World Gold Forum April 2020 NYSE: AUY | TSX: YRI
World Gold Forum
April 2020
NYSE: AUY | TSX: YRI
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 leverage ratios, informationwith respect to the Company’s strategy, plans or future financial or operating performance, continued advancements at Jacobina, Canadian Malartic, Cerro Moro, El Peñón, Minera Florida and Agua Rica,expected production and costs, anticipated timing for the feasibility studies for Jacobina and the Agua Rica / Alumbrera integrated project, plans and objectives for future exploration and the potential forfuture additions to mineral resources and mineral reserves. 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 managementconsidered 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 todiffer 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 andcredit 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), currency exchangerates (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 theCompany’s hedging program, changes in accounting policies, changes in Mineral Reserves (as defined herein) and Mineral Resources (as defined herein), and 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, risks associated with infectious diseases, includingCOVID-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, higher pricesfor fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, including but not limited to, failure of plant, equipment or processes to operate asanticipated, 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 ofnew deposits, success of exploration activities, permitting timelines, environmental and government regulation and the risk of government expropriation or nationalization of mining operations, risks related torelying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage, timing and possibleoutcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, vulnerability of information systems and risks related to global financialconditions, 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 atwww.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 couldcause 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, estimatedor 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. TheCompany 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 readeris 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’sexpected 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.
Non-GAAP Measures:
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, provide
investors 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 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. The non-GAAP financial measures included in this presentation include: Free cash flow, cash costs per gold equivalent ounce sold, all-in sustaining 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 includes a detailed discussion of 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 this information 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 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 ProjectsData verification related to
certain scientific and technical information disclosed herein in connection with Yamana’s material properties can be found in the Company’s technical reports entitled “Technical Report on the El Peñón Mine,
Antofagasta Region (II), Chile” dated March 2, 2018, “Technical Report on the Jacobina Mine Complex, Bahia State, Brazil” dated September 30, 2019, and “Technical Report on the Mineral Resource and
Mineral Reserve Estimates for the Canadian Malartic Property” dated August 13, 2014 available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website. The information
presented herein was approved by management of Yamana Gold on April 16, 2020.
All amounts are expressed in United States dollars unless otherwise indicated.
CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS
World Gold Forum 2
NYSE: AUY | TSX: YRI
DOMINANT GOLD PRODUCERPORTFOLIO FOR THE CURRENT AND NEXT CYCLE
World Gold Forum 3
1. Gold equivalent ounces include gold plus silver at a ratio of 86.02:1 for 2019.
2. Based on year-end 2019 total Yamana results.
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/Q42019.
4. Based on the run rate estimated at the start of the year from original 2020 production guidance and estimated 2020 run rate for revenue contribution by metal and by country.
5. See Cautionary Note Regarding Forward-Looking Information
33%
16%21%
21%
9%
Canadian Malartic 33%
Jacobina 16%
Cerro Moro 21%
El Peñón 21%
Minera Florida 9%
Production
by
Mine(4,5)
Production Platform of Over 1 Million Gold-Equivalent Ounces (1,2)
16%
33%30%
21%
Brazil Canada
Chile Argentina
Revenue
by Country(4,5)
87%
13%
Gold Silver
Revenue
by Metal(4,5)
AISC BELOW $1,000/GEO(1,2,3)
NYSE: AUY | TSX: YRI
DOMINANT GOLD PRODUCERPORTFOLIO FOR THE CURRENT AND NEXT CYCLE
World Gold Forum 4
High Quality Diversified Portfolio
with Long Life Assets
Track Record of Consistency
Operating in Mining Friendly
Jurisdictions
Strong Balance Sheet and Increasing
Free Cash Flows
Announced 2 Dividend Increases,
Cumulatively Increasing by 150% and
a Cash Reserve Fund for Dividends
Asset Quality
Ability to Deliver on Results
Country Risk Profile
Financial Strength
Providing a Strengthening
Return to Shareholders
NYSE: AUY | TSX: YRI
World Gold Forum 5
PRECIOUS METALS PORTFOLIOFIVE PRODUCING, LOW COST MINES
Jacobina | BrazilGold 100% Ownership
Complex of underground mines
Reserve life index(1) 16 years
Cerro Morro | Argentina
Gold & Silver 100% Ownership
Open pit and underground mines
Reserve life index(1) 5 years
Canadian Malartic | CanadaGold 50% Ownership
Open pit mine
Reserve life index(1) 7 years
El Peñón | ChileGold and Silver 100% Ownership
Underground mine
Reserve life index(1) 6 years
Minera Florida| ChileGold 100% Ownership
Underground mine
Reserve life index(1) 6 years
1. Based on 2019 GEO production and mineral reserve estimates including gold plus silver with silver converted to a gold equivalent at a ratio of 86.02:1 for 2019.
NYSE: AUY | TSX: YRI
1. See Cautionary Note Regarding Forward-Looking Information and Company press releases dated September 9, 2019 regarding Canadian Malartic.
2. As at December 31, 2019. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further details including
tonnes and grade are presented in slides 28 – 31.
East Gouldie
World Gold Forum
STRATEGIC OPPORTUNITIESCANADIAN MALARTIC
CANADIAN MALARTIC
(50% Owned)
Strategic Upside(1)
Exploration programs are
evaluating several deposits and
prospective areas including the
new East Gouldie discovery, as
well as Odyssey, East Malartic,
Sladen, Sheehan and Rand.
Indications suggest that East
Gouldie, East Malartic and
Sladen zones are converging at
depth, increasing the level of
confidence in the economic
potential of overall mineral
resources below 1,000 meters.
Remains open in all directions.
Canadian Malartic and Odyssey – Composite Longitudinal Section
NYSE: AUY | TSX: YRI
6
STRATEGIC OPPORTUNITIESJACOBINA AND EL PEÑÓN
World Gold Forum 71. See Cautionary Note Regarding Forward-Looking Information and Company press releases dated September 5, 3019 regarding Jacobina and
November 25, 2019 regarding El Peñón.
Strategic Upside(1)
A two phase expansion which first, has the potential to take the
mine to a sustainable production rate of 170,000 ounces per
year and on approval of Phase 2, up to 225,000 ounces per year.
The targeted throughput of 6,500 tpd for Phase 1 was achieved
in Q1 2020, a full quarter ahead of schedule with further
benefits from additional plant modifications expected.
EL PEÑÓN
Strategic Upside(1)
Mineral reserves replaced 2019 depletion, increasing 15% for gold and 21% for silver. Gold measured and indicated mineral resources increased by 66%, while silver increased by 70%.
Developed a new structural interpretation of faulting in the Angelina sector of the Deep Orito vein in 2019.
Completed a machine-learning study in mid-2019 that generated numerous exploration targets that are advancing via systematic surface exploration.
JACOBINA
NYSE: AUY | TSX: YRI
DELIVERING FINANCIAL PERFORMANCEINCREASING FREE CASH FLOW PROFILE
World Gold Forum 81. 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/Q42019 and www.yamana.com/Q32019.
$357.8 M $152.4 M $99.9 M $29.4 M
FOURTH QUARTER FINANCIAL RESULTS
$383.8 M
Revenue
$176.6 M
Cash flow from
operating activitiesBefore change in net
working capital(1)
Net Free Cash
Flow(1)
$136.5 M
Free Cash Flow(1)
Before dividend and debt
repayments
$73.4 M
THIRD QUARTER FINANCIAL RESULTS
NYSE: AUY | TSX: YRI
Q1 2020 to be the fourth consecutive quarter of positive free cash flow generation
contributing to a further ~$15M reduction in net debt(1) during the quarter
FIRST QUARTER 2020PRELIMINARY RESULTS(1)
World Gold Forum 9
Q1 2020 Preliminary Results
Gold Production Silver Production
Canadian Malartic (50% basis) 64,763 -
Jacobina 43,938 -
El Peñón 42,230 1,355,910
Cerro Moro 18,743 1,374,941
Minera Florida 22,563 -
Total 192,238 2,730,851
Operational Highlights:
Jacobina: Another consecutive quarter of record production with 43,938 ounces of gold. Average throughput exceeded
6,500 tonnes per day a full quarter ahead of schedule for the Phase 1 optimization and without benefits from further plant
modifications still to be completed.
El Peñón: Produced 42,230 ounces of gold and 1.355 million ounces of silver during the quarter, ahead of production
targets.
Canadian Malartic: Produced 64,763 ounces of gold (50% basis). The Government of Quebec authorized the resumption of
mining activities as of April 15, 2020. The resumption of mining will occur over a period of several weeks with full
attention to the health and safety of returning employees, contractors, and suppliers.
Minera Florida: Maintained momentum from its strong finish to 2019 producing 22,563 ounces of gold, ahead of budget.
Cerro Moro: Produced 18,743 ounces of gold and 1.374 million ounces of silver. The government has declared mining an
essential service on April 3, 2020, allowing the mine to resume normal operations from its previously reduced production
rate. Cerro Moro is now in the process of remobilizing.
1. See Cautionary Note Regarding Forward-Looking Information.
NYSE: AUY | TSX: YRI
FIRST QUARTER 2020PRELIMINARY RESULTS
World Gold Forum 10
Additional Financial Highlights:
Further Reduction In Net Debt(1):
Achieved a further reduction in net debt(1) of approximately $15 million, in line with budget.
Financial Strength:
Well capitalized, 2019 year end cash and cash equivalents were $158.8 million with another
positive quarter of free cash flow generation.
Repaid the scheduled $56 million in private placement debt during the quarter. At the present
time, no further pending scheduled debt repayments or significant capital commitments. Its next
scheduled debt repayment is due in March, 2022.
As a precaution given the uncertainty surrounding the global pandemic, drew down $200 million of
the $750 million revolving credit facility however, there are no plans to utilize these funds.
Foreign Exchange Cost Tailwinds:
Average foreign exchange rates of operating currencies were weaker in the quarter, and at quarter
end, than those assumed for guidance purposes, having a favourable impact on operating costs.
Entered into Canadian dollar zero-cost contracts totaling C$91.2 million, split evenly between May
and December of 2020, allowing participation of exchange rate movements between the two
strikes of 1.38 and 1.45 and locking in a significant benefit to the rate of 1.32 used in guidance.
1. 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/Q42019
NYSE: AUY | TSX: YRI
Q2 2020 OUTLOOK(1)
MAINTAINING EXPECTATIONS FOR CASH FLOW GENERATION
World Gold Forum 111. See Cautionary Note Regarding Forward-Looking Information.
NYSE: AUY | TSX: YRI
Cerro Moro currently remobilizing and Canadian Malartic resuming mining
activity following the Government of Quebec’s authorization as of April 15,
2020. No other impacts to operations.
In full compliance with orders from local authorities thereby expecting to
ramp up operations at Cerro Moro and Canadian Malartic progressively over
the course of the quarter.
Production is not linear, and as previously indicated, Q4 is expected to be the
strongest quarter of the year.
Relative to initial Q2 production and cost targets which were set at the
beginning of the year, lower Q2 production and higher Q2 costs are now
expected. However, this operational impact to Q2 in terms of cash flow, is
expected to be offset by higher gold prices which are currently exceeding
budget assumptions.
Maintaining
Expectations
for
Cash Flow
Generation
Returning
to Full
Production
World Gold Forum 121. See Cautionary Note Regarding Forward-Looking Information
STRATEGIC ASSETSAGUA RICA AND PROJECT PORTFOLIO
Large-scale copper, gold, silver, molybdenum
deposit located in Catamarca, Argentina.
Agreement to develop and operate using the
existing infrastructure at the Alumbrera mine in
place with development significantly de-risked.
Project Portfolio
Further Opportunities to Unlock Value and in Some Cases, Cash
Agua Rica
A Significant Value Opportunity
Value continues to increase as project advances. Feasibility study is expected to be completed in
2020.(1)
Evaluating strategic options and partnerships to achieve the objective of maximizing value.
In addition to Agua Rica, ownership in a portfolio of projects and development assets which
provide a pipeline of opportunities to advance and increase value.
Some may be better suited for advancing and ultimately developing, others may create more value
by monetizing.
NYSE: AUY | TSX: YRI
World Gold Forum 131. Ownership interest in Equinox Gold on a fully-diluted basis, assuming the exercise of all currently outstanding convertible securities,
2. See Cautionary Note Regarding Forward-Looking Information
STRATEGIC ASSETSOWNERSHIP INTERESTS
Nomad RoyaltyEquinox Gold
NYSE: AUY | TSX: YRI
We Manage our Portfolio for Value Optimization
On April 13th, 2020 announced the sale of Equinox
Gold shares and warrants for up to C$201 million.
12,000,000 units at C$10.00/unit, each unit
includes
1 common share of Equinox
0.5 of a common share purchase warrant to
acquire shares at C$13.50 for 9 months from
issue date
Prior to the Sale, Yamana held 19,236,380 shares
and 8,345,501 warrants to acquire shares at
C$11.18 until May 24, 2020.
With the initial proceeds of C$120,000,000
(US$86,000,000) preliminary cash and net debt,
on a pro forma basis, were over US$400,000,000
and approximately US$790,000,000, respectively.
On February 23rd, 2020 Yamana
announced an agreement to
sell its royalty portfolio for
total consideration of $65
million including a 13%
interest in Nomad Royalty, a
new royalty company created
with a high quality
experienced management
team(2).
FURTHER OPTIONALITY GENERATIVE EXPLORATION PROGRAM(1)
World Gold Forum 141. See Cautionary Note Regarding Forward-Looking Information.
Represents Excellent Value Enhancing Initiative Creating Future Organic Growth(1)
Tier 1 Projects with well-defined gold mineral resources and opportunities to grow to a potentially economic threshold in the next 3 years
Tier 2 Projects that have achieved significant drill intercepts and whose geology along with other factors support rapid resource growth
Tier 3 Highly prospective projects with known mineralization defined with rock and soil geochemistry that warrant future drill testing
Key Objectives:
Advance one or more projects to an
inferred mineral resource of at least
1.5 million ounces of gold within the
next three years.
Advance at least one project to a
mineral inventory large enough to
support a mine with 150,000 ounces of
gold per year for at least eight years.
Investing $14 million in 2020 which is
currently under evaluation due to the
ongoing global pandemic, then investing
$18 million in 2021 and $21 million for
2022, totaling $53 million with funding
from monetizations of non-cash
producing assets, flow-through funding
agreements and expected joint venture
opportunities, particularly for copper-
gold projects.
NYSE: AUY | TSX: YRI
PORTFOLIO MANAGEMENTFUTURE GROWTH(1)
World Gold Forum 151. See Cautionary Note Regarding Forward-Looking Information
2. 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/Q42019
Futu
re G
row
th
Americas Focused
Meaningful Production
at Low Costs
Large Mineral Resource Base
High Return Opportunities
Internal growth: Jacobina phased expansion, underground
mine at Canadian Malartic, generative exploration program
Past strategic acquisitions: Canadian Malartic, which was
opportunistically acquired off-cycle
Focused on organic growth
supplemented with opportunistic
strategic acquisitions
Opportunities for growth with a focus in the Americas
Preference for annual production of 150,000 ounces for
at least 8 years, at costs below our AISC(2) average
Preference for mineral resource base of at least 1.5
million ounces
All opportunities and projects compete against one
another for capital with only the highest return
opportunities advancing
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DIVIDENDS REMAIN KEY TO OUR STRATEGYFOR PROVIDING RETURNS TO SHAREHOLDERS(1)
World Gold Forum 161. See Cautionary Note Regarding Forward-Looking Information.
2. Gold Equivalent Ounce ratio assumes gold ounces plus the equivalent of silver ounces using a ratio of 86.10
Maximizing return on investments to shareholders through sustainable dividends
Dividends increased 150% to $0.05/share annually for Q1 2020 compared to dividends paid during
Q3 2019.
Adopted a policy of treating dividends, on a per ounce basis, and targeting increasing dividends to
be between $50 per GEO(2) and $100 per GEO(2).
Established a program to create a reserve fund to maintain sustainability of the dividend for a
minimum of three years.
In the twelve-year period since 2007, the Company has paid more than $900 million in dividends.
$0
$25
$50
$75
$100
Q2 2019 Q3 2019 Q4 2019 Q1 2020
Div
idend in $
/G
EO
(2)
100%
increase
25%
increase
Target Range
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INVESTMENT PROPOSITIONRERATING HAS COMMENCED AND IS ACCELERATING
World Gold Forum 171. Sourced from FactSet Market data April 16, 2019. Peer group includes Agnico Eagle, Barrick Gold, Kirkland Lake Gold, Newmont
2. See Cautionary Note Regarding Forward-Looking Information.
Yamana
Peer Group Average
Highest Multiple
Peers
0x
2x
4x
6x
8x
10x
12x
14x
Price to 2020E Cash Flow per Share(1,2)
NYSE: AUY | TSX: YRI
Yamana
Peer Group Average
Highest Multiple
Peers
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
2.0x
Price to Net Asset Value(1,2)
APPENDIXTABLE OF CONTENTS
World Gold Forum 18
Slide
ESG – Strategy and Results 19
Responsible Gold Mining Principles 20
Mine by Mine Overview 21
Currency Tailwinds 26
Fourth Quarter Review 27
Mineral Reserve and Mineral Resource Estimates 29
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE STRATEGY & RESULTS
191. Data presented herein is from 2018 unless indicated otherwise
Environment• All sites have Climate Change, Water
and Biodiversity Risk Assessments
• 75% of water use is reused or
recycled
• 7% decrease in GHG intensity over 4
years
Social
• Social License to Operate Index
• 99% host country employment
• 99% host country procurement
• Community Participatory monitoring
at relevant sites
Governance• Board oversight of sustainability
topics
• Compensation linked to sustainability
performance
• 50% of Board of Directors are female
Health & Safety
• 29% decrease in TRIR over 3 years
• 36% decrease in LTIFR in 2018
• 13% below top performing peers in
TRIR
• Focus on leading indicators
Management Systems• All sites ISO/OHSAS & Cyanide Code
certified
• 2020 Implementation of Responsible
Gold Mining Principles
• 2020 Implementation of Towards
Sustainable Mining
Tailings• No upstream tailings dams
• Direct reporting from tailings director
to CEO and Executive Chairman
• Regular reports to Board of Directors
• 2 annual dam safety external audits
• Regular internal safety audits
External Recognition• Externally assured that our gold is
Conflict Free
• Included in Jantzi Social Index for 10
consecutive years
• Corporate ESG performance ranked in
top 10% of peers by ISS (2019)
World Gold Forum
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RESPONSIBLE GOLD MINING PRINCIPLESADVANCING TOWARDS FULL COMPLIANCE
An over-arching framework that sets out clear expectations as to what constitutes responsible gold mining.
Designed to provide confidence to investors and supply chain participants that gold has been produced responsibly.
Implementing companies will be required to publicly disclose conformance and obtain external assurance on this.
Reflects the commitment of the world’s leading gold mining companies to responsible mining.
World Gold Forum 20
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CANADIAN MALARTICSIGNIFICANT PRODUCTION AND CASH FLOWS
CANADIAN MALARTIC CANADA
50% Yamana Owned
21
1. 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/Q42019.
2. As of December 31, 2019, further details including tonnes, grade and assumptions are presented in the full mineral reserves and mineral resources estimates commencing on slide 29.
3. Mineral resources are exclusive of mineral reserves.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
5. GEO include gold plus silver at a ratio of 86.02:1 and 86.10:1 for 2019 and the forecast for 2020 guidance, respectively.
6. See Cautionary Note Regarding Forward-Looking Information.
7. Included in fourth quarter 2019 and year-ended December 31, 2019 production figures are 3,137 gold ounces of pre-commercial production, related to the Company's 50% interest in the Canadian Malartic mine's Barnat deposit. Pre-commercial production ounces are excluded from
sales figures, although the pre-commercial production ounces that were sold during their respective period of production had their corresponding revenues and cost of sales capitalized to mineral properties.
World Gold Forum
50% BasisTonnes
(000’s)
Grade
(g/t)
Contained Ounces
(000’s)
Total Proven and Probable Mineral Reserves(2)
Gold 66,904 1.11 2,389
Total Measured and Indicated Mineral Resources(2,3,4)
Gold 14,713 1.79 847
Inferred Mineral Resources(2,3,4)
Gold 66,180 2.30 4,890
50% BasisQ1 2019 Q2 2019 Q3 2019 Q4 2019
Gold Production (oz)(7) 83,670 84,311 81,572 85,042
Cost of Sales per GEO
Sold ($/GEO)1,036 961 1,007 1,039
Cash Cost per GEO Sold
($/GEO)602 568 608 627
AISC per GEO Sold
($/GEO)716 757 822 828
Sustaining Capital ($M) 7.4 9.8 14.4 13.5
Exploration Capital ($M) 0.3 0.3 0.1 0.1
Expansion Capital ($M) 7.7 8.9 10.1 9.8
2019
334,596
1,011
601
782
45.1
1.0
36.5
Gold
Open Pit Mine
(1,5)
(1,5)
(5)
NYSE: AUY | TSX: YRI
JACOBINALONGER TERM SUSTAINABLE PRODUCTION
JACOBINA BRAZIL
100% Yamana Owned
22
1. 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/Q42019.
2. As of December 31, 2019, further details including tonnes, grade and assumptions are presented in the full mineral reserves and mineral resources estimates commencing on slide 29.
3. Mineral resources are exclusive of mineral reserves.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
5. GEO include gold plus silver at a ratio of 86.02:1 and 86.10:1 for 2019 and the forecast for 2020 guidance, respectively.
6. See Cautionary Note Regarding Forward-Looking Information.
World Gold Forum
Tonnes
(000’s)
Grade
(g/t)
Contained Ounces
(000’s)
Total Proven and Probable Mineral Reserves(2)
Gold 34,176 2.27 2,493
Total Measured and Indicated Mineral Resources(2,3,4)
Gold 42,470 2.26 3,090
Inferred Mineral Resources(2,3,4)
Gold 18,528 2.36 1,406
Q1 2019 Q2 2019 Q3 2019 Q4 2019
Gold Production (oz) 38,617 38,951 40,157 41,774
Cost of Sales per GEO Sold
($/GEO)1,077 1,019 917 799
Cash Cost per GEO Sold
($/GEO)637 674 544 529
AISC per GEO Sold
($/GEO)831 921 807 827
Sustaining Capital ($M) 3.4 6.3 6.7 8.2
Exploration Capital ($M) 1.0 1.1 1.5 2.7
Expansion Capital ($M) 10.4 4.7 8.7 6.9
2019
159,499
947
593
845
24.5
6.5
30.7
Gold
Complex of Underground Mines
(1,5)
(1,5)
(5)
NYSE: AUY | TSX: YRI
CERRO MOROCONTRIBUTING TO A STEP CHANGE IN CASH FLOWS
CERRO MORO ARGENTINA100% Yamana Owned
23
1. 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/Q42019.
2. As of December 31, 2019, further details including tonnes, grade and assumptions are presented the mineral reserves and mineral resources estimates commencing on slide 29.
3. Mineral resources are exclusive of mineral reserves.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
5. GEO include gold plus silver at a ratio of 86.02:1 and 86.10:1 for 2019 and the forecast for 2020 guidance, respectively.
6. See Cautionary Note Regarding Forward-Looking Information.
World Gold Forum
Tonnes (000’s) Grade (g/t) Contained Ounces (000’s)
Total Proven and Probable Mineral Reserves(2)
Gold 1,530 10.75 529
Silver 1,530 619.2 30,461
Total Measured and Indicated Mineral Resources(2,3,4)
Gold 1,252 4.40 177
Silver 1,252 343.0 13,809
Inferred Mineral Resources(2,3,4)
Gold 2,175 3.91 273
Silver 2,175 222.2 15,542
Q1 2019 Q2 2019 Q3 2019 Q4 2019
Production
(oz)
Gold 38,471 29,643 26,120 26,568
Silver 2,021,489 1,328,251 1,388,220 1,584,904
Cost of Sales per GEO sold ($/GEO) 1,215 1,188 1,402 1,456
Cash Cost per GEO sold ($/GEO) 701 677 748 811
AISC per GEO sold ($/GEO) 841 836 1,084 1,228
Sustaining Capital ($M) 2.2 3.6 5.9 11.9
Exploration Capital ($M) 1.7 5.6 5.1 3.8
Expansion Capital ($M) 0.5 0.4 0.1 2.6
2019
120,802
6,322,864
1,293
725
969
23.5
16.2
3.7
Gold-Silver
Open Pit and Underground
(1,5)
(1,5)
(5)
NYSE: AUY | TSX: YRI
EL PEÑÓNDELIVERING QUALITY PRODUCTION
EL PEÑÓN CHILE100% Yamana Owned
24
1. 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/Q42019.
2. As of December 31, 2019, further details including tonnes, grade and assumptions are presented in the full mineral reserves and mineral resources estimates commencing on slide 29.
3. Mineral resources are exclusive of mineral reserves.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
5. GEO include gold plus silver at a ratio of 86.02:1 and 86.10:1 for 2019 and the forecast for 2020 guidance, respectively.
6. See Cautionary Note Regarding Forward-Looking Information.
World Gold Forum
Tonnes (000’s) Grade (g/t) Contained Ounces (000’s)
Total Proven and Probable Mineral Reserves(2)
Gold 6,397 4.45 916
Silver 6,397 147.0 30,238
Total Measured and Indicated Mineral Resources(2,3,4)
Gold 7,276 2.81 658
Silver 7,276 93.7 21,911
Inferred Mineral Resources(2,3,4)
Gold 18,276 1.25 735
Silver 18,276 43.9 25,786
Q1 2019 Q2 2019 Q3 2019 Q4 2019
Production
(oz)
Gold 34,025 34,646 42,713 48,131
Silver 994,809 843,585 1,095,935 1,382,963
Cost of Sales per GEO sold ($/GEO) 1,328 1,394 1,134 1,062
Cash Cost per GEO sold ($/GEO) 816 917 690 562
AISC per GEO sold ($/GEO) 1,081 1,287 977 775
Sustaining Capital ($M) 6.8 7.9 8.5 7.6
Exploration Capital ($M) 3.9 5.7 5.7 2.8
Expansion Capital ($M) - 0.2 0.3 0.3
2019
159,515
4,317,292
1,209
726
1,003
30.8
18.1
0.8
Gold-Silver
Underground Mine
(1,5)
(1,5)
(5)
NYSE: AUY | TSX: YRI
MINERA FLORIDATRANSITIONING TO HIGHER GRADE ZONES
MINERA FLORIDA CHILE
100% Yamana Owned
25
1. 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/Q42019.
2. As of December 31, 2019, further details including tonnes, grade and assumptions are presented in the full mineral reserves and mineral resources estimates commencing on slide 29.
3. Mineral resources are exclusive of mineral reserves.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
5. GEO include gold plus silver at a ratio of 86.02:1 and 86.10:1 for 2019 and the forecast for 2020 guidance, respectively.
6. See Cautionary Note Regarding Forward-Looking Information.
World Gold Forum
Tonnes
(000’s)
Grade
(g/t)
Contained Ounces
(000’s)
Total Proven and Probable Mineral Reserves(2)
Gold 4,709 2.98 450
Total Measured and Indicated Mineral Resources(2,3,4)
Gold 5,852 4.93 928
Inferred Mineral Resources(2,3,4)
Gold 4,365 5.32 747
Q1 2019 Q2 2019 Q3 2019 Q4 2019
Gold Production (oz) 19,654 16,293 17,590 20,080
Cost of Sales per GEO Sold
($/GEO)1,206 1,396 1,677 1,450
Cash Cost per GEO Sold
($/GEO)832 890 1,069 1,005
AISC per GEO Sold ($/GEO) 1,208 1,299 1,485 1,411
Sustaining Capital ($M) 3.0 3.3 3.1 3.7
Exploration Capital ($M) 2.9 2.1 2.1 2.3
Expansion Capital ($M) 2.6 2.8 3.4 2.9
2019
73,617
1,423
945
1,346
13.1
9.5
11.7
Gold
Underground Mine
(1,5)
(1,5)
(6)
NYSE: AUY | TSX: YRI
CURRENCY TAILWINDSFOREIGN EXCHANGE BENEFITS
World Gold Forum 261. Evenly split by month.
2. FactSet market data as of February 18, 2019.
Key Currencies vs USD(2)
Zero Cost Collar Contracts:(1)BRL to USD Average Call Price Average put strike price Total
January 2020 to December 2020 R$3.87 R$4.36 R$192.9 million
January 2021 to June 2021 R$3.85 R$4.31 R$93.0 million
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
ARS BRL CAD CLP
Forward Contracts:
BRL to USD Average Forward Price Total
January 2020 to December 2020 R$4.06 R$133.2 million
January 2021 to June 2021 R$4.07 R$93.0 million
CLP to USD
January 2020 to December 2020 CLP 740.19 CLP 69.6 billion
(1)
NYSE: AUY | TSX: YRI
FINANCIAL PERFORMANCEFOURTH QUARTER HIGHLIGHTS
271. 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/Q42019.
2. Attributable to Yamana equity holders.
3. Certain non-cash and other items that may not be reflective of current and ongoing operations were $12.1 million or $0.01 per share for Q4 2019.
(In millions except per share figures) Q4 2019 Q4 2018 Change
Revenue 383.8 483.4 (99.6)
Gross margin excluding DD&A 214.4 217.2 (2.8)
DD&A 119.0 130.9 (11.9)
G&A expense 19.3 21.0 (1.7)
Net earnings (loss)(2) 14.6 (61.4) 76.0
Net earnings (loss) per share(2) 0.02 (0.06) 0.08
Adjusted earnings per share(1,2,3) 0.03 0.03 -
Sustaining capital 46.6 52.5 (5.9)
Expansionary capital 25.3 36.2 (10.9)
Exploration capitalized/expensed 13.9/3.3 18.5/3.6 (4.6)/(0.3)
World Gold Forum
NYSE: AUY | TSX: YRI
FINANCIAL PERFORMANCEFOURTH QUARTER HIGHLIGHTS
281. 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/Q42019.
2. See Cautionary Note Regarding Forward-Looking Information.
(In millions) Q4 2019 Q4 2018 Change
Cash flows from operating activities 201.7 114.7 87.0
Cash flows from operating activities before net change in working capital(1) 176.6 115.8 60.8
World Gold Forum
NET DEBT(1) DECREASED BY $59.8 MILLION FROM
CASH FLOWS GENERATED DURING THE QUARTER
Net debt(1) decreased to $889.1 million and is at the lowest level since Q3 2013
Remain well on target to achieve leverage ratio of below 1.0x before 2021(1,2)
FREE CASH FLOW(1) BEFORE DIVIDEND AND DEBT REPAYMENTS DURING THE QUARTER WAS
$73.4 MILLION
NYSE: AUY | TSX: YRI
PROVEN AND PROBABLE MINERAL RESERVESAS OF DECEMBER 31, 2019
29World Gold Forum *An agreement has been signed by Agua Rica, which is owned by Yamana Gold, and the owners of Alumbrera that would see
the integration of the two projects
*
NYSE: AUY | TSX: YRI
MEASURED, INDICATED AND INFERRED MINERAL RESOURCESAS OF DECEMBER 31, 2019
30World Gold Forum
NYSE: AUY | TSX: YRI
World Gold Forum 31
NYSE: AUY | TSX: YRI
World Gold Forum 32
NYSE: AUY | TSX: YRI
World Gold Forum 33
Investor Relations
200 Bay Street, Suite 2200
Toronto, Ontario
M5J 2J3
416-815-0220/1-888-809-0925
www.yamana.comNYSE: AUY | TSX: YRI
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