JACOBINA MINE TOUR October 2019
JACOBINAMINE TOUR
October 2019
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicableCanadian securities legislation 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 tothe Company's strategy, plans or future exploration, development, operational performance and base case life of mine plan at Jacobina; expanded long term production and free cash flow generation fromJacobina; expected new resources at higher than life-of-mine grades; improvement in mineral reserve and reserve grades; the implementation of Phase 1 expansion and the completion of the pre-feasibilitystudy for the Phase 2 expansion in the first quarter of 2020; and new mineral reserves and mineral resources continuing to significantly exceed production depletion. Forward-looking statements arecharacterized 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 avariety 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 factorsinclude the receipt of certain regulatory approvals and consent in connection with the Company’s expectations in connection with the production and exploration, development and expansion plans at theCompany'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/orchanges in the administration or 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 ofassets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian real, the Chilean peso, and theArgentine 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 inmineral resources and mineral reserves, risks related to asset disposition, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to berefined, changes in project development, construction, production and commissioning time frames, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumablescontributing 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, success of exploration activities, permitting timelines, governmentregulation 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, unanticipatedreclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending and outstanding litigation and labourdisputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securitiesregulatory 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. Althoughthe 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 factorsthat 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 eventscould 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 oropinions 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 presentedfor 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 plansand objectives and may not be appropriate for other purposes.
The Company has included certain non-GAAP financial measures and additional line items or subtotals, which the Company believes that together with measures determined in accordance with IFRS, provideinvestors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they maynot 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 ofperformance prepared in accordance with IFRS. The non-GAAP financial measures included in this presentation include: Free cash flow, net debt to EBITDA, cash costs per gold equivalent ounce sold, all-insustaining costs per gold equivalent ounce sold. Please refer to section 11 of the Company’s current annual Management’s Discussion and Analysis, which is filed on SEDAR and include a detailed discussion ofthe usefulness of the non-GAAP measures. Please refer to section 10 of the Company’s current first quarter 2019 Management’s Discussion and Analysis, which is filed on SEDAR and include a detailed discussionof the usefulness of the non-GAAP measures. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use thisinformation to evaluate the Company’s performance. In particular, management uses these measures for internal valuation for the period and to assist with planning and forecasting of future operations.
Qualified Persons
Scientific and technical information contained in this presentation has been reviewed and approved by Sébastien Bernier (Senior Director, Geology and Mineral Resources). Sébastien Bernier 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.
The information presented herein was approved by management of Yamana Gold on September 24, 2019.
All amounts are expressed in United States dollars unless otherwise indicated.
CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS
2Jacobina Mine Tour October 2019
WELCOME
BEM VINDOS
4
Introduction
Peter Marrone
Executive Chairman
Jacobina Mine Tour October 2019
Introduction Welcome to Jacobina
Jacobina Mine Tour October 2019 5
Introduction
to Jacobina
Introduction
to our People
• Tenure of ownership: Acquired in 2006
• Recent positive changes have been years in the making
• Jacobina has always had the potential to be a 200,000+ ounce
producer
• Daniel Racine, President and Chief Executive Officer
• Jason LeBlanc, SVP Finance and Chief Financial Officer
• Yohann Bouchard, SVP Operations
• Ross Gallinger, SVP Health Safety and Sustainable Development
• Henry Marsden SVP, Exploration
• Luke Buchanan, VP Technical Services
• Sandro Magalhães, General Manager Jacobina
Introduction Key Themes and What’s Next for Jacobina
Jacobina Mine Tour October 2019 6
Themes
What’s Next
• Geological interpretation and familiarization
• Exploring for higher grades to improve reserve grade
• Improved geological modelling, infill and delineation drilling
• Recovery improvement
• Maintaining better protocol on health, safety and environment
• How to mine efficiently and effectively
• Efficient development plans
• Investment in underground infrastructure
• Extending mine life – Significant exploration potential supported by
drilling, which could extend the mine life up to 20 years
• Increasing throughput – Evaluating an increase of 7,500 - 8,500 tpd
• Further improvements to grade – Clear opportunities for higher
average feed grade. New mineral resources being drilled are higher
than the average mineral reserves grade.
7
Where We’veCome From
Daniel Racine
President and Chief Executive Officer
Jacobina Mine Tour October 2019
8Jacobina Mine Tour October 2019
Where We’ve Come FromTimeline
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E
Gold Production, oz
“Just-in-time” development
85 m / ‘000 oz
Entering mines with
more complex geology
Throttle back
production
150 m / ‘000 oz
Aggressive delineation drilling
and development
122 m / ‘000 oz
2006-2008
Developing new mines
2009-2012
Four mines in production
2013-2014
Mine reset
2015 – 2017
Growth
2018 – 2020
Optimization
After reducing production, Yamana made the decision to aggressively invest in
delineation drilling and development to realize the long term potential of Jacobina
9Jacobina Mine Tour October 2019
Where We’ve Come FromInfill And Delineation Drilling
In 2013/2014 Yamana made the decision to reduce production to undertake infill
drilling and rebuild the mining inventory through investment in mine development
0
10
20
30
40
50
60
70
80
Pre-Yamana 1973-2005 (184 km) Yamana 2006-2014 (364 km) Yamana 2015-2019 (324 km)
João Belo
Moro do
Vento
Canavieiras
Sul
Canavieiras
Central /
Norte
Serra do CorregoMorro do Cuscuz
Wide, continuous reefs allowed for mining with
a relatively wide spacing between drillholesDelineation drilling to
confirm mine plans
Growing Mineral Resources
and Mineral Reserves
in m
10Jacobina Mine Tour October 2019
The improved geological modelling process based on additional information provides
an accurate representation of the reefs, essential for mine planning and operations
in relatively more complex zones of the mine
Where We’ve Come FromDrilling Spacing and Geological Modelling
2013
100m
2016
• Wide drill spacing was sufficient for resource
definition based on history
• Simple mineralization wireframes based on
hand-drawn sections
• Tight drill spacing and mine workings data
• Modelling of lithological reefs and post
mineralization faults to guide mineralization
domains in Leapfrog Geo software
Canavieiras Sul Cross Section
11Jacobina Mine Tour October 2019
Where We’ve Come FromUnderground Development
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E
Total Underground Development Metres
Since 2015, Yamana has invested in underground infrastructure and development to
access additional working areas, increase mining flexibility, and recognize the reefs
12
Exploration
Henry Marsden
SVP Exploration
Jacobina Mine Tour October 2019
13
ExplorationStyle Of Mineralization
Jacobina Mine Tour October 2019
The Jacobina style of mineralization is very continuous at a macro level.
All deposits are still open along strike and down dip
Basement
Quartzite
Conglomerate
Ultramafic Dyke
Typical Cross Section. Looking North Exposure of Reefs at Morro do Vento
Reefs can be followed along strike for hundreds of
metres, and in some cases kilometres50 to 70
degree dip
1.5 to 25 m
width
Continuous
down dip
ExplorationGold Deposits with Similar Mineralization
14
Witwatersrand
More than 1.5 billion ounces produced
Explored since 1850
Tarkwa-Damang
More than 6 million ounces produced
Explored since 1880
Jacobina
2.13 million ounces produced
More than 6 million ounces Mineral Resources and Mineral Reserves(1)
Explored since 1973
All deposits open for extension
Africa
South
America
Jacobina Mine Tour October 2019
Jacobina Deposit Type, 39%
Orogenic, 29%
High Sulphidation Epithermal,
3%
Low Sulphidation Epithermal,
6%Porphyry,
16%
Sediment-Hosted, 5%
Others, 2%
1. As of June 30, 2019. Refer to the Mineral Reserves and Mineral Resources Estimate, including further details on tonnes and grade, on slide 15 and 16.
15
TonnesGold Grade
g/t
Contained Gold
Ounces(1)
Measured 28,781,000 2.38 2,203,000
Indicated 13,086,000 2.59 1,089,000
Measured + Indicated 41,867,000 2.45 3,292,000
Inferred 11,998,000 2.58 995,000
ExplorationMineral Resources as of June 30, 2019
• Mineral Resources have been validated by Reno Pressacco, M. Sc. (A), P. Geo., RPA Inc. Principal Geologist and a Qualified Person as defined by National Instrument 43-101
• CIM (2014) definitions were followed for Mineral Resources
• Mineral Resources are estimated at a cut-off grade of 1.0 g/t Au based on a long-term gold price of $1,500 per ounce, an average operating cost of $45.20/tonne and a metallurgical recovery of 96.0%
• A minimum mining width of 1.5m was used and results are reported diluted
• High composite values were cut using separate top cut values for each deposit and their influence restricted within 3m of the composite
• Mineral Resources are reported exclusive of Mineral Reserves
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
Jacobina Mine Tour October 2019 1. Totals may not add correctly due to rounding
16
TonnesGold Grade
g/t
Contained Gold
Ounces(1)
Proven 19,415,000 2.39 1,489,000
Probable 10,173,000 2.41 790,000
Proven + Probable 29,588,000 2.40 2,279,000
ExplorationMineral Reserves as of June 30, 2019
• Mineral Reserves have been validated by Scott Ladd, P. Eng., RPA Inc. Principal Mining Engineer and a Qualified Person as defined by National Instrument 43-101
• CIM (2014) definitions were followed for Mineral Reserves
• A variable cut-off grades by zone, ranging from 1.12 g/t Au to 1.30 g/t Au, were used for reporting Mineral Reserves
• Mineral Reserves are estimated using an average long-term gold price of $1,250 per ounce, variable operating costs by zone of between $42.60/tonne and $49.52/tonne
• A minimum mining width of 3.0m was used
• Bulk densities vary from 2.59 t/m3 and 2.68 t/m3
• Mineral Reserves are stated at a mill feed reference point and include for diluting material and mining losses
Jacobina Mine Tour October 2019 1. Totals may not add correctly due to rounding
171. As of June 30, 2019. Refer to the Mineral Reserves Estimate, including further details on tonnes and grade, on slide 16.
2. 617 koz of new Mineral Reserves added since YE 2017 compared to depletion of 230 koz over the same period
ExplorationMineral Reserves Evolution
2.3 MozGold Mineral Reserves,
as of June 30, 2019(1)
268%Rate of replacement of
Mineral Reserves
depletion(2)
617 kozNew gold Mineral
Reserves added since the
end of 2017
Jacobina Mine Tour October 2019
18
2.28
2.34
2.40
2.20
2.25
2.30
2.35
2.40
2.45
Dec 2017 Dec 2018 Jun 2019
Tonnes Gold
Grade
Contained
Gold Ounces
YE2018 27,855,000 2.34 2,099,000
Depletion -1,098,000 2.26 -80,000
Additions 2,831,000 2.86 260,000
MY2019 29,588,000 2.40 2,279,000
ExplorationQuality of New Mineral Reserves
Changes in Mineral Reserves Dec 2018 to Jun 2019
Jacobina Mine Tour October 2019
New Mineral Reserves are significantly higher grade than the reserves being depleted
Increase in Average Reserves Grade, g/t
New Mineral Reserves are the result of infill
drilling, contributing 36% of the new Mineral
Reserve ounces, and the remaining 64% as a
result of modelling additional reefs
Yamana has 80,000 ha of exploration concessions along a 150 km North-South trend
19
ExplorationExploration Concessions
Jacobina Mine Tour October 2019
98% of all drilling since 1973 has been within the 11 km long mining district
City of
Jacobina
Jacobina
Mine
Jacobina Norte
Exploration Pindobaçu
150 km
11 km15 km
20
ExplorationExploration Potential
Jacobina Mine Tour October 2019
João Belo Sul
0 1,250 2,500 m
João Belo LesteMorro do
Vento
South
extension
Canavieiras
South extension
Morro do Vento Leste
Morro da
Viuva
Lagartixa
Jacobina Mine. Plan View
João Belo Mine
Morro do Vento Mine
Serra do Corrego
Canavieiras Mine
Extensions of current mines and development of new discoveries provide several
opportunities for adding higher grade Mineral Reserves close to existing infrastructure
21
ExplorationExploration Potential
Jacobina Mine Tour October 2019
Drilling from previous years has defined the plunge of higher grade zones and
supported new zones such as Joao Belo Sul and extensions into the East Block
S N
João Belo Sul
Morro do Vento Leste
João Belo Leste
João Belo
(LMPC Reef)Morro do Vento
(Main Reef) Morro do Cuscuz
(Basal Reef)
Serra do Corrego
(LU Reef)
Canavieiras Sul
(LU Reef)Canavieiras
Central/Norte
NMAP
VIEW
Morro
Viuva
WEST BLOCK
EAST BLOCK
Jacobina Mine. Longsection View Looking West
22Jacobina Mine Tour October 2019
Canavieiras Mine – LU Reef. Looking West
1,000m
500m
ExplorationCanavieiras(1)
CANEX31: 6.43m @ 6.92 g/t
CANEX43: 7.19m @ 9.13 g/t
CANEX29: 14.54m @ 5.24 g/t
CANEX29: 4.5m @ 3.86 g/t
CANEX24: 8.24m @ 5.19 g/t
CANEX20: 12.33m @ 3.09 g/t
CANEX20: 7.54m @ 7.69 g/t
CANEX21: 5.4m @ 14.01 g/t
CANEX23: 1.87m @ 9.42 g/t
CANEX33: 2.16m @ 25.66 g/t
CANEX34: 2.50m @ 10.00 g/t
CANEX35: 6.91m @ 11.40 g/t
CANEX36: 4.64m @ 9.16 g/t
CANEX37: 4.49m @ 11.55 g/t
0m
CANEX19: 2.0m @ 41.70 g/t
CANEX19: 3.72m @ 4.97 g/t
Canavieiras Sul Canavieiras Central Canavieiras Norte
The re-interpretation of Canavieiras thrust faults provides new exploration targets
along strike and opens exploration potential for further fault repetitions
1. Selected for intervals greater than 2.5 g/t Au over diluted width of 3 metres. For additional details and complete drill results, refer to the
Company’s website at www.yamana.com/English/portfolio/producing-mines/jacobina/default.aspx.
23Jacobina Mine Tour October 2019
Morro do Vento Mine – Main Reef. Looking West
ExplorationMorro do Vento(1)
800m
400m
200m
MVT1617: 3.42m @ 8.93 g/t
MVTEX25: 7.10m @ 2.81 g/t
MVTEX26: 16.66m @ 2.33 g/t
MVTEX28: 4.5m @ 5.24 g/t
MVT1635: 2.98m @ 3.78 g/t
600m
MVT1624: 3.75m @ 4.57 g/t
MVT1626: 3.34m @ 5.90 g/t
MVT1628: 3.11m @ 8.78 g/t
2019 drilling has returned excellent results down dip in the Main Reef
A recent hole also shows that the Main Reef remains open along strike to the south
1. Selected for intervals greater than 2.5 g/t Au over diluted width of 3 metres. For additional details and complete drill results, refer to the
Company’s website at www.yamana.com/English/portfolio/producing-mines/jacobina/default.aspx.
24Jacobina Mine Tour October 2019
João Belo. LMPC Reef. Looking West
ExplorationJoão Belo
João Belo Sul
500m
1,000m
Potential New Mineral Resources
Delineation 1.2 km
João Belo Mine
2019 drilling has delineated higher grade zones along the SW plunge of João Belo
Drilling at João Belo Sul has identified a high grade shoot with a similar SW plunge
JBEX009: 7.66m @ 3.17 g/t incl.: 3.95m @ 5.14 g/t
JBA2286: 15.04m @ 3.02 g/t
incl.: 6.32m @ 5.25 g/t
JBEX008: 1.21m @ 3.08 g/t
1. Selected for intervals greater than 2.5 g/t Au over diluted width of 3 metres. For additional details and complete drill results, refer to the
Company’s website at www.yamana.com/English/portfolio/producing-mines/jacobina/default.aspx.
25Jacobina Mine Tour October 2019
ExplorationBrazilian Greenfield Jacobina Norte
Barrocão – Serra Branca trend is the north
extension of the Jacobina mine, 15 km along
strike. Conglomerates from Serra do Córrego
Formation (similar to Jacobina mine) are exposed
on surface for sampling and drilling
Surface samples of conglomerates return gold
grades above 0.5 g/t, with some samples above
10 g/t
Drilling has commenced in the Serra Branca -
Pingadeira Region with positive intersections.
Results are currently under review
ExplorationJacobina Exploration Strategy
Presentation Title Here 261. See Cautionary Note Regarding Forward Looking Information.
1. Replace depletion and grow reserve base through conversion of inferred resources (995,000 ounces
at 2.58 g/t of gold). Focus on higher grade parts of inventory to provide new fully diluted proven
and probable mineral reserves at 2.8 g/t gold.
2. Grow inferred inventory through conversion of potential mineral envelope. Conversion will target
areas with grade > 3 g/t gold to grow higher grade inferred base.
3. Develop long-term inventory through exploration on untested targets (e.g. Joao Belo Leste).
4. Develop an independent project, Jacobina Norte, targeting to develop a stand alone > 1 million
ounce resource located north of the town of Jacobina exploring the known 15 km strike of
mineralized reefs.
Jacobina Norte
Gold hosted in conglomerate
reefs, similar to Jacobina mine.
Continuous 15 km long trend
with positive drilling intercepts
Lavra Velha
Advanced exploration project
300 km from Jacobina.
543 koz Inferred open pit
mineral resources with heap
leach potential
Guaranta
Borborema
Monte do Carmo
Ivolandia
ExplorationBrazilian Greenfield Exploration Projects
Mara Rosa
Yamana kept Mara Rosa after
the sale of Chapada.
Similar hosting sequence to the
Chapada and Posse deposits,
with Au and Cu-Au targets
Jacobina Mine Tour October 2019 27
28
Health, Safety,Environment & Community
Sandro Magalhães
General Manager Jacobina
Jacobina Mine Tour October 2019
The Jacobina mine is located in a mining-friendly jurisdiction and in close
proximity to infrastructure, services, and a skilled mining workforce
Health, Safety, Environment & CommunityLocation
29
Bahia
Brazil
Jacobina
Air Strip
City of Jacobina
Population 80,000
Highway to
Salvador
(340 km)
Processing Plant
and Offices
10 km from
the City of
Jacobina
N
Jacobina Mine Tour October 2019
Health, Safety, Environment & CommunityZero is Possible
30
ZeroLost time injuries in 2019
ZeroSignificant environmental
incidents in 2019
ZeroSignificant community incidents
in 2019
Jacobina Mine Tour October 2019
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2015 2016 2017 2018 2019YTD
Total Recordable Injury Rate
31
Health, Safety, Environment & CommunityHealth and Safety Indicators
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2015 2016 2017 2018 2019YTD
Lost Time Injury Frequency Rate
The improvement in injury reduction is largely a result of moving from
“policing” to improving individual or team responsibility for safety
Jacobina Mine Tour October 2019
32
Health, Safety, Environment & CommunityWater Management
Jacobina Mine Tour October 2019
Jacobina has implemented several initiatives over the past few years to reduce
consumption of freshwater and eliminate water discharged off the site
Evaporators are used to control the water
level in the tailings storage facility
508
365 405 376
0
500
1,000
1,500
2,000
2,500
2016 2017 2018 2019 YTD
Freshwater Withdrawal from Cuia Dam, m3/d
Withdrawal Permitted
33Jacobina Mine Tour October 2019
Health, Safety, Environment & CommunityTailings Storage Facility
The closure plan of the old center line tailings
storage facility (TSF 1) was permitted in 2014.
Cover is scheduled to be completed in Q3 2020
Tailings storage facilities have come under increased scrutiny after the Brumadinho
dam failure. Intensive government reviews have been conducted without issues
An emergency response exercise was conducted
in February 2019 with excellent participation
from the local communities
341. The SLO Index is a tool developed by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia and is the mining
industry’s first systematic effort to measure a company’s level of social license
Health, Safety, Environment & CommunitySocial License to Operate (SLO)
3.84 4.08
0
1
2
3
4
5
2017 2018
SLO Index(1)
Jacobina Mine Tour October 2019
4.08SLO Index(1)
Jacobina has a high level of acceptance and trust from our communities
Before After
6%
Improvement
in one year
House Renovation ProgramCommunity Integration Day
35Jacobina Mine Tour October 2019
Health, Safety, Environment & CommunityLicenses and Permits
Jacobina has all the required
licenses and permits to
operate according to the life-
of-mine plan
The current permit allows for
a maximum average processing
rate of 7,500 tpd
The tailings storage facility is
permitted to the final design
elevation. Only deforestation
permits are required for each
phase
36
Operations
Sandro Magalhães
General Manager Jacobina
Jacobina Mine Tour October 2019
37Jacobina Mine Tour October 2019
OperationsWorkforce and Leadership Team
Jacobina has a skilled and experienced workforce with low employee turnover
2,269Total headcount,
including 920 contractors
General Manager
Manager,
Maintenance
Manager, Plant &
Technical Services
Manager,
Exploration
Manager, Finance
& Cost Control
ProjectsHSEC &
Communications
Security & Services
Operational
Excellence
Human Resources
Laboratory
Manager, Mining
100%Brazilian workforce, with 87%
from Bahia State
53 yearsCombined experience working at
Jacobina of the six managers, in
roles of increasing responsibility
38
OperationsUnderground Mining Complex
All Mineral Reserves are located in operating mines, close to existing infrastructure
Independent accesses and services allows for mining flexibility and high production
João Belo
589 kozMorro do Vento
513 koz
Morro do
Cuscuz
98 koz
Canavieiras
South
496 koz
Serra do
Córrego
106 koz
Canavieiras
North/Central
477 koz
Jacobina Mine Tour October 2019
Gold
Mineral
Reserves(1)
1. As of June 30, 2019. Refer to the Mineral Reserves Estimate, including further details on tonnes and grade, on slide 16.
39
OperationsMine Design Optimization
Jacobina Mine Tour October 2019
Mine designs have been optimized to maximize mining recovery (reduce ore
left behind in pillars) and reduce waste development metres
• Two ramps
• Sill pillar every second level
• Single ramp
• Sill pillar every third level and staggered rib
pillars
Before After
Example Mine Design Optimization. Morro do Vento Sul. Looking East
40Jacobina Mine Tour October 2019
Jacobina has a skilled technical team producing
high-quality block models, mine design and mine plans
OperationsMining Sequence
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
41
OperationsMining Inventories(1)
19 Mt of Proven Mineral
Reserves, equivalent to 8 years
of production
100,000 tSurface stockpile
3.3 MtPrepared Mineral Reserves,
ready to drill-and-blast
12.1 MtMineral Reserves with ramp
access complete
Jacobina Mine Tour October 2019
19.4 Mt66%
10.2 Mt34%
Mineral Reserves Classifications
Proven
Probable
A high proportion of proven Mineral Reserves, a surface ore stockpile, and
significant underground inventories provide confidence and flexibility
1. As of June 30, 2019. Refer to the Mineral Reserves Estimate, including further details on tonnes and grade, on slide 16.
42
OperationsMobile Mining Equipment
Jacobina Mine Tour October 2019
8 × Sandvik 517/514 LHD 7 × Sandvik DL 420/421 LH Drill
6 × Normet Scaler36 × Trucks (Contractor)
10 × Sandvik DD 321/421 Jumbo
8 × Volvo L120 Loaders
The Jacobina mobile equipment fleet is in excellent condition,
with many of the units purchased within the past two years
43
OperationsUnderground Development
0
500
1,000
1,500
2,000
Jun18
Jul18
Aug18
Sep18
Oct18
Nov18
Dec18
Jan19
Feb19
Mar19
Apr19
May19
Jun19
Jul19
Horizontal Development Meters
Contractor
Yamana
Jacobina Mine Tour October 2019
Jacobina has a fleet of new equipment and skilled operators capable of
developing more than 1,800 m/month at a unit cost of around $2,000/m
100%
of development
performed by Yamana
$2,049per meter, average unit cost
of development in Q2 2019
7New Sandvik Boomers
purchased in early 2019
44
OperationsMining Innovation and Technology
Jacobina Mine Tour October 2019
• Personnel tracking
• Face utilization analytics
• Evacuation notification
• Man-down emergency
Equipment
• Integrated fleet management
• Visibility and management of
underground equipment
• Improved safety, increased
efficiency, and reduced
downtime
• Ventilation-on-demand
• Gas and temperature
monitoring
• Faster re-entry after blasting
• Fans switched off when area
is unoccupied to reduce
power costs
People Workplace
CO
PPM
TEM
P ˚
C
Jacobina is constantly implementing proven technologies to
increase productivity, reduce costs, and improve safety
45
OperationsReconciliation
26%
21%
18%
16%
14% 14%
0%
5%
10%
15%
20%
25%
30%
2014 2015 2016 2017 2018 2019 YTD
Stope External Dilution(1)
Actual Target < 15%
86% 86%
93% 93% 94% 93%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017 2018 2019 YTD
Mining Extraction Factor(2)
Actual Target > 92%
Jacobina is achieving lower dilution and higher mining
recovery than the Mineral Reserves assumptions
Jacobina Mine Tour October 20191. Hangingwall and footwall overbreak as a proportion of total tonnes
2. Proportion of designed tonnes that are mined and fed to the plant
46
OperationsMine Production and Plant Throughput
3,8904,059
4,940
5,5005,735
6,016 6,046
6,505
3,888 4,025
4,939
5,4205,577
5,9346,194
6,407
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016 2017 2018 2019 Q1 2019 Q2 2019 Q3 E
Mining and Processing Rates, tpd
Mined Processed
Jacobina Mine Tour October 2019
In Q3, the underground mine produced at a rate of more than 6,500 tpd
and the processing plant produced at almost 6,500 tpd
OperationsProcessing Flowsheet (after Phase 1)
The Jacobina processing plant is performing well and has
opportunities for expansion without significant capex
Jacobina Mine Tour October 2019
TQ-06
Primary
Crusher
Gold
Bullion Tailings
Storage
Facility
Crushed Ore
Stockpile Silo 2
Silo 1
Mill 1
Mill 2
Secondary
Crusher
Tertiary
Crusher
Trash
Screen
Gravity
Conc.
E-Cat
Thickener
Process
Water Leach
Tanks
Leach
Tanks
CIP
Tanks
Gravity
Conc.
Induction
Kilns
Electro-
winning
Cells
Elution
Column
Acacia
Reactor
Fine
Carbon
Screen
Tailings
Pumping
Station
47
OperationsPlant Changes for Phase 1 Optimization
Jacobina Mine Tour October 2019
Trash
Screen
Gravity
Conc.CIP
Tanks
Gravity
Conc.
Induction
Kilns
Fine
Carbon
Screen
New Equipment Installed
New Equipment Not Yet Installed
Woodgrove APC System (Installed)
48
49
OperationsProcessing Phase 1 Optimization
Jacobina Mine Tour October 2019
6,500 tpd
A 12% Increase
in throughput
$5.3MMid-2020Scheduled
Commissioning
Capex, of which
$1.6M already spent(1,2)
Phase 1 optimization is on track to be completed
ahead of schedule and under budget
$326MSustaining capital
over LOM(1,2)
1. Assumes production of 13 years from Mineral Reserves only.
2. Capital projections assume a foreign exchange rate of BRL/USD 3.60 from 2020 onwards.
50
OperationsGold Metallurgical Recovery
92.9%
94.5%
95.7%
96.3% 96.3%
97.1%
90%
91%
92%
93%
94%
95%
96%
97%
98%
2014 2015 2016 2017 2018 2019YTD
Gold Metallurgical Recovery
Jacobina Mine Tour October 2019
Jacobina has increased gold recovery each year through analysis and initiatives
Plant improvements will ensure that the current level of recovery is sustainable
• The occurrence of gold at Jacobina and the
absence of deleterious elements allows
Jacobina to achieve relatively high recoveries
• Starting in 2015, a dedicated Jacobina
geometallurgy team was established to
undertake analysis and coordinate between
mine geology and the plant on a daily basis to
optimize blending and plant operation
• Gold metallurgical recoveries have increased
year-over-year, despite significant increases in
mill throughput over the same period
• Additional gravity concentrators and CIP tanks
are included in Phase 1 to maintain an overall
gold recovery of 96% to 97% as we continue
increasing plant throughput and gold feed
grade
The downstream TSF is constructed and operated according to industry best practice
51Jacobina Mine Tour October 2019
OperationsTailings Storage Facility Design & Operation
Third-party reviews confirm the
safe operation of the TSF and
have provided suggestions for
continuous improvement
Downstream
Construction
Geomembrane
Liner
52
OperationsOperational Excellence & Innovation
Jacobina Mine Tour October 2019
Jacobina is operating within a strong culture of Operational Excellence
04 Certified Black Belts
42 Certified Green Belts
81 PDCA Leaders
Select projects have
been recognized by an
important Brazilian
mining magazine for
three consecutive years
8 Kaizen leaders from all
Jacobina departments
Hosted regional events
with other mines and OEMs
53
OperationsOperational Excellence Dashboard
Jacobina Mine Tour October 2019
Project benefits are measurable and validated by the Jacobina controller
Operations2019 Full Year Forecast Highlights(1)
54
152 kozGold production
18,600mUnderground development
2.2 MtOre processed
890 $/GEO(2)
All-in Sustaining Cost(3)
Jacobina Mine Tour October 20191. See Cautionary Note Regarding Forward Looking Information.2. Yamana reports costs on a gold equivalent ounce basis; Jacobina produces only gold. Therefore for Jacobina, gold equivalent ounces are equal to gold ounces.3. A non-GAAP measure, additional line item or subtotal. A reconciliation of the IFRS measure to the non-GAAP measure can be found at www.yamana.com/Q22019.
55
Base Case
Life of Mine Plan
Sandro Magalhães
General Manager Jacobina
Jacobina Mine Tour October 2019
Base Case Life of Mine Plan(1)
Highlights
56
1. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario included in the NI 43-101 Jacobina
Technical Report to be filed on SEDAR.
2. 13 years of Mineral Reserves plus an additional 3 years of converted Inferred Mineral Resources.
3. Average annual gold production between 2021 and 2031.
6,500 tpdProcessing rate (Phase 1)
2,800 kozTotal gold production, of
which 77% is Mineral Reserves
16 yearMine life(2) with significant
potential to extend
181 koz/yearSustainable gold production(3)
Jacobina Mine Tour October 2019
Successful conversion of Mineral Resources to Mineral Reserves over the
past few years has provided the confidence to include the highest
quality Inferred Resources in the latter part of the LOM
57
0.0
0.5
1.0
1.5
2.0
2.5
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Ore Tonnes Mined, Mt
Mineral Reserves Inferred Mineral Resources
Base Case Life of Mine Plan(1)
Mining and Processing Profiles
Jacobina has a detailed mining and development plan to provide consistent
plant feed at 6,500 tpd while maintaining current inventory levels
Jacobina Mine Tour October 2019
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
g/ttpd Plant Feed
Tonnes Processed Feed Grade
1. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario
included in the NI 43-101 Jacobina Technical Report to be filed on SEDAR.
0
20
40
60
80
100
120
140
160
180
200
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Gold Production, koz
58
Base Case Life of Mine Plan(1)
Gold Production Profile
Jacobina is ramping up to a sustainable production rate of approximately
180 koz per year at a throughput of 6,500 tpd with current reserves grades
Jacobina Mine Tour October 20191. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario
included in the NI 43-101 Jacobina Technical Report to be filed on SEDAR.
0
5
10
15
20
25
30
35
40
45
50
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
)
591. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario
included in the NI 43-101 Jacobina Technical Report to be filed on SEDAR.
2. Combined capacities of underflow and overflow. Assumed densities of 1.15 t/m3 for overflow and 1.5 t/m3 for underflow
Base Case Life of Mine Plan(1)
Tailings Storage Facility Capacity
Phase 4
Crest: 605 m elev.
Remaining Capacity(1):
5.4 Mm3 (6.8 Mt)
Phase 5
Crest: 620 m elev.
Capacity(1):
9.5 Mm3 (12.1 Mt)
Phase 6
Crest: 630 m elev.
Capacity(1):
8.5 Mm3 (10.9 Mt)
Mineral Reserves
29.6 MtAvailable TSF
Capacity
Approx. 42 Mt
Phase 7
Crest: 640 m elev.
Capacity(2):
9.8 Mm3 (12.3 Mt)
Cumulative Tonnes Processed, Mt
Jacobina Mine Tour October 2019
The designed and permitted TSF has sufficient capacity
for all mineral reserves plus an additional 12 Mt of ore
Base Case LOM
38.4 Mt
60
The Beginning of What’s Next for Jacobina
Sandro Magalhães
General Manager Jacobina
Jacobina Mine Tour October 2019
The new mineral resources
currently being drilled are
typically higher grade than the
average Mineral Reserves grade.
New Mineral Reserves added in
the first half of 2019 averaged
more than 2.8 g/t gold.
Clear opportunities for higher
average feed grade.
Higher
Feed Grade
with new zones up to 3 g/t
61
The Beginning of What’s Next for Jacobina(1)
Opportunities Not Incorporated into LOM
Jacobina Mine Tour October 2019
The Base Case LOM Plan is
based on Mineral Reserves and
Inferred Mineral Resources.
Jacobina has significant
exploration potential, supported
by drilling, which could extend
the mine life up to 20 years.
Extended
Mine Life
Up to 20 years
Increased
Throughput
Up To 7,500 to 8,500 tpd
The maximum processing rate
in the LOM Plan is 6,500 tpd.
The Jacobina mine and plant
are already achieving
approximately 6,500 tpd.
Studies are underway to
increase throughput to
between 7,500 and 8,500 tpd.
1. See Cautionary Note Regarding Forward Looking Information.
62Jacobina Mine Tour October 2019
The Beginning of What’s Next for Jacobina(1)
Mine Life Scenarios
0
50
100
150
200
Gold Production Profiles, koz
0
50
100
150
200
0
50
100
150
200
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Mineral Reserves Inferred Mineral Resources Exploration Potential
Reserves Only Scenario
• 13 year solid foundation
• Scenario to be included in the upcoming
NI 43-101 Technical Report
Base Case
• Includes conversion of Inferred Mineral
Resources within MSO shapes using the
same dilution and gold price assumptions
as Mineral Reserves
• Complete LOM development designs and
mining sequence
Upside Case - Exploration Potential
• Extensions of existing reefs and the new
sectors of Morro do Vento Leste and João
Belo Sul
• All exploration potential is supported by
drill holes and geological envelopes
1. See Cautionary Note Regarding Forward Looking Information.
63Jacobina Mine Tour October 2019
Jacobina has a significant base of high-quality Inferred Mineral
Resources and exploration potential close to infrastructure, and a
plan to convert these targets to Mineral Reserves
The Beginning of What’s Next for Jacobina(1)
Targets For Conversion
Morro do Vento
Extension and Leste
João Belo
South Extension
Canavieiras
Central
Extension
João Belo
Norte Extension
Canavieiras
Sul
Extension
Serra do Corrego
Extension
Mineral Reserves
Inferred Mineral Resources included in plan
Exploration potential included in plan
Planned drill holes (exploratory and infill)
1. See Cautionary Note Regarding Forward Looking Information.
PHASE 2 PLANT EXPANSION STRATEGY
7,500 to 8,500 tpd
processing rate
Maintain 96% to 97%
gold metallurgical
recovery
Minimize Capital
Expenditure
65Jacobina Mine Tour October 2019
The Beginning of What’s Next for Jacobina(1)
The Next Step
0
50,000
100,000
150,000
200,000
250,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Jacobina Gold Production, oz
The next step for Jacobina, the Phase 2 expansion, has a
target gold production of 200 to 225 koz per year
2018 – 2020
Optimization
2021 – 2023
Expansion
1. See Cautionary Note Regarding Forward Looking Information.
66Jacobina Mine Tour October 2019
Jacobina is a long-life, low-risk
operation with significant
upside & exploration potential
that will continue to provide
value to shareholders and the
communities in which we
operate