District-Scale Alternatives with Traditionally Promising Property

SECOND QUARTER 2022 PRODUCTION RESULTS

Operational Replace

• Yr up to now working outcomes comfortably place the Firm to realize each its annual manufacturing and value steerage. The robust yr up to now gold equal manufacturing has exceeded funds regardless of the gold to silver ratio being close to an all-time excessive and considerably above the Firm’s funds assumption for that ratio.
• Canadian Malartic produced 87,186 ounces of gold (50% foundation) throughout the second quarter, forward of plan. Allowing on the Odyssey venture stays on schedule whereas development is on monitor and on funds with first manufacturing from Odyssey South anticipated within the first quarter of 2023.
• Jacobina had an distinctive second quarter and delivered document quarterly manufacturing of 49,662 ounces of gold. Underground mine growth work is in step with the mine plan at 1,500 metres per thirty days to achieve entry to new mining panels. Along with the upper ore tonnes mined, the mine growth supplies further flexibility by means of the build-up of ore stockpiles supporting the upper throughput of the Part 2 growth. Manufacturing for 2022 is predicted to extend for the ninth consecutive yr, a development that’s anticipated to proceed within the coming years, because of the phased growth technique and the exploration applications aimed toward producing important worth from the exceptional geological upside of the property.
• El Peñón produced 54,068 GEO ⁽¹⁾ , comprised of 46,627 ounces of gold and 619,981 ounces of silver throughout the quarter, with June manufacturing of 19,077 GEO ⁽¹⁾ benefitting from entry to the Chiquilla Chica zone which entered into manufacturing firstly of the month. Optimized mining sequencing, bringing ahead zones with the next gold to silver ratio within the first half of the yr, has put El Peñón in a superb place to realize full yr GEO ⁽¹⁾ manufacturing steerage.
• Minera Florida produced 18,138 ounces of gold throughout the quarter and stays on monitor to satisfy annual manufacturing steerage.
• Cerro Moro delivered distinctive outcomes, producing 51,906 GEO ⁽¹⁾ comprised of 30,929 ounces of gold and 1,736,872 ounces of silver. Manufacturing on the mine continues to profit from the opening of extra mining faces and the resultant enhance in mill feed coming from higher-grade underground ore, in addition to improved recoveries. Manufacturing for the primary half of 2022 marks the best half-yearly manufacturing since 2019.

Jacobina Part 2 Commissioning and Phased Enlargement Replace

The Part 2 growth at Jacobina continued to efficiently ramp-up throughout the quarter, with the mine attaining a sustained throughput fee of over 8,400 tpd in June. Yamana expects the throughput goal of 8,500 tpd to be achieved in July, establishing Jacobina’s sustainable manufacturing profile at 230,000 ounces of gold per yr.

The Firm’s phased growth technique at Jacobina is properly superior and the Firm anticipates that the low-cost operation can have a strategic mine life exceeding a minimum of twenty years, taking mineral reserves and high-conviction mineral assets into consideration. With the Part 2 growth delivered forward of schedule, the Firm is now pursuing the Part 3 growth to 10,000 tpd by means of continued incremental debottlenecking. With the allow to develop to 10,000 tpd already in hand, Part 3 is predicted to extend gold manufacturing to roughly 270,000 ounces per yr by 2025 with a modest incremental capital expenditure of $20 million to $30 million.

A complete plan for the Part 4 growth, which envisages throughput of as much as 15,000 tpd and gold manufacturing in extra of 350,000 ounces per yr, can also be properly underway as is the analysis of additional strategic choices associated to Jacobina and the numerous exploration potential that’s current alongside the prolific Jacobina Greenstone Belt, which hosts the mine. Jacobina is a fancy of underground mines with a typical plant and now, along with native exploration, from which the Firm has been profitable at new discoveries and creating newer mines within the complicated, the Firm is advancing a broader regional exploration effort initially north of the present mine complicated though extra broadly throughout a greater than 110 kilometre greenstone belt north of Jacobina with comparable geology.

Board Authorized Wasamac Bulk Pattern Program

The Firm continues to advance preparations for its board-approved bulk pattern program at its wholly-owned Wasamac venture within the Abitibi-Témiscamingue Area of Québec, Canada. The initiative would permit development to begin on the ramp, enabling earlier entry to the deposit to extend the extent of confidence in metallurgical and geotechnical variables and optimize the processing circulation sheet and mining sequence. Development of floor services to assist the ramp growth exercise and related environmental necessities would even be superior.

With a excessive stage of continuity and common geometry, mixed with a comparatively easy structural setting and common mineralized widths of 13 metres, Wasamac is properly positioned for high-production and low-cost underground mining strategies given the venture’s low stage of geological danger and beneficial geological surroundings. Infill drilling outcomes since mid-2021 verify or exceed anticipated grades and widths. Equally, the metallurgical and geomechanical assumptions used within the feasibility research are primarily based on rigorous lab testing from drill gap samples. Bulk sampling and industrial-scale assessments will construct on these outcomes, enabling growth of production-ready fashions for the grade, restoration, and geotechnical points of the venture, to assist the primary three years of manufacturing.

Moreover, the majority pattern program will permit the Firm to seize alternatives to optimize the processing efficiency by testing a number of flowsheet choices and ensure stope stability parameters to optimize stope dimensions, backfilling technique and mining sequence whereas contributing to making sure a protected working surroundings. The accelerated growth of the ramp will even set up drilling platforms to carry out each delineation and exploration drilling at Wasamac predominant zones, Wildcat and potential new zones from underground.

Preparation of the documentation for the majority pattern permits is underway and scheduled for submission within the third quarter of 2022, with the approval course of anticipated to take lower than 6 months. Allow approvals are anticipated in early 2023 and ramp growth might start in spring 2023. Whereas the allow utility is in progress, choose website works, together with development of an entry highway, a short lived 25 kV energy line and momentary buildings is scheduled to begin within the second half of 2022.

The majority pattern won’t require further prices above what was included within the feasibility research, moderately a fraction of the prices can be introduced ahead in time barely. A modest capital expenditure of roughly $7 million is deliberate for the second half of 2022, in preparation for growth to begin within the first half of 2023.

Wasamac Strategic Life-of-Mine (LOM) Plan Highlighting Potential Upside Optionality

In the course of the second quarter, the Firm accomplished an replace of the Wasamac strategic LOM plan, constructing on the 2021 feasibility research and incorporating the outcomes of a number of value-adding research that have been superior all through the primary half of 2022. The strategic plan demonstrates an improved gold manufacturing profile in comparison with the feasibility research, whereas persevering with to ascertain Wasamac as a contemporary, low-cost, accountable underground mine.

Extension of the processing plant website by means of land acquisition and extra geotechnical drilling have allowed optimization of the underground mine design and processing plant format. The revised format avoids environmentally delicate areas, improves the plant configuration, and supplies further area for ore stockpiling, whereas persevering with to reduce impacts to the encircling property holders. Utilizing the revised mine designs, the mining sequence has been optimized to extend feed grades within the first two years, leading to a quicker manufacturing ramp-up to 200,000 ounces in 2027 and as much as 250,000 ounces in 2028.

Moreover, the continuing mine design and sequence optimizations might place the Wasamac mine with the choice for a future incremental growth from 7,000 tpd to 9,000 tpd in yr 3 of operations, to increase the gold manufacturing profile of 250,000 ounces per yr till a minimum of 2030. The outcomes of a comminution trade-off research point out that the upper throughput of 9,000 tpd might be achieved with restricted further mechanical gear at modest capital expenditures and with out rising the world of the plant format.

The technique to start out manufacturing at 7,000 tpd, with a later incremental growth to 9,000 tpd, balances the mining gear fleet and workforce necessities whereas minimizing any affect to the continuing allowing course of. In consequence, the Firm continues to anticipate to obtain the required permits to begin venture development in mid-2024 and the preliminary capital value estimate from the feasibility research of $416 million additionally stays unchanged.

Constructive infill and exploration drilling outcomes up to now point out the potential for a strategic mine lifetime of 10 to fifteen years at 200,000 to 250,000 ounces of gold per yr, in comparison with the LOM common of 169,000 ounces within the feasibility research. The Wasamac deposit is just not solely open at depth and alongside strike however the underexplored secondary zones equivalent to Wildcat are exhibiting promising drilling outcomes. Further exploration targets on the property, together with the adjoining Francoeur, Arntfield, and Lac Fortune properties, present additional upside.

Determine 1: Optimized Strategic Manufacturing Profile
https://www.globenewswire.com/NewsRoom/AttachmentNg/f55a81fa-92dc-4171-9927-7a7a749198af

On account of the improved manufacturing profile within the up to date strategic LOM plan, unit prices are anticipated to be decrease than the feasibility research LOM common of $828 per ounce and, on the feasibility research gold worth of US$1,550, the online current worth would roughly double assuming the strategic mine life is prolonged by means of 2036 at 9,000 tpd.

Different alternatives that proceed to be evaluated however should not but included within the strategic plan embrace the processing circulation sheet optimization to extend metallurgical recoveries by roughly 3% (for which metallurgical testing is ongoing), optimized configuration of the tailings filter plant and paste backfill plant, and elevated ranges of electrification, automation and renewable power utilization within the venture.

Wasamac additional will increase the Firm’s footprint throughout the prolific Abitibi-Témiscamingue area. Along with the Odyssey venture at Canadian Malartic, the optimized strategic plan will increase the attributable sustainable strategic gold manufacturing platform to 500,000 – 550,000 ounces, with appreciable upside. Assuming a gold worth of US$1,550 per ounce, each the Wasamac and Odyssey initiatives are absolutely funded with no exterior capital required and put the Firm on a path in direction of being a regionally dominant producer with two generational, cornerstone mines throughout the Abitibi-Témiscamingue area.

The Firm intends to supply an exploration replace alongside its full Q2 2022 operational and monetary outcomes on Thursday, July 28, 2022 to focus on the continuing optimistic exploration outcomes of its property in Québec that underpin the strategic outlook and assist meaningfully extending the sustainable manufacturing platform.

Certified Individuals

Scientific and technical info contained on this information launch has been reviewed and authorized by Sébastien Bernier (P. Geo and Senior Director, Reserves and Assets). Sébastien Bernier is an worker of Yamana Gold Inc. and a “Certified Particular person” as outlined by Canadian Securities Directors’ Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives.

About Yamana

Yamana Gold Inc. is a Canadian-based valuable metals producer with important gold and silver manufacturing, growth stage properties, exploration properties, and land positions all through the Americas, together with Canada, Brazil, Chile and Argentina. Yamana plans to proceed to construct on this base by means of growth and optimization initiatives at current working mines, growth of recent mines, the development of its exploration properties and, at occasions, by concentrating on different consolidation alternatives with a main focus within the Americas.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investor Relations
416-815-0220
1-888-809-0925
E mail: investor@yamana.com

FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7974 201 715223 / +44 203 727 1000

END NOTES

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This information launch comprises or incorporates by reference “forward-looking statements” and “forward-looking info” below relevant Canadian securities laws and throughout the that means of the US Non-public Securities Litigation Reform Act of 1995. Ahead-looking info consists of, however is just not restricted to info with respect to the Firm’s technique, plans, expectations, beliefs, together with future monetary or working efficiency, anticipated timing for allowing and development of the Odyssey venture, expectations referring to the phased growth at Jacobina and timing thereof, Wasamac venture development and growth plans and timing thereof and the Firm’s anticipated second quarter manufacturing and full yr steerage. 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