP Financial Performance Measures*.

**Cost of Sales Excluding DDA**

Cost of sales excluding DDA increased by $24.6 million or 13%, compared with the same quarter in prior year, as result of the inflationary impacts on the Company's cost structure, despite productivity gains by the mine sites to partially mitigate that impact, partially offset by lower production. For further discussion on costs, refer to *Section 1: Highlights and Relevant Updates*.

Standby and other incremental COVID-19 costs are disclosed as part of cost of sales excluding DDA. As previously disclosed, the Company anticipated that such costs would continue to be minimized with an increasing percentage of the population having been fully vaccinated against COVID-19 or having recovered from COVID-19, the Company expects to see increasing immunity and corresponding decreasing caseloads. During the fourth quarter, costs related to COVID-19 were immaterial at $0.3 million.

**Depletion, Depreciation and Amortization ("DDA")**

DDA expense for the three months to December 31, 2022 was reasonably consistent with the comparative quarter, increasing only $0.6 million or 1%. While production was lower in the comparative quarter, DDA expense remained similar due to the drawdown of stockpiles and higher tonnes being mined and processed, respectively.

**Temporary Suspension Costs**

Temporary suspension costs of $0.3 million incurred in the three month period to December 31, 2022 relate to final costs associated with a brief illegal labour action at the Cerro Moro mine in the latter part of July 2022, which has now been resolved. Temporary Suspension Costs incurred in the three months ended December 31, 2021 comprised $3.5 million related to a labour action at Minera Florida that commenced in the fourth quarter of 2021 and was resolved in the first quarter of 2022.

**Impairment**

The impairment expense of $1,922.7 million incurred in the fourth quarter of 2022 was attributable to write downs on certain of the Company's non-Canadian assets. Of the total impairment expense recorded, $1,374.5 million was attributable to Yamana equity holders, with $548.2 million attributable to non-controlling interests.

For further details on the impairment write down, refer to Section 1 *Highlights* and to Note 13 to the Company's Consolidated Financial Statements for the year ended December 31, 2022.

**General and Administrative**

General and administrative ("G&A") expenses include expenses related to management of the business that are not part of direct mine operating costs. In the three months ended December 31, 2022, G&A expenses were $32.2 million higher than in the same period in 2021, due to expenses related to the Pan American and Agnico Eagle transaction and higher stock based compensation expense from Yamana share over-performance in relation to the broader gold index. Other variances were not individually significant.

**Exploration and Evaluation** 

Exploration and evaluation expenses of $10.0 million for the three months ended December 31, 2022 were higher than the $6.8 million in same period in 2021 due to increased expenditures resulting from the generative exploration program. The program is focused on advancing projects in Yamana's portfolio, while continuing drilling activity at a number of the Company's highly prospective earlier stage projects. For more information refer to *Section 7: Exploration*.

**Termination fee payment to Gold Fields and Reimbursement of termination fee from Pan American Silver**

In connection with the termination of the Gold Fields transaction on November 8, 2022, Yamana was required to pay Gold Fields a termination fee in the amount of $300.0 million. As set out in the terms of the arrangement agreement with Pan American and

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 8

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Agnico, Pan American paid Yamana $150.0 million as part reimbursement for the termination fee Yamana was required to pay to Gold Fields.

Further information on the terminated transaction with Gold Fields and the pending transaction with Pan American and Agnico can be found in *Section 2: Core Business, Strategy, Outlook.*

**Other Operating Expenses**

In the three months ended December 31, 2022, the Company recorded net other operating expenses of $25.2 million compared to net other operating expenses of $12.1 million for the same period in 2021. Operating expenses are comprised primarily of contributions to social and infrastructure development priorities in jurisdictions where the Company is active, business development related costs, care and maintenance expenses, changes in provisions, and mark-to-market adjustments on financial assets and liabilities. The largest expense component in both the current and comparative periods is related to care and maintenance expenditures at the MARA project in relation to the Alumbrera facilities of $12.1 million (2021: $6.8 million), of which, only 56.25% is attributable to Yamana shareholders. Yamana has consolidated Alumbrera since the completion of the Agua Rica Alumbrera Integration Transaction on December 17, 2020. Also included in the current period are transaction costs incurred in relation to the Gold Fields and Pan-American transactions of $2.2 million. Changes to care and maintenance expenditures at MARA, write-downs of tax recoverable and other assets that are individually insignificant, and the transaction costs are the most significant movements from the comparative period.

**Finance Costs**

Finance costs were $17.9 million in the three months ended December 31, 2022, compared to $15.9 million in the same period in 2021, primarily due to higher interest expense recorded on capitalized leases and accretion expense on asset retirement obligations, partially offset by a decrease in interest expense on long-term debt.

**Other (Costs) Income**

Other costs were $0.6 million in the three months ended December 31, 2022, compared to other income of $14.3 million in the comparative period. Other income is comprised primarily of realized and unrealized gains/losses on foreign exchange and given its nature is expected to fluctuate from period to period. The cost position in the current period was primarily foreign exchange losses.

**Income Tax Expense**

The Company recorded an income tax recovery of $516.3 million for the three months ended December 31, 2022 compared to an income tax expense of $44.2 million for the three months ended December 31, 2021. The income tax provision reflects a current income tax expense of $15.3 million and a deferred income tax recovery of $531.6 million, compared to a current income tax expense of $57.2 million and a deferred income tax recovery of $13.0 million for the three months ended December 31, 2021.

Included in the income tax expense for the three months ended December 31, 2022 are mining taxes of $14.7 million compared to $19.7 million for the three months ended December 31, 2021. A foreign exchange loss in the amount of $12.8 million was recorded predominantly on the weakening of the Argentine Peso against the US Dollar for the three months ended December 31, 2022 compared to a gain of $5.3 million for the three months ended December 31, 2021, on the revaluation of certain non-monetary assets. Deferred tax assets not recognized, mainly on impairments, in the amount of $154.4 million for the three months ended December 31, 2022 compared to deferred tax assets not previously recognized in the amount of $11.8 million for the three months ended December 31, 2021.

**FOR THE YEAR ENDED DECEMBER 31, 2022**

**Revenue**

For the year ended December 31, 2022, revenue was $1,807.1 million compared to $1,815.4 million in 2021. Relatively consistent revenue was attributable to higher gold and silver sales volumes in the current year, partially offset by lower average realized silver prices<sup>(1)</sup> compared to 2021. The average realized silver price<sup>(1)</sup> in 2022 was $21.63 per ounce, compared to $24.59 per ounce in the comparative year. The average realized gold price<sup>(1)</sup> in 2022 remained consistent with the comparative year. Higher sales volumes were most notable at Cerro Moro, which, in the comparative period, was impacted by COVID-19 related travel restrictions that impacted worker availability, and Jacobina, which achieved record annual gold production in 2022.

For a cautionary note on non-GAAP financial performance measures and a reconciliation to average realized prices, refer to *Section 12: Non-GAAP Financial Performance Measures.* 

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**Cost of Sales Excluding DDA**<sup>(5)</sup>

Cost of sales excluding DDA were $778.1 million for the year ended December 31, 2022 compared to $728.9 million in 2021. The increase of $49.2 million or 7% was primarily due to the increase in sales volumes as discussed above, and resulting from the impact of inflation on the Company's structure, despite commendable productivity gains by the mine sites to partially mitigate that impact. For further discussion on costs, refer to *Section 1: Highlights and Relevant Updates*.

Standby and other incremental COVID-19 costs are disclosed as part of cost of sales excluding DDA. As previously disclosed, the Company anticipated that such costs would continue to be minimized with an increasing percentage of the population having been fully vaccinated against COVID-19 or having recovered from COVID-19, the Company expects to see increasing immunity and corresponding decreasing caseloads. COVID-19 costs incurred in the year ended December 31, 2022 were insignificant at $7.0 million (2021: $34.0 million).

**Depletion, Depreciation and Amortization ("DDA")**

Total DDA expense was $466.8 million for the year ended December 31, 2022 compared to $447.9 million in 2021. The increase of $18.9 million or 4% was primarily due to the overall higher sales volumes in the current period.

**Temporary Suspension Costs**

Temporary suspension costs of $7.7 million incurred in the year to December 31, 2022 include $5.7 million related to a labour action at the Minera Florida mine that carried into January 2022, which was resolved in the first quarter of 2022 and resulted in a new long-term collective bargaining agreement; and $2.0 million related to a brief illegal labour action at the Cerro Moro mine in the latter part of July 2022, which has now been resolved. Temporary Suspension Costs incurred in the year ended December 31, 2021 comprised $3.5 million related to the labour action at Minera Florida discussed above that commenced in the fourth quarter of 2021.

**Impairment**

The impairment expense of $1,922.7 million incurred in the year ended December 31, 2022 was attributable to write downs on certain of the Company's non-Canadian assets. Of the total impairment expense recorded, $1,374.5 million was attributable to Yamana equity holders, with $548.2 million attributable to non-controlling interests.

For further details on the impairment write down, refer to Section 1 *Highlights* and to Note 13 to the Company's Consolidated Financial Statements for the year ended December 31, 2022.

**General and Administrative**

G&A expenses include costs related to the overall management of the business that are not part of direct mine operating costs. In the year ended December 31, 2022, G&A expenses increased $46.2 million or 62% compared to 2021. This increase was related to expenses related to the Pan American and Agnico Eagle transaction and higher stock based compensation expense from Yamana share over-performance in relation to the broader gold index. Other variances in G&A accounts were not individually significant.

**Exploration and Evaluation**

Exploration and evaluation expenses of $39.8 million for the year ended December 31, 2022 were higher than the $31.6 million of expenses in 2021 due to increased expenditures resulting from the generative exploration program. The program is focused on advancing projects in Yamana's portfolio, while continuing drilling activity at a number of the Company's highly prospective earlier stage projects. For more information please refer to *Section 7: Exploration*.

**Termination fee payment to Gold Fields and Reimbursement of termination fee from Pan American Silver**

In connection with the termination of the Gold Fields transaction on November 8, 2022, Yamana was required to pay Gold Fields a termination fee in the amount of $300.0 million. As set out in the terms of the arrangement agreement with Pan American and Agnico, Pan American paid Yamana $150.0 million as part reimbursement for the termination fee Yamana was required to pay to Gold Fields.

Further information on the terminated transaction with Gold Fields and the pending transaction with Pan American and Agnico can be found in *Section 2: Core Business, Strategy, Outlook.*

**Other Operating Expenses**

In the year ended December 31, 2022, the Company recorded other operating expenses of $80.1 million (2021: $37.4 million). Operating expenses are comprised primarily of contributions to social and infrastructure development priorities in jurisdictions

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where the Company is active, business development related costs, care and maintenance expenses, changes in provisions, and mark-to-market adjustments on financial assets and liabilities. The largest expense component in the current year is related to care and maintenance expenditures at the MARA project in relation to the Alumbrera facilities of $33.0 million (2021: $25.6 million), of which, only 56.25% is attributable to Yamana shareholders. Yamana has consolidated Alumbrera since the completion of the Agua Rica Alumbrera Integration Transaction on December 17, 2020. Also included in the current year are transaction costs incurred in relation to the Gold Fields and Pan American-Agnico transactions of $14.8 million. Other operating expenses incurred in the comparative year were partially offset by a $9.2 million gain on discontinuation of the equity method of accounting, associated with the change in the status of the Company's investment in Nomad Royalty Company ("Nomad") during the year.

**Finance Costs**

Finance costs were $64.9 million in the year ended December 31, 2022, compared to $134.4 million in 2021. The decrease of $69.5 million was primarily due to the 2021 year including a $53.3 million expense relating to the early redemption of certain of the Company's senior notes, which took place in the third quarter of 2021, as well as the decrease in the Company's interest expense in 2022 due to both lower outstanding gross debt, and more favourable interest rates following the senior notes transactions in the third quarter of 2021.

**Other Income**

Other income was $29.6 million in the year ended December 31, 2022, compared to $26.7 million in 2021. Other income is comprised primarily of realized and unrealized gains and losses on foreign exchange and given its nature, is expected to fluctuate from period to period. The income position in the current year was primarily foreign exchange gains.

**Income Tax Expense**

The income tax provision for the year ended December 31, 2022 reflects a current income tax expense of $126.6 million and a deferred income tax recovery of $525.6 million. This compares to a current income tax expense of $159.8 million and a deferred income tax expense of $135.9 million for the year ended December 31, 2021.

The effective tax rate is subject to a number of factors including the source of income between different countries, different tax rates in the various jurisdictions, the non-recognition of tax assets, foreign currency exchange movements, mining taxes, changes in tax laws and the impact of specific transactions and assessments. The consolidated effective tax rate was 22.2% on the earnings before tax for the year ended December 31, 2022, compared to an effective tax rate of 76.9% for the prior year.

The following items have the most significant impact on the difference between the Company's Canadian statutory tax rate of 26.5% and our effective rate for the years ended December 31, 2022 and 2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining tax in the amount of $45.6 million for the year ended December 31, 2022 and $58.5 million for the year ended December 31, 2021 was recorded in income tax expense. Mining taxes in Chile and Canada are calculated based on taxable income and are considered an income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The tax provision was also impacted by inflation gains in Argentina in the amount of $30.8 million for the year ended December 31, 2022 compared to an inflation gain of $23.0 million for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year ended December 31, 2022, deferred tax assets not recognized were $159.0 million mainly due to the impairments in Argentina as a consequence of the Pan American-Agnico transaction, compared to the recognition of additional deferred tax assets for the year ended December 31, 2021 in the amount of $16.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 16, 2021, the Argentina government enacted legislation to increase the tax rate from 25% to 35% retroactive to January 1, 2021. As a result, the deferred tax liability relating to the carrying value of certain non-producing assets (namely Suyai and MARA) were revalued at the higher tax rate. An expense of $146.9 million was recognized during 2021 relating to this change in income tax rate.

The deferred tax liabilities relating to the operating mines will reverse in the future, as the assets are depreciated or depleted. The capitalized exploration expenditures on non-producing mineral properties will not reverse until the property becomes a mine subject to depletion, is written off or sold. The deferred income taxes would only be paid on a direct disposition of the asset that may never occur.

The Company operates in the following tax jurisdictions: Brazil, where the statutory tax rate is 34%; Argentina, where the statutory tax rate is 35%; Chile, where the statutory tax rate is 27%; and Canada, where the federal statutory tax rate is 15% with varying provincial tax rates. There is a proposal in Brazil to decrease the income tax rate and impose a tax on dividends, with an overall increase to the combined rate. This change could have an impact on the current or deferred tax expense relating to dividends if it is passed. The Company does not anticipate the statutory tax rates to change in the other jurisdictions in the foreseeable future; therefore, there should be no impact on the calculation of the current or deferred tax expense in the period.

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The largest components of the net deferred tax liabilities relate to:

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| | | |
|:---|:---|:---|
| *As at December 31, (In millions of US Dollars)* | **2022** | 2021 |
| Canadian Malartic | **284.4** | 283.3 |
| Jacobina | **167.5** | 180.6 |
| El Peñón | **216.2** | 234.7 |
| MARA | **100.9** | 372.4 |
| Exploration potential | **75.7** | 182.1 |

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**QUARTERLY FINANCIAL SUMMARY**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the three months ended* | **Dec. 31,** | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, |
| *(In millions of US Dollars, except per share amounts)* | **2022** | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 |
| **Financial results** |  |  |  |  |  |  |  |  |
| Revenue | $**457.2** | $422.4 | $485.6 | $441.9 | $503.8 | $452.2 | $437.4 | $422.0 |
| Net (loss) earnings<sup>(3)</sup> | $**(1131.9)** | $19.8 | $72.1 | $57.8 | $109.7 | $27.0 | $(43.9) | $54.7 |
| Net (loss) earnings<sup>(3)</sup> per share - basic and diluted | $**(1.18)** | $0.02 | $0.07 | $0.06 | $0.11 | $0.03 | $(0.05) | $0.06 |

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**4.&nbsp;&nbsp;&nbsp;&nbsp;OPERATING SEGMENTS PERFORMANCE**

**CANADIAN MALARTIC (50% interest), CANADA** 

Canadian Malartic is an open pit gold mine, located in the Abitibi-Témiscamingue region of Quebec, Canada. The Company and its partner, Agnico Eagle Mines Limited ("Agnico"), each own 50% of Canadian Malartic General Partnership (the "Partnership").

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| **Key Performance Information (50% basis)** | **2022** | 2021 | **2022** | 2021 |
| **Operating** |  |  |  |  |
| &nbsp;&nbsp;Ore mined (tonnes) | **2145229** | 2868178 | **8701644** | 10470005 |
| &nbsp;&nbsp;Waste mined (tonnes) | **5454237** | 4219169 | **20587667** | 11785087 |
| &nbsp;&nbsp;Ore processed (tonnes) | **2474800** | 2764921 | **9769942** | 11130195 |
| **GEO**<sup>(2)</sup> **(Gold)** |  |  |  |  |
| &nbsp;&nbsp;Production (ounces) | **86439** | 88933 | **329396** | 357392 |
| &nbsp;&nbsp;Sales (ounces) | **89402** | 91589 | **332925** | 357667 |
| &nbsp;&nbsp;Feed grade (g/t) | **1.18** | 1.12 | **1.15** | 1.11 |
| &nbsp;&nbsp;Recovery rate (%) | **92.2** | 89.5 | **91.5** | 89.7 |
| &nbsp;&nbsp;Total cost of sales per GEO sold<sup>(5)</sup> | $**1264** | $1177 | $**1286** | $1142 |
| &nbsp;&nbsp;Cash costs per GEO sold<sup>(1)</sup> | $**768** | $676 | $**768** | $647 |
| &nbsp;&nbsp;AISC per GEO sold<sup>(1)</sup> | $**1004** | $931 | $**993** | $901 |
| &nbsp;&nbsp;&nbsp;DDA per GEO sold | $**494** | $496 | $**513** | $488 |
| **Financial** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $**153.7** | $164.7 | $**598.3** | $643.2 |
| &nbsp;&nbsp;Cost of sales excluding DDA<sup>(5)</sup> | **(68.8)** | (62.4) | **(257.1)** | (233.8) |
| &nbsp;&nbsp;Gross margin excluding DDA<sup>(5)</sup> | $**84.9** | $102.3 | $**341.2** | $409.4 |
| &nbsp;&nbsp;&nbsp;DDA | **(44.2)** | (45.4) | **(170.9)** | (174.7) |
| &nbsp;&nbsp;&nbsp;Mine operating earnings | $**40.7** | $56.9 | $**170.3** | $234.7 |
| **Capital expenditures** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining and other | $**12.9** | $17.3 | $**52.3** | $69.2 |
| &nbsp;&nbsp;&nbsp;Expansionary | $**46.7** | $22.7 | $**136.0** | $50.1 |
| &nbsp;&nbsp;&nbsp;Exploration | $**3.1** | $4.4 | $**15.7** | $15.7 |

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Canadian Malartic produced 86,439 ounces of gold during the fourth quarter. Canadian Malartic recovery rates have continued to trend higher than comparative periods, as anticipated from the processing of softer Barnat ore. Full year production of 329,396 ounces of gold (50% basis) exceeded guidance of 320,000 ounces.

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Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the fourth quarter were $1,264, $768, and $1,004 respectively. Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the full year were $1,286 $768, and $993 respectively.

For further information on the Odyssey project and other Malartic initiatives, please refer to *Section 5: Construction, Development and Other Initiatives.* 

**Canadian Malartic Exploration**

Exploration during the fourth quarter continued to support the planned conversion infill drill program at East Gouldie and advance property wide exploration efforts. The infill program continues to generate excellent results demonstrating consistent grades and widths throughout the mineralized zone, further demonstrating the high quality nature of the reported inferred resource. East Gouldie currently has a strike length of approximately 1,400 metres in an east-west direction and dips 60 degrees to the north, extending from 700 metres to 1,900 metres depth below surface. Mineralization remains open to depth and to the east.

The main objectives of the 2022 drilling program were to convert the inferred mineral resource to an indicated mineral resource, complete additional infill and delineation drilling on the Odyssey zones, as well as to carry out further exploration drilling to expand the current mineralized envelope. To that end, seven surface drills were active in the fourth quarter, completing 15,394 metres of infill drilling on East Gouldie, 7,573 metres of exploration drilling on East Gouldie expansion, outside the resource envelope. Four underground drills continue to complete infill on Odyssey South, completing 14,806 metres in the quarter. Infill drilling in 2022 continues to demonstrate remarkable grade and width continuity in the East Gouldie mineralized zone, with indicated resource drilling meeting or exceeding the grade and width of the reported inferred resource, validating the inferred resource estimate. Additionally, up to three drill rigs worked during the fourth quarter on exploration by drilling from the Malartic pit testing targets to the north and south of the pit with four drill holes completed in the quarter totaling 5,494 metres. Two new intercepts located north of the pit returned significant mineralized intervals and follow up drilling is underway. Please refer to *Section 6:* Mineral Reserve and Mineral Resource Estimates for further details.

**JACOBINA, BRAZIL** 

Jacobina is a complex of underground gold mines located in Bahia state, Brazil.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| **Key Performance Information** | **2022** | 2021 | **2022** | 2021 |
| **Operating** |  |  |  |  |
| &nbsp;&nbsp;Ore mined (tonnes) | **776584** | 775087 | **3042641** | 2647979 |
| &nbsp;&nbsp;Ore processed (tonnes) | **775540** | 700103 | **3025361** | 2657590 |
| **GEO**<sup>(2)</sup> **(Gold)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production | **48528** | 48228 | **195427** | 186206 |
| &nbsp;&nbsp;&nbsp;Sales | **49042** | 48732 | **195549** | 186534 |
| &nbsp;&nbsp;Feed grade (g/t) | **2.04** | 2.22 | **2.10** | 2.26 |
| &nbsp;&nbsp;Recovery rate (%) | **95.3** | 96.7 | **95.5** | 96.4 |
| &nbsp;&nbsp;Total cost of sales per GEO sold<sup>(5)</sup> | $**965** | $768 | $**897** | $869 |
| &nbsp;&nbsp;Cash costs per GEO sold<sup>(1)</sup> | $**624** | $452 | $**576** | $566 |
| &nbsp;&nbsp;AISC per GEO sold<sup>(1)</sup> | $**846** | $643 | $**793** | $738 |
| &nbsp;&nbsp;&nbsp;DDA per GEO sold | $**340** | $312 | $**315** | $297 |
| **Financial** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $**84.8** | $87.6 | $**353.1** | $336.2 |
| &nbsp;&nbsp;Cost of sales excluding DDA<sup>(5)</sup> | **(30.6)** | (22.2) | **(113.8)** | (106.7) |
| &nbsp;&nbsp;Gross margin excluding DDA<sup>(5)</sup> | $**54.2** | $65.4 | $**239.3** | $229.5 |
| &nbsp;&nbsp;&nbsp;DDA | **(16.7)** | (15.2) | **(61.6)** | (55.4) |
| &nbsp;&nbsp;&nbsp;Mine operating earnings | $**37.5** | $50.2 | $**177.7** | $174.1 |
| **Capital expenditures** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining and other | $**6.1** | $4.2 | $**20.5** | $14.0 |
| &nbsp;&nbsp;&nbsp;Expansionary | $**14.4** | $10.5 | $**40.6** | $28.1 |
| &nbsp;&nbsp;&nbsp;Exploration | $**2.0** | $1.8 | $**10.5** | $7.2 |

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Gold production at Jacobina continued to be strong, with 48,528 ounces of gold produced in the fourth quarter and a record 195,427 ounces produced in the full year, exceeding guidance of 195,000 ounces. The record production results were driven by tonnes mined, which also reached all-time highs, providing additional flexibility through the development of stockpiles supporting the higher throughput expected from the ongoing phased expansion. Production in 2022 increased for the ninth consecutive

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year, a trend that is expected to continue in the coming years, as a result of the phased expansion strategy and the exploration programs aimed at generating significant value from the remarkable geological upside of the property.

For further information on the planned Jacobina processing plant capacity optimization and expansion initiatives, as well a comprehensive tailings management strategy for long-term sustainability, please refer to *Section 5: Construction, Development and Other Initiatives.* 

Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the fourth quarter of $965, $624, and $846, respectively. Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the full year were $897, $576, and $793, respectively.

**Jacobina Exploration**

Exploration activities at Jacobina continued during the fourth quarter with 18 drills active on the project (8 underground and 10 surface rigs). Drilling during the quarter was focused equally on infill and exploration drilling, in support of the phased expansion plan with 40,000 metres of drilling planned to convert Indicated from Inferred resources at Morro do Vento, João Belo, João Belo Sul and Morro do Vento Norte (Main Reef) and to add new Inferred resources for future years.

During the fourth quarter, approximately 10,598 metres of drilling were completed at Jacobina, including 15 drill holes totaling 4,651 metres of infill drilling to convert inferred mineral resources to indicated mineral resources, four drill holes totaling 1,768 metres of exploration drilling dedicated to defining new inferred mineral resources, and 11 drill holes totaling 4,179 metres of exploratory drilling, testing and defining new potential resources in the near mine setting.

The infill program focused on delineation of new indicated resources, targeting inferred resource areas, close to current development infrastructure. Infill drilling during the quarter was executed at João Belo Norte (LMPC & LVLPC Reefs), Morro do Vento Central area (Main Reef & Footwall Reef) and João Belo Sul (LMPC). Infill drilling during the quarter at Morro do Vento continued to focus on the Central region of the mine, where both the Main Reef and Footwall Reef zones have been defined. Results obtained continue to confirm good potential at Morro do Vento Central region (both Main Reef & Footwall Reef), indicating good potential to add new reserves in this open region very close to existing infrastructure. Results from ongoing infill drilling at João Belo Sul are continuing to confirm the grades and geometry of this zone, where mineralization remains completely open for expansion to the south along an at least 900 metre corridor. At João Belo Norte, drilling is confirming the extent and grade of the upper conglomerate along strike both to the north and south and down dip, in support of definition of new reserves in 2023.

During the fourth quarter, the inferred drilling program, dedicated to delineation of new inferred resources to replace resource depletion, was completed at Morro do Vento (down dip extension of Main Reef, Central region), João Belo Norte, Serra do Córrego and Canavieiras Sul. Drilling at Morro do Vento continues to confirm the extension of the Main Reef to depth. Mine operations is continuing to extend an exploratory development drift to the south at Morro do Vento, which will open up the zone between Morro do Vento and João Belo Norte for further testing.

Ongoing exploratory drilling, dedicated to defining new potential resources in the near mine setting, continued in the fourth quarter at Morro da Maricota (targeting down plunge), Morro do Vento Sul (down-dip), João Belo Sul, Serra do Córrego Norte, João Belo Leste and Canavieiras Sul (extension). Ongoing drilling at Morro da Maricota is continuing to confirm the down-plunge potential of higher-grade mineralization in this sector, representing an approximate 1,900 metre extent, extending from positive rock samples and artisanal mines at surface to greater than 1.0 kilometre vertical depth below surface, where positive historic drilling results occur. Recent drilling reported at Maricota include a positive result of 7.56 grams per tonne of gold over an estimated true width of 2.37 metres in drill hole MRCEX0001A. Maricota is located close to Morro do Cuscuz development, which could provide easy access to potential future development at Maricota. Exploratory drilling at João Belo Sul South Extension has extended mineralization (LMPC Reef) 300 metres to the south of João Belo Sul, opening up 300 metre of strike potential. Exploration drilling completed in 2022 at Morro da Viúva has extended three mineralized conglomerate horizons defined at artisanal mines at surface along a 1,200 metre strike length at shallow depths. Morro da Viúva is situated close to Canavieiras mine infrastructure. At Serra do Córrego Norte, interpreted as the northern offset extension of Canavieiras, drilling testing a potential target area of about 1,000 metres by 350 metres down-dip in this sector is confirming the potential of this area, intersecting mineralization in LVLPC, LU and MU reefs. Drilling at Serra do Córrego Norte will continue in 2023 in support of definition of new inferred resources. Ongoing exploration drilling at Canavieiras Sul testing the potential of a down-dip extension has intercepted the MSPC and LVPC reefs.

Overall, exploration continues to demonstrate success in identifying and defining new extensions of current producing sectors of the Jacobina mine, with exceptional results replacing depletion with high-quality mineral reserves and mineral resources close to current mine infrastructure. Aggressive step out exploration drilling continues to open up new, extensive frontier areas available for mineral resource growth in new sectors of the property, as exemplified by recent successes at João Belo Sul, Morro do Vento Main Reef down-dip and at Serra do Córrego and Morro da Maricota. These discoveries support a strategic mine life of several decades, at a production level well above the recently completed Phase 2 expansion annual production level of 230,000 ounces and likely up to 270,000 ounces. Please refer to the press release issued on July 7, 2022 by the Company, entitled "Yamana Gold Announces Strong Preliminary Second Quarter Operating Results With Exceptional Performance Across Its Core Asset

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Portfolio Delivering Production Ahead of Plan; Strategic Initiatives At Jacobina and Wasamac Continue To Advance" for further details.

Please refer to *Section 6:* Mineral Reserve and Mineral Resource Estimates for further details.

**CERRO MORO, ARGENTINA**

Cerro Moro is an underground and open pit gold-silver mining operation, located in the province of Santa Cruz, Argentina.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| **Key Performance Information** | **2022** | 2021 | **2022** | 2021 |
| **Operating** |  |  |  |  |
| &nbsp;&nbsp;Ore mined (tonnes) | **96687** | 100855 | **371252** | 339584 |
| &nbsp;&nbsp;Waste mined (tonnes) | **705906** | 892408 | **3096146** | 3789892 |
| &nbsp;&nbsp;Ore processed (tonnes) | **102649** | 102016 | **391849** | 376557 |
| **GEO**<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production | **45161** | 58078 | **182069** | 156484 |
| &nbsp;&nbsp;&nbsp;Sales | **43604** | 56087 | **181358** | 153882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales per GEO sold<sup>(5)</sup> | $**1497** | $1282 | $**1373** | $1468 |
| &nbsp;&nbsp;Cash costs per GEO sold<sup>(1)</sup> | $**996** | $726 | $**897** | $848 |
| &nbsp;&nbsp;AISC per GEO sold<sup>(1)</sup> | $**1419** | $1044 | $**1241** | $1228 |
| &nbsp;&nbsp;&nbsp;DDA per GEO sold | $**502** | $498 | $**458** | $485 |
| **Gold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production (ounces) | **27168** | 30028 | **108240** | 79988 |
| &nbsp;&nbsp;&nbsp;Sales (ounces) | **26161** | 29706 | **107020** | 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feed grade (g/t) | **8.73** | 9.67 | **9.10** | 7.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery rate (%) | **94.3** | 94.6 | **94.4** | 91.9 |
| **Silver** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production (ounces) | **1473404** | 2165785 | **6116624** | 5582197 |
| &nbsp;&nbsp;&nbsp;Sales (ounces) | **1427296** | 2043439 | **6163871** | 5456296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feed grade (g/t) | **470.85** | 692.14 | **512.88** | 505.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery rate (%) | **94.8** | 95.4 | **94.7** | 91.3 |
| **Financial** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $**75.3** | $100.5 | $**322.0** | $276.5 |
| &nbsp;&nbsp;Cost of sales excluding DDA<sup>(5)</sup> | **(43.4)** | (43.9) | **(166.1)** | (151.3) |
| &nbsp;&nbsp;Gross margin excluding DDA<sup>(5)</sup> | $**31.9** | $56.6 | $**155.9** | $125.2 |
| &nbsp;&nbsp;&nbsp;DDA | **(21.9)** | (27.9) | **(83.0)** | (74.6) |
| &nbsp;&nbsp;&nbsp;Temporary suspension costs | **(0.3)** |  | **(2.0)** |  |
| &nbsp;&nbsp;&nbsp;Impairment of mining properties | **(169.3)** |  | **(169.3)** |  |
| &nbsp;&nbsp;&nbsp;Mine operating (loss) earnings | $**(159.6)** | $28.7 | $**(98.4)** | $50.6 |
| **Capital expenditures** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining and other | $**13.0** | $12.4 | $**42.6** | $39.8 |
| &nbsp;&nbsp;&nbsp;Expansionary | $**—** | $0.5 | $**0.7** | $1.2 |
| &nbsp;&nbsp;&nbsp;Exploration | $**1.7** | $1.3 | $**6.1** | $5.6 |

---

Cerro Moro delivered a strong quarter, producing 45,161 GEO<sup>(2)</sup> comprising 27,168 ounces of gold and 1,473,404 ounces of silver. Full year production of 182,069 GEO<sup>(2)</sup> exceeded guidance of 169,000 GEO<sup>(2)</sup>, with gold production of 108,240 ounces and silver production of 6,116,624 ounces exceeding guidance of 95,000 ounces and 5.3 million ounces, respectively. Production continued to benefit from access to additional mining faces, which supported the increase in mill feed coming from higher-grade underground ore and stable throughput.

Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis during the third quarter were $1,497, $996, and $1,419, respectively. Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the full year were $1,373, $897, and $1,241, respectively.

For further information on the Cerro Moro scalable plant and heap leach project and other initiatives please refer to *Section 5: Construction, Development and Other Initiatives.* 

**Cerro Moro Exploration**

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 15

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Exploration during the fourth quarter at Cerro Moro included the completion of approximately 9,421 metres of infill drilling in 55 drill holes, 2,330 metres of exploration drilling in 26 drill holes, and 9,119 metres of exploratory scout drilling in 53 drill holes to define areas of new potential resources in the near mine and regional setting.

Infill drilling during the fourth quarter utilizing two diamond drill rigs and one reverse circulation ("RC") rig was completed in the core mine area at Agostina, Escondida Far East, Escondida West, Gabriela, Martina, Michelle Extension, Nini and Veronica and at Naty. The infill program was successful in extending higher-grade mineralization to depth down-plunge and along strike at Escondida West, Michelle Extension, Gabriela, Martina and elsewhere. In 2023, the infill program will continue to step out from positive results generated during 2022.

Exploration drilling completed in the fourth quarter continued to test extensions of known ore shoots to depth and laterally and to test new sectors, targeting areas with potential to generate new underground resources. Drilling utilizing two surface diamond drill rigs was completed at Martina, Michelle and Naty. Results received during the quarter include several narrow high-grade intercepts at Martina, representing a new splay vein and open shoot. Positive results were also received during the quarter from Escondida Far East, Michelle Extension and Naty. At Naty, several positive intercepts were encountered extending ore shoots to the northeast.

Exploratory scout drilling completed during the quarter at Cerro Moro utilizing one surface diamond drill rig and one RC rig, included continued testing of geophysical and structural targets at Mosquito, as well as exploratory drilling at Naty NE, Agostina, Domos La Union and testing of a conceptual target related to the main fault structure at Escondida. Many results remain pending due to lab turnarounds and prioritizing infill/inferred program samples. Positive results were returned from initial exploratory drilling at Naty Parallel, a new vein splay discovery parallel and west of Naty main vein, Veta Olvidada and Ernestina vein (Agostina). While initial drill results received to date from Mosquito/Nevado have returned low-grade gold values, much of this target area remains untested.

Additional fieldwork completed during the quarter included the collection of 345 surface rock chip samples and 53 days of geological mapping and prospecting to advance regional targets (Naty SE,, Naty-Condor, La Juanita, Bella Vista – Bahia Laura project and Goniano Ventana - Berlin) as part of ongoing property wide exploratory efforts.

Please refer to *Section 6:* Mineral Reserve and Mineral Resource Estimates for further details.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 16

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**EL PEÑÓN, CHILE**

El Peñón is a gold-silver mine located approximately 160 kilometres southeast of Antofagasta in northern Chile.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| **Key Performance Information** | **2022** | 2021 | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp;Operating |  |  |  |  |
| &nbsp;&nbsp;Ore mined (tonnes) | **300569** | 301246 | **1084772** | 1098888 |
| &nbsp;&nbsp;Ore processed (tonnes) | **342202** | 326807 | **1355596** | 1304807 |
| **GEO**<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production | **59288** | 67901 | **216450** | 226330 |
| &nbsp;&nbsp;&nbsp;Sales | **57867** | 63943 | **217516** | 223375 |
| &nbsp;&nbsp;Total cost of sales per GEO sold<sup>(5)</sup> | $**1192** | $944 | $**1152** | $1075 |
| &nbsp;&nbsp;Cash costs per GEO sold<sup>(1)</sup> | $**751** | $582 | $**737** | $673 |
| &nbsp;&nbsp;AISC per GEO sold<sup>(1)</sup> | $**1027** | $761 | $**1012** | $932 |
| &nbsp;&nbsp;&nbsp;DDA per GEO sold | $**440** | $347 | $**404** | $381 |
| **Gold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production (ounces) | **47461** | 55282 | **179331** | 176439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales (ounces) | **46044** | 52401 | **179874** | 174288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feed grade (g/t) | **4.53** | 5.69 | **4.31** | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery rate (%)  | **95.6** | 94.7 | **95.3** | 94.3 |
| **Silver** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production (ounces) | **960009** | 976996 | **3085077** | 3587092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales (ounces) | **950236** | 894366 | **3110180** | 3519973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feed grade (g/t) | **99.21** | 113.26 | **81.55** | 100.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery rate (%) | **87.8** | 88.0 | **86.5** | 86.7 |
| **Financial** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $**100.4** | $115.1 | $**391.7** | $401.5 |
| &nbsp;&nbsp;Cost of sales excluding DDA<sup>(5)</sup> | **(43.5)** | (38.2) | **(162.8)** | (155.2) |
| &nbsp;&nbsp;Gross margin excluding DDA<sup>(5)</sup> | $**56.9** | $76.9 | $**228.9** | $246.3 |
| &nbsp;&nbsp;&nbsp;DDA | **(25.4)** | (22.2) | **(87.8)** | (85.0) |
| &nbsp;&nbsp;Mine operating earnings | $**31.5** | $54.7 | $**141.1** | $161.3 |
| **Capital expenditures** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining and other | $**10.0** | $7.1 | $**37.8** | $34.6 |
| &nbsp;&nbsp;&nbsp;Expansionary | $**0.5** | $1.6 | $**3.9** | $7.8 |
| &nbsp;&nbsp;&nbsp;Exploration | $**3.7** | $2.3 | $**14.3** | $15.6 |

---

El Peñón produced 59,288 GEO<sup>(2)</sup> comprising 47,461 ounces of gold and 960,009 ounces of silver during the quarter. As planned, operations entered higher-grade silver zones such as Fortuna, Providencia, Pampa Campamento and Martillo Flats, which contributed to the higher production results in the quarter. For the full year, production of 216,450 GEO<sup>(2)</sup> was largely in line with guidance.

Quarterly total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis of $1,192, $751, and $1,027, respectively. Full year total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis of $1,152, $737,and $1,012, respectively. In relation to the comparative prior year period, costs were impacted negatively by the GEO<sup>(2)</sup> ratio.

**El Peñón Exploration**

Exploration conducted during the fourth quarter at El Peñón utilizing nine drill rigs (6 diamond drills and three RC rigs) included completion of approximately 20,648 metres of infill drilling in 64 drill holes, and 7,846 metres of exploration drilling in 21 drill holes, dedicated to defining new inferred mineral resources in the near mine setting.

The infill drilling program at El Peñón targeted six areas within the core mine that have demonstrated positive exploration results, including Pampa Campamento, Pampa Campamento Oeste, Pampita, Ventura, Martillo Flat SSE and Caserón 506 (Orito). The infill program continues to generate positive results, particularly within the Pampa Campamento vein system (main structure, splay and sigmoidal veins), and at Martillo Flat SSE, close to existing underground development and with the expenditure of relatively short drill holes. Pampa Campamento vein system continues to generate strong results in the lower dacite stratigraphy, where drilling has now extended mineralization continuously down to the 1170 m level, over greater than 600 metres vertical

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 17

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extent, demonstrating the strength and continuity of this important vein system, which continues to be an important contribution to the mine.

Exploration drilling during the fourth quarter, utilizing one surface diamond drill rigs and one RC rig, was completed in five sectors of the core mine area, including, from north to south, Abundancia Oeste, Martillo Flat SSE, Pampa Campamento, Sorpresa Este and Caserón 506. Drilling continued to focus on sectors that were most productive in generating new resources during 2021, on ore shoot trends and higher-grade sectors as ore zones are extended to depth toward the lower dacitic unit across shallowly dipping faults, on parallel and secondary veins associated with known structures, and in search of new inferred resources at other veins (Caserón 506 and Abundancia Oeste). Results received during the quarter include positive intercepts from Caserón 506 and Pampa Campamento. The positive results from Caserón 506 are important in the context of deepening the main north-south vein systems within the rhyolite and underlying dacite horizons.

District exploration during the fourth quarter included collection of 387 surface rock chip samples and 180 soil samples and geological mapping. At the Peñón Sur target area, south of the core mine development, results from the Phase I exploration drill program highlight areas of important anomalous gold and silver values at depth, south of the highly productive El Peñón vein system of the existing mine. During the fourth quarter, work completed at Peñón Sur included preparation for planned drilling in 2023, included an ongoing compilation of drilling and geophysical data and development of an updated geological model. Expansion of the vein system south of the core mine could meet the objective of increasing production at a site that has significant excess plant capacity. The positive exploration results received at the Peñón Sur target are encouraging and provide the opportunity to add potential ounces in an easily accessible near mine setting.

Please refer to *Section 6:* Mineral Reserve and Mineral Resource Estimates for further details.

**MINERA FLORIDA, CHILE**

Minera Florida is an underground gold mine located south of Santiago in central Chile.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| **Key Performance Information** | **2022** | 2021 | **2022** | 2021 |
| **Operating** |  |  |  |  |
| &nbsp;&nbsp;Ore mined (tonnes) | **233796** | 180462 | **836540** | 817842 |
| &nbsp;&nbsp;Ore processed (tonnes) | **274461** | 201003 | **966913** | 940923 |
| **GEO**<sup>(2)</sup> **(Gold)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production | **25475** | 18247 | **82427** | 84768 |
| &nbsp;&nbsp;&nbsp;Sales | **24624** | 20058 | **79117** | 87804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feed grade (g/t) | **3.12** | 3.05 | **2.87** | 3.03 |
| &nbsp;&nbsp;&nbsp;Recovery rate (%) | **92.6** | 92.5 | **92.2** | 92.6 |
| &nbsp;&nbsp;Total cost of sales per GEO sold<sup>(5)</sup> | $**1590** | $1545 | $**1669** | $1485 |
| &nbsp;&nbsp;Cash costs per GEO sold<sup>(1)</sup> | $**949** | $911 | $**985** | $881 |
| &nbsp;&nbsp;AISC per GEO sold<sup>(1)</sup> | $**1272** | $1313 | $**1367** | $1224 |
| &nbsp;&nbsp;&nbsp;DDA per GEO sold | $**637** | $624 | $**678** | $553 |
| **Financial** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $**42.9** | $35.9 | $**142.0** | $158.0 |
| &nbsp;&nbsp;Cost of sales excluding DDA<sup>(5)</sup> | **(23.5)** | (18.5) | **(78.3)** | (81.9) |
| &nbsp;&nbsp;Gross margin excluding DDA<sup>(5)</sup> | $**19.4** | $17.4 | $**63.7** | $76.1 |
| &nbsp;&nbsp;&nbsp;DDA | **(15.7)** | (12.5) | **(53.7)** | (48.5) |
| &nbsp;&nbsp;Temporary suspension costs<sup>(5)</sup> | **—** | (3.5) | **(5.7)** | (3.5) |
| &nbsp;&nbsp;&nbsp;Impairment of mining properties | **(37.3)** |  | **(37.3)** |  |
| &nbsp;&nbsp;&nbsp;Mine operating (loss) earnings | $**(33.6)** | $1.4 | $**(33.0)** | $24.1 |
| **Capital expenditures** *(millions of US Dollars)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining and other | $**3.8** | $2.9 | $**15.6** | $15.2 |
| &nbsp;&nbsp;&nbsp;Expansionary | $**7.6** | $6.3 | $**23.3** | $22.6 |
| &nbsp;&nbsp;&nbsp;Exploration | $**1.7** | $3.1 | $**6.3** | $6.5 |

---

Minera Florida produced 25,475 ounces of gold during the quarter and 82,427 ounces of gold for the year, in line with the previously provided guidance range.

Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis during the quarter were $1,590, $949, and $1,272 respectively. Total cost of sales, cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> on a per GEO<sup>(2)</sup> basis for the full year were $1,669, $985, and $1,367 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 18

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**Minera Florida Exploration**

Exploration activities at Minera Florida continued to identify extensions of known mineralized zones and generate new near mine discoveries. Drilling results continue to demonstrate good gold grades over mineable widths, with positive contributions from both silver and zinc to gold equivalent grades. Exploration during the fourth quarter included completion of approximately 16,565 metres of drilling in 118 diamond drill holes across the project. Drilling, utilizing eight diamond drill rigs, included 68 drill holes totaling 7,784 metres of infill drilling to convert inferred mineral resources to indicated mineral resources, 47 exploration drill holes totaling 7,031 metres, dedicated to defining new inferred mineral resources, and three scout drill holes totaling 1,750 metres, focused on the discovery of new potential resources in the near mine setting.

Infill drilling in the quarter, utilizing four underground drill rigs and one surface diamond drill rig, was completed in four core mine areas, including Aurora, Maqui, Mila and Cucaracha. Positive results were received from Mila and Aurora, where high-grade mineralization remains open for expansion to depth and along strike. At Mila, notable higher-grade silver and zinc values support gold equivalent values.

Exploration drilling during the fourth quarter utilizing two underground drill rigs tested three target areas in the core mine area, including Maqui Norte, Manda Norte and Mila. High-grade intercepts were reported at Maqui Norte, where mineralization remains open for further expansion laterally to the north and at depth, and at Manda Norte, where mineralization remains open down dip, and where drilling results to date suggest grades may increase with depth.

District-scale exploration activity at Minera Florida during the fourth quarter, focused on the discovery of new potential resources in the near mine setting, included completion of exploratory drilling totaling 1,750 metres in three drill holes, testing Mila Inferior, Extension Tribuna and Peumo Oeste targets. Positive results were returned from Mila Inferior, extending mineralization below the inferred resource envelope. Additional exploration activity during the quarter included collection of 173 surface rock chip samples, 350 soil samples and 35 days of geological mapping advancing multiple targets. Surface rock samples collected from the Lissete – Mina Este sector returned values ranging up to 23.00 g/t of gold, 567.0 g/t of silver as well as elevated base metals.

Please refer to *Section 6:* Mineral Reserve and Mineral Resource Estimates for further details.

**5.&nbsp;&nbsp;&nbsp;&nbsp;CONSTRUCTION, DEVELOPMENT AND OTHER INITIATIVES**

**CONSTRUCTION, DEVELOPMENT AND ADVANCED STAGE PROJECTS**

The Company has several construction, development and advanced stage projects underway. Notable progress relating to some of these key initiatives include, but are not limited to the following:

**Wasamac Project, Canada**

*Project Summary*

The wholly owned Wasamac underground gold project is located 15 kilometres west of Rouyn-Noranda in the Abitibi-Témiscamingue region of Quebec adjacent to the Trans-Canada highway and Ontario Northland rail line, and just 100 kilometres west of Yamana's 50%-owned Canadian Malartic mine. Yamana acquired the project in January 2021, further expanding its footprint in Quebec and significantly enhancing the Company's long-term growth prospects.

On July 19, 2021, the Company issued the press release *"Yamana Gold Announces Positive Development Decision On Its Wholly owned Wasamac Project Based on Positive Results From Several Studies Showing Higher Average Daily Throughput, Increased Mineral Reserves, Increased Average Annual Production And Strong, Increased Cash Flows*". In the press release, the Company announced the results of several studies on Wasamac, intended to corroborate diligence reviews conducted by the Company on its purchase of Wasamac in early 2021 and update a historical feasibility study. These studies updated the baseline technical and financial aspects of Wasamac that now underpin the decision to advance the project to production. The results from all studies were consistent with the Company's conclusions in its diligence reviews relating to the purchase of Wasamac and, in some cases, are better than the conclusions from those reviews.

Wasamac is designed as a modern underground operation with a small footprint and almost all surface infrastructure located on the north of Route 117 highway, away from the neighbouring community. Use of an underground conveyor, electric mining equipment and high-efficiency ventilation fans to minimize energy use and carbon emissions, with further electrification planned as new technology becomes commercially available between now and project execution. Ore will be processed through a new processing plant at a planned initial average throughput of 7,000 tpd and tailings will be deposited underground as paste fill and in a filtered dry-stack tailings storage facility. Please refer to the *Opportunities Providing Upside* section below for a more complete list of updates surrounding the updated LOM plan, throughput, ramp-up and expected annual production.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 19

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Initial capital cost is expected to be relatively modest for an underground operation with an initial capacity of 7,000 tpd, at approximately $416.0 million. The Company undertook extensive due diligence relating to the acquisition of Wasamac and identified several opportunities for optimizations and improvements; the updated studies confirmed the opportunities. The Company plans to fully fund development with available cash and cash flows. The Company anticipates building significant cash balances over the upcoming years, which will be allocated to the project in time for its formal development, once the required permits are received.

Total LOM sustaining capital estimated at $318.0 million primarily for underground mine development and mobile equipment. LOM cash costs<sup>(1)</sup> and AISC<sup>(1)</sup> of $640 per ounce and $828 per ounce, respectively, remaining well below the Company average, reflecting the application of more conservative cost assumptions to de-risk the project and align with benchmark costs from Yamana's other operations.

Robust project economics with an after-tax IRR of 16.1% at $1,550 per ounce of gold and an after-tax IRR of 24% at $1,850 per ounce of gold, based on mineral reserves and excluding future upside potential from encouraging exploration prospects. There is potential for a significant increase in NPV and after-tax IRR with an increase in mineral inventory and increase in mine life. An increase in mine from the presently contemplated 10 years to 15 years doubles the NPV of the project.

*Fourth Quarter Progress Update*

During the fourth quarter, the Company continued to advance preparations for its bulk sample program. The initiative would allow construction to commence on the ramp, enabling earlier access to the deposit to increase the level of confidence in metallurgical and geotechnical variables and optimize the processing flow sheet and mining sequence. Construction of surface facilities to support the ramp development activity and associated environmental requirements would also be advanced.

With a high level of continuity and regular geometry, combined with a relatively simple structural setting and average mineralized widths of 13 metres, Wasamac is well positioned for high-production and low-cost underground mining methods given the project's low level of geological risk and favourable geological environment. Infill drilling results since mid-2021 confirm or exceed expected grades and widths. Similarly, the metallurgical and geomechanical assumptions used in the feasibility study are based on rigorous lab testing from drill hole samples. Bulk sampling and industrial-scale tests will build on these results, enabling development of production-ready models for the grade, recovery, and geotechnical aspects of the project, to support the first three years of production.

Additionally, the bulk sample program will allow the Company to capture opportunities to optimize the processing performance by testing multiple flowsheet options and confirm stope stability parameters to optimize stope dimensions, backfilling strategy and mining sequence while contributing to ensuring a safe working environment. The accelerated development of the ramp will also establish drilling platforms to perform both delineation and exploration drilling at Wasamac main zones, Wildcat and potential new zones from underground.

Substantial work is also underway to select the leading technologies available for the development and operation of Wasamac. The key objectives remain to increase worker safety, minimize impact on the environment and the community, and reduce consumption of non-renewable energy and greenhouse gases. Technologies under evaluation include electric production vehicles, autonomous vehicles, bio-lubricants and ventilation on demand.

The Company relies on a collaborative approach to ensure the success of Wasamac. In this regard, Wasamac's environmental assessment process is conducted in collaboration with our stakeholders, including neighbors, and First Nations. A community relations office has now been established to further facilitate ongoing engagement with local residents and accessibility to the Company's team, as well as providing up-to-date information on the project. Complementary campaigns of environmental baseline data collection are currently underway.

For additional information on the planned Wasamac exploration initiatives, please refer to *Section 7: Exploration.*

*Opportunities Providing Upside*

In 2022, the Company completed an update of the Wasamac strategic LOM plan to 9,000 tpd, building on the 2021 feasibility study and incorporating the results of several value-adding studies that were advanced throughout the first half of 2022. The strategic plan demonstrates an improved gold production profile compared to the feasibility study, while continuing to establish Wasamac as a modern, low-cost, responsible underground mine.

Extension of the processing plant site through land acquisition and additional geotechnical drilling have allowed optimization of the underground mine design and processing plant layout. The revised layout avoids environmentally sensitive areas, improves the plant configuration, and provides additional space for ore stockpiling, while continuing to minimize impacts to the surrounding property holders. Using the revised mine designs, the mining sequence has been optimized to increase feed grades in the first two years, resulting in a faster production ramp-up.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 20

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Furthermore, the ongoing mine design and sequence optimizations could position the Wasamac mine with the option for a future incremental expansion from 7,000 tpd to 9,000 tpd in year 3 of operations, to extend the gold production profile of 250,000 ounces per year. The results of a comminution trade-off study indicate that the higher throughput of 9,000 tpd could be achieved with limited additional mechanical equipment at modest capital expenditures and without increasing the area of the plant layout.

Positive infill and exploration drilling results to date indicate the potential for a strategic mine life of 10 to 15 years at 200,000 to 250,000 ounces of gold per year, compared to the LOM average of 169,000 ounces in the feasibility study. The Wasamac deposit is not only open at depth and along strike but the underexplored secondary zones such as Wildcat are showing promising drilling results. Additional exploration targets on the property, including the adjacent Francoeur, Arntfield, and Lac Fortune properties, provide further upside.

As a result of the improved production profile in the updated strategic LOM plan, unit costs are expected to be lower than the feasibility study LOM average AISC<sup>(1)</sup> of $828 per ounce and, at the feasibility study gold price of US$1,550, the net present value would approximately double assuming the strategic mine life is extended through 2036 at 9,000 tpd.

Other opportunities that continue to be evaluated, but which are not yet included in the strategic plan include the processing flow sheet optimization to increase metallurgical recoveries by approximately 3% (for which metallurgical testing is ongoing), optimized configuration of the tailings filter plant and paste backfill plant, and increased levels of electrification, automation and renewable energy usage in the project.

**Odyssey Project, Canadian Malartic, Canada (50% interest)**

*Project Summary*

The underground Odyssey project is located east of the current Canadian Malartic open pit operation and includes the East Gouldie, Odyssey South, Odyssey North and East Malartic mining zones with a combined mining rate of approximately 19,500 tonnes per day when operating at full capacity. Ore will be transported to surface using a combination of shaft hoisting, from the lower zones, and truck haulage, from the upper zones; all ore will be processed at the existing Canadian Malartic processing plant. Tailings will be deposited underground as paste fill and in the Canadian Malartic pit, once the pit is depleted.

A NI 43-101 technical report for Canadian Malartic was completed in March 2021, and includes a full summary of the Odyssey underground project. The project demonstrates robust economics, a significant increase in mineral resources, and a mine life extension to at least 2039. First production from the Odyssey South deposit is expected in 2023. As Canadian Malartic transitions from open pit to underground mining, underground production will offset a significant portion of the corresponding decline in open pit production. Whereas the Company had originally considered a production platform for the new underground mine conservatively in the range of 450,000 ounces per year, the mine plan now supports annual gold production of 500,000 to 600,000 ounces when fully ramped up on a 100% basis.

As of December 31, 2022, the Odyssey Project contains 6.17 million ounces of gold in Indicated Mineral Resources and 9.23 million ounces of gold in Inferred Mineral Resources on a 100% basis. The Odyssey project will utilize a transverse long hole stoping mining method with primary and secondary stopes and paste backfill to fill the voids, a proven mining method in the region. The mineralization geometry and very good rock quality are ideal for bulk mining. The East Gouldie zone in particular is at least one kilometre in height, one kilometre in strike length and typically 15 metres wide, with maximum widths of up to 80 metres. Infill drilling confirms excellent grade continuity throughout the deposit. As such, large stopes of 30 to 50 metres high by 20 metres wide are achievable.

On a 100% basis, average annual payable gold production is expected to be approximately 545,400 ounces from 2029 to 2039 with total cash costs<sup>(1)</sup> per ounce of approximately $630 per ounce. Sustaining capital from 2029 to 2039 is expected on a 50% (and 100%) basis to average approximately $27.9 million ($55.8 million) per year.

The Odyssey project has modest capital requirements in any given year which are manageable and fully funded using Canadian Malartic's cash on hand and free cash flows generation, with no external funding required. With work in 2022 and 2023 related to the shaft sinking and the focus on surface infrastructure as further described below, capital costs are highest in 2022, and as previously disclosed, begin to decline in 2023.

*Fourth Quarter Progress Update*

The Company and its partner made a positive construction decision of the Odyssey project following technical study results in February of 2021.

The overall project continues to be on schedule, with the first key milestone of gold production from Odyssey South in the first quarter of 2023 achieved. For the full year 2022, capital expenditures on the Odyssey project came in above forecast due to inflationary pressures, project delays and minor scope changes. However, these cost increases were largely offset by lower capital spending at the Canadian Malartic mine. Beyond that, drilling continues to expand the Odyssey South East Gouldie zones and delineate the Odyssey internal zones, which were not previously considered in the 2021 PEA mine plan. The Odyssey team

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is in the process of optimizing the mine plan with these drilling results, which is expected to result in higher gold production during the construction period, further offsetting the initial capital cost and optimizing the cash flows profile starting in 2023. Further, as construction activities continue through 2028, further optimization opportunities will be pursued. Notable updates include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Odyssey project is now fully permitted with the mine production certificate of authorization received in October and the mining lease granted in November 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Structural steel installation for the headframe reached the eighth floor in the fourth quarter of 2022, with completion to the ninth and final floor completed during the first quarter of 2023. Structural steel installation is sensitive to weather conditions, and the schedule was affected by rain and high winds in the fourth quarter of 2022. As a result, shaft sinking activities are beginning at the moment, compared to the previous estimate of early in the first quarter of 2023. This minor delay is not expected to have an impact on the East-Gouldie production schedule. The shaft house is now fully functional and the waste silo, which is not required to initiate shaft sinking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In the third quarter of 2022, lateral development fully transitioned from a mining contractor to Partnership employees. For the full year, a total of 1,370 metres of ramp and 8,459 metres of lateral underground development was completed, which was essentially in line with the forecast. At year-end 2022, the main ramp had reached level 46 (a vertical depth of 460 metres), which is almost at the bottom of the Odyssey South orebody.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Production stope design and drilling was initiated in the fourth quarter of 2022, and the first tonnes of development ore were processed at the mill (approximately 59,000 tonnes grading 0.87 g/t gold containing 1,567 ounces of gold). Production from the Odyssey South orebody begun in at the end of March 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Equipment availability is essentially in line or exceeding expectations and additional underground equipment was delivered in the first quarter of 2023. Tele-remote operation and automation activities are progressing well with the first full development round drilled with an automated jumbo in December 2022. The next step will be to carry out remote drilling during shift changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The emphasis in the first quarter of 2023 has been on installation of the underground escapeway and starting work on the installation of the underground paste backfill network to further facilitate the production ramp up. The startup of the paste plant remains on schedule for May 2023.

*Opportunities Providing Upside*

The intention of the Partnership was always to build upon the base case scenario presented in the technical study by realizing value enhancement opportunities improving the production profile and extending mine life. Throughout 2021, these opportunities have increased in confidence and definition as a result of the ongoing exploration success and the rapid advancement of the project.

Extension of the mine life beyond 2039 provides additional upside, with several opportunities under evaluation. The upside from grade improvements and underground mine life extensions are expected to be realized through infill drilling to improve geological confidence, exploration drilling to extend known deposits and make new discoveries and engineering efforts, especially close to historical underground excavations and at depth at East Malartic.

In the near-term, Canadian Malartic has the opportunity to improve the gold production profile during the transition from open pit to underground mining, especially from 2026 to 2028. As a first step, the Barnat pit design was optimized, adding 290,000 ounces (100% basis) to year-end 2020 open pit mineral reserves. Processing of the marginal grade stockpile also remains an opportunity, especially if the gold price remains at current levels. Furthermore, infill drilling of the Odyssey Internal zones from the underground ramp in 2021 has defined potentially mineable zones that are currently not included in the technical study mine plan and could potentially be mined from the Odyssey South ramp within the next five years.

The initial expansionary capital of approximately $572 million (50% basis) to be spent from 2021 to 2028, with an average of approximately $70 million per year in that period, does not include any offsetting gross margin from this pre-commercial production due to amendments to the relevant accounting standard\*, which represents a practical consequence of IFRS application, however cash outlays are expected to be mostly offset by 466,000 ounces (50% basis) of production during the construction period. Assuming a gold price of $1,550 per ounce, more than half of this initial expansionary capital spend would be effectively offset and subsidized from this gross margin, such that the remaining net initial expansionary capital requirements from September 30, 2022 to 2028 would be approximately $120 million, representing a very modest annual spend. Production and cash flows from the underground is expected to begin in the first quarter of 2023.

With a significant production platform, material cash flows generation and a prominent position within Quebec's Abitibi District, Canadian Malartic will remain one of the Company's cornerstone assets and one of the more prolific and generational mines in the world, particularly as the Odyssey mine is developed and comes into production. The Company is taking a disciplined approach to the development of Odyssey with a conservative outlook for initial throughput and production. While the Odyssey mine is expected to initially process 19,000 tonnes per day and produce 500,000 to 600,000 ounces per year, based on the current mine plan, the Company recognizes that there is a large inventory of ounces that is not currently in the mine plan. Odyssey ores will be processed through a plant with an original design capacity of over 55,000 tonnes per day, processing closer to 60,000 tonnes per day, which far exceeds the initial expected throughput of Odyssey. The plant was designed for the larger open pit operations that will end later this decade, and while the Company will scale the plant to the level required for the underground operation, that plant capacity will always be there.

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The Company's approach at its other mines has been to conduct extensive exploration which provides flexibility to maximize and increase throughput, and a similar approach will be taken with Odyssey, where delineation of extensions of underground mineralized zones and new zones of mineralization is already occurring. The extension of East Gouldie and discovery of Titan are examples of these underground exploration successes and opportunities. The Company's efforts at East Amphi, Rand and Camflo also provide potential to add tonnage and production. The Camflo property, which was added to the Partnership in 2021, covers the past producing Camflo mine which had historical production of approximately 1.6 million ounces of gold. An initial evaluation of the Camflo property has identified porphyry and diorite hosted gold mineralization that could potentially be mined via an open pit. Additional studies are underway to initiate an aggressive exploration program in 2023. The Company firmly believes that in its 10-year outlook period, these efforts will lead to more mining areas that will allow the Company to take advantage of available plant capacity, resulting in ore processing that will exceed the initial 19,000 tonnes per day, and sustainable production will then significantly exceed the initial production plan of 500,000 to 600,000 ounces per year.

Exploration drilling of the East Gouldie Extension and parallel structures, while widely spaced, indicate that a corridor of mineralization extends at least 1.3 kilometres to the east of East Gouldie. Open pit and underground exploration targets within the Canadian Malartic land package present additional potential ore sources. The Company believes that the underground development will support a significantly higher level of production than assumed in the current mine plan with more production from the upper zones where a ramp will be utilized and can support a higher extraction rate, and a possible second shaft in the lower zones, where mineralization is now seen to significantly extend up-dip to the east of the inferred mineral resource.

For further details on the Odyssey Project, please refer to Yamana's February 11, 2021 press release entitled *'Yamana Gold Reports Strong Fourth Quarter and Full Year 2020 Results; Impressive Technical Study Results Delivered for the Odyssey Underground Project at Canadian Malartic With Construction Decision Approved; Adopts Climate Change Strategy'.*

\*The amendment to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use, effective from 2022, prohibits entities from deducting amounts received from selling items produced from the cost of property, plant and equipment while the Company is preparing the asset for its intended use, and instead the margin generated from such pre-commercial activities will be included in the Statement of Operations.

**Jacobina, Brazil** 

*Project Summary*

Phased expansion of the Jacobina operation in Brazil is expected to establish a gold production platform of up to 350,000 ounces per year. Jacobina's large inventory of mineral reserves and mineral resources continues to grow faster than mining depletion, providing the basis for a multi-decade strategic mine life at low costs and high cash flow.

In 2021, the Company initiated a simplified approach to the Phase 2 expansion to continue incremental debottlenecking and operational improvements, without requiring an expansion of the grinding circuit as originally contemplated. The simplified expansion approach is a continuation of the strategy that has been the basis for the quarter-over-quarter success of Jacobina over the past several years, and is expected to de-risk the project and require significantly lower capital than originally planned in the Phase 2 pre-feasibility study, an amount not expected to exceed $15 million to $20 million.

As the Phase 2 expansion, which has now been completed, was advancing ahead of schedule, the Company has begun pursuing the Phase 3 expansion to 10,000 tpd through continued incremental debottlenecking. With the permit to 10,000 tpd already in hand, Phase 3 would be expected to increase gold production to 250,000-270,000 ounces per year.

<br>The Phase 4 expansion, of up to 15,000 tpd, would increase gold production in excess of 350,000 ounces per year. To achieve the target throughput rates, a third grinding line would be added as well as an expansion of the leaching and CIP circuits. As the third ball mill was originally planned as part of the Phase 2 Feasibility Study, engineering for Phase 4 is well advanced. A comprehensive plan, aligning the processing plant, underground mine, and tailings management strategy, while managing capital expenditures and cash flow, is underway.

*Fourth Quarter Progress Update*

The Phase 2 expansion at Jacobina was successfully completed in the third quarter of 2022, establishing Jacobina's sustainable production profile at 230,000 ounces of gold per year, as grades will increase throughout 2023 due to the reduction of reliance on stockpiles, combined with access to higher grade zones.

To support the higher processing rates, Jacobina continues to increase underground mining capacity and has prepared an inventory of lower grade stopes and stockpiled ore on surface to provide supplementary mill feed during the ramp up phase. With the higher than planned processing rates that are now anticipated, the Company continues to draw from this supplementary ore. The accelerated mine plan shows mill feed grades increasing over the next two years.

The tailings storage strategy is aligned with the accelerated expansion timeline. A comprehensive tailings storage strategy is well advanced to provide additional storage solutions including hydraulic backfill, paste fill, and a dry-stack tailings storage facility.

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*Opportunities Providing Upside*

The Company is further evaluating the strategic options and direction related to Jacobina and the significant exploration opportunities that are available along the greenstone belt which hosts the mine. Jacobina is being envisioned as a complex of multiple mines, and more emphasis is being placed on regional and generative exploration.

The Jacobina mine is part of the Jacobina district, for which geological evidence and tectonic reconstruction suggest strong affinities with similar gold districts in West and South Africa, which host exceptionally large gold deposits, including those of the prolific Witwatersrand Basin and the Tarkwa mine. Gold mineralization at Jacobina is hosted by the Serra do Corrego Formation, preserved within the Jacobina belt, for a strike length of over ninety kilometres. The mine complex consists of six mining areas exploiting economic mineralization within a nine-kilometre long mineralized belt extending from João Belo in the south to Canavieiras Norte in the north. As at December 31, 2021, past gold production from the mine complex was well over two million ounces, with mineral reserves of 2.94 million ounces of gold and total mineral resources of approximately 6.1 million ounces of gold, indicating the world class size of the current known deposit. Since 2019, the Company has started systematic exploration of its 77,800 hectare land package that covers 155 kilometres of exploration potential along the north-south trending belt. This work has defined a fourteen-kilometre long belt of gold-bearing conglomerate located north of the mine complex and has also extended the known mineralized reefs south of João Belo in a continuous area extending 2,200 metres south of the limits of the João Belo mine. Further areas have been identified both to the north and further south during reconnaissance exploration programs. Work will continue to define mineralized reefs exposed on surface and follow up with widely spaced drill testing targeting both extensions of the mine complex and new standalone mine targets. Consequently, the Company sees significant opportunities to grow its regional presence and continue to build the world-class Jacobina Complex.

**Cerro Moro, Argentina**

*Project Summary*

The mine has a significant inventory of veins that are comparatively lower-grade in relation to the very high Cerro Moro mineral reserve and mineral resource grade, that are not fully reflected in the current mineral reserve and mineral resource statements. These veins could potentially support new mineral resources for the plant expansion scenario with lower cut-off grades than the high grades currently being mined. Drilling of these lower grade veins was not typically followed up with infill drilling in the past as the mineralization is below the current cut-off grade. Cerro Moro was developed as a high grade, low tonnage operation but, from the beginning, the Company has considered alternative processing options to allow for economic extraction of lower grade mineralization, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.a scalable plant, where the front-end of the plant anticipates higher 2,000 tpd tonnage, with the expectation of modest capital requirement to achieve this objective,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.heap leaching near surface, lower-grade material, to supplement other production.

The objective at Cerro Moro is to create a sustainable ten-years of production of at least 160,000 GEO<sup>(2)</sup> per year, and up to 200,000 GEO<sup>(2)</sup> per year. Upside from the aforementioned processing options would be beyond the current ten-year outlook that assumes Cerro Moro as a 150,000 to 165,000 GEO<sup>(2)</sup> per year operation, which is expected to be sustainable from mineral reserves mine life, ongoing exploration successes and mineral reserve replacement.

*Fourth Quarter Progress Update* 

During the third quarter of 2022, ore sorting test work was completed, showing positive results with high recovery of gold and silver with a significant reduction in mass. Although further testing and analysis is required, ore sorting represents an opportunity to remove waste dilution from the mill feed and/or increase the feed grade of lower grade open pit mineralization. As such, ore sorting at Cerro Moro has the potential to replace or complement the plant expansion project. The Company continues to evaluate the ore sorting opportunity, and is currently conducting additional test work with the objective of defining the optimum sensor technology for a site-based trial in the second half of 2023.

*Opportunities Providing Upside*

As Cerro Moro's mineral inventory increases, the Company will evaluate its options for alternative sources of power, which include a connection to the grid and wind power. Both options are expected to improve costs and further reduce greenhouse gas emissions, thereby accelerating the achievement of the Company's 1.5ºC science-based carbon emissions reduction target.

The transition of Cerro Moro from high-cost diesel-generated electricity to wind power is the most attractive and compelling of several viable greenhouse gas reduction options. The conversion of approximately 50% of Cerro Moro's electricity requirements from diesel to wind power would meet the greenhouse gas emission reductions required between now and 2030 to achieve the Company's 1.5ºC science-based target. Further, it is expected that the transition to wind power would reduce operating costs, expand mineral reserves and mine life. A detailed evaluation, including a third-party feasibility study of this opportunity is underway. The third-party study to finalize the Company's evaluation of wind power indicates there should be a sufficient and

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sustainable supply of power as the Cerro Moro area of southern Argentina is considered one of the best on-shore locations in the world for wind energy. The results of the alternative power analysis will be considered in the plant expansion pre-feasibility and heap leach studies to explore synergies between the projects.

**MARA Project, Argentina (56.25% interest)**

*Project Summary*

On December 17, 2020, the Company completed the integration with Glencore and Newmont and a new joint venture, the MARA Joint Venture, was formed to manage, develop and operate the project. MARA is the combined project comprising the Agua Rica site, Alumbrera site as well as the Alumbrera plant and ancillary buildings and facilities. Under the integration, Yamana, the former 100% holder of Agua Rica and the former partners of Alumbrera created the MARA Joint Venture pursuant to which Yamana held a controlling ownership interest in the MARA Project at 56.25%. Glencore held a 25.00% interest and Newmont held an 18.75% interest in the MARA Project. On September 23, 2022, Glencore announced it reached an agreement to acquire Newmont's 18.75% shareholding in the MARA Project. Glencore owns 43.75% of the MARA project as of December 31, 2022. Please refer to the September 23, 2022 press release *Glencore to Acquire Newmont's 18.75% Shareholding in the MARA Project* for further details.

Yamana remains the manager of the MARA Joint Venture and will continue to lead the engagement with local, provincial, and national stakeholders, and completion of the feasibility study and ESIA for the MARA Project. Among other governance committees, a MARA Joint Venture Technical Committee continues, with representatives of the two shareholder companies, to provide oversight and guidance to the advancement of the feasibility study.

Yamana welcomes Glencore's increased stake in the MARA Project and believes the Agreement is a positive step, as the consolidation of ownership amongst partners provides a further endorsement of the quality and strategic optionality inherent in the MARA Project, as well as underpinning its value.

The integration creates significant synergies by combining existing substantive infrastructure which was formerly used to process ore from the Alumbrera mine during its mine life, including processing facilities, a fully permitted TSF, pipeline, logistical installations, ancillary buildings, and other infrastructure, with the future open pit Agua Rica mine. The result is a de-risked project with a smaller environmental footprint and improved efficiencies, creating one of the lowest capital intensity projects in the world as measured by pound of copper produced and in-situ copper mineral reserves, and creating significant benefits for the host communities, the province of Catamarca and Argentina.

The MARA Project has Mineral Reserves and Mineral Resources in the Agua Rica and the Alumbrera ore bodies. Agua Rica is a large-scale copper, gold, silver and molybdenum deposit and it has Proven and Probable Mineral Reserves of 11.8 billion pounds of copper and 7.4 million ounces of gold contained in 1.1 billion tonnes of ore. Mineral Resources include 259.9 million tonnes of Measured and Indicated Mineral Resources, containing more than 1.6 billion pounds of copper and 954,000 ounces of gold. Additionally, Inferred Mineral Resources of 742.9 million tonnes represent significant upside potential to further define an increase in Mineral Reserves and life of mine. The MARA Project also has Mineral Resources in the Alumbrera deposit which consist of 125.2 million tonnes of Measured and Indicated Mineral Resources containing more than 800 million pounds of copper and 1.2 million ounces of gold on a 100% basis.

On July 19, 2019, the Company announced the positive results of pre-feasibility study (A) ("PFS(A)"), underscoring that the MARA Project is a long life (with an initial life of 28 years) and low-cost asset with robust economics and opportunities to realize further value, including converting economic-grade Inferred Mineral Resources and expanding throughput scenarios aimed to increase metal production and returns, among other opportunities. The Joint Venture Technical Committee advanced optimization studies in late 2019 and early 2020, the results of which were compiled as pre-feasibility study (B) ("PFS(B)"), and is now advancing a full feasibility study on the MARA Project, with updated Mineral Reserve, production and project cost estimates. The engineering effort for the feasibility study was substantially completed by the end of 2022 and the finalized report is expected in the first half of 2023.

The pre-feasibility study for the MARA Project considers the Agua Rica deposit will be mined using a conventional high tonnage truck and shovel open pit operation. Average life of mine material moved is expected to be approximately 108 million tonnes per year, with ore feed of 42 million tonnes per year and average life of mine strip ratio of 1.66.

Ore extracted from the Agua Rica mine will be transported from the open pit by truck to the primary crusher area and then transported via a conventional conveyor to the existing Alumbrera processing plant. To route the overland conveyor system, approximately 5.2 kilometres of tunnel development will be required over the total 35 kilometre conveyor right-of-ways to the Alumbrera processing plant, where it will feed the existing stacker conveyor via a new transfer station.

Relatively modest modifications to the circuit are needed to process the Agua Rica ore at the Alumbrera plant. The copper and by-products concentrates will be transported by the existing pipeline to Tucuman and then by railway to the port for commercialization. An in-situ blending strategy has been defined to manage the concentrate quality over certain years of the

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mine life, which will allow the project to achieve the desired targets. Further optimizations to this strategy are studied as part of current design phase.

These previously completed studies provide the framework for the preparation and submission of a new ESIA to the authorities of the Catamarca Province and for the continued engagement with local stakeholders and communities. The shareholders of the MARA Joint Venture began the ESIA process in 2019, given the significant level of environmental baseline data required for such studies.

The 2020 PFS(B) highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual ore feed increased to 42 million tonnes per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual production for the first 10 full years increased to 556 million pounds of copper equivalent\* production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash costs<sup>(1)</sup> of $1.32 per pound and AISC<sup>(1)</sup> of $1.44 per pound for the first 10 years of production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial capital of $2.78 billion. Initial capital reduced to $2.39 billion if first year of owner mine fleet purchases are reclassified as sustaining capital, as was assumed for PFS(A). Total LOM capital spending the same under both PFS(A) and PFS(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV of $1.906 billion and an increased IRR of 21.2%\*\*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PFS(B) reflects the inclusion of a progressive Argentina export tax with a long-term assumption of 4.3%.

\*&nbsp;&nbsp;&nbsp;&nbsp;Copper equivalent metal includes copper with gold, molybdenum, and silver converted to copper-equivalent metal based on the following metal price assumptions: $6,614 per tonne of copper, $1,250 per ounce for gold, $24,250 per tonne for molybdenum, and $18.00 per ounce for silver.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Assuming metal prices of $3.00 per pound of copper, $1,300 per ounce of gold price, $18.00 per ounce of silver, $11.00 per pound of molybdenum and using an 8% discount rate.

The MARA Project represents both a significant strategic value opportunity and a solid development and growth project, which the Company intends to continue to advance through the development and permitting processes via Yamana's controlling interest, while considering strategic alternatives that could unlock significant value along the way. The project design minimizes the environmental footprint of the project, incorporating the input of local stakeholders. MARA is planned to be a multi-decade, low cost copper gold operation with annual production in the first ten years of 556 million pounds of copper equivalent and a life of mine annual production of 469 million pounds of copper equivalent on a 100% basis. MARA will be among the top 25 copper producers in the world when in production, and is one of the lowest capital intensity copper projects globally.

*Fourth Quarter Progress Update*

Work during the fourth quarter of 2022 focused on continuing the progress made during 2021 and the first three quarters of 2022: advancing the feasibility study engineering, mine design and planning, metallurgical test-work and geotechnical drilling campaigns, other fieldwork at site, baseline social and environmental studies, as well as permitting and working with local stakeholders. The work continues, with the drilling campaign and other fieldwork now covering the Agua Rica mine infrastructure which is now substantially complete. Testwork results and dependent engineering development, project execution planning, cost estimate preparation, and report compilation will continue through the first half of 2023.

The Company is also planning to complete deep drill holes in 2023 to check the extension of high-grade chalcopyrite mineralization that could potentially unlock a pit expansion of Agua Rica, as well as to test for deep extensions of mineralization in the hypogene area of the porphyry, given the deposit is open at depth and relatively unexplored beyond the supergene zone.

The bulk metallurgical test program is now concluded and the results are well aligned with previous results and expectations, with indicative improvements to concentrate grades and mass pull. Third party testing is also complete.. Molybdenum separation testwork continues to establish technical and economic viability.

Project engineering work during the period included drilling and testwork campaigns in the water storage and waste areas, and further development of the feasibility work in the areas of water management, ore conveying tunnel and general services, production facilities around the mine, and on flowsheet development and advancing the process design package.

*Opportunities Providing Upside*

The most recent technical studies indicate that the processing facility at Alumbrera is capable of processing up to 44.0 million tonnes per year, with minor additional capital expenditures, which represents a significant upside to the pre-feasibility study results. In the fourth quarter the mine design criteria were finalized. Efforts for 2023 will be focused on updates to the mine plan, as well as to complete the process definition and continue advancing the engineering on the Alumbrera plant refurbishment, mine infrastructure, and all associated facilities to support the Feasibility Study update.

Parallel to the exploration program, MARA is conducting field campaigns to complement the ESIA baseline data. Preliminary results and advancement of the project are being shared with the Intergovernmental Commission of Catamarca, prior to filing the ESIA. The Company plans to substantially advance the ESIA definition for MARA in parallel with project development. The estimated remaining expenses for the Company to advance the project through the feasibility study and ESIA during 2023 are

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approximately $13.0 million (Yamana's 56.25% interest), representing a manageable and modest investment in relation to the value creation of advancing the MARA Project to the next phases of development.

**OTHER INITIATIVES - STRATEGIC, OPTIMIZATION AND MONETIZATION**

A number of projects are underway with a goal of surfacing value from non-producing assets. Notable progress relating to some of these initiatives include, but are not limited to the following:

**Suyai, Argentina**

On April 28, 2020, the Company announced it entered into a definitive option agreement pursuant to which it granted CAM, a privately held portfolio management and capital markets company based in Argentina, owned by Messrs. Eduardo Elsztain and Saul Zang, the right to acquire up to a maximum 40% interest in a joint venture formed to hold the Suyai Project. CAM's portfolio includes the largest real estate company in the country, NASDAQ-listed international agricultural companies, along with banking and mining investments. CAM has successfully led the development of significant construction projects across the country.

An initial amount of $2.0 million was received by the Company to secure the option. CAM will assume responsibility for all ESG matters, including leading the permitting efforts aimed to advance the project through its different stages of development. As noted, CAM has the right to earn a maximum 40% interest in the resulting joint venture formed to hold the Suyai Project by fulfilling certain obligations and achieving certain milestones, mostly relating to ESG matters, and by paying $31.6 million in various installments in addition to the proportionate expenses, on or before December 31, 2024. The Company believes there is considerable value, far in excess of cash value, in fulfilling the obligations and achieving the milestones relating to ESG matters which would advance the Suyai project. Through certain of its holding companies, Yamana would hold the remaining 60% of the joint venture.

In the event the project receives approval to proceed, Yamana would oversee its development, applying best industry mining and HSSD/ESG practices and its experience in project development and operations in southern Argentina. Development of the project would occur under the oversight of a board of directors of the holding company that owns the project with CAM nominating two out of the five directors. Yamana would nominate the other directors. The joint venture would entitle each party to its proportion of gold production from the project.

The Company previously completed studies that in addition to redesigning Suyai as a small scale high-grade underground project, evaluated different options for ore processing, which provided favourable project economics.

The preferred option envisages the construction of a processing facility for on-site production of gold and silver contained in a high-grade flotation concentrate, which would be transported by land and by sea to one or more gold smelters world-wide. As only a flotation concentrate would be produced at Suyai, no cyanide or other deleterious chemicals would be used at site. Gold production is expected to reach up to 250,000 ounces annually for an initial eight years.

**Agua de la Falda, Chile** 

The Company continues to pursue development and strategic initiatives for the 56.7% position held in the Agua de la Falda joint venture with Codelco, located near El Salvador in the Atacama region of northern Chile. While the historical Jeronimo Feasibility Study focused on maximizing gold production from the sulphide deposits, the Company completed the study of a low-capital starter-project based on the remaining oxide inventory in heap leach pads and open pits; the study demonstrated positive results and quick payback. The Company is also evaluating strategic alternatives for the asset, including the highly prospective claims surrounding the mine, where early-stage targets for both gold and copper mineralization have been identified. Re-logging of historical holes and exploratory drilling support the potential to extend the gold oxide mineralization, as well as the potential for copper/gold deposits within the joint venture claims and in the areas the Company owns 100%. Agua de la Falda has processing capacity and infrastructure already installed, and it is in the vicinity of the El Salvador Division of Codelco.

**6.&nbsp;&nbsp;&nbsp;&nbsp;MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES**

Mineral reserves and mineral resources are determined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, issued by the Canadian Securities Administrators ("NI 43-101"). NI 43-101 sets out the standards of disclosure for mineral projects including rules relating to the determination of mineral reserves and mineral resources. This includes a requirement that a "qualified person" (as defined under the NI 43-101) supervises the preparation of the mineral reserves and mineral resources reports. The Company's mineral reserve and mineral resource reports are reviewed by Sébastien Bernier, P.Geo (Senior Director, Geology and Mineral Resources), who is an employee of Yamana Gold Inc. and a "Qualified Person" as defined by NI 43-101.

For details, refer to the mineral reserve and mineral resource tables available on the Company's website, www.yamana.com.

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For mineral reserve estimation purposes, the gold price assumption for Yamana wholly-owned operating mines of $1,250 is consistent with prior year. The Company believes that increases in mineral reserves as result of exploration and drilling are a more meaningful representation of an orebody rather than the reporting of additional mineral reserves resulting from an increase in mineral reserve estimation gold prices.

The Company's mineral reserves and mineral resources as at December 31, 2022 are summarized in the following tables. Complete information relating to mineral reserves and mineral resources including a complete listing of metal price assumptions, tonnage, grade and recoveries is contained in a complete mineral resource and mineral reserve table available on the Company's website, www.yamana.com and in the March 29, 2023 press release 'Yamana Gold Reports Updated Mineral Reserves And Mineral Resources Highlighting The Sustainability Of Its Production Platform'.

![chart-0c8aabc5699043ce8cba.jpg](chart-0c8aabc5699043ce8cba.jpg)

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![chart-0cb99c973b874de1800a.jpg](chart-0cb99c973b874de1800a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Other is related to Lavra Velha.

![chart-2787be0d4c3342e7b7ba.jpg](chart-2787be0d4c3342e7b7ba.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Other is related to Lavra Velha.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Reserves & Mineral Resources Estimates\*** | **Contained Gold** | **Contained Gold** | **Contained Silver** | **Contained Silver** | **Contained Copper** | **Contained Copper** |
| | **(in 000's ounces)** | **(in 000's ounces)** | **(in 000's ounces)** | **(in 000's ounces)** | **(in million pounds)** | **(in million pounds)** |
| **Proven & probable mineral reserves** | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp;Canadian Malartic (50%) | **1603** | 1767 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jacobina | **2973** | 2938 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Cerro Moro | **446** | 457 | **18571** | 22180 | **—** |  |
| &nbsp;&nbsp;&nbsp;El Peñón | **931** | 933 | **33602** | 29383 | **—** |  |
| &nbsp;&nbsp;&nbsp;Minera Florida | **430** | 430 | **3125** | 3011 | **—** |  |
| &nbsp;&nbsp;&nbsp;Wasamac | **2170** | 1910 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jeronimo (56.7%) | **1082** | 1082 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;MARA (56.25%) | **4152** | 4152 | **56689** | 56689 | **6654** | 6654 |
| **Total proven & probable mineral reserves** | **13787** | 13669 | **111987** | 111264 | **6654** | 6654 |
| **Measured & indicated mineral resources** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Malartic (50%) | **3082** | 1270 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jacobina | **4136** | 3807 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Cerro Moro | **105** | 117 | **6255** | 7834 | **—** |  |
| &nbsp;&nbsp;&nbsp;El Peñón | **825** | 748 | **27096** | 25259 | **—** |  |
| &nbsp;&nbsp;&nbsp;Minera Florida | **1149** | 1056 | **6338** | 5844 | **—** |  |
| &nbsp;&nbsp;&nbsp;Wasamac | **339** | 326 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jeronimo (56.7%) | **139** | 139 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;MARA (56.25%) | **1245** | 1245 | **8442** | 8442 | **1383** | 1383 |
| &nbsp;&nbsp;&nbsp;La Pepa (80%)\*\* | **1751** | 1751 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Lavra Velha | **282** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Monument Bay | **1787** | 1787 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Suyai | **2286** | 2286 | **3523** | 3523 | **—** |  |
| **Total measured & indicated mineral resources** | **17126** | 14532 | **51654** | 50902 | **1383** | 1383 |
| **Inferred mineral resources** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Malartic (50%) | **4682** | 6647 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jacobina | **1934** | 1904 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Cerro Moro | **210** | 226 | **5076** | 8159 | **—** |  |
| &nbsp;&nbsp;&nbsp;El Peñón | **808** | 881 | **30103** | 28984 | **—** |  |
| &nbsp;&nbsp;&nbsp;Minera Florida | **629** | 658 | **2494** | 3138 | **—** |  |
| &nbsp;&nbsp;&nbsp;Wasamac | **455** | 258 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Jeronimo (56.7%) | **161** | 161 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;MARA (56.25%) | **1222** | 1222 | **21765** | 21765 | **2125** | 2125 |
| &nbsp;&nbsp;&nbsp;Arco Sul | **615** | 615 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;La Pepa (80%)\*\* | **293** | 293 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Lavra Velha | **238** | 543 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Monument Bay | **1781** | 1781 | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Suyai | **274** | 274 | **575** | 575 | **—** |  |
| **Total inferred mineral resources** | **13302** | 15463 | **60013** | 62621 | **2125** | 2125 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;The assumptions used for mineral reserve and mineral resource estimates as at December 31, 2022 for all wholly-owned operating mines reported in this MD&A were $1,250 per ounce gold, $18.00 per ounce silver, and $1.25 per pound of zinc. Canadian Malartic assumptions were $1,300 per mineral reserve ounce of gold and $1,667 per mineral resource ounce of gold. Mineral resources are reported exclusive of mineral reserves, using a cut-off grade (or cut-off value) 75% of the one used for mineral reserves. The Arco Sul project mineral resource estimate uses $1,250 per ounce of gold. The Jeronimo project mineral reserve and mineral resource estimates use $900 per ounce of gold. The La Pepa project mineral resource estimate uses $1,650 per ounce of gold. The Lavra Velha project mineral resource estimate uses $1,650 per ounce of gold. The Agua Rica project (MARA) mineral reserve estimate uses $1,250 per ounce of gold, $18.00 per ounce of silver, $11.00 per pound of molybdenum, and $3.00 per pound of copper. The Agua Rica project (MARA) mineral resource estimate uses $1,600 per ounce of gold, $24.00 per ounce of silver, $11.00 per pound molybdenum, and $4.00 per pound of copper. The Alumbrera project (MARA) mineral resource estimate uses $1,300 per ounce of gold and $2.83 per pound of copper. The Monument Bay project mineral resource estimate uses $1,200 per ounce of gold. The Suyai project mineral resource estimate uses a 5.0 g/t gold cut-off grade assumption. The Wasamac project mineral reserve estimate uses $1,250 per ounce of gold. The Wasamac project mineral resource estimate uses $1,250 per ounce of gold.

\*\* &nbsp;&nbsp;&nbsp;&nbsp;During December 2021, Mineros Atacama SpA was issued shares representing a 20% interest in Minera Cavancha SpA, the legal entity that holds the La Pepa property. The 2021 mineral resource estimates for La Pepa reflect Yamana's 80% post-issuance interest.

**Year-End Mineral Reserves and Mineral Resources Summary**

The highlights of the current year are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Track Record of Mineral Reserves Replacement: On an aggregate basis across its wholly-owned operations, the Company replaced gold mineral reserves by 104% of depletion highlighting the sustainability and longevity of its production platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued Success of Mineral Reserve Growth at Jacobina: Jacobina had another year of mineral reserve and mineral resource growth, adding approximately 35,000 ounces of gold mineral reserves, or 117% of depletion. Gold mineral reserves have grown by 57% or more than 1 million ounces net of depletion over the past five years to 2.97 million ounces and mineral resources have increased by 80% over the same period, as detailed below. The track record of growth in mineral reserves and mineral resources at Jacobina underpins its significant prospectivity and geological upside, which supports the planned phased expansion strategy that is expected to materially increase production and cash flows, generating strong returns on investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conversion of Inferred Mineral Resources at Odyssey: At Odyssey, the ongoing infill drilling program continues to increase the inventory of indicated mineral resources to support the planned conversion of mineral resources to mineral reserves. Indicated gold mineral resources increased by over 3.81 million ounces to 6.17 million ounces with total inferred resources at year end of 9.23 million ounces (100% basis). Exploration drilling at the East Gouldie zone of the Odyssey mine also continues to grow the mineralized footprint with new intercepts to the west of the known mineral resource envelope highlighting the generational nature of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fifth Consecutive Year of Increasing Mineral Reserves at El Peñón: El Peñón achieved a fifth consecutive year of adding mineral reserves in excess of depletion, with mineral reserves growing 4% to 1.37 million GEO<sup>(2)</sup>, or by 123% of depletion, over the last year. The significance of the result is the continued extension of the El Peñón mine life at a production rate of 220,000 to 230,000 GEO<sup>(2)</sup> per year, while growth of mineral resources provides an inventory for future mineral reserves development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company-wide Mineral Reserves and Mineral Resources Show Significant Scale: As at December 31, 2022, the Company reports 13.8 million ounces of gold mineral reserves and 112 million ounces of silver mineral reserves, relatively unchanged from the prior year. Further, the Company reports measured and indicated mineral resources of 17.1 million ounces of gold, 52 million ounces of silver, and 1.4 billion pounds of copper exclusive of mineral reserves, with measured and indicated gold mineral resources up 18% from the prior year. Inferred mineral resources contain 13.3 million ounces of gold, 60 million ounces of silver, and 2.13 billion pounds of copper. At the Company's development projects, mineral reserves of 7.4 million ounces of gold, 57 million ounces of silver, and 6.7 billion pounds of copper represent significant upside potential within the existing portfolio.

Further information by mine is detailed below.

**Canadian Malartic including Odyssey, Canada (50%)**

The Canadian Malartic & Barnat Open Pit saw a decrease of approximately 263,000 ounces of gold in proven and probable mineral reserves (reflecting the Company's 50% interest) driven primarily by depletion of 360,000 ounces of gold (50% interest) as the Canadian Malartic pit enters into its final years of operation and open pit mining transitions to the Barnat pit. With initial production from the underground Odyssey mine at Canadian Malartic expected to commence in March 2023, an initial small portion of the indicated mineral resources at the Odyssey South deposit was converted to probable mineral reserves as at December 31, 2022, adding 98,000 ounces of gold in mineral reserves (50% interest). A substantial addition of mineral reserves is expected at the Odyssey project at year-end 2023 with the conversion of indicated mineral resources at the East Gouldie deposit where continued conversion drilling success resulted in the addition of 1.9 million ounces of gold in indicated mineral resources (50% interest) during the year.

At the Odyssey project, underground development remains on schedule with initial production and start of shaft sinking expected in March 2023. With only 7.3 million ounces, or approximately 47% of the Odyssey mineral resources included in the mine plan outlined in the March 2021 technical study on a 100% basis, there is significant upside potential to a mine life already expected to last until at least 2039. Additionally, drilling continues to delineate the Odyssey internal zones, which were not previously considered in the 2021 preliminary economic assessment mine plan. The Odyssey team is in the process of optimizing the mine plan with these drilling results, which is expected to result in higher gold production during the construction period, further offsetting the initial capital cost and optimizing the cash flows profile starting in 2023.

As previously reported, exploration drilling of the East Gouldie Extension and parallel Titan zone indicate that a corridor of mineralization extends at least 1.3 kilometres to the east of East Gouldie and over an approximate 2,000 metre vertical extent. The Company believes that the underground development will support a significantly higher level of production than assumed in the current mine plan with more production that could come from further ramp development and from a possible second shaft at depth where mineralization remains open in all directions.

Drilling demonstrates that the East Gouldie deposit also extends significantly to the west of the mineral resource envelope at economically favourable grades and widths. Overall, drilling indicates that the East Gouldie deposit extends more than 4 kilometres along strike, of which only approximately 1.5 kilometres is currently reported as mineral resources. Thirteen drill rigs are currently active on the property, with five underground drills in the Odyssey South and Internal zones and eight surface drills focused on infilling and expanding the East Gouldie mineralization.

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**Jacobina, Brazil**

Jacobina had another successful year of exploration, adding over 35,000 ounces of gold mineral reserves net of depletion, with additions of 239,000 gold ounces amounting to 117% of depletion. Gold mineral reserves have grown by 57% or more than 1 million ounces over the past five years to 2.97 million ounces. Mineral resources have increased by 80% over the same period, with mineral resources, exclusive of mineral reserves, increasing by 328,000 ounces of gold in measured and indicated mineral resources and 30,000 ounces of gold in inferred mineral resources versus the prior year. Mineral reserves average gold grade is unchanged from the previous year at 2.18 g/t and the Company continues to sequence lower grade stopes later in the mine life. Importantly, the rate of growth in mineral reserves and mineral resources exceeds annual depletion, supporting the Company's strategy to sustain a multi-decade mine life and facilitating the future Phase 3 expansion to increase production up to 250,000-270,000 ounces per year. Highlights from 2022 include ongoing infill drilling success at João Belo Sul and Morro do Vento and successful exploration drilling at the new Morro do Vento Leste zone.

**Cerro Moro, Argentina**

At Cerro Moro, mineral reserves changed due to 2022 depletion and adjustments to the geological models, partly offset by additions to the mineral reserves inventory from successful infill and delineation drilling. While gold ounces added by drilling covered annual depletion, an updated block model at Verónica caused an overall decrease of approximately 11,000 gold ounces. Depletion during 2022 was primarily from Zoe, a higher grade silver deposit, resulting in an overall decline of approximately 3.6 million silver ounces contained in mineral reserves.

Cerro Moro has a significant inventory of lower-grade veins that are not fully reflected in the current mineral reserves and mineral resource statements, which could potentially be processed with an expansion of the processing plant or through a parallel heap leach operation. The objective at Cerro Moro is to create a sustainable ten-year production platform of at least 160,000 GEO<sup>(2)</sup> per year, which is expected to be sustainable from mineral reserves mine life, ongoing exploration successes and mineral reserve replacement, and up to 200,000 GEO<sup>(2)</sup> per year via the alternative processing and expansion options.

**El Peñón, Chile**

Successful drilling at El Peñón resulted in the operation achieving a fifth consecutive year of adding new mineral reserves in excess of mining depletion, with mineral reserves growing 28% to 1.37 million GEO<sup>(2)</sup> over that period. The replacement of depletion maintains the El Peñón mine life at five to six years, with significant opportunities for further extension through conversion of inferred mineral resources and exploration potential. Infill drilling, mainly at the Pampa Campamento and Martillo Flat veins, together with the conversion of underground mineral resources to mineral resources at Chiquilla Chica, which is being reported for the first time, account for the replacement of gold ounce depletion and the increase of silver ounces contained in mineral reserves. The significance of the result is the continued extension of the El Peñón mine life at a production rate of 220,000 to 230,000 GEO<sup>(2)</sup> per year, while replacement of mineral resources provides an inventory for future mineral reserves development.

**Minera Florida, Chile**

At Minera Florida, new mineral reserves replaced mining depletion, extending the mine life. Gold ounces contained in mineral resources and mineral reserves have increased across most main zones with significant success at Maqui due to infill drilling and inaugural mineral reserves added at the Cucaracha zone. The robust exploration results and replacement of mineral reserves and mineral resources at Minera Florida support the plan for production increases at the operation.

**Wasamac, Canada**

Wasamac mineral reserves and mineral resources were updated in November 2022, with mineral reserves and mineral resources increasing across all categories and by a total of 19% since completion of the feasibility study in mid-2021. Mineral reserves have increased by 260,000 ounces or 14%, while indicated mineral resources and inferred mineral resources have increased by 4% and 76% respectively.

The growth in mineral reserves and mineral resources is the result of infill drilling, the success of which has contributed to an updated mineral resource model and stope designs, with the average horizontal stope width increasing from 12.6 metres in 2021 to 13.6 metres in 2022. As such, the additional mineral reserves are expected to be accessible at a lower unit cost, with an improved ratio of gold ounces per development metre.

The positive results support the expanded production plan at 9,000 tpd, with a gold production profile of 200,000 to 250,000 ounces per year compared to the LOM average of 169,000 ounces in the 2021 feasibility study, while maintaining a mineral reserves life of nearly 10 years. With conversion of mineral resources and exploration potential, the Company is confident that mine life will extend at least 15 years.

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**7.&nbsp;&nbsp;&nbsp;&nbsp;EXPLORATION** 

For exploration updates relating to operating mines during the quarter, refer to *Section 4: Operating Segments Performance*. The following is a summary of the exploration and evaluation expenditures for the current and comparative periods:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| *(In millions of US Dollars)* | **2022** | 2021 | **2022** | 2021 |
| Exploration and evaluation capitalized\* | $**14.1** | $19.6 | $**64.0** | $68.1 |
| Exploration and evaluation expensed\*\* | **10.0** | 6.8 | **39.8** | 31.6 |
| **Total exploration and evaluation expenditures** | $**24.1** | $26.4 | $**103.8** | $99.7 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration and evaluation costs are reflected in property, plant and equipment in the Consolidated Balance Sheets. Details by mine can be found in the Capital Expenditures table in *Section 1: Highlights and Relevant Updates*.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Expensed exploration and evaluation costs are reported in the Consolidated Statements of Operations for the respective period.

During the fourth quarter, exploration drilling and other field activities progressed as planned, with COVID-related impacts to activities limited mainly to persistent analytical laboratory delays in some areas, which continue to improve gradually.

The Company is continuing to advance its regional exploration projects, with particular focus presently placed on Jacobina Norte and Lavra Velha, Bahia state, Brazil, which currently represent the best opportunities for advancement of the goals of the generative exploration program. Jacobina Norte, located north of the Jacobina mine, is one of Yamana's most promising, wholly owned advanced exploration projects, covering over 150 kilometres of strike extent of the Serra do Corrego Formation, which hosts paleoplacer gold mineralization at the Jacobina mine. Lavra Velha is a near surface advanced Tier 1 exploration project located in the Lavra Velha district in Brazil's Bahia state, where surface work and drilling has defined significant near-surface gold mineralization that may be amenable to low capital intensity open pit mining and heap leaching. Elsewhere in Brazil, exploratory work continued during the quarter on the Company's Ivolândia, Borborema, Monte do Carmo and Colider projects, with collection of soil and rock samples, geological mapping, 3D inversion of geophysical data and lithogeochemical studies. At Ivolandia, six shallow drill holes tested the Arenopolis target, with most results pending.

Generative exploration in Chile during the fourth quarter included surface evaluation and target development of early-stage Yamana projects and review of third party early stage opportunities, included several near to the Company's Minera Florida and El Peñón operations, as well as field investigations associated with ongoing regional target generation programs in a number of prospective gold belts. Surface samples collected in Chile during the quarter across all projects totaled 379 rock and 205 soil and stream sediment samples. Terraspec analysis was completed on 569 samples and 48 days of geological mapping were completed.

In Argentina, the focus of the generative program during the fourth quarter was advancing the Company's Las Flechas project, San Juan province, and Falcon project, Santa Cruz province. At Las Flechas, continued surface rock and soil sampling and geological mapping programs were carried out along with camp set up and related logistical work, in preparation for a planned 2023 drilling program. Recent soil and rock sampling at Las Flechas has defined excellent drill targets at Cerro Dante and at the recently discovered Silca Este target. At the Company's Falcon project, generative work included expanding soil and surface rock sample coverage at this developing prospect. Exploration activities conducted elsewhere in Argentina during the quarter included evaluation and target development at early-stage Yamana projects, evaluation of third party properties and ongoing regional targeting initiatives in mining-friendly jurisdictions. Fieldwork completed across all projects during the quarter included the collection of 465 surface rock samples, 1,552 soil and stream sediment samples, Terraspec analysis of 734 samples and 175 days of geological mapping and field investigations.

In North America, at Monument Bay, Manitoba, results from the 2021 deep drilling program continue to be evaluated with planning for the next steps for the project ongoing. Exploration drilling continued during the fourth quarter at the Company's advanced stage Wasamac property, in the Abitibi-Témiscamingue region, Quebec, where ongoing infill drilling continues to improve confidence and demonstrate the wide, consistent nature of mineralization at the Wasa deposit. Ongoing exploration drilling continues to intercept important zones of mineralization outside of known resources, in particular at the Wildcat and Wildcat South targets, located north of the Cadillac Break. Phase I exploration drilling on the Francoeur property was completed in the third quarter, testing the prospective Francoeur Shear Zone corridor. Modeling of the Francoeur drill data was completed in the fourth quarter in preparation for a planned follow-up 2023 drill program. Data compilation in preparation for a planned initial drill program was completed on the recently developed Orogen Royalties Inc. Callaghan-Charlie property option, located in central Nevada, following a successful 2022 field program. Planned drilling at Callaghan-Charlie will target Carlin-type mineralization in favorable lower plate rocks. Initial exploration activities including a successful ten hole, 1,940 metre due diligence diamond drilling program completed in the third quarter on the Sangold option property, located near Foleyet, Ontario, west of the Timmins camp, was followed up in the fourth quarter with data compilation in preparation for a follow-up Phase II exploration drilling campaign planned for 2023.

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**Monument Bay, Canada**

The Monument Bay deposit is hosted in the Stull Lake Greenstone Belt, comprising three volcanic-sedimentary assemblages ranging in age from 2.85 to 2.71 billion years. Gold mineralization occurs along the steeply north-dipping, regional-scale Twin Lakes Shear Zone and the lesser-explored, adjacent AZ Shear Zone.

The focus of exploration has been the advancement of the Twin Lakes resource. Beyond the Twin Lakes target, the large Monument Bay land package is under-explored and hosts potential for additional discovery. A smaller but important component of recent exploration at Monument Bay has been the continued evaluation and advancement of secondary targets on the property.

Most recent exploration at Monument Bay has been to advance the evaluation and definition of high-grade ore shoots at depth at the Twin Lakes resource as part of assessing the project as an underground mine. Approaching the Twin Lakes target as a potential underground project is an economically attractive alternative to the open pit scenario with lower capital (due to the higher investment required to develop a large tonnage, low grade, open pit mine), reduced environmental footprint, and clear upside exploration potential. A 2021 drill program provided an initial test of the depth extent and potential of several well-defined high-grade steeply plunging mineralized shoots along a four-kilometre strike length of the deposit. Shallow diamond drilling during the first half of 2020 confirmed the continuation and orientation of higher-grade mineralization and provided targets for follow up drilling at depth. Highlights from the 2021 program included the following core length intercepts: 6.52 g/t of gold over 2.14 metres (TL-21-732) and 4.20 g/t of gold over 6.28 metres, including 2.58 metres grading 7.48 g/t of gold (TL-21-727B) as previously reported in the September 13, 2021 press release 'Yamana Gold Reports Positive Initial Exploration Drill Results at Wasamac; Provides an Update on Its Generative Exploration Program'. These and other results are being evaluated as next steps are being determined.

**Domain, Canada**

The Domain project is located near Oxford Lake in northeast Manitoba, comprising a 20,000-hectare property that is 100%-controlled by the Company. Interpretation of regional airborne magnetics, together with results from government geological survey geochemical results collected from glacial till, support a highly prospective environment for folded iron formation hosted gold occurrences. The Company's property surrounds three claims totaling 576 hectares that are under a joint venture agreement with Capella Minerals Limited, which holds a 29.6% interest. The joint venture claims cover an area of historic drilling with significant gold intercepts hosted by iron formation that includes intervals reported by Rolling Rock Resources in 2008 and New Dimension Resources in 2017.

The Company recently signed an exploration agreement with the Bunibonibee Cree Nation ("BCN") that provides a framework for a cooperative, mutually respectful agreement supporting the advancement of exploration within the Traditional Territory of the BCN while providing employment and business opportunities to the BCN. Yamana is in the planning stages of a work program for the property, and recently completed an archeology study. Pending conclusion of community consultation and permitting, exploration work is anticipated to be completed in 2023. Data compilation and drill target refinement have been completed in preparation for an anticipated Phase I field program.

**Wasamac, Canada**

The addition of the Wasamac project to Yamana's portfolio further solidifies the Company's long-term growth profile with a top-tier gold project in Quebec's Abitibi-Témiscamingue region, a prolific mining district where Yamana has deep operational and technical expertise and experience. Please refer to Section *5: Construction, Development and Other Initiatives* for details on the Wasamac (Monarch Gold) acquisition, which closed during the first quarter of 2021.

Exploration activities progressed as planned during the fourth quarter at Wasamac. Infill drilling of the Wasamac mineral resource in the fourth quarter, designed for increasing confidence in the current mineral resource model and converting inferred mineral resources to indicated mineral resources included one drill hole totaling 651 metres. Exploration drilling completed in the quarter totaled 6,312 metres in seven drill holes completed at the Wildcat and Wildcat South structures.

In total, 30,242 metres in 48 drill holes of infill drilling were completed during the 2022 program, resulting in a resource model update, which generated a 14% increase in mineral reserves and 4% and 76% increase, respectively, in indicated mineral resources and inferred mineral resources (reported in the November 9, 2022 press release 'Ongoing Exploration Success Continues To Underpin Project Pipeline For Growth And Longevity; Strong October Production Exemplified Operation Excellence And Positions The Company Well To Meet Annual Guidance'). Infill drilling highlights reported in the November 9, 2022 press release include the following uncut, estimated true width intervals: WS-21-561, 3.74 g/t of gold over 6.73 metres, including 3.32 metres grading 6.38 g/t of gold; WS-22-575, 4.53 g/t of gold over 10.45 metres, including 3.18 metres grading 7.89 g/t of gold; WS-22-592, 6.20 g/t of gold over 7.15 metres, and 10.00 g/t of gold over 4.35 metres; WS-22-602, 3.48 g/t of gold over 13.28 metres, including 2.42 metres grading 10.73 g/t of gold, and 6.11 g/t of gold over 4.24 metres, including 1.65 metres grading 13.07 g/t of gold; and WS-22-605, 5.60 g/t of gold over 12.17 metres. Further, as previously reported in the April 4, 2022 press release 'Yamana Gold Announces Positive Exploration Results, Underpinning Strategic Upside At El Penon, Odyssey And Wasamac, Announces Completion of TCFD Climate Action Report Relating to Recently Announced Climate Action Strategy, And

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Notes Investor Day On April 5', and in the July 27, 2022 press release 'Yamana Gold Announces Positive Exploration Results Underpinning Strategic Upside At Odyssey And Wasamac; East Gouldie Exploration Drilling Continues to Highlight Significant Expansion Potential; Infill Drilling Results at Wasamac Support an Expanded Production Scenario' drill hole highlights from infill drilling continue to demonstrate the wide and consistent nature of mineralization along the Wasa shear zone, including estimated true width intercepts: WS-21-556 with 3.17 g/t of gold over 14.78 metres; WS-21- 539 with 3.41 g/t of gold over 5.02 metres; WS-21-532 with 2.30 g/t of gold over 16.71 metres; WS-22-570, 5.70 g/t of gold over 9.74 metres, including 3.50 metres grading 10.44 g/t of gold; WS-22-566, 5.88 g/t of gold over 11.05 metres, including 2.26 metres grading 19.55 g/t of gold; WS-22-568, 5.45 g/t of gold over 16.80 metres, including 14.90 g/t of gold over 3.23 metres and including 13.78 g/t of gold over 1.58 metres; and WS-22-589, 5.05 g/t of gold over 54.06 metres, including 7.09 metres grading 18.18 g/t of gold.

Exploration drilling completed in the fourth quarter at the Wildcat target tested extensions along strike and down dip of drilling reported in the September 13, 2021 press release 'Yamana Gold Reports Positive Initial Exploration Drill Results at Wasamac; Provides an Update on Its Generative Exploration Program, Which Continues to Show Significant Progress of Both Advanced and Early Stage Exploration Projects', and east from discovery drill hole WS-21-524 at Wildcat South, reported in the December 1, 2021 press release 'Yamana Gold Announces The Discovery Of New Mineralized Zones At Wasamac And Provides An Update On Its Growth Projects'. Drill hole WS-21-524 intercepted two new mineralized zones, referred to as Wildcat South #1 and #2 zones, including an upper interval that returned 7.31 g/t of gold over an estimated true width of 3.37 metres, at a downhole depth of 402.93 metres. The current drilling at Wildcat and Wildcat South continues to generate positive results at this important regional target, where additional exploration drilling is planned.

**Francoeur, Canada** 

The Wasamac property was expanded during the second quarter of 2021 with the acquisition of the adjoining Francoeur, Arntfield and Lac Fortune properties (the "Francoeur" property), located to the west and along strike of the Wasamac property, as well as additional claims in the Beauchastel township to the east of Wasamac, from Globex Mining Enterprises Inc. Project consolidation and integration of exploration data from Wasamac and the acquired properties was completed during the second quarter. The acquisition of the Globex claims will significantly add to the exploration upside of the Wasamac project, and it is consistent with Yamana's strategy to expand its presence in the Abitibi-Témiscamingue region of Quebec. Historical drilling, previous production from Francoeur and Arntfield, both former operating mines, and recent trenching and exploration work by Globex has defined a six-kilometre long western continuation of the Wasa shear - located immediately north of the prolific Cadillac Break - with mineralization similar to that at Wasamac. Exploration drilling on Francoeur was carried out during the third quarter, following completion of data compilation, integration, and target definition, with objectives of adding mineral resources that could extend mine life or enhance production scenarios at the proposed Wasamac mine. Drilling completed in the quarter included 17 exploration drill holes totaling 7,323 metres, testing historic known mineralization and new exploration targets along the highly prospective Francoeur and Arntfield Shear Zone. During the fourth quarter, ongoing fieldwork at Francoeur included geological mapping and target definition, and the collection of 123 surface rock chip samples. Additional work completed on Francoeur during the fourth quarter included initial modeling of a potential mineral envelope at Francoeur-Arntfield to guide resource definition drilling planned for 2023.

**Lavra Velha, Brazil**

Lavra Velha is a near surface advanced Tier 1 exploration project located in the Lavra Velha district in Brazil's Bahia state. Surface work and drilling has defined significant gold mineralization, building on the 2013 inferred mineral resource of 3.93 million tonnes at 4.29 g/t for 543,000 ounces of gold. The defined Lavra Velha deposit consists of shallowly dipping, stacked near surface mineralization that may be amenable to low capital intensity open pit mining and heap leaching. This will lead to further studies to define the economic potential of the project as a possible heap leach operation. Exploration has defined numerous additional gold-(copper) anomalies in soil and rock, which are being advanced and drill tested as part of the ongoing exploration program. In addition, an IP survey, consisting of approximately 45 line-kilometres was completed in the third quarter and results have generated short-term drill targets that will be tested in 2023. There are a number of significant drill targets on the 68,500-hectare property, and Lavra Velha represents one of the immediate, shorter-term opportunities to achieve the Company's stated exploration goals given the mineral resource to date and drilling following the initial mineral resource estimate. Further, Lavra Velha is well placed to meet the Company's long-term objectives, as it is a shallow, flat-dipping orebody, making it ideal for open pit mining with a low strip ratio, and oxide mineralization, with potential to be processed as a heap leach operation. Therefore, the project has potential as a low capital cost, low operating cost operation. Additionally, the property hosts higher-grade gold and copper potential, as recently demonstrated by positive drilling results at Lavra Velha SW target, and the Company is exploring for Iron Oxide Copper Gold ("IOCG") mineralization.

Exploration activity at Lavra Velha during the fourth quarter included data compilation and review from recently completed drilling, reprocessing of regional and project airborne geophysical data to generate an integrated 3D magnetic inversion model, and lithogeochemical, structural and petrographic studies, significantly advancing the understanding of the geological and structural controls on mineralization at Lavra Velha. Additional generative work completed on the property during the fourth quarter included collection of 32 surface rock chip samples and preliminary geological mapping at the regional Mercês target, located 20 kilometres south of Lavra Velha within a similar geological and structural context, where rocks have returned values of up to greater than 10.0 g/t of gold.

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Planned 2023 drilling at Lavra Velha will target near surface chargeability and resistivity anomalies from the recently completed ground IP geophysical survey, focusing on the Flanco Leste area approximately one kilometre east of the Lavra Velha resource.

**Jacobina Norte, Brazil**

The Jacobina Norte project, located in Brazil's Bahia state just nine kilometres north of the Jacobina mine, is one of Yamana's most promising, wholly owned advanced exploration projects. The Company controls 78,000 hectares that cover over 150 kilometres of strike extent of the Serra do Corrego Formation, which hosts paleoplacer gold mineralization at the Jacobina mine. Surface exploration along strike has defined mineralization at Jacobina Norte where surface sampling and historic shallow drilling of mineralized reefs along a 15-kilometre trend have defined significant gold grades.

Historic drill results in a restricted part of the Jacobina Norte area reported four intercepts with grades and widths that indicate a strong exploration target. Once a mineral resource is identified for Jacobina Norte, the Company will evaluate if the area is best developed as a standalone mine or as a source of additional mine feed to the existing Jacobina plant. The southernmost section of Jacobina Norte (the Serra Branca target) is located just nine kilometres north of Canavieiras Norte within the existing Jacobina mine infrastructure.

The experience at the Jacobina mine leads the Company to conclude that there is a strong possibility of developing a second Jacobina-type mine along the concession owned by Yamana near the current Jacobina mine over the next decade. Further, the concessions extend well beyond the Jacobina mine and Jacobina Norte, which creates excellent opportunities for further discoveries.

Three exploratory drill holes totaling 573 metres were completed on the Jacobina Norte property during the fourth quarter, targeting the Curralinho sector. Drilling completed at Curralinho included two drill holes targeting soil anomalies and anomalous surface rock samples containing up to 22.0 g/t of gold related to the Torrinha Reef at Curralinho Norte and one drill hole testing soil anomalies at Curralinho Sul, where individual soil samples range up to 3.13 g/t of gold. Drilling completed at Curralinho Norte intersected the Torrinha and Maroto reefs with strong oxidation and fuchsite alteration corresponding with anomalous gold values over broad intercepts. Curralinho target consists of areas of strongly anomalous soil samples and rock chip samples extending along an approximate 3.0 kilometre strike length.

Additional exploration activity completed in the fourth quarter included collection of 1,282 surface soil and rock samples and 58 days of detailed geological mapping, advancing historic targets Entry Point and Jaqueira, located in the northern portion of the 70 km long Eastern Gold Belt (Cruz das Almas Formation). At Entry Point, where seven prospective conglomerate layers have been identified during geological mapping, positive rock samples define a 1.0 kilometre trend, where individual samples have returned up to 11.86 g/t of gold. Select historic drilling intercepts at Entry Point include EP006, 1.55 g/t of gold over 5.39 metres, including 2.58 metres grading 2.76 g/t of gold and EP008, 2.1 g/t of gold over 2.50 metres. At Jaqueira, located approximately ten kilometres north of Entry Point, individual rock sample results in conglomerate layers range up to 32.59 g/t of gold. Planned 2023 exploration drilling will test the Entry Point and Jaqueira targets.

**Borborema, Brazil**

The Borborema project is a 25,000-hectare land package in the Borborema district in Brazil's Pernambuco state. The project is located in a Proterozoic magmatic arc environment that is similar to the belt hosting the Chapada mine, a large copper-gold mine developed by Yamana, put into production in 2007 and disposed of in 2019.

Originally explored for narrow high-grade gold veins, exploration at Borborema also identified strong copper–gold anomalies in both rocks and soils, referred to as the São Francisco anomaly. Initial drill testing of the São Francisco anomaly in 2019 led to the discovery of very high grade near surface copper (gold) intercepts from massive sulphide mineralization. Notable drill intercepts, previously reported in the February 20, 2020 press release *'Yamana Gold Provides Update on Its Generative Exploration Program',* with greater than 5% copper include: 3.66 metres at 0.58 g/t of gold and 7.14% copper (12.33 g/t gold equivalent) (starting at 90 metres down hole, SF-08); 2.97 metres at 0.40 g/t of gold and 7.20% copper (12.25 g/t gold equivalent) (starting at 44.18 metres down hole, SF-05); and 7.50 metres at 0.35 g/t of gold and 6.41% copper (10.90 g/t gold equivalent) (starting at 70.37 metres down hole, SF-06).

Subsequent drilling results were reported in the December 03, 2020 press release 'Yamana Gold Advances Projects in Its Generative Exploration Program', including several intercepts demonstrating grades greater than 5% copper, include the following core length intercepts (estimated to approximately equal true widths): 7.53 metres at 3.80% of copper, 0.36 g/t of gold, and 0.26% of zinc, including 3.42 metres at 7.40% of copper, 0.75 g/t of gold, and 0.50% of zinc (starting at 76.80 metres downhole, SF-12); 4.37 metres at 2.15% of copper, 0.13 g/t of gold, and 0.34% of zinc, including 1.30 metres at 5.54% of copper, 0.29 g/t of gold, and 0.70% of zinc (starting at 45.26 metres downhole, SF-09); and 5.65 metres at 1.83% of copper, 0.18 g/t of gold, and 0.17% of zinc, including 1.65 metres at 5.50% of copper, 0.50 g/t of gold, and 0.53% of zinc (starting at 116.35 metres downhole, SF-16). The latest round of drilling results, reported in the September 13, 2021 press release *'Yamana Gold Reports Positive Initial Exploration Drill Results at Wasamac; Provides an Update on Its Generative Exploration Program, Which Continues to Show Significant Progress of Both Advanced and Early Stage Exploration Projects',* included the following core length intercepts: 0.26% of copper over 40.15 metres, including 1.02% of copper over 5.16 metres (SF-026); and 0.20 g/t of gold,

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1.81% of copper and 0.19% of zinc over 5.00 metres (SF-020). Disseminated and massive sulfide mineralization at the São Francisco target is now defined semi-continuously along a 2.3-kilometre east-west corridor, which remains open for expansion along strike and down dip. Since completion of the initial exploration drilling campaigns, a high-resolution airborne magnetics and radiometric geophysical survey was completed in late 2021 over a 200-square kilometre area at Borborema, and has since been integrated into the property database, generating several new potential areas of interest and identifying key structural and stratigraphic features, which are expected to aid in drill targeting and prioritization of drilling and other activities.

Exploration activities completed at Borborema during the fourth quarter included collection of 843 soil and 47 rock samples and geological mapping at São Francisco and at regional targets Atoleiro and Tabira, located approximately 20 kilometres northeast of São Francisco. Atoleiro and Tabira targets host gold in quartz veins and banded iron formation related gold mineralization where rock chip sample assays range up to 38 g/t of gold. Additional activities during the quarter include completion of 29 line-kilometres of IP geophysical surveys at the São Francisco and Tabira target areas, generation of an integrated 3D magnetic inversion model from 2022 airborne magnetic data, and lithogeochemical, structural and petrographic studies. At São Francisco, IP survey results highlight a series of chargeability anomalies similar to IP responses associated with massive sulphide mineralization at the São Francisco target, generating a number of significant exploration drill targets for future consideration.

While the Company will continue to advance Borborema, the project as currently understood is primarily a high-grade copper deposit with some gold and zinc. As such, Borborema represents an excellent opportunity for a joint venture pursuant to which Yamana would continue to benefit and create value while it maintains its focus on its precious metals opportunities. Several other well-defined copper gold soil and rock anomalies and significant areas of alteration associated with anomalous gold and copper values occur on the property.

**Colíder, Brazil**

Colíder is an early stage project located in Mato Grosso state in the developing Alta Floresta district, which is being explored for porphyry copper and porphyry gold deposits by Anglo American, Aura Minerals, Nexa Resources and others. Yamana has completed soil and rock geochemistry surveys, geological mapping and an initial round of exploratory drilling in 2021 on parts of its 19,700-hectare property, with several drill-ready gold and polymetallic targets defined. While initial drilling has returned low-grade gold and base-metal (copper, lead and zinc) intercepts, much of the property remains untested. Exploration work completed at Colíder in 2021 at the central Bororó target, on the recently acquired Peixotinho property, located 10 kilometres south of main Colíder claim block, defined a 1.4 kilometre long silver and gold anomaly in soils, where historical surface rock chip sample results range up to 3.97 g/t of gold and 45.0 g/t of silver, warranting follow-up evaluation. Fieldwork completed at Colider during the fourth quarter included the collection of 182 surface rock and 198 soil samples and geological mapping at Bororó, Cambará and Capim targets. Sampling at Bororó has returned results ranging up to 35.9 g/t of gold and greater than 100 g/t of silver in rocks associated with areas hosting quartz stockwork veins and veinlets, disseminated sulphides and hydrothermal alteration developed within host volcanic rocks. Mapping and sampling continues to expand the known alteration zone at Bororó and elsewhere on the property and may be followed up with additional studies including geophysics in the current year.

**Ivolândia, Brazil**

Ivolândia represents an early stage exploration project located in the Neoproterozoic Jaupaci meta-volcanosedimentary sequence of the Goias Magmatic Arc (GMA), Goias state, a prospective environment for gold and copper-gold exploration. The focus of exploration has been the Ivolândia target, with several secondary targets being advanced concurrently on this large property package. The Ivolândia target represents a metamorphosed, shear hosted, quartz vein related orogenic gold system. Recent structural re-interpretations have allowed the Company to successfully target down plunge extensions of higher-grade portions of the mineralized envelop, which remain open. Drilling in the first two quarters of 2022 at the Ivolândia target included completion of approximately 1,658 metres of drilling in nine drill holes, targeting the southern and northern extensions of sheared and altered, metavolcanic-hosted quartz veinlet- and vein-related pyrite-arsenopyrite mineralization and disseminated mineralization at the Ivolândia target, generating both wider zones of low-grade gold mineralization, potentially amenable to bulk mining methods, and higher-grade intercepts. Recent drilling confirms the low angle plunge associated with mineralization and has defined a second parallel zone, both remaining open down plunge. Currently, mineralization has been encountered in drilling along an approximate 1,000 metre strike length and to depths of up to 200 metres below surface. Surface sampling in 2021 and 2022 has expanded the potential target area at Ivolândia to the north, where anomalous gold values occur in soil and rock chip samples.

Field activities completed during the fourth quarter included the completion of six exploration drill holes totaling 764 metres at the Company's Arenopolis property, located approximately 70 kilometres west of Ivolândia, targeting anomalous gold and copper values in surface rock and soil samples along an approximate 12 kilometre long zone within a north-northwest trending greenstone belt. Additional activities completed in the quarter included the collection of 1,042 soil and surface rock chip samples at regional targets Boa Vista, Partida-Brumado and Esmeril, RAB (Rotary Air Blast) drilling at Boa Vista target, 3D inversion of airborne magnetic geophysical data and petrographic studies of samples from Ivolândia and Boa Vista targets. Interpretation of 3D inversion data has identified a north-south trending, regional scale structure hosting gold mineralization at the Ivolândia target, which can be traced for least 12 kilometres along strike, opening up potential new target areas for follow up evaluation.

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**8.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL CONDITION AND LIQUIDITY**

**BALANCE SHEET REVIEW**

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| | | | |
|:---|:---|:---|:---|
| *As at, (In millions of US Dollars)* | **December 31, 2022** | December 31, 2021 | December 31, 2020 |
| Cash and cash equivalents | $**366.5** | $525.0 | $651.2 |
| Current assets (including cash and cash equivalents) | **697.0** | 835.5 | 917.9 |
| Non-current assets | **5754.5** | 7547.2 | 7504.9 |
| **Total assets** | $**6451.5** | $8382.7 | $8422.8 |
| Current liabilities | **485.5** | 445.8 | 441.8 |
| Non-current liabilities (excluding long-term debt) | **1498.4** | 1960.9 | 1814.9 |
| Long-term debt | **774.3** | 772.8 | 993.8 |
| **Total liabilities** | $**2758.1** | $3179.5 | $3250.5 |
| Equity attributable to Yamana Gold Inc. equity holders | **3279.5** | 4395.9 | 4346.3 |
| Non-controlling interests | **413.9** | 807.3 | 826.0 |
| **Total equity** | $**3693.4** | $5203.2 | $5172.3 |
| **Working capital**<sup>(4)</sup> | $**211.5** | $389.7 | $476.2 |

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Total assets were $6.5 billion as at December 31, 2022, compared to total assets of $8.4 billion as at December 31, 2021, with the decrease attributable to the impairment taken in relation to the transaction. The Company's asset base is primarily non-current assets such as property, plant and equipment and goodwill, reflecting the capital-intensive nature of the mining business and previous growth through acquisitions. Other significant assets include: inventories, indirect taxes recoverable (consisting of value-added taxes in the jurisdictions in which the Company operates), advances and deposits, and cash and cash equivalents.

Total liabilities as at December 31, 2022, were $2.8 billion compared to $3.2 billion as at December 31, 2021. The Company's liability base is primarily comprised of long-term debt and other non-current liabilities such deferred tax liabilities, and environmental rehabilitation provisions. Other significant liabilities include: trade payables, current income taxes payable and provisions.

**Cash and Working Capital**

Cash and cash equivalents were $366.5 million as at December 31, 2022, compared to $525.0 million as at December 31, 2021. The Company has sufficient cash on hand, available credit and liquidity to fully manage its business. Cash balances include cash held by the MARA subsidiary, with a December 31, 2022 balance of $210.0 million, and a December 31, 2021 balance of $217.3 million. The Company had working capital of $211.5 million as at December 31, 2022, compared to working capital of $389.7 million as at December 31, 2021.

Net change in working capital movement was a cash inflow of $30.3 million for the three months ended December 31, 2022. Working capital for the quarter was impacted by several items including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase related to higher trade and other payables and employee related accruals, partially offset by;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net increases in finished goods, and material and supply inventory levels at certain mines.

Net change in working capital movement was a cash outflow of $12.2 million for the year ended December 31, 2022. Working capital for the year was impacted by several items including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net increases in finished goods, stockpile and materials and supplies inventories at certain mines, the latter to mitigate current geopolitical conflict risks. This was partially offset by;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase related to higher trade and other payables, including employee related accruals, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A net draw down of the Company's working capital facilities.

**Total Debt**

Total debt was $774.3 million as at December 31, 2022, in line with $772.8 million as at December 31, 2021. Yamana believes that a strong financial position and financial resilience also requires a manageable debt maturity profile.

**LIQUIDITY**

Planned growth, development activities, expenditures and commitments are expected to be sufficiently funded by recent and potential monetization and financing transactions, future operating cash flows and available credit facilities. As at December 31, 2022, the financial resources available to the Company for meeting its financial obligations include $750.0 million from its revolving credit facility.

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The Company's near-term financial obligations include financial commitments of $188.2 million. The Company remains committed to maintaining amongst the strongest financial position in the industry and continues with its objective of achieving a positive net cash position.

**SOURCES AND USES OF CASH**

The following table summarizes cash inflows and outflows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| *(In millions of US Dollars)* | **2022** | 2021 | **2022** | 2021 |
| Cash flows from operating activities | $**24.0** | $238.2 | $**528.1** | $742.3 |
| Cash flows (used in) from operating activities before net change in working capital | $**(6.3)** | $230.8 | $**540.3** | $784.6 |
| Cash flows used in investing activities | $**(154.3)** | $(117.4) | $**(519.4)** | $(399.7) |
| Cash flows used in financing activities | $**(41.5)** | $(55.7) | $**(162.5)** | $(467.5) |
| Net free cash flows<sup>(1)</sup> | $**112.8** | $188.4 | $**469.7** | $547.4 |
| Free cash flows available before dividends and debt repayments<sup>(1)</sup> | $**3.9** | $119.7 | $**116.1** | $328.5 |

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**Operating Activities**

Cash flows from operating activities for the three months ended December 31, 2022 were $24.0 million, compared to $238.2 million for the comparative period in 2021. Included in cash flows from operating activities in the current period was a $150.0 million net cash outflow resulting from the $300.0 million termination fee paid to Gold Fields upon termination of the arrangement agreement between Yamana and Gold Fields, partially offset by $150.0 million received from Pan American as part reimbursement for the termination fee paid. Operating cash flows were also affected, to a lesser degree, by lower sales volumes and lower average realized gold and silver prices<sup>(1)</sup> in the current quarter, combined with an increase in costs driven by inflationary pressures.

Cash flows from operating activities for the year ended December 31, 2022 were $528.1 million, compared to $742.3 million for 2021. Cash flows from operation activities in the current year were most significantly affected by the impact of the net cash outflow of $150.0 million associated with the termination fee paid, as discussed above, and, to a lesser degree, by the increase in costs driven by inflationary pressures, which lowered margins.

For a cautionary note on non-GAAP financial performance measures and a reconciliation from cash flows from operating activities to net free cash flows, refer to *Section 12: Non-GAAP Financial Performance Measures*.

**Investing Activities** 

For the three months ended December 31, 2022, net cash outflows from investing activities were $154.3 million compared to $117.4 million in the comparative quarter. Net cash outflows in the current quarter were comprised primarily of capital expenditures of $155.0 million (2021: $117.9 million). The increase in capital expenditures from the comparative quarter was most significant at Canadian Malartic, where the Company continues development work on the Odyssey underground project; at Jacobina where the phased expansion continues to progress; and at the MARA project where the Company and its joint venture partner work towards completion of a feasibility study and ESIA.

For the year ended December 31, 2022, net cash outflows from investing activities were $519.4 million compared to $399.7 million in 2021. Net cash outflows in the current year were comprised primarily of capital expenditures of $504.8 million (2021: $384.6 million), and the acquisition of investments and other assets of $11.1 million (2021: $25.0 million), most notably the Company's minority position investments in certain prospective exploration-stage companies in Canada. Cash outflows in the current year were partially offset by the $10.0 million in deferred cash consideration received from Nomad in May 2022 in connection with the sale of the Royalty Portfolio to Nomad in May 2020. Cash outflows in the comparative year also included $44.8 million being the net cash consideration paid in the acquisition of Monarch Gold in the first quarter of 2021, partially offset by the proceeds received on the sale of investments (primarily shares in other companies held by Yamana) of $61.5 million. Consistent with the three month period above, the increase in capital expenditures from 2021 was primarily attributable to Canadian Malartic, Jacobina, and MARA as well as at the Wasamac Project, where the Company announced a development decision in July 2021.

Details on capital expenditures by mine can be found in *Section 1: Highlights and Relevant Updates.*

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**Financing Activities**

In the three months ended December 31, 2022, net cash outflows from financing activities were $41.5 million compared to $55.7 million in the comparative quarter. Cash outflows from financing activities in the current quarter included dividend payments of $28.7 million (2021: $28.8 million), interest payments on long-term debt of $9.5 million (2021: $8.3 million) and lease payments of $6.3 million (2021: $5.8 million), partially offset by cash contributions received from MARA non-controlling interests of $7.0 million (2021: $4.8 million). Cash outflows in the comparative quarter also included payments for the repurchase of certain of the Company's shares of $14.1 million.

In the year ended December 31, 2022, net cash outflows from financing activities were $162.5 million compared to $467.5 million in 2021. Cash outflows from financing activities in the current year included dividend payments of $114.6 million (2021: $104.1 million), interest payments of $35.0 million (2021: $47.2 million) and lease payments of $23.4 million (2021: $19.2 million), partially offset by cash contributions received from MARA non-controlling interests of $19.7 million (2021: $18.6 million). Cash outflows in the comparative year also included net repayments of $223.8 million on the Company's senior notes, along with the associated $53.3 million in early redemption fees, and payments for the repurchase of certain of the Company's shares of $28.3 million.

**CAPITAL RESOURCES**

The capital of the Company consists of items included in shareholders' equity and debt obligations, net of cash and cash equivalents, as follows:

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| | | |
|:---|:---|:---|
| *As at, (In millions of US Dollars)* | **December 31, 2022** | December 31, 2021 |
| Shareholders' equity | $**3693.4** | $5203.2 |
| Debt | **774.3** | 772.8 |
|  | **4467.7** | 5976.0 |
| Less: Cash and cash equivalents | **(366.5)** | (525.0) |
|  | $**4101.2** | $5451.0 |

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To maintain or adjust its capital structure, the Company may, upon approval from its Board of Directors, issue shares, pay dividends, or undertake other activities as deemed appropriate under the specific circumstances.

**CONTRACTUAL OBLIGATIONS AND COMMITMENTS** 

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of the Company's financial liabilities and operating and capital commitments at December 31, 2022, shown on an undiscounted basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of US Dollars)* | **Within** <br>**1 year** | **Years**<br> **2 and 3** | **Years<br> 4 and 5** | **After** <br>**5 years** | **Total**<sup>\*</sup> |
| Debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of principal | $— | $— | $282.9 | $500 | $782.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 28.7 | 57.4 | 53.6 | 47.7 | 187.4 |
| Leases | 38.8 | 39.9 | 11.2 | 10.1 | 100.0 |
| Capital and other financial commitments | 88.1 | 53.5 | 4.1 | 1.0 | 146.7 |
| Environmental rehabilitation provisions | 32.6 | 57.0 | 39.4 | 456.1 | 585.1 |
| Total contractual obligations and commitments | $**188.2** | $**207.8** | $**391.2** | $**1014.9** | $**1802.1** |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Additionally, as at December 31, 2022, the Company had outstanding letters of credit totalling $96.1 million (C$130.2 million) representing guarantees for reclamation obligations and road construction relating to the Company's share of mining interest in Canadian Malartic, $56.6 million and $13.6 million representing reclamation guarantees related to the Company's Chilean mines and US properties respectively, $26.6 million representing security guarantees in Brazil, $3.0 million representing guarantees for suppliers at Cerro Moro and $1.6 million (C$2.1 million) representing letters of credit at Wasamac.

**OUTSTANDING SHARE DATA** 

The Company is authorized to issue an unlimited number of common shares at no par value and a maximum of eight million first preference shares. There are no first preference shares issued or outstanding. There are no options issued or outstanding. The following table summarizes the Company's common shares and securities convertible into common shares as at the following dates:

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| | | |
|:---|:---|:---|
| *As at, (thousands of units)* | **March 29, 2023** | **December 31, 2022** |
| Common shares issued and outstanding | **962,197** | **961,003** |
| Restricted share units | **1,241** | **2,453** |

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**9.&nbsp;&nbsp;&nbsp;&nbsp;ECONOMIC TRENDS, BUSINESS RISKS AND UNCERTAINTIES**

Exploration, development and mining of precious metals involve numerous risks as a result of the inherent nature of the business, global economic trends, and the influences of local social, political, environmental and economic conditions in the various geographical areas of operation. As such, the Company is subject to several financial and operational risks that could have a significant impact on its profitability and levels of operating cash flows.

Below is a summary of the principal financial risks and related uncertainties facing the Company. Readers are also encouraged to read and consider the risk factors and related uncertainties as described in the Company's latest available Annual Information Form. Such risk factors could materially affect the future operating results of the Company and could cause actual events to differ materially from those described in forward-looking statements. There were no significant changes to those risks or to the Company's management of exposure during the three months and year ended December 31, 2022, except as noted below:

**METAL PRICE RISK**

The Company's profitability and long-term viability depend, in large part, upon the market price of metals that may be produced from the Company's properties, primarily gold and silver. Market price fluctuations of these precious metals could adversely affect profitability of operations and lead to impairments of mineral properties. Metal prices fluctuate widely and are affected by numerous factors beyond the Company's control including but not limited to supply and demand, consumption patterns, macroeconomic factors (interest, exchange, inflation), banking and political conditions, nature and climate condition risks, and mining specific factors.

The following chart summarizes one-year movements in the US Dollar price of gold (source: LBMA PM gold price):

![q42022-goldpricea.jpg](q42022-goldpricea.jpg)

**Gold Price - Market Update**

For the quarter ended December 31, 2022, spot gold prices averaged $1,729 per ounce, representing a decrease of 4% compared to $1,795 per ounce in the fourth quarter of 2021. Prices ranged between $1,629 and $1,824 per ounce during the fourth quarter of 2022. As at December 31, 2022, the closing price was $1,814 per ounce.

Gold prices moved higher in the fourth quarter of 2022, driven primarily by a weakening US dollar, on the back of cooler than expected inflation data and a moderation of rate hike expectations. Prices continue to be driven by nominal and real rates, US Federal Reserve policy signals and the US dollar, and geopolitical risk. Investor liquidation was evident as global ETF holdings saw their eighth consecutive month of outflows in December. In the short-term, gold prices are likely to continue to be driven by the US dollar, nominal and real yields, the challenging inflation backdrop, and geopolitical risk. Going forward, relatively accommodative global monetary policies, continued inflationary pressures, combined with sustained investor and central bank interest should be supportive of gold over the longer term.

Central banks have been net buyers of gold in 2022. Turkey and Egypt are notable buyers. Geopolitical trends, inflationary concerns and higher oil prices should continue to support central bank purchases.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 41

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**CURRENCY RISK**

Currency fluctuations may affect the Company's capital costs and the costs that the Company incurs at its operations. Gold is sold throughout the world based principally on a US Dollar price, but a portion of the Company's operating and capital expenses are incurred in Brazilian Reais, Argentine Pesos, Chilean Pesos and Canadian Dollars. The appreciation of these foreign currencies against the US Dollar would increase the costs of production at such mining operations, which could materially and adversely affect the Company's earnings and financial condition. The Company may enter into forward contracts or other risk management strategies, from time to time, to hedge against the risk of an increase in the value of foreign currencies in the jurisdictions in which the Company operates.

**US Dollar - Market Update** 

The following chart summarizes one-year movements in key currencies vis-à-vis the US Dollar (source: Bloomberg):

![q42022-fxa.jpg](q42022-fxa.jpg)

The Canadian Dollar, Argentine Peso, and Chilean Peso all weakened against the US Dollar, while the Brazilian Real strengthened, during the three months ended December 31, 2022, compared to the same quarter of 2021. In the short term, these currencies will continue to be impacted by specific regional events and central bank monetary policies. As a flight to safety, the performance of the US Dollar will be driven by economic and financial market shocks.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Average Exchange Rate*** | ***Average Exchange Rate*** | ***Average Exchange Rate*** | ***Average Exchange Rate*** | ***Average Exchange Rate*** | ***Average Exchange Rate*** | ***Period-end Exchange Rate*** | ***Period-end Exchange Rate*** | ***Period-end Exchange Rate*** |
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* | *As at December 31,* | *As at December 31,* |  |
|  | **2022** | 2021 | **% \*** | **2022** | 2021 | **% \*** | **2022** | 2021 | **% \*** |
| USD-CAD | **1.3580** | 1.2600 | 7.8% | **1.3017** | 1.2537 | 3.8% | **1.3544** | 1.2678 | 6.8% |
| USD-BRL | **5.2558** | 5.5827 | -5.9% | **5.1648** | 5.3950 | (4.3)% | **5.2177** | 5.5805 | (6.5)% |
| USD-ARS | **162.537** | 100.496 | 61.7% | **130.713** | 95.096 | 37.5% | **177.160** | 102.720 | 72.5% |
| USD-CLP | **916.20** | 825.23 | 11.0% | **873.19** | 759.07 | 15.0% | **855.86** | 844.69 | 1.3% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Positive variance represents a US Dollar appreciation in relation to the foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 42

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As at December 31, 2022, the Company had zero-cost collar contracts, which allow the Company to participate in exchange rate movements between two strikes, as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Min. average call price\*** | **Max. average put strike price\*** | **Total (millions)** |
| ***Brazilian Real to USD*** | | | |
| January 2023 - December 2024 | R$5.25 | R$5.93 | R$432.0 |
| ***Chilean Peso to USD*** |  |  |  |
| January 2023 - December 2024 | CLP$825 | CLP$889 | CLP$111,900.0 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;R$ = Brazilian Reais, CLP$ = Chilean Pesos.

In addition, as at December 31, 2022, the Company had forward contracts as follows:

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| | | |
|:---|:---|:---|
| | **FX/USD forward rates (range)\*** | **Total (millions)** |
| ***Brazilian Real to USD*** | | |
| January 2023 - December 2024 | R$5.53 | R$576.0 |
| ***Chilean Peso to USD*** |  |  |
| January 2023 - December 2024 | CLP$858 | CLP$128,100.0 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;R$ = Brazilian Reais, CLP$ = Chilean Pesos

**10.&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

The Company may be involved in disputes with other parties in the future that may result in litigation. If the Company is unable to resolve these disputes favourably, it may have a material adverse impact on the Company's financial condition, cash flows and results of operations.

**11.&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

**BASIS OF PREPARATION** 

The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). The significant accounting policies applied are described in Note 3 to the Company's consolidated financial statements for the year ended December 31, 2022.

**CRITICAL JUDGEMENTS AND ESTIMATES**

In preparing the consolidated financial statements in accordance with IFRS, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the Company's consolidated financial statements. Actual future outcomes may differ from present estimates. Management reviews its estimates and assumptions on an ongoing basis using the most current information available.

The critical judgements and key sources of estimation uncertainty in the application of accounting policies during the year ended

December 31, 2022 are disclosed in Note 4 to the Company's consolidated financial statements for the year ended December 31, 2022.

**12.&nbsp;&nbsp;&nbsp;&nbsp;NON-GAAP FINANCIAL PERFORMANCE MEASURES** 

**GEO PRODUCTION AND SALES**

Production and sales of silver are treated as a gold equivalent in determining a combined precious metal production or sales unit, commonly referred to as gold equivalent ounces ("GEO"). Specifically, guidance GEO produced are calculated by converting silver production to its gold equivalent using relative gold/silver metal prices at an assumed ratio and adding the converted silver

&nbsp;&nbsp;&nbsp;&nbsp;![yamanalogoa.jpg](yamanalogoa.jpg)\| 43

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production expressed in gold ounces to the ounces of gold production. Actual GEO production and sales calculations are based on an average realized gold-to-silver price ratio for the relevant period.

**NON-GAAP FINANCIAL PERFORMANCE MEASURES**

The Company has included certain non-GAAP financial performance measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cash costs per gold equivalent ounce ("GEO") sold;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• All-in sustaining costs ("AISC") per GEO sold;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Net free cash flows;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Free cash flows before dividends and debt repayment; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Average realized price per ounce of gold/silver sold*

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

**CASH COSTS AND ALL-IN SUSTAINING COSTS PER GEO SOLD**

The Company discloses "cash costs" because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities.

The measure of cash costs and all-in sustaining costs ("AISC"), along with revenue from sales, is considered to be a key indicator of a company's ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure. The terms "cash costs per GEO sold" and "AISC per GEO sold" do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP financial performance measures employed by other companies. Non-GAAP financial performance measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS.

Cash costs include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, but are exclusive of amortization, reclamation, capital, development and exploration costs. The Company believes that such measure provides useful information about its underlying Cash costs of operations. Cash costs are computed on a weighted average basis as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash costs per GEO sold** - The total costs used as the numerator of the unitary calculation represent cost of sales excluding DDA and standby and other incremental COVID-19 costs, realized gains from foreign exchange mechanisms utilized to benefit local currency production costs, net of treatment and refining charges. The attributable cost is calculated net of by-products by applying zinc net revenues, which are incidental to the production of precious metals, as a credit to GEO sold, thereby allowing the Company's management and stakeholders to assess net costs of precious metal sales. These costs are then divided by GEO sold.

AISC figures are calculated in accordance with a standard developed by the World Gold Council ("WGC", a non-regulatory, market development organization for the gold industry). Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies.

AISC seeks to represent total sustaining expenditures of producing and selling GEO from current operations. The total costs used as the numerator of the unitary calculation represent cash costs (as defined above), and includes cost components of mine sustaining capital expenditures including stripping and underground mine development, corporate and mine-site general and administrative expense, sustaining mine-site exploration and evaluation expensed and capitalized, accretion and amortization of reclamation and remediation, and excludes non-recurring items. AISC does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, borrowing costs and dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In

![image1.jpg](image1.jpg) \| 44

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addition, the calculation of AISC does not include depletion, depreciation and amortization expense as it does not reflect the impact of expenditures incurred in prior periods. AISC are computed on a weighted average basis as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **AISC per GEO sold** - reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost components to the GEO production and sales activities but net of by-product revenue credits from sales of zinc.

The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC, for the years ended December 31, 2022, and December 31, 2021. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

**Reconciliation of Total Cost of Sales to Cash Costs and AISC**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Total** | *For the three months ended<br> December 31, 2022* | *For the three months ended<br> December 31, 2022* | *For the three months ended<br> December 31, 2022* | *For the three months ended<br> December 31, 2021* | *For the three months ended<br> December 31, 2021* | *For the three months ended<br> December 31, 2021* |
| *(In millions of US Dollars except GEO sold and per GEO sold amounts)* | **Total** | **Total<br>GEO** | **Non-Sustaining** | Total | Total <br>GEO | Non-Sustaining |
| **Cost of sales excluding DDA**<sup>(5)</sup> | $**209.8** | $**209.8** | $**—** | $185.2 | $185.2 | $— |
| **DDA** | **126.3** | **126.3** | **—** | 125.7 | 125.7 |  |
| **Total cost of sales**<sup>(5)</sup> | $**336.1** | $**336.1** | $**—** | $310.9 | $310.9 | $— |
| Cash cost adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | **(126.3)** | **(126.3)** | **—** | (125.7) | (125.7) |  |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | **(0.3)** | **(0.3)** | **—** | (5.2) | (5.2) |  |
| &nbsp;&nbsp;&nbsp;Impact of realized foreign exchange gains | **—** | **—** | **—** |  |  |  |
| **Total cash costs** | $**209.5** | $**209.5** | $**—** | $180.0 | $180.0 | $— |
| AISC adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(6)</sup> | **52.2** | **28.1** | **24.1** | 20.0 | 20.0 |  |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | **5.2** | **5.2** | **—** | 2.7 | 2.7 |  |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | **8.8** | **6.3** | **2.5** | 8.7 | 6.8 | 1.8 |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | **14.1** | **7.7** | **6.4** | 19.6 | 8.4 | 11.1 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | **10.0** | **0.8** | **9.2** | 6.8 | 0.7 | 6.1 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | **46.2** | **46.2** | **—** | 44.4 | 44.4 |  |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | **8.0** | **8.0** | **—** | 6.7 | 6.7 |  |
| **Total AISC** |  | $**311.8** |  |  | $269.7 |  |
| **GEO sold**<sup>(2)</sup> |  | **264539** |  |  | 280409 |  |
| **Total cost of sales per GEO sold**<sup>(5)</sup> |  | $**1271** |  |  | $1109 |  |
| **Cost of sales excluding DDA per GEO sold**<sup>(5)</sup> |  | $**793** |  |  | $660 |  |
| **DDA per GEO sold** |  | $**478** |  |  | $448 |  |
| **Cash costs per GEO sold** |  | $**792** |  |  | $642 |  |
| **AISC per GEO sold** |  | $**1179** |  |  | $962 |  |

---

![image1.jpg](image1.jpg) \| 45

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Total** | ***For the year ended<br>December 31, 2022*** | ***For the year ended<br>December 31, 2022*** | ***For the year ended<br>December 31, 2022*** | *For the year ended<br> December 31, 2021* | *For the year ended<br> December 31, 2021* | *For the year ended<br> December 31, 2021* |
| *(In millions of US Dollars except GEO and per GEO amounts)* | **Total** | **Total<br>GEO** | **Non-sustaining** | Total | Total <br>GEO | Non-Sustaining |
| **Cost of sales excluding DDA**<sup>(5)</sup> | $**778.1** | $**778.1** | $**—** | $729.0 | $729.0 | $— |
| **DDA** | **466.8** | **466.8** | **—** | 447.9 | 447.9 |  |
| **Total cost of sales**<sup>(5)</sup> | $**1244.9** | $**1244.9** | $**—** | $1176.9 | $1176.9 | $— |
| Cash cost adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | **(466.8)** | **(466.8)** | **—** | (447.9) | (447.9) |  |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | **(7.0)** | **(7.0)** | **—** | (34.0) | (34.0) |  |
| &nbsp;&nbsp;&nbsp;Impact of realized foreign exchange gains | **(2.2)** | **(2.2)** | **—** |  |  |  |
| **Total cash costs** | $**768.9** | $**768.9** | $**—** | $695.0 | $695.0 | $— |
| AISC adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(6)</sup> | **121.0** | **91.3** | **29.7** | 74.8 | 74.8 |  |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | **10.2** | **10.2** | **—** | 6.5 | 6.5 |  |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | **34.9** | **25.2** | **9.7** | 34.6 | 27.2 | 7.4 |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | **64.0** | **33.3** | **30.7** | 68.1 | 34.9 | 33.2 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | **39.8** | **3.4** | **36.4** | 31.6 | 2.7 | 28.9 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | **170.1** | **170.1** | **—** | 173.7 | 173.7 |  |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | **29.1** | **29.1** | **—** | 24.3 | 24.3 |  |
| **Total AISC** |  | $**1131.5** |  |  | $1039.1 |  |
| **GEO sold**<sup>(2)</sup> |  | **1006465** |  |  | 1009262 |  |
| **Total cost of sales per GEO sold**<sup>(5)</sup> |  | $**1237** |  |  | $1166 |  |
| **Cost of sales excluding DDA per GEO sold**<sup>(5)</sup> |  | $**773** |  |  | $722 |  |
| **DDA per GEO sold** |  | $**464** |  |  | $444 |  |
| **Cash costs per GEO sold** |  | $**764** |  |  | $689 |  |
| **AISC per GEO sold** |  | $**1124** |  |  | $1030 |  |

---

![image1.jpg](image1.jpg) \| 46

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Operating Segments**  | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** | ***For the three months ended December 31, 2022*** |
| *(In millions of US Dollars except GEO sold and per GEO sold amounts)* | **Total** | **Malartic<br>GEO** | **Jacobina<br>GEO** | **Cerro Moro<br>GEO** | **El Peñón<br>GEO** | **Minera Florida<br>GEO** | **Corporate & Non-Sustaining** |
| **Cost of sales excluding DDA** | $**209.8** | $**68.8** | $**30.6** | $**43.4** | $**43.5** | $**23.5** | $**—** |
| **DDA** | **126.3** | **44.2** | **16.7** | **21.9** | **25.4** | **15.7** | **2.4** |
| **Total cost of sales** | $**336.1** | $**113.0** | $**47.3** | $**65.3** | $**68.9** | $**39.2** | $**2.4** |
| Cash cost adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | **(126.3)** | **(44.2)** | **(16.7)** | **(21.9)** | **(25.4)** | **(15.7)** | **(2.4)** |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs | **(0.3)** | **(0.2)** | **—** | **—** | **—** | **(0.1)** | **—** |
| &nbsp;&nbsp;&nbsp;Impact of realized foreign exchange gains | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total cash costs** | $**209.5** | $**68.6** | $**30.6** | $**43.4** | $**43.5** | $**23.4** | $**—** |
| AISC adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(6)</sup> | **52.2** | **0.6** | **0.2** | **0.3** | **0.4** | **0.6** | **50.1** |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | **5.2** | **3.5** | **—** | **1.6** | **—** | **—** | **0.1** |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | **8.8** | **3.9** | **0.5** | **0.4** | **0.4** | **0.9** | **2.7** |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | **14.1** | **—** | **0.6** | **1.7** | **3.6** | **1.6** | **6.6** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | **10.0** | **0.1** | **0.1** | **—** | **—** | **—** | **9.8** |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | **46.2** | **12.9** | **6.1** | **13.0** | **10.0** | **3.8** | **0.4** |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | **8.0** | **0.2** | **3.4** | **1.4** | **1.4** | **1.1** | **0.5** |
| **Total AISC** |  | $**89.8** | $**41.5** | $**61.8** | $**59.3** | $**31.4** |  |
| **GEO sold**<sup>(2)</sup> |  | **89402** | **49042** | **43604** | **57867** | **24624** |  |
| **Total cost of sales per GEO sold** |  | $**1264** | $**965** | $**1497** | $**1192** | $**1590** |  |
| **Cost of sales excluding DDA per GEO sold** |  | $**770** | $**624** | $**995** | $**752** | $**953** |  |
| **DDA per GEO sold** |  | $**494** | $**340** | $**502** | $**440** | $**637** |  |
| **Cash costs per GEO sold** |  | $**768** | $**624** | $**996** | $**751** | $**949** |  |
| **AISC per GEO sold** |  | $**1004** | $**846** | $**1419** | $**1027** | $**1272** |  |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Operating Segments** | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* | *For the three months ended December 31, 2021* |
| *(In millions of US Dollars except GEO sold and per GEO sold amounts)* | Total | Malartic<br>GEO | Jacobina<br>GEO | Cerro Moro<br>GEO | El Peñón<br>GEO | Minera Florida<br>GEO | Corporate & Non-Sustaining |
| **Cost of sales excluding DDA**<sup>(5)</sup> | $185.2 | $62.3 | $22.2 | $43.9 | $38.2 | $18.5 | $— |
| **DDA** | 125.7 | 45.4 | 15.2 | 27.9 | 22.2 | 12.5 | 2.5 |
| **Total cost of sales**<sup>(5)</sup> | $310.9 | $107.7 | $37.4 | $71.8 | $60.4 | $31.0 | $2.5 |
| Cash cost adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | (125.7) | (45.4) | (15.2) | (27.9) | (22.2) | (12.5) | (2.5) |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | (5.2) | (0.5) | (0.2) | (3.2) | (1.0) | (0.2) |  |
| **Total cash costs** | $180.0 | $61.8 | $22.0 | $40.7 | $37.2 | $18.3 | $— |
| AISC adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 20.0 | 1.3 | 0.2 | 0.3 | 0.3 | 0.4 | 17.5 |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | 2.7 | 0.9 | 0.3 | 1.3 |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | 8.7 | 3.9 | 0.3 | 1.2 | 0.4 | 0.8 | 2.1 |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | 19.6 |  | 1.8 | 1.3 | 2.3 | 3.1 | 11.1 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 6.8 |  |  |  |  |  | 6.8 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | 44.4 | 17.3 | 4.2 | 12.4 | 7.1 | 2.9 | 0.5 |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | 6.7 | 0.2 | 2.4 | 1.4 | 1.3 | 0.9 | 0.5 |
| **Total AISC** |  | $85.4 | $31.2 | $58.6 | $48.6 | $26.4 |  |
| **GEO sold**<sup>(2)</sup> |  | 91589 | 48732 | 56087 | 63943 | 20058 |  |
| **Total cost of sales per GEO sold**<sup>(5)</sup> |  | $1177 | $768 | $1282 | $944 | $1545 |  |
| **Cost of sales excluding DDA per GEO sold**<sup>(5)</sup> |  | $681 | $456 | $784 | $598 | $921 |  |
| **DDA per GEO sold** |  | $496 | $312 | $498 | $347 | $624 |  |
| **Cash costs per GEO sold** |  | $676 | $452 | $726 | $582 | $911 |  |
| **AISC per GEO sold** |  | $931 | $643 | $1044 | $761 | $1313 |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Operating Segments** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** | ***For the year ended December 31, 2022*** |
| *(In millions of US Dollars except GEO and per GEO amounts)* | **Total** | **Malartic<br>GEO** | **Jacobina<br>GEO** | **Cerro Moro<br>GEO** | **El Peñón<br>GEO** | **Minera Florida<br>GEO** | **Corporate & Non-Sustaining** |
| **Cost of sales excluding DDA**<sup>(5)</sup> | $**778.1** | $**257.1** | $**113.8** | $**166.1** | $**162.8** | $**78.3** | $**—** |
| **DDA** | **466.8** | **170.9** | **61.6** | **83.0** | **87.8** | **53.7** | **9.8** |
| **Total cost of sales**<sup>(5)</sup> | $**1244.9** | $**428.0** | $**175.4** | $**249.1** | $**250.6** | $**132.0** | $**9.8** |
| Cash cost adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | **(466.8)** | **(170.9)** | **(61.6)** | **(83.0)** | **(87.8)** | **(53.7)** | **(9.8)** |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | **(7.0)** | **(1.5)** | **(1.3)** | **(1.3)** | **(2.5)** | **(0.4)** | **—** |
| &nbsp;&nbsp;&nbsp;Impact of realized foreign exchange gains | **(2.2)** | **—** | **—** | **(2.2)** | **—** | **—** | **—** |
| **Total cash costs** | $**768.9** | $**255.6** | $**112.5** | $**162.6** | $**160.3** | $**77.9** | $**—** |
| AISC adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(6)</sup> | **121.0** | **3.3** | **0.9** | **0.5** | **0.7** | **0.9** | **114.7** |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | **10.2** | **3.9** | **0.1** | **6.0** | **—** | **—** | **0.2** |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | **34.9** | **14.5** | **2.4** | **1.7** | **1.9** | **4.0** | **10.4** |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | **64.0** | **—** | **6.6** | **6.1** | **14.3** | **6.3** | **30.7** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | **39.8** | **0.3** | **0.1** | **—** | **—** | **—** | **39.4** |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | **170.1** | **52.3** | **20.5** | **42.6** | **37.8** | **15.6** | **1.3** |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | **29.1** | **0.7** | **12.0** | **5.5** | **5.1** | **3.4** | **2.4** |
| **Total AISC** |  | $**330.6** | $**155.1** | $**225.0** | $**220.1** | $**108.1** |  |
| **GEO sold**<sup>(2)</sup> |  | **332925** | **195549** | **181358** | **217516** | **79117** |  |
| **Total cost of sales per GEO sold**<sup>(5)</sup> |  | $**1286** | $**897** | $**1373** | $**1152** | $**1669** |  |
| **Cost of sales excluding DDA per GEO sold**<sup>(5)</sup> |  | $**772** | $**582** | $**916** | $**748** | $**990** |  |
| **DDA per GEO sold** |  | $**513** | $**315** | $**458** | $**404** | $**678** |  |
| **Cash costs per GEO sold** |  | $**768** | $**576** | $**897** | $**737** | $**985** |  |
| **AISC per GEO sold** |  | $**993** | $**793** | $**1241** | $**1012** | $**1367** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Cost & AISC Reconciliation - Operating Segments** | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* | *For the year ended December 31, 2021* |
| *(In millions of US Dollars except GEO and per GEO amounts)* | Total | Malartic<br>GEO | Jacobina<br>GEO | Cerro Moro<br>GEO | El Peñón<br>GEO | Minera Florida<br>GEO | Corporate & Non-Sustaining |
| **Cost of sales excluding DDA**<sup>(5)</sup> | $729.0 | $233.8 | $106.8 | $151.3 | $155.2 | $81.9 | $— |
| **DDA** | 447.9 | 174.7 | 55.4 | 74.6 | 85.0 | 48.5 | 9.7 |
| **Total cost of sales**<sup>(5)</sup> | $1176.9 | $408.5 | $162.2 | $225.9 | $240.2 | $130.4 | $9.7 |
| Cash cost adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DDA | (447.9) | (174.7) | (55.4) | (74.6) | (85.0) | (48.5) | (9.7) |
| &nbsp;&nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | (34.0) | (2.5) | (1.3) | (20.8) | (4.9) | (4.5) |  |
| **Total cash costs** | $695.0 | $231.3 | $105.5 | $130.5 | $150.3 | $77.4 | $— |
| AISC adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 74.8 | 4.0 | 0.7 | 0.4 | 0.5 | 0.7 | 68.5 |
| &nbsp;&nbsp;&nbsp;Community costs in other operating expenses | 6.5 | 1.2 | 0.9 | 4.0 |  |  | 0.4 |
| &nbsp;&nbsp;&nbsp;Reclamation & remediation - accretion & amortization | 34.6 | 15.7 | 1.5 | 3.2 | 2.0 | 4.4 | 7.8 |
| &nbsp;&nbsp;&nbsp;Exploration capital expenditures | 68.1 |  | 7.2 | 5.6 | 15.6 | 6.5 | 33.2 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 31.6 | 0.2 | 0.2 |  |  |  | 31.2 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures | 173.7 | 69.2 | 14.0 | 39.8 | 34.6 | 15.2 | 0.9 |
| &nbsp;&nbsp;&nbsp;Leases (IFRS 16 Adjustment) | 24.3 | 0.7 | 7.6 | 5.4 | 5.1 | 3.3 | 2.2 |
| **Total AISC** |  | $322.3 | $137.6 | $188.9 | $208.1 | $107.5 |  |
| **GEO sold**<sup>(2)</sup> |  | 357667 | 186534 | 153882 | 223375 | 87804 |  |
| **Total cost of sales per GEO sold**<sup>(5)</sup> |  | $1142 | $869 | $1468 | $1075 | $1485 |  |
| **Cost of sales excluding DDA per GEO sold**<sup>(5)</sup> |  | $653 | $572 | $983 | $695 | $933 |  |
| **DDA per GEO sold** |  | $488 | $297 | $485 | $381 | $553 |  |
| **Cash costs per GEO sold** |  | $647 | $566 | $848 | $673 | $881 |  |
| **AISC per GEO sold** |  | $901 | $738 | $1228 | $932 | $1224 |  |

---

![image1.jpg](image1.jpg) \| 48

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**NET FREE CASH FLOWS & FREE CASH FLOWS BEFORE DIVIDENDS AND DEBT REPAYMENTS**

The Company uses the financial measures "net free cash flows" and "free cash flows before dividends and debt repayments", which are non-GAAP financial performance measures, to supplement information in its Consolidated Financial Statements. Net free cash flows and free cash flows before dividends and debt repayments do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance with respect to its operating cash flows capacity to meet non-discretionary outflows of cash or to meet dividends and debt repayments. The presentation of net free cash flows and free cash flows before dividends and debt repayments are not meant to be substitutes for the cash flows information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. Net free cash flows are calculated as cash flows from operating activities adjusted for advance payments received pursuant to metal purchase agreements, non-discretionary expenditures from sustaining capital expenditures and interest paid related to the current period. Free cash flows before dividends and debt repayments further deducts remaining capital expenditures, payments for lease obligations and the effect of foreign exchange of non-USD denominated cash. Reconciliations of net free cash flows and free cash flows before dividends and debt repayments are provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *For the three months ended December 31,* | *For the three months ended December 31,* | *For the year ended December 31,* | *For the year ended December 31,* |
| *(In millions of US Dollars)* | **2022** | 2021 | **2022** | 2021 |
| **Cash flows from operating activities** | $**24.0** | $238.2 | $**528.1** | $742.3 |
| *Adjustments to operating cash flows:* |  |  |  |  |
| &nbsp;&nbsp;Amortization of deferred revenue | **4.2** | 3.5 | **14.6** | 18.0 |
| &nbsp;&nbsp;Standby and other incremental COVID-19 costs<sup>(5)</sup> | **0.3** | 5.2 | **7.0** | 34.0 |
| &nbsp;&nbsp;Temporary suspension costs<sup>(5)</sup> | **0.3** | 3.5 | **7.7** | 3.5 |
| &nbsp;&nbsp;&nbsp;Termination fee payment to Gold Fields | **300.0** |  | **300.0** |  |
| &nbsp;&nbsp;&nbsp;Reimbursement of termination fee from Pan American | **(150.0)** |  | **(150.0)** |  |
| *Non-discretionary items related to the current period* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining capital expenditures | **(46.2)** | (44.4) | **(170.1)** | (173.7) |
| &nbsp;&nbsp;&nbsp;Interest paid | **(9.5)** | (8.3) | **(35.0)** | (47.2) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities | **(6.3)** | (5.8) | **(23.4)** | (19.2) |
| &nbsp;&nbsp;&nbsp;Cash used in other financing activities | **(4.0)** | (3.5) | **(9.2)** | (10.2) |
| **Net free cash flows**  | $**112.8** | $188.4 | $**469.7** | $547.4 |
| *Discretionary and other items impacting cash flows available for dividends and debt repayments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expansionary and exploration capital expenditures | $**(108.8)** | $(73.5) | $**(334.5)** | $(210.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash (used in) from other investing activities | **0.8** | 5.1 | **(14.4)** | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange of non-USD denominated<br> cash | **(0.9)** | (0.3) | **(4.7)** | (1.3) |
| **Free cash flows before dividends and debt repayments** | $**3.9** | $119.7 | $**116.1** | $328.5 |

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**AVERAGE REALIZED PRICE PER OUNCE OF GOLD & SILVER** 

The Company uses the financial measures "average realized gold price" and "average realized silver price", which are non-GAAP financial performance measures, to supplement its consolidated financial statements. Average realized price does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.

Average realized metal price represents the sale price of the underlying metal before deducting treatment and refining charges, and other quotational and pricing adjustments. Average realized prices are calculated as the revenue related to each of the metals sold, i.e. gold and silver divided by the quantity of the respective units of metals sold, i.e. gold ounce and silver ounce. Reconciliations of average realized metal prices to revenue are provided below:

![image1.jpg](image1.jpg) \| 49

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the three months ended December 31,* | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 |
|  | &nbsp;&nbsp;**Quantity**<br>**sold** |  | **Revenue per ounce** | **Revenue**<br>*(In millions of US Dollars)* | Quantity<br>sold |  | Revenue<br>per ounce | Revenue<br>*(In millions of US Dollars)* |
| Gold | **235274** | **oz** | $**1730** | $**406.9** | 242486 | oz | $1796 | $435.5 |
| Silver | **2377532** | **oz** | $**21.17** | **50.3** | 2937805 | oz | $23.24 | 68.3 |
| **Revenue** |  |  |  | $**457.2** |  |  |  | $503.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the three months ended December 31,* | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 |
|  | **Quantity**<br>**sold**  |  | **Average Realized**<br>**Price** | **Revenue**<br>*(In millions of US Dollars)* | Quantity<br>sold  |  | Average Realized<br>Price | Revenue<br>*(In millions of US Dollars)* |
| Gold | **235274** | **oz** | $**1730** | $**406.9** | 242486 | oz | $1796 | $435.5 |
| Silver | **2082661** | **oz** | $**21.27** | **44.3** | 2709252 | oz | $23.35 | 63.3 |
| Silver subject to metal sales agreement\* | **294871** | **oz** | $**20.40** | **6.0** | 228553 | oz | $21.94 | 5.0 |
|  | **2377532** | **oz** | $**21.17** |  | 2937805 | oz | $23.24 |  |
| **Gross revenue** |  |  |  | $**457.2** |  |  |  | $503.8 |
| (Deduct) add: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other adjustments |  |  |  | **—** |  |  |  |  |
| **Revenue** |  |  |  | $**457.2** |  |  |  | $503.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31,* | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 |
|  | **Quantity**<br>**sold**  |  | **Revenue<br>per ounce** | **Revenue**<br>*(In millions of US Dollars)* | Quantity<br>sold |  | Revenue <br>per ounce | Revenue<br>*(In millions of US Dollars)* |
| Gold | **894485** | **oz** | $**1800** | $**1610.0** | 885293 | oz | $1799 | $1592.4 |
| Silver | **9274051** | **oz** | $**21.25** | **197.1** | 8976269 | oz | $24.85 | 223.0 |
| **Revenue** |  |  |  | $**1807.1** |  |  |  | $1815.4 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31,* | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 |
|  | **Quantity**<br>**sold**  |  | **Average Realized**<br>**Price** | **Revenue**<br>*(In millions of US Dollars)* | Quantity<br>sold  |  | Average Realized<br>Price | Revenue<br>*(In millions of US Dollars)* |
| Gold | **894485** | **oz** | $**1800** | $**1610.0** | 885293 | oz | $1799 | $1592.4 |
| Silver | **8001092** | **oz** | $**21.77** | **174.2** | 7951386 | oz | $24.85 | 197.6 |
| Silver subject to metal sales agreement\* | **1272959** | **oz** | $**20.75** | **26.4** | 1024883 | oz | $22.59 | 23.2 |
|  | **9274051** | **oz** | $**21.63** |  | 8976269 | oz | $24.59 |  |
| **Gross revenue** |  |  |  | $**1810.6** |  |  |  | $1813.2 |
| (Deduct) add: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue adjustment\*\* |  |  |  | **(3.5)** |  |  |  | 2.4 |
| &nbsp;&nbsp;&nbsp;Other adjustments |  |  |  | **—** |  |  |  | (0.2) |
| **Revenue** |  |  |  | $**1807.1** |  |  |  | $1815.4 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Balance represents metal sold under the metal sales agreement.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Consideration from the Company's metal sales agreement is considered variable. Revenue can be subject to cumulative adjustments when the number of ounces to be delivered under the agreement changes. During the three months ended March 31, 2022 and 2021, the Company recognized an adjustment to revenue and finance costs due to a change in the Company's reserve and resource estimates, and therefore, the number of ounces expected to be delivered under the life of the agreement.

![image1.jpg](image1.jpg) \| 50

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**13.&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE CONTROLS AND PROCEDURES**

Disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management, including the Company's President and Chief Executive Officer and Senior Vice President, Finance and Chief Financial Officer, on a timely basis so that appropriate decisions can be made regarding public disclosure. The Company's system of disclosure controls and procedures includes, but is not limited to, our Timely Disclosure and Confidentiality Policy, our Code of Conduct, our Insider Trading Policy, our Corporate Controls Policy, the effective functioning of our Audit Committee and procedures in place to systematically identify matters warranting consideration of disclosure by the Audit Committee.

As at the end of the period covered by this Management's Discussion and Analysis, management of the Company, with the participation of the President and Chief Executive Officer and the Senior Vice President, Finance and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as required by applicable rules of the Canadian Securities Administrators (or Canadian securities regulatory authorities) and the U.S. Securities and Exchange Commission (or the SEC). The evaluation included documentation review, inquiries and other procedures considered by management to be appropriate in the circumstances. Based on that evaluation, the President and Chief Executive Officer and the Senior Vice President, Finance and Chief Financial Officer have concluded that, as of the end of the period covered by this Management's Discussion and Analysis, the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective to provide reasonable assurance that information required to be disclosed in the Company's annual filings and interim filings and other reports filed or submitted under applicable securities laws, is recorded, processed, summarized and reported within time periods specified by those laws and that material information is accumulated and communicated to management of the Company, including the President and Chief Executive Officer and the Senior Vice President, Finance and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management of the Company is responsible for establishing and maintaining effective "internal control over financial reporting" as such term is defined in the rules of the Canadian Securities Administrators and the SEC. The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of the Company's financial reporting for external purposes in accordance with IFRS. The Company's internal control over financial reporting includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing reasonable assurance that transactions are recorded as necessary for preparation of our Consolidated Financial Statements in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on the Company's Consolidated Financial Statements would be prevented or detected on a timely basis.

The Company's internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures.

The Company's management, with the participation of its President and Chief Executive Officer, and Senior Vice President, Finance and Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting. In making this assessment, management used the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management and the President and Chief Executive Officer and Senior Vice President, Finance and Chief Financial Officer, have concluded that, as of December 31, 2022, the Company's internal control over financial reporting was effective.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2022 has been audited by Deloitte LLP, the Company's independent registered public accounting firm, as stated in their report immediately preceding the Company's audited consolidated financial statements for the year ended December 31, 2022.

**CHANGES IN INTERNAL CONTROLS**

During the three months and year ended December 31, 2022, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

![image1.jpg](image1.jpg) \| 51

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**LIMITATIONS OF CONTROLS AND PROCEDURES**

The Company's management, including the President and Chief Executive Officer and the Senior Vice President, Finance and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

*This report provides a discussion and analysis of the financial condition and results of operations ("Management's Discussion and Analysis") to enable a reader to assess material changes in financial condition between December 31, 2022, and December 31, 2021, and results of operations for the periods ended December 31, 2022, and December 31, 2021.*

*This Management's Discussion and Analysis has been prepared as of March 29, 2023. The consolidated financial statements prepared in accordance with IFRS follow this Management's Discussion and Analysis. This Management's Discussion and Analysis is intended to supplement and complement the annual audited consolidated financial statements and notes thereto as at and for the year ended December 31, 2022 (collectively the "Financial Statements"). You are encouraged to review the Financial Statements in conjunction with your review of this Management's Discussion and Analysis. This Management's Discussion and Analysis should be read in conjunction with both the Financial Statements and the most recent Annual Information Form on file with the Securities Commissions of all of the provinces in Canada and with the United States Securities and Exchange Commission. Certain notes to the Financial Statements are specifically referred to in this Management's Discussion and Analysis. All Dollar amounts in the Management's Discussion and Analysis are in US Dollars, unless otherwise specified.*

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Management's Discussion and Analysis contains or incorporates by reference "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to, information with respect to the Company's strategy, plans or future financial or operating performance, results of feasibility studies, repayment of debt, updates regarding mineral reserves and mineral resources and information with respect to the Transaction with Pan American and Agnico. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met, the impact of proposed optimizations at the Company's projects, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, silver, copper and zinc), currency exchange rates (such as the Canadian Dollar, the Brazilian Real, the Chilean Peso and the Argentine Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the Company's hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risks related to asset dispositions, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks associated with infectious diseases, including COVID-19, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, permitting timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage, timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions; risks associated with the timing for completion of the Transaction, including the risk that the conditions to the Transaction are not satisfied on a timely basis or at all and the failure of the Transaction to close for any other reason; the risk that a consent or authorization that may be required for the Transaction is not obtained or is obtained subject to conditions that are not anticipated; risks relating to Pan American's and Yamana's business and future performance including, without limitation, volatility in the price of gold and other metals, currency fluctuations,

![image1.jpg](image1.jpg) \| 52

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operational risks, supply chain shortages, rising inflation, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and country risk, community relations, increased regulation of environmental and sustainability matters, the impact of climate change on Pan American's and Yamana's operations, conflict resolution governmental regulation and judicial outcomes, the inherent risks and uncertainty associated with financial or other projections; the risk that the Combined Group is unsuccessful in promptly and effectively integrating the business of Pan American and Yamana, the risk of unanticipated difficulties or expenditures relating to the Transaction, the risk of unexpected responses of business partners and retention as a result of the announcement and pendency of the Transaction; potential volatility in the price of the Pan American Shares due to the Transaction; the anticipated size of the markets and continued demand for Pan American's and Yamana's resources and the impact of competitive responses to the announcement of the Transaction, and the diversion of management time on Transaction-and related issues, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company's Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes.

**CAUTIONARY STATEMENT REGARDING MINERAL RESERVES AND MINERAL RESOURCES**

Scientific and technical information contained in this Management's Discussion and Analysis has been reviewed and approved by Sébastien Bernier, P. Geo, M.Sc. (Senior Director, Reserves and Resources). Sébastien Bernier, P. Geo is an employee of Yamana Gold Inc. and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Readers should refer to the Company's most recent Annual Information Form and other continuous disclosure documents filed by the Company since January 1, 2022 available at www.sedar.com, for further information on mineral reserves and mineral resources, which is subject to the qualifications and notes set forth therein.

**CAUTIONARY STATEMENT TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES**

This Management's Discussion and Analysis has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the "SEC"). For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this Management's Discussion and Analysis may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

\*\*\*\*\*\*\*\*\*\*\*\*\*

![image1.jpg](image1.jpg) \| 53

------

**ENDNOTES**

(1) A cautionary note regarding non-GAAP financial performance measures, along with detailed reconciliations and descriptions, can be found in Section 12: Non-GAAP Financial Performance Measures.

(2) GEO is calculated as the sum of gold ounces and the gold equivalent of silver ounces using a ratio of 81.61 and 82.94 for the three months and year ended December 31, 2022 respectively, and 77.28 and 72.55 for the three months and year ended December 31, 2021 respectively. GEO calculations for actuals are based on an average market gold-to- silver price ratio for the relevant period. Guidance GEO for the 2022 period assumed gold ounces plus the equivalent of silver ounces using a ratio of 72.00.

(3) Net earnings and adjustments to net earnings are those attributable to Yamana Gold Inc. equity holders.

(4) Working capital is defined as the excess of current assets over current liabilities.

(5) In the prior year, standby and other incremental costs associated with the COVID-19 pandemic were presented in the financial statement line item "Temporary suspension, standby and other incremental COVID-19 costs" on the Statement of Operations in the Company's Consolidated Financial Statements. During the first quarter of 2022, the Company considered that such costs would be presented in the financial statement line item "Cost of sales excluding depletion, depreciation and amortization" going forward, and included in the calculation of "Gross Margin excluding depletion, depreciation and amortization". Comparatives have been reclassified to conform to the change of presentation adopted in the current period, with the $5.2 million and $33.9 million of COVID-19 related costs incurred during the three months and year ended December 31, 2021, respectively, reclassified from "Temporary suspension, standby and other incremental COVID-19 costs" to "Cost of sales excluding depletion, depreciation and amortization". This change also affected the prior year calculation of the GAAP metrics "Total Cost of Sales per GEO Sold" and "Cost of Sales excluding DDA per GEO sold", both of which have been recalculated based on standby and other incremental COVID-19 costs being included in the numerator. This change did not affect the calculation of prior year non-GAAP metrics "Cash costs per GEO sold" and "AISC per GEO sold", as the Company's policy is for standby and other incremental COVID-19 costs to be excluded from the calculation of such metrics. The "Temporary suspension, standby and other incremental COVID-19 costs" financial statement line item has been renamed "Temporary suspension costs" to reflect the fact that COVID-19 related costs are no longer included in this cost account.

(6) Included in General & Administrative expenses for the three months and year ended December 31, 2022 are $24.1 million and $29.7 million of expenses, respectively, associated with the Gold Fields transaction and the pending Pan American-Agnico Transaction. These costs are not indicative of the Company's normal course expenses and have been excluded from the calculation of AISC.

![image1.jpg](image1.jpg) \| 54

## Exhibit 99.3

?xml version="1.0" ? auy-20221231

**EXHIBIT 99.3**

![auy-20221231_g1.jpg](auy-20221231_g1.jpg)

**CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED**

**DECEMBER 31, 2022 AND 2021**

------

**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING**

The accompanying consolidated financial statements of Yamana Gold Inc. and subsidiaries ("Yamana Gold Inc." or the "Company") and all the information in this annual report are the responsibility of management and have been approved by the Board of Directors.

The consolidated financial statements have been prepared by management on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Financial statements are not exact since they include certain amounts based on estimates and judgements. Management has determined such amounts on a reasonable basis in order to ensure that the financial statements are presented fairly, in all material respects. Management has prepared the financial information presented elsewhere in the annual report and has ensured that it is consistent with that in the consolidated financial statements.

Yamana Gold Inc. maintains systems of internal accounting and administrative controls in order to provide, on a reasonable basis, assurance that the financial information is relevant, reliable and accurate and that the Company's assets are appropriately accounted for and adequately safeguarded. The Company's internal control over financial reporting as of December 31, 2022, is based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements. The Board carries out this responsibility principally through its Audit Committee ("Committee").

The Audit Committee is appointed by the Board, and all of its members are independent directors. The Committee meets at least four times a year with management, as well as the external auditors, to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues, to satisfy itself that each party is properly discharging its responsibilities, and to review the quarterly and the annual reports, the consolidated financial statements and the external auditors' reports. The Committee reports its findings to the Board for consideration when approving the consolidated financial statements for issuance to the shareholders. The Committee also considers, for review by the Board and approval by the shareholders, the engagement or reappointment of the external auditors. The consolidated financial statements have been audited by Deloitte LLP, Chartered Professional Accountants, Licensed Public Accountants, in accordance with the standards of the Public Company Accounting Oversight Board (United States) on behalf of the shareholders. Deloitte LLP has full and free access to the Audit Committee.

"Daniel Racine"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Jason LeBlanc"

**President and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, Finance and**

**Chief Executive Officer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer**

March 29, 2023

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 1

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Directors of Yamana Gold Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Yamana Gold Inc. and subsidiaries (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive (loss) earnings, cash flows and changes in equity, for each of the two years in the period ended December 31, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2022, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 29, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

***Mining Properties – Assessment of Whether Indicators of Impairment or Impairment Reversal Exist – Refer to Notes 4, 13 and 23 of the Financial Statements***

*Critical Audit Matter Description*

The Company's determination of whether an indicator of impairment or impairment reversal exists requires significant management judgement.

While there are several inputs that are required to determine whether or not an indicator of impairment or impairment reversal exists, the judgements with the highest degree of subjectivity are future commodity prices (gold and silver), future foreign exchange rates, discount rate and consideration of market transactions. Auditing these estimates and inputs required a high degree of subjectivity in applying audit procedures and in evaluating the results of those procedures. This resulted in an increased extent of audit effort, including the involvement of fair value and accounting specialists.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to future commodity prices (gold and silver), future foreign exchange rates, discount rate and market transactions considered in the assessment of indicators of impairment or impairment reversal included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the effectiveness of controls over management's assessment of indicators of impairment or impairment reversal, including the determination of future commodity prices (gold and silver), future foreign exchange rates and the discount rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of accounting specialists with expertise in IAS 36 – Impairment of Assets and IFRS 13 – Fair Value Measurement, evaluated management's judgement surrounding whether the Pan American-Agnico Transaction represents an indicator of impairment by analyzing against relevant accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of fair value specialists;

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the reasonableness of the forecasts of future gold and silver prices and future foreign exchange rates by comparing management's forecasts to third party forecasts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the reasonableness of the discount rate by testing the source information underlying the determination of the discount rate.

***Impairment Loss – Cerro Moro CGU, Minera Florida CGU, Suyai CGU, Jeronimo CGU, La Pepa CGU, Lavra Velha CGU, Don Sixto CGU and Argentinian and USA Exploration Pool CGUs – Refer to Notes 4, 13 and 22 of the Financial Statements***

*Critical Audit Matter Description* 

At each reporting date, the Company reviews the carrying amounts of its mining properties and plant and equipment at a CGU level to determine whether there is an indication that these assets might be impaired, or that previously recognized impairment losses may no longer exist or may have decreased. If any such indicators exist, the recoverable amount of the relevant CGU is estimated based on the higher of its fair value less costs of disposal and value in use, to determine the extent of the impairment loss or impairment loss reversal.

While there are several inputs that are required to determine the recoverable amount for these CGUs, the estimates and assumptions with the highest degree of subjectivity and judgement uncertainty are the mineral reserves and mineral resources valuation multiples relating to the Cerro Moro, Minera Florida, Suyai, Jeronimo, La Pepa, Lavra Velha, Don Sixto and Argentinian and USA Exploration Pool CGUs ("mineral reserves and mineral resources valuation multiples"). Performing audit procedures to evaluate the reasonableness of such estimates and assumptions required a high degree of auditor judgement and an increased extent of audit effort, including the involvement of fair value specialists.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the mineral reserves and mineral resources valuation multiples used in determining the recoverable amounts of the CGUs included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the effectiveness of controls over management's estimates and assumptions related to the mineral reserves and mineral resources valuation multiples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of fair value specialists, evaluated the reasonableness of the mineral reserves and mineral resources valuation multiples by obtaining third party information surrounding mineral reserves and mineral resources valuation multiples from market transactions and compared the valuation multiples to those used by management.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

March 29, 2023

We have served as the Company's auditor since 1995.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 3

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Directors of Yamana Gold Inc.**

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Yamana Gold Inc. and subsidiaries (the "Company") as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2022 of the Company and our report dated March 29, 2023, expressed an unqualified opinion on those financial statements.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

March 29, 2023

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 4

------

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | ***<u>Page</u>*** |
|  | Management's Responsibility for Financial Reporting | ***<u>[1](#i09a14eb0e16a42ffa2cb5387e75266fc_241)</u>*** |
|  | Reports of Independent Registered Public Accounting Firm *(PCAOB ID 1208)* | ***<u>[2](#i09a14eb0e16a42ffa2cb5387e75266fc_238)</u>*** |
|  | Consolidated Statements of Operations | ***<u>[6](#i09a14eb0e16a42ffa2cb5387e75266fc_10)</u>*** |
|  | Consolidated Statements of Comprehensive (Loss) Earnings | ***<u>[7](#i09a14eb0e16a42ffa2cb5387e75266fc_13)</u>*** |
|  | Consolidated Statements of Cash Flows | ***<u>[8](#i09a14eb0e16a42ffa2cb5387e75266fc_16)</u>*** |
|  | Consolidated Balance Sheets | ***<u>[9](#i09a14eb0e16a42ffa2cb5387e75266fc_19)</u>*** |
|  | Consolidated Statements of Changes in Equity | ***<u>[10](#i09a14eb0e16a42ffa2cb5387e75266fc_22)</u>*** |
| **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS:** | **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS:** |  |
| **Note 1:** | Description of Business and Nature of Operations | ***<u>[11](#i09a14eb0e16a42ffa2cb5387e75266fc_103)</u>*** |
| **Note 2:** | Basis of Preparation and Presentation | ***<u>[11](#i09a14eb0e16a42ffa2cb5387e75266fc_106)</u>*** |
| **Note 3:** | Significant Accounting Policies | ***<u>[11](#i09a14eb0e16a42ffa2cb5387e75266fc_109)</u>*** |
| **Note 4:** | Critical Judgements and Estimation Uncertainties | ***<u>[23](#i09a14eb0e16a42ffa2cb5387e75266fc_112)</u>*** |
| **Note 5:** | Recent Accounting Pronouncements | ***<u>[26](#i09a14eb0e16a42ffa2cb5387e75266fc_115)</u>*** |
| **Note 6:** | Business Transactions | ***<u>[27](#i09a14eb0e16a42ffa2cb5387e75266fc_118)</u>*** |
| **Note 7:** | Segment Information | ***<u>[29](#i09a14eb0e16a42ffa2cb5387e75266fc_139)</u>*** |
| **Note 8:** | Revenue | ***<u>[31](#i09a14eb0e16a42ffa2cb5387e75266fc_142)</u>*** |
| **Note 9:** | Employee Compensation and Benefits Expenses | ***<u>[32](#i09a14eb0e16a42ffa2cb5387e75266fc_145)</u>*** |
| **Note 10:** | Other Operating Expenses, Net | ***<u>[32](#i09a14eb0e16a42ffa2cb5387e75266fc_148)</u>*** |
| **Note 11:** | Other Income, Net | ***<u>[32](#i09a14eb0e16a42ffa2cb5387e75266fc_151)</u>*** |
| **Note 12:** | Finance Costs | ***<u>[33](#i09a14eb0e16a42ffa2cb5387e75266fc_154)</u>*** |
| **Note 13:** | Impairment | ***<u>[33](#i09a14eb0e16a42ffa2cb5387e75266fc_157)</u>*** |
| **Note 14:** | Income Taxes | ***<u>[35](#i09a14eb0e16a42ffa2cb5387e75266fc_160)</u>*** |
| **Note 15:** | (Loss) earnings Per Share | ***<u>[37](#i09a14eb0e16a42ffa2cb5387e75266fc_163)</u>*** |
| **Note 16:** | Supplementary Cash Flow Information | ***<u>[38](#i09a14eb0e16a42ffa2cb5387e75266fc_166)</u>*** |
| **Note 17:** | Financial Instruments | ***<u>[40](#i09a14eb0e16a42ffa2cb5387e75266fc_169)</u>*** |
| **Note 18:** | Financial Risk Management | ***<u>[43](#i09a14eb0e16a42ffa2cb5387e75266fc_172)</u>*** |
| **Note 19:** | Inventories | ***<u>[45](#i09a14eb0e16a42ffa2cb5387e75266fc_175)</u>*** |
| **Note 20:** | Other Financial Assets | ***<u>[45](#i09a14eb0e16a42ffa2cb5387e75266fc_178)</u>*** |
| **Note 21:** | Other Assets | ***<u>[46](#i09a14eb0e16a42ffa2cb5387e75266fc_181)</u>*** |
| **Note 22:** | Property, Plant and Equipment | ***<u>[47](#i09a14eb0e16a42ffa2cb5387e75266fc_184)</u>*** |
| **Note 23:** | Goodwill and Other Intangible Assets | ***<u>[48](#i09a14eb0e16a42ffa2cb5387e75266fc_187)</u>*** |
| **Note 24:** | Trade and Other Payables | ***<u>[48](#i09a14eb0e16a42ffa2cb5387e75266fc_193)</u>*** |
| **Note 25:** | Other Financial Liabilities | ***<u>[48](#i09a14eb0e16a42ffa2cb5387e75266fc_196)</u>*** |
| **Note 26:** | Other Provisions and Liabilities | ***<u>[49](#i09a14eb0e16a42ffa2cb5387e75266fc_199)</u>*** |
| **Note 27:** | Long-Term Debt and Credit Facility | ***<u>[49](#i09a14eb0e16a42ffa2cb5387e75266fc_202)</u>*** |
| **Note 28:** | Environmental Rehabilitation Provision | ***<u>[50](#i09a14eb0e16a42ffa2cb5387e75266fc_205)</u>*** |
| **Note 29:** | Share Capital | ***<u>[51](#i09a14eb0e16a42ffa2cb5387e75266fc_208)</u>*** |
| **Note 30:** | Share-Based Payments | ***<u>[51](#i09a14eb0e16a42ffa2cb5387e75266fc_211)</u>*** |
| **Note 31:** | Non-Controlling Interests | ***<u>[52](#i09a14eb0e16a42ffa2cb5387e75266fc_214)</u>*** |
| **Note 32:** | Capital Management | ***<u>[52](#i09a14eb0e16a42ffa2cb5387e75266fc_217)</u>*** |
| **Note 33:** | Leases | ***<u>[53](#i09a14eb0e16a42ffa2cb5387e75266fc_220)</u>*** |
| **Note 34:** | Commitments and Contingencies | ***<u>[54](#i09a14eb0e16a42ffa2cb5387e75266fc_223)</u>*** |
| **Note 35:** | Related Party Transactions | ***<u>[54](#i09a14eb0e16a42ffa2cb5387e75266fc_226)</u>*** |
| **Note 36:** | Proposed Acquisitions of Yamana | ***<u>[54](#i09a14eb0e16a42ffa2cb5387e75266fc_91)</u>*** |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 5

------

**YAMANA** GOLD INC.

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE YEARS ENDED DECEMBER 31,**

---

| | | |
|:---|:---|:---|
| *(In millions of US Dollars except for shares and per share amounts)* | **2022** | 2021 |
| **Revenue (Note 8)** | $**1807.1** | $1815.4 |
| Cost of sales excluding depletion, depreciation and amortization (Note 2) | **(778.1)** | (728.9) |
| **Gross margin excluding depletion, depreciation and amortization (Note 2)** | $**1029.0** | $1086.5 |
| Depletion, depreciation and amortization | **(466.8)** | (447.9) |
| Temporary suspension costs (Note 2) | **(7.7)** | (3.5) |
| Impairment of operating mining properties (Note 13) | **(214.9)** |  |
| **Mine operating earnings** | $**339.6** | $635.1 |
| **Expenses** |  |  |
| General and administrative | **(121.0)** | (74.8) |
| Exploration and evaluation | **(39.8)** | (31.6) |
| Share of earnings of associates | **—** | 0.9 |
| Termination fee payment to Gold Fields (Note 36) | **(300.0)** |  |
| Reimbursement of termination fee from Pan American (Note 36) | **150.0** |  |
| Other operating expenses, net (Note 10) | **(80.1)** | (37.4) |
| Impairment of non-operating mining properties (Note 13) | **(1707.8)** | **—** |
| **Operating (loss) earnings** | $**(1759.1)** | $492.2 |
| Finance costs (Note 12) | **(64.9)** | (134.4) |
| Other income, net (Note 11) | **29.6** | 26.7 |
| **(Loss) earnings before taxes** | $**(1794.4)** | $384.5 |
| Current income tax expense (Note 14)  | **(126.6)** | (159.8) |
| Deferred income tax recovery (expense) ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_160)14) | **525.6** | (135.9) |
| **Income tax recovery (expense), net** | $**399.0** | $(295.7) |
| **Net (loss) earnings** | $**(1395.4)** | $88.8 |
| **Attributable to:** |  |  |
| &nbsp;&nbsp;&nbsp;Yamana Gold Inc. equity holders | $**(982.3)** | $147.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests (Note 31) | **(413.1)** | (58.7) |
| **Net (loss) earnings** | $**(1395.4)** | $88.8 |
| **(Loss) earnings per share attributable to Yamana Gold Inc. equity holders ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_163)15)** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $**(1.02)** | $0.15 |
| **Weighted average number of shares outstanding (in thousands) ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_163)15)** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **960700** | 963393 |
| &nbsp;&nbsp;&nbsp;Diluted | **960700** | 964932 |

---

The accompanying notes are an integral part of the consolidated financial statements.

![auy-20221231_g2.jpg](auy-20221231_g2.jpg) \| 6

------

**YAMANA** GOLD INC.

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS**

**FOR THE YEARS ENDED DECEMBER 31,**

---

| | | |
|:---|:---|:---|
| *(In millions of US Dollars)* | **2022** | 2021 |
| **Net (loss) earnings** | $**(1395.4)** | $88.8 |
| **Other comprehensive (loss) earnings, net of taxes** |  |  |
| ***Items that may be reclassified subsequently to net earnings:*** |  |  |
| Cash-flow hedges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Effective portion of changes in fair value of cash flow hedges | **(1.2)** | (11.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;- Reclassification of losses recorded in earnings | **7.2** | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Tax Impact on fair value of hedging instruments | **(2.0)** | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Time value of options contracts excluded from hedge relationship | **1.7** | (4.9) |
|  | $**5.7** | $(5.1) |
| ***Items that will not be reclassified to net earnings:*** |  |  |
| Changes in the fair value of equity investments at FVOCI | **(30.7)** | (11.0) |
| Income tax relating to items that will not be reclassified subsequently to net earnings | **—** | 1.5 |
| Re-measurement of employee benefit plan | **(0.6)** | (1.3) |
| **Total other comprehensive loss** | $**(25.6)** | $(15.9) |
| **Total comprehensive (loss) earnings** | $**(1421.0)** | $72.9 |
| **Attributable to:** |  |  |
| &nbsp;&nbsp;&nbsp;Yamana Gold Inc. equity holders | $**(1007.9)** | $131.6 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | **(413.1)** | (58.7) |
| **Total comprehensive (loss) earnings** | $**(1421.0)** | $72.9 |

---

The accompanying notes are an integral part of the consolidated financial statements.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 7

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**YAMANA** GOLD INC.

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31,**

---

| | | |
|:---|:---|:---|
| *(In millions of US Dollars)* | **2022** | 2021 |
| **Operating activities** |  |  |
| (Loss) earnings before taxes | $**(1794.4)** | $384.5 |
| Adjustments to reconcile earnings before taxes to net operating cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | **466.8** | 447.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | **28.0** | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs (income), net | **17.4** | (4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs (Note 12) | **64.9** | 134.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market on financial instruments | **0.8** | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of earnings of associates | **—** | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of mining properties ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_157)13) | **1922.7** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue | **(14.6)** | (18.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on discontinuation of the equity method (Note 10) | **—** | (10.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash expenses, net ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_166)16) | **39.1** | 20.7 |
| Environmental rehabilitation obligations paid | **(22.2)** | (16.2) |
| Other cash payments | **(12.3)** | (5.2) |
| **Cash flows from operating activities before income taxes paid and net change in working capital** | $**696.2** | $935.6 |
| Income taxes paid | **(155.9)** | (151.0) |
| **Cash flows from operating activities before net change in working capital** | $**540.3** | $784.6 |
| Net change in working capital ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_166)16) | **(12.2)** | (42.3) |
| **Cash flows from operating activities** | $**528.1** | $742.3 |
| **Investing activities** |  |  |
| Acquisition of property, plant and equipment | $**(504.8)** | $(384.6) |
| Acquisition of Monarch Gold, net of cash acquired (Note 6) | **—** | (44.8) |
| Cash used on acquisition of investments and other assets | **(11.1)** | (25.0) |
| Proceeds on disposal of investments and other assets | **10.9** | 61.5 |
| Cash used in other investing activities | **(14.4)** | (6.8) |
| **Cash flows used in investing activities** | $**(519.4)** | $(399.7) |
| **Financing activities** |  |  |
| Dividends paid | $**(114.6)** | $(104.1) |
| Cash paid on acquisition of own shares | **—** | (28.3) |
| Interest paid | **(35.0)** | (47.2) |
| Early note redemption premium (Note 12) | **—** | (53.3) |
| Repayment of senior notes and credit facility | **—** | (719.0) |
| Net proceeds from senior notes and credit facility | **—** | 495.2 |
| Payment of lease liabilities | **(23.4)** | (19.2) |
| Cash contributions from non-controlling interests | **19.7** | 18.6 |
| Cash used in other financing activities | **(9.2)** | (10.2) |
| **Cash flows used in financing activities** | $**(162.5)** | $(467.5) |
| Effect of foreign exchange of non-US Dollar denominated cash and cash equivalents | **(4.7)** | (1.3) |
| Decrease in cash and cash equivalents | $**(158.5)** | $(126.2) |
| Cash and cash equivalents, beginning of year | $**525.0** | $651.2 |
| **Cash and cash equivalents, end of year** | $**366.5** | $525.0 |

---

Supplementary Cash Flow Information (*Note16)*.

The accompanying notes are an integral part of the consolidated financial statements.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 8

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**YAMANA** GOLD INC.

**CONSOLIDATED BALANCE SHEETS** 

**AS AT DECEMBER 31,**

---

| | | |
|:---|:---|:---|
| *(In millions of US Dollars)* | **2022** | 2021 |
| **Assets** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents (Note 16) | $**366.5** | $525.0 |
| Trade and other receivables | **3.8** | 3.0 |
| Inventories (Note 19) | **209.2** | 167.2 |
| Other financial assets (Note 20) | **16.6** | 27.0 |
| Other assets (Note 21) | **100.9** | 113.3 |
|  | $**697.0** | $835.5 |
| **Non-current assets:** |  |  |
| Property, plant and equipment (Note 22) | $**4995.7** | $6775.2 |
| Goodwill and other intangible assets (Note 23) | **387.1** | 391.8 |
| Deferred tax assets (Note 14) | **124.2** | 96.2 |
| Other financial assets (Note 20) | **57.8** | 81.0 |
| Other assets (Note 21) | **189.7** | 203.0 |
| Total assets | $**6451.5** | $8382.7 |
| **Liabilities** |  |  |
| **Current liabilities:** |  |  |
| Trade and other payables (Note 24) | $**314.7** | $274.7 |
| Income taxes payable | **13.4** | 37.4 |
| Other financial liabilities (Note 25) | **97.1** | 76.0 |
| Other provisions and liabilities (Note 26) | **60.3** | 57.7 |
|  | $**485.5** | $445.8 |
| **Non-current liabilities:** |  |  |
| Long-term debt (Note 27) | $**774.3** | $772.8 |
| Environmental rehabilitation provision (Note 28) | **335.1** | 352.9 |
| Deferred tax liabilities (Note 14) | **867.9** | 1364.2 |
| Other financial liabilities (Note 25) | **186.2** | 121.9 |
| Other provisions and liabilities (Note 26) | **109.1** | 121.9 |
| **Total liabilities** | $**2758.1** | $3179.5 |
| **Equity** |  |  |
| Share capital (Note 29) | $**7695.0** | $7689.9 |
| Contributed surplus | **26.4** | 24.9 |
| Accumulated other comprehensive (loss) income | **(48.0)** | (22.4) |
| Deficit | **(4393.9)** | (3296.5) |
| **Attributable to Yamana Gold Inc. equity holders** | $**3279.5** | $4395.9 |
| Non-controlling interests (Note 31) | **413.9** | 807.3 |
| **Total equity** | $**3693.4** | $5203.2 |
| **Total liabilities and equity** | $**6451.5** | $8382.7 |

---

Commitments and Contingencies *(Note 34)*

Subsequent Events *(Notes 25, 27 and 36)*

The accompanying notes are an integral part of the consolidated financial statements

Approved by the Board

---

| | |
|:---|:---|
| **"Peter Marrone"** | **"Richard Graff"** |
| *PETER MARRONE* | *RICHARD GRAFF* |
| *Director* | *Director* |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 9

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**YAMANA** GOLD INC.

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**FOR THE YEARS ENDED DECEMBER 31,**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of US Dollars)* | **Share<br>capital** | **Contributed surplus** | **Accumulated other comprehensive (loss) income** | **Deficit** | **Attributable<br>to Yamana Gold Inc. equity holders** | **Non-<br>controlling<br>interests** | **Total<br>equity** |
| **As at January 1, 2021** | $**7648.9** | $**22.7** | $**(6.5)** | $**(3318.8)** | $**4346.3** | $**826.0** | $**5172.3** |
| Total comprehensive earnings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) |  |  |  | 147.5 | **147.5** | (58.7) | **88.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  | (15.9) |  | **(15.9)** |  | **(15.9)** |
|  | $**—** | $**—** | $**(15.9)** | $**147.5** | $**131.6** | $**(58.7)** | $**72.9** |
| Transactions with owners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on acquisition of Monarch Gold (Note 6) | 61.2 |  |  |  | **61.2** |  | **61.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on acquisition of exploration properties (Note 6) | 3.1 |  |  |  | **3.1** |  | **3.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on vesting of restricted share units (Note 30) | 4.5 | (4.5) |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting restricted share units |  | 4.9 |  |  | **4.9** |  | **4.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on exercise of warrants (Note 30) | 0.1 |  |  |  | **0.1** |  | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash contributions from non-controlling interests in MARA (Note 6) |  |  |  |  | **—** | 18.6 | **18.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of Mineros option on La Pepa (Note 6) |  | 2.0 |  |  | **2.0** |  | **2.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on exercise of Mineros option on La Pepa (Note 6) |  |  |  | (16.4) | **(16.4)** | 21.4 | **5.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of own shares, share cancellations and other adjustments (Note 30) | (28.6) | (0.2) |  |  | **(28.8)** |  | **(28.8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment plan (Note 30) | 0.7 |  |  |  | **0.7** |  | **0.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Note 29) |  |  |  | (108.6) | **(108.6)** |  | **(108.6)** |
| **As at December 31, 2021** | $**7689.9** | $**24.9** | $**(22.4)** | $**(3296.5)** | $**4395.9** | $**807.3** | $**5203.2** |
| **As at January 1, 2022** | $**7689.9** | $**24.9** | $**(22.4)** | $**(3296.5)** | $**4395.9** | $**807.3** | $**5203.2** |
| Total comprehensive loss |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (982.3) | **(982.3)** | (413.1) | **(1395.4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  | (25.6) |  | **(25.6)** |  | **(25.6)** |
|  | $**—** | $**—** | $**(25.6)** | $**(982.3)** | $**(1007.9)** | $**(413.1)** | $**(1421.0)** |
| Transactions with owners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on vesting of restricted share units ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_211)29) | 4.4 | (4.4) |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting restricted share units |  | 5.6 |  |  | **5.6** |  | **5.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on exercise of warrants (Note 29) | 0.2 |  |  |  | **0.2** |  | **0.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash contributions from non-controlling interests in MARA |  |  |  |  | **—** | 19.7 | **19.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of Mineros option on La Pepa |  | 0.3 |  |  | **0.3** |  | **0.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 0.1 |  |  | **0.1** |  | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment plan ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_208)29) | 0.5 |  |  |  | **0.5** |  | **0.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Note 29) |  |  |  | (115.3) | **(115.3)** |  | **(115.3)** |
| **As at December 31, 2022** | $**7695.0** | $**26.4** | $**(48.0)** | $**(4393.9)** | $**3279.5** | $**413.9** | $**3693.4** |

---

The accompanying notes are an integral part of the consolidated financial statements.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 10

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**YAMANA** GOLD INC.

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

For the Years Ended December 31, 2022 and December 31, 2021

*(Tabular amounts in millions of US Dollars, unless otherwise noted)* 

**1.&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS**

Yamana Gold Inc. is the ultimate parent company of its consolidated group ("Yamana" or "the Company"). The Company, incorporated and domiciled in Canada, is a precious metals producer with significant gold and silver production, development stage properties, and exploration properties and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.

The Company's registered office is Royal Bank Plaza, North Tower, Suite 2200 - 200 Bay Street, Toronto, Ontario, M5J 2J3. The Company is listed on the Toronto Stock Exchange (Symbol: YRI), the New York Stock Exchange (Symbol: AUY) and the London Stock Exchange (Symbol: AUY).

The Company's principal producing mining properties are comprised of the Canadian Malartic mine in Canada (50% interest); the Jacobina mine in Brazil; the El Peñón and Minera Florida mines in Chile; and the Cerro Moro mine in Argentina. The Company's significant projects include the MARA project in Argentina (56.25% interest), and the Wasamac project in Canada.

**2.&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION AND PRESENTATION**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), effective as of December 31, 2022.

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities (including derivative instruments) measured at fair value as explained in *Note 3*. Accounting policies are consistently applied to all years presented, unless otherwise stated.

The functional and presentation currencies of the Company and all its subsidiaries is the United States Dollar ("US Dollar"), and all values herein are rounded to the nearest million except where otherwise indicated. References to ARS, BRL, C$, and CLP are to Argentine Pesos, Brazilian Reais, Canadian Dollars and Chilean Pesos, respectively.

The consolidated financial statements were authorized for issuance by the Board of Directors on March 29, 2023.

**Change in accounting policy regarding presentation of COVID-19 related costs**

Commencing in 2020, the Company presented all costs incurred as a result of the COVID-19 pandemic in the "Temporary suspension, standby and other incremental COVID-19 costs" line in the statement of operations. At the time, it was considered that this presentation provided useful information about the direct impact of the then recently emerged COVID-19 pandemic on the Company's costs. During the first quarter of 2022, the Company considered that such costs are now more appropriately included in "Cost of sales excluding depletion, depreciation and amortization", and the Company's accounting policy regarding the presentation of such costs was changed. Further, as required by paragraph 41 of IAS 1, comparatives have been reclassified to conform to the change in presentation adopted in the current period, with the $33.9 million of COVID-19 related costs incurred in the year ended December 31, 2021 reclassified from "Temporary suspension, standby and other incremental COVID-19 costs" to "Cost of sales excluding depletion, depreciation and amortization" and included in the calculation of "Gross Margin excluding depletion, depreciation and amortization". The "Temporary suspension, standby and other incremental COVID-19 costs" financial statement line item has been renamed "Temporary suspension costs" to reflect the fact that COVID-19 related costs are no longer included in this cost account. Temporary Suspension Costs totaling $7.7 million incurred in the year ended December 31, 2022 comprise $5.7 million related to a labour action at Minera Florida that carried into January 2022, which has now been resolved and resulted in a new long-term collective bargaining agreement; and $2.0 million related to an illegal labour action at Cerro Moro during the third quarter, which was short in duration and has now been resolved. Temporary Suspension Costs incurred in the year ended December 31, 2021 comprise $3.5 million related to the labour action at Minera Florida discussed above that commenced in the fourth quarter of 2021.

**3.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES**

The significant accounting policies used in the preparation of these consolidated financial statements are as follows:

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 11

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**(a)&nbsp;&nbsp;&nbsp;&nbsp;Basis of Consolidation**

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date control ceases. Where the Company's interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. Intercompany assets and liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation.

The principal subsidiaries of the Company and the Company's ownership interest in these subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Legal Entity** | **Mine/Project Location** | **December 31, 2022** | **December 31, 2021** | **Mining properties <br>and projects owned** |
| Minera Meridian Ltda. | Chile | **100.00%** | 100.00% | El Peñón mine |
| Jacobina Mineração e Comércio Ltda. | Brazil | **100.00%** | 100.00% | Jacobina mine |
| Estelar Resources S.A.<sup>(i)</sup> | Argentina | **100.00%** | 100.00% | Cerro Moro mine |
| Minera Florida Ltda. | Chile | **100.00%** | 100.00% | Minera Florida mine |
| Minera Agua Rica Alumbrera Ltd. | Argentina | **56.25%** | 56.25% | MARA project |
| Yamana Gold Quebec Inc. | Canada | **100.00%** | 100.00% | Wasamac project |
| Suyai del Sur S.A.U. | Argentina | **100.00%** | 100.00% | Suyai project |
| Agua De La Falda S.A. | Chile | **56.70%** | 56.70% | Jeronimo project |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Refer to discussion at *Note 31*.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Associates and Joint Arrangements** 

These consolidated financial statements also include the following joint arrangement and investments in associates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Associates and<br>joint arrangements** | **Location** | **December 31, 2022** | **December 31, 2021** | **Classification and accounting method** | **Mining properties<br>and projects owned** |
| Canadian Malartic | Canada | **50.00%** | 50.00% | Joint operation, <br>consolidate Yamana's share | Canadian Malartic mine |

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A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing the control. A joint operation is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. A joint operation is a joint arrangement whereby the parties have joint control of the arrangement and have rights to the assets and obligations for the liabilities relating to the arrangement. For a joint operation, the Company recognizes its share of the assets, liabilities, revenues and expenses of the joint arrangement. The Company's 50% interest in each of Canadian Malartic Corporation and Canadian Malartic GP, the general partnership that holds the Canadian Malartic mine located in Quebec (collectively "Canadian Malartic"), has been accounted for as a joint operation.

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The Company is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the investee, unless it can be clearly demonstrated that the Company does not have significant influence.

The Company accounts for an investment in an associate using the equity method. Under the equity method, an investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net earnings/loss and other comprehensive earnings/loss of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate's reserves, and for impairment losses after the initial recognition date. The total carrying amount of the Company's investment in associate also includes any long-term debt interests which, in substance, form part of the Company's net investment. The Company's share of the associate's losses that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company's share of earnings or losses of its associate are recognized in net earnings during the period. Dividends and repayment of capital received from the associate are accounted for as a reduction in the carrying amount of the Company's investment. Unrealized gains and losses between the Company and its associate are recognized only to the extent of unrelated investors' interests in the associate. Intercompany balances and interest expense and income arising on loans and borrowings between the Company and its associate are not eliminated.

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At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee's operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal ("FVLCD") and value-in-use ("VIU"). If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net earnings/loss in the period in which the reversal occurs.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation**

The functional and presentation currency of the Company and each of its subsidiaries, associates and joint operation is the US Dollar. In preparing the financial statements of the individual companies, transactions in currencies other than the Company's functional currency ("foreign currencies") are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Income statement items denominated in foreign currencies are translated at the average exchange rates prevailing during the year, with the exception of depletion, depreciation and amortization which is translated at historical exchange rates. Foreign exchange gains and losses are included in net earnings/loss. Foreign exchange gains and losses related to income taxes, if any, are reported within the income tax expense line in the Company's consolidated statement of operations.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations**

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interest issued by the Company in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

When the consideration transferred by the Company in a business combination includes contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognized in earnings.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Goodwill**

Goodwill is initially recognized and measured as set out above.

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Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Company's cash-generating units ("CGUs") expected to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a CGU, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Impairment and Reversal of Impairment of Non-Current Assets**

At each reporting date, the Company reviews the carrying amounts of its mining properties and plant and equipment at the CGU level to determine whether there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount of the relevant CGU is estimated in order to determine the extent of the impairment loss (if any). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company's CGUs are its significant mine sites and significant development projects. In certain circumstances, where the recoverable amount of an individual asset can be determined, impairment is performed at the individual asset level.

The recoverable amount of a mine site is the greater of its fair value less costs of disposal ("FVLCD") and value in use ("VIU"). In the absence of market related comparative information, FVLCD is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to sell estimated based on similar past transactions. When discounting estimated future after-tax cash flows, the Company uses its after-tax weighted average cost of capital. Estimated cash flows are based on expected future production, metal selling prices, operating costs and capital expenditures. If the recoverable amount of a mine site is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. The carrying amount of each mine site includes the carrying amounts of mining properties, plant and equipment, goodwill (if applicable) and related deferred income tax balances, net of the mine site environmental rehabilitation provision. In addition, the carrying amounts of the Company's corporate assets are allocated to the relevant mine sites for impairment purposes. Impairment losses are recognized in the statement of operations in the period in which they are incurred. The allocation of an impairment loss, if any, for a particular mine site to its mining properties and plant and equipment is based on the relative carrying amounts of those assets at the date of impairment.

At each reporting date an assessment is made to determine whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the CGU's recoverable amount since the last impairment loss was recognized. This reversal is recognized in the consolidated statements of operations and is limited to the carrying value that would have been determined, net of any depreciation, depletion and amortization where applicable, had no impairment charge been recognized in prior years. When an impairment reversal is undertaken, the recoverable amount is assessed by reference to the higher of VIU and FVLCD.

**(g)&nbsp;&nbsp;&nbsp;&nbsp;Assets and Liabilities Held for Sale and Discontinued Operations**

Non-current assets and disposal groups are classified as held for sale if their carrying value will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset or disposal group and the sale expected to be completed within one year from the date of the classification.

Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell ("FVLCS"). If the FVLCS is lower than the carrying amount, an impairment loss is recognized in the consolidated statement of operations. Costs to sell are the incremental costs directly attributable to the disposal of an asset or disposal group, excluding finance costs and income tax expense. Non-current assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the Company's consolidated balance sheet.

A disposal group qualifies as a discontinued operation if it is a component of the Company that either has been disposed of, or is classified as held for sale, and: (i) represents a separate major line of business or geographical area of operations; (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale. A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of operations.

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**(h)&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition**

**Gold and Silver**

The Company sells gold and silver in bullion and doré form to customers, which are all major financial institutions.

Revenue is recognized when control of the gold or silver has transferred to the customer. For bullion sales, this is typically at the point in time when the bullion has been pledged to the customer in writing, which is often at the time it is credited to the metal account of the customer. For doré sales, this is typically at the point in time when the customer has received all required confirmations from the Company, which is at the time the doré is shipped from the mine. Following gold or silver being pledged to a customer or the shipment of doré, the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the metal.

Revenue is measured at the transaction price agreed under the contract and excludes any amounts collected on behalf of third parties. Payment of the transaction price is due immediately when the metal is transferred to the customer. A receivable is recognized when the metal is transferred to the customer, as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

**Streaming Arrangements**

From time to time, the Company enters into arrangements with customers pursuant to which, the Company receives consideration in advance of the delivery of metals.

Under streaming arrangements, the Company receives advanced consideration against the delivery of a portion of future metal production referenced to the mine(s) of the Company specified in the contract. In addition to the advanced consideration, the Company may also receive a cash payment as metals are delivered to the customer.

The Company recognizes the advanced consideration as deferred revenue and recognizes the amounts in revenue as it satisfies its performance obligations to deliver metal to the customer over the life of the contract. In contracts for the delivery of gold or silver bullion, this is typically at the point in time when the metal is credited to the metal account of the customer. Following the crediting of gold or silver to a customer's metal account, the customer has legal title to, physical possession of, and the risks and rewards of ownership of the metal, and therefore, the ability to direct the use of, and obtain substantially all of the remaining benefits from, the metal.

The Company determines the amortization of deferred revenue to the consolidated statement of operations on a per unit basis. In streaming arrangements, the estimated total quantity of metal expected to be delivered to the customer over the term of the contract is used. Subsequent changes to expected deliveries result in an adjustment to revenue in the year of change to retroactively adjust for the new number of ounces expected to be delivered under the contract.

Where consideration is received in advance of the Company's performance of its obligation, there is an inherent financing component in the transaction. When the period between receipt of consideration and revenue recognition is greater than one year, the Company determines whether the financing component is significant to the contract.

Where a contract is determined to have a significant financing component, the transaction price is adjusted to reflect the financing. The discount rate used in adjusting the promised amount of consideration is the rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. This rate is not subsequently adjusted for any other changes over the contract term.

The accretion of the interest expense is recognized in the finance expense line in the consolidated statement of operations, unless capitalized to assets under construction in accordance with the Company's policy on capitalized borrowing costs.

The Company estimates the current portion of deferred revenue based on quantities anticipated to be delivered over the next twelve months.

**Other Income**

Other income arising from the use by others of the Company's assets yielding interest, royalties and dividends are recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of the income can be measured reliably, on the following bases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest is recognized using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royalties are recognized on an accrual basis in accordance with the substance of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends are recognized when the shareholder's right to receive payment is established.

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**(i)&nbsp;&nbsp;&nbsp;&nbsp;Leases**

**Identifying a Lease**

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where all the decisions about how and for what purpose the asset is used are predetermined, the Company has the right to direct the use of the asset if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the Company has the right to operate the asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the Company has designed the asset in a way that predetermines how and for what purpose it will be used.

At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of real estate, in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

**The Company as a Lessee**

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed payments, including in-substance fixed payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts expected to be payable under a residual value guarantee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Company presents right-of-use assets in 'property, plant and equipment' and lease liabilities in 'other financial liabilities' in the consolidated balance sheet.

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets, such as certain IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

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**(j)&nbsp;&nbsp;&nbsp;&nbsp;Financial Instruments**

**Classification and Measurement of Financial Assets and Financial Liabilities**

**i)&nbsp;&nbsp;&nbsp;&nbsp;Financial Assets** 

On initial recognition, a financial asset is classified as measured at: amortized cost, FVOCI, or FVTPL. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

The following accounting policies apply to the subsequent measurement of financial assets:

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| | |
|:---|:---|
| **Financial assets at amortized cost** | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. |
| **Financial assets at FVTPL** | These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Refer below for derivatives designated as hedging instruments. |
| **Equity investments at FVOCI** | These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. |
| **Debt investments at FVOCI** | These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. |

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**ii)&nbsp;&nbsp;&nbsp;&nbsp;Financial Liabilities** 

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. See below for financial liabilities designated as hedging instruments.

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**Impairment** 

**Non-Derivative Financial Assets**

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the financial asset is no longer credit-impaired and the improvement can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the counterparty's credit rating).

For trade receivables that are classified as financial assets at amortized cost, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

**Derivative Instruments and Hedge Accounting** 

The Company uses derivative financial instruments to hedge its exposure to exchange rate fluctuations on foreign currency operating expenses and capital expenditures.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in other comprehensive income, net of tax. For hedged items other than the purchase of non-financial assets, the amounts accumulated in other comprehensive income are reclassified to the consolidated statements of operations when the underlying hedged transaction, identified at contract inception, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the measurement of the initial carrying amount of the asset or liability.

Any ineffective portion of a hedge relationship is recognized immediately in the consolidated statements of operations. The Company has elected to exclude the time value component of options and the forward element of forward contracts from the hedging relationships, with changes in these amounts recorded in other comprehensive income and treated as a cost of hedging. For hedged items other than the purchase of non-financial assets, the cost of hedging amounts is reclassified to the consolidated statements of operations when the underlying hedged transaction affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the cost of hedging is added to the carrying amount of the non-financial asset.

When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in other comprehensive income up until the time the contracts do not qualify for hedge accounting remain in other comprehensive income. Amounts recognized in other comprehensive income are recognized in the consolidated statements of operations in the period in which the underlying hedged transaction is completed. Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred in the consolidated statements of operations.

If the forecasted transaction is no longer expected to occur, then the amounts accumulated in other comprehensive income are reclassified to the consolidated statement of operations immediately.

**(k)&nbsp;&nbsp;&nbsp;&nbsp;Share-Based Payments** 

The fair value of the estimated number of share options and restricted share units ("RSUs") awarded to employees, officers and directors that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense within General and Administrative expenses in the consolidated statements of operations over the vesting period of the share options and RSUs, with a corresponding increase to equity. The fair value of share options is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. Share options and RSUs with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Changes to the estimated number of awards that will eventually vest are accounted for prospectively. The Company's share option plan includes a share appreciation feature. If and when the share options are ultimately exercised, the applicable amount in the equity reserve is transferred to share capital.

Performance share units ("PSUs") and deferred share units ("DSUs") are settled in cash. PSUs are recognized as share-based compensation expense within general and administrative expenses in the consolidated statement of operations ("G&A") over the vesting period, which includes the remeasurement of those PSUs that have partially vested. DSUs are recognized as share-

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based compensation expense within G&A on the date of grant, as these instruments vest immediately. Mark to market adjustments on DSUs subsequent to vesting are recognized as share-based compensation in other operating expenses.

Transactions entered into with third parties whereby the Company issues shares of the parent or of a subsidiary in exchange for goods or services received, are accounted for as share-based payment transactions. The Company recognizes the goods or services received when it obtains the goods or as the services are received, and recognizes a corresponding increase in equity. The Company measures the goods or services received at the fair value of the goods or services received, unless that fair value cannot be estimated reliably.

**(l)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

Income tax expense or recovery comprises of current and deferred tax. Income tax expense or recovery is recognized in the consolidated statements of operations except to the extent it relates to items recognized directly in equity or in OCI, in which case the related taxes are recognized in equity or OCI.

Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, which may differ from earnings reported in the consolidated statements of operations due to items of income or expenses that are not currently taxable or deductible for tax purposes, using tax rates substantively enacted at the reporting date, penalties and interest on income taxes, and any adjustment to tax payable in respect of previous years.

Deferred income tax is recognized based on the balance sheet method in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goodwill or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in subsidiaries and jointly controlled entities to the extent they can be controlled and that it is probable that they will not reverse in the foreseeable future.

Deferred income tax is recognized on the movement in foreign exchange rates on non-monetary assets denominated in foreign currencies. Foreign exchange gains or losses relating to deferred income taxes are included in the deferred income tax expense in the consolidated statements of operations.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

**(m)&nbsp;&nbsp;&nbsp;&nbsp;Inventories**

Metal inventories - ore in stockpiles (ore extracted from the mine and available for further processing), work in process (metal in the processing circuit that has not completed the production process), and product inventories (metal in saleable form) are measured at the lower of the cost of production and net realizable value. Cost is determined on a weighted average basis and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Cost of inventories comprises direct labor, materials and contractor expenses, including non-capitalized stripping costs; depreciation, depletion and amortization including capitalized stripping costs; and an allocation of general and administrative costs. Costs are added to ore in stockpiles at the current mining cost per tonne. As ore is removed for processing, costs are removed based on the accumulated average cost per tonne. Net realizable value is calculated as the estimated selling price at the time of sale based on prevailing and long-term metal prices, less estimated future costs to convert the inventories into saleable form and estimated costs to sell.

Ore in stockpiles not expected to be processed in the next twelve months is classified as long-term.

Materials and supplies include consumables and other raw materials yet to be used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items, and are valued at the lower of cost and net realizable value. Provisions are recorded to reduce materials and supplies to net realizable value, which is generally calculated by reference to its salvage or scrap value, when it is determined that the materials or supplies are obsolete. Provisions are reversed to reflect subsequent recoveries in net realizable value where the inventory is still on hand.

Write downs of inventory and reversals of write downs are reported as a component of current period costs.

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**(n)&nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment**

**Land, Building, Plant and Equipment**

Land, building, plant and equipment are recorded at cost, less accumulated depreciation and accumulated impairment losses. The cost is comprised of the asset's purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated environmental rehabilitation costs associated with the asset.

The depreciable amount of building, plant and equipment is amortized according to either the units of production method or on a straight-line basis, to the residual value of the asset over the lesser of mine life or estimated useful life of the asset. Each part of an item of building, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately if its useful life differs. Useful lives of building, plant and equipment items range from two to thirty years, but do not exceed the related estimated mine life based on proven and probable mineral reserves and the portion of mineral resources that management expects to become mineral reserves in the future and be economically extracted.

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| | | |
|:---|:---|:---|
| | **Depreciation Method** | **Useful Life** |
| Building | Straight Line | 4 to 30 years |
| Machinery and equipment | Straight Line | 2 to 7 years |
| Vehicles | Straight Line | 3 to 5 years |
| Furniture and office equipment | Straight Line | 2 to 10 years |
| Computer equipment and software | Straight Line | 3 to 5 years |
| Land | Not depreciated | N/A |

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The Company reviews the useful life, depreciation method, residual value and carrying value of its building, plant and equipment at least annually. Where the carrying value is estimated to exceed the estimated recoverable amount, which is the higher of the asset's fair value less costs of disposal or value in use, a provision for impairment is measured and recorded.

Expenditures that extend the useful lives of existing facilities or equipment are capitalized and depreciated over the remaining useful lives of the assets or useful life of the component (e.g. major overhaul) of an asset. Repairs and maintenance expenditures are expensed as incurred.

**Exploration and Evaluation Assets, and Depletable Producing Properties**

The Company's tangible exploration and evaluation assets are comprised of mineral resources and exploration potential. The value associated with mineral resources and exploration potential is the value beyond proven and probable mineral reserves.

Exploration and evaluation assets acquired as part of an asset acquisition or a business combination are recorded as tangible exploration and evaluation assets and are capitalized at cost, which represents the fair value of the assets at the time of acquisition determined by estimating the fair value of the property's mineral reserves, mineral resources and exploration potential at such time.

The value of such assets when acquired is primarily a function of the nature and amount of mineralized materials contained in such properties. Exploration and evaluation stage mineral interests represent interests in properties that potentially contain mineralized material consisting of measured, indicated and inferred mineral resources; other mine exploration potential such as inferred mineral resources not immediately adjacent to existing mineral reserves but located around and near mine or project areas; other mine-related exploration potential that is not part of measured, indicated and inferred mineral resources; and any acquired right to explore and develop a potential mineral deposit.

Expenditures incurred before the Company has obtained legal rights to explore a specific area of interest are expensed. Costs incurred for general exploration that are either not-project-specific or do not result in the acquisition of mineral properties are considered greenfield expenditures and charged to expense. Brownfield expenditures, which typically occur in areas surrounding known deposits and/or re-exploring older mines using new technologies to determine if greater mineral reserves and mineral resources exist, are capitalized. Brownfield activities are focused on the discovery of mineral reserves and mineral resources close to existing operations, including around mine or near-mine, mineral reserve and mineral resource extension and infill drilling.

Exploration expenditures include the costs incurred in either the initial exploration for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits.

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Evaluation expenditures include the costs incurred to establish the technical feasibility and commercial viability of developing mineral deposits identified through exploration activities or by acquisition. Evaluation expenditures include the cost of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquiring the rights to explore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining the optimal methods of extraction and metallurgical and treatment processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Studies related to surveying, transportation and infrastructure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permitting activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, pre-feasibility and final feasibility studies.

The values assigned to the tangible exploration and evaluation assets (which may include acquired plant and equipment) are carried at acquired costs until such time as the technical feasibility and commercial viability of extracting mineral resource from the assets is demonstrated, which occurs when the activities are designated as a development project and advancement of the project is considered economically feasible. At that time, the property and the related costs are reclassified as part of the development costs of a producing property not yet subject to depletion, and remain capitalized. Assessment for impairment is conducted before reclassification.

Depletion commences once a property has reached commercial production. Depletion of mining properties and development costs are calculated and recorded on a units of production basis over the estimated tonnage or recoverable ounces of proven and probable mineral reserves of the mine, and the portion of mineral resources expected to be classified as mineral reserves and economically extracted, which may include mineral resources in each of the measured, indicated and/or inferred mineral resources categories.

The Company assesses and tests its exploration and evaluation assets and mining properties for impairment, and subsequent reversal of impairment, at least annually or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable or that an impairment may be reversed. Costs related to areas of interest abandoned are written off when the decision of abandonment is made. Refer to (f) Impairment and Reversal of Impairment of Non-Current Assets for details of the policy. An impairment assessment of the exploration and evaluation assets is conducted before the reclassification or transfer of exploration and evaluation assets to depletable producing properties.

**Stripping Costs**

In open pit mining operations, it is necessary to remove overburden and other waste materials in order to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping.

Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as open pit mine development costs.

During the production phase of a mine, stripping is generally considered to create two distinct benefits: (i) the production of inventory and (ii) improved access to ore that is expected to be mined in the future. Where the benefits are realized in the form of inventory produced in the period, the stripping costs are accounted for as part of the cost of producing those inventories. Where the benefits are realized in the form of improved access to ore to be mined in the future, the costs are recognized as a non-current asset, referred to as a "stripping activity asset," if the following criteria are met: (a) future economic benefits (that is, improved access to the ore body for future extraction) are probable; (b) the component of the ore body for which access will be improved can be accurately identified; and (c) the costs associated with the improved access can be reliably measured. If any of these criteria are not met, the production stripping costs are charged to profit or loss as operating costs as they are incurred.

The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs. If incidental operations occur at the same time as the production stripping activity, but are not necessary for the production stripping activity to continue as planned, these costs are not included in the cost of the stripping activity asset. If the costs of the inventory produced and the stripping activity asset are not separately identifiable, a production measure is used to allocate the production stripping costs between the inventory produced and the stripping activity asset. This production measure is calculated for the identified component of the ore body, which is based on the specific development phases determined when designing the development plan for the pit. This measure is then used as a benchmark to identify the extent to which the stripping activities have created a future benefit. The Company uses the expected volume of waste extracted for a volume of ore production compared with the actual volume extracted for such volume of ore production to calculate each component. The stripping activity asset is then accounted for as an addition to, or an enhancement of, the applicable mine asset, and is presented as part of "Mining properties" in the Company's consolidated balance sheets.

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**Assets Under Construction**

Assets under construction are capitalized as 'Construction in Progress' until the asset is capable of operating at levels intended by management. Costs incurred prior to this point, including depreciation of related plant and equipment, are capitalized and proceeds from sales during this period are offset against costs capitalized. Borrowing costs, including interest, associated with projects that are actively being prepared for production are capitalized to Construction in Progress. These costs are elements of the historical cost of acquiring an asset when a period of time is required to bring it to the condition and location necessary for its intended use. The borrowing costs eligible for capitalization are determined by applying a capitalization rate, which is the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, to the expenditures on the asset. Capitalized interest costs are amortized on the same basis as the related qualifying asset.

**(o)&nbsp;&nbsp;&nbsp;&nbsp;Environmental Rehabilitation and Other Provisions**

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability that have not been reflected in the estimate of the expenditure. The unwinding of the discount is recognized as a finance expense.

Environmental rehabilitation obligations are a type of provision associated with the retirement of a long-lived asset that the Company has acquired, constructed, developed and/or used in operations. These include the dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. These estimated obligations are provided for in the accounting period when the related disturbance occurs, whether during the mine development or production phases at the present value of estimated future costs to settle the obligations, or when a constructive obligation arises. The costs are estimated based on the Company's mine closure plan. The cost estimates are updated annually during the life of the operation to reflect known developments, (e.g. revisions to cost estimates and to the estimated lives of operations, or changes in legal or regulatory requirements), and are subject to review at regular intervals.

Environmental rehabilitation provisions are initially recorded with a corresponding increase to the carrying amounts of property, plant and equipment, with any subsequent changes to the liability accounted for as changes in the carrying amounts of the related property, plant and equipment. The capitalized costs are amortized over the life of the mine on a unit-of-production basis.

**(p)&nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets**

Intangible assets acquired by way of an asset acquisition or business combination are recognized if the asset is separable or arises from contractual or legal rights and the fair value can be measured reliably on initial recognition. Intangible assets must be identifiable, controlled by the Company and with future economic benefits expected to flow from the assets. Intangible assets that are acquired by the Company and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over the lesser of mine life or estimated useful life of the intangible asset. The Company reviews the useful life, amortization method and carrying value on a regular basis.

**(q)&nbsp;&nbsp;&nbsp;&nbsp;Flow-Through Shares**

Under Canadian income tax legislation, a company is permitted to issue flow-through shares whereby the company agrees to incur qualifying expenditures and renounce the related income tax deductions to the investors. The Company allocates the proceeds from the issuance of these shares between the offering of shares and the sale of tax benefits. The allocation is made based on the difference between the quoted price of the shares and the amount the investors pay for the shares, with a deferred flow-through premium liability recognized for the difference. The liability is reversed and a tax provision recognized upon filing of the appropriate renunciation forms with the Canadian taxation authorities for qualifying expenditures previously incurred. The spending also gives rise to a deferred tax temporary difference between the carrying value and tax value of the qualifying expenditure.

**(r)&nbsp;&nbsp;&nbsp;&nbsp;Asset acquisitions**

Upon the acquisition of an asset or a group of assets and liabilities that does not constitute a business, the Company identifies and recognizes the individual identifiable assets acquired and liabilities assumed. The cost of the group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction or event does not give rise to goodwill.

When the acquisition of an asset or a group of assets and liabilities is achieved in stages, the Company's previously held interests in the acquired assets and liabilities are not remeasured to their acquisition-date fair values and instead, continue to be measured at their carrying values.

When the Company acquires a controlling, but less than 100% interest in an entity that does not constitute a business, and the transaction is therefore, accounted for as the acquisition of an asset or group of assets and liabilities, the Company consolidates

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the entity and recognizes a non-controlling interest for the portion of the entity it did not acquire. The Company recognizes non-controlling interests that arise in an asset acquisition either at fair value or at the non-controlling interests' proportionate share of the acquired entity's net identifiable assets. This decision is made on an acquisition-by-acquisition basis.

**4. &nbsp;&nbsp;&nbsp;&nbsp;CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTIES**

The preparation of the Company's consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. These assumptions, judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. Management reviews its estimates and underlying assumptions on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The most significant judgements and key sources of estimation uncertainty that management believes could have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

**Mineral Reserve and Mineral Resource Estimates**

*Key Sources of Estimation Uncertainty*

The figures for mineral reserves and mineral resources are determined in accordance with National Instrument 43-101 *Standards of Disclosure for Mineral Projects*, issued by the Canadian Securities Administrators. This National Instrument lays out the standards of disclosure for mineral projects including rules relating to the determination of mineral reserves and mineral resources. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including many factors beyond the Company's control. Such estimation is a subjective process, and the accuracy of any mineral reserve or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgements used in engineering and geological interpretation. Short-term operating factors relating to the mineral reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. Lower market prices, increased production costs, reduced recovery rates and other factors may result in a revision of its mineral reserve estimates from time to time or may render the Company's mineral reserves uneconomic to exploit, which may materially and adversely affect the results of operations or financial condition. Mineral reserve data are not indicative of future results of operations. Evaluation of mineral resources is conducted from time to time and mineral resources may change depending on further geological interpretation, drilling results and metal prices. The Company regularly evaluates its mineral resources and it often determines the merits of increasing the reliability of its overall mineral resources.

Differences between management's assumptions, and actual events including economic assumptions such as metal prices and market conditions, could have a material effect in the future on the Company's financial position and results of operations.

Estimates of the quantities of proven and probable mineral reserves and mineral resources form the basis for the Company's LOM ("LOM") plans, which are used for a number of important business and accounting purposes, including: determination of the useful life of property, plant and equipment and measurement of the depreciation expense, capitalization and amortization of stripping costs, exploration and evaluation of mineral resources and determination of technical feasibility and commercial viability, and forecasting the timing of the payments related to the environmental rehabilitation provision. In addition, the underlying LOM plans are used in the impairment tests for goodwill and non-current assets.

**Estimated Recoverable Ounces**

*Key Sources of Estimation Uncertainty*

The carrying amounts of the Company's mining properties are depleted based on recoverable ounces contained in proven and probable mineral reserves plus a portion of mineral resources. The Company includes a portion of mineral resources where it is considered probable that those mineral resources will be economically extracted. Changes to estimates of recoverable ounces and depletable costs including changes resulting from revisions to the Company's mine plans and changes in metal price forecasts can result in a change to future depletion rates.

**Economic Recoverability and Probability of Future Economic Benefits of Exploration, Evaluation and Development Costs**

*Critical Judgements in Applying Accounting Policies* 

Management has determined that exploration and evaluation costs incurred during the year and costs associated with projects under construction have future economic benefits and are economically recoverable. In making this judgement, management has assessed various sources of information including but not limited to the geologic and metallurgic information, history of

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conversion of mineral deposits to proven and probable mineral reserves, scoping and feasibility studies, proximity of operating facilities, operating management expertise, existing permits and life of mine plans.

**Indicators of Impairment and Reversal of Impairment**

*Critical Judgements in Applying Accounting Policies* 

The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired or reversal of impairment is needed. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable amount of CGUs. Internal sources of information include the manner in which mining properties and plant and equipment are being used or are expected to be used and indicators of the economic performance of the assets, historical exploration and operating results. The primary external factors considered are changes in spot and forecast metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. Primary internal factors considered are the Company's current mine performance against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

**Impairment and Reversal of Impairment**

*Key Sources of Estimation Uncertainty*

In determining the recoverable amounts of the Company's mining interests and goodwill for the year ended December 31, 2021, management made estimates of the discounted future after-tax cash flows expected to be derived from the Company's mining properties, costs to dispose of the mining properties and the appropriate discount rate. Under the discounted cash flow ("DCF") valuation method, projected cash flows are significantly affected by changes in assumptions related to metal selling prices, changes in the amount of recoverable reserves, resources, and exploration potential, production cost estimates, future capital expenditures, discount rates and exchange rates. Significant changes in metal price forecasts, estimated future costs of production, capital expenditures, the amount of recoverable reserves, resources, and exploration potential, and/or the impact of changes in current economic conditions may result in an impairment write-down or reversal of a previous impairment on the carrying amounts of the Company's mining interests and/or an impairment write-down of goodwill. The DCF method is a valuation technique consistent with the income approach in IFRS 13 *Fair Value Measurement* ("IFRS 13").

Due to changes in the Company's situation since the previous reporting period - namely, the fact that the Company has entered into an arrangement agreement with Pan American and Agnico for the sale of the Company and all of its assets; the Company has determined that in the current reporting period the value of the Company's assets is derived from their sale value rather than from future cash flows from continuing operations. Accordingly, the Company changed the valuation technique used to a valuation technique consistent with the market approach described in IFRS 13. In estimating FVLCD, the Company took into account the consideration paid in a recent transaction (MARA CGU) and consideration offered in a current transaction (Canadian Malartic CGU). For all other CGUs, the Company used a multiples-based valuation method, applying value multiples to the mineral reserves and mineral resources in the CGUs subject to impairment testing. The Company concluded that the resulting measurement is more representative of the fair value of its cash-generating units in the circumstances existing at the end of the current reporting period and, therefore, that IFRS 13 permits such a change.

During the year ended December 31, 2022, the Company recognized impairments in respect of the carrying amounts of certain cash-generating units. No impairments or impairment reversals were recognized during the year ended December 31, 2021. Refer to *Note 13.*

Further information on the pending Pan American-Agnico transaction can be found in Note *36.***D**

**Environmental Rehabilitation Provision**

*Key Sources of Estimation Uncertainty*

Given the nature of its operations, the Company incurs obligations to close, restore and rehabilitate its sites. Closure and rehabilitation activities are governed by a combination of legislative requirements and Company policies. The Company's environmental rehabilitation provision represents management's best estimate of the present value of the future cash outflows required to settle the liabilities, which reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future.

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**Revenue Recognition: Application of Variable Consideration Constraint**

*Key Sources of Estimation Uncertainty*

The Company determines the amortization of deferred revenue to the consolidated statement of operations on a per unit basis using the expected quantity of metal that will be delivered over the term of the contract, which is based on geological reports and the Company's LOM plan at contract inception. As subsequent changes to the expected quantity of metal to be delivered triggers a retrospective adjustment to revenue, management is required to estimate the metal ounces to be included in the denominator that will be sufficient such that subsequent changes are not expected to result in a significant revenue reversal. Accordingly, management includes mineral reserves and a portion of mineral resources, which management is reasonably confident are transferable to reserves, in the calculation. With this approach, the Company considers that it is highly probable that changes in subsequent mineral reserve and mineral resource estimates will not result in a significant revenue reversal of previously recognized revenue.

**Deferred Revenue**

*Critical Judgements in Applying Accounting Policies*

Significant judgement is required in determining the appropriate accounting treatment for metal transactions entered into by the Company. With respect to the Company's current streaming arrangement, management has determined that based on the agreement, the counterparty assumes significant business risk and rewards associated with the timing and amount of metals being delivered. As such, the deposits received from the counterparty have been recorded as deferred revenue in the consolidated balance sheet. Additionally, the Company has determined that the transaction is not a financial liability as; based on the specific rights and obligations set out in the agreement, under no circumstances will the delivery obligations be satisfied with cash. Refer to *Note 26* for additional information.

**Joint Arrangements**

*Critical Judgements in Applying Accounting Policies* 

Judgement is required to determine when the Company has joint control of a contractual arrangement, which requires a continuous assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture when the arrangement has been structured through a separate vehicle. Classifying the arrangement requires the Company to assess its rights and obligations arising from the arrangement. Specifically, the Company considers the legal form of the separate vehicle, the terms of the contractual arrangement and other relevant facts and circumstances. This assessment often requires significant judgement, and a different conclusion on joint control, or whether the arrangement is a joint operation or a joint venture, may have a material impact on the accounting treatment.

Management evaluated its joint arrangement with Agnico Eagle Mines Limited, whereby both parties acquired 50.0% of the shares of Osisko (now Canadian Malartic) in accordance with the requirements in IFRS 11 *Joint Arrangements*. The Company concluded that the arrangement qualified as a joint operation upon consideration of the following significant factors: (i) The requirement that the joint operators purchase all output from the investee and investee restrictions on selling the output to any third party; (ii) The parties to the arrangement are substantially the only source of cash flow contributing to the continuity of the arrangement; and (iii) If the selling price drops below cost, the joint operators are required to cover any obligations Canadian Malartic cannot satisfy.

**Income Taxes**

*Key Sources of Estimation Uncertainty*

**Income taxes and recoverability of deferred tax assets:** In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operating activities and the application of existing tax laws in each jurisdiction. The Company considers relevant tax planning opportunities that are within the Company's control, are feasible, and within management's ability to implement. Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position examined in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. Also, future changes in tax laws could limit the Company from realizing the tax benefits from the deferred tax assets. The Company reassesses unrecognized income tax assets at each reporting period.

**Inventory Valuation**

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*Key Sources of Estimation Uncertainty*

The measurement of inventory including the determination of its net realizable value, especially as it relates to ore in stockpiles, involves the use of estimates. Estimation is required in determining the tonnage, recoverable gold contained therein, and in determining the remaining costs of completion to bring inventory to its saleable form. Changes in these estimates can result in a change in mine operating costs of future periods and carrying amounts of inventories

Further, in determining the net realizable value of ore in stockpiles, the Company estimates future metal selling prices, production forecasts, realized grades and recoveries, timing of processing, and future costs to convert the inventories into saleable form. Reductions in metal price forecasts, increases in estimated future costs to convert, reductions in the amount of recoverable ounces, and a delay in timing of processing can result in a write down of the carrying amounts of the Company's work in process and ore in stockpiles inventory.

**Determination of technical feasibility and commercial viability**

*Critical Judgements in Applying Accounting Policies*

IFRS 6 specifies the accounting for exploration and evaluation expenditures, defined as "expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable". Once the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the recording of exploration and evaluation expenditures ceases for that mineral project, capitalized exploration and evaluation assets are tested for impairment, and those exploration and evaluation assets are reclassified to other applicable development-stage accounts.

In January 2021, following the completion of an internal PEA-level technical study in late 2020, the Canadian Malartic partnership approved the construction of a new underground mining complex at the Odyssey project. At this point in time, an assessment was performed to determine whether the technical feasibility and commercial viability of extracting a mineral resource were demonstrable. Based on factors including the results of the recently completed PEA-level study (which was incorporated into a NI 43-101 report filed in March 2021) demonstrating the financial viability of the project and the approval of both the Yamana and Agnico Eagle Boards of Directors to proceed, it was determined that technical feasibility and commercial viability were demonstrable, and the Odyssey project was reclassified to an asset under construction within property, plant and equipment.

On July 19, 2021, the Company announced a positive development decision on the Wasamac Project. At this point in time, an assessment was performed to determine whether the technical feasibility and commercial viability of extracting a mineral resource were demonstrable. Based on factors such as the established mineral reserves and mineral resources of the project, the expected financial viability of the project based on the most recently completed feasibility study, and the decision by the Company's Board of Directors to advance the project, it was determined that technical feasibility and commercial viability were demonstrable, and the Wasamac project was reclassified to an asset under construction within property, plant and equipment.

**5.&nbsp;&nbsp;&nbsp;&nbsp;RECENT ACCOUNTING PRONOUNCEMENTS**

**Adoption of Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)**

The Company adopted *Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)* on January 1, 2022. These amendments clarify the accounting for the net proceeds from selling any items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting amounts received from selling items produced from the cost of property, plant and equipment while the Company is preparing the asset for its intended use. Instead, sales proceeds and the cost of producing these items will be recognized in the consolidated statement of operations. The amendments did not have any impact on the Company's consolidated financial statements upon adoption; however, they will impact the future accounting for the Company's two current development projects - Wasamac and the Odyssey underground project at Canadian Malartic.

**Other Narrow Scope Amendments to IFRSs and IFRS Interpretations**

The Company adopted various amendments to IFRSs, which were effective for accounting periods beginning on or after January 1, 2022. The impact of adoption was not significant to the Company's consolidated financial statements.

**New and Revised IFRSs, Narrow Scope Amendments to IFRSs and IFRS Interpretations not yet Effective**

Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after December 31, 2022. Management is still evaluating and does not expect any such pronouncements to have a significant impact on the Company's consolidated financial statements upon adoption.

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**6.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS TRANSACTIONS**

**Acquisition of Monarch Gold Corporation**

In June 2020, pursuant to a private placement offer by Monarch Gold Corporation ("Monarch Gold") (TSX: MQR), Yamana subscribed for $3.1 million (C$4.2 million) worth of units of Monarch Gold at a price of C$0.24 per unit and was issued 17,500,000 common shares of Monarch Gold, along with 8,750,000 warrants. Each warrant entitled Yamana to purchase one common share of Monarch Gold at a price of C$0.29 until June 10, 2023.

As Yamana's shareholding was above 5%, the Company was entitled to name a representative to Monarch Gold's Board of Directors. As Yamana was represented on Monarch Gold's Board of Directors, the Company concluded that it had significant influence over Monarch Gold, and the investment was accounted for as an investment in associate using the equity method.

Yamana acquired additional shares in Monarch Gold during the third quarter of 2020, increasing the Company's shareholding from 6% to 7.1% of Monarch Gold's issued and outstanding shares. Yamana's shareholding was subsequently reduced to 6.92% due to the exercise of options/warrants by other option/warrant holders.

On November 2, 2020, Yamana announced that it had entered into a definitive agreement with Monarch Gold whereby Yamana would acquire the Wasamac property and the Camflo property and mill through the acquisition of all of the outstanding shares of Monarch Gold not owned by Yamana, under a plan of arrangement (the "Arrangement"). In connection with the Arrangement, Monarch Gold would complete a spin-out to its shareholders, through newly formed Monarch Mining Corporation ("Monarch Mining") of its other mineral properties and certain other assets and liabilities.

On January 21, 2021, the Company announced the completion of the Arrangement.

Pursuant to the terms of the Arrangement, each former holder of Monarch Gold shares received the following consideration per Monarch Gold share held immediately prior to the effective time of the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.0.0376 of a Yamana share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.C$0.192 in cash from Yamana; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.0.2 of a share of the newly formed Monarch Mining.

Yamana also issued replacement warrants to holders of outstanding Monarch warrants, to purchase from Yamana 0.0376 of a Yamana share.

As Monarch Gold became a wholly owned subsidiary of Yamana, the Monarch Gold shares were de-listed from the TSX on January 25, 2021 and Monarch Gold ceased to be a reporting issuer.

The set of activities and assets acquired in the acquisition of Monarch Gold included inputs such as certain mining permits and mineral resources, but did not include an organized workforce. Monarch Gold had no outputs at the acquisition date as the properties acquired were exploration stage properties. Given the absence of an organized workforce, the Company determined that no substantive processes had been acquired and therefore, Monarch Gold did not meet the definition of a 'business' under IFRS, and the acquisition was accounted for as an acquisition of assets and liabilities.

IFRS requires a cost-based approach to be applied in accounting for an asset acquisition. The consideration paid for the acquisition of Monarch Gold was comprised of share consideration, cash consideration and the replacement of certain outstanding Monarch Gold warrants with Yamana warrants. Given the consideration paid included Yamana shares exchanged for Monarch Gold shares; the cost of the transaction for accounting purposes was determined in accordance with IFRS 2, which requires an entity to measure the goods (assets and liabilities) received, and the corresponding increase in equity, directly at the fair value of the goods received, unless that fair value cannot be estimated reliably. Accordingly, the acquisition cost was measured based on the fair value of the Monarch Gold assets acquired and liabilities assumed as the Company concluded that the fair value of such assets and liabilities could be estimated reliably.

The fair value of the Monarch Gold assets acquired and liabilities assumed for accounting purposes was determined to be equal to the value of the consideration paid. Yamana issued 11,608,195 Yamana Shares (with a fair value of $61.2 million), paid $46.9 million (C$59.3 million) in cash, and issued 383,764 replacement warrants (with a fair value of $0.6 million) for total consideration paid of $108.6 million.

Given the transaction resulted in Yamana's previously held 6.92% interest in Monarch Gold being comprised of a portion that is now part of the Company's 100% interest in Monarch Gold, and a portion that is now an interest in Monarch Mining (discussed below); in accounting for the transaction, the Company bifurcated the carrying value of the previously held interest between the two new investments.

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In accounting for the Company's existing 6.92% interest that continued as Monarch Gold, the interest was accounted for at its carrying amount of $3.2 million (and not remeasured to fair value) in line with the Company's accounting policy whereby existing interests are not remeasured when accounting for an asset acquisition.

Upon completion of the Arrangement, the net book value of Monarch Gold was $113.5 million, including capitalized transaction costs.

The Company acquired cash and cash equivalents of $2.0 million in the acquisition of Monarch Gold.

*Fair Value Measurement*

The Company obtained independent valuations for the property, plant and equipment of Monarch Gold, and management's assessment of fair value of such assets took into account the independent valuations obtained. Different approaches were used in valuing the different asset groups. Where the fair value of an asset was able to be determined by reference to market-based evidence, such as sales of comparable assets, the fair value was determined using this information. Where fair value of the asset was not able to be reliably determined using market-based evidence, discounted cash flows were used to determine fair value.

The valuation techniques used for measuring the fair value of the material assets acquired was as follows.

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| | | | |
|:---|:---|:---|:---|
| **Assets acquired** | &nbsp;&nbsp;**Fair value at January 21, 2021** | **Fair value measurement category** | &nbsp;&nbsp;**Valuation techniques** |
| Exploration properties | $105.8 | &nbsp;&nbsp;Level 3<sup>(i)</sup> | &nbsp;&nbsp;**Income approach**: Development of a discounted cash flow ("DCF") model that takes into account the mining plan produced in a technical report ("LOM").<br>**Market comparison technique**: The valuation model considers observed transaction multiples (based on a per hectare range of $6,080 - $9,425), determined after analyzing precedent transactions in Québec from 2018 to 2020, for land packages under 2,000 hectares and with an acquisition price greater than USD $5.0 million, and making appropriate adjustments to reflect differences between the transaction and comparable transactions.  |

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&nbsp;&nbsp;&nbsp;&nbsp;(i)For further detail regarding the hierarchy used in determining and disclosing fair value, refer to *Note 17.*

*Interest in Monarch Mining*

As noted above, Monarch Gold shareholders (including Yamana) received shares of Monarch Mining under the Arrangement. Accordingly, Yamana now owns 4,450,000 common shares of Monarch Mining, or approximately 6.7% of the outstanding common shares of Monarch Mining and is entitled to acquire an additional 2,225,000 common shares of Monarch Mining upon the exercise of previously held Monarch Gold warrants, representing a partially diluted share ownership in Monarch Mining of approximately 9.8%.

Yamana's interest in the former Monarch Gold that was exchanged for shares in Monarch Mining was accounted for using the equity method. Given the relatively low shareholding and the fact that Yamana has no right to representation on the Board of Directors of Monarch Mining, the Company concluded that it no longer had significant influence with respect to this investment, and therefore, discontinued accounting for the investment using the equity method from the date of the completion of the transaction. Yamana recorded a gain on discontinuation of the equity method of $1.0 million, which is included in other operating expenses, net in the consolidated statement of operations for the year ended December 31, 2021. The gain was calculated as the difference between the fair value of Yamana's new interest in Monarch Mining and the carrying amount of the part of the investment in former Monarch Gold that became an investment in Monarch Mining at the date the equity method was discontinued, adjusted for the loss previously recognized in other comprehensive income that was reclassified to profit or loss on discontinuation of the equity method. The investment in Monarch Mining is accounted for as a financial asset at FVOCI. Monarch Mining shares commenced trading on the TSX on January 26, 2021 under the symbol "GBAR".

During the second quarter of 2021, the Camflo property was sold to the Canadian Malartic General Partnership in which, the Company has a 50% interest. The value of the Camflo Assets acquired and the proceeds for which they were subsequently disposed were consistent with each other and not material.

The Wasamac property was added to Yamana's Canadian exploration portfolio at the time of acquisition, and was included in the "Corporate and other" reporting segment in *Note 7.*![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 28

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On July 19, 2021, the Company announced a positive development decision on the Wasamac property. Given technical feasibility and commercial viability of extracting mineral resources are now demonstrable, the Wasamac property was reclassified from an exploration and evaluation asset to a development stage asset during the third quarter of 2021.

**La Pepa Option Exercise**

In December 2018, the Company entered into an Option Agreement with respect to the Company's La Pepa gold project with Mineros Atacama SpA ("Mineros"). The Option Agreement granted Mineros the right and option to acquire up to a 51% interest in Minera Cavancha SpA, the legal entity that directly holds the La Pepa project, through satisfaction of certain requirements over two option (earn-in) periods, and then the remaining 49% interest pursuant to a call option.

The first option period, during which Mineros was granted the right to acquire a 20% interest by making expenditures aggregating $5.0 million, ended on July 2, 2021 and Mineros provided notice of its intention to exercise the first option before the end of the first option period.

Given the transaction resulted in Yamana issuing shares in a subsidiary company in exchange for services received from Mineros (in the form of exploration work performed on the La Pepa property), the transaction was accounted for as a share-based payment transaction. Specifically, the Company recognized the services as received, along with a corresponding increase in equity. The services received were measured at the fair value of the services, being the $5.0 million in expenditures incurred by Mineros.

During the fourth quarter of 2021, Mineros was issued shares representing a 20% interest in Minera Cavancha SpA. Yamana recognized the non-controlling interest in Minera Cavancha SpA at the non-controlling interest's proportionate share of the net identifiable assets of Minera Cavancha SpA, being $21.4 million.

The second option period, during which Mineros had the right to acquire a further 31% interest, commenced upon issuance of the 20% interest shares for a 24-month period.

During the fourth quarter of 2022, Mineros provided notice that they do not intend to continue working towards exercise of the second option.

An impairment write down of $99.9 million was recorded against the carrying value of the La Pepa property at December 31, 2022. Refer to *Note 13* for further details.

**Acquisition of Exploration Properties Adjoining the Wasamac Project**

On June 14, 2021, the Company announced that it had entered into a Definitive Purchase Agreement ("Agreement") with Globex Mining Enterprises Inc. ("Globex") (TSX: GMX) to acquire the Francoeur, Arntfield and Lac Fortune gold properties adjoining the Company's Wasamac project as well as additional claims in the Beauchastel township to the east of the Wasamac project. The transaction was completed on June 21, 2021.

The purchase price for the purchased assets was $11.9 million (C$14.8 million). Pursuant to the terms of the Agreement, Yamana paid an initial amount of $3.1 million (C$3.8 million) on closing in the form of Yamana shares. The remaining payment of C$11.0 million is payable over four years in either cash or shares at the election of Globex, and is accounted for as deferred consideration and included in other financial liabilities. In addition, Globex received a 2% Gross Metal Royalty from Yamana, of which, 0.5% may be bought back at any time by Yamana for C$1.5 million, following which, the royalty would be reduced to a 1.5% Gross Metal Royalty.

**7.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION** 

The Company bases its operating segments on the way information is reported and used by the Company's chief operating decision maker ("CODM"), being the Company's Senior Executive Group. The results of operating segments are reviewed by the CODM in order to make decisions about resources to be allocated to the segments and to assess their performance.

The Company considers each of its individual operating mine sites as reportable segments for financial reporting purposes. Further, the results of operating mines that the Company does not intend to manage in the long-term, and for which a disposal plan has been initiated, are reviewed as one segment. In addition to these reportable segments, the Company aggregates and discloses the financial results of other operating segments with similar economic characteristics as reviewed by the CODM, including exploration properties and corporate entities, under "corporate and other".

Significant information relating to the Company's reportable segments is summarized in the tables below:

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 29

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Canadian Malartic** | **Jacobina** | **Cerro Moro** | **El Peñón** | **Minera Florida** | **Corporate and other**<sup>(i)</sup> | **Total** |
| Property, plant and equipment at December 31, 2022 | $**1048.2** | $**955.6** | $**219.5** | $**1060.6** | $**248.3** | $**1463.5** | $**4995.7** |
| Total assets at December 31, 2022 | $**1657.0** | $**1005.4** | $**293.1** | $**1116.6** | $**287.9** | $**2091.5** | $**6451.5** |
| Total liabilities at December 31, 2022 | $**458.9** | $**281.5** | $**87.9** | $**367.5** | $**92.6** | $**1469.7** | $**2758.1** |
| Capital expenditures for the year ended December 31, 2022 | $**204.0** | $**71.6** | $**49.4** | $**56.0** | $**45.2** | $**78.6** | $**504.8** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Canadian Malartic** | **Jacobina** | **Cerro Moro** | **El Peñón** | **Minera Florida** | **Corporate and other**<sup>(i)</sup> | **Total** |
| Property, plant and equipment at December 31, 2021 | $1013.9 | $926.2 | $419.2 | $1081.2 | $295.3 | $3039.4 | $6775.2 |
| Total assets at December 31, 2021 | $1613.5 | $973.4 | $507.9 | $1139.4 | $327.8 | $3820.7 | $8382.7 |
| Total liabilities at December 31, 2021 | $466.4 | $287.5 | $87.0 | $384.0 | $96.6 | $1858.0 | $3179.5 |
| Capital expenditures for the year ended December 31, 2021 | $135.0 | $49.3 | $46.6 | $58.0 | $44.3 | $51.4 | $384.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)"Corporate and other" includes advanced stage development projects, exploration properties, corporate entities, and the MARA Project with property, plant and equipment of $909.1 million, total assets of $1,154.8 million and total liabilities of $348.7 million (December 31, 2021: $1,883.4 million, $2,134.7 million, and $549.3 million, respectively).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31, 2022* | **Canadian Malartic** | **Jacobina** | **Cerro Moro** | **El Peñón** | **Minera Florida** | **Corporate <br>and other** | **Total** |
| Revenue | $**598.3** | $**353.1** | $**322.0** | $**391.7** | $**142.0** | $**—** | $**1807.1** |
| Cost of sales excluding DDA<sup>(i)</sup> | **(257.1)** | **(113.8)** | **(166.1)** | **(162.8)** | **(78.3)** | **—** | **(778.1)** |
| Gross margin excluding DDA | $**341.2** | $**239.3** | $**155.9** | $**228.9** | $**63.7** | $**—** | $**1029.0** |
| DDA | **(170.9)** | **(61.6)** | **(83.0)** | **(87.8)** | **(53.7)** | **(9.8)** | **(466.8)** |
| Temporary suspension costs<sup>(ii)</sup> | **—** | **—** | **(2.0)** | **—** | **(5.7)** | **—** | **(7.7)** |
| Impairment of mining properties | **—** | **—** | **(169.3)** | **—** | **(37.3)** | **(8.3)** | **(214.9)** |
| **Segment income (loss)** | $**170.3** | $**177.7** | $**(98.4)** | $**141.1** | $**(33.0)** | $**(18.1)** | $**339.6** |
| Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | **(2134.0)** |
| **Loss before taxes** | **Loss before taxes** | **Loss before taxes** | **Loss before taxes** | **Loss before taxes** | **Loss before taxes** | **Loss before taxes** | $**(1794.4)** |
| Income tax recovery | Income tax recovery | Income tax recovery | Income tax recovery | Income tax recovery | Income tax recovery | Income tax recovery | **399.0** |
| **Net loss** | **Net loss** | **Net loss** | **Net loss** | **Net loss** | **Net loss** | **Net loss** | $**(1395.4)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31, 2021* | **Canadian Malartic** | **Jacobina** | **Cerro Moro** | **El Peñón** | **Minera Florida** | **Corporate <br>and other** | **Total** |
| Revenue | $643.2 | $336.2 | $276.5 | $401.5 | $158.0 | $— | $1815.4 |
| Cost of sales excluding DDA<sup>(i)(iv)</sup> | (233.8) | (106.7) | (151.3) | (155.2) | (81.9) |  | (728.9) |
| Gross margin excluding DDA<sup>(iv)</sup> | $409.4 | $229.5 | $125.2 | $246.3 | $76.1 | $— | $1086.5 |
| DDA | (174.7) | (55.4) | (74.6) | (85.0) | (48.5) | (9.7) | (447.9) |
| Temporary suspension costs<sup>(ii)</sup> |  |  |  |  | (3.5) |  | (3.5) |
| **Segment income (loss)** | $234.7 | $174.1 | $50.6 | $161.3 | $24.1 | $(9.7) | $635.1 |
| Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | Other expenses<sup>(iii)</sup> | (250.6) |
| **Earnings before taxes** | **Earnings before taxes** | **Earnings before taxes** | **Earnings before taxes** | **Earnings before taxes** | **Earnings before taxes** | **Earnings before taxes** | $384.5 |
| Income tax expense | Income tax expense | Income tax expense | Income tax expense | Income tax expense | Income tax expense | Income tax expense | (295.7) |
| **Net earnings** | **Net earnings** | **Net earnings** | **Net earnings** | **Net earnings** | **Net earnings** | **Net earnings** | $88.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Depletion, depreciation and amortization ("DDA").

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Temporary suspension costs relate to the labour action at Minera Florida that started in December 2021 and carried into January 2022, which has now been resolved; and the illegal labour action at Cerro Moro in the third quarter of 2022, which was short in duration and has now been resolved.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Other expenses are comprised of general and administrative expenses, exploration and evaluation expenses, share of earnings of associates, termination fee payment to Gold Fields, reimbursement of termination fee from Pan American Silver, other operating expenses, net, impairment of non-operating mining properties, finance costs and other income, net, as per the consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)Comparatives with respect to COVID-19 costs have been reclassified to conform to the change in presentation adopted in the current year. For the year ended December 31, 2021, COVID-19 costs of $2.5 million for Canadian Malartic, $1.2 million for Jacobina, $20.8 million for Cerro Moro, $4.9 million for El Peñón, and $4.5 million for Minera Florida are now included in Cost of Sales excluding DDA and included in the calculation of Gross Margin excluding DDA. Refer to Note 2 for further discussion.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 30

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**Information about Geographical Areas**

Revenue is attributed to regions based on the source location of the product sold.

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Canada | $**598.3** | $643.2 |
| Chile | **533.7** | 559.5 |
| Brazil | **353.1** | 336.2 |
| Argentina | **322.0** | 276.5 |
| **Total revenue** | $**1807.1** | $1815.4 |

---

Non-current assets for this purpose exclude deferred tax assets.

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Canada | $**1869.5** | $1854.8 |
| Chile | **1566.0** | 1864.2 |
| Brazil | **979.4** | 957.6 |
| Argentina | **1210.5** | 2740.8 |
| United States | **4.9** | 33.6 |
| **Total non-current assets** | $**5630.3** | $7451.0 |

---

**Information about Major Customers** 

The Company sells its metals through the corporate office to major metal exchange markets or directly to major Canadian financial institutions and to smelters. Given the nature of the Company's products, there are always willing market participants ready to purchase the Company's products at the prevailing market prices.

The following table presents sales to individual customers that exceeded 10% of annual metal sales for the following periods:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| **Customer** |  |  |
| 1 | $**588.6** | $504.5 |
| 2 | **538.7** | 346.0 |
| 3 | **258.7** | 297.6 |
| 4 | **216.4** | 287.4 |
| 5 | **—** | 233.5 |
| **Total sales to customers exceeding 10% of annual metal sales** | $**1602.4** | $1669.0 |
| **Percentage of total metal sales** | **88.7%** | 91.9% |

---

**8. &nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

**Disaggregation of Revenue**

The following table disaggregates revenue by metal:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Gold | $**1610.0** | $1592.4 |
| Silver | **197.1** | 223.0 |
| Total revenue | $**1807.1** | $1815.4 |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 31

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**Transaction Price Allocated to the Remaining Performance Obligations**

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue amounts relating to the Company's streaming arrangement that will be invoiced and recognized as revenue in future periods. The Company applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

At December 31, 2022 the aggregate amount of the revenue allocated to unsatisfied performance obligations was $53.6 million (December 31, 2021: $64.2 million).

The Company expects to recognize approximately $9.9 million of this revenue over the next 12 months and the remainder over a period of approximately 5 years.

**9. &nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE COMPENSATION AND BENEFITS EXPENSES**

Employee compensation and benefits expense included in the statement of operations is as follows:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Wages and salaries | $**200.9** | $175.8 |
| Social security, pension and government-mandated programs<sup>(i)</sup> | **78.9** | 76.0 |
| Other benefits<sup>(ii)</sup> | **51.8** | 17.0 |
| **Total employee compensation and benefits expenses** | $**331.6** | $268.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Included in this item are defined contribution pension plan contributions for all full-time qualifying employees of the Company. Contributions by the Company are based on a contribution percentage using the annual salary as the base and are made on a quarterly basis or as otherwise determined by the Company. The assets of the plans are held separately from those of the Company and are managed by independent plan administrators. The total expense recognized in the consolidated statement of operations of $9.3 million (2021: $7.3 million) represents contributions payable to these plans by the Company at rates specified in the rules of the plans. As at December 31, 2022, contributions of $4.1 million due in respect of the 2022 reporting period (2021: $3.1 million) had not been paid over to the plans but were paid subsequent to the end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Included in Other benefits are share-based payment transactions. Refer *[Note](#i09a14eb0e16a42ffa2cb5387e75266fc_211)30* for further information.

**10.&nbsp;&nbsp;&nbsp;&nbsp;OTHER OPERATING EXPENSES, NET**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Changes in provisions<sup>(i)</sup> | $**8.0** | $10.4 |
| Write-down (recovery) of tax recoverables and other assets | **6.6** | (1.3) |
| Gain on discontinuation of the equity method<sup>(ii)</sup> | **—** | (10.2) |
| Care and maintenance costs<sup>(iii)</sup> | **33.0** | 25.6 |
| Loss (gain) on sale of other assets | **1.9** | (1.4) |
| Mark-to-market loss (gain) on deferred share compensation | **1.6** | (0.9) |
| Net mark-to-market loss on financial assets and financial liabilities | **0.8** | 0.3 |
| Other expenses<sup>(iv)</sup> | **28.2** | 14.9 |
| **Other operating expenses, net** | $**80.1** | $37.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Amount represents the recording (reversal) of certain existing provisions based on management's best estimate of the likely outcome.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)During the second quarter of 2021, Yamana concluded that it ceased to have significant influence over its investee, Nomad Royalty Company ("Nomad"), due to no longer having representation on Nomad's board of directors, and therefore, discontinued accounting for the investment using the equity method. Yamana recorded a gain on discontinuation of the equity method of $9.2 million, calculated as the difference between the fair value and the carrying value of the investment at the date significant influence was lost. A further gain of $1.0 million relates to the Monarch Gold transaction in the first quarter of 2021. Refer to Note 6 for further details.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Amount relates to care and maintenance expenditures incurred on the Alumbrera facilities component of the MARA project, of which 43.75% are attributable to the non-controlling interests. Yamana has consolidated Alumbrera since the completion of the Agua Rica Integration Transaction on December 17, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)Other expenses is comprised primarily of contributions to social and infrastructure development causes in jurisdictions where the Company is active, and business and professional transaction costs. Transaction costs of approximately $14.8 million incurred in relation to the Gold Fields and Pan American transactions are included in other expenses for the year ended December 31, 2022. Refer to Note 36 for further details on the transactions.

**11.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INCOME, NET**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Finance income | $**(5.3)** | $(2.8) |
| Net foreign exchange gain | **(24.3)** | (23.9) |
| **Other income, net** | $**(29.6)** | $(26.7) |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 32

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**12.&nbsp;&nbsp;&nbsp;&nbsp;FINANCE COSTS**

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| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Unwinding of discounts on provisions | $**19.4** | $13.9 |
| Interest expense on long-term debt | **21.9** | 41.8 |
| Early note redemption premium | **—** | 53.3 |
| Interest expense on lease liabilities (Note 33) | **8.0** | 6.7 |
| Amortization of deferred financing, bank, financing fees and other finance costs<sup>(i)</sup> | **15.6** | 18.7 |
| **Finance costs** | $**64.9** | $134.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Included in other finance costs for the years ended December 31, 2022 and 2021 is $4.1 million and $4.6 million, respectively, of non-cash interest expense related to the financing component of deferred revenue contracts. &nbsp;&nbsp;&nbsp;&nbsp;

**13.&nbsp;&nbsp;&nbsp;&nbsp;IMPAIRMENT**

The Company's impairment expense in respect of the following CGUs for the year ended December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Operating mining properties** | **Non-operating mining properties** | **Total**<sup>(i)</sup> | **Attributable to Yamana equity holders** | **Non-controlling interests** |
| Cerro Moro | $169.3 | $— | $169.3 | $169.3 | $— |
| Minera Florida | 45.6 |  | 45.6 | 45.6 |  |
| MARA |  | 1086.3 | 1086.3 | 611.0 | 475.3 |
| Suyai |  | 242.2 | 242.2 | 242.2 |  |
| Jeronimo |  | 122.4 | 122.4 | 69.4 | 53.0 |
| La Pepa |  | 99.9 | 99.9 | 80.0 | 19.9 |
| Lavra Velha |  | 10.8 | 10.8 | 10.8 |  |
| Don Sixto |  | 3.8 | 3.8 | 3.8 |  |
| Exploration - Argentina regional |  | 113.2 | 113.2 | 113.2 |  |
| Exploration - USA regional |  | 29.2 | 29.2 | 29.2 |  |
| **Total impairment** | $**214.9** | $**1707.8** | $**1922.7** | $**1374.5** | $**548.2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The total impairment expense was attributable to the following reportable segments: Cerro Moro - $169.3 million, Minera Florida - $37.3 million, and Corporate and other assets - $1,716.1 million. Certain exploration properties associated with Minera Florida are included in the Corporate and other reportable segment but are included as part of the Minera Florida CGU for impairment testing purposes.

In the fourth quarter of 2022, the Company reviewed its cash-generating units ("CGUs") for indicators of impairment or impairment reversal and performed the annual impairment test for the Canadian Malartic CGU to which goodwill has been allocated.

On November 8, 2022, Yamana entered into an arrangement agreement with Pan American Silver Corp. ("Pan American") and Agnico Eagle Mines Limited ("Agnico") under which Pan American will acquire all of the issued and outstanding common shares of Yamana and Yamana will sell certain subsidiaries and partnerships that hold Yamana's interests in its Canadian assets, including the Canadian Malartic mine, to Agnico. Yamana will receive total consideration valued at approximately $5,387.9 million, comprised of $2,509.3 million from Pan American and $2,878.6 million from Agnico (based on the closing share prices of Pan American and Agnico at December 31, 2022). The December 31, 2022 pre-impairment carrying amount of Yamana's non-Canadian and Canadian assets and liabilities was $3,743.9 million and $1,394.5 million, respectively.

The Pan American and Agnico arrangement is structured as an en bloc transaction, and one part of the transaction cannot exist without the other. The total transaction price under the Pan American and Agnico arrangement represents a premium over the pre-impairment carrying value of the total Yamana assets and liabilities. The transaction price attributable to the Canadian operations significantly exceeds their carrying value and the transaction price attributable to the non-Canadian operations is lower than their carrying value. IFRS accounting standards require an entity to assess its assets for indicators of impairment at the cash-generating unit level based on their individual recoverable amounts, or in this case, distinct from the total consideration of the combined offer. Accordingly, the transaction price attributed to the non-Canadian operations was considered to be an indicator of impairment, and the Company was required to perform further analysis, considering internal sources of information, to identify which of the non-Canadian CGUs should be tested for impairment. The Company also identified certain CGU specific impairment indicators as outlined below.

Further information on the arrangement agreement with Pan American and Agnico can be found in Note 36.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 33

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**Indicators of Impairment**

Given the consideration differential for the non-Canadian assets in the pending Pan American-Agnico transaction, the Company considered internal sources of information, as set out in IAS 36, to identify indicators of impairment for the non-Canadian CGUs within the scope of IAS 36; and facts and circumstances, as set out in IFRS 6, that may indicate exploration and evaluation assets should be tested for impairment for the non-Canadian CGUs within the scope of IFRS 6.

Having considered information and facts and circumstances including operating mine performance and performance in relation to other operating mines, relevant observable market transactions, and the uncertainties inherent in exploration stage properties and exploration potential - including the recent decline in the market value of exploration potential; the Company determined that impairment indicators existed for the Cerro Moro, Minera Florida, MARA, Suyai, Jeronimo, La Pepa, Lavra Velha, Don Sixto, and Argentinian and USA exploration pool CGUs. Accordingly, the FVLCD was compared against the carrying value for these CGUs, and based on the results of testing, the Company recognized an impairment expense for all these CGUs at December 31, 2022 - as set out in the table above.

No impairment indicators were identified for the Jacobina or El Peñón non-Canadian CGUs; valuations of the Company's assets performed by management in the latter half of 2022 in connection with the transaction, and corroborated by an external valuator, showed a valuation range for Jacobina and El Peñón that far exceeded their carrying values. The Company therefore, considered that the consideration differential indicator did not apply to these CGUs.

**Impairment Testing: Key Assumptions**

The key assumptions used in the Company's impairment testing are summarized in the table below:

---

| | | |
|:---|:---|:---|
| | **2022**<sup>(i)</sup> | 2021<sup>(ii)</sup> |
| Long-term gold price per oz | $**—** | $1550 |
| Long-term silver price per oz | $**—** | $20.00 |
| Long-term copper price per oz | $**—** | $3.00 |
| WACC (real, post-tax) | **— %** | 3.5% |
| Mineral Reserves - implied value multiple per oz | $**291.00** | $— |
| Mineral Resources - value multiple per oz | $**18.00** | $— |

---

(i)The FVLCD for the Minera Florida, Cerro Moro, Jeronimo, Suyai, La Pepa, Lavra Velha, Don Sixto and Argentinian and USA exploration pool CGUs was determined using a multiples-based valuation method. Value multiples applied to the mineral reserves and mineral resources in the CGUs subject to impairment testing were determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading multiples obtained with the assistance of external valuation specialists for a population of pre-producing gold developers/exploration companies and senior gold developers were determined to be around $18/ounce and $120/ounce, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $18/ounce multiple observed for the gold developers/exploration was considered reasonable given these companies are pre-production and hold predominantly resources. Accordingly, the $18/ounce multiple was assigned to the Company's mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The implied value multiple for the mineral reserves was based on assigning the $18/ounce multiple to the Company's mineral resources based on a 63% mean weighting of mineral resources as a percentage of total mineral reserves and mineral resources for senior gold producers, and for the weighted average multiple for mineral reserves and mineral resources to equal $120/ounce, the resultant implied value multiple of the mineral reserves was determined to be $291/ounce.

This determination of FVLCD is considered to be Level 3 fair value measurement as the FVLCD is derived from valuation techniques that include inputs that are not based on observable market data.

The determination of FVLCD for the MARA CGU at December 31, 2022 was based on the consideration paid by Glencore to acquire Newmont's 18.75% interest in MARA during the fourth quarter of 2022, which took Glencore's interest to 43.75%.

The determination of FVLCD for the Canadian Malartic CGU at December 31, 2022 was based on the consideration offered by Agnico as set out in the Pan American-Agnico Arrangement Agreement. Based on the value ascribed to the assets based on the Agnico transaction price, no impairment write down was required. Further information on the pending transaction can be found in Note 36.

(ii)In 2021, the recoverable amount of the Canadian Malartic CGU was determined based on the FVLCD, estimated based on discounted future estimated cash flows expected to be generated from the continued use of the CGU. In addition to commodity prices and the discount rate, the calculation included the following key assumptions:

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 34

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Production volumes:** In calculating the FVLCD, the production volumes incorporated into the cash flow models based on detailed life of mine plans and take into account development plans for the mines agreed by management as part of the long-term planning process. Production volumes are dependent on a number of variables, such as: the recoverable quantities; the production profile; the cost of the development of the infrastructure necessary to extract the reserves; the production costs; the contractual duration of mining rights; and the selling price of the commodities extracted. As each producing mine has specific reserve characteristics and economic circumstances, the cash flows of the mines are computed using appropriate individual economic models and key assumptions established by management. The production profiles used were consistent with the reserves and resource volumes approved as part of the Company's process for the estimation of proven and probable reserves, resource estimates and in certain circumstances, include expansion projects. These are then assessed to ensure they are consistent with what a market participant would estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange rates:** Foreign exchange rates are estimated with reference to external market forecasts and based on observable market data including spot and forward values. In the current year, there was a depreciation in the long-term rates of the local currencies in which the Company operates.

This determination of FVLCD is considered to be Level 3 fair value measurement as the FVLCD is derived from valuation techniques that include inputs that are not based on observable market data. The Company considered the inputs and the valuation approach to be consistent with the approach taken by market participants. Based on the testing performed, no impairment write down was required at December 31, 2021.

**Sensitivity Analysis**

The Company performed a sensitivity analysis on key assumptions and determined that no reasonably possible change in any of the key assumptions would cause the carrying value of the Canadian Malartic CGU to exceed its recoverable amount.

In relation to the CGUs that were impaired during the current year, any decrease in the key assumptions above would result in a further impairment write down.

**14.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

**Income Tax Expense (Recovery)**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| **Current tax expense (recovery)** |  |  |
| Current tax expense in respect of the current year | $**135.6** | $146.9 |
| Adjustment for prior periods | **(0.9)** | 11.3 |
| Impact of foreign exchange | **(5.8)** | (0.3) |
| Interest and penalties | **(2.3)** | 2.0 |
|  | $**126.6** | $159.8 |
| **Deferred income tax (recovery) expense** |  |  |
| Deferred income tax (recovery) expense recognized in the current year | $**(545.2)** | $135.1 |
| Adjustment for prior periods | **1.8** | (1.0) |
| Impact of foreign exchange | **17.8** | 1.7 |
|  | $**(525.6)** | $135.9 |
| **Net income tax expense** | $**(399.0)** | $295.7 |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 35

------

The following table reconciles income taxes calculated at statutory rates with the income tax expense in the consolidated statements of operations:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Earnings before income taxes | $**(1794.4)** | $384.5 |
| Canadian statutory tax rate (%) | **26.5%** | 26.5% |
| Expected income tax expense | **(475.5)** | 101.9 |
| Impact of higher foreign tax rates<sup>(i)</sup> | **(147.1)** | (37.3) |
| Impact of change in enacted tax rates<sup>(ii)</sup> | **(3.6)** | 146.9 |
| Permanent differences | **(12.2)** | (2.6) |
| Change in recognition of deferred tax assets | **159.0** | (16.2) |
| Foreign exchange and other translation amounts | **(13.8)** | (3.6) |
| Inflation adjustments | **30.8** | 23.0 |
| True-up of tax provisions in respect of prior years | **(5.8)** | 12.1 |
| Withholding taxes | **5.5** | 7.2 |
| Mining taxes on profit | **45.6** | 58.5 |
| Planned distribution of foreign earnings of the company | **15.1** | 6.5 |
| Other | **3.0** | (0.8) |
| **Net income tax expense** | $**(399.0)** | $295.7 |
| **Income tax expense (recovery) is represented by:** |  |  |
| Current income tax expense | $**126.6** | $159.8 |
| Deferred income tax (recovery) expense | **(525.6)** | 135.9 |
| **Net income tax expense** | $**(399.0)** | $295.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company operates in multiple foreign tax jurisdictions that have tax rates that differ from the Canadian statutory rate.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)On June 16, 2021, the Argentine government enacted legislation that increased the corporate tax rate from 25% to 35% effective January 1, 2021.

**Deferred Income Taxes**

The following is the analysis of the deferred income tax assets (liabilities) presented in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| The net deferred income tax assets (liabilities) are classified as follows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | $**124.2** | $96.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | **(867.9)** | (1364.2) |
|  | $**(743.7)** | $(1268.0) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31, 2022* | **Opening balance** | **Recognized in profit or loss** | **Recognized <br>in OCI** | **Other** | **Closing<br>balance** |
| Deductible temporary differences | $**29.1** | $**10.0** | $**—** | $**—** | $**39.1** |
| Amounts related to tax losses | **55.7** | **30.8** | **—** | **—** | **86.5** |
| Financing costs | **15.0** | **(5.5)** | **—** | **—** | **9.5** |
| Environmental rehabilitation provision | **60.9** | **(8.2)** | **—** | **—** | **52.7** |
| Derivative liability | **3.9** | **(1.0)** | **(2.1)** | **—** | **0.8** |
| Property, plant and equipment | **(1430.0)** | **499.2** | **—** | **—** | **(930.8)** |
| Equity securities at FVOCI | **(1.5)** | **1.1** | **—** | **—** | **(0.3)** |
| Other | **(1.1)** | **(0.8)** | **—** | **0.7** | **(1.2)** |
| **Net deferred income tax liabilities** | $**(1268.0)** | $**525.6** | $**(2.1)** | $**0.7** | $**(743.7)** |

---

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 36

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *For the year ended December 31, 2021* | **Opening balance** | **Recognized in profit or loss** | **Recognized <br>in OCI** | **Flow-Through Shares** | **Closing<br>balance** |
| Deductible temporary differences | $13.2 | $15.9 | $— | $— | $29.1 |
| Amounts related to tax losses | 114.4 | (58.7) |  |  | 55.7 |
| Financing costs | 61.1 | (46.1) |  |  | 15.0 |
| Environmental rehabilitation provision | 41.7 | 19.2 |  |  | 60.9 |
| Derivative liability | 2.4 | (0.4) | 1.9 |  | 3.9 |
| Property, plant and equipment | (1363.0) | (62.6) |  | (4.4) | (1430.0) |
| Equity securities at FVOCI | (1.8) | (1.1) | 1.5 |  | (1.5) |
| Other | 1.0 | (2.1) |  |  | (1.1) |
| **Net deferred income tax liabilities** | $(1131.0) | $(135.9) | $3.4 | $(4.4) | $(1268.0) |

---

*Certain of the prior year numbers have been reclassified to conform with the current year presentation.*

A deferred income tax asset in the amount of $118.6 million has been recorded in Canada and $2.4 million in Chile (2021: $93.9 million Canada; nil Chile). The deferred income tax asset consists mainly of unused tax losses and deductible temporary differences which arose primarily from financing costs and general and administrative expenses. Projections of taxable profits from various sources and tax planning were used to support the recognition of the losses. The future projected income could be affected by metal prices and quantities of proven and probable reserves. If these factors or other circumstances change, we would reassess our ability to record the deferred income tax asset relating to the unused tax losses.

**Unrecognized Deductible Temporary Differences and Unused Tax Losses**

Deferred tax assets have not been recognized in respect of the following items:

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Deductible temporary differences (no expiry) | $**124.0** | $59.3 |
| Capital losses (no expiry) | **131.4** | 119.4 |
| Operating losses | **142.5** | 135.2 |
|  | $**397.9** | $313.9 |

---

Operating losses at December 31, 2022 will expire as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Canada** | **U.S.** | **Brazil** | **Chile** | **Argentina** | **Other** | **Total** |
| 2022 | $**—** | $**34.8** | $**—** | $**—** | $**—** | $**—** | $**34.8** |
| 2023 | **0.4** | **15.1** | **—** | **—** | **7.3** | **—** | $**22.8** |
| 2024 | **—** | **7.3** | **—** | **—** | **—** | **4.7** | $**12.0** |
| 2025 | **—** | **12.4** | **—** | **—** | **20.6** | **2.4** | $**35.5** |
| 2026 | **—** | **20.4** | **—** | **—** | **44.4** |  | $**64.8** |
| 2027 and onwards | **335.3** | **108.2** | **—** | **—** | **—** | **13.1** | $**456.7** |
| Unlimited | **991.1** | **3.3** | **73.6** | **153.1** | **—** | **2.5** | $**1223.6** |
|  | $**1326.8** | $**201.5** | $**73.6** | $**153.1** | $**72.3** | $**22.8** | $**1850.2** |

---

**Unrecognized Taxable Temporary Differences Associated with Investments and Interests in Subsidiaries**

As at December 31, 2022, an aggregate temporary difference of $3.8 billion (2021: $3.5 billion) related to investments in subsidiaries was not recognized because the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

**15.&nbsp;&nbsp;&nbsp;&nbsp;(LOSS) EARNINGS PER SHARE**

(Loss) earnings per share for the years ended December 31, 2022 and 2021 was calculated based on the following:

---

| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| **Attributable to Yamana Gold Inc. equity holders** |  |  |
| Net (loss) earnings | $**(982.3)** | $147.5 |

---

(Loss) earnings per share is based on the weighted average number of common shares of the Company outstanding during the period. The diluted earnings per share reflects the potential dilution of common share equivalents, such as outstanding share options, in the weighted average number of common shares outstanding during the period, if dilutive.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 37

------

The weighted average number of shares used in the calculation of (loss) earnings per share for the years ended December 31 was based on the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of units)* | **2022** | 2021 |
| Weighted average number of common shares - basic | **960700** | 963393 |
| Weighted average number of dilutive share options | **—** | 15 |
| Weighted average number of dilutive restricted share units | **—** | 1524 |
| Weighted average number of common shares - diluted | **960700** | 964932 |

---

The following securities could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because they were anti-dilutive:

---

| | | |
|:---|:---|:---|
| *(in thousands of units)* | **2022** | 2021 |
| **Potential dilutive securities** | | |
| Share options | **—** | 241 |
| Restricted share units | **2,453** | 686 |
| | **2,453** | 926 |

---

**16.&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTARY CASH FLOW INFORMATION**

**Net Change in Working Capital**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| **Net (increase) decrease in:** |  |  |
| Trade and other receivables | $**—** | $6.0 |
| Inventories | **(38.7)** | (12.1) |
| Other assets | **(3.4)** | 2.8 |
| **Net increase (decrease) in:** |  |  |
| Trade and other payables | **34.1** | (2.8) |
| Other liabilities | **12.8** | (27.2) |
| Movement in above related to foreign exchange | **(17.0)** | (9.0) |
| **Net change in working capital**<sup>(i)</sup> | $**(12.2)** | $(42.3) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Change in working capital is net of items related to Property, Plant and Equipment.

**Cash and Cash Equivalents**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Cash at bank | $**365.2** | $523.8 |
| Bank short-term deposits | **1.3** | 1.2 |
| **Total cash and cash equivalents**<sup>(i)(ii)</sup> | $**366.5** | $525.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Cash and cash equivalents consist of cash on hand, cash on deposit with banks, bank term deposits and highly liquid short-term investments with terms of less than 90 days from the date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)The cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $210.0 million (December 31, 2021: $217.3 million) that are held by the MARA Project. These deposits are to be used specifically by the MARA Project and are therefore, not available for general use by the other entities within the consolidated Company.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 38

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**Other Non-Cash Expenses, net**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Loss on disposal and write-down of assets | $**11.7** | $2.1 |
| Amortization of union negotiation bonuses | **13.5** | 11.1 |
| Provision on indirect taxes | **(1.1)** | (3.4) |
| Other expenses | **15.0** | 10.9 |
| **Total non-cash expenses, net** | $**39.1** | $20.7 |

---

**Changes in Liabilities Arising from Financing Activities**

The table below details changes in the Company's liabilities arising from financing activities. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 |
| | **Debt** | **Accrued interest**<sup>(i)</sup> | **Lease liabilities** | Debt | Accrued interest<sup>(i)</sup> | Lease liabilities |
| **At January 1,** | $**772.8** | $**5.8** | $**63.8** | $993.8 | $4.1 | $35.2 |
| Changes from financing cash flows |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issued | **—** | **—** | **—** | 495.2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt repayments | **—** | **—** | **—** | (719.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | **—** | **(26.7)** | **(8.3)** |  | (40.5) | (6.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of lease liabilities | **—** | **—** | **(23.4)** |  |  | (19.2) |
| Other changes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **—** | **21.9** | **8.0** |  | 42.7 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest | **—** | **4.6** | **—** |  | (0.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | **—** | **—** | **39.2** |  |  | 52.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **1.5** | **(0.2)** | **(1.9)** | 2.8 | 0.4 | (4.4) |
| **At December 31,** | $**774.3** | $**5.4** | $**77.4** | $772.8 | $5.8 | $63.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Included in *Note 24: Trade and Other Payables*.

**Non-cash investing and financing activities**

Key non-cash investing and financing activities disclosed in other notes are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full or partial settlement of asset acquisition transactions – Note 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full or partial consideration received on disposal transactions – Note 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends satisfied by the issue of shares under the dividend reinvestment plan – Note 29

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition of right-of-use assets – Note 33

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 39

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**17.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Financial Assets and Financial Liabilities by Categories**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *As at December 31, 2022* | **Amortized cost** | **FVOCI - equity instruments** | **Mandatorily at FVTPL - others** | **FV - Hedging instruments** | **Total** |
| **Financial assets** |  |  |  |  |  |
| Cash and cash equivalents | $— | $— | $366.5 | $— | $**366.5** |
| Trade and other receivables | 3.8 |  |  |  | **3.8** |
| Investments in equity securities<sup>(i)</sup> |  | 52.1 |  |  | **52.1** |
| Warrants |  |  | 0.2 |  | **0.2** |
| Derivative assets - Hedging instruments |  |  |  | 1.2 | **1.2** |
| Derivative assets - Non-hedge |  |  | 1.6 |  | **1.6** |
| Other financial assets | 19.3 |  |  |  | **19.3** |
| **Total financial assets** | $**23.1** | $**52.1** | $**368.3** | $**1.2** | $**444.7** |
| **Financial liabilities** |  |  |  |  |  |
| Total debt | $774.3 | $— | $— | $— | $**774.3** |
| Trade and other payables | 314.7 |  |  |  | **314.7** |
| Derivative liabilities - Hedging instruments |  |  |  | 9.3 | **9.3** |
| Derivative liabilities - Non-hedge |  |  | 4.8 |  | **4.8** |
| Other financial liabilities | 269.2 |  |  |  | **269.2** |
| **Total financial liabilities** | $**1358.2** | $**—** | $**4.8** | $**9.3** | $**1372.3** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *As at December 31, 2021* | **Amortized cost** | **FVOCI - equity instruments** | **Mandatorily at FVTPL - others** | **FV- Hedging instruments** | **Total** |
| **Financial assets** |  |  |  |  |  |
| Cash and cash equivalents | $— | $— | $525.0 | $— | $525.0 |
| Trade and other receivables | 3.0 |  |  |  | 3.0 |
| Convertible loan receivable |  |  | 10.0 |  | 10.0 |
| Investments in equity securities<sup>(i)</sup> |  | 74.1 |  |  | 74.1 |
| Warrants |  |  | 1.4 |  | 1.4 |
| Other financial assets | 22.5 |  |  |  | 22.5 |
| **Total financial assets** | $25.5 | $74.1 | $536.4 | $— | $636.0 |
| **Financial liabilities** |  |  |  |  |  |
| Total debt | $772.8 | $— | $— | $— | $772.8 |
| Trade and other payables | 274.7 |  |  |  | 274.7 |
| Derivative liabilities - Hedging instruments |  |  |  | 14.5 | 14.5 |
| Derivative liabilities - Non-hedge |  |  | 11.0 |  | 11.0 |
| Other financial liabilities | 172.4 |  |  |  | 172.4 |
| **Total financial liabilities** | $1219.9 | $— | $11.0 | $14.5 | $1245.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Investments in publicly quoted equity securities that are neither subsidiaries nor associates are categorized as FVOCI pursuant to the irrevocable election available in IFRS 9 for these instruments. The Company's portfolio of equity securities is primarily focused on the mining sector. These are strategic investments and the Company considers this classification to be more relevant.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Fair Value of Financial Instruments**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts its valuation models to incorporate a measure of credit risk.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 40

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**i)&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements of Financial Assets and Financial Liabilities Measured at Fair Value**

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments that are measured at fair value:

**Level 1:** Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

**Level 2:&nbsp;&nbsp;&nbsp;&nbsp;**Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

**Level 3:&nbsp;&nbsp;&nbsp;&nbsp;**Unobservable inputs for the asset or liability.

The levels in the fair value hierarchy into which the Company's financial assets and liabilities that are measured and recognized on the consolidated balance sheets at fair value on a recurring basis were categorized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| | **Level 1<br> input** | **Level 2<br> input** | **Aggregate <br>fair value** | Level 1<br> input | Level 2<br> input | Aggregate <br>fair value |
| **Assets** |  |  |  |  |  |  |
| Cash and cash equivalents | $**366.5** | $**—** | $**366.5** | $525.0 | $— | $525.0 |
| Convertible loan receivable | **—** | **—** | **—** |  | 10.0 | 10.0 |
| Investments in equity securities | **52.1** | **—** | **52.1** | 74.1 |  | 74.1 |
| Warrants | **—** | **0.2** | **0.2** |  | 1.4 | 1.4 |
| Derivative related assets | **—** | **2.8** | **2.8** |  |  |  |
|  | $**418.6** | $**3.0** | $**421.6** | $599.1 | $11.4 | $610.5 |
| **Liabilities** |  |  |  |  |  |  |
| Derivative related liabilities | $**—** | $**14.1** | $**14.1** | $— | $25.5 | $25.5 |
|  | $**—** | $**14.1** | $**14.1** | $— | $25.5 | $25.5 |

---

At December 31, 2022, there were no financial assets and liabilities measured and recognized at fair value on a non-recurring basis.

At December 31, 2022 and December 31, 2021, there were no financial assets or liabilities measured and recognized on the consolidated balance sheets at fair value that would be categorized as Level 3 in the fair value hierarchy.

There were no transfers between any levels of the fair value hierarchy during the year ended December 31, 2022.

**ii)&nbsp;&nbsp;&nbsp;&nbsp;Valuation Methodologies Used in the Measurement of Fair Value for Level 2 Financial Assets and Financial Liabilities**

**Warrants and Convertible loan receivable**

The fair value of warrants, and the convertible loan receivable are determined using a Black-Scholes model based on relevant assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions.

**Derivative assets and liabilities**

The fair value of derivative instruments is determined using either present value techniques or option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs. The Company continues to monitor the potential impact of the recent instability of the financial markets, and will adjust its derivative contracts for credit risk based upon the credit default swap spread for each of the counterparties as warranted.

**iii)&nbsp;&nbsp;&nbsp;&nbsp;Carrying Value versus Fair Value**

Set out below is a comparison by class of the carrying amounts and fair value of the Company's financial instruments, other than those whose carrying amounts are a reasonable approximation of fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| |<br>**Financial instrument classification** | **Carrying amount** | **Fair value**<sup>(i)</sup> | Carrying amount | Fair value<sup>(i)</sup> |
| **Debt** |  |  |  |  |  |
| Senior notes | Amortized cost | $**776.7** | $**642.4** | $775.9 | $797.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company's senior notes are accounted for at amortized cost, using the effective interest method. The fair value required to be disclosed is determined using quoted prices (unadjusted) in active markets.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 41

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Management assessed that the fair values of trade and other receivables, trade and other payables, and other financial assets and liabilities approximate their carrying amounts, largely due to the short-term maturities of these instruments. Derivative assets and liabilities are already carried at fair value.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Derivative Instruments ("Derivatives")**

**Summary of derivatives at December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional Amount** | **Notional Amount** | |
| |<br>**Average call strike price <br>(per USD)** |<br>**Average put strike price <br>(per USD)** |<br>**Remaining term** | **Cash flow hedge** | **Non-hedge** |<br>**Fair value<br>(USD)** |
| **Currency contracts** | | | | | | |
| ***Option contracts*** | | | | | | |
| BRL option contracts (millions)<sup>(i)</sup> | R$5.25 | R$5.93 | January 2023 - December 2024 | R$432.0 |  | $**(0.8)** |
| CLP option contracts (billions)<sup>(i)</sup> | CLP$825 | CLP$889 | January 2023 - December 2024 | CLP111.9 |  | $**(2.6)** |
| ***Forward contracts*** | **Average FX/USD forward rate** | **Average FX/USD forward rate** |  |  |  |  |
| BRL forward contracts (millions)<sup>(ii)</sup> | R$5.53 | R$5.53 | January 2023 - December 2024 | R$576.0 |  | $**(1.8)** |
| CLP forward contracts (billions)<sup>(iii)</sup> | CLP$858 | CLP$858 | January 2023 - December 2024 | CLP128.1 |  | $**(2.9)** |
| **Other** | **Per share value (C$)** | **Per share value (C$)** |  |  |  |  |
| DSU contracts (millions of DSUs)<sup>(iv)</sup> | $7.26 | $7.26 | January - March 2023 | **—** | DSU 4.2 | $**1.2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company has designated zero cost collar option contracts as cash flow hedges for its highly probable forecasted BRL and CLP expenditure requirements. The Company has elected to only designate the change in the intrinsic value of options in the hedging relationships. The change in fair value of the time value component of options is recorded in OCI as a cost of hedging. The BRL cash flow hedges are expected to cover approximately. 29% and 28% of the BRL denominated forecasted costs for 2023 and 2024, respectively. The CLP cash flow hedges are expected to cover approximately 26% and 29% of the CLP denominated forecasted costs for 2023 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)During the first quarter of 2022, the Company entered into forward contracts totalling BRL 300.0 million (approximately US$61.4 million at the time) split evenly from January to December 2023, and BRL 276.0 million (approximately US$56.5 million at the time) split evenly from January to December 2024. These forward contracts are expected to cover approximately 41% and 36% of the BRL denominated forecasted costs for 2023 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)During the first quarter of 2022, the Company entered into forward contracts totalling CLP 68.1 billion (approximately US$85.9 million at the time) split evenly from January to December 2023, and CLP 60.0 billion (approximately US$75.9 million at the time) split evenly from January to December 2024. These forward contracts are expected to cover approximately 34% and 29% of the CLP denominated forecasted costs for 2023 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)During the fourth quarter of 2020, the Company entered into a derivative contract to mitigate the volatility of its share price on DSU compensation, effectively locking in the exposure of the Company for 4.2 million DSUs (approximately 88% outstanding DSUs at the time) at a value of C$7.26 per share.

As at December 31, 2022, the Company also had derivative liabilities relating to option agreements of $4.8 million (December 31, 2021: $4.7 million).

**Fair Values of Derivatives**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |
| *At as December 31,* | **2022** | 2021 | **2022** | 2021 |
| **Derivatives designated as hedging instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency contracts | $**1.2** | $— | $**9.3** | $14.5 |
| Total derivatives designated as hedging instruments | $**1.2** | $— | $**9.3** | $14.5 |
| **Derivatives not designated as hedging instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants and options contracts | **0.4** |  | **4.8** | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;DSU contracts | **1.2** |  | **—** | 6.0 |
| Total derivatives not designated as hedges | $**1.6** | $— | $**4.8** | $11.0 |
| **Total derivative instruments (Note 20 and Note 25)** | $**2.8** | $— | $**14.1** | $25.5 |

---

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**Cash Flow Hedge Gains (Losses) in Accumulated Other Comprehensive Income ("AOCI")**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain (loss) recognized in cash flow hedge reserve** | **Gain (loss) recognized in cash flow hedge reserve** | **Gain (loss) reclassified or adjusted from cash flow hedge reserve** | **Gain (loss) reclassified or adjusted from cash flow hedge reserve** |
| *For the year ended December 31,* | **2022** | 2021 | **2022** | 2021 |
| **Exchange rate risk** |  |  |  |  |
| Currency option contracts | $**(1.2)** | $(11.8) | $**7.2** | $9.7 |
|  | $**(1.2)** | $(11.8) | $**7.2** | $9.7 |
| Time value of option contracts excluded from <br>hedge relationship | **1.7** | (4.9) | **—** |  |
|  | $**0.5** | $(16.7) | $**7.2** | $9.7 |

---

**Gains (Losses) on Non-hedge Derivatives**

The net gain (loss) on derivatives not designated as hedging instruments was comprised of the following:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| **Unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DSU contracts | **7.2** | (6.5) |
|  | $**7.2** | $(6.5) |

---

**18.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT**

Exploration, development and mining of precious metals involve numerous risks as a result of the inherent nature of the business, global economic trends and the influences of local social, political, environmental and economic conditions in the various geographical areas of operation. As such, the Company is subject to several financial and operational risks that could have a significant impact on its profitability, financial instruments and levels of operating cash flows. In particular, financial risks include market risk (including currency risk, commodity price risk and interest rate risk), credit risk, and liquidity risk.

**Market Risk**

Market risk is the risk that changes in market factors, such as foreign exchange, commodity prices or interest rates will affect the value of the Company's financial instruments. Market risks are managed by either accepting the risk or mitigating it through the use of derivatives and other economic hedges.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk**

The Company's sales are predominantly denominated in US Dollars. The Company is primarily exposed to currency fluctuations relative to the US Dollar as a portion of the Company's operating costs and capital expenditures are denominated in foreign currencies; predominantly the Brazilian Real, the Argentine Peso, the Chilean Peso, and the Canadian Dollar. Monetary assets denominated in foreign currencies are also exposed to foreign currency fluctuations. These potential currency fluctuations could have a significant impact on production costs and affect the Company's earnings and financial condition. To limit the variability in the Company's expected operating and capital expenditures denominated in foreign currencies, the Company enters into forward contracts and zero-cost collar option contracts.

Details of outstanding derivative instruments can be found in *Note 17*.

The following table outlines the Company's exposure to currency risk and the pre-tax effects on net earnings and other comprehensive income at the end of the reporting period of a 10% change in the foreign currency for the foreign currency denominated monetary items. The sensitivity analysis includes cash and cash equivalents and trade payables. The number below indicates an increase or decrease in net earnings or other comprehensive income where the US Dollar strengthens or weakens by 10% against the relevant foreign currency.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Effect on net <br>earnings, before tax** | **Effect on net <br>earnings, before tax** | **Effect on other comprehensive income, before tax** | **Effect on other comprehensive income, before tax** |
| *(On 10% change in US Dollars exchange rate)* | **2022** | 2021 | **2022** | 2021 |
| BRL | $**0.5** | $0.2 | $**0.1** | $0.6 |
| ARS | $**1.4** | $1.3 | $**—** | $— |
| CAD | $**9.6** | $1.3 | $**—** | $0.1 |
| CLP | $**0.5** | $1.6 | $**0.6** | $1.3 |

---

The sensitivity analysis included in the tables above should be used with caution as the results are theoretical, based on management's best assumptions using material and practicable data which may generate results that are not necessarily

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indicative of future performance. In addition, in deriving this analysis, the Company has made assumptions based on the structure and relationships of variables as at the balance sheet date which may differ due to fluctuations throughout the year with all other variables assumed to remain constant. Actual changes in one variable may contribute to changes in another variable, which may amplify or offset the effect on earnings.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Commodity Price Risk**

The Company's profitability and long-term viability depend, in large part, upon the market price of metals that may be produced from the Company's properties, primarily gold, silver and copper. Market price fluctuations of these commodities could adversely affect profitability of operations and lead to impairments of mineral properties. Metal prices fluctuate widely and are affected by numerous factors beyond the Company's control including but not limited to supply and demand, consumption patterns, macroeconomic factors (interest, exchange and inflation), banking and political conditions, and mining specific factors. The Company periodically uses forward contracts to economically hedge against the risk of declining metal prices for a portion of its forecast sales.

There were no derivatives to hedge metal sales outstanding at December 31, 2022 or December 31, 2021.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk**

Interest rate risk is the risk that the fair values and future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company monitors its exposure to interest rates and its exposures with a mix of fixed-and floating-rate debt. As at December 31, 2022, all of the Company's long-term debt was at fixed rates. The Company's revolving credit facility, which is subject to floating rates of interest, was not drawn as at December 31, 2022.

A 10% increase or decrease in the interest earned from financial institutions on deposits held would result in a nominal increase or decrease in the Company's net earnings. There was no significant change in the Company's exposure to interest rate risk during the year ended December 31, 2022.

**Credit Risk**

Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial instrument. The Company is exposed to various counterparty risks including, but not limited to: (i) financial institutions that hold the Company's cash and short-term investments; (ii) companies that have payables to the Company, including bullion customers; (iii) providers of risk management services (including hedging arrangements); (iv) shipping service providers that move the Company's material; (v) the Company's insurance providers; (vi) refineries contracted that hold and process the Company's precious metals; and (vii) the Company's lenders. The Company seeks to limit counterparty risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. In addition, credit risk is further mitigated in specific cases by maintaining the ability to novate contracts from lower quality credit counterparties to those with higher credit ratings. For cash and cash equivalents and trade and other receivables, credit risk is represented by the carrying amount on the consolidated balance sheets.

Cash and cash equivalents are deposited with highly rated corporations and the credit risk associated with these deposits is low. The Company sells its products to large international financial institutions and other organizations with high credit ratings. Historical levels of receivable defaults and overdue balances over normal credit terms are both negligible, thus the credit risk associated with trade receivables is also considered to be negligible. The assessment of recoverability of trade receivables at December 31, 2022 considered the impacts of COVID-19 and no recoverability issues were identified. For derivatives, the Company assumes no credit risk when the fair value of the instruments is negative. When the fair value of the instruments is positive, this is a reasonable measure of credit risk. The Company does not have any assets pledged as collateral.

The Company's maximum credit exposure to credit risk is as follows:

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Cash and cash equivalents | $**366.5** | $525.0 |
| Trade and other receivables | **3.8** | 3.0 |
| Derivative assets ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_178)17) | **2.8** |  |
| Convertible loan receivable (Note 20) | **—** | 10.0 |
| Loans and other receivables | **19.3** | 22.5 |
|  | $**392.4** | $560.5 |

---

**Liquidity Risk**

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company has in place a rigorous planning, budgeting and forecasting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis, its expansionary plans and its dividend distributions. The

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Company ensures that sufficient committed loan facilities exist to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. Details of the credit facility are included in *Note 27*.

The following table summarizes the remaining contractual maturities of the Company's significant financial liabilities, shown in contractual undiscounted cash flows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 |
| *As at December 31,* | **Within 1 year** | **2 - 3<br>years** | **4 - 5<br>years** | **Over 5 years** | **Total** | Total |
| Trade and other payables | $314.7 | $— | $— | $— | $314.7 | $274.7 |
| Debt repayments |  |  | 282.9 | 500.0 | 782.9 | 782.9 |
| Interest payments on debt | 28.7 | 57.4 | 53.6 | 47.7 | 187.4 | 211.0 |
| Lease liabilities | 38.8 | 39.9 | 11.2 | 10.1 | 100.0 | 86.0 |
| Derivative liabilities | 3.0 | 11.1 |  |  | 14.1 | 25.5 |
| Other financial liabilities | 62.1 | 22.4 | 12.5 | 94.9 | 191.9 | 108.6 |
| **Total** | $**447.3** | $**130.8** | $**360.2** | $**652.7** | $**1591.0** | $1488.7 |

---

At December 31, 2022, the Company had letters of credit and guarantees outstanding in the amount of $197.5 million (December 31, 2021: $146.2 million) of which $166.3 million (December 31, 2021: $119.8 million) represented guarantees for reclamation obligations. These letters of credit are automatically extended for one year periods from their expiration dates.

**19.&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Product inventories | $**31.0** | $22.9 |
| Work in process | **12.6** | 13.0 |
| Ore stockpiles | **185.8** | 189.2 |
| Materials and supplies | **131.5** | 109.4 |
|  | $**360.9** | $334.5 |
| Less: non-current ore stockpiles included in other non-current assets (Note 21) | **(151.7)** | (167.3) |
|  | $**209.2** | $167.2 |

---

During the year ended December 31, 2022, a charge of $2.1 million (2021: charge of $1.6 million) was recorded within cost of sales excluding depletion, depreciation and amortization to reduce the carrying value of materials and supplies inventories to their net realizable value.

**20.&nbsp;&nbsp;&nbsp;&nbsp;OTHER FINANCIAL ASSETS**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Derivative assets ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_172)17) | $**2.8** | $— |
| Loans and other receivables | **19.3** | 22.5 |
| Investments in equity securities and warrants | **52.3** | 75.5 |
| Convertible loan receivable<sup>(i)</sup> | **—** | 10.0 |
|  | $**74.4** | $108.0 |
| Current | $**16.6** | $27.0 |
| Non-current | **57.8** | 81.0 |
|  | $**74.4** | $108.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)On May 27, 2020, the Company completed the sale of its Royalty Portfolio to Nomad Royalty Company Ltd. ("Nomad") and received $64.2 million in consideration, including $10.0 million in cash, $10.8 million being the fair value of the $10.0 million deferred cash payment (convertible loan receivable) and $43.4 million in Nomad common shares. The deferred cash payment was measured at fair value due to the convertible nature of the financial instrument. Pursuant to the terms in the Deferred Payment Agreement, Yamana received interest on the deferred cash payment of 3% calculated and payable on a quarterly basis, and the deferred cash payment was convertible at any time, in whole or in part, by Yamana into shares of Nomad at C$0.90 per share. Yamana received the deferred cash payment in full in May 2022.

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**21.&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Non-current portion of ore stockpiles (Note 19)<sup>(i)</sup> | $**151.7** | $167.3 |
| Income tax recoverable and installments | **9.0** | 6.9 |
| Tax credits recoverable<sup>(ii)</sup> | **58.1** | 70.6 |
| Advances, deposits and prepaids | **68.8** | 67.4 |
| Other | **3.0** | 4.1 |
|  | $**290.6** | $316.3 |
| Current | $**100.9** | $113.3 |
| Non-current | **189.7** | 203.0 |
|  | $**290.6** | $316.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Non-current ore stockpiles represent material not scheduled for processing within the next twelve months at the Company's Canadian Malartic and Jacobina mines.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Tax credits recoverable consist of sales taxes which are recoverable either in the form of a refund from the respective jurisdictions in which the Company operates or against other taxes payable and value-added tax.

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 46

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**22.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Land, building,<br>plant & equipment** | **Operating mine mineral interests**<sup>(iv)(v)</sup> | **Development projects and Exploration & evaluation** | **Total** |
| **Cost** | | | | |
| At January 1, 2022 | $**2015.8** | $**7532.5** | $**3652.2** | $**13200.4** |
| Additions | **69.6** | **363.6** | **127.4** | **560.6** |
| Reclassifications, transfers and other non-cash movements<sup>(ii)</sup> | **61.1** | **(28.5)** | **15.0** | **47.6** |
| Disposals | **(86.6)** | **(4.4)** | **—** | **(91.0)** |
| At December 31, 2022 | $**2059.9** | $**7863.2** | $**3794.6** | $**13717.6** |
| **Accumulated depletion, depreciation and amortization ("DDA") and impairment** |  |  |  |  |
| At January 1, 2022 | $**(1354.0)** | $**(4298.4)** | $**(772.7)** | $**(6425.2)** |
| DDA | **(134.5)** | **(326.8)** | **—** | **(461.3)** |
| Impairments<sup>(iii)</sup> | **(52.7)** | **(162.2)** | **(1707.8)** | **(1922.7)** |
| Disposals | **82.9** | **4.4** | **—** | **87.3** |
| At December 31, 2022 | $**(1458.3)** | $**(4783.0)** | $**(2480.5)** | $**(8721.9)** |
| **Carrying amount, December 31, 2022** | $**601.6** | $**3080.2** | $**1314.1** | $**4995.7** |
| **Amounts included above as at December 31, 2022** |  |  |  |  |
| Assets under construction<sup>(i)</sup> | $**13.7** | $**250.4** | $**153.4** | $**417.5** |
| Assets not being depreciated | $**—** | $**812.2** | $**1314.1** | $**2126.3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Land, building,<br>plant & equipment** | **Operating mine mineral interests**<sup>(iv)(v)</sup> | **Development projects and Exploration & evaluation** | **Total** |
| **Cost** | | | | |
| At January 1, 2021 | $1912.4 | $7294.1 | $3475.1 | $12681.5 |
| Additions | 73.1 | 257.7 | 51.6 | 382.4 |
| Reclassification, transfers and other non-cash movements<sup>(ii)</sup> | 63.3 | (19.2) | 129.0 | 173.1 |
| Disposals | (33.0) | (0.1) | (3.5) | (36.6) |
| At December 31, 2021 | $2015.8 | $7532.5 | $3652.2 | $13200.4 |
| **Accumulated depletion, depreciation and amortization ("DDA") and impairment** |  |  |  |  |
| At January 1, 2021 | $(1258.6) | $(3965.3) | $(772.7) | $(5996.7) |
| DDA | (123.0) | (333.1) |  | (456.1) |
| Disposals | 27.6 |  |  | 27.6 |
| At December 31, 2021 | $(1354.0) | $(4298.4) | $(772.7) | $(6425.2) |
| **Carrying amount, December 31, 2021** | $661.8 | $3234.1 | $2879.5 | $6775.2 |
| **Amounts included above as at December 31, 2021** |  |  |  |  |
| Assets under construction | $2.2 | $120.5 | $131.1 | $253.8 |
| Assets not being depreciated | $— | $690.0 | $2879.5 | $3569.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)During 2022, the Company capitalized interest of $4.6 million (2021: $0.9 million) related to qualifying capital expenditures at its Canadian assets under construction at a weighted average capitalization rate of 6.8% (2021: 3.8%).

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Reclassifications, transfers and other non-cash movements includes non-cash additions to PPE and changes in the environmental rehabilitation provision as per Note 28. Also included in 2021 is PPE acquired as part of the acquisition of Monarch Gold Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)During the year ended December 31, 2022, the Company recognized an impairment charge on certain operating mines, development projects and exploration properties totalling $1,922.7 million. Refer to *Note 13* for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)At December 31, 2022, $478.9 million of E&E assets related to assets in production were included in operating mine mineral interests (December 31, 2021 - $495.1 million). During the year ended December 31, 2022, the Company impaired $1,699.1 million of E&E costs (2021: nil).

&nbsp;&nbsp;&nbsp;&nbsp;(v)At December 31, 2022, the carrying amount of stripping costs capitalized and included in mining properties was $38.8 million (December 31, 2021: $39.4 million).

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 47

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**23. &nbsp;&nbsp;&nbsp;&nbsp;GOODWILL AND OTHER INTANGIBLE ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
| | **Goodwill**<sup>(i)</sup> | **Other intangible assets**<sup>(ii)</sup> | **Total** |
| **Cost** | | | |
| At January 1, 2022 | $403.7 | $85.5 | $489.2 |
| Additions |  | 0.1 | 0.1 |
| At December 31, 2022 | $**403.7** | $**85.6** | $**489.3** |
| **Accumulated amortization and impairment** |  |  |  |
| At January 1, 2022 | $**(45.0)** | $**(52.4)** | $**(97.4)** |
| Amortization | **—** | **(4.8)** | **(4.8)** |
| At December 31, 2022 | $**(45.0)** | $**(57.2)** | $**(102.2)** |
| **Net book value at December 31, 2022** | $**358.7** | $**28.4** | $**387.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Goodwill**<sup>(i)</sup> | **Other intangible assets**<sup>(ii)</sup> | **Total** |
| **Cost** | | | |
| At January 1, 2021 | $403.7 | $85.3 | $489.0 |
| Additions |  | 0.2 | $0.2 |
| At December 31, 2021 | $403.7 | $85.5 | $489.2 |
| **Accumulated amortization and impairment** |  |  |  |
| At January 1, 2021 | $(45.0) | $(47.6) | $(92.6) |
| Amortization |  | (4.8) | (4.8) |
| At December 31, 2021 | $(45.0) | $(52.4) | $(97.4) |
| **Net book value at December 31, 2021** | $358.7 | $33.1 | $391.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Goodwill represents the excess of the purchase cost over the fair value of net assets acquired in a business acquisition. On June 16, 2014, the Company acquired a 50% interest in Canadian Malartic. Goodwill of $427.7 million was recognized on the excess of the purchase consideration over the fair value of the assets and liabilities acquired. In March 2018, the Company sold certain jointly owned exploration properties of the Canadian Malartic Corporation, and derecognized $24.0 million of goodwill allocated to the exploration properties.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Other intangible assets primarily comprise capitalized system development costs.

**24. &nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER PAYABLES**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Trade payables | $**209.1** | $173.1 |
| Other payables<sup>(i)</sup> | **105.6** | 101.6 |
|  | $**314.7** | $274.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Other payables include dividends, salaries, bonuses, pension, and interest payable, among other accruals.

**25.&nbsp;&nbsp;&nbsp;&nbsp;OTHER FINANCIAL LIABILITIES** 

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Lease liabilities (Note 33) | $**77.4** | $63.8 |
| Royalty payable | **10.9** | 12.0 |
| Severance accrual | **47.2** | 38.5 |
| Deferred share units/performance share units liability (Note 30) | **40.2** | 25.1 |
| Accounts receivable and value added tax financing credit<sup>(i)</sup> | **20.2** | 10.0 |
| Derivative liabilities (Note 17) | **14.1** | 25.5 |
| Other<sup>(ii)</sup> | **73.3** | 23.0 |
|  | $**283.3** | $197.9 |
| Current | $**97.1** | $76.0 |
| Non-current | **186.2** | 121.9 |
|  | $**283.3** | $197.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Accounts receivable and value added tax ("VAT") financing credits are payable within 30 days from the receipt of proceeds on doré sales, or payable in the month of approval of the VAT credit, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Includes approximately $50.0 million in deferred consideration related to the purchase of rights to additional remaining resources at the MARA project. The amount is payable in eight equal installments through to 2029, with the first two installments due in January and June 2023. The January 2023 installment was paid subsequent to the end of the year.

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**26.&nbsp;&nbsp;&nbsp;&nbsp;OTHER PROVISIONS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Other taxes payable | $**15.8** | $17.4 |
| Provision for repatriation taxes payable<sup>(i)</sup> | **9.8** | 14.8 |
| Provision for taxes | **13.7** | 18.4 |
| Deferred revenue on metal streaming arrangement<sup>(ii)</sup> | **53.6** | 64.2 |
| Other provisions and liabilities<sup>(iii)</sup> | **76.5** | 64.8 |
|  | $**169.4** | $179.6 |
| Current | $**60.3** | $57.7 |
| Non-current | **109.1** | 121.9 |
|  | $**169.4** | $179.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company is subject to additional taxes in Chile on the repatriation of profits to its foreign shareholders. Total taxes in the amount of $9.8 million (2021: $14.8 million) have been accrued on the assumption that the profits will be repatriated.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)On October 27, 2015 the Company entered into three metal streaming agreements with Sandstorm pursuant to which, the Company received advanced consideration of $170.4 million against future deliveries of silver production from Cerro Moro, Minera Florida and Chapada, copper production from Chapada, and gold production from Agua Rica. The advanced consideration is accounted for as deferred revenue, with revenue recognized when the metals are delivered to the counterparty. The liabilities associated with the deferred revenue balances referenced to production from the Chapada mine were derecognized as part of the sale of the Chapada mine in July 2019. The following table summarizes the changes in deferred revenue from the metal streaming arrangements during 2022:

---

| | |
|:---|:---|
| | **2022** |
| **As at December 31, 2021** | $**64.2** |
| Recognition of revenue during the year net of interest accretion | (14.4) |
| Variable consideration adjustment | 3.8 |
|  | $**53.6** |
| Current portion | $9.9 |
| Non-current portion | 43.7 |
| **As at December 31, 2022** | $**53.6** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Other provisions and liabilities include the current portion of environmental rehabilitation provisions, and other contingent provisions.

**27.&nbsp;&nbsp;&nbsp;&nbsp;LONG-TERM DEBT AND CREDIT FACILITY**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| **Senior notes** |  |  |
| **$500 million notes issued August 2021** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.63% 10-year notes due August 2031 | $**495.5** | $495.1 |
| **$300 million notes issued December 2017** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625% 10-year notes due December 2027 | **281.2** | 280.8 |
|  | $**776.7** | $775.9 |
| **Revolving credit facility** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility (net of capitalized debt issuance costs) | **(2.4)** | (3.1) |
| **Total debt**<sup>(i)</sup> | $**774.3** | $772.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Balances are net of unamortized discounts and capitalized transaction costs of $8.6 million (2021: $10.0 million).

**Senior Notes**

The Company's senior notes are unsecured and interest is payable semi-annually. Each series of senior notes is redeemable, in whole or in part, at the Company's option, at any time prior to maturity, subject to make-whole provisions. The senior notes are accreted to the face value over their respective terms.

The Company's next repayment on the senior notes is now due December 2027.

**Revolving Credit Facility**

During the third quarter of 2021, the Company extended the term of the revolving credit facility ("the Facility") from July 2024 to August 2026, under existing terms and conditions. The maximum amount available under the Facility remains at $750.0 million. The Facility is unsecured and has an interest rate on drawn amounts of LIBOR plus an interest margin of between 1.20% and 2.25% depending on the Company's credit rating, and a commitment fee of between 0.24% and 0.45% depending on the Company's credit rating. Subsequent to December 31, 2022, the Company drew down $125.0 million on the Facility.

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**Covenants**

The senior notes and revolving credit facility are subject to various financial and general covenants. The principal covenants are maximum net total debt (debt less cash) to tangible net worth of 0.75; and leverage ratio (net total debt/EBITDA) to be less than or equal to 3.5:1. The Company was in compliance with all covenants as at December 31, 2022.

**28.&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENTAL REHABILITATION PROVISION**

The Company incurs environmental rehabilitation liabilities relating to its operating and closed mines and development projects. Significant rehabilitation activities include land rehabilitation, demolition of buildings and mine facilities, and ongoing care and maintenance and monitoring.

The Company estimates future rehabilitation costs based on the level of current mining activity and estimates of costs required to fulfill the Company's future obligations. Changes in environmental rehabilitation provision estimates during the year reflect changes in cash flow estimates as well as assumptions including discount and inflation rates.

At December 31, 2022, the present value of the environmental rehabilitation provision relating to the Company's mining properties was estimated at $366.0 million (December 31, 2021: $377.2 million) using discount rates ranging between 3.25% and 89.87% (December 31, 2021: 0.37% and 131.96%). The undiscounted value of these liabilities was $585.1 million (December 31, 2021: $547.0 million).

The following table reconciles the beginning and ending carrying amounts of the Company's environmental rehabilitation provision. The majority of the expenditures are expected to take place over the next 100 years. Certain obligations related to post closure monitoring and maintenance at the Company's Chilean mines are expected to continue in perpetuity.

---

| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| **Balance, beginning of year** | $**377.2** | $392.7 |
| Environmental rehabilitation provisions acquired during the year (Note 6) | **0.6** | 3.0 |
| Accretion expense included in finance costs | **19.4** | 13.9 |
| Revisions in estimates and obligations | **(3.5)** | 6.0 |
| Expenditures during the current year | **(22.2)** | (16.2) |
| Foreign exchange impact | **(5.5)** | (20.7) |
| Environmental rehabilitation provisions disposed of during the year | **—** | (1.5) |
| **Balance, end of year** | $**366.0** | $377.2 |
| Current<sup>(i)</sup> | $**30.9** | $24.3 |
| Non-current | **335.1** | 352.9 |
|  | $**366.0** | $377.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The current portion of the environmental rehabilitation provision is included in the current portion of Other Provisions and Liabilities. Refer to *Note 26*.

Regulatory authorities in certain jurisdictions require that security be provided to cover the estimated environmental rehabilitation obligations. As at December 31, 2022, the Company had outstanding letters of credit in the amount of $96.1 million (C$130.2 million) (December 31, 2021: $71.4 million (C$90.5 million)) representing guarantees for reclamation obligations and road construction relating to the Company's share of mining interest in Canadian Malartic, and $56.6 million (December 31, 2021: $34.1 million) and $13.6 million (December 31, 2021: $13.6 million) representing guarantees for reclamation obligations relating to the Company's Chilean mines and US properties, respectively. These letters of credit are automatically extended for one year periods from their expiration dates.

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**29.&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Common Shares Issued and Outstanding**

The Company is authorized to issue an unlimited number of common shares at no par value and a maximum of eight million first preference shares. There were no first preference shares issued or outstanding as at December 31, 2022 (2021: nil).

---

| | | | | |
|:---|:---|:---|:---|:---|
| *For the years ended December 31,* | **2022** | **2022** | 2021 | 2021 |
|  | **Number of<br>common shares** |  | Number of<br>common shares |  |
| Issued and outstanding - 961,003,488 common shares | **Number of<br>common shares** | **Amount** | Number of<br>common shares | Amount |
| (December 31, 2021 - 959,805,965 common shares): | ***(In thousands)*** | ***(In millions)*** | *(In thousands)* | *(In millions)* |
| **Balance, beginning of year** | **959806** | $**7689.9** | 952621 | $7648.9 |
| Issued on vesting of restricted share units | **1181** | **4.4** | 1353 | 4.5 |
| Dividend reinvestment plan | **114** | **0.5** | 147 | 0.7 |
| Issued as consideration in Monarch acquisition (Note 6) | **—** | **—** | 11608 | 61.2 |
| Issued as consideration in acquisition of exploration properties (Note 6) | **—** | **—** | 706 | 3.1 |
| Exercise of warrants | **—** | **0.2** | 44 | 0.1 |
| Acquisition of own shares, share cancellations and other adjustments<sup>(i)</sup> | **(98)** | **—** | (6673) | (28.6) |
| **Balance, end of year** | **961003** | $**7695.0** | 959806 | $7689.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Under the Company's normal-course issuer bid ("NCIB"), the Company was able to purchase up to 48,321,676 of its common shares no later than August 3, 2022. During 2021, the Company purchased 6,672,628 of its common shares under the NCIB, which were subsequently cancelled.

**Dividends Paid and Declared**

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Dividends paid | $**115.3** | $104.8 |
| Dividends declared in respect of the year | $**115.3** | $108.6 |
| Dividend paid *(per share)* | $**0.120** | $0.109 |
| Dividend declared in respect of the year *(per share)* | $**0.120** | $0.113 |

---

The Company's dividend reinvestment plan resulted in $0.5 million (2021: $0.7 million) being reinvested into the Company.

**30.&nbsp;&nbsp;&nbsp;&nbsp;SHARE-BASED PAYMENTS**

The total expense relating to share-based payments includes accrued compensation expense related to plans granted in the current period, plans granted in the prior period and adjustments to compensation associated with mark-to-market adjustments on cash-settled plans, as follows:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Expense related to equity-settled compensation plans | $**6.1** | $5.0 |
| Expense related to cash-settled compensation plans | **21.9** | (1.8) |
| **Total expense recognized as compensation expense** | $**28.0** | $3.2 |

---

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Total carrying amount of liabilities for cash-settled arrangements ([Note](#i09a14eb0e16a42ffa2cb5387e75266fc_196)25) | $**40.2** | $25.1 |

---

The following table summarizes the equity instruments outstanding related to share-based payments.

---

| | | |
|:---|:---|:---|
| *As at December 31, (In thousands)* | **2022** | 2021 |
| Share options outstanding<sup>(i)(ii)(iii)</sup> | **—** | 256 |
| Restricted share units ("RSU")<sup>(iv)</sup> | **2453** | 2210 |
| Deferred share units ("DSU")<sup>(v)(vi)</sup> | **5418** | 5061 |
| Performance share units ("PSU")<sup>(vii)</sup> | **2249** | 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The aggregate maximum number of common shares that may be reserved for issuance under the Company's Share Incentive Plan is 24.9 million (2021: 24.9 million).

&nbsp;&nbsp;&nbsp;&nbsp;(ii)As at December 31, 2021 there were 256,348 share options with a weighted average exercise price of C$5.30 outstanding and exercisable. All share options expired during the first quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)During the year ended December 31, 2022, no share options were granted or excised.

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&nbsp;&nbsp;&nbsp;&nbsp;(iv)During the year ended December 31, 2022, the Company granted 1,443,567 RSUs with a weighted average grant date fair value of C$5.25 per RSU; a total of 1,180,865 RSUs vested and the Company credited $4.4 million (2021: $4.5 million) to share capital in respect of RSUs that vested during the year. There were 19,456 RSUs cancelled during the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(v)During the year ended December 31, 2022, the Company granted 357,099 DSUs and recorded an expense of $1.7 million, and no DSUs were settled.

&nbsp;&nbsp;&nbsp;&nbsp;(vi)During the fourth quarter of 2020, the Company entered into a derivative contract to mitigate the volatility of share price on DSU compensation, effectively locking in the exposure of the Company for 4.2 million DSUs (approximately 88% of outstanding DSUs at the time) at a value of C$7.26 per share. For the year ended December 31, 2022, the Company recorded a mark-to-market loss on DSUs of $8.8 million and a mark-to-market gain on the DSU hedge of $7.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(vii)During the year ended December 31, 2022, 1,345,884 PSU units were granted with an expiry date of December 9, 2024 and a fair value of C$15.18 per unit at December 31, 2022. There were payouts of 1,117,219 PSU units, and no cancellations, during the year ended December 31, 2022.

**31.&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTERESTS**

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Agua De La Falda S.A.<sup>(i)</sup> | $**(20.7)** | $18.7 |
| Estelar Resources S.A.<sup>(ii)</sup> | **16.0** | 16.0 |
| Minera Agua Rica Alumbrera Ltd.<sup>(iii)</sup> | **410.2** | 751.1 |
| Minera Cavancha SpA<sup>(iv)</sup> | **8.4** | 21.5 |
|  | $**413.9** | $807.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company holds a 56.7% interest in the Agua De La Falda ("ADLF") project along with Corporación Nacional del Cobre de Chile ("Codelco"). The ADLF project is an exploration project that includes the Jeronimo Deposit and is located in northern Chile.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)During the second quarter of 2018, the Company entered into an arrangement with Fomento Minero de Santa Cruz S.E. ("FOMICRUZ") pursuant to which, FOMICRUZ is entitled to certain subordinated shares in the legal entity that directly owns the Cerro Moro mine, Estelar Resources S.A. These subordinated shares entitle FOMICRUZ to a 5% interest in future dividends after the Company's investment in Cerro Moro, which includes construction and development along with acquisition costs, has been recovered in full. As part of the arrangement and as further consideration to the Company, the right to use the land related to the Bahía Laura properties, a significant land package to the west and south west of Cerro Moro, was obtained at an approximate value of $16.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)On December 17, 2020, the Company, along with partners Glencore and Newmont, completed the integration of the Agua Rica project with the Alumbrera plant and infrastructure, pursuant to which, Yamana relinquished a non-controlling interest in Agua Rica for an increased interest in Alumbrera. Upon completion of the integration transaction, Yamana owned 56.25%, with Glencore and Newmont owning 25.00% and 18.75%, respectively, of Minera Agua Rica Alumbrera Ltd., the legal entity that indirectly holds the integrated MARA project. During 2022, Glencore acquired Newmont's interest, taking Glencore's interest to 43.75%. The following table summarizes the information relating to the MARA subsidiary, before any intra-group eliminations:

---

| | | |
|:---|:---|:---|
| *As at December 31,* | **2022** | 2021 |
| Current assets | $**230.5** | $237.4 |
| Non-current assets | **924.3** | 1897.4 |
| Current liabilities | **59.4** | 26.8 |
| Non-current liabilities | **289.4** | 522.5 |
| **Net assets** | $**806.0** | $1585.5 |
| Net assets attributable to NCI | $**352.6** | $693.7 |
| *For the year ended December 31,* | **2022** | 2021 |
| **Net loss and comprehensive loss** | $**(824.4)** | $(134.2) |
| Net loss and comprehensive loss allocated to NCI | $**(360.7)** | $(58.7) |

---

Key cash flows related to MARA during the year ended December 31, 2022 were net outflows of $0.3 million (2021: net outflows of $12.7 million) related to care and maintenance costs and servicing of environmental rehabilitation provisions net of realized foreign exchange gains, net outflows of $46.1 million (2021: $25.6 million) related to capital expenditures, and net inflows of $45.1 million (2021: $42.4 million) in contributions from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In December 2018, the Company entered into an Option Agreement with Mineros, with respect to the Company's wholly-owned La Pepa gold project. The Option Agreement granted Mineros the right and option to acquire up to a 51% interest in Minera Cavancha SpA, the legal entity that directly holds the La Pepa project. During 2021, Mineros exercised the first option in the Option Agreement, and was issued shares representing a 20% interest in Minera Cavancha SpA. Refer to Note 6 for further details.

**32.&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL MANAGEMENT**

The Company's objectives in managing capital are to ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions, to ensure the externally imposed capital requirements relating to its long-term debt are being met, and to provide returns to its shareholders. The Company defines capital that it manages as net worth, which is comprised of total shareholders' equity and debt obligations (net of cash and cash equivalents). Refer to *[Note](#i09a14eb0e16a42ffa2cb5387e75266fc_208)s 29* and *27*, respectively, for a quantitative summary of these items.

The Company manages its capital structure and makes adjustments to it in light of general economic conditions, the risk characteristics of the underlying assets and the Company's working capital requirements. In order to maintain or adjust its capital structure, the Company, upon approval from its Board of Directors, may issue shares, pay dividends, or undertake other activities as deemed appropriate under the specific circumstances. The Board of Directors reviews and approves any material

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transactions out of the ordinary course of business, including proposals on acquisitions or other major investments or divestitures, as well as capital and operating budgets. The Company has not made any changes to its policies and processes for managing capital during the year.

**33.&nbsp;&nbsp;&nbsp;&nbsp;LEASES** 

A significant proportion of the Company's lease arrangements, by value, relate to equipment and vehicles used at the Company's mine sites. Other leases include offices and various IT equipment. The majority of lease terms are negotiated through the Company's procurement function, although agreements contain a wide range of different terms and conditions. Information about leases for which the Company is a lessee is presented below.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Buildings** | **Vehicles** | **Machinery and Equipment** | **Total** |
| Balance at December 31, 2021 | $**12.8** | $**12.0** | $**37.7** | $**62.5** |
| Additions | **0.3** | **19.3** | **19.6** | **39.2** |
| Depreciation charge for the year | **(2.6)** | **(8.9)** | **(16.8)** | **(28.3)** |
| Balance at December 31, 2022 | $**10.5** | $**22.4** | $**40.5** | $**73.4** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Buildings** | **Vehicles** | **Machinery and Equipment** | **Total** |
| Balance at December 31, 2020 | $13.4 | $5.4 | $14.1 | $32.9 |
| Additions | 2.0 | 12.2 | 38.0 | 52.2 |
| Depreciation charge for the year | (2.6) | (5.6) | (14.4) | (22.6) |
| **Balance at December 31, 2021** | $12.8 | $12.0 | $37.7 | $62.5 |

---

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities**

---

| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| Maturity analysis - contractual undiscounted cash flows |  |  |
| Less than one year | $**38.8** | $27.6 |
| Two to three years | **39.9** | 37.8 |
| Four to five years | **11.2** | 8.1 |
| More than five years | **10.1** | 12.5 |
| Total undiscounted lease liabilities at December 31 | $**100.0** | $86.0 |
| Lease liabilities included in the balance sheet at December 31 (Note 25) | $**77.4** | $63.8 |
| Current | $**32.1** | $22.6 |
| Non-current | $**45.3** | $41.2 |

---

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Amounts recognized in net earnings**

---

| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| Depreciation expense on right-of-use assets<sup>(i)</sup> | $**26.8** | $22.6 |
| Interest expense on lease liabilities (Note 12) | $**8.0** | $6.7 |
| Variable lease payments not included in the measurement of lease liabilities<sup>(ii)</sup> | $**77.5** | $86.0 |
| Expenses relating to short-term leases | $**26.5** | $21.8 |
| Expenses relating to leases of low value assets, excluding short-term leases of low value assets | $**0.5** | $0.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)During the year ended December 31, 2022, $1.5 million of depreciation charges on right-of-use assets were capitalized to assets under construction and are not included in net earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Certain of the equipment leases in which the Company is the lessee contain variable lease payment terms that are linked to the usage of the equipment (i.e. tonnes mined), either for the contract as a whole or only when a fixed minimum is exceeded. Variable payment terms are used to link rental payments to usage and reduce fixed costs. The Company expects the level of variable lease payments to remain broadly consistent in future years.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Amounts recognized in the consolidated statement of cash flows**

For the year ended December 31, 2022, the Company had total cash outflows for leases of $135.9 million (2021: $134.6 million).

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**34.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES**

In addition to entering into various operational commitments in the normal course of business, the Company had commitments of approximately $50.2 million at December 31, 2022 (December 31, 2021: $34.5 million) for construction activities at its sites and projects.

**35. &nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS**

**Related Parties and Transactions**

The Company's related parties include its subsidiaries, joint arrangement in which the Company is a joint operator, and key management personnel. During its normal course of operations, the Company enters into transactions with its related parties for goods and services. Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. There were no other related party transactions for the years ended December 31, 2022 and 2021.

**Compensation of Key Management Personnel**

Key management personnel compensation comprises:

---

| | | |
|:---|:---|:---|
| *For the years ended December 31,* | **2022** | 2021 |
| Short-term employee benefits<sup>(i)</sup> | $**28.9** | $14.8 |
| Post-employment benefits | **2.9** | 2.0 |
| Share-based payment expense<sup>(ii)</sup> | **22.7** | 3.3 |
|  | $**54.5** | $20.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)Short-term employee benefits include salaries, bonuses payable within 12 months of the balance sheet date and other annual employee benefits.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Relates to share option, RSU, DSU and PSU grants. Balances exclude the periodic fair value adjustment on the DSUs.

**36.&nbsp;&nbsp;&nbsp;&nbsp;PROPOSED ACQUISITIONS OF YAMANA**

**Proposed acquisition of Yamana by Gold Fields**

On May 31, 2022, Gold Fields Limited (JSE, NYSE: GFI) ("Gold Fields") and Yamana announced that they had entered into a definitive agreement (the "Gold Fields Arrangement Agreement"), under which, Gold Fields would acquire all of the outstanding common shares of Yamana ("Yamana Shares") pursuant to a plan of arrangement under the Canada Business Corporations Act (the "Transaction"). Under the terms of the Transaction, among other things, all of the outstanding Yamana Shares would be exchanged at a ratio of 0.6 of an ordinary share of Gold Fields (each whole share, a "Gold Fields Share") or 0.6 of a Gold Fields American depositary share (each whole American depositary share, a "Gold Fields ADS") for each Yamana Share. Upon closing of the Transaction, it was anticipated that Gold Fields shareholders and Yamana shareholders would own approximately 61% and 39% of the combined group, respectively. The Transaction required the approval of at least 66 2/3% of the votes cast by Yamana shareholders voting in person or represented by proxy at a special meeting of Yamana shareholders to be called for that purpose. The issuance of Gold Fields Shares and Gold Fields ADSs under the Transaction was also subject to the approval of at least 75% of the voting rights exercised on such resolution by Gold Fields shareholders at a special meeting of Gold Fields shareholders called to approve the Transaction. The special meetings of Yamana and Gold Fields shareholders to vote on the proposed transaction were scheduled to take place on November 21, 2022 and November 22, 2022, respectively.

**Proposed acquisition of Yamana by Pan American and Agnico**

On November 4, 2022, Yamana announced that the Company had received an unsolicited binding proposal from Agnico Eagle Mines Limited (TSX, NYSE: AEM) ("Agnico") and Pan American Silver Corp. (TSX, NASDAQ: PAAS) ("Pan American") for the acquisition by Pan American of all of the issued and outstanding common shares of Yamana and the sale by Yamana of certain subsidiaries and partnerships which hold Yamana's interests in its Canadian assets, including the Canadian Malartic mine, to Agnico, all by way of a proposed plan of arrangement (the "Pan American-Agnico Transaction"). The Board of Directors of Yamana determined that this new offer constituted a "Yamana Superior Proposal" in accordance with the terms of the Gold Fields Arrangement Agreement. In accordance with terms of such agreement, Yamana notified Gold Fields that its Board of Directors had determined that the new offer constituted a Yamana Superior Proposal and that the five business day matching period had commenced, during which Gold Fields had the right, but not the obligation, to propose to amend the terms of the Gold Fields Arrangement Agreement in order for the new offer to cease to be a Yamana Superior Proposal.

On November 7, 2022, Gold Fields announced that the Gold Fields Board had unanimously determined that it would not offer to change the terms of the transaction.

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On November 8, 2022, Yamana therefore, entered into an arrangement agreement with Pan American and Agnico (the "Pan American-Agnico Arrangement Agreement") and announced that Yamana's Board of Directors had changed its recommendation with respect to the pending transaction with Gold Fields and now unanimously recommended that Yamana shareholders vote against the Gold Fields transaction at the special meeting of Yamana shareholders to be held to consider the Gold Fields Transaction.

Following this, also on November 8, 2022, Gold Fields announced that they had terminated the Gold Fields Arrangement Agreement in respect of the transaction with Yamana.

Pursuant to the terms of the Gold Fields Arrangement Agreement, the agreement could be terminated by both or either of the parties in certain situations, including, but not limited to, by Gold Fields in the event that a Yamana Change in Recommendation occurred. The Gold Fields Arrangement Agreement also provided for Yamana to pay Gold Fields a termination fee in the amount of $300.0 million in the event that the Gold Fields Arrangement Agreement was terminated for this reason.

Accordingly, upon termination of the Gold Fields Arrangement Agreement, Yamana paid Gold Fields $300.0 million and Pan American paid Yamana $150.0 million as partial reimbursement for the termination fee paid to Gold Fields, as provided for in the Pan American-Agnico Arrangement Agreement.

The special meetings of Yamana and Pan American shareholders to vote on the proposed Pan American-Agnico Transaction took place on January 31, 2023 and shareholders of Yamana and Pan American voted overwhelmingly in favour of the resolutions approving the transaction, and the issuance of common shares of Pan American as consideration in respect of the transaction, respectively.

The consideration paid by Agnico Eagle to acquire the Canadian Assets will be distributed to the shareholders of Yamana immediately prior to the acquisition of Yamana by Pan American.

The transaction is expected to close on or about March 31, 2023 and has received approval from shareholders of Yamana and Pan American and regulatory approvals from Canada and Mexico.

\*\*\*\*\*\*\*\*\*\*\*\*\*

![auy-20221231_g1.jpg](auy-20221231_g1.jpg) \| 55

## Exhibit 99.4

**EXHIBIT 99.4**

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel Racine, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. have reviewed this annual report on Form 40-F of Yamana Gold Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

------

**EXHIBIT 99.4**

Date: March 29, 2023

 <u>"</u>*<u>Daniel Racine</u>*<u>"</u> 

Name: Daniel Racine

Title: President and Chief Executive Officer

## Exhibit 99.5

**EXHIBIT 99.5**

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jason LeBlanc, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 40-F of Yamana Gold Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

------

**EXHIBIT 99.5**

Date: March 29, 2023

 <u>"</u>*<u>Jason LeBlanc</u>*<u>"</u> 

Name: Jason LeBlanc

Title: Senior Vice President, Finance

and Chief Financial Officer

## Exhibit 99.6

**EXHIBIT 99.6**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ENACTED PURSUANT TO**

**SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002**

Yamana Gold Inc. (the "Company") is filing with the U.S. Securities and Exchange Commission on the date hereof, its annual report on Form 40-F for the fiscal year ended December 31, 2022 (the "Report").

I, Daniel Racine, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities

Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

 <u>"</u>*<u>Daniel Racine</u>*<u>"</u> 

Name: Daniel Racine

Title: President and Chief Executive Officer

Date: March 29, 2023

## Exhibit 99.7

**EXHIBIT 99.7**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ENACTED PURSUANT TO**

**SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002**

Yamana Gold Inc. (the "Company") is filing with the U.S. Securities and Exchange Commission on the date hereof, its annual report on Form 40-F for the fiscal year ended December 31, 2022 (the "Report").

I, Jason LeBlanc, Senior Vice President, Finance and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities

Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

 <u>"</u>*<u>Jason LeBlanc</u>*<u>"</u> 

Name: Jason LeBlanc

Title: Senior Vice President, Finance and Chief Financial Officer

Date: March 29, 2023

## Exhibit 99.8

**EXHIBIT 99.8**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statements Nos., 333-159047, 333-148048 and 333-145300 on Form S-8 and Registration Statement No. 333-217016 on Form F-3D and Registration Statement No. 333-264471 on Form F-10 and to the use of our reports dated [●], 2023 relating to the financial statements of Yamana Gold Inc. ("Yamana") and the effectiveness of Yamana's internal control over financial reporting appearing in this Annual Report on Form 40-F for the year ended December 31, 2022.

<u>/s/ Deloitte LLP</u> 

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

March 29, 2023

## Exhibit 99.9

**EXHIBIT 99.9**

 **CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Eduardo de Souza Soares, MAusIMM CP (Min), hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 (the "Report"), to the use of my name in connection with the mineral reserve estimate for the Jacobina Mine as at December 31, 2022 (the "Estimate") and to the inclusion of the written disclosure of the Report, the Estimate and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Eduardo de Souza Soares"</u>*

Name: Eduardo de Souza Soares, MAusIMM CP (Min)

March 29, 2023

## Exhibit 99.10

**EXHIBIT 99.10**

 **CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Henry Marsden, P.Geo., hereby consent to the use of my name in connection with the reference to the reports entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 and "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 (the "Reports") and to the inclusion of the written disclosure of the Reports and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Henry Marsden"</u>* 

Name: Henry Marsden, P.Geo.

March 29, 2023

## Exhibit 99.11

**EXHIBIT 99.11**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Carlos Iturralde, P.Eng., hereby consent to the use of my name in connection with the reference to the reports entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 and "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 (the "Reports") and to the inclusion of the written disclosure of the Reports and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Carlos Iturralde"</u>* 

Name: Carlos Iturralde, P.Eng.

March 29, 2023

## Exhibit 99.12

**EXHIBIT 99.12**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Renan Garcia Lopes, MAusIMM CP (Geo), hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or a summary thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Renan Garcia Lopes"</u>* 

Name: Renan Garcia Lopes, MAusIMM CP (Geo)

March 29, 2023

## Exhibit 99.13

**EXHIBIT 99.13**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Luis Vasquez, P.Eng., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" dated May 29, 2020 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or a summary thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Luis Vasquez"</u>* 

Name: Luis Vasquez, P.Eng.

March 29, 2023

## Exhibit 99.14

**EXHIBIT 99.14**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Sébastien Bernier, P.Geo., hereby consent to the use of my name in connection with the technical disclosure set forth under the heading "Description of the Business – Material Producing Mines – Jacobina Mining Complex", other than the technical disclosure under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates", to the use of my name in connection with the technical disclosure set forth under the heading "Description of the Business – Material Producing Mines – El Peñón Mine", other than the technical disclosure under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates" and to the use of my name in connection with the technical disclosure set forth under the heading "Description of the Business – Material Producing Mines – Canadian Malartic Mine", other than the technical disclosure under the heading "Mineral Projects – Summary of Mineral Reserve and Mineral Resource Estimates" (together, the "Technical Disclosure") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Technical Disclosure in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Sébastien Bernier"</u>*

Name: Sébastien Bernier, P.Geo.

March 29, 2023

## Exhibit 99.15

**EXHIBIT 99.15**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Sergio Castro, Registered Member, Chilean Mining Commission, hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 (the "Report"), and to the inclusion of the written disclosure of the Report and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Sergio Castro"</u>* 

Name: Sergio Castro, Registered Member, Chilean Mining Commission

March 29, 2023

## Exhibit 99.16

**EXHIBIT 99.16**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Marco Velásquez Corrales, Registered Member, Chilean Mining Commission, hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" dated March 25, 2021 (the "Report"), to the use of my name in connection with the mineral resource estimate for the El Peñón Mine as at December 31, 2022 (the "Estimate") and to the inclusion of the written disclosure of the Report, the Estimate and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Marco Velásquez Corrales"</u>* 

Name: Marco Velásquez Corrales, Registered Member, Chilean Mining Commission

March 29, 2023

## Exhibit 99.17

**EXHIBIT 99.17**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Pascal Lehouiller, P.Geo., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" dated March 25, 2021 (the "Report"), to the use of my name in connection with the mineral resource estimate for the Canadian Malartic Mine as at December 31, 2022 (the "Estimate") and to the inclusion of the written disclosure of the Report, the Estimate and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Pascal Lehoullier"</u>* 

Name: Pascal Lehouiller, P.Geo.

March 29, 2023

## Exhibit 99.18

**EXHIBIT 99.18**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Sylvie Lampron, Eng., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" dated March 25, 2021 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or a summary thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Sylvie Lampron"</u>* 

Name: Sylvie Lampron, Eng.

March 29, 2023

## Exhibit 99.19

**EXHIBIT 99.19**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Guy Gagnon, Eng., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" dated March 25, 2021 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or summaries thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/</u> <u>"</u><u>Guy Gagnon"</u>*

Name: Guy Gagnon, Eng.

March 29, 2023

## Exhibit 99.20

**EXHIBIT 99.20**

 **CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Nicole Houle, P.Geo., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" dated March 25, 2021 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or a summary thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/</u> <u>"</u><u>Nicole Houle"</u>*

Name: Nicole Houle, P.Geo.

March 29, 2023

## Exhibit 99.21

**EXHIBIT 99.21**

 **CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, François Bouchard, P.Geo., hereby consent to the use of my name in connection with the references to the report entitled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" dated March 25, 2021 (the "Report") and to the inclusion of the written disclosure of the Report and of extracts from or a summary thereof (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Fran</u>ç<u>ois Bouchard"</u>* 

Name: François Bouchard, P.Geo.

March 29, 2023

## Exhibit 99.22

**EXHIBIT 99.22**

 **CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Patrick Fiset, Eng., hereby consent to the use of my name in connection with the mineral reserve estimate for the Malartic Mine as at December 31, 2022 (the "Estimate") and to any summary or extract of the Estimate (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Patrick Fiset"</u>*

Name: Patrick Fiset, Eng.

March 29, 2023

## Exhibit 99.23

**EXHIBIT 99.23**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Pierre-Olivier Richard, Eng., MBA, hereby consent to the use of my name in connection with the mineral reserve estimate for the Malartic Mine as at December 31, 2022 (the "Estimate") and to any summary or extract of the Estimate (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: *<u>/s/ "Pierre-Olivier Richard"</u>*

Name: Pierre-Olivier Richard, Eng., MBA

March 29, 2023

## Exhibit 99.24

**EXHIBIT 99.24**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Camila Passos, P. Geo., hereby consent to the use of my name in connection with the mineral resource estimate for the Jacobina Mine as at December 31, 2022 (the "Estimate") and to any summary or extract of the Estimate (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: <u>/</u>*<u>s/ "Camila Passos"</u>* 

Name: Camila Passos, P. Geo.

March 29, 2023

## Exhibit 99.25

**EXHIBIT 99.25**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Danilo Ribeiro dos Santos, MAusIMM CP (Geo)., hereby consent to the use of my name in connection with the mineral resource estimate for the Jacobina Mine as at December 31, 2022 (the "Estimate") and to any summary or extract of the Estimate (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: <u>/s/ "</u>*<u>Renan Garcia Lopes</u>*<u>"</u> 

Name: Danilo Ribeiro dos Santos, MAusIMM CP (Geo).

March 29, 2023

## Exhibit 99.26

**EXHIBIT 99.26**

**CONSENT OF EXPERT**

In connection with the Annual Report on Form 40-F of Yamana Gold Inc. ("Yamana") for the year ended December 31, 2022 (the "Form 40-F"), I, Jimmy Avendaño Gonzalez, hereby consent to the use of my name in connection with the mineral reserve estimate for the El Peñón Mine as at December 31, 2022 (the "Estimate") and to any summary or extract of the Estimate (the "Incorporated Information") in the Annual Information Form filed as an exhibit to the Form 40-F.

I do also hereby consent to the use of my name and the incorporation by reference of the Incorporated Information in Yamana's Registration Statements on Form S-8 (Commission File No. 333-159047, File No. 333-148048 and File No. 333-145300), Form F-3D (Commission File No. 333-217016) and on Form F-10 (Commission File No. 333-264471).

By: <u>/s/</u> *<u>"Jimmy Avendaño Gonzalez"</u>* 

Name: Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining Commission

March 29, 2023

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