YAMANA GOLD INC. (Form: 40-F, Received: 03/26/2021 06:07:21)

1-31880Meridian Gold CompanyCanada4635 Longly LaneUnit 110-4ARenoNevada89502775850-3700200 Bay StreetSuite 2200TorontoOntarioM5J 2J3416815 0220December 31, 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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


☒	Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934


For fiscal year ended: December 31, 2020		Commission File number: 1-31880

YAMANA GOLD INC.

(Exact name of registrant as specified in its charter)



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



Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Common Shares, no par value	AUY	New York Stock Exchange

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 ☒ 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: 952,620,947

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 x No o

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 x No o

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. o

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. ☒

FORWARD-LOOKING STATEMENTS

This annual report on Form 40-F and the exhibits attached hereto contain “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 or updates regarding mineral reserves and mineral resources. 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, labor 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, success of exploration activities, 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 labor disputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2020 included as exhibits to this annual report on Form 40-F. 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 readers 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 31, 2020, based upon the daily average exchange rate as reported by the Bank of Canada, was U.S.$1.00 = CDN$1.2732.

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

A. Evaluation of disclosure controls and procedures. Disclosure controls and procedures are designed to ensure 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.

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 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.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2020, 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, 2020.

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 February 11, 2021 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.

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, 2020, dated as at February 11, 2021, which are attached hereto as Exhibit 99.3.

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, 2020.

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, 2020. 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 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, 2020. See page 109 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 108 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 does not have any material off-balance sheet arrangements, and the Company does not

have any relationships with unconsolidated special purpose entities.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The disclosure provided under Section 8, “Financial Condition and Liquidity - Contractual Obligations and Commitments”, on page 58 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.

INCORPORATION BY REFERENCE

The Company's annual report on Form 40-F for the Year Ended December 31, 2020 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. 333-237728) of the Company.

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.

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 25, 2021




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

EXHIBIT INDEX


Exhibit No.			Description

99.1			Annual Information Form for the year ended December 31, 2020
99.2			Management’s Discussion and Analysis for the year ended December 31, 2020
99.3			Audited annual financial statements for the fiscal year ended December 31, 2020
99.4			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
99.5			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
99.6			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
99.7			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
99.8			Consent of Deloitte LLP, Independent Registered Public Accounting Firm
99.9			Consent of Eduardo de Souza Soares, MAusIMM CP (Min),
99.10			Consent of Renan Garcia Lopes, MAusIMM CP (Geo)
99.11			Consent of Henry Marsden, P.Geo.
99.12			Consent of Carlos Iturralde, P.Eng.
99.13			Consent of Luis Vasquez, P.Eng.
99.14			Consent of Sébastien Bernier, P.Geo,
99.15			Consent of Sergio Castro, Registered Member, Chilean Mining Commission
99.16			Consent of Marco Velásquez Corrales, Registered Member, Chilean Mining Commission
99.17			Consent of Pascal Lehouiller, P.Geo.
99.18			Consent of Guy Gagnon, Eng.
99.19			Consent of Sylvie Lampron, Eng.
99.20			Consent of Nicole Houle, P.Geo
99.21			Consent of François Bouchard, P.Geo.
99.22			Consent of Dominic Chartier, P.Geo
99.23			Consent of Dr. Jean-François Ravenelle, P.Geo.
101			Interactive Data File

EXHIBIT 99.1

YAMANA GOLD INC.

ANNUAL INFORMATION FORM

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2020

March 25, 2021

200 Bay Street, Suite 2200

Royal Bank Plaza, North Tower

Toronto, Ontario M5J 2J3


		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
	Risks of the Business	20
	Technical Information	42
	Mineral Projects	42
	Summary of Mineral Reserve and Mineral Resource Estimates	42
	Material Producing Mines	49
	Jacobina Mining Complex	49
	El Peñón Mine	58
	Canadian Malartic Mine	69
	Other Producing Mines	81
	Cerro Moro Mine	81
	Minera Florida Mine	90
	Development Projects	91
	MARA Project	91
	Suyai Project	93
	Monument Bay	94
	Wasamac	94
ITEM 5	DIVIDENDS	95
ITEM 6	DESCRIPTION OF CAPITAL STRUCTURE	95
ITEM 7	MARKET FOR SECURITIES	96
ITEM 8	ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER	96
ITEM 9	DIRECTORS AND OFFICERS	96
ITEM 10	PROMOTER	103
ITEM 11	LEGAL PROCEEDINGS AND REGULATORY ACTIONS	103
ITEM 12	INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS	103
ITEM 13	TRANSFER AGENTS AND REGISTRAR	103
ITEM 14	MATERIAL CONTRACTS	103
ITEM 15	AUDIT COMMITTEE	103
ITEM 16	INTERESTS OF EXPERTS	105
ITEM 17	ADDITIONAL INFORMATION	106
	SCHEDULE “A” CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS	107

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:

•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 plans to continue building on its base of significant gold and silver production, development stage properties, exploration properties and land positions in Canada, Brazil, Chile, and Argentina through 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’s expectations relating to the performance of its mineral properties;

•the estimation of Mineral Reserves (as defined below) and Mineral Resources (as defined below);

•the timing and amount of estimated future production;

•the estimation of the life of mine of Yamana’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;

•the Company’s expectations regarding the benefits of listing on the LSE (as defined below);

•expectations regarding the effects of the ongoing COVID-19 outbreak;

•the impact of proposed optimizations at the Company’s projects;

•the effect of government regulations (or changes thereto) with respect to the 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 impact of the new mining law in Brazil and the Argentina export tax;

•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;

•the outcome of any current or pending litigation against the Company; and

•the outcome of any current or pending tax assessments involving the Company.

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, including the evolving impact of the COVID-19 outbreak, 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), 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), 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, 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, higher prices for 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 as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of

EXHIBIT 99.1

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 labour disputes, risks related to enforcing legal rights in foreign jurisdictions, vulnerability of information systems and risks related to global financial conditions, as well as those risk factors discussed or referred to herein and in the Company’s annual management’s discussion and analysis 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 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, 2020, December 31, 2019, December 31, 2018 and December 31, 2017 based on the closing rate reported by the Bank of Canada, were as follows:

Year-Ended December 31

2020

2019

2018

2017

Closing

C$1.2732

C$1.2988

C$1.3642

C$1.2545

High

C$1.4496

C$1.3600

C$1.3642

C$1.3743

Low

C$1.2718

C$1.2988

C$1.2288

C$1.2128

Average(1)

C$1.3415

C$1.3269

C$1.2957

C$1.2986

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

On March 24, 2021, the Bank of Canada daily rate of exchange was $1.00 = C$1.2562 or C$1.00 = $0.7961.

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 25, 2021, 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.

1 On December 17, 2020, the Company completed of the integration of the Agua Rica Project with the Alumbrera Mine and Alumbrera plant and infrastructure forming the MARA Joint Venture under which Yamana holds a controlling interest of 56.25%, with Glencore International AG holding a 25.00% interest and Newmont Corporation holding an 18.75% interest, as further described below.

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. 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 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

•Jacobina Mining Complex (Brazil)

•El Peñón Mine (Chile)

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

Other Producing Mines

•Cerro Moro Mine (Argentina)

•Minera Florida Mine (Chile)

Additional Projects

•MARA Project (Argentina) – 56.25% indirect interest

•Suyai Project (Argentina)

•Monument Bay Project (Canada)

•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 Monarch Gold Corporation

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. Yamana announced that it had entered into a definitive agreement with Monarch Gold on November 2, 2020, to acquire the properties, under 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 share; C$0.192 in cash from Yamana; and 0.2 of a share of Monarch Mining. Yamana issued 11,608,195 Yamana Shares and paid approximately C$59.3 million in cash, for total consideration of approximately C$136.1 million. The consideration paid by Yamana on closing of the Monarch Transaction represented a value paid for the Wasamac project of under $67 per ounce of Mineral Reserves and under $42 per ounce of Mineral Resources, based on Mineral Reserves and Mineral Resources estimated as of December 31, 2020, net of Yamana’s existing interest in the Wasamac project.

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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 has ownership of the Alumbrera Mine. On December 17, 2020, the Company completed of the integration of the Agua Rica Project with the Alumbrera Mine and Alumbrera plant and infrastructure (the “MARA Project”).

The integration creates synergies and results in 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, with further potential for optimization and upside.

The Company, Glencore and Newmont have created a new joint venture (the “MARA Joint Venture”) pursuant to which Yamana holds a controlling interest of 56.25%, Glencore holds a 25.00% interest, and Newmont holds an 18.75% interest. The Company has been appointed as the operator of the MARA Joint Venture and will continue to lead the engagement with local, provincial, and national stakeholders, completion of the Feasibility Study and Environmental Impact Assessment for the MARA Project, and generally lead the project to development and operation. A technical committee has been formed and is comprised of representatives of the three companies to oversee these efforts. During 2019 and 2020, the parties advanced studies to optimize and de-risk the integrated project and now are advancing a Feasibility Study and Environmental Impact Assessment (“EIA”), both expected to be completed by 2022. For additional information see “Description of the Business – Mineral Projects – Development Projects – MARA Project”.

Dividend Policy

On October 7, 2020, the Company announced a further 50% increase in its annual dividend to $0.105 per share effective for the fourth quarter of 2020, representing a 425% increase in the annual dividend since the second quarter of 2019.

The Company sees dividends as a return on investment to shareholders that stems from disciplined management of financial resources and capital allocation. Recognizing that the gold price is not within the Company’s control and that the balance of cash will change from time to time, the Company endeavours to maintain sufficient funds to pay the dividend at the set level without reduction were gold prices to decline substantially and negatively impact margins over a longer period of time. This sustainability effort is intended to allow the Company the flexibility to continue to pay the dividend for a period of three years.

The Company has paid dividends consistently through thirteen of its seventeen-year history since declaring its first dividend in 2007. In the thirteen-year period since 2007, the Company has paid nearly $1.0 billion in dividends. The Company views the payment of dividends as an important mechanism to manage its capital base and maximize returns for shareholders. 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 group gold companies and current and anticipated cash needs. For additional information see “Dividends”.

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. In particular, the Company noted that the LSE currently has a limited number of sizeable pure-play gold producers with annual production of 1 million ounces or more, all of which comes from mines in established mining jurisdictions in the Americas with supportive infrastructure and protocols relating to mining. Yamana believes that the LSE listing will provide UK and European investors with greater, more local exposure to a new high-quality investment choice of a type not currently available

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on the exchange. Listing on the LSE is expected to offer Yamana improved liquidity and allow the Company to expand its share register with an enlarged investor base.

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.

COVID-19 Developments

On March 20, 2020, the Company announced that, in response to developments regarding COVID-19, the Government of Argentina had imposed a temporary mandatory self-isolation period and travel restriction until March 31, 2020. In response to this declaration, the Company temporarily demobilized operations at the Cerro Moro Mine during this period. Underground operations were reduced and Cerro Moro began provisionally operating largely from its open pit operations and stockpiled material. The Company’s efforts at the Agua Rica Project were similarly gradually reduced on a temporary basis. Efforts at Agua Rica are mostly corporate related, as the Company advances towards the feasibility study and permitting for the project and the effects of the mandatory self-isolation declaration are not meaningful to the overall project schedule. On April 6, 2020, the Argentine Government declared mining as essential service, which allowed the Cerro Moro Mine to resume full operations. The Company resumed operations in an orderly and gradual manner with attention to health and safety requirements. Recommended standards and measures have been established at national, provincial and municipal levels. The Company’s protocols relating to these standards and measures have been discussed with and revised by applicable authorities and are considered to be incompliance. The Company continues to consult with national and international medical experts along with municipal, provincial and national governments, its workforce and other stakeholders.

On March 24, 2020, the Company announced that pursuant to the order by the Government of Quebec in relation to COVID-19 to temporarily restrict all non-essential business until April 13, 2020, it made the decision to ramp down operations at the Canadian Malartic Mine. The Canadian Malartic Mine had been placed on care and maintenance and minimal work took place. Canadian Malartic GP demobilized employees and contractors in a safe and orderly manner, leaving a small number of employees on site to maintain property and equipment and oversee all environmental responsibilities and obligations at the Canadian Malartic Mine. The Canadian Malartic Mine resumed operations starting on April 15, 2020, following the Government of Quebec’s decision to authorize the resumption of mining activities.

In March 2020, as a precaution and given the uncertainty around the global pandemic, the Company drew down $200.0 million of its $750.0 million revolving credit facility which was repaid during the year.

Since 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, has taken quick and decisive action to respond to the pandemic during a fluid and fast-moving environment. The Company has 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. Although the Company responded rapidly to the COVID-19 pandemic and has been successful in limiting the spread of COVID-19, there have been confirmed employee cases at site and in the communities surrounding the Company's operations. However, with the implementation of monitoring, testing, quarantine and contact tracing protocols, the Company has been able to isolate incidents of infection and limit their spread. Overall, the number of infected persons is not significant at sites and the Company continues to monitor the recoveries of those infected.

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

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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:

•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;

•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;

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

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

•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:

•$10.0 million in cash;

•$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

•$43.4 million in Nomad common shares 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 22,750,000 Nomad shares via a secondary offering for gross proceeds of C$25,025,000. Following the closing of the offering, Yamana holds 43,750,000 Nomad shares, representing approximately 7.75% of the issued and outstanding Nomad shares on a non-diluted basis. Yamana is deemed to hold an additional 14,148,889 Nomad shares under the convertible deferred cash payment, which together with the shares owned by Yamana represent 10.01% of the issued and outstanding Nomad shares on a partially diluted basis.

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 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.

Sale of Chapada Mine

In July 2019, the Company sold the Chapada Mine for a total consideration of approximately $1.0 billion which included a cash payment of $800.0 million, marketable financial instruments, net smelter returns royalties and other consideration. During the third quarter of 2019, the Company received cash proceeds of $65.5 million on the sale of a marketable financial instrument thereby increasing the cash consideration to $865.5 million. As noted above, the Company sold the net smelter returns royalty to Nomad for cash and shares as described under the Nomad Transaction thereby further increasing the cash consideration from the sale. See “– History – Sale of Royalty Portfolio and Nomad Shares”.

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Repayment of Revolving Credit Facility and Prepayment of Certain Outstanding Notes

On July 5, 2019, the Company announced it had used the upfront cash consideration from the sale of the Chapada Mine to repay the entire June 30, 2019 outstanding balance under its revolving credit facility of $385.0 million and that it had commenced a tender offer on certain of its outstanding senior notes. The tender offer expired on August 7, 2019, at which point the Company prepaid a total of $415.0 million principal amount of its outstanding senior notes, on a pro rata basis.

Sale of Gualcamayo and La Pepa Option

On December 14, 2018, the Company sold 100% of its interest in the Gualcamayo Mine in San Juan Province, Argentina to Mineros S.A. (“Mineros”) for consideration as follows: (i) $30.0 million cash, paid at closing; (ii) an additional $30.0 million in cash payable upon declaration of commercial production of the DCP, which is an undeveloped Mineral Resource below the existing oxide gold mineralization at the Gualcamayo Mine; (iii) a 2% net smelter return royalty at the Gualcamayo Mine on metal produced after the initial 396,000 ounces, capped at $50.0 million of total payments (excluding the DCP); and a 1.5% uncapped net smelter return royalty on the DCP. As noted above, the Company sold these royalties and the $30.0 million cash payment receivable to Nomad under the Nomad Transaction. See “– History – Sale of Royalty Portfolio and Nomad Shares”.

Separately, the Company also agreed to grant Mineros an option to acquire up to a 51% interest in the La Pepa Project located in the Maricunga gold belt, Chile. Pursuant to the terms of the option Mineros must spend $5.0 million on the La Pepa Project by July 2, 2021 to earn an initial 20% interest, and to earn an additional 31% interest, Mineros must pay $5.0 million in cash to the Company on completion of an additional $15.0 million of spending on the La Pepa Project over another two-year period with expenditures directed toward the completion of a NI 43-101 compliant technical report. Once Mineros has earned the 51% interest, by exercising the call option Mineros may acquire the remaining 49% interest at fair market value, which will be determined pursuant to an agreed upon formula and to be calculated by independent valuators.

Investments in Brio Gold and Subsequently Leagold

Initially a wholly-owned subsidiary of Yamana, Brio Gold became a stand-alone public company on December 23, 2016. On June 2, 2017, the Company completed a secondary offering of 26,667,000 Brio Shares at a price of C$3.00 per share for total gross proceeds to Yamana of C$80.0 million. On May 24, 2018, Leagold Mining Corporation (“Leagold”) acquired all of the issued and outstanding common shares of Brio Gold (the “Brio Shares”). The Company received 58,115,954 shares of Leagold and 25,212,995 Leagold common share purchase warrants, then representing approximately 21% ownership of Leagold on a non-diluted basis and approximately 27% on a partially diluted basis, assuming the exercise of the warrants held by the Company.

On March 10, 2020, Leagold announced that it had completed a merger with Equinox pursuant to which, Leagold shareholders received 0.331 of an Equinox share for each Leagold share held and the common share purchase warrants were adjusted based on the exchange ratio. As a result of the transaction, on closing of the merger, the Company held approximately 8.9% interest in Equinox on a non-diluted basis and approximately 12.3% on a partially diluted basis, assuming the exercise of the warrants held by the Company and no exercises of other Equinox convertible securities. Subsequently, the Company sold a number of its Equinox shares, see “– History – Sale of Equinox Gold Shares and Warrants”.

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, 2020, the Company had zero-cost collar contracts as follows:

•For the period from January to June 2021, with an average call and put strike price of R$3.85 and R$4.31 per US dollar, respectively, totalling R$93 million evenly split by month.

As at December 31, 2020, the Company had forward contracts as follows:

•For the period from January to June 2021, with an average forward rate of R$4.07 per US dollar, totalling R$93 million evenly split by month; and

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In January 2021, the Company entered into the following additional derivative contracts to hedge against the risk of increases in the value of foreign currencies in several jurisdictions:

•Canadian Dollar to USD: Forward contracts with monthly notional maturities of C$20.0 million from February to December 2021, at an average forward price of C$1.27 (total notional of C$220.0 million);

•Chilean Peso to USD: Forward contracts with monthly notional maturities of CLP$9.3 billion from February to December 2021, at an average forward price of CLP$736.80 (total notional of CLP$102.3 billion);

•Brazilian Real to USD: Zero-cost collars with monthly notional maturities of R$16.0 million from July 2021 to December 2022 with an average call strike price of R$5.25 and an average put strike price of R$5.71 (total notional of R$288.0 million), and forward contracts with monthly notional maturities of R$16.0 million from July 2021 to December 2022 at an average forward price of R$5.49 (total notional of R$288.0 million).

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.

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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, 2020, the Company had the following employees and contractors at its operations:


Country	Employees	Contractors	Total
Canada, Corporate	109	5	114
Canada, Canadian Malartic (50% indirect interest)	829	1,323	2,152
Argentina	714	737	1,451
Brazil	1,363	1,087	2,450
Chile	2,109	1,805	3,914
Netherlands	1	-	1
United States	3	1	4
Total	5,128	4,958	10,086

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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 the 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 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, environment and community (“HSEC”) aspects of the business and to co-develop with operations the management framework and systems that apply across the organization and which is implemented and actioned on the ground at operations. The corporate HSEC team also assists operations in the implementation of systems. In establishing management frameworks and systems, the corporate HSEC team must have detailed knowledge of the many evolving international best practice (“EIBP”) standards from third parties that address HSEC 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 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 HSEC performance and achieving excellence. Yamana’s HSEC performance is described in detail in the Company’s Material Issues Report, which is available on its website at www.yamana.com.

A Word about ESG

Interest in environmental, social and governance (“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

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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 HSEC are managed by Yamana’s HSEC corporate, regional and site teams; the remaining social and governance topics are the shared responsibility of other departments.

Recognition

Yamana’s HSEC management and performance were recognized in the following ways in 2020:

•Yamana was included in Sustainalytics’ Jantzi Social Index for the eleventh consecutive year. The index partners with the Dow Jones Sustainability Index to screen the 50 top-performing Canadian companies from an environmental, social and governance perspective; and

•Yamana’s operations received external recognition from a variety of stakeholders, JMC was awarded “Mining Company of the Year”, as well as listed as one of the 10 Best Places to Work in Bahia State. In addition, both Jacobina and El Peñón were recognized as two of the Top 5 Mines and Metals in South America.

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 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 The corporate HSEC 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 ensure systems are implemented, best practices are shared and performance is enhanced.			Operational Level Each operation has an HSEC team and committee chaired by the site’s general manager. The committees meet at least monthly to discuss HSEC 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 has developed an Integrated HSEC Management Framework to guide the operations in their approach to the management of health, safety and sustainable development aspects. The Integrated HSEC Management Framework incorporates all relevant aspects of the business and EIBP and builds on legal requirements that apply in the Company’s operating jurisdictions. The Integrated HSEC Management Framework provides the guidance required to identify areas to improve performance and implement best practices. It also provides guidelines for engaging with stakeholders and managing any impacts that result from the Company’s operations.

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

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1. Risk management

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

•planning and risk assessment;

•standard operating procedures;

•identifying legal and contractual requirements;

•industry best practices;

•company objectives; and

•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 ensure 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 Eagle Mines Limited (“Agnico Eagle”), operates under Agnico Eagle’s HSEC management systems. These systems are based on EIBP and generally align with Yamana’s HSEC Management Framework.

2. Integration

It is the responsibility of each operation, development and exploration project to implement Yamana’s Integrated HSEC Management Framework, starting with risk assessment through to implementation and monitoring. Empowering operational and project management with responsibility for integrating HSEC and aligning HSEC performance with compensation improves strategic planning and implementation, ensuring that HSEC 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 Integrated HSEC Management Framework on an annual basis. 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 HSEC Performance Index. The results of the HSEC 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 HSEC 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 HSEC 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.

The Company’s adoption of EIBP standards continues to evolve. In 2020, Yamana made a further commitment to exceptional HSEC performance by adopting and initiating implementation of the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”) and the Mining Association of Canada’s (“MAC”) Towards Sustainable Mining (“TSM”) initiative. The main thrust of the Company’s strategy in the coming years will be to incorporate the EIBP required by TSM and the RGMPs into its corporate- and operational-level systems and practices.

Yamana also maintains certifications with several external agencies, including:

•International Cyanide Management Code;

•ISO 14001 Environmental Management Systems;

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

•World Gold Council’s Conflict-Free Gold Standard.

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4. External reporting and assessment

Yamana’s commitment to openness and transparency is demonstrated by its Material Issues Reports which annually describe the Company’s HSEC performance and which incorporate reporting against the Global Reporting Initiative and Carbon Disclosure Project. In 2021, the Company plans to increase its commitment by reporting against the Task Force for Climate Related Financial Disclosures.

Performance

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

•governance;

•workplace health and safety;

•community relations and development;

•business ethics and human rights;

•climate change;

•tailings and waste management;

•water management;

•biodiversity and

•mine closure.

Workplace Health and Safety

Yamana continued its commitment to protecting the health and safety of its employees and contractors in 2020, this is reflected by a decrease in total recordable incident rate (“TRIR”) from 0.57 to 0.49 (excluding Canadian Malartic). Additionally, all sites completed at least one month without an injury of any kind - Jacobina and Minera Florida achieved this milestone three and four times, respectively.

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 2020 (which continue into 2021):

•ensure the continued health and safety of employees amid COVID-19;

•increase measurement and reporting of preventative or ‘leading’ indicators;

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

•increase focus on the quality of incident investigations;

•ensure fatal risk protocols are best-in-class and verified in the field; and

•increase capacity on emergency preparedness.

As a result of the COVID-19 pandemic Yamana’s HSEC Protocols were enhanced at all sites to address the risks presented by the virus and keep employees and communities safe. Since the emergence of the Covid-19 pandemic, Yamana’s crisis response team, the members of which are its senior executives and operational leaders, has taken quick and decisive action to respond to the pandemic during a fluid and fast-moving environment. The Company has adjusted and managed its business effectively during this period, mitigating risks and further safeguarding the health of its employees and their local communities while continuing to operate safely and responsibly. In addition to heightened health screening and social distancing and hygiene measures, Yamana responded to community needs with financial assistance and donations of critical supplies, as well as support for community-led crisis planning and management.

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 2020. 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

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achieve excellence in social performance. Yamana has seen long-term improvements in both its trust and acceptance with local communities through the use of the SLO Index. Moreover, in the midst of the COVID-19 pandemic the SLO Index gave the Company additional insight into community needs and perception of its pandemic response. This allowed the Company to remain engaged with communities where traditional engagement strategies were not possible, and to adjust its COVID-19 response to best suit each individual community.

Yamana’s social performance is also guided by the Integrated HSEC Management Framework and the requirements of EIBP standards including the RGMPs and the TSM initiative. Underpinning these standards are a number of management system elements, including Yamana’s Human Rights Policy, which is available on the Company’s website at www.yamana.com. Yamana is committed to acting in accordance with Voluntary Principles on Security and Human Rights and requires the same adherence from its service providers. The Company ensures that all security personnel have received human rights specific training. The Integrated HSEC 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 the Company adhered to government decrees and its own prevention protocols. Activities in 2020 included:

•Open Doors visits with community participants;

•Funding of priority community projects through the Company’s partnership seminars program; and

•Initiatives carried out through the Company’s Integrar program.

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. The Company’s most important commitments in 2020 involved COVID-19 prevention assistance to host communities, including:

•Donating face masks, hand sanitizer, medical equipment and other critical supplies, and making site medical teams available to support ambulances and local health officials in the communities in which the Company operates;

•Transferring beds and supplies from camps to temporary hospitals, and working alongside local NGOs and small businesses to shift production to manufacturing masks for local community members and employees;

•Working with host communities to develop and implement local crisis management plans;

•Building up the capacity of local health clinics to be able to effectively manage community COVID-19 cases, including the purchase of respirators, testing equipment, computers and other critical equipment;

•Donating, and anticipating to donate, hundreds of thousands of dollars in support of communities moving forward; and

•Creating digital platforms for the Company to maintain a dialogue with communities about COVID-19 and other concerns.

In addition, Yamana achieved a host-country procurement rate of 91%. The Company’s 2020 SLO Index results for both the Trust and Acceptance scores remained high. The Trust score increased 8.5% and the Acceptance score increased 2.75%.

Climate Change

Yamana’s operations are balancing improved energy use and emissions, while also adapting to and mitigating impacts related to climate change.

Yamana has a three-fold approach to potential future impacts from climate change:

1.Adaptation – Yamana monitors existing climate to assess changes and extreme weather events that could affect its operations and modifies vulnerable facilities as necessary. It regularly examines each operation to make sure that they are prepared to withstand extreme weather events.

2.Mitigation – each operation is responsible for developing its own energy reduction strategy and setting its own targets. Yamana also has energy efficiency programs that focus on decreasing fossil fuel use and reducing its carbon footprint wherever possible.

3.Preparedness – each operation has developed an emergency preparedness and response plan for extreme weather events and other foreseeable crises and emergencies. These plans, which are periodically updated and tested, ensures that if extreme events occur, site personnel and local communities understand their roles and responsibilities and are trained accordingly.

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In 2020, Yamana included a 10% reduction in Greenhouse Gas (“GHG”) emissions as a component of its executive compensation to demonstrate the Company’s commitment to reducing its impact on climate change. Yamana successfully achieved its target primarily through operational changes and which will be discussed further in the Company’s upcoming 2020 Material Issues Report.

To further demonstrate climate change action and leadership, in early 2021 the Company formally adopted a Climate Action Strategy, approved by the Company’s board of directors, to demonstrate its commitment to the transition to a low-carbon future. The strategy is underpinned by the adoption of two targets; a science-based target that is consistent with a 2°C scenario for global temperature increase compared to preindustrial temperatures and an aspirational net-zero 2050 target. The targets are supported by foundational work to be performed in 2021 through a multi-disciplinary Climate Working Group, and which will include the establishment of an emissions baseline and forecast, as well as the development of the GHG abatement pathways required to achieve the Company’s targets. These steps will help ensure that the Company’s long-range GHG reduction efforts are supported by practical and operationally focused short, medium and longer-term actions to achieve the targets.

Tailings and waste management

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:

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

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

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

•regularly completing third-party expert reviews and assessments;

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

•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;

•regularly monitoring and reporting performance indicators; and

•conducting risk assessment and management, including reporting.

Also of note is the fact that all of Yamana’s TSFs (excluding the Canadian Malartic Mine in which Yamana holds a 50% indirect interest) 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 addition, the Company has completed the Tailings Safety Disclosure Response, requested by the Church of England, which details the construction of all tailings facilities under Yamana’s responsibility and the Company is committed to the staged implementation of the requirements of the

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recently-released Global Industry Standard on Tailings Management. This disclosure are available on the Company’s website at www.yamana.com.

Sound environmental management also includes the responsible management of solid and hazardous waste generated at the Company’s operations. Yamana’s programs focus on identification, segregation, transportation, disposal, and overall responsible management and monitoring of hazardous, non-hazardous, and mineral waste. Waste is minimized and segregated to enhance recyclability, reuse and proper disposal. If a material is considered hazardous under local legislation, it is disposed of according to specific regulatory requirements.

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

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.

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

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

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.

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 action plans for these risks continued throughout 2020.

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, 2020 were $392.7 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).

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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.

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 in order 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. Please refer to the Company’s annual audited consolidated financial statements for the year ended December 31, 2020, as filed under the Company’s SEDAR profile at www.sedar.com and on the Company’s website.

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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.

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:

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

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

•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

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downs of mineral properties. Metal prices fluctuate widely and are affected by numerous factors beyond the Company’s control, including:

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

•changes in global or regional investment or consumption patterns;

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

•decreased production due to mine closures;

•interest rates and interest rate expectation;

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

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

•availability and costs of metal substitutes;

•global or regional political or economic conditions; and

•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.

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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.

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

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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, 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”.

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. The full extent and impact of the COVID-19 pandemic is unknown and to date has included extreme volatility in financial markets, a slowdown in economic activity, extreme volatility in commodity prices (including precious metals) and has raised the prospect of a global recession. The international response to COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in global consumer activity. The estimates made by management are considered reasonable at this time, however, the full impact of the effects these conditions on mining operations or financial results may vary significantly due to uncertainties relating to the ultimate spread of the virus, the severity of the disease, the duration of the outbreak, presence of virus variants, efficacy of vaccination programs and the length of the travel restrictions and business closures that have been or may be imposed by the governments of impacted countries. 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. 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.

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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 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

EXHIBIT 99.1

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.

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.

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

EXHIBIT 99.1

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.

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. 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.

Joint Ventures

Yamana holds an indirect controlling interest of 56.25% in the MARA Project, the other 25% and 18.75% interests being held by Glencore and Newmont, respectively. 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 interest. 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 Eagle 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:

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

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

•that Agnico Eagle may not comply with the Canadian Malartic GP’s partnership agreement;

•the possibility that Agnico Eagle may become bankrupt;

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

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

•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 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

EXHIBIT 99.1

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, 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.

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 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 4, 2018, the Argentine government issued Law No. 27,467 establishing an export tax of 12% over all goods exported from Argentina, to December 31, 2020. The tax is capped at AR$ 4 per U.S. dollar for bullions and unrefined gold, and at AR$ 3 per U.S. dollar for unrefined silver and zinc, copper and precious metal ores and their concentrates. On December 14, 2019, the cap of AR$4 per U.S. dollar was removed for bullion and

EXHIBIT 99.1

unrefined gold, making the export tax 12% for these metals. On December 23, 2019, the Argentine government issued Law No. 27,541, which established a maximum export tax of 8% on mining and extends the date to establish the new rate to December 31, 2021. 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 December 29, 2017, the Argentine government enacted a tax reform package. The new law includes a reduction in the corporate tax rate from 35% to 30% for 2018 and 2019 and to 25% thereafter. To offset this reduction, a proposed new dividend withholding tax at a rate of 7% for 2018 and 2019 and a 13% rate going forward was introduced. The dividend withholding tax can be reduced under a bilateral treaty. In addition, the Argentine government implemented a new federal Mining Accord that establishes guidelines applicable to new mining projects in respect of taxation and royalties, and other areas of mining operations including environmental matters and mine closure plans. On December 23, 2019, the Argentine government enacted a law to postpone the reduction to 25% until 2021. It is expected that the effective date of the lower rate will be delayed.

In November 2016, the Quebec government enacted changes to the income tax rate as proposed in the 2016 provincial budget. Beginning in 2017, the provincial rate has been decreasing by 0.1% per year, and over four years has decreased from 11.9% to 11.5% in 2020.

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.

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 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 and other agents, with all applicable anti-corruption and anti-bribery laws.

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, a change 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. Many of these factors may be beyond the Company’s control.

EXHIBIT 99.1

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.

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

EXHIBIT 99.1

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.

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

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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.

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 to sell.

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

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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 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

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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 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.

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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.

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, during the first quarter of 2017, 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 in order 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

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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. The extent to which COVID-19 impacts the market for Company’s securities will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the COVID-19 outbreak and the actions taken to contain or treat the COVID-19 outbreak.

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.

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 significant fluctuations in fuel and energy costs and metals prices. 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, 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 fourth quarter of 2020, the Company increased its annual dividend to $0.105 per share. The Company has also implemented a policy establishing a cash reserve fund that will be available to be drawn upon, if required, were the gold price to decline and negatively impact margins over a longer period of time. 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 price of the common shares. The holders of options and other rights of the Company may exercise such securities

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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”). 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 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,

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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, cyber security 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 cyber 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.

Technical Information

Unless otherwise indicated, the estimated Mineral Reserves and Mineral Resources for the Company’s various mines and mineral projects set forth herein, with the exception of the Alumbrera Mine (see “JORC Code Definitions”, below), 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 sub-divided, 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 below) 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.

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.

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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 sub-divided 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.

JORC Code Definitions

The estimated Ore Reserves and Mineral Resources for the Alumbrera Mine have been estimated in accordance with the current (2012) version of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the “JORC Code”), the Australian worldwide standards. The JORC Code has been accepted for current disclosure rules in Canada under NI 43-101. The following definitions are reproduced from the JORC Code:

The term “Mineral Resource” means a concentration or occurrence of material of intrinsic economic interest in or on the Earth’s crust in such form and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, 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 tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

The term “Indicated Mineral Resource” means that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

The term “Measured Mineral Resource” means that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.

The term “Ore Reserve” means the economically mineable part of a Measured or Indicated Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, including a pre-feasibility study or a feasibility study, have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves.

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The term “Probable Ore Reserve” means the economically mineable part of an Indicated, and in some circumstances Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

The term “Proved Ore Reserve” means the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

The foregoing definitions of Ore Reserves and Mineral Resources as set forth in the JORC Code have been reconciled to the definitions set forth in the CIM Standards. If the Ore Reserves and Mineral Resources for the Alumbrera Mine were estimated in accordance with the definitions in the CIM Standards, there would be no substantive difference in such Ore Reserves and Mineral Resources.

Non-GAAP Performance Measures

The Company uses non-GAAP measures to supplement its financial statements, which are presented in accordance with IFRS, including the following:

•Cash costs per gold equivalent ounce ("GEO") sold;

•All-in sustaining costs ("AISC") per GEO sold;

•Net debt;

•Net free cash flow;

•Average realized price per ounce of gold/silver sold; and

•Average realized price per pound of copper 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 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 and additional 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.

The reconciliations to the above-noted non-GAAP financial measures to the most directly comparable measure reported in the Consolidated Financial Statements can be found in the Company’s MD&A for the year ended December 31, 2020 available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website.

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. 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.

Cash Costs and All-In Sustaining Costs

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.

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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 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 measures employed by other companies. Non-GAAP financial 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:

•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 copper and 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 do 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:

•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 component to the GEO production and sales activities but net of by-product revenue credits from sales of copper and zinc.

Additional Line Items or Subtotals in Financial Statements

The Company uses the following additional line items and subtotals in the Consolidated Financial Statements as contemplated in IAS 1: Presentation of Financial Statements:

•Gross margin excluding depletion, depreciation and amortization – represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization. This additional measure represents the cash contribution from the sales of metals before all other operating expenses and DDA, in the reporting period.

•Mine operating earnings – represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization, depletion, depreciation and amortization, temporary suspension, standby and other incremental COVID-19 costs, and net impairment write-downs/reversals.

•Operating earnings (loss) – represents the amount of earnings (loss) before finance costs, other income (costs), and income tax recovery/expense. This measure represents the amount of financial contribution, net of all expenses directly attributable to mining operations and overheads. Finance income, finance expense and foreign exchange gains/losses are not classified as expenses directly attributable to mining operations.

•Cash flows from operating activities before income taxes paid and net change in working capital – excludes the payments made during the period related to income taxes and tax related payments and the movement

EXHIBIT 99.1

from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital and income taxes can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for income taxes paid and tax related payments and the working capital change during the reporting period.

•Cash flows from operating activities before net change in working capital – excludes the movement from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for the working capital change during the reporting period.

The Company believes that this presentation provides useful information to investors because gross margin excluding depletion, depreciation and amortization excludes the non-cash operating cost item (i.e. depreciation, depletion and amortization), cash flows from operating activities before net change in working capital excludes the movement in working capital items, mine operating earnings excludes expenses not directly associated with commercial production and operating earnings excludes finance and tax related expenses and income/recoveries. These, in management’s view, provide useful information of the Company’s cash flows from operating activities and are considered to be meaningful in evaluating the Company’s past financial performance or the future prospects.

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, 2020. See “Interests of Experts”.


Gold	Proven Mineral Reserves			Probable Mineral Reserves			Total - Proven and Probable
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Canadian Malartic & Barnat Open Pit (50%)	25,370	0.85	696	36,068	1.31	1,518	61,438	1.12	2,214
Canadian Malartic Underground (50%)	0	0.00	0	0	0.00	0	0	0.00	0
Canadian Malartic Total (50%)	25,370	0.85	696	36,068	1.31	1,518	61,438	1.12	2,214
Cerro Moro	328	6.58	69	1,338	8.40	361	1,666	8.04	431
El Peñón Ore	368	5.73	68	5,121	5.02	827	5,489	5.07	895
El Peñón Stockpiles	9	1.40	0	651	1.26	26	660	1.26	27
El Peñón Total	377	5.63	68	5,772	4.60	853	6,149	4.66	921
Jacobina	28,821	2.16	2,004	11,277	2.22	804	40,098	2.18	2,807
Minera Florida Ore	1,215	3.60	141	2,104	3.70	250	3,319	3.66	391
Minera Florida Tailings	0	0.00	0	1,248	0.94	38	1,248	0.94	38
Minera Florida Total	1,215	3.60	141	3,352	2.67	288	4,567	2.92	428
Total Gold Mineral Reserves: Operations	56,112	1.65	2,978	57,807	2.06	3,824	113,918	1.86	6,802
Yamana Gold Projects
Jeronimo (57%)	6,350	3.91	798	2,331	3.79	284	8,681	3.88	1,082
MARA (56.25%)	330,300	0.25	2,655	291,150	0.16	1,498	621,450	0.21	4,152
Wasamac	1,028	2.66	88	20,427	2.56	1,679	21,455	2.56	1,767
Total Gold Mineral Reserves: Projects	337,678	0.33	3,541	313,908	0.34	3,461	651,586	0.33	7,001
Total Gold Mineral Reserves	393,790	0.51	6,519	371,715	0.61	7,285	765,505	0.56	13,803

Silver	Proven Mineral Reserves			Probable Mineral Reserves			Total - Proven and Probable
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Cerro Moro	328	390.0	4,109	1,338	460.0	19,788	1,666	446.3	23,897
El Peñón Ore	368	213.4	2,526	5,121	160.2	26,378	5,489	163.8	28,904
El Peñón Stockpiles	9	54.1	16	651	14.1	294	660	14.6	310
El Peñón Total	377	209.5	2,542	5,772	143.7	26,672	6,149	147.8	29,214
Minera Florida Ore	1,215	23.4	915	2,104	21.9	1,481	3,319	22.4	2,396
Minera Florida Tailings	0	0.0	0	1,248	14.5	584	1,248	14.5	584
Minera Florida Total	1,215	23.4	915	3,352	19.2	2,065	4,567	20.3	2,979
Total Silver Mineral Reserves: Operations	1,921	122.5	7,566	10,461	144.3	48,525	12,382	140.9	56,091
Yamana Gold Projects
MARA (56.25%)	330,300	3.0	32,070	291,150	2.6	24,618	621,450	2.8	56,689
Total Silver Mineral Reserves: Projects	330,300	3.0	32,070	291,150	2.6	24,618	621,450	2.8	56,689
Total Silver Mineral Reserves	332,221	3.7	39,636	301,611	7.5	73,143	633,832	5.5	112,780

EXHIBIT 99.1


Copper Yamana Gold Projects	Proven Mineral Reserves			Probable Mineral Reserves			Total - Proven and Probable
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
MARA (56.25%)	330,300	0.57	4,151	291,150	0.39	2,503	621,450	0.49	6,654
Total Copper Mineral Reserves	330,300	0.57	4,151	291,150	0.39	2,503	621,450	0.49	6,654

Zinc Yamana Gold Operations	Proven Mineral Reserves			Probable Mineral Reserves			Total - Proven and Probable
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
Minera Florida Ore	1,215	1.22	33	2,104	1.17	54	3,319	1.19	87
Minera Florida Tailings	0	0.00	0	1,248	0.58	16	1,248	0.58	16
Minera Florida Total	1,215	1.22	33	3,352	0.95	70	4,567	1.02	103
Total Zinc Mineral Reserves	1,215	1.22	33	3,352	0.95	70	4,567	1.02	103

Molybdenum Yamana Gold Projects	Proven Mineral Reserves			Probable Mineral Reserves			Total - Proven and Probable
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
MARA (56.25%)	330,300	0.030	218	291,150	0.030	192	621,450	0.030	411
Total Molybdenum Mineral Reserves	330,300	0.030	218	291,150	0.030	192	621,450	0.030	411

Mineral Resources (Measured, Indicated and Inferred)

The following table set forth the Mineral Resource estimates and for the Company’s mineral projects as at December 31, 2020. See “Interests of Experts”.


Gold	Measured Mineral Resources			Indicated Mineral Resources			Total - Measured and Indicated
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Canadian Malartic, Barnat & other zones (50%)	149	0.55	3	2,566	1.24	103	2,715	1.21	105
Odyssey Underground (50%)	0	0.00	0	1,000	1.90	61	1,000	1.90	61
East Malartic Underground (50%)	0	0.00	0	5,658	2.03	368	5,658	2.03	368
East Gouldie Underground (50%)	0	0.00	0	0	0.00	0	0	0.00	0
Canadian Malartic Total (50%)	149	0.55	3	9,225	1.79	532	9,373	1.77	535
Cerro Moro Mine	77	5.22	13	647	3.70	77	725	3.86	90
Cerro Moro Heap Leach	0	0.00	0	0	0.00	0	0	0.00	0
Cerro Moro Total	77	5.22	13	647	3.70	77	725	3.86	90
El Peñón Mine	667	4.81	103	6,355	3.06	625	7,022	3.22	728
El Peñón Tailings	0	0.00	0	0	0.00	0	0	0.00	0
El Peñón Stockpiles	0	0.00	0	1,019	1.13	37	1,019	1.13	37
El Peñón Total	667	4.81	103	7,374	2.79	662	8,041	2.96	765
Jacobina	28,777	2.44	2,257	17,070	2.29	1,257	45,847	2.38	3,514
Minera Florida	2,455	5.03	397	3,776	4.62	561	6,230	4.79	959
Total Gold Mineral Resources: Operations	32,124	2.68	2,773	38,092	2.52	3,089	70,216	2.60	5,862

EXHIBIT 99.1


Yamana Gold Projects
Arco Sul	0	0.00	0	0	0.00	0	0	0.00	0
Jeronimo (57%)	772	3.77	94	385	3.69	46	1,157	3.74	139
La Pepa	15,750	0.61	308	133,682	0.57	2,452	149,432	0.57	2,760
Lavra Velha	0	0.00	0	0	0.00	0	0	0.00	0
Agua Rica (56.25%)	30,150	0.13	126	116,044	0.11	411	146,194	0.11	537
Alumbrera (56.25%)	65,297	0.31	660	5,154	0.29	48	70,451	0.31	708
MARA Total (56.25%)	95,447	0.26	786	121,198	0.12	459	216,645	0.18	1,245
Monument Bay	0	0.00	0	36,581	1.52	1,787	36,581	1.52	1,787
Suyai	0	0.00	0	4,700	15.00	2,286	4,700	15.00	2,286
Wasamac	2,770	2.46	219	4,180	2.28	306	6,950	2.35	525
Total Gold Mineral Resources: Projects	114,739	0.38	1,407	300,726	0.76	7,336	415,465	0.65	8,742
Total Gold Mineral Resources	146,864	0.89	4,180	338,818	0.96	10,426	485,681	0.94	14,604

Silver	Measured Mineral Resources			Indicated Mineral Resources			Total - Measured and Indicated
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Cerro Moro Mine	77	202.4	504	647	274.6	5,716	725	266.9	6,220
Cerro Moro Heap Leach	0	0.0	0	0	0.0	0	0	0.0	0
Cerro Moro Total	77	202.4	504	647	274.6	5,716	725	266.9	6,220
El Peñón Mine	667	143.0	3,063	6,355	105.4	21,535	7,022	109.0	24,599
El Peñón Tailings	0	0.0	0	0	0.0	0	0.00	0.0	0
El Peñón Stockpiles	0	0.0	0	1,019	28.8	942	1,019	28.8	942
El Peñón Total	667	143.0	3,063	7,374	94.8	22,478	8,041	98.8	25,541
Minera Florida	2,455	30.7	2,422	3,776	23.5	2,857	6,230	26.4	5,279
Total Silver Mineral Resources: Operations	3,198	58.2	5,989	11,797	81.9	31,051	14,996	76.8	37,039
Yamana Gold Projects
Agua Rica (56.25%)	30,150	1.6	1,502	116,044	1.9	6,940	146,194	1.8	8,442
Alumbrera (56.25%)	0	0.0	0	0	0.0	0	0	0.0	0
MARA Total (56.25%)	30,150	1.6	1,502	116,044	1.9	6,940	146,194	1.8	8,442
Suyai	0	0.0	0	4,700	23.0	3,523	4,700	23.0	3,523
Total Silver Mineral Resources: Projects	30,150	1.6	1,502	120,744	2.7	10,463	150,894	2.5	11,965
Total Silver Mineral Resources	33,348	7.0	7,491	132,541	9.7	41,513	165,889	9.2	49,004

Copper	Measured Mineral Resources			Indicated Mineral Resources			Total - Measured and Indicated
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
Yamana Gold Projects	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
Agua Rica (56.25%)	30,150	0.22	146	116,044	0.30	767	146,194	0.28	914
Alumbrera (56.25%)	65,297	0.31	445	5,154	0.21	24	70,451	0.30	469
MARA Total (56.25%)	95,447	0.28	591	121,198	0.30	791	216,645	0.29	1,383
Total Copper Mineral Resources	95,447	0.28	591	121,198	0.30	791	216,645	0.29	1,383

EXHIBIT 99.1


Zinc	Measured Mineral Resources			Indicated Mineral Resources			Total - Measured and Indicated
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
Yamana Gold Operations	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
Minera Florida	2,455	1.37	74	3,776	1.33	110	6,230	1.34	184
Total Zinc Mineral Resources	2,455	1.37	74	3,776	1.33	110	6,230	1.34	184

Molybdenum	Measured Mineral Resources			Indicated Mineral Resources			Total - Measured and Indicated
	Tonnes	Grade	Contained	Tonnes	Grade	Contained	Tonnes	Grade	Contained
Yamana Gold Projects	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)	(000's)	(%)	lbs (mm)
Agua Rica (56.25%)	30,150	0.020	14	116,044	0.030	77	146,194	0.030	90
Alumbrera (56.25%)	65,297	0.012	16	5,154	0.010	1	70,451	0.011	17
MARA Total (56.25%)	95,447	0.014	30	121,198	0.029	78	216,645	0.022	107
Total Molybdenum Mineral Resources	95,447	0.014	30	121,198	0.029	78	216,645	0.022	107


Gold	Inferred Mineral Resources
	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Canadian Malartic, Barnat & other zones (50%)	3,688	0.78	92
Odyssey Underground (50%)	13,853	2.05	913
East Malartic Underground (50%)	43,444	1.91	2,669
East Gouldie Underground (50%)	31,469	3.17	3,209
Canadian Malartic Total (50%)	92,454	2.32	6,883
Cerro Moro Mine	1,281	4.80	198
Cerro Moro Heap Leach	825	2.11	56
Cerro Moro Total	2,106	3.75	254
El Peñón Mine	5,208	3.61	605
El Peñón Tailings	13,767	0.55	245
El Peñón Stockpiles	0	0.00	0
El Peñón Total	18,975	1.39	850
Jacobina	20,078	2.31	1,494
Minera Florida	4,678	5.02	755
Total Gold Mineral Resources: Operations	138,292	2.30	10,235
Yamana Gold Projects
Arco Sul	6,203	3.08	615
Jeronimo (57%)	1,118	4.49	161
La Pepa	37,900	0.50	620
Lavra Velha	3,934	4.29	543
Agua Rica (56.25%)	417,881	0.09	1,209
Alumbrera (56.25%)	1,708	0.23	13
MARA Total (56.25%)	419,590	0.09	1,222
Monument Bay	41,946	1.32	1,781
Suyai	900	9.90	274
Wasamac	3,780	2.17	263
Total Gold Mineral Resources: Projects	515,370	0.33	5,479
Total Gold Mineral Resources	653,662	0.75	15,714

EXHIBIT 99.1


Silver	Inferred Mineral Resources
	Tonnes	Grade	Contained
	(000's)	(g/t)	oz. (000's)
Yamana Gold Operations
Cerro Moro Mine	1,281	183.7	7,561
Cerro Moro Heap Leach	825	46.1	1,224
Cerro Moro Total	2,106	129.8	8,786
El Peñón Mine	5,208	118.0	19,758
El Peñón Tailings	13,767	18.9	8,380
El Peñón Stockpiles	0	0.0	0
El Peñón Total	18,975	46.1	28,138
Minera Florida	4,678	23.9	3,596
Total Silver Mineral Resources: Operations	25,759	48.9	40,520
Yamana Gold Projects
Agua Rica (56.25%)	417,881	1.6	21,765
Alumbrera (56.25%)	0	0.0	0
MARA Total (56.25%)	417,881	1.6	21,765
Suyai	900	21.0	575
Total Silver Mineral Resources: Projects	418,781	1.7	22,340
Total Silver Mineral Resources	444,541	4.4	62,859

Copper	Inferred Mineral Resources
	Tonnes	Grade	Contained
Yamana Gold Projects	(000's)	(%)	lbs (mm)
Agua Rica (56.25%)	417,881	0.23	2,119
Alumbrera (56.25%)	1,708	0.17	6
MARA Total (56.25%)	419,590	0.23	2,125
Total Copper Mineral Resources	419,590	0.23	2,125

Zinc	Inferred Mineral Resources
	Tonnes	Grade	Contained
Yamana Gold Operations	(000's)	(%)	lbs (mm)
Minera Florida	4,678	1.42	147
Total Zinc Mineral Resources	4,678	1.42	147

Molybdenum	Inferred Mineral Resources
	Tonnes	Grade	Contained
Yamana Gold Projects	(000's)	(%)	lbs (mm)
Agua Rica (56.25%)	417,881	0.030	276
Alumbrera (56.25%)	1,708	0.008	1
MARA Total (56.25%)	419,590	0.030	277
Total Molybdenum Mineral Resources	419,590	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

Yamana Gold Operations

Canadian Malartic (50%)

Price assumption: US$1,250 gold

Open pit cut-off grades range from 0.39 to 0.40 g/t gold

Metallurgical recoveries for gold averaging 90.5%

Price assumption: US$1,250 gold. Cut-off grades correspond to 75% of the cut-off used to estimate the Mineral Reserves

Canadian Malartic, Barnat and other zones cut-off grades range from 0.29 to 0.40 g/t gold inside pit, and from 1.15 to 1.20 g/t gold outside or below pit (stope optimized) Underground cut-off grade at Odyssey is 1.00 to 1.30 g/t gold (stope optimized)

Underground cut-off grade at East Malartic is 1.10 to 1.40 g/t gold (stope optimized)

Underground cut-off grade at East Gouldie is 1.10 to 1.25 g/t gold (stope optimized)

Cerro Moro

Price assumptions: $1,250 gold and $18.00 silver

Underground NSR cut-off at $215/t and open pit NSR cut-off at $123/t

Metallurgical recoveries average 95% for gold and 93% for silver

Price assumptions: $1,250 gold and $18.00 silver. NSR cut-off values correspond to 75% of Mineral Reserves cut-off

Underground NSR cut-off at $161.25/ton and open pit NSR cut-off at $92.25/ton

Heap leach resource reported at NSR cut-off value of $95/t (underground) and $26/t (open pit)

Constrained in optimized stopes and pit shells

El Peñón

Price Assumptions: $1,250 gold, $18.00 silver

Open Pit cut-off at $49.14/t

Underground cut-off at $127.08/t

Low grade stockpiles cut-off 0.90 g/t gold equivalent

Metallurgical recoveries for open pit ores range from 84.13% to 89.22% for gold and from 79.71% to 81.67% for silver

Metallurgical recoveries for underground ores range from 84.13% to 97.38% for gold and from 56.47% to 92.33% for silver

Metallurgical recoveries for low grade stockpiles are 95.2% for gold and 83.0% for silver

Price Assumptions: $1,250 gold, $18.00 silver

Underground cut-off at $95.31/t, which corresponds to 75% of the cut-off value used to estimate the Mineral Reserves

Tailings and stockpiles reported at cut-offs of 0.50 g/t and 0.79 g/t gold equivalent respectively

Metallurgical recoveries for underground ores range from 84.13% to 97.38% for gold and from 56.47% to 92.33% for silver

Metallurgical recoveries for tailings estimated to be 60% for gold and 30% for silver

Metallurgical recoveries for stockpiles estimated to be 88.0% for gold and 80.8% for silver

Jacobina

Price assumption: $1,250 gold

Underground Mineral Reserves are reported at variable cut-off grades by zone ranging from 0.99 g/t gold to 1.20 g/t gold

Metallurgical recovery is 96.5%

Price assumption: $1,250 gold

Underground cut-off grade of 1.00 g/t gold, which corresponds to 75% of the cut-off used to estimate the Mineral Reserves

Underground mining shapes were subsequently excluded based on evaluation for eventual conversion to Mineral Reserves based on proximity to existing mined-out stopes and cut-off grade

Minimum mining width of 1.5 meters, considering internal waste and dilution

Minera Florida

Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb Zn

Underground cut-off for the Core Mine Zones $92.86/t and for Las Petaguas Zone $91.48/t

Metallurgical recoveries range between 91.36% and 92.17% for gold, between 62.93% and 65.88% for silver and between 75.22% and 75.38% for zinc

Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb Zn

Underground Mineral Resources are estimated at a cut-off value of $92.86/t for the Core Mine Zone and US$69.64/t for Las Pataguas Zone which is constrained to underground mining shapes

Metallurgical recoveries are 92.17% for gold, 65.88% for silver and 75.22% for zinc

EXHIBIT 99.1

Yamana Gold Projects

Arco Sul

N/A

Price assumption: $1,250 gold

Underground cut-off grade at 2.00g/t, which corresponds to 75% of the cut-off that would be used for Mineral Reserves

Mineral Resources reported within optimized underground mining shapes

Jeronimo (57%)

Price Assumption:$900 gold

Cut-off grade at 2.0 g/t gold

Metallurgical recovery for gold is 86%.

Cut-off grade at 2.0 g/t gold

La Pepa

N/A

Price Assumption: $780 gold

Cut-off grade at 0.30 g/t gold

Lavra Velha

N/A

Price assumptions: $1,300 gold and $3.50 copper

Cut-off grade at 0.2 g/t gold and 0.1% copper

MARA: Agua Rica (56.25%)

Mineral Reserves are estimated using a variable metallurgical recovery

Average metallurgical recoveries of 86% Cu, 35% Au, 43% Ag, and 44% Mo were considered

Open pit Mineral Reserves are reported at a variable cut-off value averaging $8.42/t, based on metal price assumptions of US$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.

LOM average metallurgical recoveries of 86% Cu, 35% Au, 43% Ag, and 44% Mo were considered

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 gold, $2.83 copper

Alumbrera deposit: Whittle pit shell cut-off at 0.22% copper equivalent

Bajo El Durazno deposit: 0.2 g/t Au cut-off within pit shell

Monument Bay

N/A

Price Assumption: $1,200 gold

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

Wasamac

Price assumption: $1,300/oz gold

Underground cut-off grade 1.0 g/t gold (stope optimized)

Average of 16.2% mine dilution and 86.4% mine recovery

Price Assumption: $1,500 gold. Exchange rate of US$0.80 = C$1.00

Underground cut-off grade at 1.0 g/t gold

Minimum mining width of four metres


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 National Instrument 43-101, other than the estimates for the Alumbrera mine which have been estimated in accordance with the JORC Code which is accepted under NI 43-101.
3. All Mineral Resources are reported exclusive of Mineral Reserves.
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, 2020.
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	Guy Gagnon, Eng., Canadian Malartic GP	Pascal Lehouiller, P. Geo, Canadian Malartic GP
El Peñón	Sergio Castro, Registered Member Chilean Mining Commission, Yamana Gold Inc.	Marco Velásquez Corrales, Registered Member Chilean Mining Commission, Yamana Gold Inc
Jacobina	Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc.	Dominic Chartier, P.Geo, Yamana Gold Inc. and Dr. Jean-François Ravenelle, P.Geo., Yamana Gold Inc.

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, Geology and Mineral 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 www.sedar.com.

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 mineral rights of Jacobina 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%. 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 2020 is shown in the table below.

EXHIBIT 99.1


Historical Gold Production to December 31, 2020
Year	Tonnes Processed	Au Feed Grade (g/t)	Metallurgical Recovery (%Au)	Gold Produced (oz Au)
1983	241,703	5.73	85.46	38,054
1984	301,946	5.18	92.48	46,529
1985	282,878	4.56	92.50	38,345
1986	311,174	3.60	92.50	33,312
1987	247,838	5.10	96.00	38,991
1988	244,628	5.33	96.00	40,238
1989	257,247	3.02	96.00	23,979
1990	681,955	2.01	96.00	42,202
1991	775,839	2.70	90.30	60,847
1992	594,181	2.57	89.90	44,184
1993	518,889	2.32	93.20	36,039
1994	551,141	2.54	90.00	40,582
1995	579,913	2.57	95.60	45,813
1996	591,107	2.36	94.60	42,390
1997	865,681	2.13	92.20	54,778
1998	741,089	1.91	93.00	42,386
1999-2004	0	0	0	0
2005	906,759	1.90	96.00	53,170
2006	1,418,508	1.86	96.00	81,272
2007	1,040,174	1.70	95.00	54,068
2008	1,388,087	1.83	89.86	73,241
2009	1,996,989	1.88	91.77	110,514
2010	2,158,096	1.89	93.30	122,152
2011	2,148,275	1.89	93.11	121,675
2012	2,104,683	1.84	93.73	116,862
2013	1,575,628	1.57	92.48	73,695
2014	1,419,031	1.78	92.93	75,650
2015	1,469,095	2.17	94.43	96,715
2016	1,802,855	2.17	95.71	120,478
2017	1,978,409	2.22	96.35	135,806
2018	2,035,457	2.30	96.21	144,695
2019	2,254,793	2.28	96.70	159,499
2020	2,425,886	2.36	96.45	177,830
Total	35,909,934	2.20	94.10	2,385,991

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.

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.

EXHIBIT 99.1

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. Samples were submitted to the Jacobina analytical laboratory for determination of their gold contents. 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 during 2018 and 2019 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. At Canavieiras Sul – Canavieiras Central, a new exploration drift was completed in the third quarter of 2020, providing access to this new, high-grade zone connecting these mines. Additional potential was defined at João Belo South Extension and Moro do Vento extensions. Infill drilling continued to improve confidence in sectors planned to be mined in the next three years.

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.

EXHIBIT 99.1

Drilling

From 1970 to the end of December 2020, approximately 830,559 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:

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.

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.

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

4.All core is photographed.

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 27 infill drill holes with a total length of 8,439 metres were completed at Canavieiras Sul and Canavieiras Central, Moro do Vento and João Belo South extension in 2020. Drilling in these areas targeted down-dip and along-strike extensions of mineralized reefs, including the LVL, MU and LU reefs at Canavieiras Sul, Canavieiras Central, extension of the Main reef and Basal reef at the Moro do Vento mine and MPC reef at João Belo South extension. Exploratory drilling in 2020 was completed at the Canavieiras Sul – Canavieiras Central connector zone targeting the LVL, MU, LU and Maneira reefs between these two mines, down dip and south extension of the Main reef, Morro do Vento Sul mine, and João Belo South Extension, targeting the LVLPC, LMPC and MPC reefs.

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.

Sampling of drill core is carried out as follows:

•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.

EXHIBIT 99.1

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

•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.

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

•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:

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

•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.

•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:

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

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

•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 20thsample. Every second quartz blank wash sample is placed into the analytical sequence. Granulometric checks on the crushed material are done three times per shift.

•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 20th sample. Every second quartz wash sample is placed into the analytical sequence. Granulometric checks on the pulverized material are done three times per shift.

•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.

•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.

•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.

•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 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.

EXHIBIT 99.1

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 a cut-off grade of 1.00 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:

•Verify geometries for the block model and resource wireframes;

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

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

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

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

•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.

•Design development shapes and cut development shapes from stope shapes.

•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.

•Exclude all stopes that contain mostly Inferred Mineral Resources.

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

EXHIBIT 99.1

•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.

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

•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 replaced 2020 depletion of gold Mineral Reserves and added approximately 300,000 ounces of additional Mineral Reserves, for a Mineral Reserves replacement factor of 270%. The increase is based on positive infill drilling results at all mines and especially at Canavieiras Central, where drilling has added Indicated Mineral Resources in the high grade LUT reef and lower grade parallel reefs. Average Mineral Reserve grade has modestly decreased as a result of such parallel reefs that are considered economical to mine. Operational costs will consequently not be affected by the change in Mineral Reserve grade. In the short term, the Company expects to continue processing at a grade higher than average Mineral Reserves grade, as reflected in the 2020 average feed grade of 2.36 g/t. These lower grade Mineral Reserves also provide opportunities for incremental lower-cost mill feed in excess of the planned throughput rates, in the event that the processing plant optimizations and expansions exceed targeted throughput rates. Measured and Indicated Mineral Resources and Inferred Mineral Resources both increased from year end 2019, with total gold Mineral Resources and Mineral Reserves increasing by 823,000 ounces. The continued Mineral Reserve and Mineral Resource growth establishes Jacobina as a multi-decade operation and supports the ongoing production growth trend towards 230,000 ounces of gold per year after the implementation of the Phase 2 expansion project. As a result of the exploration success, the Company is now considering further growth opportunities including a potential Phase 3 expansion to 10,000 tonnes per day (“tpd”).

Mining Method

Jacobina utilizes the Sublevel Longhole Stoping (“SLS”) method without backfill to achieve an average production rate of approximately 6,500 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.

The life of mine (“LOM”) plan has been developed based on the Mineral Reserves inventory of Jacobina as of December 31, 2019. The processing rate is planned to increase to 8,500 tpd by 2024 with the construction of the Phase 2 plant expansion, described in the “Processing and Recovery Operations” section below. Based only on Mineral Reserves, Jacobina has a mine life of 14.5 years. Mining of lower grade supplementary ore is deferred until late in the mine life where possible, allowing feed grades of approximately 2.4 g/t gold to be maintained. At a throughput of 8,500 tpd, gold feed grade of 2.4 g/t and metallurgical recovery of 96.5%, gold production increases to approximately 230,000 oz per year. Lateral development requirements to achieve the LOM plan are approximately 71,000 metres of primary development and 106,000 metres of secondary development. For internal planning purposes, Yamana includes conversion of Inferred Mineral Resources in the later years of the LOM, which increases the LOM to 18.5 years. There is also a significant Inferred Mineral Resource that may be converted to Measured Mineral Resources and Indicated Mineral Resources in the future with the required infill drilling, which has potential to further extend the Mineral Reserve LOM plan.

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

EXHIBIT 99.1

induction furnace to produce doré bars. In 2020, the processing plant at Jacobina achieved a record annual throughput of 2,425,886 tonnes, averaging 6,646 tpd. The average gold recovery in 2020 was 96.5%.

The Phase 1 optimization project, whose objective was to stabilize throughput at a sustainable 6,500 tpd, was completed in June of 2020 and the project has exceeded expectations. The Company has identified opportunities to further optimize the results and recoveries achieved in Phase 1 with a modest investment. Consequently, works commenced in the third quarter of 2020 for the expansion of the gravity concentration circuit, with commissioning scheduled for mid-2021, with an objective to optimize gold recovery at the higher throughput rate.

In addition to the incremental optimization of Phase 1, the Company is advancing the Phase 2 expansion at Jacobina, for an increase in throughput to 8,500 tpd. The Company is currently in the engineering phase, with permitting underway. Included in the mine's expansionary budget in 2021 of $29.0 million, is approximately $18.0 million for the procurement of long-lead items and expansionary development to support the higher throughput to the mill. The throughput increase will be achieved through the installation of an additional grinding line and incremental upgrades to the crushing and gravity circuits. The Phase 2 expansion is expected to increase annual gold production to approximately 230,000 ounces per year, representing a 28% increase from current levels, reduce costs, and generate significantly more cash flow and attractive returns. The Company expects to provide an update regarding capex and development schedule in mid-2021 once studies are finalized to conclude permitting. The Company anticipates that the updated capital costs will not exceed the previously estimated and disclosed $57 million, and it has already begun to incur these costs for long-lead time items. The estimated capital costs of $57 million had been based on an assumed BRL:USD rate of 4.0. The BRL:USD foreign exchange rates are currently higher at over 5.0, and consequently, the Company anticipates that the weaker rates will provide capital cost and operating cost benefits.

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. The current mining equipment fleet and underground infrastructure can support most of the additional production requirements for the Phase 2 Expansion. However, 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 increased production rate.

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 m3 of tailings, including 27.8 M m3 of slurry fine tailings and 14 M m3 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. Phase IV construction was completed in 2018 to an elevation of 605 MASL and it is currently in operation. Phase IV impoundment capacity is 4.27 M m3, assuming a 2 m freeboard. Construction of phase V commenced in the second half of 2020. Phase V has a dam elevation of 620 MASL. The final phase, Phase VII, has an ultimate dam elevation of 640 MASL.

In March 2021, Jacobina completed a feasibility study for the installation of a backfill plant to allow up to 2,000 tpd of tailings to be deposited in underground mine openings. A tailings classification plant will be installed at the existing processing plant, at which 3,000 to 3,500 tpd of tailings will be classified using cyclones to produce 2,000 tpd of hydraulic fill material with less than 10% passing 10 μm. After filtering, the tailings will be stockpiled and fed to the Morro do Vento backfill plant or trucked using existing mining trucks to backfill preparation plant at Joao Belo mine. From the two backfill preparation plants, hydraulic fill will be distributed to the underground stopes mostly under gravity. Minimal pumping will be required. Backfill will be placed either in existing undergrounds voids from historical production or in new voids as part of the mining sequence. The total volume of existing voids with the Morro do Vento and Joao Belo mines is estimated at approximately 7.7 Mm3, of which approximately 1.9 Mm3 is readily accessible. Minimal binder will be required for filling the existing voids, whereas 3-5% binder content will be required for stopes to be vertically exposed within the future mining sequence. The total backfill cycle is expected to take 42 days including barricade construction, filling, drainage, and curing. Approximately 1 tonne of dry tailings is required to fill 2 tonnes of in situ mined ore. The initial capital cost for establishing the backfill system is estimated at

EXHIBIT 99.1

$8 million. The project is the first step in the Company’s tailing management strategy and will extend the life of the existing TSF by approximately two and a half years at a processing rate of 8,500 tpd. Additional concept studies are ongoing to further optimize tailings management to ensure sufficient tailings capacity, either on surface or underground, for decades of production and to accommodate the strategic throughput target of 10,000 tpd after completion of Phase 3.

Permits and licences required by various government agencies covering the operation of the mines, mill, and TSF B2 have been obtained and applications for renewals have been filed. Jacobina has the operational licences required for operation according to the national legislation. The approved licences address the authority’s requirements for mining extraction and operation activities. Jacobina has two operational licences, one for underground mining (Operational License (L.O 1791/11)) and another for the processing plant and TSF (Operational License (L.O. 14.100/11)). Yamana has commenced a process to renew and change these operational licences through the State Environmental Protection Agency (“INEMA”). Yamana met with INEMA in Salvador at the end of 2019 to present the Phase 2 Expansion. INEMA recommended that Jacobina should apply for a change licence for Operational Licence (L.O. 14.100/11) (i.e., Change Licence (L.O. 14.100/11)) because the renewal of the Operational Licence (L.O.14.100/11) is still in progress. The renewal of the processing Operational Licence (L.O. 14.100) is expected by early 2021, with issuance of the Change Licence (L.O. 14.100) expected by late 2021. The renewal process of the mining Operational Licence (L.O. 1791) will be processed in parallel.

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. A conceptual mine closure plan was developed in 2018 for the mine components that includes a closure cost estimate. The latest version was completed in December 2018.

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$377 million and is assumed to support sustaining capital requirements for the mining and processing of Mineral Reserves over Jacobina’s 14.5-year LOM as set out in the following table:


			Total LOM ($000s)
Sustaining Capital Costs			310,540
Mine Development			109,202
Infrastructure			80,089
Vehicles & Machinery			67,683
Tailings Dam			25,869
Hardware & Software			12,051
Other Sustaining CAPEX			15,647
Expansionary Capital Costs			66,332
Phase 2 Expansion			52,135
Other Expansionary LOM Capex			14,196
Total LOM Capital Costs			376,872

EXHIBIT 99.1

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$37.05 per tonne over the LOM, as set out in the following table:


			Total LOM (US$/t processed)
Mining			21.05
Process			11.49
G&A			4.51
Total			37.05

Exploration, Development and Production

Jacobina has increased annual gold production for the past seven consecutive years. The ongoing Phase 1 optimization project, followed by implementation of the Phase 2 Expansion project to increase the processing plant capacity to 8,500 tpd is expected to continue this increasing trend up to 230,000 ounces per year after completion of Phase 2. The Company has also begun a conceptual study on a Phase 3 expansion, which would increase throughput to 10,000 tpd, utilize the third grinding line, while expanding crushing and leaching circuits and adding additional mining equipment and infrastructure.

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, Geology and Mineral 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 www.sedar.com.

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.

EXHIBIT 99.1

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, 2020, the mine had processed approximately 23.7 Mt of ore grading 7.46 g/t gold and 202.7 g/t silver, producing 5.4 million ounces ("Moz") of gold and 134.0 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.


Historical Gold Production to December 31, 2020
Year	Processed Tonnes	Au Feed Grade (g/t)	Ag Feed Grade (g/t)	Au Recovery (%)	Ag Recovery (%)	Au Production (oz)	Ag Production (oz)
2000	739,450	13.18	194.4	93.6	89.1	282,718	4,018,397
2001	715,413	14.87	234.4	94.5	89.0	318,012	4,751,758
2002	688,876	15.33	249.5	95.3	90.8	328,061	5,077,188
2003	703,775	14.62	204.5	96.6	92.4	320,998	4,283,436
2004	837,111	11.96	192.7	96.5	92.2	314,080	4,812,152
2005	880,229	11.13	211.1	96.4	92.8	303,508	5,537,589
2006	935,105	8.10	234.6	95.5	92.8	230,145	6,428,905
2007	998,252	7.64	274.6	94.2	91.8	234,598	8,186,718
2008	1,124,567	6.73	305.4	92.0	89.2	224,990	9,864,275
2009	1,271,596	5.79	276.3	91.2	86.9	215,846	9,820,474
2010	1,522,366	5.74	228.5	91.1	84.1	256,530	9,427,207
2011	1,452,090	7.05	215.9	93.0	84.0	306,184	8,470,112
2012	1,415,292	7.47	199.2	93.4	80.0	317,508	7,249,430
2013	1,422,055	7.94	187.2	93.0	75.6	338,231	6,464,623
2014	1,475,857	6.36	212.0	93.3	83.9	282,617	8,475,133
2015	1,418,132	5.32	194.0	93.6	86.9	227,228	7,692,811
2016	1,421,243	5.11	153.9	94.3	85.7	220,209	6,020,758
2017	1,041,199	5.05	148.3	95.1	86.4	160,510	4,282,339
2018	1,103,835	4.53	131.3	94.1	83.6	151,893	3,903,961
2019	1,290,239	4.09	120.6	94.0	86.2	159,515	4,317,292
2020	1,266,829	4.22	138.9	93.7	86.7	160,824	4,917,101
Total	23,723,511	7.46	202.7	93.8	86.3	5,354,205	134,001,658

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

EXHIBIT 99.1

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.

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 kilometres 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

EXHIBIT 99.1

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 ending 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.

•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).

•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.

•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 2020 included Martillo Flat, Pampa Campamento, El Valle, Dorada, Cerro Martillo y La Paloma. Expansion targets tested in 2020 included Colorada Sur, El Valle-Sorpresa extension, deeper portions of Martillo Flat, Pampa Campamento and La Paloma Profundo. District targets tested in 2020 included Angosta, Augusta Victoria, Chiquilla Chica, Laguna-Fortuna, and Cerro Seco-Estanque de Agua.

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 2020, over three million metres have been drilled at El Peñón in the Fortuna, El Peñón, and Pampa Augusta Vitoria areas. This includes 130,298 metres completed in 2020 (71,263 metres exploration and 59,035 metres infill drilling), with intersections at Colorada Sur, El Valle, Pampa Campamento, Sorpresa, Paloma and Dorada vein.

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 millimetre in diameter. Drilling on the mine property from 2018 to 2020 was performed by AK Drilling International. The procedures used during drilling programs are as follows:

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

•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.

•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:

◦Drill type

◦Collar coordinates

EXHIBIT 99.1

◦Core diameter

◦Downhole inclination

◦Percent core recovery record

◦Rock Quality Designation ("RQD") measurements

◦Lithologic contacts

◦Descriptive geology

◦Core angles

◦Intensity of various alteration types

◦Structural features, such as foliation, fractures, and brecciated zones

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

◦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.

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

EXHIBIT 99.1

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.

As of January 2018, the Geoassay Group Ltda. (“Geoassay”) laboratory in Antofagasta, Chile, was the primary laboratory for exploration and infill drilling samples, but only for one final month as the contract terminated at the end of January 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 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:

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.

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

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

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

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.

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.

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.

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.

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.

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.

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

EXHIBIT 99.1

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.

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

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 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:

•Insertion of CRMs or standards.

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

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

•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:

EXHIBIT 99.1

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

•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.

•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.

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

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

•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.

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:

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

•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.

•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.

•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.

•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.

•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.

El Peñón's gold Mineral Reserves replaced 2020 depletion as the result of positive infill drilling. This is the third consecutive year that El Peñón gold Mineral Reserves have replaced depletion of mining, increasing from 764,000 ounces in year-end 2017 to 921,000 ounces in year-end 2020. Silver Mineral Reserves have increased from 23.6 million ounces to 29.2 million ounces over the same period. Gold and silver Measured and Indicated Mineral Resources increased by 16% and 17% respectively, compared to the prior year, due to the positive infill drilling results, especially at La Paloma, Pampa Campamento, and Quebrada Colorada Sur, the latter of which is a new vein discovered in early 2020, converted to Inferred and then Indicated Mineral Resources throughout the year, and incorporated into the mine plan in 2021. Gold Inferred Mineral Resources also increased by 16%, providing additional targets for infill drilling in 2021. A subset of these Inferred Mineral Resources, subjected to the same economic and mining parameters as Mineral Reserves, are included in the Company’s 10-year production outlook for El Peñón.

Although the average Mineral Resource grade is lower than Mineral Reserves grade, the subset of Mineral Resources included in the mine plan is of similar grades to Mineral Reserves. This process is demonstrated in the year-end Mineral Reserves, where the Inferred Mineral Resources converted to Mineral Reserves in 2020 are higher than average reserves grade and the new Inferred Mineral Resources added throughout the year are also higher than average grade. The ongoing exploration success and Mineral Reserves replacement at El Peñón

EXHIBIT 99.1

continues to extend the mine life of the operation, which is entering its 22nd year of production, and unlocks opportunities for sustainable production growth with minimal capital investment.

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.

The tailings produced at the El Peñón mill are stored in a filtered tailings dry-stack TSF, located 1.5 kilometres southeast of the mineral processing plant. The current filter stack stores 25.4 Mt of tailings. The final design considers an additional storage capacity of 24.5 Mt.

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 Mineral Reserves supporting the LOM plan consists of an integrated operation, mining mainly underground ore and small amount of ore from the Chiquilla Chica open pit. The ore produced by the mining operations and reclaimed from stockpiles is fed to the mill to sustain a six-year mine life. Gold and silver productions over the LOM period are of 866 koz and 25,591 koz, respectively. However, El Peñón has a track-record spanning more than 20 years of replacing Mineral Reserves through discoveries of new deposits while maintaining five to eight years of Mineral Reserves. In recent years, Mineral Resources converted to Mineral Reserves have offset the depletion of Mineral Reserves; this indicates the significant potential of extending the mine life beyond the current LOM and sustaining a strategic mine life of 10 years or more.

The LOM aligns with the rightsizing of El Peñón that was completed in 2017. Continued exploration success would unlock opportunities to leverage on the existing processing capacity of 4,200 tpd (1.52 Mtpy) which would bring forward gold production in the mine plan. Minimal capital investment would be required to achieve the higher processing rate.

EXHIBIT 99.1

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 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, for stockpiled and mined ore. The plant processed 3,461 tpd during 2020. 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.

As part of the Operational Excellence initiative, a new opportunity assessment of the processing plant performed in the first quarter of 2021 has identified several opportunities to improve gold and silver recoveries and/or reduce operating costs. Opportunities include leach solution management, additional filblast in the leaching circuit, optimized automated reagent dosing, thickener Advanced Process Control, and Viper filtration technology. These opportunities could be quickly implemented and with minimal capital investment. The El Peñón team should continue to evaluate and prioritize these opportunities and develop an action plan for their implementation.

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.

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

EXHIBIT 99.1

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$167 million and is assumed to support sustaining capital requirements for the mining and processing of Mineral Reserves over the project’s six-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			166,637
Mine Development			138,304
Building and Infrastructure			3,348
Hardware & Software			592
Machinery and Equipment			1,132
Vehicles			23,262
Expansionary Capital Costs			579
Total LOM Capital Costs			167,217

Capitalized development consists of 52,324 metres, or an average of 10,718 metres per year, over the first four 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$32 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$80.18 per tonne mined over the LOM, or US$71.57 per tonne processed, considering the 660,000 tonnes of stockpile planned to be reclaimed over the LOM. Total operating costs are forecasted to average US$116.49 per tonne processed over the LOM period as set out in the following table:


			Total LOM (US$/t processed)
Mining			71.57
Process			29.72
G&A			15.20
Total			116.49

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:

•Infill drilling to replace production by upgrading and extending known Mineral Resources.

•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.

EXHIBIT 99.1

•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 of Pascal Lehouiller, P. Geo, Sylvie Lampron, Eng., Guy Gagnon, Eng., Nicole Houle, P.Geo. and François Bouchard, P.Geo., each of whom is a “qualified person” for the purpose of NI 43-101 (together the “Canadian Malartic Qualified Persons”), and each of whom is a full time employee of Canadian Malartic GP. 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, Geology and Mineral 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 www.sedar.com.

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 Eagle 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 Eagle 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 Eagle and Yamana.

All mining titles of the Canadian Malartic property on the Government of Quebec’s online claim management system are registered to Canadian 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.

EXHIBIT 99.1

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).

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 2020, the historical and recent gold production from the Canadian Malartic Mine amounts to 250,889,529 tonnes at 1.70 g/t gold, for 13,712,527 ounces of gold.

The historical production data for the Canadian Malartic property is summarized in the table below:


Historical Group of Properties	Owners and/or Property Area	Years	Tonnes Milled	Gold Grade (After Recovery) (g/t Au)	Ounces of Gold
Canadian Malartic Mine and Malartic CHL Prospect	Canadian Malartic Mine	1935-1965	9,929,000	3.77	1,203,477
	Barnat-Sladen Mine (including East Malartic)	1938-1970	8,452,000	4.73	1,285,321
	East Malartic Mine	1938-1983	18,316,000	5.19	3,056,251
	Canadian Malartic (Canadian Malartic GP + Osisko)	2011-2020	195,759,101	0.98	6,149,039
	Gouldie (Canadian Malartic GP)	2014-2015	2,210,549	0.74	52,435
	Jeffrey (Canadian Malartic GP)	2019-2020	2,812,864	0.88	79,402
	South Barnat (Canadian Malartic GP)	2019-2020	3,943,065	1.00	127,026
East Amphi	East Amphi OP (McWatters)	1998-1999	120,427	5.66	21,914
	East Amphi UG (Richmont)	2004-2007	347,964	3.37	37,700
Rand	UG exploration program / no production	1988-1989	31,115	n/a	n/a
Midway Property Group (Fournière, Midway, Piché-Harvey)	Malartic Goldfields	1945-1965	8,956,886	5.90	1,699,025
	NSM (Midway)	2009-2010	10,558	2.76	937
	Total	1935-2020	250,889,529	1.70	13,712,527

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,

EXHIBIT 99.1

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.

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.

EXHIBIT 99.1

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 susceptibilty 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:

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

•Nordik Drilling (Val-d’Or) and several subcontractors for Regional Exploration 2015 to 2020 programs and for Mine Exploration 2018 to 2020 programs; and

•Orbit-Garant Drilling (Val-d’Or) and sub-contractors for Mine Exploration 2017 program.

From 2014 to the end of 2020, 1,019 holes (or wedge holes) were drilled for a total of 708,013 metres: 559 holes for 362,655 metres by the Regional Exploration and 460 holes for 345,359 metres by the Mine Exploration. The average core recovery rates were higher than 95%. The Regional Exploration drilling program from 2014 to 2020 mainly focused on the Odyssey deposit. Drilling was also completed on the Rand, East Amphi, Radium-Nord Properties and the Midway Property Group. A summary of the Canadian Malartic Mine drilling between 2014-2020 is provided in the table below:

EXHIBIT 99.1


Department/Area	Year	New holes		Hole extensions		Wedge holes		Total length (m)
		Number of holes	Length (m)	Number of holes	Length (m)	Number of holes	Length (m)
Regional Exploration: Odyssey, 117 Project	2014	4	2,396	0	0	0	0	2,396
	2015	37	33,137	6	2,420	1	305	35,862
	2016	102	92,728	4	1,867	49	24,791	119,386
	2017	91	70,087	9	2,840	35	12,891	85,818
	2018	102	53,312	11	5,493	13	5,222	64,027
	2019	12	6,429	0	0	0	0	6,429
	Total	348	258,089	30	12,620	98	43,209	313,918
Regional Exploration: Rand Property	2019	31	14,798	0	0	0	0	14,798
	2020	50	15,677	1	199	0	0	15,875
	Total	81	30,475	1	199	0	0	30,673
Regional Exploration: Midway Property Group	2017	8	4,686	0	0	3	1,386	6,072
	2018	7	2,664	0	0	0	0	2,664
	2019	0	0	0	0	0	0	0
	2020	2	756	0	0	0	0	756
	Total	17	8,106	0	0	3	1,386	9,493
Regional Exploration: East Amphi and Radium-Nord	2019	0	0	0	0	0	0	0
	2020	12	7,441	1	1,129	0	0	8,570
	Total	12	7,441	1	1,129	0	0	8,570
Total Regional Exploration:		458	304,111	32	13,948	101	44,596	362,654
Mine Exploration: East Malartic	2017	72	53,651	4	985	12	4,765	59,400
	2018	87	70,484	5	1,476	23	8,729	80,690
	2019	5	4,003	3	1,495	10	7,118	12,616
	2020	2	2,771	0	0	0	0	2,771
	Total	166	130,909	12	3,956	45	20,612	155,477
Mine Exploration: East Gouldie	2018	3	3,537	1	1,021	1	440	4,999
	2019	33	48,836	3	3,156	27	17,770	69,761
	2020	41	50,534	2	1,428	65	45,385	97,348
	Total	77	102,908	6	5,604	93	63,596	172,107
Mine Exploration: Odyssey	2020	7	2,936	0	0	0	0	2,936
	Total	7	2,936	0	0	0	0	2,936
Mine Exploration: Geotechnical Metallurgical And Others	2017	12	2,862	1	46	0	0	2,909
	2018	17	4,562	0	0	9	1,290	5,853
	2019	24	3,417	1	154	4	339	3,910
	2020	5	424	0	0	1	1,743	2,167
	Total	58	11,266	2	201	14	3,372	14,838
Total Mine Exploration		308	248,019	20	9,761	152	87,579	345,359
Total Property		766	552,130	52	23,708	253	132,175	708,013

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

EXHIBIT 99.1

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 2020 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.

Laboratory

Location

Accreditation

Regional Exploration Programs

Mine Exploration Programs

SGS Canada

Burnaby,

British Columbia

ISO/IEC 17025

2014 to 2017

2019 and 2020

TSL Laboratories

Saskatoon,

Saskatchewan

ISO/IEC 17025

2017 to 2020

2018 and 2019

Technilab S.G.B. Abitibi Inc.

Ste-Germaine-Boulé,

Québec

ISO/IEC 17025

2017 and 2018

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

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

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

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

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

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

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

•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.

•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

EXHIBIT 99.1

(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 2020, 409,888 samples were sent for analysis with an addition of 55,489 QA/QC samples inserted in the sample stream.

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. The 2020 custom standards were also prepared by CDN Resource Laboratories Ltd and used by Mine Exploration. Inserted standards results must pass the standard deviation test. Potential contamination during preparation is monitored by the routine insertion of “blank” samples that follow the same preparation and analytical methods as drill core samples. The Canadian Malartic GP uses crushed calcareous stone produced commercially for multiple industrial or domestic uses. The acceptable limit is 0.02 g/t gold for Regional Exploration and 0.025 g/t gold for Mine Exploration, while the detection limit is 0.005 g/t gold.

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, 2020 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:

•Drill rig site visit

•Core review (description and photos)

•QA/QC review

•Spatial validation of the models

•Statistic validations and comparisons

•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

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 the Canadian Malartic property was prepared in accordance with CIM Standards. The Mineral Resource estimate for the Canadian Malartic property consists of 11 block models (“BMs”) (two for open pit mining, nine for underground mining) covering the following deposits:

•Canadian Malartic, South Barnat and Gouldie deposits (1 BM, open pit; 2 BMs, underground)

•Jeffrey deposit (2 BMs, underground)

•Western Porphyry deposit (1 BM, open pit)

•East Malartic deposit (1 BM, underground)

•Odyssey deposit (3 BMs, underground)

•East Gouldie deposit (1 BM, underground)

EXHIBIT 99.1

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”. As mineralization extends below the pit shells, some of these projects also include underground mineral resources for which underground BM’s (using subblocks) were generated for the Mineral Resource estimate. These provide optimal models for stope optimization. For the Jeffrey and Gouldie deposits, only the portion below the mined-out pits remain as underground Mineral Resources. 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 and GEOVIA GEMS. 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:

•Compile and validate the diamond drill hole databases.

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

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

•Perform basic statistics (capping).

•Perform geostatistical analysis and variography.

•Interpolate grade within the block models.

•Validate the block models.

•Establish mineral resource classification criteria.

•Assess the mineral resources with the “reasonable prospects for eventual economic extraction” and select appropriate cut-off grades.

•As required, model depletion and pillar exclusion.

•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:

•Quality and reliability of drilling and sampling data;

•Presence of RC and/or production drilling;

•Drill hole density;

•Confidence in the geological interpretation;

•Geological and grades continuity of the structures;

•Variogram models and search ellipse criteria; and

•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 block models (block models CM and BN, respectively) updated on December 31, 2020. From these two block models, 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 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 outlines include a 1 metre dilution envelope around economic ore blocks and enclose marginal material surrounded by economic mineralization. The dilution envelope and enclosed waste in most cases are mineralized and have been assigned a dilution grade. From this envelope a percentage of dilution is assigned to each block. The ore tonnage and grades include dilution tonnage and grades, as estimated from the detailed 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.

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”.

EXHIBIT 99.1

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. Cablebolts 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 Gemcom. 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 Gemcom 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/m3 was used to estimate the storage volume of 230 Mm3.

The ramps and haul roads are designed to accommodate the largest equipment, which is currently the Cat 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 must be at least triple the width of the largest vehicle. Ramp gradients are designed at 10%.

The open pit mine life is planned to extend to 2028, with mining continuing to transition from the Canadian Malartic pit to the Barnat pit. The LOM plan assumes a nominal processing throughput rate of 57,000 tpd, with ore from the open pit supplemented with consumption of ore stockpiles. Annual gold production is expected to be 340,000 to 360,000 ounces in 2021, 320,000 to 340,000 ounces in 2022, and 330,000 to 350,000 ounces in 2023. Production from the Odyssey underground project is expected to contribute additional ounces from 2023. For more information about the Odyssey project, refer to “Odyssey underground project internal Technical Study”.

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-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 startup, 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.

EXHIBIT 99.1

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.

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.

EXHIBIT 99.1

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 TSF. 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 tailings deposition plan was developed using a production rate of 55,000 tpd (20 Mt of thickened tailings per year). Production rate was increased to 57,000 tpd in the latest LOM. Modifications to the existing TSF design are in-progress to account for this increase in production rates and to increase the facilities total storage capacity until the first quarter of 2024.

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. In 2019, a total volume of 10,704,885 m³ was discharged to the environment. 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.

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 in 2021. For the processing plant, near-term capital costs include an estimate of approximately $7.9 million for improvement costs in 2021. The increase in sustaining capital cost in 2022 is primarily related to the construction of a new interim cell at the tailings impoundment facility. A summary of the three-year capital cost forecast for the Canadian Malartic Mine is set out in the table below:


Capital Cost (C$M)	2021	2022	2023
Sustaining cost	83.1	121.1	57.9
Development cost	33.3	24.1	23.2
Deferred stripping	77.9	35.0	20.0
Total Capital Cost	194.3	180.2	101.1

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 increase in mining cost per tonne in 2022 and 2023 is primarily a result of the recognition of deferred costs associated with the drawdown of the ore stockpiles as open pit mining activities progressively decline. A summary of the three-year operating expenditures forecast for the Canadian Malartic Mine is set out in the table below:

EXHIBIT 99.1


Operating Forecast	2021	2022	2023
Projected processed tonnes	20,805,000	20,805,000	20,805,000
Projected gold ounces recovered	705,308	653,298	667,061
Mining cost (C$M)	177.1	245.8	286.3
Processing cost (C$M)	245.2	241.1	239.4
G&A (C$M)	80.2	77.9	74.2
Transport and refining (C$M)	1.1	1.1	1.1
Total Operating Costs (C$M)	503.6	565.9	601.0
Total Operating Costs Per Tonne(1)	24.07	27.10	28.81

(1) Excluding royalties

Exploration, Development and Production

In 2021, the Canadian Malartic GP expects to spend C$25.5 million for 108,500 metres (100% basis) of conversion drilling focused on increasing the known mineralization of the Odyssey project including East Malartic, Odyssey and East Gouldie zones. An additional $C4.1M will be spent on Mineral Resource delineation at Odyssey South and $C8.0M on exploration in the East Amphi, Rand and Radium areas.

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.

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, 2020, the Odyssey project contains 0.41 Moz gold Indicated Mineral Resources and 6.88 Moz gold Inferred Mineral Resources. There are no Mineral Reserves at Odyssey. 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.

The Odyssey project mine plan currently includes 0.4 million ounces of the project’s 0.8 million ounces of Indicated Mineral Resources and 6.9 million ounces of the project’s 13.5 million ounces of Inferred Mineral Resources. 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

EXHIBIT 99.1

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 is expected to commence in the second quarter of 2021, with shaft sinking activities expected to begin in late 2022. 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, 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.

Capital expenditures from 2021 to 2028 are expected to total approximately C$1.74 billion, which includes C$1,487 million in initial capital expenditures and C$248 million in additional growth capital expenditures. During the 2021 to 2028 period, gold production is forecast to be approximately 932,000 ounces at total cash costs of approximately $800 per ounce. The net proceeds from the sale of these ounces would significantly reduce the external cash requirements for the construction of the project. 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.

At the base case assumptions of C$2,015 (US$1,550) per ounce and 1.3 C$/US$, the Odyssey project generates an after-tax undiscounted cash flow of C$3.461 billion with an internal rate of return of 17.5%. The after-tax net present value at a 5% discount rate is estimated at C$1.49 billion. During the construction and ramp-up period from 2021 to 2028, initial capital expenditure is partially offset by proceeds from production reducing capital requirements from C$1,736 million to C$758 million, spread over a period of eight years. Cash generated from the Canadian Malartic open pit operation is expected to be sufficient to cover capital requirements.

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.

EXHIBIT 99.1

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 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 Gold Inc. (“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 2020 is listed in the table below.

EXHIBIT 99.1


Historical Gold and Silver Production to December 31, 2020
Year	Tonnes Processed	Gold Feed Grade (g/t)	Silver Feed Grade (g/t)	Gold Production (oz)	Silver Production (oz)
2018	199,602	15.85	724.7	92,793	4,119,085
2019	367,334	10.81	568.6	120,802	6,322,864
2020	320,701	6.91	565.1	66,995	5,448,561
Total	887,637	10.54	602.42	280,590	15,890,510

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 mineralization, mainly in the Escondida-Zoe vein system. These high-grade veins 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 characterized by highly anomalous molybdenum.

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 strike north to northeast and mineralization is preferentially hosted in northeast-striking 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-striking 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-striking 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 mineralization.

EXHIBIT 99.1

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.

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 33,809 rock chips samples, 29,235 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 Cerro Moro exploration program in 2020 consisted of 21,243 metres of delineation drilling to support underground mining along the Escondida-Zoe structures, along with infill drilling to upgrade classification of Inferred Mineral Resources on Naty and Martina. An additional 18,617 metres of exploration drilling followed up on targets identified in 2019 and previous years including Bella Vista, Belen, Silver Dike, Ocular, Naty (Extension), Michelle and Agostina structures. There was an additional 6,473 metres allocated to search for new high grade shoots at depth at Escondida-Zoe, Debora, Veta Olvidada, Casiuss, and Naty (Extension). Ongoing property-scale mapping, geophysics, soil and outcrop sampling continued through 2020 to identify future drill targets.

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. In 2021, the exploration drilling program includes four objectives: (i) delineation of underground resources to support operations; (ii) infill drilling to upgrade classification of Inferred Mineral Resources; (iii) to define new Inferred Mineral Resources, by following up and expanding on 2019 exploration discoveries and extensions of known structures; (iv) to generate and develop new discoveries by scout drilling of deep targets on the Escondida-Zoe trend and by following up on gold anomalous zones defined by surface samples and geochemical mapping on the Bahia Laura property.

Drilling

As of the end of December 2020, 5,224 drill holes have been drilled in the Cerro Moro project area, for a total of 586,387 metres. Of this, 274,898 metres has been drilled since Yamana became the operator. Additionally, 1,740 underground channels and 855 trenches contribute to the sample database.

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

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 are 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%.

EXHIBIT 99.1

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.

Underground channel samples are collected by trained geologists and technicians. The lengths of the samples are determined according to geological criteria and marked with spray paint. If the vein has heterogeneous geological characteristics, the limits are marked according to these variations, with a minimum sample length of 0.5 metres and a maximum of 1 metre, and an average width of 5 centimetres, which make up samples weighing approximately 3 to 10 kilograms. The samples are taken horizontally from left to right in the direction of the forehead and at the height of the gradient (1.50 metres). A hammer and chisel are used for sampling. The relevant geological control is logged by the underground geologist: lithology, mineralization, faults, fracturing and alterations. The azimuth and dip of the structures present are also registered.

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 Certified Reference Materials (“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.

All primary laboratories used for drilling and exploration samples are independent of Yamana.

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

EXHIBIT 99.1

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.

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 the Canadian Securities Administrators’ National Instrument 43-101, Standards of Disclosure for Mineral Projects (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:

•Database compilation and verification

•Creation of three-dimensional solids for the different veins

•Data conditioning (compositing and capping), statistical analysis, and variography

•Selection of estimation strategy and estimation parameters

•Block modelling, grade estimation, and validation

•Classification and tabulation

•Preparation of the Mineral Resource statement

The geological models were constructed in Leapfrog Geo. The geological framework of the mineralization is built first, including lithological units and post-mineralization brittle faults. Resource domains are generated to constrain the gold-silver mineralization. All available information is included in the interpretation. When possible, surface mapping, open pit and underground mapping, as well as production samples are integrated in the interpretation. Where applicable, mostly at Escondida-Zoe, specific geological domains representing the distinct black silica units are generated.

Geological models and resource domains are exported from Leapfrog Geo and imported in Datamine Studio RM for Mineral Resource evaluation. Three-dimensional block models are rotated to honor the general orientation of the veins. Capped composites are used to inform experimental variogram from which a gold correlogram is established to support the search ellipses orientations and dimensions. Gold estimation parameters are applied to silver. A hybrid semi-soft boundary is used between the resource domains and the weakly mineralized portion of the geological models to avoid artificial boundary effect on the estimated grade. Resulting block models are validated geologically, statistically and when possible against production history.

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 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:

•Verify geometries for the block model and resource wireframes.

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

•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.

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•Refine the VSO output shapes, considering orebody geometry, mine layout, historical information, and geotechnical analysis.

•Exclude all stopes containing a majority portion of Inferred Mineral Resources.

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

•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.

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

The methodology used for converting Mineral Resources to open pit Mineral Reserves is as follows:

•Pit optimization is undertaken on each block model using open pit NSR cut-off values and 50 degree overall slope angles. Only Measured and Indicated Mineral Resources are considered in the pit optimization.

•Pit designs are then completed in Vulcan based on the output pit optimization shells using 5 metre bench heights, recommended geotechnical design parameters, and a ramp gradient of 12%.

•Mining dilution and ore loss are applied through the creation of selective mining units ("SMUs") using VSO with a minimum mining width of 1.50 metres.

•Economic evaluations are conducted for each pit.

In 2020, Cerro Moro Mineral Reserves changed compared to 2019 with depletions due to mining during 2020, increases due to infill and delineation drilling, and decreases due to adjustments in geological modelling given the Company’s expanded experience with mining Cerro Moro ore bodies, the Company was able to further refine its geological understanding and incorporate that understanding into the geological model, improving model predictability. Mineral Reserves decreased by 18.5% and 21.5% for gold ounces and silver ounces, respectively. Inferred Mineral Resources decreased by 27% and 51% for gold ounces and silver ounces, respectively. The decrease in ounces contained in Inferred Mineral Resources is mainly due to the fact that mineral resources are being reported fully diluted and constrained within conceptual mine designs in contrast with previous years when they were reported undiluted applying a cut-off grade on individual blocks. Yamana is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political, and other relevant issues that could materially affect the Mineral Resource and Mineral Reserve estimate for Cerro Moro.

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 1,000 to 1,100 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. Production from the open pits will gradually reduce as Cerro Moro transitions to increased production from the underground mines. There are typically two to four pits in operation at any one time. 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.

Underground mining at Cerro Moro is carried out using longitudinal long-hole stoping methods. Two variations of long-hole stoping will be employed; bench-and-fill (at Escondida-Zoe and Martina), and uphole retreat (at Gabriela). 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.

EXHIBIT 99.1

The LOM consists in an integrated operation from open pits and underground mines. The LOM indicates mining for a total period of five years, with lower production in the last 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, gravity concentration, 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 99% for gold. In addition, the overflow from CCD 1 is pumped to the Merrill-Crowe pregnant solution clarifier to remove additional 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 0.2 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.

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.

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 1 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 TSF footprint of 347,000 m2 and features a 1.5 mm thick linear low-density polyethylene membrane liner.

The Phase 2 dam raise construction has commenced with a designed dam elevation of 62 metres. The tailings dam will have a final capacity of 2.21 million m3 of tailings, sufficient for storage of the Cerro Moro Mineral Reserves.

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.

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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.

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.

All water in the reservoir, which supplies the camp as well as the process plant, comes from groundwater wells. Prior to it being delivered to the relevant sector, the water goes through a reverse osmosis treatment and ultrafiltration process. The site is also in the process of certification for ISO 14001 and the International Cyanide Code, both of which should be attained by the second quarter of 2021. 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.

The first detailed closure plan for Cerro Moro is currently being prepared and should be finalized within the year.

Despite Cerro Moro’s relatively long distance from the nearest community (~100 kilometres), Cerro Moro maintains an active community relations program, focused on strong engagement with the local community and invests in a wide range of cultural, social, and economic programs. For the past year, Cerro Moro has been quantitatively measuring its social licence to operate (“SLO”) with the support of a tool developed by the Commonwealth Scientific and Industrial Research Organization of Australia. For the past four quarters, the data has demonstrated a consistent measure of a “moderate to high” social licence at the site.

Capital and Operating Cost Estimates

The total LOM capital cost estimate is approximately $161 million and is assumed to support sustaining capital requirements for the mining and processing of Mineral Reserves over the project’s LOM. Capital costs do not include working capital, capitalized exploration, or closure costs. The main capital costs are related to the construction and maintenance of the tailings dam, capital mine development, mine infrastructure, and mobile equipment, as set out in the following table:


			Total LOM ($000)
Sustaining Capital Cost			146,422
Expansionary Capital Cost			15,000
Total			161,422

Operating costs are forecast to average US$280.58 per tonne over the next three years, as set out in the following table:


			Total 2021-2023 ($/t)
Mining			136.50
Process			102.34
G&A			41.74
Total			280.58

Exploration, Development and Production

Continued underground development at the Zoe and Escondida Far West underground mines in 2021 is expected to increase flexibility and contribute significantly to the production plan.

Cerro Moro continues to pursue a drilling and surface exploration program to grow Mineral Resources across the property. Exploration drilling in 2020 that targeted vein extensions generated new Inferred Mineral Resources, mainly at Naty. Scout drilling, which includes testing new regional structures and testing for new high grade shoots at depth similar to what is in production at Escondida-Zoe, has generated several new targets for

EXHIBIT 99.1

further Mineral Resource delineation in 2021. Results from an ongoing surface sampling and related exploration work continue to drive exploration and generate new targets in the large land position at Cerro Moro.

In 2021, Cerro Moro will continue to investigate new processing options that would reduce costs and expand opportunities to mine lower grade material and give flexibility to current production schedules.

Minera Florida Mine

The Minera Florida Mine is located within the coastal range in the metropolitan region of central Chile, approximately 75 kilometres Southwest of Santiago, near Melipilla City. The property consists of 166 mineral licences, covering a total area of approximately 15,600 hectares. Thirty-six mineral licences cover the mine property including the mine, mill, and other infrastructure. The property is owned by Minera Florida Ltda., a wholly-owned subsidiary of Yamana, and the Pedro Valencia mine is also located within the property boundaries. Mining licences in and around the Pedro Valencia mine area are contained within a rectangular block (2.5 kilometres x 1.5 kilometres) comprising 33 licences. The property also includes some 133 mineral concessions in a large area around the mining licences. Yamana holds 100% interest in these concessions. The access to the property is by paved road. The total distance from Santiago is approximately 175 kilometres. Electric power is available from the Chilean grid and mining services and suppliers are available locally and in the region.

The area of the Minera Florida Mine is underlain by upper cretaceous volcanic and intrusive rocks. The volcanic rocks comprise porphyritic andesite, brecciated andesite, lithic and crystal tuff, and brecciated tuff. The bulk of these rocks are also affected by a sequence of hydrothermal alteration. The intrusive rocks comprise mainly granodiorites and monzodiorites. Gold mineralization in the Minera Florida Mine area occurs as native gold and electrum associated with sulphide minerals, such as pyrite, chalcopyrite, sphalerite and galena, as well as magnetite. Mineralization is commonly associated with hydrothermal alteration including quartz, adularia, epidote, chlorite, and actinolite. Quartz occurs in four types; as grey siliceous zones, green quartz, translucent quartz, and white quartz. Some veins exhibit metal zoning, with a zinc-rich silver-rich zone in the upper part of the vein, a gold-rich zone in the central part, and a zinc-rich zone in the lower part of the vein. In general, mineralized structures include an inner quartz vein (core) consisting of material exhibiting quartz flooding or massive quartz, surrounded by stockwork of quartz veinlets and/or hydrothermal breccia, both of which are mineralized. Gold mineralization in the Minera Florida Mine area has been identified in four types of rocks, in places adjacent to each other, as follows: (1) silicified crystal tuff; (2) lithic to crystal tuff; (3) brecciated tuff; and (4) porphyritic andesite. There are at least nineteen mineralized veins discovered and partially developed in the Minera Florida Mine area. These veins range from 0.8 metres to 30 metres in thickness, and the average grade ranges from 1.5 grams per tonne of gold to 12 grams per tonne of gold, 6 grams per tonne of silver to 100 grams per tonne of silver, and 0.1% Zn to 1.81% Zn. Many of the mineralized veins at the Minera Florida Mine area do not have a surface expression, but are associated with structures identified by underground diamond 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. 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 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 underground channel sampling, samples are taken horizontally across the face with the lengths determined by the mapped geological contacts, to a maximum sample length of 1.0 m.

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), and control of contamination by geochemical fine blanks and sterile (coarse blanks) material.

The underground workings are developed by adits driven from surface and is accessed at several elevations via multiple portals. An internal ramp system provides access to the stopes. Sublevels are driven in the veins and mining sequence advances from the top down, with pillars left at regular intervals. 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. Ore is hauled using 25-tonne trucks from the mine to a transfer point and 40-tonne trucks haul the ore from the transfer point to the process plant. Waste is transported by 25-tonne trucks.

EXHIBIT 99.1

Thickened (paste) tailings from the processing facility are deposited in a TSF that consists of a downstream compacted fill embankment constructed in 2 phases. The embankment has a maximum height of 16 m with a high density polyethylene liner on its upstream face.

In addition to the ore processing facility, the Minera Florida Mine has a historic tailings reprocessing facility which can operate at a rate of near 2,500 tpd and consists of repulping stations, grinding, leaching, carbon and zinc flotation circuits. Since the second quarter of 2017, when the first stage of historic tailings was finalized, the Company refocused its effort on mining higher grade ore from the mine and increasing the feed grade and recovery of the ore, and has integrated part of this tailings facility with the ore facility increasing overall recoveries for gold to approximately 90%.

In 2020, production at the Minera Florida Mine totaled 89,843 ounces of gold, up from 73,617 ounces of gold in 2019. Production at Florida in 2020 was the highest since 2010, with an increase in tonnes mined and processed compared to budget, along with stable feed grades and recoveries ultimately driving a reduction in costs. Costs are expected to continue to decline in 2021 with continued improvements in cost management, improved productivity and recoveries. In parallel to these initiatives, exploration drilling is ongoing to develop potential in the recently discovered vein systems located south of the core mine and increase Mineral Reserves with the objective of generating a sustainable increase in gold production. Minera Florida has all necessary infrastructure to grow production to support a higher gold production rate.

Building upon successes in 2020, the Company’s strategy for 2021 is to extend mine life and unlock opportunities to increase gold production. Yamana continues to focus on Mineral Reserve development with a focus on increasing the inventory of available mining areas to unlock operational flexibility. With the continued confidence in exploration, the Company is evaluating additional capital investments on underground mobile fleet equipment to increase linear development and open new mining areas.

While COVID-19 related restrictions affected some field activities in 2021, exploration drilling was achieved as planned. Exploration activity in 2020 at Minera Florida included property-scale surface exploration using trenching, 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, most notably in the Las Pataguas and Don Leopoldo sectors. Other notable results including significant near-mine intercepts in the La Flor Oeste and Bandolera sectors. Exploration drilling in 2021 is focused on upgrading the classification and expanding potential mineral resources at Patagua Norte, Circular Central, Rafael, Centerario, Fantasma, Mila, La Flor, Lo Toro, and Don Leopoldo.

Development Projects

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 holds a 25.00% interest and Newmont holds an 18.75% interest in the MARA Project. Yamana has been appointed as the operator 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 EIA for the MARA Project. A MARA Project Joint Venture Technical Committee has been formed, comprised of representatives of the three shareholder companies.

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.

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

EXHIBIT 99.1

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 ("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 PFS(A) highlights include:

•Proven and probable copper Mineral Reserves increased from year-end 2018 by 21% to 11.8 billion pounds and gold Mineral Reserves increased by 13% to 7.4 million ounces

•Initial long mine life of 28 years

•Annual production for the first 10 full years of 533 million pounds of copper equivalent 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.

•Cash costs of $1.29 per pound and AISC of $1.52 per pound for the first 10 years of production

•NPV of $1.935 billion and an increased IRR of 19.7% 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 PFS(A) for the MARA Project considers the Agua Rica deposit 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 40 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 in order to produce copper and by-products concentrate, which will then be transported 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 will be studied in the next design phase.

The PFS(A) provides the framework for the preparation and submission of a new EIA 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 EIA process in 2019, given the level of significant detail in the PFS(A).

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 (“PSF(B)”), and is now advancing a full Feasibility Study on the MARA Project, with updated Mineral Reserve, production and project cost estimates. MARA also obtained the permits for exploration works from the local authorities to conduct field work for the Feasibility Study and collect additional information for the EIA. COVID-19 has introduced uncertainty into the timeline relating to the completion of the Feasibility Study, mainly due to permits approvals delays in 2020 as a result of the intermittent closure of government and judicial offices in Catamarca. Despite this, work preparation has begun and all authorizations are now in hand to start the work on the field. Feasibility Study work is ongoing and key technical results are expected during 2021. While the Company continues to advance the Feasibility Study, it notes that a considerable amount of information in the PFS is already at Feasibility Study level mostly as a result of the integration transaction. The full Feasibility Study and EIA completion are expected in 2022.

The PFS(B) highlights include:

•Annual ore feed increased to 42 million tonnes per year.

•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.

•Cash costs of $1.32 per pound and AISC of $1.44 per pound for the first 10 years of production.

EXHIBIT 99.1

•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).

•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%.

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 PFS results. Further tests and studies are planned for the Feasibility Study stage, in order to confirm and optimize these results. In addition, opportunities have already been identified in optimizing the mine pioneering, stripping, sequence and blending, which are expected to provide further value improvements for the Integrated Project. The estimated expenses for the Company to advance the project through the Feasibility Study and EIA are in the range of $20.0 million to $25.0 million for the next three years (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.

After a strategic review, the Company has concluded that the MARA Project represents a solid development and growth project which the Company intends to continue to advance through the development process through the Company's controlling interest in the project. See “General Development of the Business – History – Agreement for Integration of Agua Rica and Alumbrera".

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 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 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 received by the Company from CAM to secure the option. CAM has agreed to 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 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. 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.

If the project receives approval to proceed, Yamana would oversee its development, applying best industry mining and 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 attractive 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

EXHIBIT 99.1

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 is the advancement of the Twin Lakes resource. Beyond the Twin Lakes deposit, the large Monument Bay land package is largely under-explored. A smaller but important component of the current exploration plan at Monument Bay is the continued evaluation and advancement of secondary targets on the property.

Exploration at Monument Bay during 2020 focused on the evaluation and definition of high-grade ore shoots at depth at the Twin Lakes resources as part of an assessment considering the project as an underground mine. Approaching the Twin Lakes deposit 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 current, ongoing drill program is designed to test the depth extent of several well-defined high-grade mineralized zones 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. Start-up of the 2020 summer field activity at Monument Bay was delayed by COVID-19 travel restrictions, with a COVID-abbreviated 3-hole Phase I drilling program testing the depth extension of high-grade shoots at Twin completed in late fourth quarter. During the quarter two diamond drill holes were completed totaling 1,690 metres. All three Phase I drill holes at Twin Lakes intersected the mineralized zone and associated felsic dyke, however, overall assays were lower than anticipated. Drilling is continuing in early 2021.

Wasamac

On January 21, 2021, the Company completed its acquisition of the Wasamac property through the acquisition of all of the outstanding shares of Monarch. 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. The geological characteristics of the Wasamac ore-body suggest it holds the potential to be an underground mine with the potential to achieve the same scale, grade, production, and costs as Jacobina in Brazil, and it possesses many parallels to the underground project at Canadian Malartic. The Wasamac project consists of a single, continuous shear zone with a consistent grade distribution and wide mining widths, making it amenable to simple, productive, and cost efficient underground bulk mining methods. The deposit has existing Proven and Probable Mineral Reserves of 21.45 million tonnes at 2.56 g/t, for total Proven and Probable Mineral Reserves of 1.8 million ounces of gold. Mineral Resources and Proven and Probable Mineral Reserves are supported by a Feasibility Study previously completed by Monarch in 2018 (the “Wasamac Feasibility Study”). The Wasamac Feasibility Study outlined a 6,000 tonnes per day operation with average gold production of 160,000 ounces per year. Costs are expected to be at the lower end of the Company’s profile, providing an improvement to consolidated costs.

The Company believes that potential remains for future exploration success and Mineral Resource conversion, with the Wasamac deposit remaining open at depth and along strike. Yamana plans to build on the ongoing permitting and social licensing effort carried out by Monarch, applying the Company’s strong ESG framework and best practices, and leveraging the Company’s extensive experience in permitting and proven track record of building strong, respectful, and mutually beneficial relationships with the communities and governments wherever it operates. The Company will target increasing the mineral inventory and perform optimizations to further enhance the project’s value, advance engineering, and de-risk execution, leveraging Yamana’s technical expertise and adhering to the Company’s disciplined capital approach. Building off the work completed to date, Yamana has commenced an update of the Feasibility Study based on a refined geology model, optimized materials handling

EXHIBIT 99.1

system, and with a vision to establish Wasamac as one of Canada’s most modernized underground mines. These improvements, together with an optimized flowsheet and processing plant design, are expected to result in an increased processing throughput rate of approximately 7,000 tpd, establish Wasamac as a low cost operation and minimize impact on the environment and communities. In addition to the preferred scenario of a stand-alone operation with construction of a new processing plant, the Company is considering alternative scenarios including processing of Wasamac ore through existing processing plant in the region with spare processing capacity, with an update on these plans to be provided by the third quarter of 2021.

Prior to closing the acquisition of Wasamac, in late 2020 the Company began the process of opening a regional office in the Abitibi region, and hiring personnel to manage the permitting process and related studies to update the feasibility study.

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 $0.105 per share, effective for the fourth quarter of 2020, making the annual dividend 425% higher than it was in the second quarter of 2019. Recognizing that the gold price is not within the Company’s control, the Company endeavours to maintain sufficient cash balances to pay the dividend at the set level without reduction were gold prices to decline substantially and negatively impact margins over a longer period of time. See “General Development of the Business – History – Dividend Policy”.

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:


2021	2020	2019	2018
Q1 - $0.02625	Q1 - $0.0125	Q1 - $0.005	Q1 - $0.005
	Q2 - $0.015625	Q2 - $0.005	Q2 - $0.005
	Q3 - $0.0175	Q3 - $0.01	Q3 - $0.005
	Q4 - $0.02625	Q4 - $0.01	Q4 - $0.005

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 965,543,656 common shares and no Preference Shares issued and outstanding as of March 24, 2021.

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.

EXHIBIT 99.1

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 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).

ITEM 7

MARKET FOR SECURITIES

Price Range and Trading Volume

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, 2020.


Period	High (C$)	Low (C$)	Volume
January 2020	5.54	4.63	55,401,137
February 2020	6.56	4.78	80,633,202
March 2020	5.87	3.11	159,820,166
April 2020	6.97	3.89	122,869,211
May 2020	7.85	6.40	148,947,394
June 2020	7.53	6.36	85,613,288
July 2020	9.21	7.16	75,094,559
August 2020	9.29	7.58	64,136,652
September 2020	8.45	7.05	63,846,841
October 2020	8.27	6.99	52,287,267
November 2020	7.88	6.40	65,755,228
December 2020	7.53	6.70	57,586,488

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 25, 2021.

ITEM 9

DIRECTORS AND OFFICERS

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.

EXHIBIT 99.1


Name and Residence	Position with the Company and Period(s) Served as a Director	Principal Occupation
John Begeman(1)(3) South Dakota, United States	Director since May 2, 2007	Company Director
Christiane Bergevin(2)(4) Québec, Canada	Director since September 1, 2014	President of Bergevin Capital
Alexander J. Davidson(3) Ontario, Canada	Director since August 31, 2009	Company Director
Richard Graff(1)(2) Colorado, United States	Director since October 16, 2007, Lead Director since September 30, 2017	Company Director
Kimberly Keating(2)(3) Newfoundland, Canada	Director since February 15, 2017	Chief Operating Officer of the Cahill Group
Jane Sadowsky(1)(4) New York, United States	Director since September 1, 2014	Managing Partner of Gardener Advisory LLC
Dino Titaro(2)(3)(4) Ontario, Canada	Director since August 5, 2005	Company Director
Peter Marrone Ontario, Canada	Executive Chairman and a Director (director since July 31, 2003)	Executive Chairman of the Company
Daniel Racine Ontario, Canada	President and Chief Executive Officer	President and Chief Executive Officer of the Company
Jason LeBlanc Ontario, Canada	Senior Vice President, Finance and Chief Financial Officer	Senior Vice President, Finance, and Chief Financial Officer of the Company
Yohann Bouchard Ontario, Canada	Senior Vice President, Operations	Senior Vice President, Operations, of the Company
Richard C. Campbell Ontario, Canada	Senior Vice President, Human Resources	Senior Vice President, Human Resources of the Company
Gerardo Fernandez Ontario, Canada	Senior Vice President, Corporate Development	Senior Vice President, Corporate Development of the Company
Craig Ford Ontario, Canada	Senior Vice President, Health, Safety and Sustainable Development (Incoming)	Senior Vice President, Health, Safety and Sustainable Development of the Company
Ross Gallinger Ontario, Canada	Senior Vice President, Health, Safety and Sustainable Development (Retiring)	Senior Vice President, Health, Safety and Sustainable Development of the Company
Henry Marsden Ontario, Canada	Senior Vice President, Exploration	Senior Vice President, Exploration of the Company
Sofia Tsakos Ontario, Canada	Senior Vice President, General Counsel and Corporate Secretary	Senior Vice President, General Counsel and Corporate Secretary of the Company

1. Member of the Audit Committee. 3. Member of the Sustainability Committee.

2. Member of the Compensation Committee. 4. Member of the Corporate Governance and Nominating Committee.

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 boards of directors of Premier Gold Mines Limited and African Gold Group Inc. He is the lead independent director of African Gold Group Inc. and he has been the Executive Chairman of the board of Premier Gold Mines Limited since 2015.

Mr. Begeman previously served as a director of Aberdeen International Inc., the President and Chief Executive Officer of Avion Gold Corporation, as the Chief Operating Officer of Zinifex Canada Inc. and as 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

EXHIBIT 99.1

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 has attained the ICD.D designation from the Institute of Corporate Directors. Mr. Begeman is also credentialed as a Board Leadership Fellow by the National Association of Corporate Directors.

Christiane Bergevin – Director. Christiane Bergevin is the President of Bergevin Capital, advising infrastructure and energy sector clients. She concurrently serves as Sr. Advisor Power/Utility and Sustainability within the North American practice of Roland Berger, an international management consultancy. As a former senior managing executive in the engineering and financial services sectors, she brings extensive domestic and worldwide experience in strategy, project and risk structuring, M&A in regulated and commercial environments and project financing of resource, transport and infrastructure projects. She is highly skilled in sustainability and community engagement aspects from an operational and governance standpoint, and served on the health, safety and corporate social responsibility committee of the board of an international oil and gas producer. As Executive Vice-President, Desjardins Group, the largest cooperative financial group in Canada, between 2009 and 2015, she led mergers and acquisitions, strategic partnerships and business development. She was also a member of Desjardins Group's finance and risk management committee.

For the 19 years prior to that, Ms. Bergevin held executive positions with SNC-Lavalin Group, a global engineering and construction firm, including as managing head and subsequently President of SNC-Lavalin Capital Inc., its project finance advisory arm. She was involved in several transport and mining developments, and also served as Senior Vice-President and General Manager, Corporate Projects. Ms. Bergevin serves on the supervisory board of RATP Dev, an international public transport operator, and on the advisory committee of AGF Group, an international reinforcing steel supplier. She is also a director and chairs the audit committee of CareRx, a Canadian provider of pharmacy services to seniors. Ms. Bergevin is a former Chair and serves as 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 currently serves 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.

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 his 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 allows 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 Silver Corporation, NuLegacy Gold Corporation and Capital Drilling Ltd.

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

EXHIBIT 99.1

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 continues to organize 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. For the past three years, Mr. Graff has moderated the Canadian Public Accountability Board (“CPAB”) Mining Industry Forum in Toronto. He also serves as chairman of the audit committee and is a member of the risk 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 over 20 years’ experience in the global offshore energy sector. She is currently Chief Operating Officer of the Cahill Group – one of Canada’s largest multi-disciplinary construction companies. She joined the Cahill Group in 2013 as Director of Projects and oversaw the construction and delivery of one of the largest topside modules ever built for a major offshore oil and gas development. Prior to joining the Cahill Group, Ms. Keating held a variety of progressive leadership roles, from engineering design through to construction, commissioning, production operations and field development with Petro-Canada (now Suncor Energy Inc.). Throughout her career, Ms. Keating has made significant engineering and project management contributions to key projects in the Canadian, Norwegian and UK offshore oil and gas sectors, bringing a wealth of strategy, risk assessment, policy and technical expertise to the Yamana board.

Ms. Keating has also held numerous volunteer leadership roles, including serving as the current Vice Chair of Memorial University’s Board of Regents where she also served as Chair of the Governance & Pensions Committees, and a board director with The Canadian Academy of Engineering, the Dr. H. Bliss Murphy Cancer Care Foundation, Opera on the Avalon and the Oil and Gas Development Council of Newfoundland and Labrador; a government appointment to assess the long-term vision for the province’s oil and gas industry. 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. In 2018, Ms. Keating received the Memorial University Faculty of Engineering Distinguished Alumni Award, the PEGNL Community Leadership Award, as well as the St. John’s Board of Trade Community Builder of the Year Award. Ms. Keating is currently a director and a member of the audit, health, safety and environment, and HR and compensation committees of Major Drilling International Inc. In March 2020, Ms. Keating graduated from the Rotman-ICD Directors Education Program.

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 predominantly in the electricity power sector to public and private sector

EXHIBIT 99.1

clients in the United States and abroad. Ms. Sadowsky presents and teaches at the National Association of Corporate Directors (“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 a 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 a director and member of the audit committee of Avidian Gold Corp. He is also a director of Galane Gold Corp, 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 National Instrument 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. 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, Operations. 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.

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

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EXHIBIT 99.1

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. 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. (Incoming) 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.

Ross Gallinger – Senior Vice President, Health, Safety and Sustainable Development. (Retiring) Mr. Gallinger joined Yamana in May 2015 as Senior Vice President, Health, Safety and Sustainable Development and will be retiring from the Company. Prior to joining Yamana, Mr. Gallinger held the position of Executive Director for Prospectors & Developers Association of Canada from 2011 until 2014. From 2006 until 2011, Mr. Gallinger was Senior Vice President, Health, Safety and Sustainability at IAMGOLD Corporation. Mr. Gallinger has over 25 years of experience in managerial and operational roles in the mining industry in Canada and the Americas with extensive experience in health, safety, environment and community relations portfolios. Mr. Gallinger holds a Bachelor of Science degree in Agriculture from the University of British Columbia, and is a Professional Agrologist.

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 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 25, 2021, the directors and executive officers of the Company, as a group, beneficially owned, directly or indirectly, or exercised control or direction over approximately 4,539,086 common shares, representing approximately 0.47% 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 6,592,937 units. This represents a total of 11,132,023 common shares, deferred share units and restricted share units of the Company.

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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:

(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

(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:

(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

(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.

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

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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 2020, 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 2020 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 2020 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.

ITEM 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 completed financial year that is still in effect, other than 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. See “General Development of the Business – History – Sale of Chapada Mine” for further details. A copy of the Purchase Agreement is 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 management’s discussion and analysis 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.

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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, 2020, 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.

John Begeman – John Begeman currently sits on the boards of directors of Premier Gold Mines Limited and African Gold Group Inc. He is the lead independent director of African Gold Group Inc. and he has been the Executive Chairman of the board of Premier Gold Mines Limited since 2015. Mr. Begeman previously served as a director of Aberdeen International Inc., the President and Chief Executive Officer of Avion Gold Corporation, as the Chief Operating Officer of Zinifex Canada Inc. and as 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 and the National Association of Corporate Directors.

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

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

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Audit Fees

The aggregate audit fees billed by the Company’s external auditors for the year ended December 31, 2020 were C$4,023,000 (December 31, 2019 – C$4,063,000). 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, 2020 were C$146,000 (December 31, 2019 – nil). This included services related to certain statutory audits outside of Canada, and for services related to the Nomad Transaction and related prospectus.

Tax Fees

The aggregate tax fees billed by the Company’s external auditors for the year ended December 31, 2020 were C$300,000 (December 31, 2019 – C$210,000). 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, 2020 were C$22,000 (December 31, 2019 – C$168,000), which related primarily to assurance on the Company’s Conflict-Free Gold Report and assurance on ESTMA 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 43-101Technical Report, Jacobina Gold Mine, Bahia State, Brazil” dated December 31, 2019, prepared by or under the supervision of Eduardo de Souza Soares, MAusIMM CP (Min), Henry Marsden, P.Geo., 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 who 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, Geology and Mineral Resources and is a “qualified person” for the purpose of NI 43-101.

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 employees of Yamana and who 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, Geology and Mineral 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., Guy Gagnon, Eng., Nicole Houle, P.Geo. and François Bouchard, P.Geo., all employees of Canadian Malartic GP. 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, Geology and Mineral Resources and is a “qualified person” for the purpose of NI 43-101.

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Each of the technical reports noted above are available under the Company’s SEDAR profile at www.sedar.com, 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	Guy Gagnon, Eng., Canadian Malartic GP	Pascal Lehouiller, P. Geo, Canadian Malartic GP
El Peñón	Sergio Castro, Registered Member Chilean Mining Commission, Yamana Gold Inc.	Marco Velásquez Corrales, Registered Member Chilean Mining Commission, Yamana Gold Inc
Jacobina	Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc.	Dominic Chartier, P.Geo, Yamana Gold Inc. and Dr. Jean-François Ravenelle, P.Geo., 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 Sergio Castro, Marco Velásquez Corrales, Eduardo de Souza Soares, Dominic Chartier and Dr. Jean-François Ravenelle, who are employed by Yamana, and Guy Gagnon, Pascal Lehouiller and Sylvie Lampron, 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.

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, will be contained in the Company’s management information circular to be filed in connection with its annual shareholders’ meeting for 2021. Additional financial information is provided in the Company’s financial statements and managements’ discussion and analysis for the financial year ended December 31, 2020. Additional financial information relating to the Company may also be found under the Company’s SEDAR profile at www.sedar.com.

SCHEDULE “A”

CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

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EXHIBIT 99.1

Dated as of February 10, 2021

1.Purpose

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:

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;

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;

c.review and appraise the audit activities of the Company’s external auditors; and

d.prepare Audit Committee report(s) as required by applicable regulators.

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

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.

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.

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.

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.

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.

The external auditors will have direct access and report directly to the Audit Committee at their own initiative.

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

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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.

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:

General

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;

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;

3.evaluate the functioning, effectiveness and performance of the Audit Committee and its members on an annual basis;

Documents/Reports Review

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 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;

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;

6.review the effects of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company;

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;

Responsibilities of the Audit Committee Chair

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EXHIBIT 99.1

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:

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;

b.providing leadership to the Audit Committee and presiding over Audit Committee meetings;

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;

d.reporting to the Board with respect to the significant activities of the Audit Committee and any recommendations of the Audit Committee; and

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;

External Auditors

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;

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;

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;

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;

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;

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;

15.advise the external auditors of their ultimate accountability to the Board and the Audit Committee;

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;

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;

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;

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)

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any steps taken to deal with any such issues; and (iv) all relationships between the external auditors and the Company;

20.discuss with the external auditors any relationships that might affect the external auditors’ objectivity and independence;

21.recommend to the Board any action required to ensure the independence of the external auditors;

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;

Internal Audit

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;

24.review and discuss the Corporation’s Code of Conduct and Corporate Governance Policies and the actions taken to monitor and enforce compliance;

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;

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;

27.monitor and review the effectiveness of the Company’s internal audit function in the context of the Company’s overall risk management system;

Financial Reporting Process

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;

29.in consultation with the external auditors, review the integrity of the Company's financial internal and external reporting processes;

30.consider the external auditors' assessment of the appropriateness of the Company's auditing standards and accounting principles as applied in its financial reporting;

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;

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;

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;

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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35.resolve any disagreements between management and the external auditors regarding financial reporting;

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;

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);

38.discuss any management or internal control letters or proposals to be issued by the external auditors of the Company;

Legal Compliance

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;

40.conduct or authorize investigations into matters within the Audit Committee's scope of responsibilities;

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;

Reporting and Powers

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

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.

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EXHIBIT 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

OPERATIONS AND FINANCIAL CONDITION

FOR THE YEAR ENDED DECEMBER 31, 2020

CONTENTS


		Page
1:	Highlights and Relevant Updates	2
2:	Core Business, Strategy and Outlook	13
3:	Review of Financial Results	21
4:	Operating Segments Performance	27
5:	Construction, Development and Other Initiatives	35
6:	Mineral Reserve and Mineral Resource Estimates	43
7:	Exploration	48
8:	Financial Condition and Liquidity	51
9:	Economic Trends, Business Risks and Uncertainties	55
10:	Contingencies	58
11:	Critical Accounting Policies and Estimates	58
12:	Non-GAAP Performance Measures	59
13:	Disclosure Controls and Procedures	67

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, 2020 ("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 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 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 MD&A include:

•Cash costs per gold equivalent ounce ("GEO") sold;

•All-in sustaining costs ("AISC") per GEO sold;

•Net debt;

•Net free cash flow;

•Average realized price per ounce of gold/silver sold; and

•Average realized price per pound of copper sold.

Reconciliations and descriptions associated with the above performance measures can be found in Section 12: Non-GAAP Performance Measures in this MD&A.

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.

MANAGING COVID-19

The Company will continue to manage its business in a way that respects, and is mindful of, the impact that COVID-19 has had and could have on local communities. The Company has endeavoured to manage its operations with the safeguarding of individuals at site and in local communities in mind. Numerous protocols have been adopted to ensure that the safety and health of employees and persons in local communities is maintained. The Company has had the assistance of a team of International SOS doctors at all South American sites to review and validate the Company’s COVID-19 protocols. These reviews found that the Company’s operations were doing extremely well in preventing the contagion and spread of COVID-19 at sites. Contributions in communities via employee screening and testing have helped to identify and trace cases near our mine sites, and the Company served an important early warning function in the communities in which it operates. Further, the Company has implemented best-in-class COVID prevention measures in its Toronto and regional offices, which are abiding by recommendations of local public health and government authorities. Staff at office sites are primarily working remotely and the Company expects a phased re-opening of offices once COVID caseloads decline and vaccination rates have increased.

The Company has actively responded to the global COVID-19 pandemic through a variety of means, such as:

•Implementing heightened levels of health screening and where cases are potentially revealed, isolation and support to workers who may have been exposed;

•Working with host communities to develop and implement local crisis management plans;

•Building up the capacity of local health clinics to be able to effectively manage community COVID cases, including the purchase of respirators, testing equipment, computers and other critical equipment;

•Donating, and anticipating to donate, hundreds of thousands of dollars in support of communities moving forward.

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•Creating digital platforms for the company to maintain a dialogue with communities about COVID-19 and other concerns.

•Further, in an effort to improve procedures, protect workers and respond quickly to specific situations, Canadian Malartic installed a COVID-19 screening test laboratory directly at the site were nursing staff collect samples and anyone entering the site may be required to take a screening test.

Yamana commends the remarkable dedication, commitment, professionalism, and compassion of its employees, contractors and suppliers, who have come together in these challenging times to drive success.

For further details on how the Company has actively responded to the global COVID-19 pandemic, please refer to Section 1 Highlights and Relevant Updates - Health, Safety, Environment and Corporate Responsibility.

1. HIGHLIGHTS AND RELEVANT UPDATES

For the three months ended December 31, 2020 unless otherwise noted

•Strong gold production of 221,659 ounces, following standout performances from Jacobina and Minera Florida. At Jacobina, production reached an all-time high and increased for the seventh consecutive year, and annual production at Minera Florida reached its highest level since 2010 and the second highest total since the mine entered production in 1986, excluding gold production from the reclamation of historic tailings.

•While production was on plan during the fourth quarter, further changes to COVID-19 restrictions were imposed by the Government of Argentina near the end of the year. Such restrictions were particularly stringent during December, impacting production at Cerro Moro. While production at Cerro Moro was below budget, production in the fourth quarter was the highest of the year and production in December was 15,121 GEO, which represents a significant improvement over prior months and quarters. Cerro Moro was also particularly impacted during the year. After the Government of Argentina mandated shutdown in March, the mine resumed operations in early April following the government's declaration of mining an essential service in April. Nonetheless, provincial restrictions over interprovincial travel temporarily extended the length of the operational ramp-up that occurred through the third quarter.

•Above plan silver production of 2,586,662 ounces, underpinned by an exceptionally strong performance from El Peñón, which greatly exceeded plan with mine sequencing favouring mining of higher silver grade zones.

•GEO production of 255,361 ounces in line with plan.

•Full year production(ii) of 901,155 GEO, including 779,810 ounces of gold and 10,365,662 ounces of silver, exceeded original guidance for the year of 890,000 GEO, and was within the plus or minus three per cent variance range of the Company's revised guidance. GEO production for the year at Jacobina, El Peñón, Canadian Malartic, and Minera Florida were all well above plan. The entire difference was attributable to further changes to COVID-19 restrictions imposed in Argentina near the end of the year which impacted production at Cerro Moro.

•Full year unitary total cost of sales, cash costs(i) and AISC(i) were $1,151, $701 and $1,080 respectively, which were modestly higher than previously forecast, mostly impacted by lower production at Cerro Moro, resulting from the re-imposition of national safety measures in Argentina in December. The Company had also anticipated that more production from Barnat at Canadian Malartic would be classified as commercial production, and as costs for such production were expected to be lower than the Company's average, overall costs would have been positively impacted. With more pre-commercial production from Barnat, costs were not positively impacted, but the margin generated from Barnat’s pre-commercial production was treated as a reduction to expansionary capital. This significant cash flow benefit resulted in the reduction of expansionary capital for the year by a further $14 million compared with plan. The net results of the modestly higher costs and lower expansionary capital was neutral, and consequently had little impact to overall generation of cash flows for the year.

•Mine operating earnings of $364.3 million, which increased by $268.9 million or 282%, in relation to the comparative prior year quarter. The increase is related the strong precious metal price environment, strong operational performances despite the impact of COVID-19 in the current year, and a net gross impairment reversal of $191.0 million taken in the fourth quarter of 2020, as noted in the Other Financial Updates section below.

•Net earnings of $103.0 million or $0.11 per share basic and diluted, compared to $14.6 million or $0.02 per share basic and diluted for the three months ended December 31, 2019. Adjusting items of $4.7 million, 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, increased earnings for the current period. Adjustments in the current period include $9.2 million of costs incurred in association with COVID-19-related temporary suspensions, standby and other incremental costs at certain operations. For a complete list of adjustments, refer to Section 3: Review of Financial Results.

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•Strong cash flows from operating activities of $181.5 million and cash flows from operating activities before net change in working capital(i) of $207.4 million reflect the impact of strong precious metal prices and the positive impact of foreign exchange on the costs of the Company. Cash flows from operating activities are at multi-year highs, which include periods with considerably more production from mines that have since been divested or discontinued.

•The Company generated net free cash flow(i) of $118.9 million, comparable to net free cash flow(i) of $123.2 million in the comparative prior year quarter, despite a reduction of sales predominantly attributable to production exceeding sales for the quarter, driven largely by strong gross margins, along with lower interest and other finance expenses in the period associated with lower levels of long term debt.

•To ensure consistency of, and prospects for cash flows, the Company compares cash flows in a particular quarter with the average of cash flows in the preceding three quarters. This measure is looked at on a rolling basis quarter over quarter. Continuing with a recent trend, cash flows from operating activities and net free cash flow(i) for the quarter exceeded the averages of such cash flows for the preceding three quarters by 25% and 6% respectively, thereby further demonstrating the strength and resilience of the cash flow generation capacity of the Company.

•As at December 31, 2020, the Company had cash and cash equivalents of $651.2 million. Cash balances include cash acquired on the integration of the Agua Rica project with the Minera Alumbrera plant and infrastructure in the fourth quarter of 2020 ("MARA Project"), with a December 31, 2020 balance of $223.1 million, which is available for utilization by the MARA Project. The remainder of the cash balance of $428.1 million, along with further liquidity and incoming cash flows, is sufficient to fully manage the Company's business and available for the Company's capital allocation objectives. This includes, but is not limited to obligations related to the Jacobina plant expansions, development of the Odyssey underground project at Canadian Malartic, generative exploration, and further financial position improvements, while having excess funds to dedicate to possible other opportunities and dividend increases.

•The Company has achieved its financial management objective of a leverage ratio of net debt to EBITDA(i) of below 1.0x when assuming a bottom-of-cycle gold price of $1,350 per ounce, underscoring the Company’s significant financial flexibility and best-in-class financial position. Net debt(i) decreased by $53.4 million in the quarter to $565.7 million, which advances the Company's objective of achieving a positive net cash(i) position, which is now well ahead of schedule. As expected and planned, capital expenditures during the fourth quarter were higher than the third quarter as the result of timing delays caused by COVID-19, and interest was paid, as payments customarily occur in the second and fourth quarters. Further, a working capital outflow occurred due to the timing delays of collection of recoverable indirect tax credits, payments associated with prepaid expenditures and advances, and an inventory buildup due to production exceeding sales that will normalize in 2021. The Company's next scheduled debt repayment is in 2022 which is expected to be repaid in full rather than refinanced.

•Increased gold mineral reserves and mineral resources, with further details as follows:

◦Replacement of mineral reserve depletion on a consolidated basis for Yamana Mines

▪Jacobina added approximately 300,000 ounces of mineral reserves, net of depletion. Average mineral reserve grade has modestly decreased as a result of parallel reefs at lower grades that are considered economical to mine. Operational costs will consequently not be affected by the change in reserve grade.

▪At Canadian Malartic, an optimized design of the Barnat pit resulted in an increase in gold mineral reserves, which significantly reduced depletion resulting from production. On a 50% basis, while 325,000 ounces of mineral reserves were depleted through production, the optimized pit design resulted in an increase of approximately 150,000 ounces. This, combined with other small additions, resulted in net depletion of only 175,000 ounces. This allows for approximately half a year of additional mine life from the open pit operation.

▪For El Peñón, the mineral reserve increase more than offset depletion for the third consecutive year. Mineral resources are comprised of multiple veins at different grades. The Company plans to draw into inventory higher conviction mineral resources from veins which are at mineral reserve grade and close to the existing mine. The Company notes an increase in mineral reserve grade from 2019, highlighting that new ounces are being converted to mineral reserves at higher than average mineral reserve grade.

▪At Cerro Moro, mineral reserves changed due to 2020 depletion and adjustments to the geological models. Higher grade intercepts at depth at Zoe and Escondida late in the year are not included in the year-end mineral reserves and mineral resources but will be followed up with drilling in 2021, along with targets that can add to a potential heap leach inventory.

◦Significant increase in mineral resources

▪Notable increase in East Gouldie at Canadian Malartic of 1.84 million ounces (at 50%) of inferred mineral resources.

◦Further, through the acquisition of the Wasamac property, discussed in Strategic Developments, the Company has been able to increase its mineral reserves and mineral resources at a very advantageous purchase price.

◦Lastly, the Company's proportionate interest in the MARA Project inventory, which has generally been shown outside of the Company's subtotals, has been added to inventory as at December 31, 2020, given its

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advanced stage and the completion of the integration of the Agua Rica project and Minera Alumbrera plant and infrastructure.

•Following impressive technical study results obtained in early February of 2021, the Company and its partner made a positive construction decision of the Odyssey project at Canadian Malartic, with first production from the Odyssey South deposit expected in 2023. The technical study outlined robust economics, a significant increase in mineral resources, and a mine life extension to at least 2039. Whereas the Company had originally considered a production platform conservatively in the range of 450,000 ounces per year, the mine now supports an expected increased annual gold production of 500,000 to 600,000 ounces on a 100% basis. Further extension of the mine life beyond 2039 provides additional upside, with several opportunities under evaluation. A NI 43-101 technical report for the Canadian Malartic operation is expected to be filed in March 2021 and will include a summary of the Odyssey underground project. Please refer to Strategic Developments, Construction Developments and Advanced Stage Projects for further details.

•Combined with modest near to mid-term capital requirements for the Company, the substantive improvement in financial position has provided the flexibility to continue returning capital to shareholders through measured and sustainable dividend increases. As such, On October 7, 2020, the Company increased its annual dividend by a further 50% to $0.105 per share, for shareholders of record at the close of business on December 31, 2020. At the new rate, the dividend will be 425% higher than the rate just 18 months ago. The Company had previously established a policy of representing the dividend on a per GEO basis, with the objective of maintaining the dividend of between $50 to $100 per GEO, and this increase positions the dividend at the high end of the range, at $100 per ounce. In the quarter, the Company modified its dividend policy such that it will no longer provide a range for its dividend on a per GEO basis, with future dividend increases above the new floor of $100 per GEO based entirely on the cash flow and cash generation capacity of the Company. As its cash flows and cash balances increase, its dividend will rise correspondingly as a percentage of cash flows and commensurate with increasing cash balances from cash flows and sources that supplement cash flows. With current levels of cash on hand, the Company would have sufficient available funds to fund its business and pay the new current dividend for several years independently of gold price. For further information on the Company's approach to maximizing cash returns to shareholders, refer to Section 2: Core Business, Strategy and Outlook.

•On October 23, 2020, the outstanding $100.0 million of the Company's $750.0 million credit facility was repaid, following strong third quarter operational results, and increased liquidity and financial flexibility. This follows the repayment of the initial $100.0 million in June, of the $200.0 million drawn during the first quarter of 2020 as a precaution due to the uncertainty around COVID-19.

•During the fourth quarter, the Company announced a further 50% increase to its annual dividend to $0.105 per share, driven by strong free cash flow generation.

•The Company balances two additional capital allocation priorities in addition to paying, maintaining and increasing dividends, which are financial management and pursuing and funding growth. In the context of growth, the Company pursues growth that is measured and consistent with the Company’s size, scale and financial resources. Opportunities for growth should meet the Company's minimum requirements that they should be funded through internal resources, meet minimum return levels that well exceed cost of capital and be of a specific size. In terms of size, opportunities should have mineral reserves and resources of at least 1.5 million ounces, which the Company considers large enough to support a mine plan with annual gold production of approximately 150,000 ounces for at least eight years. The Company does not categorize opportunities based on their size alone nor tier assets into various categories. The objective is to deliver robust returns, significant cash flows and accelerated payback. While the Company has a large portfolio of prospective and advancing exploration and development opportunities that will provide it with measured growth, as an extension of the strategy, the Company will consider the acquisition of earlier stage exploration and development opportunities, particularly where the Company can provide added value either through its regional presence, expertise or both. For full details on the Company's investment strategy, please refer to Section 2: Core Business, Strategy and Outlook.

•As a continuation of Yamana’s climate change actions, the Company has formally adopted a climate strategy, approved by the Board of Directors, to demonstrate the Company’s commitment to the transition to a low-carbon future. The strategy is underpinned by adoption of two targets: a 2°C science-based target (“SBT”) and an aspirational net-zero 2050 target. The targets are supported by foundational work to be performed in 2021 to establish a multi-disciplinary Climate Working Group, determine our emissions baseline, develop the Greenhouse Gas (“GHG”) abatement pathways required to achieve the 2°C SBT and establish preliminary, operations-specific roadmaps that describe abatement projects, estimated costs and schedules. These actions will help ensure that our long-range GHG reduction efforts are supported by practical and operationally focused short, medium and long-term actions to achieve the targets.

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Other Financial Updates

•Significant events having a non-cash accounting impact during the fourth quarter, that are not reflective of ongoing operations, include a positive impact related to a gross net impairment reversal of $191.0 million before tax, or $37.6 million after tax. The Company believes that its overall net asset value is also further enhanced by the acquisition of Wasamac and by the MARA Project, both discussed under the Strategic Development section of this MD&A. The impact of the aforementioned net impairment reversal is as follows (Refer to Section 3: Review of Financial Results of this MD&A for additional details):

◦An impairment reversal of $560.0 million in respect of El Peñón, which generated a $173.7 million deferred income tax expense, for a total net gain of 386.3 million.

◦An impairment of $369.0 million in respect of Cerro Moro, which generated a $20.0 million deferred income tax recovery, for a total net loss of $348.7 million.

Strategic Developments, Construction Developments and Advanced Stage Projects:

•MARA Project Integration

◦On December 17, 2020, the Company completed the project integration with Glencore International AG and Newmont Corporation and a new partnership was formed to manage, develop and operate the project. The development will be pursuant to the plan contemplated in the agreement and by the partners, and the Agua Rica project will be developed and operated using the existing infrastructure and facilities of Alumbrera in the Catamarca Province of Argentina. Going forward, the integrated project will be known as the MARA Project.

◦Under the agreement, Yamana, as the sole owner of Agua Rica, and the partners of Alumbrera have created a new Joint Venture pursuant to which Yamana holds a controlling ownership interest in the MARA Project at 56.25%. Glencore holds a 25.00% interest and Newmont holds an 18.75% interest. Yamana will be the operator of the Joint Venture and will continue to lead the engagement with local, provincial, and national stakeholders, and completion of the Feasibility Study and Environmental Impact Assessment for the MARA Project.

◦A MARA Project Joint Venture Technical Committee ("Technical Committee") has been formed and is comprised of representatives of the three companies. The Technical Committee is now advancing a full Feasibility Study of the Integrated Project, with updated mineral reserve, production and project cost estimates. COVID-19 introduced uncertainty into the timeline relating to the completion of the Feasibility Study, mainly due to environmental permit approvals and field work, although as the permit process is well advanced, work preparation has begun in anticipation of receiving necessary authorizations in normal course. Despite the aforementioned delays, Feasibility Study work is ongoing and key technical results are expected during 2021. While the Company continues to advance the Feasibility Study, it notes that a considerable amount of information in the Pre-Feasibility Study is already at Feasibility Study level mostly as a result of the Integration Transaction. The full Feasibility report and EIA completion are expected in 2022.

•Acquisition of Wasamac Property and Camflo Property and Mill (Acquisition of Monarch Gold)

◦On January 21, 2021 the Company completed the acquisition of 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. Yamana previously announced that it had entered into a definitive agreement with Monarch Gold on November 2, 2020 to acquire the properties under a plan of arrangement. In connection with the plan of arrangement, Monarch completed a spin-out to its shareholders, through a newly-formed company, of its other mineral properties and certain other assets and liabilities of Monarch.

◦Under the terms of the Transaction, Monarch shareholders received the following per Monarch share: 0.0376 of a Yamana share; C$0.192 in cash; and 0.2 of a share of Monarch Mining. Yamana issued 11,608,195 Yamana Shares and paid approximately C$59.3 million in cash, for total consideration of approximately C$136.1 million. Yamana’s consideration on close represented a value paid for the Wasamac asset of under $67 per ounce of mineral reserves and under $42 per ounce of mineral resources, based on mineral reserves and mineral resources in the feasibility study noted below and net of Yamana’s existing Monarch interest in Wasamac.

◦The Wasamac project further solidifies the Company’s long-term growth profile with a top-tier gold project in Quebec’s Abitibi region, where Yamana has deep operational and technical expertise and experience. The geological characteristics of the Wasamac ore body suggest it holds the potential to be an underground mine with the same scale, grade, production, and costs as Yamana’s successful Jacobina mine, and possesses many parallels to the underground project at Canadian Malartic. The Wasamac project consists of a single, continuous shear zone with a consistent grade distribution and wide mining widths, making it amenable to simple, productive, and cost efficient underground bulk mining methods. The deposit has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per tonne. Mineral resources and mineral reserves are supported by a Feasibility Study completed by Monarch in 2018 which outlined a 6,000 tonnes per day ("tpd") operation with average gold production of 160,000 ounces per year. Costs are expected to be at the lower end of the Company’s profile, providing an improvement to consolidated costs.

◦There remains excellent potential for significant future exploration success and mineral resource conversion, with the Wasamac deposit remaining open at depth and along strike. The Company will target increasing the mineral inventory and perform optimizations to further enhance the project’s value, advance engineering, and de-risk execution. Yamana plans to commence an exploration and infill drilling campaign and other studies to refine and

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expand upon the potential of Wasamac and its development alternatives, with an update on these plans to be provided by the third quarter of 2021.

◦Prior to closing the acquisition of Wasamac, in late 2020 the Company began the process of opening a regional office in the Abitibi region, and hiring personnel to manage the permitting process and related studies to update the feasibility study.

•Jacobina Optimization Project

◦The Phase 1 optimization project, whose objective was to stabilize throughput at a sustainable 6,500 tpd, was completed in June of 2020 and the project has exceeded expectations. The Company has identified opportunities to further optimize the results and recoveries achieved in Phase 1 with a modest investment. Consequently, works commenced in the third quarter for the expansion of the gravity concentration circuit, with commissioning scheduled for mid-2021, with an objective to optimize gold recovery at the higher throughput rate.

◦In addition to the incremental optimization of Phase 1, the Company is advancing the Phase 2 expansion at Jacobina, for an increase in throughput to 8,500 tpd. The Company is currently in the engineering phase, with permitting underway. Included in the mine's expansionary budget in 2021 of $29.0 million, is approximately $18.0 million for the procurement of long-lead items and expansionary development to support the higher throughput to the mill. The throughput increase will be achieved through the installation of an additional grinding line and incremental upgrades to the crushing and gravity circuits. The Phase 2 expansion is expected to increase annual gold production to approximately 230,000 ounces per year, representing a 28% increase from current levels, reduce costs, and generate significantly more cash flow and attractive returns. The Company expects to provide an update regarding capex and development schedule in mid-2021 once studies are finalized to conclude permitting. The Company anticipates that the updated capital costs will not exceed the previously estimated and disclosed $57 million, and it has already begun to incur these costs for long-lead time items. The estimated capital costs of $57 million had been based on an assumed BRL:USD rate of 4.0. The BRL:USD foreign exchange rates are currently higher at over 5.0, and consequently, the Company anticipates that the weaker rates will provide capital cost and operating cost benefits.

◦Separately, Jacobina is studying the installation of a backfill plant to allow up to 2,000 tpd of tailings to be deposited in underground voids. Preliminary results indicate that the project has the potential to improve the way in which the Company manages the environment and environmental impact, extend the life of the existing tailings storage facility consequently decreasing future capital investment intensity, and improve mining recovery resulting in an increased conversion of mineral resources to mineral reserves. The placement of backfill in empty stopes would allow for greater recovery of mineralized pillars that otherwise would have been left behind to ensure ground stability. Backfill in strategic higher grade zones would increase mineral reserves with the recovery of those mineralized pillars. The Company is advancing the backfill project to a feasibility study, to be completed in early 2021.

◦Lastly, the Company has also begun a conceptual study on a Phase 3 expansion, which would increase throughput to 10,000 tpd, utilize the third grinding line, while expanding crushing and leaching circuits and adding additional mining equipment and infrastructure.

•Canadian Malartic Underground Construction Decision

◦During the fourth quarter, the Company continued to advance studies related to the underground project at Canadian Malartic, which consists of the East Gouldie, Odyssey, and East Malartic zones (collectively known as the Odyssey project).

◦Following impressive technical study results obtained in early February of 2021, the Company and its partner made a positive construction decision of the Odyssey project at Canadian Malartic, with first production from the Odyssey South deposit expected in 2023. The technical study outlined robust economics, a significant increase in mineral resources, and a mine life extension to at least 2039. Whereas the Company had originally considered a production platform conservatively in the range of 450,000 ounces per year, the mine now supports an expected increased annual gold production of 500,000 to 600,000 ounces on a 100% basis. Further extension of the mine life beyond 2039 provides additional upside, with several opportunities under evaluation. A NI 43-101 technical report for the Canadian Malartic operation is expected to be filed in March 2021 and will include a summary of the Odyssey underground project.

◦On a 100% basis, initial expansionary capital of $1.14 billion is expected to be spent over a period of eight years, with capital requirements in any given year manageable and fully funded using the Company's cash on hand and free cash flow generation. Additionally, other growth capital expenditures and modest sustaining capital during the construction period total $191.4 million. Gold production during the 2021 to 2028 construction period is expected at 932,000 ounces (on a 100% basis) at cash costs of $800 per ounce. The net proceeds from the sale of these ounces would significantly reduce the external cash requirements for the construction of the project which, assuming the gold price used in the financial analysis for the project, would reduce the projected capital requirements in half. On a 100% basis, average annual payable production is expected to be approximately 545,400 ounces from 2029 to 2039 with total cash costs per ounce of approximately $630 per ounce. Sustaining capital from 2029 to 2039 is expected to average approximately $55.8 million per year.

◦Construction of surface infrastructure and the portal in preparation for development of the ramp started in August of 2020. The Company and its partner completed the construction of the mine office and surface facilities in the fourth quarter, to support the development, and further advanced the development of the exploration ramp into

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Odyssey and East Malartic. The exploration ramp is designed with the purpose of mining their respective upper zones and providing further exploration access to allow tighter drill spacing to further define the mineral resource base, along with headframe construction and shaft sinking. The new ramp will also provide the ability to carry out bulk sampling of 40,000 tonnes of mineralization. The budget for the ramp is C$15.25 million for 2021 on a 50% basis. Development of the exploration ramp is anticipated to take approximately two years to complete, with the first drilling platform will be established in the third quarter of 2021.

◦A 2.3 kilometre geotechnical hole in the shaft area has been completed, and detailed engineering has begun in relation to the shaft and headframe. The shaft is envisioned as a 6.4-metre diameter, 1.8 kilometre deep shaft with a hoisting capacity of approximately 20,000 tpd. As noted, the Company’s current expectation is that production from Odyssey South will begin in 2023 from the ramp, while the Company sinks the shaft to East Gouldie, with a goal to start production from East Gouldie in 2027.

For full details on the aforementioned updates, please refer to Section 5: Construction, Development and Other Initiatives.

(i)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

(ii)Included in the year ended December 31, 2020 gold production includes 18,929 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 pre-commercial production ounces that were sold during their respective period of production had their corresponding revenues and costs of sales capitalized to mineral properties.

OPERATING

Fourth quarter GEO production of 255,361 ounces exceeded plan and was comparable to prior year production of 256,288 ounces. Catalysts included standout gold production performances from Jacobina and Minera Florida and strong silver production performance from El Peñón, all of which exceeded plan. Production was on plan until changes to COVID-19 restrictions imposed in Argentina near the end of the year, and in particular in the second half of December, impacted production at Cerro Moro. Cerro Moro production was impacted by the ongoing mobilization challenges. GEO assumes gold ounces plus the gold equivalent of silver ounces using a ratio of 76.82 for the three months ended December 31, 2020, and 85.54 for the three months ended December 31, 2019. GEO calculations are based on an average realized gold to silver price ratio for the relevant period.

Fourth quarter unitary total cost of sales and cash costs(iii) were $1,131 and $675 respectively, relatively consistent with $1,117 and $656 in the comparative 2019 period. AISC(iii) for the three months ended December 31, 2020 were $1,076 per GEO sold, compared to $1,011 per GEO sold in the comparative period.

Fourth quarter costs were predominantly impacted by lower production, as a result of COVID-19 challenges primarily at Cerro Moro, due to safety-related measures in place at the mine during December, which reduced production compared to expectation and caused cost inefficiencies. Furthermore, fourth quarter consolidated sustaining capital increased as expected as the result of timing delays caused by COVID-19, and represented roughly one third of the total annual spend, which resulted in an increase in AISC(iii). The higher planned capital expenditures per ounce were partially offset by strong performances from Jacobina and Minera Florida. Further, costs were positively impacted by foreign exchange as a result of the Brazilian Real, Argentina Peso, and Chilean Peso being weaker against the US Dollar during the three months ended December 31, 2020, compared to the same quarter of 2019.

Full year GEO production was 901,155, following strong gold production performances from Malartic, Jacobina and Minera Florida, and silver production performance from El Peñón which greatly exceeded plan. GEO assumes gold ounces plus the gold equivalent of silver ounces using a ratio of 88.86 for the year ended December 31, 2020, and 86.02 for the year ended December 31, 2019. GEO calculations are based on an average realized gold to silver price ratio for the relevant period.

Full year unitary total cost of sales, cash costs(iii) and AISC(iii) were $1,151, $701 and $1,080 respectively, mostly impacted by lower production at Cerro Moro, resulting from the re-imposition of national safety measures in Argentina in December. The Company had also anticipated that more production from Barnat at Canadian Malartic would be classified as commercial production, and as costs for such production were expected to be lower than the Company's average, overall costs would have been positively impacted. With more pre-commercial production from Barnat, costs were not positively impacted, but the margin generated from Barnat’s pre-commercial production was treated as a reduction to expansionary capital. This significant cash flow benefit resulted in the reduction of expansionary capital for the year by a further $14 million compared with plan. The net results of the modestly higher costs and lower expansionary capital was neutral, and consequently had little impact to overall generation of cash flows for the year.

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	For the three months ended December 31,				For the year ended December 31,
	2020		2019		2020		2019
GEO
Production (i)(ii)	255,361		256,288		901,155		972,143
Sales (i)(ii)	246,955		257,904		876,520		990,005
Per GEO sold data (ii)(iii)
Total cost of sales (iv)	$	1,131	$	1,117	$	1,151	$	1,143
Cash costs (iii)	$	675	$	656	$	701	$	679
AISC (iii)	$	1,076	$	1,011	$	1,080	$	999

Gold and silver production for the quarter was as follows:


	For the three months ended December 31,				For the year ended December 31,
	2020		2019		2020		2019
Gold
Production (ounces) (i)(ii)	221,659		221,595		779,810		848,029
Sales (ounces) (i)(ii)	213,439		223,593		754,970		862,130
Per ounce data
Revenue	$	1,875	$	1,486	$	1,777	$	1,392
Average Realized Price (iii)(v)	$	1,875	$	1,484	$	1,777	$	1,387
Average market price (vi)	$	1,873	$	1,480	$	1,770	$	1,392
Silver
Production (ounces)	2,586,662		2,967,867		10,365,662		10,640,156
Sales (ounces) (vii)	2,563,166		2,935,673		10,382,086		11,009,552
Per ounce data
Revenue	$	24.02	$	17.55	$	21.11	$	16.39
Average Realized Price (iii)(v)	$	24.02	$	17.50	$	20.93	$	16.26
Average market price (vi)	$	24.39	$	17.31	$	20.51	$	16.20

(i)Included in the gold production figure for the year ended December 31, 2020 is 18,929 of pre-commercial production ounces (3,137 pre-commercial production ounces are included in the three months and year ended December 31, 2019), related to the Company's 50% interest in the Canadian Malartic mine's Barnat pit which achieved commercial production on September 30, 2020. Pre-commercial production ounces are excluded from sales figures, although pre-commercial production ounces that were sold during their respective period of production had their corresponding revenues and costs of sales capitalized to mineral properties, captured as expansionary capital expenditures.

(ii)Comparative period GEO and gold figures exclude contributions from the Chapada mine, which was divested in July 2019. Production for the year ended December 31, 2019 excludes 52,311 ounces. Sales figures for the three months and year ended December 31, 2019 exclude (161) and 49,578 ounces, respectively, net of quantity adjustments.

(iii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

(iv)Cost of sales consists of the sum of 'cost of sales excluding Depletion, Depreciation and Amortization' ("DDA") plus DDA.

(v)Realized prices based on gross sales compared to market prices for metals may vary due to the timing of the sales.

(vi)Source of information: Bloomberg.

(vii)Included in the three months and year ended December 31, 2020 silver sales ounces are 268,620 and 1,001,135 ounces, respectively, delivered under the silver streaming arrangement (2019: 300,000 and 844,200, respectively).

HEALTH, SAFETY, ENVIRONMENT AND CORPORATE RESPONSIBILITY

Health, safety, environment and community relations ("HSEC") programs are integrated into all our operations, development projects, and exploration programs. Yamana recognizes the importance of striving to meet and exceed its HSEC responsibility the objectives and the role these efforts have in delivering on the overall objective of creating value for all stakeholders.

The Company has actively responded to the global COVID-19 pandemic, demonstrating the Company's commitment to environment, social and governance ("ESG") excellence in action and resilience. Consistent with its mission to mine precious metals profitably and responsibly, the Company is prepared to forego production as a way to safeguard its efforts to promote health, safety and well-being of its workforce and host communities.

The Company activated its crisis response team in the early phases of the COVID-19 outbreak, the members of which are the senior executives and operational leaders, to ensure it was in a position to take quick and decisive action in what remains a fluid and fast-moving environment. Some of the decisions and actions undertaken include:

•Restricting all employee travel and shifting to remote work arrangements at corporate and regional offices.

•Restricting visitors to the Company's mines.

•Increased screening procedures, including questionnaires, temperature checks and the use of COVID testing methodologies, for anyone seeking entry into a mine.

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•Mandatory social distancing, including staggered meal times and shift changeovers to minimize the flow of people and facilitate rigorous social distancing.

•Increased cleaning and disinfecting procedures at all mines and offices.

•Increased support staff at on-site medical clinics at the Company's mines as a precautionary measure.

•Regular communications with medical experts and government authorities in every country where Yamana operates to ensure the proper precautions are in place to protect the health and safety of its employees, families, and host communities.

•Regular and active discussions with employees and union representatives to ensure they have input into health and safety precautions being implemented and that these measures and the reasons for them are well understood.

•Development of a detailed plan for a phased return to the Corporate and Regional offices.

•Working with host communities to develop and implement local crisis management plans.

Although the Company responded rapidly to the COVID-19 pandemic and has been successful in limiting the spread of COVID-19, there have been confirmed employee cases at site and in the communities surrounding the Company's operations. However, with the implementation of monitoring, testing, quarantine and contact tracing protocols, the Company has been able to isolate incidents of infection and limit their spread. The protocols implemented by the Company included contact tracing which allow each operation to rapidly identify any persons who may have come into contact with an individual who may have been infected, and to isolate and quarantine those persons, thereby limiting the spread of the infection. The individuals and those who have been in contact with the confirmed cases are then placed in in self-isolation. If at any point the Company determines that continuing operations poses an increased risk to its workforce or host communities, the Company will reduce operational activities up to and including care and maintenance and management of critical safety and environmental activities and systems. While the number of persons in quarantine has not been significant, representing only a small portion of the workforce as aforementioned, everyone initially infected has recovered. In the fourth quarter of 2020, the number of employees infected with COVID-19 rose, primarily as a result of increasing cases globally and in the regions where employees reside.

Yamana has been deeply committed to supporting its host communities throughout the COVID-19 crisis, with a wide range of initiatives including, but not limited to, the donation of thousands of facemasks, hand sanitizers, medical equipment and other critical supplies. In Chile and Brazil, the Company has made site medical teams and/or ambulances available to support local health officials fighting COVID-19 on the front lines. In Argentina, the Company is working with officials to transfer more than 80 beds and other supplies from the Cerro Moro camp to a temporary hospital, which has been established as a contingency for treating any future local COVID-19 patients. And in Brazil, the Company has worked with local NGOs and small businesses to help shift their production from clothing to production of masks for employees and local community members. In Canada, Yamana has donated $150,000 to St. Joseph’s Hospital for their COVID-19 efforts, as well as $20,000 to each of Foodbanks Canada and Conquer COVID-19 Canada. In addition, Canadian Malartic has donated a sum of $30,000 to various community organizations focusing on food aid and other support services for community members. These are just a few examples of the efforts that the Company and its operations are making to support the communities where it operates, with hundreds of thousands of dollars being allocated to the setting up of support funds for communities in the coming weeks and months. Overall, the Company has contributed more than $1 million dollars to community-related COVID initiatives.

As a continuation of Yamana’s climate change actions, the Company has formally adopted a climate strategy, approved by the Board of Directors, to demonstrate the Company’s commitment to the transition to a low-carbon future. The strategy is underpinned by adoption of two targets: a 2°C science-based target (“SBT”) and an aspirational net-zero 2050 target. The targets are supported by foundational work to be performed in 2021 to establish a multi-disciplinary Climate Working Group, determine our emissions baseline, develop the Greenhouse Gas (“GHG”) abatement pathways required to achieve the 2°C SBT and establish preliminary, operations-specific roadmaps that describe abatement projects, estimated costs and schedules. These actions will help ensure that our long-range GHG reduction efforts are supported by practical and operationally focused short, medium and long-term actions to achieve the targets.

Other recent highlights relating to HSEC are as follows:

•The Company's Total Recordable Injury Rate was 0.49(i) for the full year 2020, representing a 14% decrease from the 2019 result.

•Canadian Malartic installed a third-party COVID-19 testing lab, allowing the site to test employees and contractors prior to their entry. The lab is staffed by trained individuals and is fully operational 7 days a week.

•The Company’s Jacobina operation was named “Mining Company of the Year” in the Precious Metals category by Brasil Mineral Magazine.

•The Company successfully completed its Year 1 implementation objectives associated with the World Gold Council’s Responsible Gold Mining Principles.

•The Company successfully completed its the Year 1 implementation objectives associated with the Mining Association of Canada’s Towards Sustainable Mining Framework.

(i)Calculated on 200,000 exposure hours basis including employees and contractors.

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FINANCIAL

For the three months ended December 31, 2020

Net earnings for the three months ended December 31, 2020 were $103.0 million or $0.11 per share basic and diluted, compared to net earnings of $14.6 million or $0.02 per share basic and diluted for the three months ended December 31, 2019. Earnings for the three months ended December 31, 2020 were positively impacted by $4.7 million of items 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. Significant and unusual adjusting items in the quarter include:

•A $191.0 million pre-tax gain due to net impairment reversals at the Company's mining properties as of December 31, 2020;

•A $3.0 million gain on the partial sale of an investment in an associate;

•A $21.9 million loss on the revaluation of the Company's monetary assets and liabilities, owing to movements in local currencies in multiple jurisdictions where the Company operates;

•A $3.4 million loss on the mark-to-market of the Company's outstanding equity instruments related to share-based payments in association with Performance Share Units and Deferred Share Units, resulting from an increase in share price;

•An $9.2 million expense, representing costs incurred by the Company as a result of COVID-19-related temporary suspensions, standby or reductions at certain operations, and direct incremental costs associated with operating under COVID-19 related restrictions. Costs were incurred predominantly at Cerro Moro due to government imposed restrictions on activity, and also in Chile and Brazil due to health authority regulations for temporary workforce reductions, and/or to promote social distancing;

•$1.8 million of non-cash tax losses on unrealized foreign exchange gains and $163.9 million of tax losses on non-routine transactions and adjustments, including on the aforementioned net impairment reversals.

For a full listing of reconciling items between net earnings and adjusted net earnings for the current and comparative period, refer to Section 3: Review of Financial Results.

The aforementioned $9.2 million in COVID-19 related costs can be divided into two major categories:

•Temporary suspension and standby costs, including those associated with placing certain mines in care and maintenance and subsequent ramp-up of those operations, and the underutilization of labour and contractors in relation to the pre-COVID mine plans, and

•Other incremental costs resulting from COVID-19 including community support, additional personal protective equipment acquisitions, higher transportation costs and overtime costs resulting from lower headcount levels on site to accommodate social distancing.

COVID-19 costs are disclosed as part of mine operating earnings as temporary suspension, standby and other incremental COVID-19 costs. The Company anticipates that suspension and standby costs will be minimized prospectively. With increasing numbers of the population receiving the vaccine, we would expect to see increasing immunity and decreasing caseloads, allowing for gradual easing our COVID-related controls, associated costs toward the second half of 2021. The breakdown of the expenditures incurred during the quarter are as follows:


For the three months ended December 31, 2020 (In millions of US Dollars; unless otherwise noted)	Temporary suspension and standby costs		Other incremental COVID-19 costs		Total
Canadian Malartic	$	—	$	0.8	$	0.8
Jacobina	—		0.5		$	0.5
Cerro Moro	1.2		3.5		$	4.7
El Peñón	0.3		1.7		$	2.0
Minera Florida	0.7		0.5		$	1.2

Total	$	2.2	$	7.0	$	9.2

Despite the aforementioned temporary suspension, standby, and other incremental COVID-19 costs, mine operating earnings increased by $268.9 million or 282% in the three months ended December 31, 2020 compared to the same quarter last year, primarily due to a net impairment reversal of $191.0 million, combined with a strong precious metal price environment and the strong operating performances from Jacobina and Minera Florida. Excluding the net impairment reversal, mine operating earnings increased by $77.9 million. For detailed analysis on individual mines refer to Section 4: Operating Segments Performance.

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For the year ended December 31, 2020

Net earnings for the year ended December 31, 2020 were $203.7 million or $0.21 per share basic and diluted, compared to net earnings of $225.6 million or $0.24 per share basic and diluted for the year ended December 31, 2019.

Earnings for the year ended December 31, 2020 were negatively impacted by $107.6 million of items 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. Significant adjusting items in the year ended December 31, 2020 include:

•A $191.0 million pre-tax gain due to net impairment reversals at the Company's mining properties;

•A $21.3 million gain recorded on the discontinuation of the equity method upon the Leagold-Equinox merger;

•A $1.4 million gain on the Company's investments;

•A $21.6 million loss on the revaluation of the Company's monetary assets and liabilities, owing to movements in local currencies in multiple jurisdictions where the Company operates;

•A $31.5 million loss on the mark-to-market of the Company's outstanding equity instruments related to share-based payments;

•A $40.5 million expense, representing costs incurred by the Company as a result of COVID-19 related temporary suspension or reductions at certain operations, and direct incremental costs associated with operating under COVID-19 related restrictions. Costs were incurred predominantly at Cerro Moro and Canadian Malartic due to government imposed restrictions on activity, and also in Chile and Brazil due to health authority regulations for temporary workforce reductions, and/or to promote social distancing;

•$52.8 million of non-cash tax losses on unrealized foreign exchange losses and $183.6 million of tax losses on non-routine transactions and adjustments, including on the aforementioned net impairment reversals.

For a full listing of reconciling items between net earnings and adjusted net earnings for the current and comparative period, refer to Section 3: Review of Financial Results.


For the year ended December 31, 2020 (In millions of US Dollars; unless otherwise noted)	Temporary suspension and standby costs		Other incremental COVID-19 costs		Total
Canadian Malartic	$	1.9	$	2.6	$	4.5
Jacobina	0.4		1.6		$	2.0
Cerro Moro	10.4		8.8		$	19.2
El Peñón	1.6		5.4		$	7.0
Minera Florida	4.1		3.6		$	7.7
Other Regional Costs	—		0.1		$	0.1
Total	$	18.4	$	22.1	$	40.5

Mine operating earnings for the year ended December 31, 2020 were $702.4 million, representing an increase of $344.7 million or 96% over the same period in 2019, primarily due to a gross net impairment reversal of $191.0 million, combined with the strong performances from Jacobina, El Peñón, Canadian Malartic and Florida, and strong precious metal prices, despite the aforementioned temporary suspension, standby, and other incremental COVID-19 costs. Additionally the comparative period had a contribution of $104.2 million from Chapada (divested in July 2019). For detailed analysis on individual mines please refer to Section 4: Operating Segments Performance.

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Summary of Financial Results


	For the three months ended December 31,				For the year ended December 31,
(In millions of US Dollars; unless otherwise noted)	2020		2019		2020		2019
Revenue	$	461.8	$	383.8	$	1,561.0	$	1,612.2
Cost of sales excluding DDA	(166.8)		(169.4)		(614.1)		(782.8)
Gross margin excluding DDA	$	295.0	$	214.4	$	946.9	$	829.4
Depletion, depreciation and amortization ("DDA")	(112.5)		(119.0)		(395.0)		(471.7)
Net Impairment reversal of mining properties	191.0		—		191.0		—
Temporary suspension, standby and other incremental COVID-19 costs	(9.2)		—		(40.5)		—
Mine operating earnings	$	364.3	$	95.4	$	702.4	$	357.7
General and administrative	(23.4)		(19.3)		(85.9)		(79.4)
Exploration and evaluation	(6.0)		(3.3)		(15.1)		(10.3)
Share of loss of associates	—		(0.3)		(1.0)		(16.3)
Other operating (expenses) income, net	(1.5)		(5.6)		(14.6)		222.4

Operating earnings	$	333.4	$	66.9	$	585.8	$	474.1
Finance costs	(19.3)		(21.6)		(77.0)		(144.2)
Other costs, net	(21.6)		(3.5)		(18.7)		(19.6)
Net earnings before income taxes	$	292.5	$	41.9	$	490.1	$	310.3
Income tax expense, net	(189.5)		(27.3)		(286.5)		(84.7)
Net earnings	$	103.0	$	14.6	$	203.6	$	225.6
Per share data
Earnings per share - basic and diluted	$	0.11	$	0.02	$	0.21	$	0.24
Dividends declared per share	$	0.0263	$	0.0100	$	0.072	$	0.030
Dividends paid per share	$	0.0175	$	0.0100	$	0.056	$	0.025
Weighted average number of common shares outstanding (thousands)
Basic	952,435		950,433		951,818		950,266
Diluted	954,565		952,315		953,846		951,924
Cash flows (i)
Cash flows from operating activities	$	181.5	$	201.7	$	617.8	$	521.8
Cash flows from operating activities before net change in working capital (ii)	$	207.4	$	176.6	$	688.7	$	590.5
Cash flows from (used in) investing activities	$	136.3	$	(96.4)	$	51.4	$	432.0
Cash flows used in financing activities	$	(141.0)	$	(46.9)	$	(175.9)	$	(892.5)
Net free cash flow (ii)	$	118.9	$	123.2	$	455.7	$	321.5

(i)For further information on the Company's liquidity and cash flow position, refer to Section 8: Financial Condition and Liquidity.

(ii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Balance Sheet and Liquidity

As at December 31, 2020, the Company had cash and cash equivalents of $651.2 million and available credit of $750.0 million, for total available liquidity of $1,401.2 million. Cash balances include cash acquired on the integration of the Agua Rica project with the Minera Alumbrera plant and infrastructure in the fourth quarter of 2020, with a December 31, 2020 balance of $223.1 million.


As at, (In millions of US Dollars)	December 31, 2020		December 31, 2019
Total assets	$	8,422.9	$	7,117.2
Total long-term liabilities	$	2,808.6	$	2,489.0
Total equity	$	5,172.2	$	4,219.9
Working capital (i)	$	476.2	$	(6.7)
Cash and cash equivalents	$	651.2	$	158.8
Debt (current and long-term)	$	993.8	$	1,047.9
Net debt (ii)	$	565.7	$	889.1

(i)Working capital is defined as the excess of current assets over current liabilities, which includes assets and liabilities classified as held for sale when applicable.

(ii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

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Capital Expenditures


For the three months ended December 31,	2020		2019		2020		2019		2020		2019		2020		2019
(In millions of US Dollars)	Sustaining and other				Expansionary				Exploration				Total
Canadian Malartic (i)	$	18.6	$	13.5	$	5.1	$	9.8	$	7.0	$	0.1	$	30.7	$	23.4
Jacobina	5.4		8.2		4.8		6.9		2.0		2.7		$	12.2	$	17.8
Cerro Moro	9.0		11.9		4.4		2.6		3.5		3.8		$	16.9	$	18.3
El Peñón	9.9		7.6		0.5		0.3		4.7		2.8		$	15.1	$	10.7
Minera Florida	4.4		3.7		9.1		2.9		1.8		2.3		$	15.3	$	8.9
Other (ii)	0.5		1.7		2.5		2.8		2.0		2.2		$	5.0	$	6.7
Total	$	47.8	$	46.6	$	26.4	$	25.3	$	21.0	$	13.9	$	95.2	$	85.8


For the year ended December 31,	2020		2019		2020		2019		2020		2019		2020		2019
(In millions of US Dollars)	Sustaining and other				Expansionary				Exploration				Total
Canadian Malartic (i)	$	52.5	$	45.1	$	12.2	$	36.5	$	10.1	$	1.0	$	74.8	$	82.6
Jacobina	21.6		24.5		15.8		30.7		6.0		6.5		$	43.4	$	61.7
Cerro Moro	29.5		23.5		6.9		3.7		12.5		16.2		$	48.9	$	43.4
El Peñón	31.4		30.8		0.5		0.8		15.9		18.1		$	47.8	$	49.7
Minera Florida	12.6		13.1		19.9		11.7		7.0		9.5		$	39.5	$	34.3
Other (ii)	1.7		29.7		11.5		21.2		6.1		9.1		$	19.3	$	60.0
	$	149.3	$	166.7	$	66.8	$	104.6	$	57.6	$	60.4	$	273.7	$	331.7

(i)Canadian Malartic's Barnat pit had pre-commercial production ounce revenues and costs of sales capitalized to mineral properties against expansionary capital expenditures for the 2020 and 2019 periods.

(ii)Included in Other for the comparative period are capital expenditures relating to Chapada, which was disclosed separately in the comparative period.

The margin generated from Barnat’s pre-commercial production was treated as a reduction to expansionary capital. This significant cash flow benefit resulted in the reduction of expansionary capital for the year by a further $14 million compared with plan.

2. 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, 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. Yamana has a strong 10-year base case outlook with a sustainable production platform of 1 million GEO per year through 2030. Production will be underpinned by continued operational success at the Company’s existing operations, which have consistently replaced mineral reserves above depletion. For further details please refer to the 10-Year Outlook section.

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. 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 MARA Project integration agreement, please refer to Section 5: Construction, Development and Other Initiatives.

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Over the years, the Company has grown and generated value through strategic acquisitions and portfolio optimizations, and by pursuing organic growth to increase cash flows and unlock value at existing mines and development assets. Looking ahead, the Company’s primary objectives include the following:

•Continued focus on the Company’s operational excellence program, advancing near-term and ongoing optimizations related to production, operating costs, and key performance objectives in Health, Safety, Environment and Community Relations and Development or ESG. Underpinning this performance is our "One Team, One Goal: Zero" vision, which reflects the Company's commitment to zero harm to employees, the environment and host communities near its operations.

•Increasing mine life at the Company’s existing operating mines through exploration targeted on the most prospective properties. The Company does not rely exclusively on proven and probable mineral reserves at any point to determine mine life as that would undervalue and misrepresent the potential of its operations. Similarly, the Company does not rely solely on a reserve life index to the exclusion of other measures to determine mine life, as the Company believes there are other factors that determine mine life. Where possible, the Company endeavours to increase mineral reserves early on, although the Company recognizes that often it is more cost effective and technically efficient to progressively extend mine life as, and when, mine development is advancing. This is particularly true for underground mines and prospects. The Company believes that to rely exclusively at any given point on proven and probable mineral reserves does not give sufficient allowance for discovery of new mineral resources, history of conversion of mineral resources to mineral reserves and exploration potential. This is particularly true for El Peñón and Minera Florida for which the Company gives considerable allowance for mine life that is well in excess of mineral reserves, given the aforementioned factors of new discovery of mineral resources, historical conversion of mineral resources to mineral reserves and significant exploration potential. This will likely be true for the underground at Canadian Malartic, which today carries substantial mineral resources and not mineral reserves. Additionally, the underground at Canadian Malartic has significant potential to extend its mine life considerably.

•Maximizing the overall value of the Company as an enterprise, cash flows and free cash flows, and cash returns on invested capital, first on producing and then non-producing assets:

◦Within the producing portfolio, attention remains focused on per share measures related to the growth and quality of mineral reserves and mineral resources for mine life extensions and scope for throughput increases, metal grade and recovery improvements, and cost reductions that are expected to improve margins and cash flows.

•Maximizing cash returns to shareholders through sustainable dividends, which will also be reported as dividends per GEO produced, resulting from disciplined management of financial resources and capital allocation:

◦The Company has employed a gradual and progressive approach to dividend increases as the Company’s cash balances continue to increase from free cash flow, and successful and continuing initiatives to monetize its portfolio of non-producing assets and financial instruments;

◦The Company modified its dividend policy such that it will no longer provide a range for its dividend on a per GEO basis, with future dividend increases above the new floor of $100 per GEO based entirely on the cash flow and cash generation capacity of the Company. As its cash flows and cash balances increase, its dividend will rise correspondingly as a percentage of cash flows and commensurate with increasing cash balances from cash flows and sources that supplement cash flows;

◦Consistent with its dividend policy and sustainability objectives, the Company has sufficient cash reserves on hand to support payment of the dividend at the increased level for three years. The cash reserve fund provides the Company with the flexibility to pay the dividend at the new floor for an extended period even in a bottom of cycle gold price environment;

◦The Company will continue to engage regularly with investors to ensure it is maintaining an optimal balance between the amount payable and dividend sustainability;

◦Following the Company's initial capital spending and development phase from 2003 to 2006, the Company has consistently paid dividends since 2007. As of the date of this MD&A, dividends have aggregated to nearly $1 billion paid over 13 years.

•Consistently optimize the Company's financial position to create financial flexibility, allowing the Company to execute on its business plan and increase shareholder value. The Company successfully improved its financial flexibility with the repayment of:

◦2020: $56.0 million in senior notes issued in March 2012;

◦2019: $415.0 million in senior notes issued in March 2012 and June 2013 on a pro rata basis and indebtedness under the Company’s senior notes issued in June 2014 and December 2017; and

◦2019: $385.0 million of indebtedness under the revolving credit facility.

•Advancing the Company’s generative exploration program for the next generation of Yamana Mines:

◦Advance the Company’s most advanced exploration projects;

◦Pursue exploration and drilling programs at highly-prospective, early stage projects in the Company’s existing portfolio.

◦Expand the Company’s exploration portfolio through evaluations and targeted land acquisition

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•For strategic assets in the portfolio, the focus is to assess the best path for creation of value for shareholders, including advancing the projects through exploration, technical/financial reviews, studies and optimizations, permitting and community engagement, and/or considering strategic alternatives to realize returns from the these strategic assets. This may include developing the assets through a joint venture or other strategic arrangements, or through monetization, such as the recently accomplished successful sale of the royalty portfolio and subsequent partial sale of Nomad shares, the sale of Equinox shares, and the JV for its Suyai Project in Argentina.

•Advancement of the MARA Project, and along with our partners, determining the merits of the advancement of the Suyai Project. Please refer to Section 5: Construction, Development and Other Initiatives for further details on the status and advancement plans for these assets.

Investment and Exploration Strategy

A further primary objective of the Company, although one with an intermediate to longer-term time horizon, is the advancement of its generative exploration program. The Company has an extensive exploration portfolio with well-defined exploration prospects and organic growth opportunities in all jurisdictions, with more advanced opportunities in Canada and Brazil. The objective of the generative exploration program is to advance at least one project to achieve mineral reserve and mineral resource inventories of at least 1.5 million ounces which the Company considers large enough to support a mine plan with annual gold production of approximately 150,000 ounces for at least eight years.

The Company is continuously reviewing its capital allocation strategy, and exploring options for funding such projects that do not draw on free cash flows. Funding strategies include, but are not limited to, proceeds from the monetization of non-cash producing assets or non-core assets that do not meet the Company's precious metal and scale requirements and, where applicable, flow-through funding arrangements. Funds are allocated to develop promising internal opportunities for organic growth through exploration and provide long term growth.

To assess these opportunities, the Company relies on an experienced local exploration team that operates in its established jurisdictions and other favourable districts in North and South America.

Every project in the generative exploration program has had some drilling, with some projects more advanced than others. At Lavra Velha in Brazil and Monument Bay in Canada, the Company has identified mineral resources in various categories. In the case of Monument Bay, the Company is further advancing the project with internal technical and economic assessments considering the project as an underground mine rather than an open pit mine. While resources would be reduced from current levels, this would be an economically attractive alternative with lower required capital investment (due to the higher investment required to develop a large tonnage, low grade, open pit mine), a reduced environmental footprint and significant exploration potential for increases in mineral resources down plunge and in satellite surface areas. A new high- grade geological model is being evaluated while several well-defined high-grade zones along a 4 kilometre strike length of the deposit have been identified. An expansion drill program on these targets is planned to begin this year and extend into next year. For more details, please refer to Section 7: Exploration.

The Company will also, from time to time, make investments in prospective advancing exploration and more advanced prospects where it can provide value-added guidance either from the Company's exploration or technical services groups.

As a complement to the advancement of the internal exploration opportunities, the Company will consider the acquisition of earlier stage development assets or companies that align with Yamana's objectives for capital allocation and financial results, jurisdiction, geology and operational expertise. Such opportunities should be funded through internal resources, meet minimum return levels that well exceed cost of capital and would meet the Company's minimum requirements to achieve mineral reserve and mineral resource inventories, mine life and per year production rate. Furthermore, preference would be given to geological and operational characteristics where the Company has an identified expertise and excellent opportunities for value enhancement. Such opportunities would also extend an existing regional presence or lead to that longer-term objective. Although the Company has an established portfolio of early-to-later-stage organic growth projects, the Company also considers it prudent to consider opportunities to extend regional presences in quality jurisdictions that offer geological and operational synergies and similarities to its current portfolio of assets.

10-Year Outlook

Robust exploration results are expected to drive incremental production growth at Minera Florida, which has a low-cost opportunity to increase capacity at its existing processing plant. The long-term strategy at Minera Florida is to increase monthly throughput from 74,500 tonnes per month ("tpm") to 100,000 tpm with a corresponding production increase of up to 120,000 ounces of gold per year at AISC below $1,000 per ounce.

At El Peñón, which recently completed its twenty-first year of production, the Company has a high degree of 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 10 years. The operation is targeting annual production of 260,000 GEO at AISC below $900

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per GEO, with the production increase to be supported by the mine’s existing processing capacity of up to 4,200 tpd and no additional capital spending required. The mine's outlook is fully supported by mineral reserves and mineral resources. Mineral resources are comprised of multiple veins at different grades. The Company plans to draw into inventory higher conviction mineral resources from veins which are at mineral reserve grade and close to the existing mine. The Company notes an increase in mineral reserve grade from 2019, highlighting that new ounces being converted to mineral reserves are higher than average mineral reserve grade. Moreover, the Company continues to make new discoveries of mineral inferred ounces that are also at better grades, as noted by an increase in mineral resource grade.

The base case assumes continuing exploration success at Cerro Moro, which will support a mine life extension and heap leaching operation. The Company is investing in exploration drilling on its large mine property and surrounding area, which together exceed 300,000 hectares, with efforts currently focusing on both the core mine area and new mineralized zones close to existing mineral reserves. Significant mineralization has been identified at below current mineral reserve cut-off grades that could potentially be mined economically using lower-cost heap leach processing that would occur in parallel with the existing processing plant.

The base case also includes the Canadian Malartic underground project, which represents the next evolution for Canada’s largest gold mine. First production is expected in 2023 from the Odyssey South zone with the Upper East Gouldie zone expected to come online in 2027. The most recent underground mineral resource for the project, which was published in February 2020, showed more than 10 million ounces of gold (100% basis), including 9,596,000 ounces of inferred mineral resources (100% basis) and 830,000 ounces of indicated mineral resources (100% basis). In the interim, exploration results have been exceptional, improving economics and increasing confidence that the underground project will be a multi-hundred thousand ounce annual producer for decades. Following positive preliminary economic assessment results, obtained in early February of 2021, the Company and its partner made a construction decision of the Odyssey project at Canadian Malartic, with first production from the Odyssey South deposit expected in 2023.

The base case scenario also includes the Jacobina Phase 2 expansion, which will increase throughput to 8,500 tpd and raise annual production to 230,000 ounces, a 28% increase from current levels. In addition, the Company plans to implement a Phase 3 expansion at Jacobina which, for a modest cost, would increase throughput to 10,000 tpd without the need for additional grinding capacity and raise annual production to 270,000 ounces by approximately 2027.

The Company is well-positioned to fund all exploration, expansions, projects and opportunities identified in its guidance and decade-long outlook using available cash and cash flow from operations. Based on current forecasts, annual expansionary capital expenditures are expected to be in the range of $100 million and $125 million, on average, over the next four years, the result of which is that the Company will be well-positioned to manage all its capital allocation priorities, objectives and plans, including payment and increases in dividends. The Company forecasts that it should be able to sustain its dividend at the current rate even if the price of gold were to decline to significantly lower levels, and should be able to support and increase its dividend at the current price of gold as its cash balances increase. The Company notes that in addition to its cash balances and cash flows, it also has interests in securities, instruments and assets that can and, over time, will likely be monetized, which will further increase cash balances for redeployment to the Company’s capital allocation priorities, objectives and plans.

Upside Case

The Company’s upside case is for annual production to trend above 1 million GEO by mid-decade, reaching 1.2 million GEO by approximately 2028. The upside case is underpinned primarily by the newly acquired Wasamac project—a future underground mine located in Quebec’s Abitibi region just 100 kilometres away from Canadian Malartic. The project, which is expected to enter production in 2025, currently has a mineral reserve base of 1.8 million ounces of gold. Based on the 2018 Feasibility Study conducted by Wasamac’s previous owner, Monarch Gold, production is projected at 160,000 ounces of gold per year. Costs are expected to be at the lower end of the Company’s profile, providing an improvement to consolidated costs. Yamana believes there is considerable upside for future exploration success and mineral resource conversion, with the deposit remaining open at depth and along strike. The Company will target increasing the mineral inventory and perform optimizations to enhance the project’s value, advance engineering, and de-risk execution, leveraging the Company’s technical expertise and adhering to its disciplined capital approach.

Additional Long-Term Upside

The Company has a number of compelling development and exploration stage projects in its pipeline with the potential to drive significant long-term production upside towards the end of the current decade and beyond. These include the MARA Project, one of the largest copper-gold projects in the world; the Suyai Project, a large gold project in Chubut Province, Argentina, that is projected to reach production of up to 250,000 ounces annually in its first eight years; and a number of advanced exploration projects in the Company’s generative exploration program, including Lavra Velha, Monument Bay, Jacobina Norte, and Borborema. Assuming just two of these projects, MARA Project and Suyai, are constructed within the next 10 years, annual production would almost double.

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2021 - 2023 Production Guidance

The following table presents the Company's total gold, silver and gold equivalent ounces ("GEO") production expectations in 2021, 2022 and 2023. Actual production for the year-ended December 31, 2020 includes comparative operations, which comprise those mines in the Company's portfolio as of December 31, 2020. The Company notes that it guides on GEO production and costs based on a particular assumption of gold and silver prices. Although underlying gold and silver production does not change with the fluctuation in gold and silver prices, the change in the GEO ratio from such fluctuations may result in a different GEO production than that guided.

The production profile for 2021 to 2023 shows sequential growth in gold production. Several growth opportunities are available, and in the near and medium-term the Company remains focused on optimizing the existing portfolio of five operating mines while also advancing studies for various expansion projects and longer term development assets.

Production guidance for 2021 is slightly below the Company's guidance for 2021 from last year, entirely related to Cerro Moro. A more conservative production risk adjustment has been applied to Cerro Moro during 2021 to reflect the continued impact of Covid-19 related restrictions, as experienced in December. Costs for the mine have also been commensurately risk-adjusted.

The Company expects to continue its established trend of delivering stronger production in the second half of the year, with approximately 53% of production slated for the second half, along with quarterly sequential increases in production.

The Company looks at production within a normal range of +/- 3%, and the guidance values reflect both the mid-point and the range for the 2021-2023 period. With improved mine plans, the Company is also providing its maiden three-year guidance by mine as follows:


(000's ounces)	2020 Actual	2021 Guidance		2022 Guidance		2023 Guidance
		Mid-Point	Range	Mid-Point	Range	Mid-Point	Range
Total gold production (i)(ii)	780	862	836 - 888	870	844 - 896	889	862 - 916
Total silver production	10,366	10,000	9,700 - 10,300	9,400	9,118 - 9,682	8,000	7,760 - 8,240
Total GEO production (i)(ii)	901	1,000	970 - 1,030	1,000	970 - 1,030	1,000	970 - 1,030

(i)Included in full year 2020 production figures are 18,929 gold ounces of pre-commercial production, related to the Company's 50% interest in the Canadian Malartic mine's Barnat deposit.

(ii)GEO assumes gold ounces plus the equivalent of silver ounces using a ratio of 88.86 for 2020, and a ratio of 72.00 for 2021, 2022 and 2023.

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The following table presents mine-by-mine production results for Yamana Mines for 2020 and updates guidance provided on January 25, 2021, as the Company is now providing mine-by-mine guidance for the next three years:


(000's ounces)	Gold
	2020 Actual	2021 Guidance		2022 Guidance		2023 Guidance
		Mid-Point	Range	Mid-Point	Range	Mid-Point	Range
Canadian Malartic (50%) (i)	284	350	340 - 361	330	320 - 340	350	340 - 361
Jacobina	178	175	170 - 180	180	175 - 186	185	179 - 191
Cerro Moro	67	90	87 - 93	100	97 - 103	90	87 - 93
El Peñón	161	160	155 - 165	165	160 - 170	165	160 - 170
Minera Florida	90	87	84 - 90	95	92 - 98	99	96 - 102
Total	780	862	836 - 889	870	844 - 897	889	862 - 916


(000's ounces)	Silver
	2020 Actual	2021 Guidance		2022 Guidance		2023 Guidance


		Mid-Point	Range	Mid-Point	Range	Mid-Point	Range
Cerro Moro	5,449	5,500	5,335 - 5,665	5,000	4,850 - 5,150	3,500	3,395 - 3,605
El Peñón	4,917	4,500	4,365 - 4,635	4,400	4,268 - 4,532	4,500	4,365 - 4,635

Total	10,366	10,000	9,700 - 10,300	9,400	9,118 - 9,682	8,000	7,760 - 8,240


(000's ounces)	GEO
	2020 Actual	2021 Guidance		2022 Guidance		2023 Guidance
		Mid-Point	Range	Mid-Point	Range	Mid-Point	Range
Canadian Malartic (50%) (i)	284	350	340 - 361	330	320 - 340	350	340 - 361
Jacobina	178	175	170 - 180	180	175 - 186	185	179 - 191
Cerro Moro	132	166	161 - 171	169	164 - 174	138	134 - 142
El Peñón	217	222	215 - 229	226	219 - 233	228	221 - 235
Minera Florida	90	87	84 - 90	95	92 - 98	99	96 - 102
Total	901	1,000	970 - 1,030	1,000	970 - 1,030	1,000	970 - 1,030

Cost Outlook

The Company anticipates that it will continue to incur some costs in relation to COVID-19 in the near future. Current expectation of pandemic related costs is that those costs will continue to be incurred during the first half of the year and begin to decrease in the second half of the year with a rollout of vaccinations expected in most countries in which the Company operates. With increasing numbers of the population receiving the vaccine, we would expect to see increasing immunity and decreasing caseloads, allowing for gradual easing of our COVID related controls and associated costs toward the second half of 2021 as noted. Total costs are expected to not exceed approximately $20 million for the year. Similar to 2020, COVID-19 costs are disclosed as part of mine operating earnings as temporary suspension, standby and other incremental COVID-19 costs and are excluded from cash costs and AISC.

The expected decline in COVID-19 costs throughout the upcoming year also corresponds to the Company’s customary lower second half of the year costs, associated with higher production levels.

The following table presents cost of sales, cash costs and AISC results in 2020 and guidance ranges for 2021.

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(In US Dollars)	Total cost of sales per GEO sold				Cash costs per GEO sold (ii)				AISC per GEO sold (ii) (iii)
	2020 Actual		2021 Guidance		2020 Actual		2021 Guidance		2020 Actual		2021 Guidance


Canadian Malartic (50%) (i)	$	1,207	$	1,100-1,145	$	702	$	635-675	$	945	$	850-885
Jacobina	$	844	$	850-885	$	544	$	565-600	$	746	$	735-765
Cerro Moro	$	1,513	$	1,450-1,510	$	868	$	790-835	$	1,280	$	1,175-1,225
El Peñón	$	980	$	1,140-1,180	$	657	$	620-660	$	922	$	835-870
Minera Florida	$	1,366	$	1,170-1,220	$	862	$	740-785	$	1,152	$	1,065-1,105
Total	$	1,151	$	1,140-1,190	$	701	$	655-695	$	1,080	$	980-1,020

(i)Included in full year 2020 production figures are 18,929 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 pre-commercial production ounces that were sold during their respective period of production had the corresponding revenues and cost of sales capitalized to mineral properties.

(ii)A cautionary note regarding non-GAAP financial measures and additional subtotals in financial statements are included in Section 12: Non-GAAP Performance Measures of this MD&A.

(iii)Mine site AISC includes cash costs, mine site general and administrative expense, sustaining capital, capitalized exploration and expensed exploration. Consolidated AISC incorporates additional non-mine site costs including corporate general and administrative expense.

The following table presents expansionary capital, sustaining capital, and total exploration spend results for 2020 and expectations by mine for 2021:


	Expansionary capital				Sustaining capital				Total exploration
(In millions of US Dollars)	2020 Actual		2021 Guidance		2020 Actual		2021 Guidance		2020 Actual		2021 Guidance
Canadian Malartic (50%) (i)	$	12.2	$	63.0	$	52.5	$	73.0	$	10.1	$	15.0
Jacobina	15.8		29.0		21.6		19.0		6.0		12.0
Cerro Moro	6.9		1.0		29.5		40.0		12.5		18.0
El Peñón	0.5		1.0		31.4		31.0		15.9		18.0
Minera Florida	19.9		17.0		12.6		19.0		7.0		11.0
MARA	8.0		15.0		—		—		—		—
Wasamac	—		5.0		—		—		—		11.0
Other capital	3.5		1.0		1.7		1.0		—		—
Generative exploration (expensed)	—		—		—		—		15.1		18.0
Other exploration and overhead	—		—		—		—		6.1		7.0
Total	$	66.8	$	132.0	$	149.3	$	183.0	$	72.7	$	110.0

(i)2021 guided Expansionary Capital has been revised to reflect the positive construction decision on Odyssey at Canadian Malartic.

Approximately 70% of the Company’s expected exploration spend is capital in nature.

Capital expenditure values for 2021 do not include the cost to add to long-term ore stockpile balances at Canadian Malartic. These costs are estimated at $15.0 million for 2021 compared to $5.9 million for 2020, both on a 50% basis.

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The following table presents other expenditure results in 2020 and expectations for 2021:


(In millions of US Dollars)	2020 Actual		2021 Guidance
Total DDA	$	395.0	$	470.0-500.0
Cash based G&A	$	65.8	$	72.0
Cash income taxes paid (i)	$	99.3	$	180.0-200.0

(i)2021 guidance is based on $1,800 gold price and $25.00 silver price as per guidance assumption table below .

Cash taxes paid consider payments made in relation to withholding tax and prior years, as in certain jurisdictions, final payments related to a fiscal year’s taxes are settled in the next fiscal year.

Guidance Assumptions

Key assumptions, in relation to the above guidance, are presented in the table below.


	2020 Actual (i)		2021 Guidance
GEO Ratio	88.86		72.00
Gold	$	1,770	$	1,800
Silver	$	20.51	$	25.00
USD-CAD	1.34		1.28
USD-BRL	5.16		5.25
USD-CLP	792.17		725.00
USD-ARS	70.65		108.00

(i)Metal prices and exchange rates shown in the table above are the average metal prices and exchange rates for the year ended December 31, 2020.

MINE BY MINE NEAR-TERM OUTLOOK

Canadian Malartic (50%)

Canadian Malartic exceeded its revised 2020 guidance, producing 284,317 ounces of gold. Production last year was impacted by COVID-19 related restrictions on mining in Quebec and is forecast to increase in 2021 to 350,000 ounces, with AISC projected to decline to $850-$885 per ounce from $945 per ounce in 2020. Mining is transitioning from the Canadian Malartic pit to the Barnat pit, which is now in commercial production, and 70% of the total tonnes mined in 2021 are expected to come from Barnat. The Canadian Malartic pit will be depleted in the first half of 2023, and waste rock and tailings will be deposited into the pit beginning in 2023.

The operation continues to advance the underground project, which consists of the East Gouldie, Odyssey, and East Malartic zones, (collectively known as the Odyssey project). Key development milestones over the next three years include the development of a ramp into the Odyssey, East Malartic, and East Gouldie zones, which will allow for tighter definition drilling to further expand the mineral resource base, along with headframe construction and shaft sinking. First production from Odyssey is expected in 2023. These milestones are included in the production and cost outlooks provided above.

Jacobina

The Jacobina mine continues to be a standout performer, consistently exceeding expectations. Production in 2021 is forecast to be in a similar range to the all-time high recorded in 2020 at low AISC of $735-$765 per ounce. The operation exceeded the targeted throughput rate of 6,500 tpd for the Phase 1 expansion, and it continues to identify and implement additional processing plant optimizations to further increase throughput, improve recoveries, and reduce costs. Beyond further optimizations, the Feasibility Study for Jacobina’s Phase 2 expansion plans to increase throughput to 8,500 tpd and raise annual production to 230,000 ounces remains on track for mid-2021.

In a separate initiative, Jacobina is evaluating the installation of a backfill plant that would allow up to 2,000 tpd of tailings to be deposited in underground voids. In addition to reducing the mine’s environmental footprint, a backfill plant would extend the life of the mine’s existing tailings storage facility and improve mining recovery, resulting in increased conversion of mineral resources to mineral reserves.

El Peñón

Overall GEO production in 2021 is forecast to be in line with production in 2020, but improvements to cost structure are expected to be realized in 2021, with cash costs expected to range between $620-$660 per GEO and AISC(1) forecast at between $835-$870 per GEO. The mine’s current production rate—the result of the right-sizing of the operation initiated in late 2016—increased

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cash flow while ensuring the long-term sustainability of the mine. Exploration successes over the last two years has resulted in an increase in mineral reserves, unlocking opportunities to incrementally increase production by leveraging excess processing capacity at El Peñón. The operation can process approximately 4,200 tpd, which represents upside of 20-30% above currently budgeted levels, with no additional capital expenditures required.

Minera Florida

Minera Florida exceeded its full year production guidance. Gold production is forecast to be at a similar level in 2021. The strategy at Minera Florida is to extend mine life and unlock opportunities for increased annual gold production following an approach similar to the approach taken at Jacobina. This includes focusing on mineral reserve development and generating an inventory of prepared mining areas to increase operational flexibility. The short-term focus is to achieve consistent throughput of 74,500 tpm from the underground mine while continuing improvements in the mine that will increase feed grade to align with mineral reserve grade and set the stage for further expansions.

Cerro Moro

Production and costs in 2020 at Cerro Moro were significantly impacted by COVID-19 related restrictions on travel and work rosters. The mine and processing plant are currently running at full capacity, though COVID-19 continues to present a risk of further disruptions, particularly during the first half of the year. Exploration drilling and underground capital development were also delayed by COVID-19 in 2020. Hence, Cerro Moro is planning higher production in 2021, but will ramp-up gradually throughout the year as it mines new underground levels. Exploration drilling continues in the core mine area at Cerro Moro with positive results and opportunities to convert mineral resources into mineral reserves and generate new high-grade discoveries. The operation is evaluating construction of a heap leach operation, a lower-cost processing alternative that would allow for the processing of lower-grade mineral reserves, potentially extending mine life. The evaluation is in the early stages with a preliminary study completed and metallurgical lab testing currently underway.

3. REVIEW OF FINANCIAL RESULTS

IMPAIRMENT AND REVERSAL OF IMPAIRMENT

In the fourth quarter of 2020, in accordance with policy, operating mine sites were reviewed for indicators of impairment or reversal. The Company observed an increase in the recoverable amount of our El Peñón mine in Chile that resulted in a reversal of the impairment losses recorded in 2015 and 2016, totalling $560.0 million. This reversal was partially offset by an impairment at Cerro Moro of $369.0 million. No indicators of impairment or impairment reversal were identified for the other operating mine sites, advanced stage projects, or exploration properties. For the year ended December 31, 2020, the Company ultimately recorded a net impairment reversal of $191.0 million.

Under IFRS, an impairment loss is recognized when the carrying value of an asset (or cash-generating unit ("CGU")) is above the recoverable amount, being the higher of ‘fair value less costs of disposal’ or ‘value in use’. When the inverse is true, a reversal of a previous impairment is recognized. Based on the continuous application of this current fair value principle and updating of discounted cash flow models for changes in macro-economic and mine specific operational assumptions and triggers, it is more likely that under IFRS compared to other accounting standards, an asset will be impaired or have an impairment reversal occur earlier and/or more frequently.

El Peñón

The Company recorded impairments at the El Peñón mine in 2015 and 2016. The impairment in 2015 was a result of the Company downward adjusting its macroeconomic assumptions, which negatively impacted future estimated cash flows, and the Company's updated view on value beyond mineral reserves and mineral resources. During 2016, the Company determined that the sustainable, long-term optimal production level for the mine was a production expectation of 140,000 ounces of gold and 4,150,000 ounces of silver per annum, which negatively impacted future cash flows.

Following a standout year and solid fourth quarter from El Peñón, where sustained production and costs were in line with an improved LOM and budget, the mine demonstrated its ability to maintain its current production and cost profile. The Company considered the following factors to be an indicator of reversal of the previous impairment charge:

•Prolonged and sustained high production levels, which have led to significantly higher production than the envisioned mine plan from 2016 for both gold and silver. This was the result of both plant improvements to increase throughput, and higher grade ores being mined.

•A sustained reduction in costs benefiting from the higher production and continuous cost reduction initiatives carried out over the past year.

•Significant exploration successes throughout the year, which lead to increased mineral resources for December 31, 2020, which both extended the life of the mine and improved the life of mine models.

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The Company concluded that the recoverable amount for the El Peñón Cash Generating Unit ("CGU"), representing the CGU’s fair value less costs to dispose ("FVLCD"), exceeded the carrying amount. This resulted in a non-cash accounting reversal of the impairment charges previously recorded in 2015 and 2016 on mineral properties subject to depletion, which was limited to the carrying amount of the El Peñón CGU that would have been determined had no impairment charge been recognized in prior years, net of depletion, depreciation and amortization charges, totalling $560.0 million.

Cerro Moro

During 2020, the Cerro Moro mine experienced lower production at higher than expected unit costs, predominantly as a result of COVID-19. The following considerations were taken into account while developing the new LOM plan:

•Country-specific matters such as the announcement on December 30, 2020 of the change to the export tax in Argentina to 4.3%, and its indefinite extension.

•Expected lower annual production in comparison with prior year guidance and expectations, particularly for 2021.

•A higher cost structure than previously anticipated and consistent with current costs being observed in the operation, which have exceeded those in the Company’s budget and guidance due to general cost pressures, inefficiencies and general operational challenges in relation to COVID-19.

•Delays in reaching previously targeted exploration results and mineral reserve and mineral resource additions. Despite promising recent results in core areas of the mine and newly discovered areas, the Company has been delayed in its goal of increasing mineral reserves and mineral resources in the operation.

Given the decrease in the overall Cerro Moro CGU profitability as identified in the latest LOM plan, the impact of the LOM plan on the value of exploration potential and land interest, and the impact of a reduction in reserves and resources, the Company concluded that these factors represent an indicator of impairment for Cerro Moro as of December 31, 2020. The Company concluded that the recoverable amount for the Cerro Moro CGU, representing the CGU’s FVLCD, was below the carrying amount. In consideration of the above, a non-cash accounting impairment of $369.0 million was recognized.

FOR THE THREE MONTHS ENDED DECEMBER 31, 2020

Net Earnings

Net earnings for the three months ended December 31, 2020, were $103.0 million or $0.11 per share basic and diluted, compared to net earnings of $14.6 million or $0.02 per share basic and diluted for the three months ended December 31, 2019. Net earnings and earnings per share for the three months ended December 31, 2020 and 2019 were affected by the following non-cash and other items that management believes are not reflective of current and ongoing operations, and which may be used to adjust or reconcile input models in consensus estimates:


	For the three months ended December 31,
(In millions of US Dollars; except per share amounts)	2020		2019
Non-cash unrealized foreign exchange losses	$	21.9	$	0.6
Share-based payments/mark-to-market of deferred share units	3.4		3.2
Mark-to-market (gains) losses on derivative contracts, investments and other assets and liabilities	(5.8)		(0.9)
Gain on sale of subsidiaries, investments and other assets	(3.0)		—

Temporary suspension and standby costs	2.2		—
Other incremental COVID-19 costs	7.0		—

Net pre-tax impairment reversal of mining properties	(191.0)		—

Other provisions, write-downs and adjustments (i)	6.7		7.5
Non-cash tax on unrealized foreign exchange gains	1.8		(3.9)
Income tax effect of adjustments	(2.4)		(0.2)
One-time tax adjustments	163.9		5.8
Total adjustments - increase (decrease) to earnings	$	4.7	$	12.1
Total adjustments - increase (decrease) to earnings per share	$	—	$	0.01

(i)This balance includes, among other things, revisions in estimates and write-downs & provisions, or reversals of provisions, for items such as tax credits and legal contingencies.

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Revenue

In the three months ended December 31, 2020, revenue was $461.8 million compared to $383.8 million in the same period in 2019. The 20% increase was primarily attributable to higher realized prices for gold and silver in the current period. Further, revenues and inventory levels were impacted by production exceeding sales in the fourth quarter, due to the timing of scheduled pickups at mine. The higher inventory levels resulted in a working capital build-up as at December 31, 2020, which is expected to normalize in 2021, predominantly in the first quarter.

For a cautionary note on non-GAAP performance measures and a reconciliation to average realized prices, refer to Section 12: Non-GAAP Performance Measures.

Cost of Sales Excluding DDA

Cost of sales excluding DDA was consistent with the same quarter in prior year due to similar GEO production levels, decreasing by $2.6 million or 2%, with insignificant changes across all mine operations.

Depletion, Depreciation and Amortization (DDA)

Total DDA expense decreased $6.5 million or 5% for the three months ended December 31, 2020 when compared to the same period in 2019, primarily due to lower sales volumes as discussed above, as well as lower DDA at El Peñón resulting from reduced rates of depletion in the current period due to additions to mineral reserves and resources announced at December 31, 2019.

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, 2020, G&A expenses were $4.1 million or 21% higher than in the same period in 2019, predominantly due to stock-based compensation expense being comparatively higher by $3.2 million. The increase is related to stock based-compensation granted in previous years, and in particular related to performance share units. Due to the significant increase in the Company share price during 2020, as well as its outperformance in relation to certain indexes, the expense the Company has had to record in relation to these historical units increased. The Company's cash G&A expenses were $18.6 million for the three months ended December 31, 2020.

Exploration and Evaluation

Exploration and evaluation expenses of $6.0 million for the three months ended December 31, 2020 were higher than in 2019 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.

Share of Earnings/loss of Investments in Associates

The Company's investments in associates at December 31, 2020 comprised of investments in Nomad Royalty Company and Monarch Gold, with the Company's share of loss of associates in the three months ended December 31, 2020 was nil. For the same period in 2019, the Company recorded a share of loss of associate of $0.3 million, which represented Yamana's share of its then associate Leagold's loss for the period. On March 10, 2020, Leagold merged with Equinox and as a result of its reduced shareholding in the combined entity Yamana ceased to have significant influence in the investee, and therefore, discontinued equity accounting for the investment using the equity method from this date.

Other Operating Expenses/income

In the three months ended December 31, 2020, the Company recorded other operating expenses of $1.5 million compared to other operating expenses of $5.6 million for the same period in 2019. Operating expenses are comprised primarily of contributions to social and infrastructure development causes in jurisdictions where the Company is active, business development related costs, changes in provisions, and mark-to-market adjustments on financial assets and liabilities.

Finance Costs

Finance costs decreased $2.2 million or 10% in the three months ended December 31, 2020 compared to the same period in 2019. The Company repaid $56.0 million of senior notes in the first quarter of 2020, and as a result, interest expense associated with long term debt has decreased in 2020.

Other Income/costs

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Other costs were $21.6 million in the three months ended December 31, 2020, compared to other costs of $3.5 million in the comparative period. Other income/costs is comprised primarily of unrealized gains and losses on derivatives and foreign exchange and, given the nature of these items, is expected to fluctuate from period to period. The loss in the current period was primarily due to unrealized foreign exchange losses.

Income Tax Expense

The Company recorded an income tax expense of $189.5 million for the three months ended December 31, 2020, as a result of the reversal of impairment in relation to the comparative quarter's income tax expense of $27.3 million. The income tax provision further reflects a current income tax expense of $24.4 million and a deferred income tax expense of $165.1 million, compared to a current income tax expense of $24.0 million and a deferred income tax recovery of $3.4 million for the three months ended December 31, 2019.

Included in the income tax expense is the non-recognition of deferred tax assets of $52.9 relating to impairments for the three months ended December 31, 2020 compared to a recognition of deferred tax asset of $28.6 for the three months ended December 31, 2019. Withholding taxes of $1.6 million are included in income tax expense for the three months ended December 31, 2020 compared to withholding taxes of $1.8 million for the same period in 2019. The income tax expense also includes mining taxes of $8.3 million for the three months ended December 31, 2020, compared to mining taxes of $18.0 million in the three months ended December 31, 2019.

FOR THE YEAR ENDED DECEMBER 31, 2020

Net Earnings

Net earnings for the year ended December 31, 2020, were $203.7 million or $0.21 per share basic and diluted, compared to net earnings of $225.6 million or $0.24 per share basic and diluted for the year ended December 31, 2019.

Net earnings and earnings per share for the year ended December 31, 2020 and 2019 were affected by the following non-cash and other items that management believes are not be reflective of current and ongoing operations, and which may be used to adjust or reconcile input models in consensus estimates:


	For the year ended December 31,
(In millions of US Dollars; except per share amounts)	2020		2019
Non-cash unrealized foreign exchange (gains) losses	$	21.6	$	29.0
Share-based payments/mark-to-market of deferred share units	31.5		15.0
Mark-to-market (gains) losses on derivative contracts, investments and other assets and liabilities	(6.9)		0.1
Gain on sale of subsidiaries, investments and other assets	(1.4)		(284.6)
Gain on discontinuation of the equity method of accounting	(21.3)		—
Temporary suspension and standby costs	18.4		—
Other incremental COVID-19 costs	22.1		—

Share of one-off provision recorded against deferred income tax assets of associate	—		13.0
Net pre-tax impairment reversal of mining properties	(191.0)		—
Financing costs paid on early note redemption	—		35.0
Other provisions, write-downs and adjustments (i)	17.9		42.0
Non-cash tax on unrealized foreign exchange losses	52.8		17.9
Income tax effect of adjustments	(19.7)		(0.5)
One-time tax adjustments	183.6		26.9
Total adjustments - increase (decrease) to earnings	$	107.6	$	(106.1)
Total adjustments - increase (decrease) to earnings per share	$	0.11	$	(0.11)

(i)This balance includes, among other things, revisions in estimates and write-downs & provisions, or reversals of provisions, for items such as tax credits and legal contingencies.

Revenue

For the year ended December 31, 2020, revenue was $1,561.0 million compared to $1,612.2 million for the year ended December 31, 2019. The difference was primarily attributable to the absence of contributions from the Chapada mine (divested July 5, 2019), which contributed $226.8 million to revenue in the comparative year, as well as lower sales volumes from the Canadian Malartic and Cerro Moro mines, which were impacted by their respective temporary demobilization and suspension of operations as a result of the COVID-19 pandemic, and subsequent ramp up periods. The decreases in sales volumes were partially offset by higher realized prices for gold and silver in the current year, and by increases in sales volumes at the Jacobina, El Peñón and Minera Florida mines. Further, revenues and inventory levels were impacted by production exceeding sales in the

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fourth quarter, due to the timing of scheduled pickups at mine. The higher inventory levels resulted in a working capital build-up as at December 31, 2020, which is expected to normalize in 2021, predominantly in the first quarter.

For a cautionary note on non-GAAP performance measures and a reconciliation to average realized prices, refer to Section 12: Non-GAAP Performance Measures.

Cost of sales Excluding DDA

Cost of sales excluding DDA decreased $168.7 million or 22% for the year ended December 31, 2020 compared to the same period in 2019, primarily due to sales volumes as discussed above, and the absence of cost of sales excluding DDA from Chapada ($111.2 million in the comparative year). Cost of sales excluding DDA was also positively impacted by ongoing operational efficiencies at El Peñón, improving per unit costs, and the depreciation of certain local currencies against the US Dollar.

Depletion, Depreciation and Amortization (DDA)

Total DDA expense decreased $76.6 million or 16% for the year ended December 31, 2020 compared to the same period in 2019, primarily due to sales volumes as discussed above, as well as lower DDA at El Peñón and Jacobina resulting from reduced rates of depletion in the current period due to additions to mineral reserves and resources at these mines announced at December 31, 2019. The comparative year also included $11.9 million of DDA related to Chapada.

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, 2020, G&A expenses increased $6.5 million or 8% compared to the same period in 2019, predominantly due to stock-based compensation expense being comparatively higher by $9.1 million. The increase is related to stock based-compensation granted in previous years, and in particular related to performance share units. Due to the significant increase in the Company share price during 2020, as well as its outperformance in relation to certain indexes, the expense the Company has had to record in relation to these historical units increased. The Company's cash G&A expenses of $65.8 million for the year ended December 31, 2020 were in line with that guided.

Exploration and Evaluation

Exploration and evaluation expenses of $15.1 million for the year ended December 31, 2020 were higher than the same period in 2019 due to increased expenditures relating to the ongoing 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.

Share of Earnings/loss of Associates

The Company's share of net loss related to its associates totalled $1.0 million for the year ended December 31, 2020, and was comprised of the Company's share of losses of Leagold prior to Yamana ceasing to have significant influence in Leagold in March 2020, partially offset by the Company's share of net earnings in Nomad Royalty Company and Monarch Gold, both of which were acquired in the latter half of the second quarter of 2020. In 2019, the Company recorded losses of $16.3 million, being the Company's share of Leagold's losses for the year, which included the Company recognizing its share of a $63.5 million provision recorded against Leagold's deferred income tax assets during the year.

Other Operating Expenses/income, Net

In the year ended December 31, 2020, the Company recorded other operating expenses of $14.6 million. In 2019, the Company recorded other operating income of $222.4 million, which was primarily comprised of the $273.1 million gain recognized upon the sale of Chapada, partially offset by various other operating expenses. Other operating expenses recorded in the current year include a $10.9 million mark to market loss on deferred share unit compensation due to the increase in the Company's share price, contributions to social and infrastructure development causes in jurisdictions where the Company is active, and various other individually insignificant operating expenses. These expenses were partially offset by a $21.3 million gain recognized upon the discontinuation of the equity method on the Company's investment in Leagold (now Equinox) in the first quarter of 2020. 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.

Finance Costs

Finance costs decreased $67.2 million or 47% in the year ended December 31, 2020 compared to the same period in 2019, primarily attributable to the lower interest expense in the current year, following the repayment of $800.0 million of debt during the third quarter of 2019. The reduction in the carrying amount of debt has significantly reduced the carrying cost of interest on debt, freeing up cash for other uses and for the Company to further improve its net debt position. Further, finance costs in the

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prior year included a $35.0 million expense relating to the early redemption of certain of the Company's senior notes in connection with the above mentioned repayment of debt in the third quarter of 2019.

Other Costs/income, Net

Other costs were $18.7 million in the year ended December 31, 2020, compared to other costs of $19.6 million in the comparative year. Other costs/income is comprised primarily of realized and unrealized gains and losses on derivatives and foreign exchange and, given the nature of these items, is expected to fluctuate from year to year. The loss in the prior year was primarily due to foreign exchange losses, partially offset by the realized gain on the sale of the Gold Price Instrument obtained as part of the consideration from the sale of Chapada.

Income Tax Expense

The Company recorded an income tax expense of $286.4 million for the year ended December 31, 2020, compared to an income tax expense of $84.7 million in 2019. The income tax provision reflects a current income tax expense of $116.2 million and a deferred income tax expense of $170.3 million compared to a current income tax expense of $95.0 million and a deferred income tax recovery of $10.3 million for the year ended December 31, 2019.

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 58.4% on the earnings before tax for the year ended December 31, 2020, compared to an effective tax rate of 27.3% 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, 2020 and 2019:

•Mining tax in the amount of $28.9 million for the year ended December 31, 2020 and $29.1 million for the year ended December 31, 2019 was recorded in income tax expense. These taxes are incurred in Chile and Canada and are calculated based on taxable income and are considered an income tax.

•The tax provision was also impacted by the non-recognition of deferred tax assets in the amount of $53.4 million, mainly relating to impairments, for the year ended December 31, 2020 compared to the recognition of deferred tax assets of $20.6 million for the year ended December 31, 2019.

•Withholding taxes in the amount of $8.4 million are included in the income tax expense for the year ended December 31, 2020 compared to $6.7 million for the year ended December 31, 2019. Withholding taxes are paid on intercompany interest and dividends.

•Permanent differences of $63.2 million reduced the income tax expense for the year ended December 31, 2019, mainly relating to the sale of Chapada, compared to an increase in income tax expense of $28.1 million in December 31, 2020

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 30% in 2020, decreasing to 25% in 2021; 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 Argentina to delay the decrease to 25% until 2022, however, this change will not have a material impact on the current or deferred tax expense 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.

The largest components of the net deferred tax liabilities relate to:


As at December 31, (In millions of US Dollars)	2020	2019
Canadian Malartic	296.6	318.5
Jacobina	188.7	169.1
El Peñón	234.6	51.8
Agua Rica	266.0	266.6
Exploration potential	171.1	245.9

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QUARTERLY FINANCIAL SUMMARY


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)	2020		2020		2020		2020		2019		2019		2019		2019
Financial results
Revenue	$	461.8	$	439.4	$	303.4	$	356.5	$	383.8	$	357.8	$	463.5	$	407.1
Net earnings (loss)	$	103.0	$	55.6	$	—	$	45.0	$	14.6	$	201.3	$	14.1	$	(4.1)
Per share - basic and diluted	$	0.11	$	0.06	$	—	$	0.05	$	0.02	$	0.21	$	0.01	$	—

4. OPERATING SEGMENTS PERFORMANCE

CANADIAN MALARTIC (50% interest), CANADA

Canadian Malartic is an open pit gold mine, located in the Abitibi region of Quebec, Canada. The Company and its partner, Agnico Eagle Mines Limited ("Agnico"), each own 50% of Canadian Malartic General Partnership (the "Partnership").


	For the three months ended December 31,				For the year ended December 31,
Key Performance Information	2020		2019		2020		2019
Operating
Ore mined (tonnes)	3,285,723		3,589,493		12,012,693		14,642,808
Waste mined (tonnes)	2,718,493		3,274,236		10,649,407		13,780,384
Ore processed (tonnes)	2,868,329		2,720,660		10,399,882		10,524,531
GEO (i)
Production (ounces) (ii)	86,371		85,042		284,317		334,596
Sales (ounces) (ii)	84,348		84,673		264,198		330,851
Feed grade (g/t)	1.06		1.09		0.97		1.12
Recovery rate (%)	88.0		89.1		87.4		88.7
Total cost of sales per GEO sold	$	1,126	$	1,039	$	1,207	$	1,011
Cash costs per GEO sold (iii)	$	634	$	627	$	702	$	601
AISC per GEO sold (iii)	$	898	$	828	$	945	$	782
DDA per GEO sold	$	493	$	412	$	505	$	409
Financial (millions of US Dollars)
Revenue	$	158.4	$	125.9	$	471.0	$	460.5
Cost of sales excluding DDA	(53.4)		(53.1)		(185.4)		(198.9)
Gross margin excluding DDA	$	105.0	$	72.8	$	285.6	$	261.6
DDA	(41.5)		(34.9)		(133.4)		(135.4)
Temporary suspension, standby and other incremental COVID-19 costs	(0.8)		—		(4.5)		—
Mine operating earnings	$	62.7	$	37.9	$	147.7	$	126.2
Capital expenditures (millions of US Dollars)
Sustaining and other	$	18.6	$	13.5	$	52.5	$	45.1
Expansionary (ii)	$	5.1	$	9.8	$	12.2	$	36.5
Exploration	$	7.0	$	0.1	$	10.1	$	1.0

(i)GEO information relates to gold.

(ii)Included in the gold production figure for the year ended December 31, 2020 is 18,929 of pre-commercial production ounces (3,137 pre-commercial production ounces are included in the three months and year ended December 31, 2019), related to the Company's 50% interest in the Canadian Malartic mine's Barnat pit which achieved commercial production on September 30, 2020. Pre-commercial production ounces are excluded from sales figures, although pre-commercial production ounces that were sold during their respective period of production had their corresponding revenues and costs of sales capitalized to mineral properties, captured as expansionary capital expenditures.

(iii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Canadian Malartic's production for the fourth quarter exceeded the comparative period in 2019 due to higher mill throughput, and the mine's performance for the year was exceptional, with production exceeding its revised plan. The successful ramp-up of the Barnat pit during the year resulted in Barnat declaring commercial production on September 30, 2020, and consequently Barnat pit revenues and costs of production ceased to be capitalized effective October 1, 2020. In addition, DDA associated with the Barnat pit's capitalized costs started being depleted October 1, 2020. Canadian Malartic continued to remove overburden at Barnat during the fourth quarter with overburden removal expected to be complete by the end of first quarter, and topographic drilling and blasting expected to be completed by the third quarter of 2021, according to plan.

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Unitary costs were lower in the comparative quarter and year-to-date period, a result of the fixed production costs being distributed over more ounces in the prior year. Current year grades were lower due to sequencing from COVID-19 impacts. Further, the timing and increase in sustaining capital, as planned, in the current versus comparative periods impacted costs for the period. Unitary and absolute DDA observed in the fourth quarter was primarily driven by the declaration of commercial production on Barnat, upon which depletion of the deposit commenced.

The Canadian Malartic mine entered care and maintenance on March 24, 2020, in response to government restrictions related to COVID-19 that required mining companies to minimize operational activities. During this period, Canadian Malartic developed a robust plan of preventative measures against COVID-19 to ensure the health and safety of its employees, families, and communities. On April 14, 2020, following the Government of Quebec’s decision to authorize the resumption of mining activities, the Partnership announced that the Canadian Malartic would resume operations starting on April 15, 2020. The remobilization occurred with full attention to the health and safety of returning employees, contractors, and suppliers. These precautionary measures complied with the recommendations of the Quebec Department of Public Health and the province’s Committee on Standards, Equity, and Occupational Safety (CNESST) and include enhanced screening of all individuals entering the mine, including temperature checks; mandatory social distancing; enhanced sanitization and disinfecting; and preparedness planning in the event of a suspected or confirmed case of COVID-19. The ramp-up progressed faster than expected. Further, in an effort to improve procedures, protect workers and respond quickly to specific situations, Canadian Malartic installed a COVID-19 screening test laboratory directly at the site where nursing staff collect samples and anyone entering the site may be required to take a screening PCR test.

During the fourth quarter, the Company continued to advance studies related to the underground project at Canadian Malartic, which consists of the East Gouldie, Odyssey, and East Malartic zones (collectively known as the Odyssey project).

Following impressive technical study results obtained in early February of 2021, the Company and its partner made a positive construction decision of the Odyssey project at Canadian Malartic, with first production from the Odyssey South deposit expected in 2023. The technical study outlined robust economics, a significant increase in mineral resources, and a mine life extension to at least 2039. Whereas the Company had originally considered a production platform conservatively in the range of 450,000 ounces per year, the mine now supports an expected increased annual gold production of 500,000 to 600,000 ounces on a 100% basis. Further extension of the mine life beyond 2039 provides additional upside, with several opportunities under evaluation. A NI 43-101 technical report for the Canadian Malartic operation is expected to be filed in March 2021 and will include a summary of the Odyssey underground project.

On a 100% basis, initial expansionary capital of $1.14 billion is expected to be spent over a period of eight years, with capital requirements in any given year manageable and fully funded using the Company's cash on hand and free cash flow generation. Additionally, other growth capital expenditures and modest sustaining capital during the construction period total $191.4 million. Gold production during the 2021 to 2028 construction period is expected at 932,000 ounces (on a 100% basis) at cash costs of $800 per ounce. The net proceeds from the sale of these ounces would significantly reduce the external cash requirements for the construction of the project which, assuming the gold price used in the financial analysis for the project, would reduce the projected capital requirements in half. On a 100% basis, average annual payable production is expected to be approximately 545,400 ounces from 2029 to 2039 with total cash costs per ounce of approximately $630 per ounce. Sustaining capital from 2029 to 2039 is expected to average approximately $55.8 million per year.

Construction of surface infrastructure and the portal in preparation for development of the ramp started in August of 2020. The Company and its partner completed the construction of the mine office and surface facilities in the fourth quarter, to support the development, and further advanced the development of the exploration ramp into Odyssey and East Malartic. The exploration ramp is designed with the purpose of mining their respective upper zones and providing further exploration access to allow tighter drill spacing to further define the mineral resource base, along with headframe construction and shaft sinking. The new ramp will also provide the ability to carry out bulk sampling of 40,000 tonnes of mineralization. The budget for the ramp is C$15.25 million for 2021 on a 50% basis. Development of the exploration ramp is anticipated to take approximately two years to complete, with the first drilling platform will be established in the third quarter of 2021.

A 2.3 kilometre geotechnical hole in the shaft area has been completed, and detailed engineering has begun in relation to the shaft and headframe. The shaft is envisioned as a 6.4-metre diameter, 1.8 kilometre deep shaft with a hoisting capacity of approximately 20,000 tpd. As noted, the Company’s current expectation is that production from Odyssey South will begin in 2023 from the ramp, while the Company sinks the shaft to East Gouldie, with a goal to start production from East Gouldie in 2027.

For full details on the construction decision, please refer to Section 5: Construction, Development and Other Initiatives.

The main focus of exploration during the fourth quarter was to provide support for an aggressive infill drill program at East Gouldie, where thirteen diamond drill rigs completed 27,000 metres, bringing the year total to 105,000 metres drilled. Of these, 97,000 metres were drilled on the East Gouldie target with the remainder on East Malartic and Odyssey.

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JACOBINA, BRAZIL

Jacobina is a complex of underground gold mines located in Bahia state, Brazil.


	For the three months ended December 31,				For the year ended December 31,
Key Performance Information	2020		2019		2020		2019
Operating
Ore mined (tonnes)	610,257		600,048		2,470,091		2,298,631
Ore processed (tonnes)	580,287		567,329		2,425,886		2,254,793
GEO (i)
Production	44,165		41,774		177,830		159,499
Sales	42,789		44,293		175,561		160,142
Feed grade (g/t)	2.44		2.38		2.36		2.28
Recovery rate (%)	96.9		96.4		96.5		96.7
Total cost of sales per GEO sold	$	907	$	799	$	844	$	947
Cash costs per GEO sold (ii)	$	590	$	529	$	544	$	593
AISC per GEO sold (ii)	$	807	$	827	$	746	$	845
DDA per GEO sold	$	317	$	270	$	300	$	354
Financial (millions of US Dollars)
Revenue	$	80.7	$	65.6	$	312.1	$	224.0
Cost of sales excluding DDA	(25.2)		(23.4)		(95.5)		(94.9)
Gross margin excluding DDA	$	55.5	$	42.2	$	216.6	$	129.1
DDA	(13.6)		(12.0)		(52.6)		(56.7)
Temporary suspension, standby and other incremental COVID-19 costs	(0.5)		—		(2.0)		—
Mine operating earnings	$	41.4	$	30.2	$	162.0	$	72.4
Capital expenditures (millions of US Dollars)
Sustaining and other	$	5.4	$	8.2	$	21.6	$	24.5
Expansionary	$	4.8	$	6.9	$	15.8	$	30.7
Exploration	$	2.0	$	2.7	$	6.0	$	6.5

(i)GEO information relates to gold.

(ii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Jacobina continues to be a standout performer, and once again exceeded its quarterly and annual production plan, as well as comparative period results. Recovery rates and grade for the fourth quarter both exceeded plan, and were higher than the comparative quarter, which resulted in the higher production. Mill throughput for the quarter was impacted by approximately 6%, due to a planned maintenance shutdown of one of the ball mills. The shutdown was also opportunely used to implement further Phase 1 optimization components, and to run tests confirming the design basis of the Phase 2 plant expansion of 8,500 tpd, while utilizing the availability from the main grinding line. Following the shutdown, the mill resumed processing at an average of 6,800 tpd, resulting from the commissioning of the initial Phase 1 expansion implemented earlier in the year. Given the success of Phase 1, the Company has begun to further optimize Phase 1 with the goal of optimizing gold recovery at 96% to 97% while maintaining the higher throughput rate. For further information on Phase 1, Phase 2 and a new conceptual study on Phase 3 developments at Jacobina please refer to Section 5: Construction, Development and Other Initiatives.

Unitary cash costs were better than plan in the fourth quarter of 2020. Planned higher sustaining capital expenditure and exploration spend associated with deferrals during the year to accommodate the impacts of COVID-19 in the fourth quarter occurred as expected. On a year-to-date basis, unitary costs were lower than plan, and significantly improved over the comparative period as a result of the increased production in association with higher throughput, and the positive impact as a result of the devaluation of the Brazilian Real compared to the US Dollar. Underground mine development work is in line with the mine plan at 1,500 metres per month, to sustain the current production rate of 6,800 tpd with sufficient operational flexibility.

Exploration activities at Jacobina continued as planned during the fourth quarter as COVID related protocols were adhered to in order to provide a safe and effective working environment. Field activities such as surface mapping and sampling were reduced to avoid increased travel, however drilling was carried out as planned, with four drills active during the quarter. Drilling activity during the quarter continued to be weighted toward exploration in response to better than anticipated infill drilling results in previous quarters.

A total of 5,663 metres of drilling were completed in the fourth quarter at Jacobina, including 898 metres of infill drilling to convert inferred mineral resources to indicated mineral resources, and 4,765 metres of exploratory drilling dedicated to defining new inferred mineral resources. The infill program focused on delineation of new indicated resources in higher-grade areas of the mine, with a total of 7,541 metres completed during 2020. Infill drilling during the fourth quarter included five holes completed at

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the Canavieiras Sul and Canavieiras Central connector zone following completion earlier this year of an exploration drift connecting these two sectors. Assays results are pending but core is visually positive.

Exploration drilling activity at Jacobina in the fourth quarter focused on definition of new inferred resources, was carried out at the extension of Canavieiras Sul along the connector between Canavieiras Sul and Canavieiras Central and at João Belo Sul, bringing total exploration drilling in 2020 at Jacobina to 12,644 metres. Exploration drilling carried out at Canavieiras Sul and Central connector during the quarter continued to return positive results from LVL, LU, MU and Maneira reefs in step-out drilling, confirming a new high-grade sector along a 300 metre north-south strike length close to existing mine infrastructure. Fourth quarter exploration drilling at João Belo Sul returned significant results from the LMPC reef, providing confirmation of historical results in this sector..

Generative work during the fourth quarter included 1,591 metres of drilling in three holes testing the João Belo Sul, Morro do Cuscuz and Morro do Vento Leste targets. Two drill holes totaling 957 metres were completed at the Barrocão Velho target in Jacobina Norte, with most assay results pending.

CERRO MORO, ARGENTINA

Cerro Moro is an underground and open pit gold-silver mining operation, located in the province of Santa Cruz, Argentina.


	For the three months ended December 31,				For the year ended December 31,
Key Performance Information	2020		2019		2020		2019
Operating
Ore mined (tonnes)	69,189		101,020		277,040		352,332
Waste mined (tonnes)	817,001		1,497,928		3,655,450		6,640,990
Ore processed (tonnes)	97,096		99,593		320,701		367,334
GEO
Production	42,943		45,102		132,415		194,574
Sales	44,101		45,690		133,358		213,077
Total cost of sales per GEO sold	$	1,343	$	1,456	$	1,513	$	1,293
Cash costs per GEO sold (i)	$	768	$	811	$	868	$	725
AISC per GEO sold (i)	$	1,139	$	1,228	$	1,280	$	969
DDA per GEO sold	$	576	$	646	$	645	$	571
Gold
Production (ounces)	21,259		26,568		66,995		120,802
Sales (ounces)	22,194		27,088		68,542		135,949
Feed grade (g/t)	7.18		8.79		6.91		10.81
Recovery rate (%)	94.9		94.4		94.0		94.5
Silver
Production (ounces)	1,663,708		1,584,904		5,448,561		6,322,864
Sales (ounces)	1,674,308		1,588,986		5,441,868		6,660,934
Feed grade (g/t)	575.94		519.43		565.06		568.61
Recovery rate (%)	92.5		95.3		93.5		94.8
Financial (millions of US Dollars)
Revenue	$	81.2	$	68.5	$	241.3	$	299.6
Cost of sales excluding DDA	(33.8)		(37.0)		(115.8)		(153.8)
Gross margin excluding DDA	$	47.4	$	31.5	$	125.5	$	145.8
DDA	(25.4)		(29.5)		(86.1)		(121.7)
Temporary suspension, standby and other incremental COVID-19 costs	(4.7)		—		(19.2)		—
Impairment	(369.0)		—		(369.0)		—
Mine operating (loss) earnings	$	(351.7)	$	2.0	$	(348.8)	$	24.1
Capital expenditures (millions of US Dollars)
Sustaining and other	$	9.0	$	11.9	$	29.5	$	23.5
Expansionary	$	4.4	$	2.6	$	6.9	$	3.7
Exploration	$	3.5	$	3.8	$	12.5	$	16.2

(i)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

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Cerro Moro was significantly impacted by COVID-19 related inter-provincial travel restrictions, which impacted worker availability for those travelling both from within and out of province, following a temporary suspension of operations due to COVID-19 earlier in the year. Such restrictions persisted in the fourth quarter, and were particularly stringent in December, affecting mining sequence. Such mining sequence delays resulted in lower throughput and grade, leading to lower than planned production for the quarter and for the year. The mine and processing plant are currently running at full capacity, however, COVID-19 continues to present a risk of further disruptions, particularly during the first half of the year. Silver once again dominated the quarter for Cerro Moro, resulting from strong silver feed grades, partially offsetting the reduction in gold production. The transition to more mill feed coming from underground ore, at higher grades than the open pit ore, continued in the quarter and will continue in 2021, with most of the ore to plant coming from the Escondida Far West, Zoe, Escondida Central and Escondida West underground mines. The transition to the underground ore will increase mining flexibility, particularly in the second half of 2021, which is expected to account for higher gold production than the first half. Over the past year, Cerro Moro has optimized the operation of the processing plant to increase daily throughput to approximately 1,100 tpd. The 2020 average throughput rate was reduced as a result of plant stoppages due to COVID-19, but plant availability has now returned to normal levels.

Unitary costs of sales during the fourth quarter were better than the fourth quarter of 2019, as result of lower absolute costs. Unitary costs during the year were impacted by the workforce restrictions which reduced production and increased the fixed costs per GEO produced and sold.

Exploration during the fourth quarter at Cerro Moro continued to be impacted by COVID-19 restrictions, with exploration activities suspended on November 26th. Despite the challenges, exploration advanced prior to the stoppage during the quarter, with 16,594 metres of drilling completed in 90 drill holes, and significant field activities completed, including geological mapping and surface sampling, geophysical work and the submission of samples for metallurgical studies in the ongoing evaluation of potential heap leach targets. Slow assay turnaround times continued to impact the ability of exploration to respond to results, however an onsite sample preparation lab was constructed and this addition is helping expedite the assay process which will improve going forward. Drilling during the fourth quarter utilized four rigs split between infill and exploration, with 4,209 metres in 36 infill holes and 8,502 metres in 25 exploration holes completed. In addition, 3,883 metres of scout drilling in 29 holes tested regional targets in the fourth quarter.

Infill drilling to convert inferred mineral resources to indicated mineral resources was carried out at the Naty, Naty Splay and Martina targets, where encouraging exploration drilling results were achieved last quarter. Positive results were generated at shallow levels at the Naty target. Positive results were also received from Martina, with assays pending for drilling completed at Naty Splay.

Exploration drilling in the fourth quarter was mainly focused along the core mine Escondida-Zoe structural corridor, where several targets remain open for expansion. Exploration drilling was also completed at the Bella Vista and Michelle (Maud) targets. Positive results from Zoe confirm this deposit remains open at depth down plunge. Drilling at Escondida FW also returned positive intercepts, defining a new mineral structure (“EFW Splay”), highlighting a significant new target area. Additional drilling results are pending, with several visually positive intercepts noted.

Several regional targets were advanced during the fourth quarter through geological mapping, soil and rock sampling and completion of 1,625 metres of scout drilling, generating positive results at Naty Splay and Debora Link. Regional surface work continued to define the new Selene vein target, in the northern part of the claim area, with soil and rock sampling and detailed geological mapping. This new target has some promising surface samples and has been traced for over 11 kilometres on surface. Initial drill testing of the Selene vein was conducted during the fourth quarter with 2,258 metres completed in 26 drill holes. Results are pending for most drill holes.

The metallurgical program as part of an ongoing evaluation of near-surface, low-sulfide material potentially suitable for low cost open pit extraction and processing at Michele, Michele Ext, Carlita and Tres Lomas is progressing with positive bottle roll tests completed and column tests now being conducted at Bureau Vertias labs.

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EL PEÑÓN, CHILE

El Peñón is a gold-silver mine located approximately 160 kilometres southeast of Antofagasta in northern Chile.


	For the three months ended December 31,				For the year ended December 31,
Key Performance Information	2020		2019		2020		2019
Operating
Ore mined (tonnes)	332,247		315,143		1,129,036		1,010,081
Ore processed (tonnes)	357,096		349,086		1,266,829		1,290,239
GEO
Production	55,529		64,289		216,749		209,857
Sales	51,738		63,552		215,667		211,231
Total cost of sales per GEO sold	$	1,023	$	1,062	$	980	$	1,209
Cash costs per GEO sold (i)	$	696	$	562	$	657	$	726
AISC per GEO sold (i)	$	1,025	$	775	$	922	$	1,003
DDA per GEO sold	$	327	$	500	$	323	$	483
Gold
Production (ounces)	43,512		48,131		160,824		159,515
Sales (ounces)	40,129		47,843		158,933		160,484
Feed grade (g/t)	4.07		4.52		4.22		4.09
Recovery rate (%)	93.7		94.5		93.7		94.0
Silver
Production (ounces)	922,954		1,382,963		4,917,101		4,317,292
Sales (ounces)	888,858		1,346,687		4,940,217		4,348,618
Feed grade (g/t)	92.53		143.20		138.94		120.65
Recovery rate (%)	86.8		85.9		86.7		86.2
Financial (millions of US Dollars)
Revenue	$	96.5	$	94.1	$	381.1	$	297.0
Cost of sales excluding DDA	(36.0)		(35.7)		(141.8)		(153.4)
Gross margin excluding DDA	$	60.5	$	58.4	$	239.3	$	143.6
DDA	(16.9)		(31.8)		(69.6)		(102.0)
Temporary suspension, standby and other incremental COVID-19 costs	(2.0)		—		(7.0)		—
Reversal of impairment	560.0		—		560.0
Mine operating earnings	$	601.6	$	26.6	$	722.7	$	41.6
Capital expenditures (millions of US Dollars)
Sustaining and other	$	9.9	$	7.6	$	31.4	$	30.8
Expansionary	$	0.5	$	0.3	$	0.5	$	0.8
Exploration	$	4.7	$	2.8	$	15.9	$	18.1

(i)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

El Peñón had a standout year, with gold production in line with plan and silver production exceeding plan due to mining sectors with a higher silver to gold grade ratio. Further, the mine exceeded the comparative period production for both gold and silver. El Peñón produced 43,512 of gold and 922,954 ounces of silver in the quarter. Silver grade and production were higher than plan due to processing ore from the Al Este sector in the underground mine, which is a high grade silver area. However this higher silver grade was temporary as a result of mining sequence and is expected to normalize in 2021. Gold feed grade for the fourth quarter was impacted by mine sequencing and the blending of ore with the low-grade stockpile.

At El Peñón, the higher grade La Paloma and Quebrada Colorada Sur zones will come into production in the second half of the year, contributing to higher planned production in the third and fourth quarters. Consequently, the Company expects that the second half of 2021 will account for 60% of gold and silver production at El Peñón, as considered in the 2021 budget and the guidance provided in Section 2 Core Business, Strategy and Outlook.

Fourth quarter unitary costs were better than the comparative period despite lower production, due to the benefit of cost savings initiatives during the period which kept absolute costs relatively stable despite higher tonnes being mined and processed. Further, the mine had lower DDA per ounce during the fourth quarter and year, resulting from reduced rates of depletion in the current period, following the additions to mineral reserves and resources as at December 31, 2019. With the ongoing focus to increase mine development rates, El Peñón has increased the number of available underground production zones which are

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expected to support the current level of mine production and feed grades going forward. Mine development is currently occurring at a rate that exceeds 3,000 metres per month, and unitary costs have been favourably impacted.

All 2020 year-to-date unitary costs were better than the comparative period as a result of higher production which reduced the allocation of fixed costs to each ounce of production, and the aforementioned benefit of cost savings initiatives which reduced unitary costs comparatively.

The El Peñón exploration program saw minimal setbacks due to COVID-19 during the fourth quarter and continued to operate normally. Approximately 38,063 metres of drilling were completed at El Peñón, including 95 drill holes totaling 26,954 metres of infill drilling to convert inferred mineral resources to indicated mineral resources, 18 drill holes totaling 7,466 metres of exploratory drilling dedicated to defining new inferred mineral resources, and 3,643 metres in 14 scout drill holes testing new regional targets.

Infill drilling during the fourth quarter was completed in 12 areas of the mine, with excellent results from six main sectors, including Colorada Sur, Pampa Campamento, El Valve, Martillo Flat, Dorada and Paloma. Success in the quarter has largely been driven by testing deeper levels of known main veins and continued success at Colorada Sur, extending the mineralization here a further 100 metres south along strike with infill drilling, with positive results also encountered at La Paloma.

Exploration drilling continued at El Peñón during the fourth quarter, testing 10 sectors. Positive results from El Valle indicate good potential along strike and down dip at this target, which remains open for further expansion. Additionally, positive results were returned from the Pampa Campamento and Sorpresa sectors.

District exploration continues to build on previous exploration targets with an additional 2,521 soil and rock samples collected and approximately 3,643 metres of scout drilling in 14 RC holes completed along the Dominador-Fortuna structure, at Pampa Providencia and Pampa Augusta Vitoria (PAV). Surface sampling continues to generate new gold and pathfinder soil and rock anomalies, providing good drill targets for follow-up in 2021.

As previously noted, the continuous positive exploration results, the increase in mineral reserves and mineral resources which extends the life of the mine, and other operational improvements in 2020, resulted in the Company reversing the impairments taken in 2015 and 2016.

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MINERA FLORIDA, CHILE

Minera Florida is an underground gold mine located south of Santiago in central Chile.


	For the three months ended December 31,				For the year ended December 31,
Key Performance Information	2020		2019		2020		2019
Operating
Ore mined (tonnes)	233,374		187,559		810,294		715,288
Ore processed (tonnes)	260,199		204,138		892,286		745,671
GEO (i)
Production	26,352		20,080		89,843		73,617
Sales	23,979		19,696		87,735		74,705
Feed grade (g/t)	3.36		3.34		3.37		3.32
Recovery rate (%)	93.7		91.6		92.9		91.9
Total cost of sales per GEO sold	$	1,279	$	1,450	$	1,366	$	1,423
Cash costs per GEO sold (ii)	$	760	$	1,005	$	862	$	945
AISC per GEO sold (ii)	$	1,087	$	1,411	$	1,152	$	1,346
DDA per GEO sold	$	519	$	445	$	503	$	478
Financial (millions of US Dollars)
Revenue	$	44.9	$	29.2	$	155.5	$	103.8
Cost of sales excluding DDA	(18.2)		(19.8)		(75.6)		(70.6)
Gross margin excluding DDA	$	26.7	$	9.4	$	79.9	$	33.2
DDA	(12.5)		(8.8)		(44.2)		(35.7)
Temporary suspension, standby and other incremental COVID-19 costs	(1.3)		—		(7.7)		—
Mine operating earnings (loss)	$	12.9	$	0.6	$	28.0	$	(2.5)
Capital expenditures (millions of US Dollars)
Sustaining and other	$	4.4	$	3.7	$	12.6	$	13.1
Expansionary	$	9.1	$	2.9	$	19.9	$	11.7
Exploration	$	1.8	$	2.3	$	7.0	$	9.5

(i)GEO information relates to gold.

(ii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Minera Florida had a standout fourth quarter, with production well above plan and 31% higher than the comparative prior year period. For the year ended 2020, the mine also exceeded plan. Positive results were primarily due to increased tonnes processed, largely as a result of continuing improvements in productivity with contributions from the Pataguas and Don Leopoldo mining zones. Annual production at Minera Florida was the highest since 2010, and the second highest since entering production in 1986, excluding gold production from the reclamation of historic tailings. Mine management has recently taken actions to improve mechanical availability, and the Company is now reactivating and optimizing formerly decommissioned ore passes, with two out of three now re-established. The final ore pass at Marisol is now scheduled for completion by the mid-2021, and is expected to further reduce haulage distance and increase operational flexibility as a result of additional haulage routes. Throughput is expected to stay at this increased level going forward as a result of the 1,200-1,300 meters of monthly development, which is the highest the mine has maintained in over 2 years. This increased development rate and better block model predictability has provided increased mine flexibility, is expected to favourably impact future production and unitary costs in 2021 as noted in Section 2: Production Guidance.

Unitary costs metrics were better than the comparative prior quarter and year, due to higher production which reduced the allocation of fixed costs to each ounce of production, and the implementation of cost control initiatives which have begun to positively impact absolute costs, as well as better recovery rates.

Recent improvements made to the processing plant have demonstrated improvements to the recovery rate. Further studies suggest that with additional improvements to the leaching circuit, expected recovery rates could increase and reach up to 94%. Additionally, processing rates continue to benefit from mill optimization initiatives.

At Minera Florida, exploration activities continued at near normal levels in the fourth quarter as COVID-19 related restrictions were effectively managed. 15,779 metres of total drilling in 72 drill holes were completed, testing all planned targets for the year.

Approximately 5,554 metres of infill drilling in 33 drill holes was completed at seven targets, including Fantasma, Fantasma Este, Maqui, Polvorin, VCI-Circular, Don Leopoldo and Patagua Norte, dedicated to converting inferred mineral resources to measured

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and indicated mineral resources. High-grade new intercepts were encountered at the Patagua - Don Leopoldo intersection, from the Fantasma and Fantasma Este, Polvorin and Lazo Polvorin veins.

Exploration drilling in the fourth quarter dedicated to the discovery of new deposits or definition of new inferred mineral resources included approximately 4,901 metres, completed in 27 drill holes, testing the Fantasma, Fantasma Este, Maqui, Polvorin, VCI-Circular, Don Leopoldo, Don Leopoldo Sur and Patagua Norte – Queseria veins. High grade intercepts were returned from Don Leopoldo and Don Leopoldo Sur, developing new targets at depth and to the east of the known zone. At Fantasma Este, drilling successfully traced high-grade ore shoots to the north at depth, and returned further positive results from the Fantasma, Maqui Circular and Satelite VCS veins. Exploratory activity continues to be supported by important surface exploration work, generating new geological interpretations, which was reinitiated during the third quarter following a pause in field activities due to COVID related restrictions. Exploratory scout drilling completed during the fourth quarter totaled 5,324 metres in 12 drill holes, targeting the La Flor Oeste Block.

5. 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:

Jacobina, Brazil

The Phase 1 optimization project was completed in June. The project has exceeded expectations, with a higher than planned steady state of approximately 6,800 tpd achieved in both the second and third quarters. The Company has identified opportunities to further optimize the results and recoveries achieved in Phase 1 with a modest investment. Consequently, works commenced in the third quarter for the expansion of the gravity concentration circuit, with commissioning scheduled and on-track for mid-2021 and with an objective to optimize gold recovery at the higher throughput rate.

Separately, Jacobina is studying the installation of a backfill plant to allow up to 2,000 tpd of tailings to be deposited in underground voids. A concept study was completed in the second quarter, with preliminary results indicating that the project would improve the way in which the Company manages the environment and environmental impact, extend the life of the existing tailings storage facility consequently decreasing future capital investment intensity, and improve mining recovery resulting in an increased conversion of mineral resources to mineral reserves. The placement of backfill in empty stopes would allow for greater recovery of mineralized pillars that otherwise would have been left behind to ensure ground stability. Backfill in strategic higher grade zones would increase mineral reserves with the recovery of those mineralized pillars. In addition, the improvement in ground stability would have a positive impact on dilution. The current backfill system design includes a tailings classification plant, located close to the existing processing plant, and two backfill preparation plants at the João Belo and Morro do Vento mines. The Company is advancing the backfill project to a feasibility study, to be completed by the end of the first quarter of 2021.

Lastly, the Company has also begun a conceptual study on a Phase 3 expansion, which would increase throughput to 10,000 tpd, utilize the existing grinding line, while expanding crushing and leaching circuits and adding additional mining equipment and infrastructure.

Canadian Malartic (50% interest), Canada

The successful ramp-up of the deposit resulted in Barnat declaring commercial production on September 30, 2020. Barnat deposit revenues and costs of production ceased to be capitalized effective October 1, 2020. In addition, DDA associated with the Barnat deposit's capitalized costs commenced on October 1, 2020. Contributions from Barnat are expected to gradually increase throughout 2021. The remaining extension work in the first quarter of 2021 is focused on overburden stripping and topographic excavation continuing according to plan.

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About the Odyssey project

Canadian Malartic has been a prolific mining operation for decades. Since 2011, it has been an open pit mine, but it has also been a successful underground operation in previous iterations. One of the strategic rationales behind Yamana's decision to jointly acquire Canadian Malartic from Osisko Mining in 2014 was the potential to significantly extend mine life by transitioning the operation to a future underground mine. Initial underground exploration drilling generated promising results, with the discovery of the East Gouldie zone in 2018 confirming the strong potential for a multi-hundred thousand ounce annual production operation with a decades-long mine life. As of year-end 2020, underground mineral resources have grown to approximately 14.4 million ounces of gold (100% basis) in just six years, including an increase of 4 million ounces from year-end 2019.

The Odyssey project hosts three main underground-mineralized zones, which are East Gouldie, East Malartic, and Odyssey, the latter of which is sub-divided into the Odyssey North, Odyssey South and Odyssey Internal zones. For the purpose of the technical study, mineable stope shapes were generated using a gold price of $1,250 per ounce, consistent with the price used for estimating Canadian Malartic open pit mineral reserves. Mineral resources at East Malartic below 600 metres from surface are not currently included in the technical study. A breakdown of the mineral resources used in the technical study, after dilution and mining recovery, is presented in the table below.

Mineral Resources Included in Odyssey Project Technical Study as of December 31, 2020


Zone	Indicated Mineral Resources			Inferred Mineral Resources
	Tonnes (millions)	Grade (g/t Au)	Contained oz. (millions)	Tonnes (millions)	Grade (g/t Au)	Contained oz. (millions)
East Gouldie	—	—	—	51.95	3.14	5.24
East Malartic	4.59	2.13	0.31	7.84	2.15	0.56
Odyssey	1.52	1.89	0.10	15.19	2.11	1.08
Total	6.18	2.00	0.41	75.90	2.82	6.88

The shallow mineralized zones located above 600 metres below surface will be mined using a ramp from surface. The deeper mineralized zones below 600 metres from surface will be mined with a production shaft.

In December 2020, ramp development was started on the Odyssey project in order to facilitate underground conversion drilling in 2021 and provide access to the Odyssey and East Malartic deposits. At year-end 2020, the ramp had progressed 102 metres, and an additional 2,850 metres of development is planned in 2021, of which 1,500 metres is in the ramp.

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The conceptual mine design in the technical study includes a 1.8-kilometre deep production-services shaft equipped with a Blair hoist for production, a single drum hoist for services, and an auxiliary cage. The hoisting capacity is expected to be approximately 20,000 tpd. The project will also benefit from the existing infrastructure on site such as the tailing storage facilities, the process plant, and the maintenance facilities.

The preliminary mining concept is based on a sublevel open stoping mining method with paste backfill. Longitudinal retreat and transverse primary-secondary mining methods will also be used dependent on mineralization geometry and stope design criteria.

The Odyssey project is expected to be one of the most modernized electric underground mines. All major mobile production equipment (such as trucks, scoop trams, jumbos, bolters, and longhole drill rigs will be electric powered), greatly reducing carbon footprint. On the two main levels with loading pockets, trucks and hammers would be remotely operated 24 hours a day, 7 days a week from a surface control room, greatly increasing equipment utilization.

Production via the ramp is expected to begin at Odyssey South in late 2023, increasing to up to 3,500 tpd in 2024. Collaring of the shaft and installation of the headframe is expected to commence in the second quarter of 2021, with shaft sinking activities expected to begin in late 2022. The shaft will have an estimated depth of 1,800 metres and the first loading station should be commissioned in 2027 with modest production from East Gouldie. The East Malartic shallow area and Odyssey North zones are scheduled to enter production in 2029 and 2030, respectively.

The project is expected to mine 19,000 tpd from the underground from four different mining zones:

•East Gouldie – 12,500 tpd

▪Stope production starts in 2027;

▪Three-year ramp up (2027-2029);

▪Full stope production in 2030 to 2038.

•Odyssey North – 3,500 tpd

▪Stope production starts in 2030;

▪Full stope production in 2031-2038.

•Odyssey South and East Malartic – 3,500 and 3,200 tpd, respectively

▪Odyssey South stope production starts in 2023;

▪Odyssey South full stope production in 2024 to 2027 (3,500 tpd);

▪East Malartic stope production starts in 2028;

▪East Malartic full stope production in 2030 to 2039 (3,200 tpd).

Run-of–mine ore from the open pit will start to decrease in 2023, as the ore production from the underground starts at a rate of 3,000 tpd. The underground should reach full production of about 19,000 tpd by 2031.

Robust Project Economics

Initial expansionary capital of $1.14 billion is expected to be spent over a period of eight years (100% basis), with capital requirements in any given year manageable and fully funded using the Company's cash on hand and free cash flow generation. Additionally, other growth capital expenditures and modest sustainable capital during the construction period total $191.4 million. Gold production during the 2021 to 2028 construction period is expected at 932,000 ounces (on a 100% basis) at cash costs of $800 per ounce. The net proceeds from the sale of these ounces would significantly reduce the external cash requirements for the construction of the project which, assuming the gold price used in the financial analysis for the project, would reduce the projected capital requirements in half.

Average annual payable production is expected to be approximately 545,400 ounces (100% basis) from 2029 to 2039, with total cash costs per ounce of approximately $630 per ounce. Sustaining capital is expected to gradually decline from 2029 to 2039, with an expected average of approximately $55.8 million per year.

The production profile is based on a ramp-up period of six years (2023-2028) followed by 11 years of full production (2029-2039), for a total of 82.1 million tonnes of underground ore processed (100% basis) at an average gold grade of 2.76 g/t, representing approximately 50% of the contained mineral resource gold ounces. On this basis, the after-tax net present value (“NPV”) (at a 5% discount rate) and after-tax internal rate of return (“IRR”) of the Odyssey project are shown at various gold price assumptions in the table below. The cut-off grade used to estimate the mineable inventory is based on a gold price of $1,250 per ounce, while the financial model uses a base case gold price assumption of $1,550 per ounce. Costs are estimated using a Canadian to US Dollar foreign exchange rate assumption of 1.30.

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Odyssey Project Technical Study Sensitives to Gold Price (100% Basis)


Gold Price (USD/oz)	$1,085	$1,250	$1,395	$1,550	$1,705	$1,860	$2,015
NPV 5% (USD millions, after-tax)	$82	$481	$801	$1,143	$1,494	$1,853	$2,212
IRR (%, after-tax)	6%	11%	14%	17.5%	20%	23%	26%

These results demonstrate the expected returns of the Odyssey project after the first decade at full production, highlighting Odyssey as a robust project with significant leverage to higher gold prices and thus supporting the approval for project construction. The results are not intended to reflect the full value of the Odyssey project and extension of mine life beyond 2039 represents significant further upside.

Given the strong underground mining experience of the partners and the experience gained from operating the Canadian Malartic mine since 2014, there is a high degree of confidence in many of the cost assumptions used for the project. While the technical study is considered at a preliminary economic assessment level, the partnership believes that estimates for such things as underground development and mining costs, processing costs, and equipment procurement are more advanced than what would typically be estimated in a preliminary economic assessment level study for a project of this scope. The capital allocation and classification of costs will continue to be refined as the project advances. A preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and, therefore, there is no certainty that the preliminary economic assessment will be realized.

The East Gouldie mineralization is the largest and most profitable deposit due to higher grade and tonnage with more than 70% of the total ounces produced. Exploration drilling at East Gouldie in 2020 totalled 97,000 metres (100% basis), including 25,600 metres in the fourth quarter with multiple mother holes and wedge cuts that resulted in 25 new pierce points in the zone, plus several more in the Odyssey related zones. The intensive drilling program in 2020 has allowed the partnership to increase the inferred mineral resource of the East Gouldie zone by 134% to 6.4 million ounces of gold (100% basis), compared to the initial inferred mineral resource declared at year-end 2019, with an average grade of 3.17 g/t.

The focus of the ongoing diamond drilling campaign from surface is to further define high quality mineral resources by the beginning of 2023 with a drill hole spacing of 75 metres. Improving the geological confidence of the mineral resources is expected to further de-risk future production. With further exploration the Company believes that additional mineralization will come into the mine plan in the coming years.


Odyssey Project Summary
(All numbers are approximate and on a 100% basis)
Estimated Total Production	6,932.0	thousands of gold ounces

Average metallurgical recovery	~95.2%	gold

Average annual gold production
2023	46,600 oz	(825 k. tonnes, 1.84g/t gold)
2024 to 2026 (average per year)	81,500 oz	(1,344 k. tonnes, 1.98g/t gold)
2027	256,200 oz	(2,810 k. tonnes, 2.98g/t gold)
2028	384,600 oz	(3,333 k. tonnes, 3.79g/t gold)
2029 to 2039 (average per year)	545,400 oz	(6,463 k. tonnes, 2.76g/t gold)
Minesite costs per tonne
2023	$93.0	C$/t
2024 to 2026 (average per year)	$77.0	C$/t
2027	$79.0	C$/t
2028	$79.0	C$/t
2029 to 2039 ( average per year)	$61.0	C$/t
Average total cash costs on a by-product basis (including royalties and refining costs)
2023 to 2028	800	US$/oz
2029 to 2039	630	US$/oz
Royalty	5.5%	NSR
Mine life	17	years
Capital Expenditures and Construction Phase Operating Statistics
Initial Capital Expenditures	$1,143.7	million US$ (2021 to 2028)

Gold production	932.0	thousands of gold ounces (2021 to 2028)
Sustaining CAPEX	$55.8	million US$ (2029 to 2039 average per year)

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Breakdown of Capital Expenditures by year
2021	$113.8	million US$
2022	$204.0	million US$
2023	$136.8	million US$
2024 to 2026 (average per year)	$163.8	million US$
2027	$209.0	million US$
2028	$180.3	million US$

Breakdown of Capital Expenditures by category
Shaft & Surface	$478.4	million US$
Mining Equipment	$162.7	million US$
U/G Development & Construction	$502.6	million US$
Subtotal of Initial Capital Expenditures	$1,143.7	million US$
Other Growth Capital Expenditures	$191.4	million US$

Reclamation Costs	$3.9	million US$ for Odyssey Project only

The aforementioned costs do not include any offsetting net proceeds from pre-commercial production. Historically, any net proceeds from pre-commercial production were deducted from development capital expenditures; however, due to amendments to the relevant accounting standard that become effective from 2022, this treatment will not be permitted when accounting for the Odyssey project. Specifically, in May 2020, the IASB issued Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16), which 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. Instead, sales proceeds and the cost of producing these items will be recognized in the consolidated statements of operations.

Permits for Odyssey North and South were granted in 2020 to allow the first phase of the project to begin. At this time, the Certificate of Authorization (“CofA”) for the shaft has not yet been obtained and the CofA for the waste rock management needs to be modified.

A request for a decree amendment, including permits to develop the East Gouldie and East Malartic zones will be sent to the Quebec Ministry of Environment and the Fight Against Climate Change in the first quarter of 2021. If there are no serious hurdles, the project could obtain the necessary approvals from provincial regulators in approximately 12 months. The project team has received a letter confirming that mining the additional zones at the project does not trigger any additional Federal permitting requirements.

Facilitating the Transition from Open Pit Mining

Currently, in the open pit, mining is transitioning from the Canadian Malartic pit to the Barnat pit, which is now in commercial production. Seventy percent of the total tonnes mined in 2021 are expected to come from Barnat. The Canadian Malartic pit will be depleted in the first half of 2023 and waste rock and tailings will be deposited into the pit beginning in 2023.

The operation will progressively shift from open pit to underground mining between 2023 to 2028. To help facilitate this transition, the Company optimized the design of the Barnat pit, adding 290,000 ounces to mineral reserves (100% basis), which will help fill the production gap between 2026 and 2029 as the operation completes the transition to underground mining.

The Partnership is evaluating an additional opportunity to increase production during the transition period by processing low-grade stockpile that is not currently included in mineral reserves. This stockpile is economic at current gold prices and would add an extra 170,000 ounces to planned production on a 100% basis.

MARA Project (Agua Rica and Alumbrera Integration), Argentina

On December 17, 2020, the Company completed the project integration with Glencore International AG and Newmont Corporation and a new partnership was formed to manage, develop and operate the project. The development will be pursuant to the plan contemplated in the agreement and by the partners, and the Agua Rica project will be developed and operated using the existing infrastructure and facilities of Alumbrera in the Catamarca Province of Argentina. Going forward, the integrated project will be known as the MARA Project.

Under the agreement, Yamana, as the sole owner of Agua Rica, and the partners of Alumbrera have created a new Joint Venture pursuant to which Yamana holds a controlling ownership interest in the MARA Project at 56.25%. Glencore holds a 25.00% interest and Newmont holds an 18.75% interest. Yamana will be the operator of the Joint Venture and will continue to lead the engagement with local, provincial, and national stakeholders, and completion of the Feasibility Study and Environmental Impact Assessment ("EIA") for the MARA Project. A MARA Project Joint Venture Technical Committee has been formed and comprises representatives of the three companies.

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Agua Rica is a large-scale copper, gold, silver and molybdenum deposit located in the province of Catamarca, Argentina, 25 kilometres north of the town of Andalgalá. The project 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 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 tailings storage facility, pipeline, logistical installations, ancillary buildings, and other infrastructure, with the future open pit Agua Rica mine. The result is a significantly 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.

On July 19, 2019 the Company announced the positive results of a pre-feasibility study ("PFS"), underscoring the Integrated 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 PFS highlights are:

•Proven and probable copper mineral reserves increased from year-end 2018 by 21% to 11.8 billion pounds and gold mineral reserves increased by 13% to 7.4 million ounces

•Initial long mine life of 28 years

•Annual production for the first 10 full years increased to 533 million pounds of copper equivalent(i) production

•Cash costs decreased to $1.29 per pound and AISC decreased to $1.52 per pound for the first ten years of production

•NPV increased to $1.935 billion and an increased IRR of 19.7%(ii)

(i)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.

(ii)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 PFS for the Integrated Project considers the Agua Rica deposit 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 40 million tonnes per year and average life of mine strip ratio of 1.66.

Ore extracted from the 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 process plant, where it will feed the existing stacker conveyor via a new transfer station.

This PFS provides the framework for the preparation and submission of a new EIA to the authorities of the Catamarca Province and for the continued engagement with local stakeholders and communities. The Companies began the EIA process in 2019, given the level of significant detail in the PFS.

The Joint Venture Technical Committee advanced optimization studies in late 2019 and early 2020, and is now advancing a full Feasibility Study on the Integrated Project, with updated mineral reserve, production and project cost estimates. It has also obtained a provisional Permit for early exploration works from the local authorities to conduct field work for the Feasibility Study and collect additional information for the Integrated Project EIA. COVID-19 has introduced uncertainty into the timeline relating to the completion of the Feasibility Study, mainly due to environmental permit approvals and field work, although as the permit process is well advanced, work preparation has begun in anticipation of receiving necessary authorizations in normal course. Despite the aforementioned delays, Feasibility Study work is ongoing and key technical results are expected during 2021. While the Company continues to advance the Feasibility Study, it notes that a considerable amount of information in the PFS is already at Feasibility Study level mostly as a result of the Integration Transaction. The full Feasibility report and EIA completion are expected in 2022.

The most recent technical studies have confirmed 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 PFS results. Further tests and studies are scheduled for the Feasibility Study stage to confirm and optimize the concentrate transportation capacity of the pipeline and the mining plan to support higher throughput. In addition, upside opportunities have already been identified by re-sequencing low grade stockpile, and are expected to provide significant further value for the Integrated Project.

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The estimated expenses for the Company to advance the project through the Feasibility Study and EIA are in the range of $20.0 million to $25.0 million for the next three years (Yamana's 56.25% interest), representing a manageable and modest investment in relation to the value creation of advancing the Integrate Project to the next phases of development.

After a strategic review, the Company has concluded that the MARA Project represents an excellent development and growth project which the Company intends to continue to advance through the development process through the Company's controlling interest in the project.

The Company acquired cash and cash equivalents of $222.5 million in the acquisition of Alumbrera.

For further details on the Integration Transaction, critical accounting policies, and critical judgments, please refer to the Company's consolidated financial statements for the year ended December 31, 2020.

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:

Acquisition of Wasamac property and Camflo property and mill (Monarch Gold Acquisition)

On January 21, 2021, the Company completed its acquisition of the Wasamac property and the Camflo property and mill (the “Acquisition Properties”) through the acquisition of all of the outstanding shares of Monarch Gold Corporation (“Monarch”) not owned by Yamana. Yamana previously announced that it had entered into a definitive agreement with Monarch Gold on November 2, 2020, to acquire the properties, under a plan of arrangement. In connection with the plan of arrangement, Monarch complete a spin-out (the “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 “Transaction”).

Under the terms of the Transaction, Monarch shareholders received the following per Monarch share: 0.0376 of a Yamana share; C$0.192 in cash; and 0.2 of a share of Monarch Mining. Yamana issued 11,608,195 Yamana Shares and paid approximately C$59.3 million in cash, for total consideration of approximately C$136.1 million. Yamana’s consideration on close represented a value paid for the Wasamac asset of under $67 per ounce of mineral reserves and under $42 per ounce of mineral resources, based on mineral reserves and mineral resources in the feasibility study noted below and net of Yamana’s existing Monarch interest in Wasamac.

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. The geological characteristics of the Wasamac ore body suggest it holds the potential to be an underground mine with the potential to achieve the same scale, grade, production, and costs as Yamana’s successful Jacobina mine in Brazil, and it possesses many parallels to the underground project at Canadian Malartic. The Wasamac project consists of a single, continuous shear zone with a consistent grade distribution and wide mining widths, making it amenable to simple, productive, and cost efficient underground bulk mining methods. The deposit has existing proven and probable mineral reserves of 21.45 million tonnes at 2.56 g/t, for total proven and probable mineral reserves of 1.8 million ounces of gold. Mineral resources and proven and probable mineral reserves are supported by a Feasibility Study previously completed by Monarch in 2018 (the “Wasamac Feasibility Study”). The Wasamac Feasibility Study outlined a 6,000 tonnes per day operation with average gold production of 160,000 ounces per year. Costs are expected to be at the lower end of the Company’s profile, providing an improvement to consolidated costs.

There remains excellent potential for significant future exploration success and mineral resource conversion, with the Wasamac deposit remaining open at depth and along strike. Yamana plans to build on the ongoing permitting and social licensing effort carried out by Monarch, applying the Company’s strong ESG framework and best practices, and leveraging the Company’s extensive experience in permitting and proven track record of building strong, respectful, and mutually beneficial relationships with the communities and governments wherever it operates. The Company will target increasing the mineral inventory and perform optimizations to further enhance the project’s value, advance engineering, and de-risk execution, leveraging Yamana’s technical expertise and adhering to the Company’s disciplined capital approach. Building off the work completed to date, Yamana

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plans to commence an exploration and infill drilling campaign and other studies to refine and expand upon the potential of Wasamac and its development alternatives, with an update on these plans to be provided by the third quarter of 2021.

Furthermore, the acquisition aligns with the Company’s strategy for a balanced approach to capital allocation, as discussed in Section 2: Core Business, Strategy and Outlook

Leagold-Equinox Merger and Subsequent Partial Disposal

On December 16, 2019, Leagold and Equinox jointly announced that the companies had entered into a definitive agreement to combine in an at-market merger. On March 10, 2020, the companies announced that the merger had been completed. The combined company continues as Equinox Gold under the ticker symbol “EQX” on both the Toronto Stock Exchange and the New York Stock Exchange.

Immediately prior to the completion of the merger, Yamana owned 20.4% of the outstanding common shares of Leagold. Pursuant to the transaction, Leagold shareholders received 0.331 of an Equinox share for each Leagold share held. This resulted in Yamana owning approximately 9% of the combined company.

Yamana concluded that, as a result of its reduced shareholding, it no longer had significant influence over the investee, and therefore, discontinued accounting for the investment using the equity method from the date of the completion of the merger. Yamana recorded a gain on discontinuation of the equity method of $21.3 million, which is included in other operating income (expenses) for the three months ended March 31, 2020. The investment in Equinox is accounted for as a financial asset at fair value through other comprehensive income.

During the year, the Company sold 13,200,000 shares of Equinox for gross proceeds of C$140.5 million. As at December 31, 2020, Yamana held 6,000,000 Equinox Shares, representing approximately 2.5% of the issued and outstanding Equinox Shares, on a non-diluted basis.

In association with 12,000,000 shares sold in the second quarter, the Company also wrote 6,000,000 warrants for Equinox shares owned by Yamana at an exercise price of C$13.50 for a term of 9 months from the date of issue. Subsequent to year end, 405,000 warrants were exercised and the same number shares disposed of at the exercise price of C$13.50 in association with the units written in the second quarter, for total proceeds of $4.2 million (C$5.5 million), and the remainder of the purchase warrants expired.

Sale of Royalty Portfolio Assets

The assets in the Royalty Portfolio sold in the transaction:

•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;

•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;

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

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

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

The fair value of the consideration at closing of the transaction was as follows:

•$10.0 million in cash;

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

Following the completion of the sale of the Royalty Portfolio, Yamana held approximately 13% of the outstanding shares of Nomad. As Yamana will be represented on Nomad's board of directors, the Company concluded that it has significant influence over Nomad, and the share position has been accounted for as an investment in associate using the equity method.

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On December 11, 2020, Yamana completed the sale of 22,750,000 Nomad shares via secondary offering for gross proceeds of C$25,025,000. Following the closing of the offering, Yamana holds 43,750,000 Nomad shares, representing approximately 7.75% of the issued and outstanding Nomad shares on a non-diluted basis. Yamana is deemed to hold an additional 14,148,889 Nomad shares under the convertible Deferred Cash Payment, which together with the basic shares owned by Yamana represent 10.01% of the issued and outstanding Nomad shares on a partially-diluted basis.

Suyai, Argentina

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 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 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.

Agua de la Falda, Chile

The Company continues to pursue development and strategic initiatives for the 56.7% held Agua de la Falda joint venture with Codelco, located in northern Chile, near El Salvador in the Atacama region. 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 with positive results and quick payback. The Company is also evaluating exploration plans with its partner on 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. 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. 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 contained in the Company's 2020 annual report.

For mineral reserve estimation purposes, the gold price assumption for Yamana 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

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representation of an ore body 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, 2020 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 accompanying the 2020 annual report available on the Company's website, www.yamana.com.

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(i)On January 21, 2021 the Company completed the acquisition of 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.

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Mineral Reserves & Mineral Resources Estimates (i)	Contained Gold		Contained Silver		Contained Copper
	(in 000's ounces)		(in 000's ounces)		(in million pounds)
Proven & probable mineral reserves	2020	2019	2020	2019	2020	2019
Canadian Malartic (50%)	2,214	2,389	—	—	—	—
Jacobina	2,807	2,493	—	—	—	—
Cerro Moro	431	529	23,897	30,461	—	—
El Peñón	921	916	29,214	30,238	—	—
Minera Florida	428	450	2,979	3,125	—	—
Yamana Operations proven & probable mineral reserves	6,802	6,777	56,091	63,824	—	—
Jeronimo (57%)	1,082	1,082	—	—	—	—
MARA (56.25%) (ii)	4,152	4,642	56,689	56,689	6,654	7,002
Wasamac (iii)	1,767	—	—	—	—	—
Total proven & probable mineral reserves	13,803	12,501	112,780	120,513	6,654	7,002

Measured & indicated mineral resources
Canadian Malartic (50%)	535	847	—	—	—	—
Jacobina	3,514	3,090	—	—	—	—
Cerro Moro	90	177	6,220	13,809	—	—
El Peñón	765	658	25,541	21,911	—	—
Minera Florida	959	928	5,279	5,389	—	—
Yamana Operations measured & indicated mineral resources	5,862	5,700	37,039	41,109	—	—
Jeronimo (57%)	139	139	—	—	—	—
La Pepa	2,760	2,760	—	—	—	—
Suyai	2,286	2,286	3,523	3,523	—	—
MARA (56.25%) (ii)	1,245	1,019	8,442	8,442	1,383	1,176
Monument Bay	1,787	1,787	—	—	—	—
Wasamac (iii)	525	—	—	—	—	—
Total measured & indicated mineral resources	14,604	13,691	49,004	53,074	1,383	1,176

Inferred mineral resources
Canadian Malartic (50%)	6,883	4,890	—	—	—	—
Jacobina	1,494	1,406	—	—	—	—
Cerro Moro	254	273	8,786	15,542	—	—
El Peñón	850	735	28,138	25,786	—	—
Minera Florida	755	747	3,596	3,517	—	—
Yamana Operations inferred mineral resources	10,235	8,051	40,520	44,845	—	—
Arco Sul	615	646	—	—	—	—
Jeronimo (57%)	161	161	—	—	—	—
La Pepa	620	620	—	—	—	—
Lavra Velha	543	543	—	—	—	—
MARA (56.25%) (ii)	1,222	1,266	21,765	21,765	2,125	2,136
Monument Bay	1,781	1,781	—	—	—	—
Suyai	274	274	575	575	—	—
Wasamac (iii)	263	—	—	—	—	—
Total inferred mineral resources	15,714	13,342	62,859	67,185	2,125	2,136

(i)The assumptions used for mineral reserve and mineral resource estimates as at December 31, 2020 for all 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. 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 $780 per ounce of gold. The Lavra Velha project mineral resource estimate uses $1,300 per ounce of gold, and $3.50 per pound of copper. 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 $1,300 per ounce of gold. The Wasamac project mineral resource estimate uses $1,500 per ounce of gold.

(ii)On December 17, 2020, the Company completed the MARA Project integration agreement with Glencore International AG and Newmont Corporation. The 2020 mineral reserves and mineral resource estimates for MARA reflect Yamana's 56.25% interest post-integration. The 2019 mineral reserves and mineral resource estimates for MARA (comprised of both Agua Rica and Alumbrera) have been recast to reflect Yamana's 56.25% post-integration interests. Prior to integration, Yamana owned 100% and 12.5% of Agua Rica and Alumbrera, respectively.

(iii)On January 21, 2021 the Company completed the acquisition of 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.

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Further information by mine is detailed below.

Canadian Malartic including Odyssey, Canada (50%)

At Canadian Malartic, an optimized design of the Barnat pit resulted in an increase in gold mineral reserves, which significantly reduced depletion resulting from production. On a 50% basis, while 325,000 ounces of mineral reserves were depleted through production, the optimized pit design resulted in an increase of approximately 150,000 ounces. This, combined with other small additions, resulted in net depletion of only 175,000 ounces. This allows for approximately half a year of additional mine life from the open pit operation. Underground inferred mineral resources at East Gouldie increased by 3.68 million ounces on a 100% basis as a result of the infill drilling program conducted throughout 2020, while the zone continues to expand at depth. On a 100% basis, the overall underground project has increased to more than 14,000,000 ounces of gold mineral resources, of which approximately 7,300,000 ounces are included in a Preliminary Economic Assessment completed in February 2021. The remaining mineral resources, together with the potential extension of East Gouldie at depth, represents further upside to extend mine life beyond 2040. Additional exploration in the underground project is planned for 2020, including the first drill holes from an underground drill bay off the exploration ramp which commenced in the fourth quarter of 2020.

Jacobina, Brazil

Jacobina replaced 2020 depletion of gold mineral reserves and added approximately 300,000 ounces of additional reserves, based on positive infill drilling results at all mines and especially at Canavieiras Central, where drilling has added indicated mineral resources in the high grade LUT reef and lower grade parallel reefs. Average mineral reserve grade has modestly decreased as a result of such parallel reefs that are considered economical to mine. Operational costs will consequently not be affected by the change in reserve grade. In the short term, the Company expects to continue processing at a grade higher than average mineral reserves grade, as reflected in the 2020 average feed grade of 2.36 g/t. These lower grade mineral reserves also provide opportunities for incremental lower-cost mill feed in excess of the planned throughput rates, in the event that the processing plant optimizations and expansions exceed targeted throughput rates. Measured and indicated mineral resources and inferred mineral resources both increased from year end 2019, with total gold mineral resources and mineral reserves increasing by 823,000 ounces. The continued mineral reserve and mineral resource growth establishes Jacobina as a multi-decade operation and supports the ongoing production growth trend towards 230,000 ounces of gold per year after the implementation of the Phase 2 expansion project. As a result of the exploration success, the Company is now considering further growth opportunities including a potential Phase 3 expansion to 10,000 tpd.

Cerro Moro, Argentina

At Cerro Moro, mineral reserves changed due to 2020 depletion and adjustments to the geological models, partly offset by new mineral reserves at Naty. The model adjustments, as an outcome of increased geological understanding gained from mining of the deposits, together with addition of new lower grade open pit mineral reserves, have resulted in a reduction of average mineral reserves grade. Higher grade intercepts at depth at Zoe and Escondida late in the year are not included in the year-end mineral reserves and mineral resources but will be followed up with drilling in 2021. Although COVID-19 related disruptions impacted the Company’s ability to add new inferred mineral resources in 2020, approximately 56,000 ounces of gold inferred mineral resources have been added as a potential heap leach inventory. Promising metallurgical testing results and conceptual level engineering completed in 2020 demonstrate the potential for a parallel heap leach operation to provide supplementary production to the existing plant and provides a lower cost processing alternative to reduce cut-off grade and convert the expanding inventory of lower grade mineralization that is sub-economic at the current mineral reserves parameters. Drilling will follow up on heap leach targets in 2021 with an objective to build inferred mineral resources.

El Peñón, Chile

El Peñón's gold mineral reserves replaced 2020 depletion as the result of positive infill drilling. This is the third consecutive year that El Peñón gold mineral reserves have replaced depletion of mining, increasing from 764,000 ounces in year-end 2017 to 921,000 ounces in year-end 2020. Gold and silver measured and indicated mineral resources increased by 16% and 17% respectively, compared to the prior year, due to the positive infill drilling results, especially at La Paloma, Pampa Campamento, and Quebrada Colorada Sur, the latter of which is a new vein discovered in early 2020, converted to inferred and then indicated mineral resources throughout the year, and incorporated into the mine plan in 2021. Inferred gold mineral resources also increased by 16%, providing additional targets for infill drilling in 2021. A subset of these inferred mineral resources, subjected to the same economic and mining parameters as mineral reserves, are included in the Company’s 10-year production outlook for El Peñón. Although the average mineral resource grade is lower than mineral reserves grade, the subset of mineral resources included in the mine plan is of similar grades to mineral reserves. This process is demonstrated in the year-end mineral reserves, where the inferred mineral resources converted to mineral reserves in 2020 are higher than average reserves grade and the new inferred mineral resources added throughout the year are also higher than average grade. The ongoing exploration success and

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mineral reserves replacement at El Peñón continues to extend the mine life of the operation, which is entering its 22nd year of production, and unlocks opportunities for sustainable production growth with minimal capital investment.

Minera Florida, Chile

At Minera Florida, mineral reserves changed due to depletion from mining, partially offset by additions as a result of positive drilling results at Pataguas and Don Leopoldo. Indicated and inferred mineral resources increased by 30,000 ounces and 9,000 ounces of gold respectively. Due to COVID-19 impacts, drilling of several zones that was planned for earlier in the year was postponed to the fourth quarter and is therefore not included in the year-end mineral resource and mineral reserves statements.

Agua Rica, Argentina

Following the completion of the Integration of the Agua Rica Project and the Alumbrera plant and related infrastructure in December 2020, mineral resources and mineral reserves for the MARA Project are now included in total mineral resources and mineral reserves on a 56.25% basis. Agua Rica open pit mineral reserves of 6,654 million pounds copper and 4,152,000 ounces gold on a 56.25% basis are based on the 2020 pre-feasibility study and represent a mine life of 28 years with annual production averaging 533 million pounds of copper equivalent in the first 10 years on a 100% basis. Exclusive mineral resources and exploration potential presents further upside, including in-pit inferred mineral resources that are currently considered as waste in the mine plan. Alumbrera mineral resources are constrained to open pit shells as potential pushbacks to the existing Alumbrera and Bajo El Durazno pits and are currently being assessed as a potential starter project during construction of Agua Rica.

Wasamac, Canada

The Wasamac project is included in the Company’s mineral resource and mineral reserves statement for the first time, following the acquisition of the project on January 21, 2021. Mineral reserves are unchanged from the feasibility study conducted by Monarch Gold in 2018 and are based on an underground long hole stoping mining method using a gold price assumption of $1,300 per ounce. The gold mineral reserves of 1.8 million ounces supports a planned production rate of approximately 160,000 ounces of gold per year over a mine life of 11 years. Mineral resources are also unchanged from those reported in the 2018 feasibility study, except mineral resources are now reported exclusive of mineral reserves, consistent with the Company’s reporting methodology. The Company is reviewing mineral resources and mineral reserves as part of the feasibility study update, planned for completion in the third quarter of 2021.

7. EXPLORATION

Exploration on the most prospective properties is a key to unlocking and creating value for shareholders. The Company has built significant land positions including projects that are at different stages of advancement in prospective mineral districts in all countries where it has producing assets, and it is pursuing advancing this portfolio of exploration projects in these countries. This effort allows for the rapid advancement of the highest value projects, while at the same time moving the most promising early-stage properties up the exploration pipeline. The following are key elements and objectives of the generative exploration program:

•Target the Company’s most advanced exploration projects while retaining the flexibility to prioritize other projects in the portfolio as and when merited by drill results.

•Add new inferred mineral resources of at least 1.5 million ounces of gold equivalent within the next three years to move at least one project towards a preliminary economic assessment.

•On a longer term basis, advance at least one project to a mineral inventory that is large enough to support a mine plan demonstrating positive economics with annual gold production of approximately 150,000 ounces for at least eight years.

•Advance both gold-only and copper-gold projects and, in the latter case, consider joint venture agreements aimed at increasing mineral resource and advancing the project to development while Yamana maintains an economic interest in the project.

•Evaluate the acquisition or investment on prospective exploration opportunities companies that align with Yamana’s objectives for capital allocation and financial results, jurisdiction quality, geology and operational expertise.

The generative exploration program is first focusing on the most advanced projects in Yamana’s portfolio while continuing drilling activity at a number of the Company’s highly prospective earlier stage projects. These project stages are categorized and defined as follows:

•Tier One - Projects with well-defined gold mineral resources and opportunities to grow to a potentially economic threshold in the next three years.

•Tier Two - Projects that have achieved significant drill intercepts and whose geology along with other factors support rapid resource growth.

•Tier Three - Highly prospective projects with known mineralization defined with rock and soil geochemistry that warrant future drill testing.

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The Company is confident that its exploration pipeline includes projects that can meet its shorter-term objective of at least one project achieving 1.5 million ounces of gold in the inferred mineral resource category within three years as well as its longer-term objective of building at least one gold mineral resource that can support a mine with annual production of approximately 150,000 ounces per year for at least eight years.

The Company is focusing its exploration activities in part on the large land positions held within the Company, including projects that are at different stages of advancement in prospective mineral districts in all countries where it has producing assets and can leverage its technical and operational expertise, and it is pursuing advancing this portfolio through exploration projects in these countries. This effort will allow for the rapid advancement of the highest value projects, while at the same time moving the most promising early-stage properties up the exploration pipeline. In the current high market valuation environment of high-profile gold exploration projects, the Company feels it is timely and prudent to advance its in-house exploration assets.

Exploration Expenditures

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:


	For the three months ended December 31,				For the year ended December 31,
(In millions of US Dollars)	2020		2019		2020		2019
Exploration and evaluation capitalized (i)	$	21.0	$	13.9	$	57.6	$	60.4
Exploration and evaluation expensed (ii)	6.0		3.3		15.1		10.3
Total exploration and evaluation expenditures	$	27.0	$	17.2	$	72.7	$	70.7

(i)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.

(ii)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 continued to ramp up in most jurisdictions as responses to COVID-19 restrictions were managed. Drilling activities continued in Brazil at Ivolandia to expand the near surface oxide targets, and drilling was reinitiated at Lavra Velha and Borborema, as described in more detail below. Exploration drilling was also initiated at Jacobina Norte during the fourth quarter. Exploration in Chile in the fourth quarter included RC scout drill testing at several early-stage projects near the El Peñón mine. Exploration in Argentina was limited due to travel restrictions, but drilling in 2021 is planned to test breccia-related high-sulphidation epithermal gold targets on the Company’s Las Flechas property. At Monument Bay, Manitoba, an initial Phase I deep drilling program was completed, designed to test the down plunge projections of modeled, plunging high-grade zones at the Twin Lakes deposit.

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.

Exploration at Monument Bay during the fourth quarter continued to advance the evaluation and definition of high-grade ore shoots at depth at the Twin Lakes resources as part of an assessment considering the project as an underground mine. Approaching the Twin Lakes deposit 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 current drill program is designed to test the depth extent of several well-defined high-grade zones 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. Although startup of the 2020 summer field activity at Monument Bay was impacted by COVID-19 restrictions, the drilling

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program testing the depth extension of high-grade shoots at Twin Lakes was initiated in the previous quarter and a COVID-abbreviated 3-hole Phase I program completed in late fourth quarter. During the quarter two diamond drill holes were completed totaling 1,690 metres. All three Phase I drill holes at Twin Lakes intersected the mineralized zone and associated felsic dyke, however, overall assays were lower than anticipated. Drilling will continue in early 2021.

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 government geological survey till geochemistry support a highly prospective environment for folded iron formation hosted gold. 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 pending conclusion of community consultation and permitting, exploration work is anticipated to begin in early 2021.

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 near surface mineralization that may be amenable to low capital intensity open pit mining and heap leaching. Metallurgical studies are ongoing. Exploration has defined numerous additional gold anomalies in soil and rock which will be drill tested as part of the program. There are significant drill targets on the 55,000-hectare property, and Lavra Velha represents one of the most 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 highly prospective 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.

In the fourth quarter, the near surface resource expansion and exploration program continued at the Lavra Velha Sul/SW target. Drilling in the quarter also tested regional targets, including Carrapicho, Lavra Velha Oeste, Flanco Leste and Mata. In total, 2,482 metres were completed in 20 drill holes, bringing the total drilling in 2020 on the project to 4,820 metres in 39 holes. Four drill holes totaling 515 metres were completed at Lavra Velha Sul/SW testing extensions and better defining the geometry of the system. Exploratory drilling tested surface anomalies at Flanco Leste, Mata and a possible eastern extension of the Lavra Velha deposit with 1,786 metres completed. Surface work included stream sediment sampling to develop new district targets returning positive results in multiple areas. Drill testing of multiple targets will continue in 2021.

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 advancing 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 over the next decade of a second Jacobina-type mine along the concession owned by Yamana near the current Jacobina mine. Further, the concessions extend well beyond the Jacobina mine and Jacobina Norte, which creates excellent opportunities for further prospects.

Surface work in 2020 has defined a 4.3 kilometre trend at Barrocão Velho, a high priority target with surface workings and exposures of mineralized reefs with very limited drilling tests. Exploratory drilling on this target was initiated late in the third quarter and continued through the fourth quarter, with two drill holes totaling 957 metres completed. Assays from the first drill hole were negative with low gold grades, however drill data was used to define possible ore shoot geometry and a second hole is in progress to test the likely down plunge extent of significant surface mineralization. The drill results to date confirm the

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continuity of multiple favourable conglomerate horizons to depth and has encountered reefs with strong oxidation, boxwork and favourable pebble size distribution. Additional work in the quarter included detailed mapping along the Angicos-Barrocao Velho trend (4.5 kilometre) and Santa Cruz trends (3.5 kilometre) with paleochannel analyses to better support exploratory drilling. Additionally, 1,786 surface samples were collected during the fourth quarter.

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. Initial drill testing of the São Francisco anomaly in 2019 generated 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); 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); 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). True widths are not interpreted at this time.

COVID-19 related delays limited exploration in early 2020 but exploration drilling was restarted in mid-August and continued in the fourth quarter. Drilling in the fourth quarter totaled 2,655 metres in 14 drill holes, targeting extensions of the São Francisco target and regional anomalies in the wider São Francisco area. Assay results are pending for step out drilling at São Francisco, however massive and disseminated copper sulphides were intersected in drilling up to 1,200 metres east along strike of the main São Francisco target area, indicating a significant strike extension is available for further exploration.

While the Company will continue to advance Borborema, the project 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 were tested with initial drill holes during the fourth quarter, intersecting significant areas of alteration associated with anomalous gold and copper values in multiple holes. Drill testing of the São Francisco target and other anomalies on the property will continue in early 2021.

8. FINANCIAL CONDITION AND LIQUIDITY

BALANCE SHEET REVIEW


As at, (In millions of US Dollars)	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	651.2	$	158.8
Current assets (including cash and cash equivalents)	917.9		401.6
Non-current assets	7,504.9		6,715.6
Total assets	$	8,422.8	$	7,117.2
Current liabilities (excluding current portion of debt)	441.8		352.2
Non-current liabilities (excluding long-term debt)	1,814.9		1,497.2
Debt (current and long-term)	993.8		1,047.9
Total liabilities	$	3,250.5	$	2,897.3
Equity attributable to Yamana Gold Inc. equity holders	4,346.3		4,185.2
Non-controlling interests	826.0		34.7
Total equity	$	5,172.3	$	4,219.9
Working capital (i)	$	476.2	$	(6.7)
Net debt (ii)	$	565.7	$	889.1

(i)Working capital is defined as the excess of current assets over current liabilities, which includes assets and liabilities classified as held for sale when applicable.

(ii)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Total assets were $8.4 billion as at December 31, 2020, compared to total assets of $7.1 billion as at December 31, 2019. The Company’s asset base is primarily comprised of 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.

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Total liabilities as at December 31, 2020, were $3.3 billion compared to $2.9 billion as at December 31, 2019. The Company's liability base is primarily comprised of non-current liabilities such as long-term debt, deferred tax liabilities, and decommissioning and restoration liabilities. Other significant liabilities include: trade payables, current income taxes payable, and provisions.

Cash and Working Capital

Cash and cash equivalents were $651.2 million as at December 31, 2020, compared to $158.8 million as at December 31, 2019. The Company has sufficient cash on hand, available credit and liquidity to fully manage its business. Cash balances include cash acquired on the integration of the Agua Rica project with the Minera Alumbrera plant and infrastructure in the fourth quarter of 2020, with a December 31, 2020 balance of $223.1 million. The Company had working capital of $476.2 million as at December 31, 2020, compared to a working capital deficit of $6.7 million at December 31, 2019.

Net change in working capital movement was a cash outflow of $25.9 million for the three months ended December 31, 2020. Working capital for the quarter was impacted by several items including:

•A decrease related to the build-up of finished goods inventory in relation to production exceeding sales due to the timing of scheduled pickups at mines at the end of the fourth quarter. This is expected to normalize in 2021, predominantly in the first quarter.

•A decrease related to the normalization of accounts payable balances in the fourth quarter, related to a third quarter buildup due to the timing of payable runs in relation to September 30, 2020, more than offset by an increase related to the build-up of year-end accruals.

•A decrease related to the timing of collection of indirect tax credit recoverables and payments related to prepaids and advances.

•A decrease related to partial repayments of export credit facilities.

Net change in working capital movement was a cash outflow of $70.9 million for the year ended December 31, 2020. Working capital for the year was impacted by several items including:

•A decrease related to the build-up of inventory. Production exceeded sales due to the timing of scheduled pickups at mines at the end of the fourth quarter. In addition, the Company carries more material and supplies inventory at December 31, 2020 as assurance while operating during the pandemic. The higher inventory levels resulted in a working capital build-up, of which the component related to increased product inventory is expected to normalize in 2021, predominantly in the first quarter.

•A decrease related to the timing of collection of indirect tax credit recoverables and payments related to prepaids and advances.

•A decrease representing the normalization of payables and accruals that had built up at the end of the fourth quarter of 2019 to levels above those that are considered customary, due to the timing of receipts of certain invoices.

•A decrease related to partial repayments of export credit facilities.

Debt and Net Debt(i)

Total debt was $993.8 million as at December 31, 2020, compared to $1,047.9 million as at December 31, 2019, and net debt(i) as at December 31, 2020, was $565.7 million compared to $889.1 million as at December 31, 2019. The decrease in total debt is attributable to the repayment of a series of senior notes that became due in March 2020.

Net debt(i) decreased by $53.4 million and $323.4 million during the fourth quarter and year ended 2020 respectively, to $565.7 million, further advancing the Company's objective of achieving a positive net cash(i) position, which is now well ahead of schedule. Net debt is presented excluding cash acquired on the integration of the Agua Rica project with the Minera Alumbrera plant and infrastructure in the fourth quarter of 2020, with a December 31, 2020 balance of $223.1 million. The Company has achieved its financial management objective of a leverage ratio of net debt to EBITDA(i) of below 1.0x when assuming a bottom-of-cycle gold price of $1,350 per ounce, underscoring the Company’s significant financial flexibility and best-in-class financial position. The continued potential monetization of various non-producing assets provides further opportunities to reduce debt levels and leverage. The Company recognizes that there is significant value in such assets, which would be more than the total amount of outstanding debt, and along with cash flows, the Company has more than sufficient resources to further reduce outstanding debt, thereby further improving financial flexibility and providing more opportunity for enhanced value and returns for shareholders. The Company accomplished the sale of the royalty portfolio, the sale of Equinox shares in the second and third quarters of 2020, and the sale of Nomad shares in the fourth quarter of 2020, with the above objectives in mind.

For a cautionary note on non-GAAP performance measures and a reconciliation from debt to net debt(i), refer to Section 12: Non-GAAP Performance Measures.

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.

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As at December 31, 2020, the financial resources available to the Company for meeting its financial obligations include $750.0 million from its revolving credit facility.

The Company’s near-term financial obligations include financial commitments of $126.6 million. The Company has no pending scheduled debt repayments.

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(i) position.

(i)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

SOURCES AND USES OF CASH

The following table summarizes cash inflows and outflows for the following periods:


	For the three months ended December 31,				For the year ended December 31,
(In millions of US Dollars)	2020		2019		2020		2019
Cash flows from operating activities	$	181.5	$	201.7	$	617.8	$	521.8
Cash flows from operating activities before net change in working capital (i)	$	207.4	$	176.6	$	688.7	$	590.5
Cash flows from (used in) investing activities	$	136.3	$	(96.4)	$	51.4	$	432.0
Cash flows used in financing activities	$	(141.0)	$	(46.9)	$	(175.9)	$	(892.5)
Net free cash flow (i)	$	118.9	$	123.2	$	455.7	$	321.5

(i)A cautionary note regarding non-GAAP performance measures is included in Section 12: Non-GAAP Performance Measures.

Operating Activities

Net cash flows from operating activities before net change in working capital for the three months ended December 31, 2020 were 17% higher than the comparative quarter in 2019, primarily as a result of higher gross margins recognized as a result of increased metal prices; however, a significant increase in the cash outflow from the net change in working capital compared to the comparative quarter resulted in lower net cash flows from operating activities in the current quarter.

The increase in net cash flows from operating activities for the year ended December 31, 2020 compared to 2019 is also largely attributable to higher gross margins recognized on sales as a result of increased metal prices, which more than offset the lower sales volumes in the period.

Investing Activities

Net cash inflows from investing activities were $136.3 million in the three months to December 31, 2020 compared to net cash outflows of $96.4 million in the comparative quarter.

Net cash inflows in the current quarter included $222.5 million of cash acquired on the acquisition of Alumbrera pursuant to the Agua Rica-Alumbrera Integration Transaction, which was partially offset by capital expenditures of $95.2 million during the quarter. Net cash outflows in the comparative quarter were comprised largely of capital expenditures of $85.8 million. The increase in capital expenditures from the prior quarter was primarily attributable to work on the exploration program at Canadian Malartic, where the Company continues to advance studies related to the underground project as discussed in Section 1: Highlights and Relevant Updates.

For the year ended December 31, 2020, net cash inflows from investing activities were $51.4 million compared to net cash inflows of $432.0 million in 2019.

Net cash inflows in the current year included the cash acquired on the acquisition of Alumbrera as discussed above, proceeds from the sale of certain assets, including $102.4 million received on the sale of Equinox Gold shares held by the Company and $10.0 million, being the cash component of the consideration receivable on the sale of the royalty portfolio assets partially offset by capital expenditures of $273.7 million, Net cash inflows in the comparative period were primarily derived from $800.0 million in cash proceeds received on the sale of the Chapada mine, partially offset by capital expenditures of $331.7 million. The decrease in capital expenditures was largely attributable to the absence of the Chapada mine in the current year,

Details on capital expenditures by mine can be found in Section 1: Highlights and Relevant Updates.

Financing Activities

In the three months ended December 31, 2020, cash outflows used in financing activities included the repayment of the final $100.0 million of the $200.0 million draw down on the Company's revolving credit facility during the first quarter, as discussed above, as well as interest payments on long-term debt of $21.3 million (2019: $22.8 million) and dividend payments of $16.6

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million (2019: $9.4 million). The decrease in interest payments was attributable to a decrease in interest expense in 2020, given the $56.2 million of senior notes repaid in the first quarter. The increase in dividend payments resulted from the increase in the dividends declared compared to the comparative period.

In the year ended December 31, 2020, net cash flows used in financing activities included the drawdown and subsequent repayment of $200.0 million on the revolving credit facility and the repayment of $56.2 million of senior notes that became due in March 2020. Net cash flows used in financing activities in 2019 included the retirement of $800.0 million in debt in the third quarter in connection with the sale of the Chapada mine. Other financing activities in the current year included interest payments of $54.9 million (2019: $84.4 million), dividend payments of $53.0 million (2019: $23.7 million) and cash inflows of $7.4 million, being net proceeds from the issuance of flow-through shares during the third quarter. The increase in dividend payments resulted from the increase in the dividends declared compared to the comparative period as noted in Section 1: Highlights and Relevant Updates. Also included in financing activities for the year ended December 31, 2020

Net Free Cash Flow

The Company generated net free cash flow of $118.9 million in the fourth quarter of 2020, comparable to the net free cash flow of $123.2 million in the fourth quarter of 2019.

The Company generated net free cash flow of $455.7 million in the year ended December 31, 2020, representing a 41.7% increase compared to net free cash flow of $321.5 million in the same period of 2019. The change is driven largely by strong gross margins due to favorable metal price increases with stable costs across the operations, despite the challenges encountered during the period as a result of COVID-19, as well as lower interest and other finance expenses paid in connection with lower debt levels.

For a cautionary note on non-GAAP performance measures and a reconciliation from cash flows from operating activities to net free cash flow, refer to Section 12: Non-GAAP Performance Measures.

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:


As at, (In millions of US Dollars)	December 31, 2020		December 31, 2019
Shareholders’ equity	$	5,172.3	$	4,219.9
Debt	993.8		1,047.9
	6,166.1		5,267.8
Less: Cash and cash equivalents	(651.2)		(158.8)
	$	5,514.9	$	5,109.0

In order 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, 2020, including the impact of IFRS 16 in capital and other financial commitments, shown on an undiscounted basis:


(In millions of US Dollars)	Within 1 year		Years 2 and 3		Years 4 and 5		After 5 years		Total (i)
Debt
Repayment of principal	$	—	$	431.5	$	287.4	$	282.9	$	1,001.8
Interest	50.3		78.2		33.2		25.6		187.3
Capital and other financial commitments	45.2		32.7		6.2		—		84.1
Environmental rehabilitation provisions	31.1		53.5		27.8		414.7		527.1
Total contractual obligations and commitments	$	126.6	$	595.9	$	354.6	$	723.2	$	1,800.3

(i)Additionally, as at December 31, 2020, the Company had outstanding letters of credit totalling $66.4 million (C$84.6 million) representing guarantees for reclamation obligations and road construction relating to the Company’s share of mining interest in Canadian Malartic, $20.1 million and $13.7 million representing reclamation guarantees related to the Company's Chilean mines and US properties respectively, $21.1 million representing security guarantees in Brazil and $2.0 million representing guarantees for fuel supply at Cerro Moro. The Company's MARA Project also had outstanding bank guarantees for reclamation obligations totalling $55.6 million, for which an equivalent amount of cash collateral had been posted.

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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. The table below summarizes the Company's common shares and securities convertible into common shares as at the following dates:


As at, (thousands of units)	February 5, 2020	December 31, 2020
Common shares issued and outstanding	964,261	952,621
Share options outstanding	256	256
Restricted share units	3,123	2,494

9. 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 ended December 31, 2020, 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.

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The following chart summarizes one-year movements in the US Dollar price of gold (source: LBMA PM gold price):

Gold Price - Market Update

For the quarter ended December 31, 2020, spot gold prices averaged $1,874 per ounce, representing an increase of 27% compared to $1,481 per ounce in the fourth quarter of 2019. Prices ranged between $1,763 and $1,941 per ounce during the fourth quarter of 2020. As at December 31, 2020, the closing price was $1,888 per ounce.

Gold prices moved higher at the beginning of the fourth quarter of 2020, before falling precipitously in November with news surrounding the COVID-19 vaccine. Prices recovered to end the quarter relatively unchanged. Loose monetary policies combined with many governments facing challenging fiscal situations and elevated levels of debt, along with rising inflation expectations, should be supportive of gold over the longer term. In the short-term, gold prices are likely be driven by the US Dollar and real yields, global monetary policy and fiscal stimulus, and financial market volatility.

Central banks continue to be net buyers in 2020. Turkey, India and Russia are notable buyers. Global ETF holdings saw a rise in total ounces held in the fourth quarter of 2020, reaching an all-time high.

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.

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US Dollar - Market Update

The following chart summarizes one-year movements in key currencies vis-à-vis the US Dollar (source: Bloomberg):

The Brazilian Real, Argentine Peso and the Chilean Peso all weakened against the US Dollar, while the Canadian Dollar strengthened, during the three months ended December 31, 2020, compared to the same quarter of 2019. In the short term, these currencies will continue to be impacted by specific regional events and COVID-19 economic impacts. As a flight to safety, the performance of the US Dollar will be driven by economic and financial market shocks.


	Average Exchange Rate								Period-end Exchange Rate
	For the three months ended December 31,				For the year ended December 31,				As at December 31,	As at December 31,
	2020	2019	% (i)		2020	2019	% (i)		2020	2019	% (i)
USD-CAD	1.3030	1.3200	-1.3	%	1.3412	1.3269	1.1	%	1.2732	1.2988	-2.0	%
USD-BRL	5.3964	4.1173	31.1	%	5.1558	3.9451	30.7	%	5.1967	4.0307	28.9	%
USD-ARG	80.081	59.387	34.8	%	70.6514	48.2446	46.4	%	84.150	59.890	40.5	%
USD-CLP	761.96	755.98	0.8	%	792.17	703.25	12.6	%	710.95	748.74	-5.0	%

(i)Positive variance represents the US Dollar Increase in value to the foreign currency.

As at December 31, 2020, the Company had zero-cost collar contracts, which allow the Company to participate in exchange rate movements between two strikes, as follows:


	Average call price (i)	Average put strike price (i)	Total (ii)
Brazilian Real to USD
January 2021 to June 2021	R$3.85	R$4.31	R$ 93.0 million

(i)R$ = Brazilian Reais

(ii)Evenly split by month.

In addition, as at December 31, 2020, the Company had forward contracts as follows:


	Average forward price (i)	Total (ii)
Brazilian Real to USD
January 2021 to June 2021	R$4.07	R$ 93.0 million

(i)R$ = Brazilian Reais

(ii)Evenly split by month.

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In January 2021, the Company entered into the following additional derivative contracts to hedge against the risk of increases in the value of foreign currencies in several jurisdictions:

•Canadian Dollar to USD: Forward contracts with monthly notional maturities of C$20.0 million from February to December 2021, at an average forward price of C$1.2703 (total notional of C$220.0 million);

INFECTIOUS DISEASE RISK

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. The full extent and impact of the COVID-19 pandemic is unknown and to date has included extreme volatility in financial markets, a slowdown in economic activity, extreme volatility in commodity prices (including precious metals) and has raised the prospect of a global recession. The international response to COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in global consumer activity. The estimates of management are considered reasonable at this time, however, the full impact of the effects these conditions on mining operations or financial results may vary significantly due to uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of the travel restrictions and business closures that have been or may be imposed by the governments of impacted countries. 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. 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.

10. 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 flow and results of operations.

11. CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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, 2020.

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, revenues 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, 2020 are disclosed in Note 4 to the Company's consolidated financial statements for the year ended December 31, 2020.

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12. NON-GAAP PERFORMANCE MEASURES

The Company has included certain non-GAAP performance measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:

•Cash costs per gold equivalent ounce ("GEO") sold;

•All-in sustaining costs ("AISC") per GEO sold;

•Net debt;

•Net free cash flow;

•Average realized price per ounce of gold/silver sold; and

•Average realized price per pound of copper sold.

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 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.

CASH COSTS AND ALL-IN SUSTAINING COSTS

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 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 measures employed by other companies. Non-GAAP financial 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.

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amortization of reclamation and remediation. AISC do 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:

The following tables provide detailed reconciliations from costs of sales to cash costs and AISC, for the years ended December 31, 2020, and December 31, 2019.

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Reconciliation of Cost of Sales to Cash Costs and AISC


Cash Cost & AISC Reconciliation - Total	For the three months ended December 31, 2020						For the three months ended December 31, 2019
(In millions of US Dollars except GEO sold and per GEO sold amounts)	Total		Total GEO		Non-Sustaining		Total		Total GEO		Other Mines & Non-Sustaining
Cost of sales excluding DDA (i)	$	166.8	$	166.8	$	—	$	169.4	$	169.1	$	0.3
DDA (i)	112.5		112.5		—		119.0		119.0		—
Total cost of sales	$	279.3	$	279.3	$	—	$	288.4	$	288.0	$	0.3
DDA	(112.5)		(112.5)		—		(119.0)		(119.0)		—

Total cash costs	$	166.8	$	166.8	$	—	$	169.5	$	169.1	$	0.3
AISC adjustments:
General and administrative expenses	23.4		23.4		—		19.3		19.3		—
Community costs in other operating expenses	1.9		1.9		—		0.9		0.9		—
Reclamation & remediation - accretion & amortization	5.8		5.8		—		5.3		5.3		—
Exploration capital expenditures	21.0		11.8		9.2		13.9		11.7		2.2
Exploration and evaluation expenses	6.0		3.5		2.5		3.3		1.9		1.4
Sustaining capital expenditures	47.8		47.8		—		46.6		46.6		—
Leases (IFRS 16 Adjustment)	4.8		4.8		—		6.1		6.1		—
Total AISC			$	265.7					$	260.8
GEO sold (ii)(iii)			246,955						257,904
Cost of sales excl. DDA per GEO sold			$	675					$	656
DDA per GEO sold			$	455					$	461
Total cost of sales per GEO sold			$	1,131					$	1,117
Cash costs per GEO sold			$	675					$	656
AISC per GEO sold			$	1,076					$	1,011


Cash Cost & AISC Reconciliation - Total	For the year ended December 31, 2020						For the year ended December 31, 2019
(In millions of US Dollars except GEO and per GEO amounts)	Total		Total GEO		Non-sustaining		Total		Total GEO		Other Mines & Non-Sustaining
Cost of sales excluding DDA (i)	$	614.1	$	614.1	$	—	$	782.8	$	671.7	$	111.1
DDA (i)	395.0		395.0		—		471.7		459.7		12.0
Total cost of sales	$	1,009.1	$	1,009.1	$	—	$	1,254.4	$	1,131.4	$	123.1
DDA	(395.0)		(395.0)		—		(471.7)		(459.7)		(12.0)
Treatment and refining charges	—		—		—		0.7		0.7		—
Total cash costs	$	614.1	$	614.1	$	—	$	783.5	$	672.4	$	111.1
AISC adjustments:
General and administrative expenses	85.9		85.9		—		79.4		72.0		7.4
Community costs in other operating expenses	6.4		6.4		—		5.2		5.2		—
Reclamation & remediation - accretion & amortization	20.1		20.1		—		25.6		22.6		3.0
Exploration capital expenditures	57.6		41.2		16.4		60.4		50.8		9.6
Exploration and evaluation expenses	15.1		9.6		5.5		10.3		5.1		5.2
Sustaining capital expenditures	149.3		149.3		—		166.7		141.5		25.2
Leases (IFRS 16 Adjustment)	20.3		20.3		—		21.1		19.9		1.2
Total AISC			$	946.8					$	989.5
Commercial GEO (ii)(iii)			876,520						990,005
Cost of sales excl. DDA per GEO sold			$	701					$	678
DDA per GEO sold			$	451					$	464
Total cost of sales per GEO sold			$	1,151					$	1,143
Cash costs per GEO sold			$	701					$	679
AISC per GEO sold			$	1,080					$	999

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Cash Cost & AISC Reconciliation - Operating Segments			For the three months ended December 31, 2020
(In millions of US Dollars except GEO sold and per GEO sold amounts)	Total		Malartic GEO		Jacobina GEO		Cerro Moro GEO		El Peñón GEO		Minera Florida GEO		Corporate & Non-Sustaining
Cost of sales excluding DDA (i)	$	166.8	$	53.4	$	25.2	$	33.8	$	36.0	$	18.2	$	—
DDA (i)	112.5		41.5		13.6		25.4		16.9		12.5		2.6
Total cost of sales	$	279.3	$	95.0	$	38.8	$	59.2	$	52.9	$	30.7	$	2.6
DDA	(112.5)		(41.5)		(13.6)		(25.4)		(16.9)		(12.5)		(2.6)
Treatment and refining charges	—		—		—		—		—		—		—
Total cash costs	$	166.8	$	53.4	$	25.2	$	33.8	$	36.0	$	18.2	$	—
AISC adjustments:
General and administrative expenses	23.4		1.0		0.2		0.3		0.3		0.2		21.4
Community costs in other operating expenses	1.9		0.1		0.1		1.6		—		—		0.1
Reclamation & remediation - accretion & amortization	5.8		2.4		0.5		0.7		0.6		1.0		0.6
Exploration capital expenditures	21.0		—		2.0		3.5		4.7		1.8		9.0
Exploration and evaluation expenses	6.0		0.1		0.1		—		—		—		6.0
Sustaining capital expenditures	47.8		18.6		5.4		9.0		9.9		4.4		0.5
Leases (IFRS 16 Adjustment)	4.8		0.2		1.0		1.3		1.5		0.4		0.4
Total AISC			$	75.7	$	34.5	$	50.2	$	53.0	$	26.1
GEO sold (ii)			84,348		42,789		44,101		51,738		23,979
Cost of sales excl. DDA per GEO sold			$	634	$	590	$	768	$	696	$	760
DDA per GEO sold			$	493	$	317	$	576	$	327	$	519
Total cost of sales per GEO sold			$	1,126	$	907	$	1,343	$	1,023	$	1,279
Cash costs per GEO sold			$	634	$	590	$	768	$	696	$	760
AISC per GEO sold			$	898	$	807	$	1,139	$	1,025	$	1,087


Cash Cost & AISC Reconciliation - Operating Segments			For the three months ended December 31, 2019
(In millions of US Dollars except GEO sold and per GEO sold amounts)	Total		Malartic GEO		Jacobina GEO		Cerro Moro GEO		El Peñón GEO		Minera Florida GEO		Corporate & Other Mines & Non-Sustaining
Cost of sales excluding DDA (i)	$	169.4	$	53.1	$	23.4	$	37.0	$	35.7	$	19.8	$	0.4
DDA (i)	119.0		34.9		12.0		29.5		31.8		8.8		2.0
Total cost of sales	$	288.4	$	88.0	$	35.4	$	66.5	$	67.5	$	28.6	$	2.4
DDA	(119.0)		(34.9)		(12.0)		(29.5)		(31.8)		(8.8)		(2.0)
Treatment and refining charges	—		—		—		—		—		—		—
Total cash costs	$	169.4	$	53.1	$	23.4	$	37.0	$	35.7	$	19.8	$	0.4
AISC adjustments:
General and administrative expenses	19.3		0.9		0.3		0.4		0.4		0.3		17.0
Community costs in other operating expenses	0.9		0.1		—		0.8		—		—		—
Reclamation & remediation - accretion & amortization	5.3		2.3		0.7		0.9		0.3		1.2		(0.1)
Exploration capital expenditures	13.9		0.1		2.7		3.8		2.8		2.3		2.2
Exploration and evaluation expenses	3.3		—		0.1		—		—		—		3.2
Sustaining capital expenditures	46.6		13.5		8.2		11.9		7.6		3.7		1.7
Leases (IFRS 16 Adjustment)	6.1		0.1		1.2		1.3		2.4		0.5		0.6
Total AISC			$	70.1	$	36.6	$	56.0	$	49.2	$	27.8
GEO sold (ii)(iii)			84,673		44,293		45,690		63,552		19,696
Cost of sales excl. DDA per GEO sold			$	627	$	529	$	811	$	562	$	1,005
DDA per GEO sold			$	412	$	270	$	646	$	500	$	445
Total cost of sales per GEO sold			$	1,039	$	799	$	1,456	$	1,062	$	1,450
Cash costs per GEO sold			$	627	$	529	$	811	$	562	$	1,005
AISC per GEO sold			$	828	$	827	$	1,228	$	775	$	1,411

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Cash Cost & AISC Reconciliation - Operating Segments			For the year ended December 31, 2020
(In millions of US Dollars except GEO and per GEO amounts)	Total		Malartic GEO		Jacobina GEO		Cerro Moro GEO		El Peñón GEO		Minera Florida GEO		Corporate & Non-Sustaining
Cost of sales excluding DDA (i)	$	614.1	$	185.4	$	95.5	$	115.8	$	141.8	$	75.6	$	—
DDA (i)	395.0		133.4		52.6		86.1		69.6		44.2		9.1
Total cost of sales	$	1,009.1	$	318.8	$	148.1	$	201.8	$	211.4	$	119.8	$	9.1
DDA	(395.0)		(133.4)		(52.6)		(86.1)		(69.6)		(44.2)		(9.1)
Treatment and refining charges	—		—		—		—		—		—		—
Total cash costs	$	614.1	$	185.4	$	95.5	$	115.8	$	141.8	$	75.6	$	—
AISC adjustments:
General and administrative expenses	85.9		2.5		0.7		0.5		0.5		0.4		81.3
Community costs in other operating expenses	6.4		0.3		0.7		4.6		—		—		0.8
Reclamation & remediation - accretion & amortization	20.1		8.2		2.2		2.8		2.2		3.6		1.1
Exploration capital expenditures	57.6		—		6.0		12.6		15.9		7.0		16.1
Exploration and evaluation expenses	15.1		0.1		0.1		—		—		—		14.9
Sustaining capital expenditures	149.3		52.5		21.6		29.5		31.4		12.6		1.7
Leases (IFRS 16 Adjustment)	20.3		0.7		4.1		5.0		7.0		1.8		1.7
Total AISC			$	249.7	$	130.9	$	170.7	$	198.8	$	101.1
Commercial GEO (ii)			264,198		175,561		133,358		215,667		87,735
Cost of sales excl. DDA per GEO sold			$	702	$	544	$	868	$	657	$	862
DDA per GEO sold			$	505	$	300	$	645	$	323	$	503
Total cost of sales per GEO sold			$	1,207	$	844	$	1,513	$	980	$	1,366
Cash costs per GEO sold			$	702	$	544	$	868	$	657	$	862
AISC per GEO sold			$	945	$	746	$	1,280	$	922	$	1,152


Cash Cost & AISC Reconciliation - Operating Segments			For the year ended December 31, 2019
(In millions of US Dollars except GEO and per GEO amounts)	Total		Malartic GEO		Jacobina GEO		Cerro Moro GEO		El Peñón GEO		Minera Florida GEO		Corporate & Other Mines & Non-Sustaining
Cost of sales excluding DDA (i)	$	782.8	$	198.9	$	94.9	$	153.8	$	153.4	$	70.6	$	111.2
DDA (i)	471.7		135.4		56.7		121.7		102.0		35.7		20.2
Total cost of sales	$	1,254.4	$	334.4	$	151.6	$	275.5	$	255.4	$	106.3	$	131.4
DDA	(471.7)		(135.4)		(56.7)		(121.7)		(102.0)		(35.7)		(20.2)
Treatment and refining charges	13.0		—		—		0.7		—		—		12.3
Total cash costs	$	795.8	$	198.9	$	94.9	$	154.4	$	153.4	$	70.6	$	123.5
AISC adjustments:
General and administrative expenses	79.4		3.5		1.1		0.6		0.7		0.5		73.0
Community costs in other operating expenses	5.2		0.3		0.2		4.2		—		—		0.5
Reclamation & remediation - accretion & amortization	25.6		9.0		3.4		3.5		2.1		4.6		3.0
Exploration capital expenditures	60.4		0.8		6.3		16.2		18.1		9.5		9.5
Exploration and evaluation expenses	10.3		0.2		0.2		—		—		—		9.9
Sustaining capital expenditures	166.7		45.1		24.5		23.5		30.8		13.1		29.7
Leases (IFRS 16 Adjustment)	21.1		0.5		4.7		4.2		6.8		2.3		2.6
Total AISC			$	258.6	$	135.3	$	206.6	$	211.9	$	100.6
Commercial GEO (ii)(iii)			330,851		160,142		213,077		211,231		74,705
Cost of sales excl. DDA per GEO sold			$	601	$	593	$	722	$	726	$	945
DDA per GEO sold			$	409	$	354	$	571	$	483	$	478
Total cost of sales per GEO sold			$	1,011	$	947	$	1,293	$	1,209	$	1,423
Cash costs per GEO sold			$	601	$	593	$	725	$	726	$	945
AISC per GEO sold			$	782	$	845	$	969	$	1,003	$	1,346

(i)Cost of sales excluding DDA includes the impact of the movement in inventory (non-cash item). Information related to GAAP values of cost of sales excluding DDA, DDA and total cost of sales are derived from the Consolidated Statements of Operations and Note 7: Segment Information to the Company's Consolidated Financial Statements. Other Mines include Chapada for the comparative period.

(ii)GEO assumes gold ounces plus the gold equivalent of silver ounces using a ratio of 76.82 and 88.86 for the three months and year ended December 31, 2020, respectively, and 85.54 and 86.02 for the three months and year ended December 31, 2019, respectively.

(iii)Comparative period GEO and gold figures exclude contributions from the Chapada mine, which was divested in July 2019. Sales figures for the three months and year ended December 31, 2019 exclude (161) and 49,578 ounces, respectively, net of quantity adjustments.

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NET DEBT

The Company uses the financial measure "net debt ", which is a non-GAAP financial measure, to supplement information in its consolidated financial statements. 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. The non-GAAP financial measure of net debt does not have any standardized meaning prescribed under IFRS, and therefore it 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.

Net debt is calculated as the sum of the current and non-current portions of long-term debt net of the cash and cash equivalent balance as at the balance sheet date. Cash related to the MARA Project is added back to the net debt calculation on the basis that the cash is specific to the MARA Project, and not available to the Company for the purposes of debt reduction.

When the cash and cash equivalent balance exceeds the total debt, the Company is in a "net cash" position. A reconciliation of net debt is provided below:


As at, (In millions of US Dollars)	December 31, 2020		December 31, 2019
Debt
Non-current portion	$	993.8	$	991.7
Current portion	—		56.2
Total debt	$	993.8	$	1,047.9
Less: Cash and cash equivalents	(651.2)		(158.8)
Add: Cash related to MARA	223.1		—
Net debt	$	565.7	$	889.1

NET FREE CASH FLOW

The Company uses the financial measure "net free cash flow", which is a non-GAAP financial measure, to supplement information in its consolidated financial statements. Net free cash flow does not have any standardized meaning prescribed under IFRS, and therefore it 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 flow capacity to meet non-discretionary outflows of cash. The presentation of net free cash flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. Net free cash flow is calculated as cash flows from operating activities adjusted for advance payments received pursuant to metal purchase agreements and other cash flows not related to current period production, less non-discretionary items such as sustaining capital expenditures, interest paid, payment of lease liabilities, and cash used in other financing activities.


	For the three months ended December 31,				For the year ended December 31,
(In millions of US Dollars)	2020		2019		2020		2019
Cash flows from operating activities	$	181.5	$	201.7	$	617.8	$	521.8
Adjustments to operating cash flows:
Amortization of deferred revenue (i)	3.8		4.2		16.1		79.4
Temporary suspension and standby costs	2.2		—		18.4		—
Other incremental COVID-19 costs	7.0		—		22.1		—
Legal contingencies included in other cash payments	—		—		8.0		8.3
Non-discretionary items related to the current period
Sustaining capital expenditures	(47.8)		(46.6)		(149.2)		(166.7)
Interest paid	(21.3)		(22.8)		(54.9)		(84.4)
Payment of lease liabilities	(4.2)		(4.8)		(17.1)		(16.8)
Cash used in other financing activities	(2.3)		(8.5)		(5.5)		(20.1)
Net free cash flow	$	118.9	$	123.2	$	455.7	$	321.5

(i)Adjustments represent non-cash deferred revenue recognized in respect of metal sales agreements, the cash payments for which were received in previous periods and which were similarly reduced for comparability. Amounts are derived from the Consolidated Statements of Cash Flows and further details on current deferred revenue balances can be found in Note 27: Other Provisions and Liabilities to the Company's Consolidated Financial Statements.

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AVERAGE REALIZED METAL PRICES

The Company uses the financial measures "average realized gold price", "average realized silver price" and "average realized copper price", which are non-GAAP financial 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, silver and copper, divided by the quantity of the respective units of metals sold, i.e. gold ounce, silver ounce and copper pound. Reconciliations of average realized metal prices to revenue are provided below:


For the three months ended December 31,	2020						2019
	Quantity sold		Revenue per ounce/pound		Revenue (In millions of US Dollars)		Quantity sold		Revenue per ounce/pound		Revenue (In millions of US Dollars)
Gold (i)	213,439	oz	$	1,875	$	400.2	223,433	oz	$	1,486	$	332.0
Silver	2,563,166	oz	$	24.02	61.6		2,935,673	oz	$	17.55	51.5
Copper (i)	—	lbs	$	—	—		182,567	lbs	$	1.88	0.3
Revenue					$	461.8					$	383.8


For the three months ended December 31,	2020						2019
	Quantity sold		Average Realized Price		Revenue (In millions of US Dollars)		Quantity sold		Average Realized Price		Revenue (In millions of US Dollars)
Gold (i)	213,439	oz	$	1,875	$	400.2	223,433	oz	$	1,484	$	331.5

Silver	2,294,546	oz	$	24.32	55.8		2,635,673	oz	$	17.39	45.8
Silver subject to metal sales agreement (ii)	268,620	oz	$	21.44	5.8		300,000	oz	$	18.52	5.6
	2,563,166	oz	$	24.02			2,935,673	oz	$	17.50

Copper (i)	—	lbs	$	—	—		16,085	lbs	$	2.70	0.0
Copper subject to metal sales agreements (ii)	—	lbs	$	—	—		166,482	lbs	$	2.06	0.3
	—	lbs	$	—			182,567	lbs	$	2.11
Gross revenue					$	461.8					$	383.2
(Deduct) add:

Metal price, MTM, and derivative settlement adjustments					—						0.6

Revenue					$	461.8					$	383.8

(i)Includes payable gold and copper contained in concentrate from the Chapada mine in the comparative period.

(ii)Balances represent the metals sold under the metal sales agreements.


For the year ended December 31,	2020						2019
	Quantity sold		Revenue per ounce/pound		Revenue (In millions of US Dollars)		Quantity sold		Revenue per ounce/pound		Revenue (In millions of US Dollars)
Gold (i)	754,970	oz	$	1,777	$	1,341.8	911,708	oz	$	1,392	$	1,268.7
Silver	10,382,086	oz	$	21.11	219.2		11,009,552	oz	$	16.39	180.6
Copper (i)	—	lbs	$	—	—		59,887,778	lbs	$	2.72	162.9
Revenue					$	1,561.0					$	1,612.2

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For the year ended December 31,	2020						2019
	Quantity sold		Average Realized Price		Revenue (In millions of US Dollars)		Quantity sold		Average Realized Price		Revenue (In millions of US Dollars)
Gold (i)	754,970	oz	$	1,777	$	1,341.8	911,708	oz	$	1,387	$	1264.6

Silver	9,380,951	oz	$	21.04	197.4		10,165,352	oz	$	16.11	163.8
Silver subject to metal sales agreement (ii)	1,001,135	oz	$	19.91	19.9		844,200	oz	$	18.05	15.2
	10,382,086	oz	$	20.93			11,009,552	oz	$	16.26

Copper (i)	—	lbs	$	—	—		37,157,312	lbs	$	2.83	105.1
Copper subject to metal sales agreements (ii)	—	lbs	$	—	—		22,730,466	lbs	$	2.91	66.2
	—	lbs	$	—			59,887,778	lbs	$	2.86
Gross revenue					$	1,559.1					$	1,614.9
(Deduct) add:
Treatment and refining charges of gold and copper concentrate					—						(13.0)
Metal price, MTM, and derivative settlement adjustments					—						10.3
Deferred revenue adjustment (iii)					1.9						—
Revenue					$	1,561.0					$	1,612.2

(i)Includes payable gold and copper contained in concentrate.

(ii)Balances represent the metals sold under the metal sales agreements and the advanced copper sales program.

(iii)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, 2020, 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.

ADDITIONAL LINE ITEMS OR SUBTOTALS IN FINANCIAL STATEMENTS

The Company uses the following additional line items and subtotals in the consolidated financial statements as contemplated in IAS 1: Presentation of Financial Statements:

•Gross margin excluding depletion, depreciation and amortization - represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization. This additional measure represents the cash contribution from the sales of metals before all other operating expenses and DDA, in the reporting period.

•Mine operating earnings/loss - represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization, depletion, depreciation and amortization, temporary suspension, standby and other incremental COVID-19 costs, and net impairment write-downs/reversals.

•Operating earnings/loss - represents the amount of earnings/loss before net finance costs, other income/costs and income tax expense/recovery. This measure represents the amount of financial contribution, net of all expenses directly attributable to mining operations and overheads. Finance costs and other income/costs are not classified as expenses directly attributable to mining operations.

•Cash flows from operating activities before income taxes paid and net change in working capital - excludes the payments made during the period related to income taxes and tax related payments and the movement from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital and income taxes can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for income taxes paid and tax related payments and the working capital change during the reporting period.

•Cash flows from operating activities before net change in working capital - excludes the movement from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for the working capital change during the reporting period.

The Company believes that this presentation provides useful information to investors because gross margin excluding depletion, depreciation and amortization excludes the non-cash operating cost items (i.e. depreciation, depletion and amortization), cash flows from operating activities before net change in working capital excludes the movement in working capital items, mine operating earnings excludes expenses not directly associated with commercial production and operating earnings excludes finance and tax related expenses and income/recoveries. These, in management’s view, provide useful information of the

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Company’s cash flows from operating activities and are considered to be meaningful in evaluating the Company’s past financial performance or the future prospects.

13. 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:

•Maintaining records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets of the Company;

•Providing reasonable assurance that transactions are recorded as necessary for preparation of our Consolidated Financial Statements in accordance with generally accepted accounting principles;

•Providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and

•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, 2020, 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, 2020 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, 2020.

CHANGES IN INTERNAL CONTROLS

During the year ended December 31, 2020, 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.

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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, 2020, and December 31, 2019, and results of operations for the periods ended December 31, 2020, and December 31, 2019.

This Management’s Discussion and Analysis has been prepared as of February 11, 2021. The consolidated financial statements prepared in accordance with IFRS as issued by the IASB 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, 2020 (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 for the year ended December 31, 2019 on file with the Securities Commissions of all of the provinces in Canada and which are included in the 2019 Annual Report on Form 40-F filed 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 or updates regarding mineral reserves and mineral resources. 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, success of exploration activities, 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, 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.

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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 (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 Projects.

Readers should refer to the Annual Information Form of the Company for the year ended December 31, 2019 and other continuous disclosure documents filed by the Company since January 1, 2020 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.

*************

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EXHIBIT 99.3

CONSOLIDATED FINANCIAL STATEMENTS

AS AT AND FOR THE YEARS ENDED

DECEMBER 31, 2020 AND 2019

TABLE OF CONTENTS

Page

Management's Responsibility for Financial Reporting

Reports of Independent Registered Public Accounting Firm

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Earnings

Consolidated Statements of Cash Flows

Consolidated Balance Sheets

Consolidated Statements of Changes in Equity

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS:

Note 1:

Description of Business and Nature of Operations

Note 2:

Basis of Preparation and Presentation

Note 3:

Significant Accounting Policies

Note 4:

Critical Judgements and Estimation Uncertainties

Note 5:

Recent Accounting Pronouncements

Note 6:

Business Transactions

Note 7:

Segment Information

Note 8:

Revenue

Note 9:

Employee Compensation and Benefits Expenses

Note 10:

Other Operating Expenses (Income), Net

Note 11:

Other Costs, Net

Note 12:

Finance Costs

Note 13:

Impairment and Reversal of Impairment

Note 14:

Income Taxes

Note 15:

Earnings Per Share

Note 16:

Supplementary Cash Flow Information

Note 17:

Financial Instruments

Note 18:

Financial Risk Management

Note 19:

Inventories

Note 20:

Other Financial Assets

Note 21:

Other Assets

Note 22:

Property, Plant and Equipment

Note 23:

Goodwill and Other Intangible Assets

Note 24:

Investment in Associates

Note 25:

Trade and Other Payables

Note 26:

Other Financial Liabilities

Note 27:

Other Provisions and Liabilities

Note 28:

Long-Term Debt and Credit Facility

Note 29:

Environmental Rehabilitation Provision

Note 30:

Share Capital

Note 31:

Share-Based Payments

Note 32:

Non-Controlling Interests

Note 33:

Capital Management

Note 34:

Leases

Note 35:

Commitments and Contingencies

Note 36:

Related Party Transactions

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, 2020, 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” “Jason LeBlanc”

President and Senior Vice President, Finance and

Chief Executive Officer Chief Financial Officer

February 11, 2021

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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, 2020 and 2019, the related consolidated statements of operations, comprehensive earnings, cash flows and changes in equity, for each of the two years in the period ended December 31, 2020, 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, 2020 and 2019, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2020, in conformity 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, 2020, 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 February 11, 2021, 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 judgments. 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 22 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 judgment.

While there are several inputs that are required to determine whether or not an indicator of impairment or impairment reversal exists, the judgments with the highest degree of subjectivity are future commodity prices (gold and silver), future foreign exchange rates and the discount rate. 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 a fair value specialist.

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 and the discount rate considered in the assessment of indicators of impairment or impairment reversal included the following, among others:

•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.

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•With the assistance of a fair value specialist;

•Evaluated the future commodity prices (gold and silver) by comparing management’s forecasts to third party forecasts.

•Evaluated the reasonableness of the future foreign exchange rates by comparing our independent research of the forecasted rates to management’s assumed rates.

•Evaluated the reasonableness of the change in discount rate by testing the source information underlying the determination of the discount rate.

Impairment assessment – Canadian Malartic Cash-Generating Unit (CGU) Goodwill, Impairment Loss – Cerro Moro CGU and Impairment Loss Reversal – El Peñón CGU – Refer to Notes 4, 13, 22 and 23 of the Financial Statements

Critical Audit Matter Description

The Company has goodwill associated with its investment in the Canadian Malartic CGU. The Company performs an annual assessment of impairment for goodwill, or more frequently if any event or change in circumstances indicates that the carrying value of a CGU may be above its recoverable amount using the higher of fair value less costs of disposal and value in use. In addition, 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. An indicator of impairment loss was identified for the Cerro Moro CGU and an indicator of impairment loss reversal was identified for the El Peñón CGU.

While there are several inputs that are required to determine the recoverable amounts for these CGUs, the estimates and assumptions with the highest degree of subjectivity and judgment uncertainty are forecasts of future revenues (specifically future gold and silver prices and potential ounces), future foreign exchange rates and discount rate. Performing audit procedures to evaluate the reasonableness of such estimates and assumptions required a high degree of auditor judgment and an increased extent of audit effort, including the involvement of a fair value specialist.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the forecasts of future revenues (specifically future gold and silver prices and potential ounces), future foreign exchange rates and discount rate used in determining the recoverable value of the CGUs included the following, among others:

•Evaluated the effectiveness of controls over management’s determination of the future commodity prices (gold and silver), in-situ value assigned to the potential ounces, future foreign exchange rates, and the discount rate.

•With the assistance of a fair value specialist;

•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.

•Obtained third party information surrounding in-situ values to assess the reasonableness of the value assigned to the potential ounces.

•Evaluated the reasonableness of the discount rate by testing the source information underlying the determination of the discount rate and developed a range of independent estimates for the discount rate and compared to the discount rate selected by management.

Asset Acquisition – Alumbrera and Agua Rica Integration Transaction — Refer to Notes 4, 5, 6 and 32 of the Financial Statements

Critical Audit Matter Description

On December 17, 2020, the Company completed an Integration Transaction which resulted in Yamana acquiring control of the underlying assets of Minera Alumbrera Ltd. (“Alumbrera”) to form Minera Agua Rica Alumbrera Ltd. (the “MARA Project”). The Integration Transaction was a complex, non-monetary transaction which required significant management judgment.

There are many components embedded in the Integration Transaction that resulted in management making several judgments on the accounting treatment, in particular (1) evaluating whether the Company exercised control over the MARA Project, (2) determining whether the acquisition of the Alumbrera assets and liabilities was an asset acquisition or a business combination and (3) determining the accounting for the non-monetary consideration whereby the Company had to determine the fair value of the assets acquired and liabilities assumed as the fair value of the assets in Alumbrera were more readily determinable than the assets being given up in Agua Rica. Management made significant judgments in valuing the property, plant and equipment (“PP&E”) and Mineral Resources. The method to determine the fair values of the PP&E and Mineral Resources depended on the type of asset and involved management making significant estimates and assumptions. Auditing these key judgments required a

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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 specialists and professionals in our firm with expertise in business combinations and consolidation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s judgments on the accounting treatment of the Integration Transaction, in particular (1) evaluating whether the Company exercised control over the MARA Project, (2) determining whether the acquisition of the Alumbrera assets and liabilities was an asset acquisition or business combination and (3) determining the accounting for the non-monetary consideration and valuation of the acquired PP&E and in-situ value assigned to the Mineral Resources included the following, among others:

•Evaluated the effectiveness of controls over management’s accounting treatment, conclusions and recognition of the Alumbrera assets and liabilities and the MARA Project, including the determination of the fair values of PP&E and Mineral Resources acquired.

•With the assistance of professionals in our firm with expertise in business combinations and consolidation, evaluated management’s judgment on the accounting treatment, in particular (1) evaluating whether the Company exercised control over the MARA Project, (2) determining whether the acquisition of the Alumbrera assets and liabilities was an asset acquisition, and (3) determining the accounting for the non-monetary consideration by:

•Assessing information in the Integration Transaction agreement to understand and evaluate that all components were identified.

•Evaluating management’s assessments relating to the accounting treatment by analyzing these assessments against relevant accounting standards, including various aspects of Generally Accepted Accounting Principles, conceptual frameworks and guidance.

•With the assistance of fair value specialists;

•Evaluated the reasonableness of the fair value of PP&E by (1) determining the reproduction or replacement cost by comparing cost estimates to industry data and published cost indices for individual assets, and (2) determining the useful life by asset class by comparing to published physical deterioration curves and economic useful life guides, to develop a range of an independent fair value estimate by PP&E asset which were compared to the fair values determined by management.

•Obtained third party information surrounding in-situ values to assess the reasonableness of the value assigned to the Mineral Resources.

"/s/ Deloitte LLP”

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

February 11, 2021

We have served as the Company's auditor since 1995.

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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, 2020, 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, 2020, 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, 2020 of the Company and our report dated February 11, 2021, 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

February 11, 2021

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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)	2020		2019
Revenue (Note 8)	$	1,561.0	$	1,612.2
Cost of sales excluding depletion, depreciation and amortization	(614.1)		(782.8)
Gross margin excluding depletion, depreciation and amortization	$	946.9	$	829.4
Depletion, depreciation and amortization	(395.0)		(471.7)
Temporary suspension, standby and other incremental COVID-19 costs (Note 2)	(40.5)		—
Reversal of impairment of mining properties, net (Note 13)	191.0		—
Mine operating earnings	$	702.4	$	357.7

Expenses
General and administrative	(85.9)		(79.4)
Exploration and evaluation	(15.1)		(10.3)
Share of loss of associates (Note 24)	(1.0)		(16.3)
Other operating (expenses) income, net (Note 10)	(14.6)		222.4

Operating earnings	$	585.8	$	474.1
Finance costs (Note 12)	(77.0)		(144.2)
Other costs, net (Note 11)	(18.7)		(19.6)

Earnings before taxes	$	490.1	$	310.3
Current income tax expense (Note 14)	(116.2)		(95.0)
Deferred income tax (expense) recovery (Note 14)	(170.3)		10.3
Income tax expense, net	$	(286.5)	$	(84.7)
Net earnings	$	203.6	$	225.6






Earnings per share attributable to Yamana Gold Inc. equity holders (Note 15)
Basic and diluted	$	0.21	$	0.24

Weighted average number of shares outstanding (in thousands) (Note 15)
Basic	951,818		950,266
Diluted	953,846		951,924

The accompanying notes are an integral part of the consolidated financial statements.

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YAMANA GOLD INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

FOR THE YEARS ENDED DECEMBER 31,


(In millions of US Dollars)	2020		2019
Net earnings	$	203.6	$	225.6

Other comprehensive earnings (loss), net of taxes
Items that may be reclassified subsequently to net earnings:
Cash-flow hedges
- Effective portion of changes in fair value of cash flow hedges (Note 17)	(24.0)		(4.3)

- Reclassification of gains recorded in earnings (Note 17)	16.9		9.3
- Tax Impact on fair value of hedging instruments (Note 14)	2.0		0.5
- Time value of options contracts excluded from hedge relationship (Note 17)	(0.2)		(1.3)
Investment in associate
- Share of other comprehensive loss from investment in associate (Note 24)	(1.6)		(9.4)
- Reclassification of accumulated other comprehensive losses from investment in associate to net earnings upon discontinuation of the equity method (Note 6)	11.1		—
	$	4.2	$	(5.2)
Items that will not be reclassified to net earnings:
Changes in the fair value of equity investments at FVOCI	21.1		(1.1)
Loss on sale of equity investments at FVOCI (Note 6)	(7.2)		—
Income tax relating to items that will not be reclassified subsequently to net earnings	(1.5)		—
Re-measurement of employee benefit plan	(0.7)		1.3
Total other comprehensive earnings (loss)	$	15.9	$	(5.0)
Total comprehensive earnings	$	219.5	$	220.6

The accompanying notes are an integral part of the consolidated financial statements.

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YAMANA GOLD INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,


(In millions of US Dollars)	2020		2019
Operating activities
Earnings before taxes	$	490.1	$	310.3
Adjustments to reconcile earnings before taxes to net operating cash flows:
Depletion, depreciation and amortization	395.0		471.7
Share-based payments	31.5		15.0
Other costs, net (Note 11)	18.7		19.6
Finance costs (Note 12)	77.0		144.2
Mark-to-market on financial instruments and metal concentrates	(6.9)		(4.7)

Share of loss of associates (Note 24)	1.0		16.3
Reversal of impairment of mining properties, net (Note 13)	(191.0)		—
Amortization of deferred revenue (Note 27)	(16.1)		(79.4)
Gain on sale of subsidiaries (Note 10)	—		(273.1)
Gain on discontinuation of the equity method (Note 6)	(21.3)		—
Other non-cash expenses, net (Note 16)	28.7		46.2

Environmental rehabilitation obligations paid (Note 29)	(3.2)		(4.3)
Other cash payments	(15.5)		(8.3)
Cash flows from operating activities before income taxes paid and net change in working capital	788.0		653.5
Income taxes paid	(99.3)		(63.0)

Cash flows from operating activities before net change in working capital	$	688.7	$	590.5
Net change in working capital (Note 16)	(70.9)		(68.7)
Cash flows from operating activities	$	617.8	$	521.8
Investing activities
Acquisition of property, plant and equipment	$	(273.7)	$	(331.7)
Cash acquired in Agua Rica Alumbrera integration transaction (Note 6)	222.5		—
Net proceeds on disposal of subsidiaries and other assets (Note 6)	137.2		825.0


Cash used in other investing activities	(34.6)		(61.3)
Cash flows from investing activities	$	51.4	$	432.0
Financing activities
Dividends paid (Note 30)	$	(53.0)	$	(23.7)
Interest paid	(54.9)		(84.4)
Financing costs paid on early note redemption (Note 12)	—		(35.0)

Repayment of revolving credit facility and notes payable (Note 28)	(256.2)		(952.5)
Proceeds from drawdown of revolving credit facility (Note 28)	200.0		240.0
Payment of lease liabilities	(17.1)		(16.8)
Proceeds from issuance of flow-through shares (Note 30)	7.4		—
Cash contributions from non-controlling interests	3.4		—
Cash used in other financing activities	(5.5)		(20.1)
Cash flows used in financing activities	$	(175.9)	$	(892.5)
Effect of foreign exchange of non-US Dollar denominated cash and cash equivalents	(0.9)		(1.0)
Increase in cash and cash equivalents	$	492.4	$	60.3
Cash and cash equivalents, beginning of year	$	158.8	$	98.5

Cash and cash equivalents, end of year	$	651.2	$	158.8

Supplementary Cash Flow Information (Note 16).

The accompanying notes are an integral part of the consolidated financial statements.

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YAMANA GOLD INC.

CONSOLIDATED BALANCE SHEETS

AS AT DECEMBER 31,


(In millions of US Dollars)	2020		2019
Assets
Current assets:
Cash and cash equivalents (Note 16)	$	651.2	$	158.8
Trade and other receivables	4.2		3.4
Inventories (Note 19)	152.1		133.4
Other financial assets (Note 20)	14.3		8.5
Other assets (Note 21)	96.1		97.5

	$	917.9	$	401.6
Non-current assets:
Property, plant and equipment (Note 22)	6,684.8		5,952.9
Goodwill and other intangible assets (Note 23)	396.4		392.2
Investments in associates (Note 24)	34.3		120.3
Deferred tax assets (Note 14)	98.1		80.8
Other financial assets (Note 20)	88.7		15.2
Other assets (Note 21)	202.6		154.2
Total assets	$	8,422.8	$	7,117.2

Liabilities
Current liabilities:
Trade and other payables (Note 25)	$	240.4	$	219.5
Income taxes payable	45.0		18.3
Other financial liabilities (Note 26)	78.8		131.1
Other provisions and liabilities (Note 27)	77.6		39.5

	$	441.8	$	408.4
Non-current liabilities:
Long-term debt (Note 28)	993.8		991.7
Environmental rehabilitation provision (Note 29)	363.5		214.7
Deferred tax liabilities (Note 14)	1,229.1		1,041.4
Other financial liabilities (Note 26)	109.7		98.0
Other provisions and liabilities (Note 27)	112.6		143.1
Total liabilities	$	3,250.5	$	2,897.3

Equity
Share capital (Note 30)	$	7,648.9	$	7,639.9
Contributed surplus	22.7		21.0
Accumulated other comprehensive (loss) income	(6.5)		(21.9)
Deficit	(3,318.8)		(3,453.8)
Attributable to Yamana Gold Inc. equity holders	$	4,346.3	$	4,185.2
Non-controlling interests (Note 32)	826.0		34.7
Total equity	$	5,172.3	$	4,219.9
Total liabilities and equity	$	8,422.8	$	7,117.2

Commitments and contingencies (Notes 34 and 35).

Subsequent events (Notes 6 and 17)

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

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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 capital		Contributed surplus		Accumulated other comprehensive (loss) income		Deficit		Attributable to Yamana Gold Inc. equity holders		Non- controlling interests		Total equity
At December 31, 2018	$	7,636.4	$	20.4	$	(16.9)	$	(3,650.6)	$	3,989.3	$	34.7	$	4,024.0
Impact of adopting IFRS 16	—		—		—		(0.3)		(0.3)		—		(0.3)

At January 1, 2019 (restated)	$	7,636.4	$	20.4	$	(16.9)	$	(3,650.9)	$	3,989.0	$	34.7	$	4,023.7
Total comprehensive earnings
Net earnings	—		—		—		225.6		225.6		—		225.6
Other comprehensive loss	—		—		(5.0)		—		(5.0)		—		(5.0)
	$	—	$	—	$	(5.0)	$	225.6	$	220.6	$	—	$	220.6
Transactions with owners



Issued on vesting of restricted share units (Note 30)	3.4		(3.4)		—		—		—		—		—
Vesting restricted share units	—		4.0		—		—		4.0		—		4.0
Share cancellations (Note 30)	(0.1)		—		—		—		(0.1)		—		(0.1)
Dividend reinvestment plan (Note 30)	0.2		—		—		—		0.2		—		0.2
Dividends (Note 30)	—		—		—		(28.8)		(28.8)		—		(28.8)
At December 31, 2019	$	7,639.9	$	21.0	$	(21.9)	$	(3,453.8)	$	4,185.2	$	34.7	$	4,219.9



At January 1, 2020	$	7,639.9	$	21.0	$	(21.9)	$	(3,453.8)	$	4,185.2	$	34.7	$	4,219.9
Total comprehensive earnings
Net earnings	—		—		—		203.6		203.6		—		203.6
Other comprehensive earnings	—		—		15.9		—		15.9		—		15.9
	$	—	$	—	$	15.9	$	203.6	$	219.5	$	—	$	219.5
Transactions with owners

Issued on vesting of restricted share units (Note 30)	3.4		(3.4)		—		—		—		—		—
Vesting restricted share units	—		4.2		—		—		4.2		—		4.2
Issued on exercise of share options (Note 30)	0.9		(0.2)		—		—		0.7		—		0.7
Flow through share issuance, net of issue costs (Note 30)	5.3		—		—		—		5.3		—		5.3
Non-controlling interests arising on Agua Rica Alumbrera integration (Note 6)	—		—		—		—		—		787.9		787.9
Cash contributions from non-controlling interests	—		—		—		—		—		3.4		3.4
Share cancellations and other adjustments (Note 30)	(1.1)		1.1		—		—		—		—		—
Dividend reinvestment plan (Note 30)	0.5		—		—		—		0.5		—		0.5
Dividends (Note 30)	—		—		—		(69.1)		(69.1)		—		(69.1)
At December 31, 2020	$	7,648.9	$	22.7	$	(6.5)	$	(3,318.8)	$	4,346.3	$	826.0	$	5,172.3

The accompanying notes are an integral part of the consolidated financial statements.

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YAMANA GOLD INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Years Ended December 31, 2020 and December 31, 2019

(Tabular amounts in millions of US Dollars, unless otherwise noted)

1. 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.

On December 17, 2020, the Company, along with partners Glencore International AG ("Glencore") and Newmont Corporation ("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 holds the integrated project - now known as the MARA project. Refer to Note 6 for further details.

2. 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, 2020.

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 February 11, 2021.

Impact of COVID-19 Pandemic

The Company continues to actively monitor the impact of the COVID-19 pandemic, including the impact on economic activity and financial reporting. During the year ended December 31, 2020, the Company has taken a number of measures to safeguard the health of its employees and their local communities while continuing to operate safely and responsibly. Government-ordered restrictions resulted in operations at Canadian Malartic and Cerro Moro being temporarily suspended on March 20 and March 24, 2020, respectively. Operations at these mines resumed in April 2020 and the gradual resumption towards full mining activities occurred over the second and third quarters. As a result of these temporary shutdowns, the Company experienced lower overall production volumes; however, strong commodity prices and the weakening of certain local currencies relative to the US Dollar minimized the impact on the Company’s financial results. The Company incurred $40.5 million of temporary suspension, standby and other incremental COVID-19 costs during 2020. These costs are associated with the temporary shutdowns and subsequent ramp-ups at Canadian Malartic and Cerro Moro, and the underutilization of labour and contractors in relation to the pre-COVID-19 mine plans. Other incremental costs resulting from COVID-19 across all mine sites include community support, the acquisition of additional personal protective equipment, higher transportation costs, and overtime costs resulting from lower headcount levels on site to accommodate social distancing.

As the pandemic continues to progress and evolve, it is difficult to predict the full extent and duration of resulting operational and economic impacts for the Company, which are expected to impact a number of reporting periods. This uncertainty impacts

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judgements made by the Company, including those relating to determining the recoverable values of the Company’s non-current assets as discussed in Note 4.

3. SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used in the preparation of these consolidated financial statements are as follows:

(a) 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 as at December 31, 2020 were as follows:

Legal Entity

Mine/Project Location

Ownership interest

Mining properties
and projects owned

Minera Meridian Ltda.

Chile

100.00

El Peñón mine

Jacobina Mineração e Comércio Ltda.

Brazil

100.00

Jacobina mine

Estelar Resources S.A. (i)

Argentina

100.00

Cerro Moro mine

Minera Florida Ltda.

Chile

100.00

Minera Florida mine

Minera Agua Rica Alumbrera Ltd.

Argentina

56.25

MARA project

Suyai del Sur S.A.U.

Argentina

100.00

Suyai project

Agua De La Falda S.A.

Chile

57.60

Jeronimo project

(i)Refer to discussion at Note 32.

(b) Investments in Associates and Joint Arrangements

These consolidated financial statements also include the following joint arrangement and investments in associates:

Associates and
joint arrangements

Location

Ownership interest

Classification and accounting method

Mining properties
and projects owned

Canadian Malartic

Canada

50.00

Joint operation,
consolidate Yamana's share

Canadian Malartic mine

Nomad Royalty Company (i)

Canada

7.75

Associate, equity method

Portfolio of royalty interests

Monarch Gold Corporation
(i)(ii)

Canada

6.92

Associate, equity method

Wasamac project and other
exploration properties located in Quebec

(i)Refer to Note 6 for further details regarding the acquisition of these associates in 2020.

(ii)On January 21, 2021, Yamana completed the acquisition of all outstanding shares of Monarch Gold Corporation that the Company did not already own. Refer to Note 6 for further details.

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.

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The Company accounts for its investment in associate using the equity method. Under the equity method, the Company’s investment in 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.

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.

The functional and presentation currency of the Company and each of its subsidiaries, associate 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) 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

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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) Goodwill

Goodwill is initially recognized and measured as set out above.

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 profit or loss on disposal.

(f) 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) 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

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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.

(h) 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.

Metal Concentrate

Concentrate is sold to independent smelting companies for extraction of the metal contents, which are predominantly copper, with small quantities of gold and silver.

Revenue from concentrate sales is recognized when control of the concentrate has transferred to the customer, which is typically upon loading of the concentrate onto the shipping vessel for shipment to the customer. At this point in time, the customer has the significant risks and rewards of ownership of the concentrate, and is committed to accept and pay for the concentrate. Although legal title does not pass until receipt of the first provisional payment, the fact that under the contract the customer has the right to process the concentrate as soon as it is received, indicates that the customer has obtained control of the concentrate prior to the transfer of title - i.e. the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the concentrate.

Concentrate sales include provisional pricing features whereby the price is provisional at the time of sale, with the final sales price based on the market price at a future specified date and the final physical attributes (i.e. quantity of contained metals) of the concentrate determined after further processing and assessment. The price adjustments associated with changes in market price and the physical attributes of the concentrate give rise to variability in the consideration the Company will receive from the customer. The variability associated with the change in market prices is accounted for separately as a derivative.

At the point in time that control of the concentrate transfers to the customer, the Company recognizes revenue and a receivable (the latter, because the Company has determined it has an unconditional right to the consideration). Revenue is measured at the amount the Company expects to be entitled to - being the estimate of the price expected to be received upon final invoice (at the end of the quotational period) using the most recently determined estimate of metal quantity and the estimated forward price. The receivable is measured at fair value through profit or loss, and is marked to market through earnings each period prior to final settlement. The period between provisional and final invoicing is typically three to four months. The Company presents changes in the fair value of the receivable arising from provisionally priced contracts in the revenue line in the consolidated statement of operations.

The Company only had metal concentrate sales up to July 2019.

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Streaming Arrangements and Advanced Metal Sales

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 advanced metal sales, the Company receives advanced consideration against the delivery of a fixed quantity of a specified metal over a specified period.

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. For copper sales, this is at the point in time when the copper, in the form of copper warrants, is delivered to the customer. Following the crediting of gold or silver to a customer’s metal account or the delivery of copper warrants, 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 advanced metal sales arrangements, this is over the fixed number of ounces specified in the contract. 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 or pounds 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:

•Interest is recognized using the effective interest method.

•Royalties are recognized on an accrual basis in accordance with the substance of the agreement.

•Dividends are recognized when the shareholder's right to receive payment is established.

(i) 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:

•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;

•the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

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•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:

◦the Company has the right to operate the asset; or

◦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:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

•amounts expected to be payable under a residual value guarantee; and

•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.

(j) Financial Instruments

Classification and Measurement of Financial Assets and Financial Liabilities

i) 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.

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A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

•it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

•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:

•it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

•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:


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 (see b) below). 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 to c) 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.

ii) 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.

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).

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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) 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-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.

(l) 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.

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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:

•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

•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) 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.

(n) 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

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.

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:

•Acquiring the rights to explore;

•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;

•Determining the optimal methods of extraction and metallurgical and treatment processes;

•Studies related to surveying, transportation and infrastructure requirements;

•Permitting activities; and

•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.

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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.

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) 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

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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) 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) 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) 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 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. 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:

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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 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.

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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, management makes estimates of the discounted future after-tax cash flows expected to be derived from the Company’s mining properties, costs to sell the mining properties and the appropriate discount rate. The 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.

During the year ended December 31, 2020, the Company recognized a net impairment reversal of $191.0 million in respect of the carrying amounts of certain mineral properties. No impairment losses or reversals of previous impairments were recognized during the year ended December 31, 2019. Refer to Note 13.

Deferral of Stripping Costs

Key Sources of Estimation Uncertainty

In determining whether stripping costs incurred during the production phase of a mining property relate to mineral reserves and mineral resources that will be mined in a future period and therefore should be capitalized, the Company determines whether it is probable that future economic benefits associated with the stripping activity over the life of the mineral property will flow to the Company. Changes in estimated strip ratios can result in a change to the future capitalization of stripping costs incurred. At December 31, 2020, the carrying amount of stripping costs capitalized and included in mining properties was $37.2 million (December 31, 2019: $54.2 million).

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 (ounces for gold and silver and pounds for copper) 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 ounces or pounds 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 reserves and portion of 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 reserve and resource estimates will not result in a significant revenue reversal of previously recognized revenue.

Deferred Revenue

Critical Judgements in Applying Accounting Policies

Significant judgements are 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 27 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.

Determination of Assets Held for Sale and Discontinued Operations

Critical Judgements in Applying Accounting Policies

Judgement is required in determining whether an asset or disposal group should be classified as held for sale. An asset or disposal group should be classified as held for sale when it is available for immediate sale in its present condition and its sale is highly probable. Conditions that support a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the asset or disposal group, an active program to locate a buyer and complete the plan has been initiated, the asset or disposal group has been actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale of the asset or disposal group is expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale.

Management also applies judgement to determine whether a component of the Company that either has been disposed of, or is classified as held for sale, meets the criteria of a discontinued operation. The key area that involves management judgement in this determination is whether the component represents a separate major line of business or geographical area of operation. This determination was applied to the sale of the Chapada mine in 2019. Given that the Company will continue to operate in Brazil after the disposal of Chapada and following the analysis of other factors, the Company concluded that Chapada was not a separate major line of business or geographical area of operation, thus it was not considered to be a discontinued operation.

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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.

Contingencies

Key Sources of Estimation Uncertainty

Due to the size, nature and complexity of the Company’s operations, various legal and tax matters are outstanding from time to time. In the event that the Company’s estimates of the future resolution of these matters changes, the effects of the changes will be recognized in the Consolidated Financial Statements. Refer to Note 35 for further discussion on contingencies.

Inventory Valuation

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.

Non-monetary Exchanges

Critical Judgements in Applying Accounting Policies

In accounting for assets (or a group of assets and liabilities) that are acquired in a non-monetary exchange, the Company records the acquired assets at cost. The cost of such assets is measured at the fair value of the other consideration given to acquire the assets at the time of their acquisition, unless the exchange transaction lacks commercial substance or the fair value of neither the assets received nor the assets given up can be reliably measured. If the Company is able to measure reliably the fair value of either the assets received or the assets given up, then the fair value of the assets given up is used to measure the cost of the assets received unless the fair value of the assets received is more clearly evident.

The Integration Transaction, pursuant to which the Company relinquished a non-controlling interest in Agua Rica for an increased interest in Alumbrera, was a non-monetary exchange of assets and liabilities, with the consideration paid for the additional interest in Alumbrera being a 43.75% interest relinquished in Agua Rica. The Company determined that the fair value of both what was being given up in Agua Rica and what was being acquired (the Alumbrera assets and liabilities) could be measured reliably; however, concluded that the fair value of the Alumbrera assets and liabilities was more clearly evident. Refer to Note 6 for further details on the Integration Transaction and the valuation approach.

Asset acquisition vs. Business combination

Critical Judgements in Applying Accounting Policies

To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. While businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business.

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The set of activities and assets acquired in the acquisition of Alumbrera included inputs such as plant and other infrastructure assets and limited mineral resources, but did not include an organized workforce. Alumbrera had no outputs at the acquisition date as mining ceased in the third quarter of 2018 at the end of the mine life. Given the absence of an organized workforce, the Company determined that no substantive processes had been acquired and therefore, Alumbrera did not meet the definition of a ‘business’ in IFRS, and the acquisition was accounted for as an acquisition of assets and liabilities. Refer to Note 6 for further details on the Integration Transaction.

5. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of Definition of a Business (Amendments to IFRS 3)

The Company has adopted the amendments to IFRS 3 for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.

The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after January 1, 2020. In particular, the amendments were applied to the Company's acquisition of Alumbrera, where the Company concluded that the acquired set of activities and assets was not a business. Refer to Note 6 for further details.

Adoption of Other Narrow Scope Amendments to IFRSs and IFRS Interpretations

The Company also adopted other amendments to IFRSs, which were effective for accounting periods beginning on or after January 1, 2020. 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, 2020. There are currently no such pronouncements that are expected to have a significant impact on the Company's consolidated financial statements upon adoption; however, the pronouncement below may have a significant impact in future periods.

Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16).

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 statements of operations. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The amendments apply retrospectively, but only to assets brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments.

6. BUSINESS TRANSACTIONS

Agua Rica-Alumbrera Integration ("MARA Project")

On March 7, 2019, Yamana, Glencore International AG (“Glencore”) and Goldcorp Inc., now Newmont Corporation (“Newmont”) (collectively “the Parties”) entered into a definitive Integration Agreement with the purpose of seeking to integrate the Agua Rica project with the Alumbrera mine, plant and infrastructure (the “Integration Project”) through an Integration Transaction.

On December 17, 2020, the Parties announced the completion of the Integration Transaction, with the Integration Project to be known as the MARA Project. Under the MARA Project, Agua Rica will be developed and operated using the existing infrastructure and facilities from the Alumbrera mine, approximately 35 kilometres away.

The Integration Transaction resulted in Yamana relinquishing a non-controlling interest in Agua Rica for an increased interest in Alumbrera. The below sets out the ownership percentages before and after the completion of the Integration Transaction:

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	Before Transaction				After Transaction
	Alumbrera (i)		Agua Rica		MARA Project
Yamana	12.50	%	100.00	%	56.25	%
Glencore	50.00	%	—	%	25.00	%
Newmont	37.50	%	—	%	18.75	%
	100.00	%	100.00	%	100.00	%

(i)Although Yamana’s investment in Alumbrera was less than 20% of the issued and outstanding shares, after consideration of other relevant factors including the proportion of seats on Alumbrera’s board assigned to Yamana, the nature of the business decisions that required unanimous consent of the directors, and Yamana’s ability to influence the operating, strategic and financing decisions concerning Alumbrera; the Company determined that it had significant influence over Alumbrera, and therefore, accounted for Alumbrera as an investment in associate using the equity method.

Upon closing of the Integration Transaction, the Company acquired an additional 43.75% interest in Alumbrera. As a result, the Company’s equity interest in Alumbrera increased from 12.50% to 56.25%. The consideration paid for the additional interest in Alumbrera was a 43.75% interest in Agua Rica, taking the Company’s interest in Agua Rica down to 56.25%. The Company determined that it controlled the MARA Project through its 56.25% voting interest, and therefore, in accounting for the Integration Transaction the Company was required to consolidate Alumbrera, and recognize the non-controlling interests in both Agua Rica and Alumbrera.

IFRS requires a cost-based approach to be applied in accounting for an asset acquisition. The Integration Transaction was a non-monetary exchange of assets, with the consideration paid for the additional interest in Alumbrera being a 43.75% interest relinquished in Agua Rica. The acquisition cost was measured based on the fair value of the Alumbrera assets and liabilities as it was determined that the fair value of these assets and liabilities was more clearly evident than the fair value of the interest being given up in Agua Rica. The net fair value of the Alumbrera assets acquired and liabilities assumed was estimated to be $787.9 million. (The net fair value of Alumbrera on a 100% basis was estimated to be $900.5 million).

Prior to the Integration Transaction, Yamana’s existing 12.5% interest in Alumbrera was carried at nil due to previous impairment write downs largely associated with the Alumbrera mine coming to the end of its life. The Company assessed whether the potential Integration Transaction was an indicator of impairment reversal for the equity accounted investment given the integration of the Alumbrera assets with the Agua Rica assets would have a favourable effect on and increase the estimated service potential of the underlying Alumbrera assets. However, the Company concluded that there was no indicator of impairment reversal as there was no certainty that the value of Alumbrera had changed until the Integration Transaction was completed, at which point in time the equity investment in Alumbrera, which had been historically impaired, was derecognized.

In accounting for the Company's existing 12.5% interest in the Integration Transaction, the interest was accounted for at its carrying amount of nil (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.

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. For the non-controlling interests in the MARA Project, the Company elected to recognize the non-controlling interests at the non-controlling interests' proportionate share of the acquired entity's net identifiable assets..

The net book value of Agua Rica immediately before the Integration Transaction was $889.3 million.

Upon completion of the Integration Transaction, the book value of the MARA Project was $1,677.2 million, of which $889.3 million was attributable to Yamana, and $787.9 million attributable to the non-controlling interests.

The Company acquired cash and cash equivalents of $222.5 million in the acquisition of Alumbrera.

Fair Value Measurement

The Company obtained independent valuations for the property, plant and equipment and mineral resources of Alumbrera, 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 or optimized depreciated replacement cost was used to determine fair value.

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The valuation techniques used for measuring the fair value of the material non-cash assets acquired were as follows.


Assets acquired	Fair value at December 17, 2020 (100%)		Fair value measurement category	Valuation technique
Property, plant and equipment	$	696.7	Level 3	Cost technique: The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence.
Mineral resources	$	72.0	Level 3	Market comparison technique: The valuation model considers observed transaction multiples using transactions of majority interests in development stage copper projects in North and South America over the past 10 years. In arriving at a selected multiple, appropriate adjustments were made to take into account the availability of existing infrastructure relative to comparable transactions, while being cognizant of the initial capital costs that will still need to be incurred.
Environmental rehabilitation provision	$	(85.7)	Level 3	Present-value technique using the entity’s own data about the future cash outflows to be paid to fulfil the obligation and other inputs including the credit adjusted risk-free interest rate.

The Company believes the methodologies and estimates used to determine fair value are similar to what a market participant would use in similar circumstances.

Leagold Mining Corporation and Equinox Gold Corp. merger, and subsequent sale of Equinox Units

On May 24, 2018, Yamana completed the disposal of its 53.6% controlling interest in Brio Gold to Leagold Mining Corporation ("Leagold"). Pursuant to the terms of the sale, the Company received 20.5% of Leagold's issued and outstanding shares. The Company concluded that it had significant influence over Leagold, and therefore, the investment in Leagold was accounted for as an investment in an associate using the equity method.

On December 16, 2019, Leagold and Equinox Gold Corp. ("Equinox") jointly announced that the companies had entered into a definitive agreement to combine in an at-market merger. On March 10, 2020, the companies announced that the merger had been completed. The combined company continues as Equinox Gold under the ticker symbol “EQX” on both the Toronto Stock Exchange and the New York Stock Exchange.

Pursuant to the transaction, Leagold shareholders received 0.331 of an Equinox share for each Leagold share held. This resulted in Yamana owning approximately 9% of the combined company at the date of the completion of the merger.

Yamana concluded that, as a result of its reduced shareholding, it no longer had significant influence in the investee, and therefore, discontinued accounting for the investment using the equity method from the date of the completion of the merger. Yamana recorded a gain on discontinuation of the equity method of $21.3 million, which is included in other operating expenses, net in the consolidated statement of operations for the year ended December 31, 2020. The gain was calculated as the difference between the fair value of Yamana's retained interest (in the form of Equinox shares) and the carrying amount of the investment in Leagold 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 Equinox is accounted for as a financial asset at FVOCI.

On April 13, 2020 Yamana announced it had entered into an agreement with Stifel GMP and Cormark Securities Inc. (collectively, the “Dealers”) to sell 12,000,000 units (each, a “Unit”) at a price of C$10.00 per Unit for gross proceeds to Yamana of $85.2 million (C$120.0 million) (the “Sale Transaction"). Each Unit consisted of one (1) common share of Equinox owned by Yamana and one-half (0.5) of a common share purchase warrant of Yamana (each whole warrant a “Warrant”). Each Warrant entitles the holder thereof to acquire one (1) additional common share of Equinox owned by Yamana (a “Warrant Share”) at an exercise price of C$13.50 for a term of 9 months from the date of issue. The Sale Transaction closed on April 15, 2020.

During the third quarter of 2020, Yamana disposed of 1,200,000 Equinox shares for proceeds of approximately $15.6 million (C$20.5 million).

As at December 31, 2020, Yamana held 6,000,000 Equinox shares, representing approximately 2.5% of the issued and outstanding Equinox shares, on a non-diluted basis.

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Subsequent to year end, 405,000 of the 6,000,000 outstanding purchase warrants to acquire Equinox common shares held by Yamana were exercised and the same number of shares disposed of at the exercise price of C$13.50, for total proceeds of $4.2 million (C$5.5 million). The remainder of the purchase warrants expired on January 15, 2021.

Sale of the Royalty Portfolio

On February 23, 2020, the Company announced that it had entered into a definitive purchase agreement (the “Purchase Agreement”) to sell a 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 Guerrero Ventures Inc. (TSX-V:GV) (“Guerrero”).

The assets in the Royalty Portfolio being sold pursuant to the transaction were:

•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;

•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;

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

•A $30.0 million cash payment receivable upon declaration of commercial production at the DCP at the Gualcamayo gold mine; and

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

On May 25, 2020, Guerrero announced that it had formally changed its corporate name to Nomad Royalty Company Ltd. (“Nomad”).

On May 27, 2020, the transaction was completed and Yamana received $64.2 million in consideration as follows:

•$10.0 million in cash;

•$10.8 million, being the fair value of the $10.0 million deferred cash payment. The deferred cash payment is measured at fair value due to the convertible nature of the financial instrument. Pursuant to the terms in the Deferred Payment Agreement, Yamana will receive interest on the deferred cash payment of 3% calculated and payable on a quarterly basis, and the deferred cash payment may be converted at any time, in whole or in part, by Yamana into shares of Nomad at C$0.90 per share. The deferred cash payment will be due for payment in full at the end of two years. However, Nomad may pay the deferred cash payment in full at the end of one year, subject to additional payment by Nomad equal to 5% of the deferred cash payment, and the right of Yamana to convert the deferred cash payment into shares of Nomad at a price of C$0.90 per share. The instrument creating the deferred cash payment can be transferred at any time. The deferred cash payment is accounted for as a financial asset at fair value through profit or loss; and

•$43.4 million in Nomad common shares at a price of C$0.90 per share, representing approximately 13% of Nomad's issued and outstanding shares. These shares were subject to a lockup period of six months.

In conjunction with the acquisition of Yamana’s Royalty Portfolio, Guerrero also entered into an agreement to acquire a portfolio of precious metals royalty, stream and gold loan assets from funds related to Orion Resource Partners (USA) LP (collectively, “Orion”) for total consideration of $268.0 million.

The purchase price payable to Orion was satisfied through the issuance of $268.0 million in Nomad common shares at a price of C$0.90 per share, representing approximately 77% of Nomad's issued and outstanding shares. These shares are subject to a lockup period of 12 months.

On May 29, 2020, Nomad's shares commenced trading on the TSX under the ticker symbol "NSR".

On December 11, 2020, Yamana disposed of 22,750,000 Nomad shares through a secondary offering at a price of C$1.10 per share for total gross proceeds of approximately $19.7 million (C$25.0 million).

As at December 31, 2020, Yamana held 43,750,000 Nomad shares, representing approximately 7.75% of the issued and outstanding Nomad shares on a non-diluted basis (approximately 10% on a partially-diluted basis).

As Yamana is represented on Nomad's board of directors, the Company concluded that it has significant influence over Nomad, and the investment in Nomad has been accounted for as an investment in associate using the equity method.

Suyai Option Agreement

On April 28, 2020, Yamana announced that it had entered into a definitive option agreement (the “Option Agreement”) pursuant to which, it has granted Argentina based Consultores Asset Management S.A. (“CAM”) the right and option to acquire up to a maximum 40% interest in the legal entity that directly holds the Suyai Project, an advanced stage exploration gold project located in Chubut Province, in southern Argentina.

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The exercise of the option granted is subject to CAM fulfilling certain obligations and achieving certain milestones, and by paying $31.6 million in various installments plus all of their proportionate expenses during the earn in periods. CAM’s obligations primarily relate to the performance of environmental, social and governance matters and, in particular, leading the permitting efforts aimed to advance the project through its different stages of development. CAM has the right to acquire a 35% legal interest by the end of the first earn in period, which ends on December 31, 2024, and a further 5% legal interest within five years of the satisfaction of the 35% interest.

Yamana received an upfront payment of $2.0 million from CAM to secure the option, which has been accounted for as a financial liability at fair value through profit or loss.

Investment in Monarch Gold Corporation

In June 2020, pursuant to a private placement offer by Monarch Gold Corporation ("Monarch") (TSX: MQR), Yamana subscribed for $3.1 million (C$4.2 million) worth of units of Monarch at a price of C$0.24 per unit and was issued 17,500,000 common shares of Monarch, along with 8,750,000 warrants. Each warrant entitles Yamana to purchase one common share of Monarch at a price of C$0.29 until June 10, 2023.

As Yamana’s shareholding is above 5%, the Company is entitled to name a representative to Monarch’s Board of Directors. As Yamana will be represented on Monarch's board of directors, the Company concluded that it has significant influence over Monarch, and the investment has been accounted for as an investment in associate using the equity method.

Yamana acquired additional shares in Monarch during the third quarter of 2020, increasing the Company's shareholding from 6% to 7.1% of Monarch's issued and outstanding shares.

On November 2, 2020, Yamana announced that it had entered into a definitive agreement (the “Agreement”) with Monarch whereby Yamana would acquire the Wasamac property and the Camflo property and mill (the “Acquisition Properties”) through the acquisition of all of the outstanding shares of Monarch not owned by Yamana under a plan of arrangement. In connection with the plan of arrangement, Monarch would complete a spin-out to its shareholders, through a newly-formed company (Monarch Mining) of its other mineral properties and certain other assets and liabilities of Monarch (collectively, the “Transaction”).

On January 21, 2021, the Company announced the completion of the Transaction.

Under the terms of the Transaction, Monarch shareholders received the following consideration per Monarch share: 0.0376 of a Yamana share; C$0.192 in cash; and 0.2 of a share of the newly formed Monarch Mining. Yamana issued 11,608,195 Yamana Shares and paid approximately $46.9 million (C$59.3 million) in cash, for total consideration of approximately $107.8 million (C$136.1 million).

The Wasamac and Camflo properties will be added to Yamana's Canadian exploration portfolio.

The Company is currently evaluating whether the Transaction will be accounted for as a business combination or an asset acquisition, and will conclude in the first quarter of 2021.

Chapada

On July 5, 2019, the Company completed the sale of the Chapada mine to Lundin Mining Corporation and received total consideration of $856.2 million, net of transaction costs of $5.8 million. The consideration was comprised of $800.0 million in cash received upon closing of the transaction, $54.0 million being the fair value ascribed to the Gold Price Instrument (refer below), and $8.0 million, being the fair value ascribed to a 2% net smelter return royalty on gold production from the Suruca deposit. The Company also received the right to receive a further $100.0 million of consideration, contingent upon the construction of a pyrite roaster at Chapada. The gain on sale of Chapada was impacted by the final settlement associated with the working capital delivery of $33.0 million, as anticipated. The Company recorded a $273.1 million gain on sale, as calculated below.

The Gold Price Instrument entitled the Company to additional cash payments of up to $125.0 million based on the price of gold over the five-year period from the date of closing, as follows:

•$10.0 million per year for each year over the next 5 years where the gold price averages over $1,350/oz, up to a maximum cash payment of $50.0 million;

•An additional $10.0 million per year for each year over the next 5 years where the gold price averages over $1,400/oz, up to a maximum cash payment of $50.0 million; and

•An additional $5.0 million per year for each year over the next 5 years where the gold price averages over $1,450/oz, up to a maximum cash payment of $25.0 million.

On September 16, 2019, the Company monetized the Gold Price Instrument, selling to a third party for consideration of $65.5 million, recognizing an $11.5 million gain on sale.

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Included in "Net proceeds on disposal of subsidiaries and other assets" in the Company's consolidated statement of cash flows are the proceeds received on the sale of Chapada and the $65.5 million received on the sale of the Gold Price Instrument, net of the impact of the aforementioned working capital delivery.

At April 15, 2019, the sale was considered highly probable; therefore, the assets and liabilities of Chapada were classified as assets and liabilities held for sale and presented separately under current assets and current liabilities, respectively, in the Company's balance sheet at June 30, 2019. As the consideration expected to be received in the transaction exceeded the carrying amount, no impairment was required upon reclassification.

The gain on disposal of Chapada was calculated as below:


	Chapada
Total consideration including working capital adjustments (net of transaction costs)	$	856.2
Net assets sold and derecognized:
Cash and cash equivalents	$	43.1
Trade and other receivables	0.5
Inventories	31.4

Other assets	157.4
Property, plant and equipment	670.0


Trade and other payables	(31.9)
Income taxes payable	(18.2)

Other provisions and liabilities	(150.5)


Environmental rehabilitation provisions	(58.7)
Deferred tax liabilities	(60.0)
Net assets	$	583.1



Gain on disposal (Note 10)	$	273.1

The gain on disposal is included in other operating income, net in the consolidated statement of operations for the year ended December 31, 2019.

The results of Chapada up to its disposal date are included in the "Other Mines" operating segment in Note 7.

7. 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:


	Canadian Malartic		Jacobina		Cerro Moro		El Peñón		Minera Florida		Other Mines (i)		Corporate and other (ii)		Total
Property, plant and equipment at December 31, 2020	$	1,059.5	$	897.7	$	457.8	$	1,111.0	$	296.1	$	—	$	2,862.7	$	6,684.8
Total assets at December 31, 2020	$	1,638.1	$	936.4	$	550.0	$	1,168.0	$	322.2	$	—	$	3,808.1	$	8,422.8
Total liabilities at December 31, 2020	$	458.3	$	273.1	$	79.2	$	407.3	$	108.6	$	—	$	1,924.0	$	3,250.5
Capital expenditures for the year ended December 31, 2020	$	74.8	$	43.4	$	48.9	$	47.8	$	39.5	$	—	$	19.3	$	273.7

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	Canadian Malartic		Jacobina		Cerro Moro		El Peñón		Minera Florida		Other Mines (i)		Corporate and other (ii)		Total
Property, plant and equipment at December 31, 2019	$	1,082.9	$	917.6	$	866.1	$	571.2	$	292.6	$	—	$	2,222.5	$	5,952.9
Total assets at December 31, 2019	$	1,646.2	$	952.7	$	955.5	$	612.5	$	317.1	$	—	$	2,633.2	$	7,117.2
Total liabilities at December 31, 2019	$	415.7	$	269.0	$	112.3	$	210.5	$	94.0	$	—	$	1,795.8	$	2,897.3
Capital expenditures for the year ended December 31, 2019	$	82.7	$	61.7	$	43.4	$	49.7	$	34.3	$	35.8	$	24.1	$	331.7

(i)Other mines is comprised of the Chapada mine, which was divested July 2019.

(ii)"Corporate and other" includes advanced stage development projects, exploration properties, corporate entities, the Company's investments in associates and the MARA Project with property, plant and equipment of $1,856.4 million, total assets of $2,109.7 million and total liabilities of $429.2 million (December 31, 2019: Agua Rica Project of $1,151.1 million, $1,156.5 million, and $269.4 million, respectively).


For the year ended December 31, 2020	Canadian Malartic		Jacobina		Cerro Moro		El Peñón		Minera Florida		Other mines (ii)		Corporate and other		Total
Revenue	$	471.0	$	312.1	$	241.3	$	381.1	$	155.5	$	—	$	—	$	1,561.0
Cost of sales excluding DDA (i)	(185.4)		(95.5)		(115.8)		(141.8)		(75.6)		—		—		(614.1)
Gross margin excluding DDA	$	285.6	$	216.6	$	125.5	$	239.3	$	79.9	$	—	$	—	$	946.9
DDA	(133.4)		(52.6)		(86.1)		(69.6)		(44.2)		—		(9.1)		(395.0)
Temporary suspension, standby and other incremental COVID-19 costs	(4.5)		(2.0)		(19.2)		(7.0)		(7.7)		—		(0.1)		(40.5)
(Impairment) reversal of impairment of mining properties	—		—		(369.0)		560.0		—		—		—		191.0
Segment income (loss)	$	147.7	$	162.0	$	(348.8)	$	722.7	$	28.0	$	—	$	(9.2)	$	702.4
Other expenses (iii)															(212.3)
Earnings before taxes															$	490.1
Income tax expense															(286.5)
Net earnings															$	203.6


For the year ended December 31, 2019	Canadian Malartic		Jacobina		Cerro Moro		El Peñón		Minera Florida		Other mines (ii)		Corporate and other		Total
Revenue	$	460.5	$	224.0	$	299.6	$	297.0	$	103.8	$	227.3	$	—	$	1,612.2
Cost of sales excluding DDA (i)	(198.9)		(94.9)		(153.8)		(153.4)		(70.6)		(111.2)		—		(782.8)
Gross margin excluding DDA	$	261.6	$	129.1	$	145.8	$	143.6	$	33.2	$	116.1	$	—	$	829.4
DDA	(135.4)		(56.7)		(121.7)		(102.0)		(35.7)		(11.9)		(8.3)		(471.7)

Segment income (loss)	$	126.2	$	72.4	$	24.1	$	41.6	$	(2.5)	$	104.2	$	(8.3)	$	357.7
Other expenses (iii)															(47.4)
Earnings before taxes															$	310.3
Income tax expense															(84.7)
Net earnings															$	225.6

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(i)Depletion, depreciation and amortization ("DDA").

(ii)Other mines is comprised of the Chapada mine, which was divested in July 2019.

(iii)Other expenses are comprised of general and administrative expenses, exploration and evaluation expenses, share of loss of associates, other operating (expenses) income, net, finance costs and other costs. net, as per the consolidated statement of operations.

Information about Geographical Areas

Revenue is attributed to regions based on the source location of the product sold.


For the years ended December 31,	2020		2019
Canada	$	471.0	$	460.5
Chile	536.6		400.8
Brazil	312.1		451.3
Argentina	241.3		299.6
Total revenue	$	1,561.0	$	1,612.2

Non-current assets for this purpose exclude deferred tax assets.


As at December 31,	2020		2019
Canada	$	1,784.4	$	1,863.9
Chile	1,891.2		1,341.0
Brazil	927.0		949.2
Argentina	2,769.4		2,447.7
United States	34.7		33.0
Total non-current assets	$	7,406.7	$	6,634.8

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,	2020			2019
Customer (i)
1	$	394.6		$	371.8
2	365.6			320.5
3	334.7			275.0
4	199.7			192.3
5	158.9			—
Total sales to customers exceeding 10% of annual metal sales	$	1,453.5		$	1,159.6
Percentage of total metal sales	93.1		%	71.9		%

(i)A balance is only included for a customer in each year where total sales to that customer exceeded 10% of annual metal sales in the period.

8. REVENUE

Disaggregation of Revenue

The following table disaggregates revenue by metal:


For the years ended December 31,	2020		2019
Gold	$	1,341.8	$	1,262.8
Silver	219.2		178.5
Copper	—		162.7
Total revenue from contracts with customers	$	1,561.0	$	1,604.0
Provisional pricing adjustments (i)	—		8.2
Total revenue	$	1,561.0	$	1,612.2

(i) Amount represents the provisional pricing adjustments related to silver and copper concentrate from the Cerro Moro and Chapada mines, respectively.

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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, 2020 the aggregate amount of the revenue allocated to unsatisfied performance obligations was $77.6 million.

The Company expects to recognize approximately $17.1 million of this revenue over the next 12 months and the remainder over a period of approximately 11 years.

9. 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,	2020		2019
Wages and salaries	$	176.2	$	174.5
Social security, pension and government-mandated programs (i)	79.0		77.2
Other benefits (ii)	29.2		20.1
Total employee compensation and benefits expenses	$	284.4	$	271.8

(i)Included in this item are defined contribution pension plans 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 $6.4 million (2019: $5.9 million) represents contributions payable to these plans by the Company at rates specified in the rules of the plans. As at December 31, 2020, contributions of $2.6 million due in respect of the 2020 reporting period (2019: $2.6 million) had not been paid over to the plans but were paid subsequent to the end of the year.

(ii)Included in Other benefits are share-based payment transactions. Refer Note 31 for further information.

10. OTHER OPERATING EXPENSES (INCOME), NET


For the years ended December 31,	2020		2019
Changes in provisions (i)	$	9.1	$	6.9
(Recovery) Write-down of tax recoverables and other assets	(2.1)		25.6
Gain on discontinuation of the equity method (Note 6)	(21.3)		—
Gain on sale of subsidiaries (Note 6)	—		(273.1)

Loss on sale of other assets	3.8		2.4
Mark-to-market loss on deferred share compensation	10.9		3.3
Net mark-to-market gain on financial assets and financial liabilities	(6.9)		(1.9)
Reorganization costs	0.5		3.8
Other expenses (ii)	20.6		10.6
Other operating expenses (income), net	$	14.6	$	(222.4)

(i)Amount represents the recording (reversal) of certain existing provisions based on management's best estimate of the likely outcome.

(ii)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.

11. OTHER COSTS, NET


For the years ended December 31,	2020		2019
Finance income	$	(1.1)	$	(2.2)
Net gain on derivatives	(1.8)		(7.2)
Net foreign exchange loss	21.6		29.0
Other costs, net	$	18.7	$	19.6

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12. FINANCE COSTS


For the years ended December 31,	2020		2019





Unwinding of discounts on provisions	$	9.0	$	11.1
Interest expense on long-term debt	51.9		71.8
Financing costs paid on early note redemption (Note 28)	—		35.0
Interest expense on lease liabilities (Note 34)	3.5		4.4
Amortization of deferred financing, bank, financing fees and other finance costs (i)	12.6		21.9
Finance costs	$	77.0	$	144.2

(i)Included in other finance costs for the years ended December 31, 2020 and 2019 is $4.5 million and $9.4 million, respectively, of non-cash interest expense related to the financing component of deferred revenue contracts.

13. IMPAIRMENT AND REVERSAL OF IMPAIRMENT

In the fourth quarter of 2020, the Company reviewed its operating mine sites for indicators of impairment or impairment reversal and performed the annual goodwill impairment test for the Canadian Malartic cash-generating unit ("CGU"). The Company observed an increase in the fair value less costs of disposal ("FVLCD") of the El Peñón mine in Chile that resulted in a partial reversal of the impairment losses recorded in 2015 and 2016. This reversal was partially offset by an impairment at Cerro Moro. The FVLCD of the Canadian Malartic CGU exceeded the carrying value. No indicators of impairment or impairment reversal were identified for any of the Company's other CGUs.

In relation to the impacts of the COVID-19 pandemic, the Company has been able to continue operating at all CGUs during the current year, with the exception of Canadian Malartic and Cerro Moro, both of which experienced temporary suspensions of operations for a short period earlier in the year. While there have been disruptions to the movements of workers to some assets and additional costs have been incurred to introduce appropriate protocols at all sites (with additional costs also expected to be incurred in 2021), the Company does not believe that the COVID-19 impacts represent an indicator of impairment for any CGU except as a contributing indicator for Cerro Moro - as discussed below.

For the year ended December 31, 2020, the Company's net impairment reversal in respect of the following CGUs was as follows:


For the year ended December 31,	2020
	Total
El Peñón	$	560.0
Cerro Moro	(369.0)



Net impairment reversal	$	191.0

2020 Indicators of Impairment and Impairment Reversal

El Peñón

Following a standout year and solid fourth quarter from El Peñón in 2020, where sustained production and costs were in line with an improved LOM and budget, the mine demonstrated its ability to maintain its current production and cost profile. The Company considered the following factors to be an indicator of reversal of the previous impairment charge:

•Prolonged and sustained high production levels, which have led to significantly higher production for both gold and silver than that envisioned in the mine plan developed in 2016 at the time of rightsizing of the operation. This was the result of both plant improvements to increase throughput, and higher grade ores being mined.

•A sustained reduction in costs benefiting from the higher production and continuous cost reduction initiatives carried out over the past year.

The Company concluded that the recoverable amount for the El Peñón CGU, representing the CGU’s FVLCD, exceeded the carrying amount. This resulted in a non-cash accounting reversal of the impairment charges previously recorded in 2015 and 2016 on mineral properties subject to depletion, which was limited to the carrying amount of the El Peñón CGU that would have

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been determined had no impairment charge been recognized in prior years, net of depletion, depreciation and amortization charges, totalling $560.0 million.

Cerro Moro

During 2020, the Cerro Moro mine experienced lower production at higher than expected unit costs. The following considerations were taken into account while developing the new LOM plan:

•Country-specific matters including the announcement on December 30, 2020 of the change to the export tax in Argentina to 4.3%, and its indefinite extension.

•Expected lower annual production in comparison with prior year guidance and expectations, particularly for 2021.

Impairment Testing: Key Assumptions

The determination of FVLCD, with level 3 input of the fair value hierarchy, includes the following key applicable assumptions:

•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.

•Commodity prices: Forecast commodity prices are based on management’s estimates and are derived from forward price curves and long-term views of global supply and demand, building on past experience of the industry and consistent with external sources. Estimated long-term gold, silver and copper prices of $1,550 per ounce (2019: $1,350 per ounce), $20.00 per ounce (2019: $17.50 per ounce) and $3.00 per pound (2019: $3.04 per pound) respectively, have been used to estimate future revenues.

•Discount rates: In calculating the FVLCD, a real post-tax discount rate of 3.5% (2019: 3.75%) based on the Company's weighted average cost of capital (“WACC”). The WACC used in the models is in real terms, consistent with the other assumptions in the models.

•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.

The Company has performed a sensitivity analysis to identify the impact of changes in long-term metal prices and operating costs which are key assumptions that impact the impairment calculations. The Company assumed a 1% change in the metal price assumptions and a 1% change in exchange rate inputs while holding all other assumptions constant. Based on the results of the impairment testing performed, the CGU’s sensitivity to changes in these key assumptions appear below. Generally there is a direct correlation between metal prices and industry cost levels as a significant decline in metal prices will often be mitigated by a corresponding decline in industry operating input cost levels. The Company believes that adverse changes in metal price assumptions would impact certain other inputs in the life of mine plans which may offset, to a certain extent, the impact of these adverse exchange rate and metal price changes.


	Change in recoverable value from a 1% change in metal prices		Change in recoverable value from a 1% change in exchange rates
El Peñón	$	42.1	$	15.3
Cerro Moro	22.0		3.5

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The model used to determine impairment is based on management's best assumptions using material and practicable data which may generate results that are not necessarily 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 future years 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 individual effect of each assumption.

Although these estimates are based on management's best knowledge of the amounts, events or actions, the actual results may differ from these estimates.

14. INCOME TAXES

Income Tax Expense (Recovery)


For the years ended December 31,	2020		2019
Current tax expense (recovery)
Current tax expense in respect of the current year	$	119.5	$	91.8
Adjustment for prior periods	(4.5)		1.6
Impact of foreign exchange	0.1		0.7
Interest and penalties	1.1		0.9
	$	116.2	$	95.0

Deferred income tax expense (recovery)
Deferred income tax recovery recognized in the current year	$	114.1	$	(30.3)
Adjustment for prior periods	3.4		2.9
Impact of foreign exchange	52.8		17.1
	$	170.3	$	(10.3)
Net income tax expense	$	286.5	$	84.7

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,	2020			2019
Earnings (loss) before income taxes	$	490.1		$	310.3
Canadian statutory tax rate (%)	26.5		%	26.5		%
Expected income tax expense (recovery)	129.9			82.2
Impact of higher foreign tax rates (i)	28.8			42.2
Impact of change in enacted tax rates (ii)(iii)	2.8			6.3
Permanent differences	28.1			(63.2)
Change in recognition of deferred tax assets	53.4			(20.6)
Foreign exchange and other translation amounts	(3.4)			(11.0)
True-up of tax provisions in respect of prior years	(1.1)			4.5
Withholding taxes	8.4			6.7
Mining taxes on profit	28.9			29.1
Planned distribution of foreign earnings of the company	10.1			9.0
Other	0.6			(0.5)
Net income tax expense	$	286.5		$	84.7
Income tax expense (recovery) is represented by:
Current income tax expense	$	116.2		$	95.0
Deferred income tax expense (recovery)	170.3			(10.3)
Net income tax expense	$	286.5		$	84.7

(i)The Company operates in multiple foreign tax jurisdictions that have tax rates that differ from the Canadian statutory rate.

(ii)In November 2016, the Quebec government enacted changes to the income tax rate as proposed in the 2016 provincial budget. Beginning in 2017, the provincial rate has been decreasing by 0.1% per year, and over 4 years has decreased from 11.9% to 11.5% in 2020.

(iii)On December 29, 2017 the Argentine government enacted tax reform legislation that reduced the corporate rate from 35% to 30% in 2018 with a further reduction to 25% starting in 2020. On December 23, 2019, the Argentine government enacted a new law that would postpone the reduction to 25% until 2021.

Deferred Income Taxes

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The following is the analysis of the deferred income tax assets (liabilities) presented in the consolidated balance sheets:


As at December 31,	2020		2019
The net deferred income tax assets (liabilities) are classified as follows:
Deferred income tax assets	$	98.1	$	80.8
Deferred income tax liabilities	(1,229.1)		(1,041.4)
	$	(1,131.0)	$	(960.6)


For the year ended December 31, 2020	Opening balance		Recognized in profit or loss		Recognized in OCI		Divestitures		Closing balance
Deductible temporary differences	$	11.8	$	1.4	$	—	$	—	$	13.2
Amounts related to tax losses	102.6		11.8		—		—		114.4
Financing costs	71.7		(10.6)		—		—		61.1
Environmental rehabilitation provision	4.5		9.1		—		—		13.6
Derivative liability	0.5		(0.1)		2.0		—		2.4
Property, plant and equipment	(1,150.5)		(184.4)		—		—		(1,334.9)
Equity securities at FVOCI	—		0.4		(2.2)		—		(1.8)
Other	(1.2)		2.2		—		—		1.0
Net deferred income tax liabilities	$	(960.6)	$	(170.3)	$	(0.2)	$	—	$	(1,131.0)


For the year ended December 31, 2019	Opening balance		Recognized in profit or loss		Recognized in OCI		Divestitures		Closing balance
Deductible temporary differences	$	16.3	$	0.1	$	—	$	(4.6)	$	11.8
Amounts related to tax losses	105.1		(2.5)		—		—		102.6
Financing costs	87.4		(15.7)		—		—		71.7
Environmental rehabilitation provision	11.0		7.9		—		(14.4)		4.5
Derivative liability	(0.9)		0.9		0.5		—		0.5
Property, plant and equipment	(1,260.3)		21.4		—		88.4		(1,150.5)


Other	0.6		(1.8)		—		—		(1.2)
Net deferred income tax liabilities	$	(1,040.8)	$	10.3	$	0.5	$	69.4	$	(960.6)

A deferred income tax asset in the amount of $95.8 million has been recorded in Canada (2019: $77.6 million). 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,	2020		2019
Deductible temporary differences (no expiry)	$	71.5	$	166.4
Capital losses (no expiry)	120.2		149.1
Operating losses	101.2		121.6
	$	292.9	$	437.1

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Operating losses at December 31, 2020 will expire as follows:


	Canada		U.S.		Brazil		Chile		Argentina		Other		Total
2021	$	—	$	16.4	$	—	$	—	$	—	$	—	$	16.4
2022	—		18.8		—		—		—		—		$	18.8
2023	—		34.2		—		—		—		—		$	34.2
2024	—		14.9		—		—		14.9		—		$	29.8
2025	—		7.3		—		—				—		$	7.3
2026 and onwards	238.0		122.9		—		—		—		6.3		$	367.2
Unlimited	—		3.3		60.3		94.7		—		—		$	158.3
	$	238.0	$	217.8	$	60.3	$	94.7	$	14.9	$	6.3	$	632.0

Unrecognized Taxable Temporary Differences Associated with Investments and Interests in Subsidiaries

As at December 31, 2020, an aggregate temporary difference of $3.2 billion (2019: $2.8 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. EARNINGS PER SHARE

Earnings per share for the years ended December 31, 2020 and 2019 was calculated based on the following:


	2020		2019
Attributable to Yamana Gold Inc. equity holders
Net earnings	$	203.6	$	225.6

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.

The weighted average number of shares used in the calculation of earnings per share for the years ended December 31 was based on the following:


(in thousands of units)	2020	2019
Weighted average number of common shares - basic	951,818	950,266
Weighted average number of dilutive share options	74	—
Weighted average number of dilutive Restricted share units	1,954	1,658
Weighted average number of common shares - diluted	953,846	951,924

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)	2020	2019
Potential dilutive securities
Share options	182	1,286
Restricted share units	541	790
	722	2,076

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16. SUPPLEMENTARY CASH FLOW INFORMATION

Net Change in Working Capital


For the years ended December 31,	2020		2019
Net (increase) decrease in:
Trade and other receivables	$	3.0	$	18.0
Inventories	(21.6)		(1.5)
Other assets	(16.8)		10.6
Net increase (decrease) in:
Trade and other payables	(10.7)		(56.5)
Other liabilities	(6.7)		(15.6)
Movement in above related to foreign exchange	(18.1)		(23.7)
Net change in working capital (i)	$	(70.9)	$	(68.7)

(i)Change in working capital is net of items related to Property, Plant and Equipment.

Cash and Cash Equivalents


As at December 31,	2020		2019
Cash at bank	$	485.8	$	156.3
Bank short-term deposits	165.4		2.5
Total cash and cash equivalents (i) (ii)	$	651.2	$	158.8

(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.

(ii)The cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $223.1 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. Included in this amount is $55.6 million of cash deposits serving as collateral for bank guarantees.

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Other Non-Cash Expenses, net


For the years ended December 31,	2020		2019
Loss on disposal and write-down of assets	$	13.7	$	31.5
Amortization of union negotiation bonuses	11.4		10.0
Provision on indirect taxes	(5.9)		(2.5)

Other expenses	9.5		7.2
Total non-cash expenses, net	$	28.7	$	46.2

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.


	2020						2019
	Debt		Accrued interest (i)		Lease liabilities		Debt		Accrued interest (i)		Lease liabilities
At January 1,	$	1,047.9	$	4.0	$	43.5	$	1,758.7	$	12.6	$	41.8
Changes from financing cash flows
Debt issued	200.0		—		—		240.0		—		—
Debt repayments	(256.2)		—		—		(952.5)		—		—
Interest paid	—		(51.4)		(3.5)		—		(80.0)		(4.4)
Payment of lease liabilities	—		—		(17.1)		—		—		(16.8)
Other changes
Interest expense	—		51.9		3.5		—		71.8		4.4


New leases	—		—		8.6		—		—		26.2
Changes arising from disposal of subsidiaries	—		—		—		—		—		(7.7)
Other	2.1		(0.4)		0.2		1.7		(0.4)		—
At December 31,	$	993.8	$	4.1	$	35.2	$	1,047.9	$	4.0	$	43.5

(i) Included in Note 25: Trade and Other Payables.

17. FINANCIAL INSTRUMENTS

(a) Financial Assets and Financial Liabilities by Categories


As at December 31, 2020	Amortized cost		FVOCI - equity instruments		Mandatorily at FVTPL - others		FV - Hedging instruments		Total
Financial assets
Cash and cash equivalents	$	—	$	—	$	651.2	$	—	$	651.2
Trade and other receivables	4.2		—		—		—		4.2

Convertible loan receivable (iii)	—		—		11.7		—		11.7
Investments in equity securities (i)(ii)	—		68.7		—		—		68.7
Warrants	—		—		2.5		—		2.5

Derivative assets - Non-hedge	—		—		0.4		—		0.4
Other financial assets	19.7		—		—		—		19.7
Total financial assets	$	23.9	$	68.7	$	665.8	$	—	$	758.4

Financial liabilities
Total debt	$	993.8	$	—	$	—	$	—	$	993.8
Trade and other payables	240.4		—		—		—		240.4
Derivative liabilities - Hedging instruments	—		—		—		9.0		9.0
Derivative liabilities - Non-hedge	—		—		6.1		—		6.1
Other financial liabilities	173.4		—		—		—		173.4
Total financial liabilities	$	1,407.6	$	—	$	6.1	$	9.0	$	1,422.7

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As at December 31, 2019	Amortized cost		FVOCI - equity instruments		Mandatorily at FVTPL - others		FV- Hedging instruments		Total
Financial assets
Cash and cash equivalents	$	—	$	—	$	158.8	$	—	$	158.8
Trade and other receivables	3.4		—		—		—		3.4

Investments in equity securities (i)	—		8.4		—		—		8.4
Warrants	—		—		2.8		—		2.8
Derivative assets - Hedging instruments	—		—		—		0.1		0.1
Derivative assets - Non-hedge	—		—		3.8		—		3.8
Other financial assets	8.6		—		—		—		8.6
Total financial assets	$	12.0	$	8.4	$	165.4	$	0.1	$	185.9

Financial liabilities
Total debt	$	1,047.9	$	—	$	—	$	—	$	1,047.9
Trade and other payables	219.5		—		—		—		219.5
Derivative liabilities - Hedging instruments	—		—		—		1.8		1.8

Other financial liabilities	171.1		—		—		—		171.1
Total financial liabilities	$	1,438.5	$	—	$	—	$	1.8	$	1,440.3

(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.

(ii)Includes the Company’s investment in Equinox (formerly Leagold). On March 10, 2020, the Company ceased to have significant influence over the entity and no longer recognizes it as an investment in associate. On April 15, 2020, the Company disposed of 12,000,000 Equinox shares accounted for at FVOCI. As noted above, equity securities in the Company's investment portfolio are considered to be strategic investments. For such investments, the Company's focus is to assess the best path for creation of value for shareholders, which may include monetization of said investments, such as was the case in the sale of the Equinox shares. The fair value of the Equinox shares at the date of derecognition was $91.1 million and the Company recorded a cumulative loss of $6.5 million on disposal.

(iii)Represents the Deferred Cash Payment receivable from the Nomad transaction. Refer to Note 6.

(b) 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.

i) 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: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability.

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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, 2020				December 31, 2019
	Level 1 input		Level 2 input		Aggregate fair value		Level 1 input		Level 2 input		Aggregate fair value
Assets
Cash and cash equivalents	$	651.2	$	—	$	651.2	$	158.8	$	—	$	158.8
Convertible loan receivable	—		11.7		11.7		—		—		—

Investments in equity securities	68.7		—		68.7		8.4		—		8.4
Warrants	—		2.5		2.5		—		2.8		2.8
Derivative related assets	—		0.4		0.4		—		3.9		3.9
	$	719.9	$	14.6	$	734.5	$	167.2	$	6.7	$	173.9
Liabilities
Derivative related liabilities	$	—	$	15.1	$	15.1	$	—	$	1.8	$	1.8
	$	—	$	15.1	$	15.1	$	—	$	1.8	$	1.8

At December 31, 2020, there were no financial assets and liabilities measured and recognized at fair value on a non-recurring basis.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2020. At December 31, 2020, 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.

ii) 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) 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, 2020				December 31, 2019
	Financial instrument classification	Carrying amount		Fair value (i)		Carrying amount		Fair value (i)
Debt
Senior notes	Amortized cost	$	996.5	$	989.3	$	1,051.3	$	1,042.2

(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 by discounting the future cash flows by a discount factor based on an interest rate of 5%, which reflects the Company's own credit risk.

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.

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Summary of derivatives at December 31, 2020

Notional Amount

Average call strike price
(per USD)

Average put strike price
(per USD)

Remaining term

Cash flow hedge

Non-hedge

Fair value
(USD)

Currency contracts (iv)

Option contracts

BRL option contracts (millions) (i)

R$3.85

R$4.32

January - June 2021

R$93.0

—

(3.7)

Forward contracts

Average FX/USD forward rate

BRL forward contracts (millions) (ii)

R$4.07

January - June 2021

R$93.0

—

(5.3)

Other

Per share value (C$)

DSU contracts (millions of DSUs) (iii)

$7.26

January - November 2021

—

4.2

0.4

(i)The Company has designated zero cost collar option contracts as cash flow hedges for its highly probable forecasted BRL 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. These cash flow hedges are expected to cover approximately 38% of the BRL denominated forecasted costs from January 2021 to June 2021, respectively.

(ii)On November 5 and 6, 2019, the Company entered into forward contracts totalling BRL 93.0 million (approximately US$17.9 million) split evenly from January 2021 to June 2021 at a weighted average BRL to US Dollar forward rate of BRL 4.07 per US Dollar. These forward contracts are expected to cover approximately 38% of the BRL denominated forecasted costs from January 2021 to June 2021 respectively.

(iii)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% of outstanding DSUs at the time) at a value of C$7.26 per share.

In January 2021, the Company entered into the following additional derivative contracts to hedge against the risk of increases in the value of foreign currencies in several jurisdictions:

As at December 31, 2020, the Company also had derivative liabilities relating to the warrants issued to purchase Equinox shares held by Yamana of $1.4 million, and option agreements of $4.7 million. Refer to Note 6 for further details.

Fair Values of Derivatives



	Asset derivatives				Liability derivatives
At as December 31,	2020		2019		2020		2019
Derivatives designated as hedging instruments
Currency contracts	$	—	$	0.1	$	9.0	$	1.8
Total derivatives designated as hedging instruments	$	—	$	0.1	$	9.0	$	1.8
Derivatives not designated as hedging instruments

Warrants and options contracts	—		—		6.1		—
DSU contracts	0.4		3.8		—		—
Total derivatives not designated as hedges	$	0.4	$	3.8	$	6.1	$	—
Total derivative instruments (Note 20 and Note 26)	$	0.4	$	3.9	$	15.1	$	1.8

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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) reclassified or adjusted from cash flow hedge reserve
For the year ended December 31,	2020		2019		2020		2019
Exchange rate risk
Currency option contracts	$	(24.0)	$	(4.3)	$	16.9	$	9.3
	$	(24.0)	$	(4.3)	$	16.9	$	9.3
Time value of option contracts excluded from hedge relationship	(0.2)		(1.3)		—		—
	$	(24.2)	$	(5.6)	$	16.9	$	9.3

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,	2020		2019
Realized gains (losses)
Commodity contracts	$	—	$	2.9
DSU contracts	1.8		—
	$	1.8	$	2.9
Unrealized gains (losses)

Commodity contracts	$	—	$	(2.0)
DSU contracts	(3.4)		4.4
	$	(3.4)	$	2.4

18. 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) 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; predominately 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 expenses denominated in foreign currencies, the Company restarted its hedging program in May 2016, entering into forward contracts and zero-cost collar option contracts.

Details of outstanding derivative instruments can be found in Note 17.

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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 earnings, before tax				Effect on other comprehensive income, before tax
(On 10% change in US Dollars exchange rate)	2020		2019		2020		2019
BRL	$	0.3	$	1.1	$	1.0	$	0.5
ARS	$	0.5	$	1.1	$	—	$	—
CAD	$	4.2	$	5.1	$	0.1	$	—
CLP	$	2.3	$	2.6	$	0.1	$	0.1

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 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) 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, 2020 or December 31, 2019.

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, 2020, 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 at December 31, 2020.

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, 2020.

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, 2020 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.

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The Company's maximum credit exposure to credit risk is as follows:


As at December 31,	2020		2019
Cash and cash equivalents	$	651.2	$	158.8
Trade and other receivables	4.2		3.4
Derivative assets (Note 17)	0.4		3.9
Convertible loan receivable (Note 6)	11.7		—
Loans and other receivables	19.7		8.6
	$	687.2	$	174.7

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 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 undrawn credit facility are included in Note 28.

The following table summarizes the remaining contractual maturities of the Company's significant financial liabilities, shown in contractual undiscounted cash flows.


	2020										2019
As at December 31,	Within 1 year		2 - 3 years		4 - 5 years		Over 5 years		Total		Total
Trade and other payables	$	240.4	$	—	$	—	$	—	$	240.4	$	219.5
Debt repayments	—		431.5		287.4		282.9		1,001.8		1,058.0
Interest payments on debt	50.3		78.2		33.2		25.6		187.3		226.9
Lease liabilities	11.7		17.4		9.7		15.2		54.0		50.8
Derivative liabilities	10.4		2.7		2.0		—		15.1		1.8
Other financial liabilities	56.6		7.8		2.2		72.6		139.2		129.3
Total	$	369.4	$	537.6	$	334.5	$	396.3	$	1,637.8	$	1,686.3

At December 31, 2020, the Company had letters of credit and guarantees outstanding in the amount of $178.9 million (December 31, 2019: $85.7 million) of which $155.9 million (December 31, 2019: $83.7 million) represented guarantees for reclamation obligations. These letters of credit are automatically extended for one year periods from their expiration dates.

19. INVENTORIES


As at December 31,	2020		2019
Product inventories	$	26.6	$	23.8
Work in process	9.9		9.0
Ore stockpiles	168.5		142.8
Materials and supplies	96.5		89.7
	$	301.5	$	265.3
Less: non-current ore stockpiles included in other non-current assets (Note 21)	(149.4)		(131.9)
	$	152.1	$	133.4

For the year ended December 31, 2020, inventory impairment charges of $6.2 million were recorded against materials and supplies inventory (December 31, 2019: $0.7 million), which are included in cost of sales excluding depletion, depreciation and amortization.

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20. OTHER FINANCIAL ASSETS


As at December 31,	2020		2019
Derivative assets (Note 17)	$	0.4	$	3.9
Loans and other receivables	19.7		8.6
Investments in equity securities and warrants (i)	71.2		11.2
Convertible loan receivable (ii)	11.7		—
	$	103.0	$	23.7
Current	$	14.3	$	8.5
Non-current	88.7		15.2
	$	103.0	$	23.7

(i)Includes the Company's investment in Equinox Gold. Refer to Note 6 for further details.

(ii)As part of the sale of the Royalty Portfolio in March 2020, the Company received a deferred cash payment that is convertible into shares of Nomad. Refer to Note 6 for further details.

21. OTHER ASSETS


As at December 31,	2020		2019
Non-current portion of ore stockpiles (Note 19) (i)	$	149.4	$	131.9
Income tax recoverable and installments	2.8		1.8
Tax credits recoverable (ii)	77.4		64.6
Advances, deposits and prepaids	64.1		46.9
Other	5.0		6.5
	$	298.7	$	251.7
Current	$	96.1	$	97.5
Non-current	202.6		154.2
	$	298.7	$	251.7

(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.

(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.

22. PROPERTY, PLANT AND EQUIPMENT


	Land, building, plant & equipment		Operating mine mineral interests (iii)		Development projects and Exploration & evaluation		Total
Cost
At January 1, 2020	$	1,868.9	$	7,066.6	$	2,839.2	$	11,774.6
Additions	68.7		187.4		17.8		273.9
Reclassifications, transfers and other non-cash movements (i)	19.4		40.1		681.6		741.1
Reclassified as held for sale and disposals	(44.6)		—		(63.5)		(108.1)
At December 31, 2020	$	1,912.5	$	7,294.0	$	3,475.1	$	12,681.6
Accumulated depletion, depreciation and amortization ("DDA") and impairment
At January 1, 2020	$	(1,042.6)	$	(4,006.3)	$	(772.7)	$	(5,821.7)
DDA	(139.7)		(264.0)		—		(403.7)
Impairment and impairment reversal (ii)	(114.0)		305.0		—		191.0
Disposals	37.7		—		—		37.7
At December 31, 2020	$	(1,258.7)	$	(3,965.4)	$	(772.7)	$	(5,996.8)
Carrying amount, December 31, 2020	$	653.8	$	3,328.7	$	2,702.4	$	6,684.8

Amounts included above as at December 31, 2020
Assets not being depreciated	$	—	$	655.8	$	2,702.4	$	3,358.2

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	Land, building, plant & equipment		Operating mine mineral interests (iii)		Development projects and Exploration & evaluation		Total
Cost
At January 1, 2019	$	2,354.5	$	7,370.6	$	2,809.7	$	12,534.8
Additions	78.4		222.4		32.9		333.7
Reclassification, transfers and other non-cash movements (iii)	75.8		11.4		(0.7)		86.5
Reclassified as held for sale and disposals	(639.8)		(537.8)		(2.7)		(1,180.3)
At December 31, 2019	$	1,868.9	$	7,066.6	$	2,839.2	$	11,774.6
Accumulated depletion, depreciation and amortization ("DDA") and impairment
At January 1, 2019	$	(1,254.4)	$	(3,811.2)	$	(772.8)	$	(5,838.4)
DDA	(155.1)		(314.9)		—		(470.0)

Disposals	366.8		119.8		—		486.6
At December 31, 2019	$	(1,042.6)	$	(4,006.3)	$	(772.7)	$	(5,821.7)
Carrying amount, December 31, 2019	$	826.3	$	3,060.2	$	2,066.4	$	5,952.9

Amounts included above as at December 31, 2019
Assets under construction	$	—	$	86.4	$	—	$	86.4
Assets not being depreciated	$	—	$	752.6	$	2,066.4	$	2,819.0

(i) Reclassifications, transfers and other non-cash movements includes non-cash additions to PPE and changes in the environmental rehabilitation provision as per Note 29. Includes non-cash additions acquired as part of the MARA transaction in 2020. Refer to Note 6 for additional details.

(ii)During the year ended December 31, 2020, the Company recognized an impairment charge totalling $369.0 million related to Cerro Moro and an impairment reversal of $560.0 million related to El Peñón. Refer to Note 13 for additional details.

(iii)At December 31, 2020, $509.6 million of E&E assets related to assets in production were included in operating mine mineral interests (December 31, 2019 - $527.7 million). During the year ended December 31, 2020, the Company impaired $15.0 million of such E&E costs at Cerro Moro, and during the year ended December 31, 2019 the company disposed of $63.9 million of such E&E costs related to the Chapada divestment.

23. GOODWILL AND OTHER INTANGIBLE ASSETS


	Goodwill (i)		Other intangible assets (ii)		Total
Cost
At January 1, 2020	$	403.7	$	76.0	$	479.7
Additions	—		9.6		9.6
Dispositions	—		(0.3)		(0.3)
At December 31, 2020	$	403.7	$	85.3	$	489.0
Accumulated amortization and impairment
At January 1, 2020	$	(45.0)	$	(42.5)	$	(87.5)
Amortization	—		(5.1)		(5.1)

At December 31, 2020	$	(45.0)	$	(47.6)	$	(92.6)
Net book value at December 31, 2020	$	358.7	$	37.7	$	396.4


	Goodwill (i)		Other intangible assets (ii)		Total
Cost
At January 1, 2019	$	403.7	$	77.6	$	481.3
Dispositions	—		(1.6)		(1.6)

At December 31, 2019	$	403.7	$	76.0	$	479.7
Accumulated amortization and impairment
At January 1, 2019	$	(45.0)	$	(36.5)	$	(81.5)
Amortization	—		(6.0)		(6.0)

At December 31, 2019	$	(45.0)	$	(42.5)	$	(87.5)
Net book value at December 31, 2019	$	358.7	$	33.5	$	392.2

(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

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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.

(ii)Other intangible assets primarily comprise capitalized system development costs.

24. INVESTMENT IN ASSOCIATES

Details of the Company's investments in associates as at December 31, 2020 and 2019 are as follows:

Material Associate


Name of Associate	Principal activity	Country of incorporation	Principal place of business	% Ownership interest				Quoted fair value (i)				Carrying amount
				2020		2019		2020		2019		2020		2019
Leagold Mining Corporation	Gold mining	Canada	Brazil, Mexico	—	%	20.4	%	$	—	$	144.5	$	—	$	120.3

(i)The fair value of the Company's interest in Leagold, which was listed on the TSX, was based on the quoted market price at December 31, 2019, which is a Level 1 input in terms of IFRS 13.

On March 10, 2020 Leagold completed a merger transaction with Equinox Gold Corp., which resulted in Yamana owning approximately 9% of the combined company. Yamana concluded that, as a result of its reduced shareholding, it no longer had significant influence in the investee, and therefore, discontinued accounting for the investment using the equity method from the date of the completion of the merger. Refer to Note 6 for further details on the merger transaction.

The following table summarizes the change in the carrying amount of the Company's investment in Leagold:


	2020		2019
Balance as at January 1	$	120.3	$	146.0

Company's share of net loss of Leagold	(4.1)		(16.3)
Company's share of other comprehensive loss of Leagold	(1.6)		(9.4)
Derecognition of investment in Leagold upon discontinuation of the equity method (Note 6)	(114.6)		—
Balance as at December 31	$	—	$	120.3

Summarized financial information in respect of the Company’s investment in Leagold is set out below. The summarized financial information below represents amounts in Leagold's consolidated financial statements prepared in accordance with IFRS, adjusted for fair value adjustments at acquisition and differences in accounting policies. The table also reconciles the summarized financial information to the carrying amount of the Company’s interest in Leagold. The information for 2019 presented in the table includes the results of Leagold for the period from January 1 to December 31, 2019. The information for 2020 includes the results of Leagold only for the period from January 1 to March 10, 2020, because Yamana ceased to have significant influence in the investee as of March 10, 2020.

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Summarized Consolidated Balance Sheet Information


As at December 31,	2020		2019
Current assets	$	—	$	238.8
Non-current assets	—		800.4
Total assets	$	—	$	1,039.2
Current liabilities	—		111.1
Non-current liabilities	—		440.8
Total liabilities	$	—	$	551.9
Net assets of associate	$	—	$	487.3
Yamana's share of net assets	$	—	$	99.4
Goodwill	—		26.5
Other equity adjustments	—		(5.6)
Carrying Amount	$	—	$	120.3

Summarized Consolidated Statement of Operations and Comprehensive (loss) Income Information


For the year ended December 31,	2020		2019

Net (loss) earnings	$	(20.0)	$	(79.9)
Other comprehensive loss	(8.1)		(46.1)
Total comprehensive (loss) income	$	(28.1)	$	(126.0)

Immaterial Associates

The Company also acquired interests in two individually immaterial associates during the year ended December 31, 2020 (Nomad Royalty Company and Monarch Gold Corporation). The Company acquired its interest in both of these associates as the result of transactions entered into by the Company. The Company's interest in both associates was below 20%; however, the Company determined that it had significant influence because it had representation on the boards of both investees. Refer to Note 6 for further details.

The following table analyzes, in aggregate, the carrying amount and share of net earnings of these associates.


	2020
Aggregate carrying amount of individually immaterial associates	$	34.3
Aggregate amounts of the Company's share of:
Net earnings	$	3.1

25. TRADE AND OTHER PAYABLES


As at December 31,	2020		2019
Trade payables	$	154.2	$	153.9
Other payables (i)	86.2		65.6
	$	240.4	$	219.5

(i)Other payables include dividends, salaries, bonuses, pension, and interest payable, among other accruals.

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26. OTHER FINANCIAL LIABILITIES


As at December 31,	2020		2019
Lease liabilities (Note 34)	$	35.2	$	43.5
Royalty payable	16.5		9.6
Severance accrual	39.7		33.2
Deferred share units/performance share units liability (Note 31)	38.4		28.0
Accounts receivable and value added tax financing credit (i)	27.6		34.5
Current portion of long-term debt (Note 28)	—		56.2
Derivative liabilities (Note 17)	15.1		1.8
Other	16.0		22.3
	$	188.5	$	229.1
Current	$	78.8	$	131.1
Non-current	109.7		98.0
	$	188.5	$	229.1

(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.

27. OTHER PROVISIONS AND LIABILITIES


As at December 31,	2020		2019
Other taxes payable	$	19.7	$	19.3
Provision for repatriation taxes payable (i)	18.5		27.9
Provision for taxes	3.9		10.8
Deferred revenue on metal streaming arrangement (ii)	77.6		89.2

Other provisions and liabilities (iii)	70.4		35.4
	$	190.2	$	182.6
Current	$	77.6	$	39.5
Non-current	112.6		143.1
	$	190.2	$	182.6

(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 $18.5 million (2019: $27.9 million) have been accrued on the assumption that the profits will be repatriated.

(ii)On October 27, 2015 the Company entered into three metal purchase 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 arrangement:


	2020


As at December 31, 2019	$	89.2
Recognition of revenue during the year net of interest accretion	(10.7)
Variable consideration adjustment	(0.9)

	$	77.6
Current portion	$	13.5
Non-current portion	64.1
As at December 31, 2020	$	77.6

(iii)Other provisions and liabilities include the current portion of environmental rehabilitation provisions, and other contingent provisions. The increase during the year reflects the provisions associated with the initial acquisition and consolidation of Alumbrera and an increase in the current portion of environmental rehabilitation provisions.

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28. LONG-TERM DEBT AND CREDIT FACILITY


As at December 31,	2020		2019
Senior notes
$300 million notes issued December 2017
4.625% 10-year notes due December 2027	$	280.4	$	280.1
$500 million notes issued June 2014
4.95% 10-year notes due July 2024	149.8		149.2
$300 million notes issued June 2013
Series B - 4.78% 10-year notes due June 2023 ($265 million)	240.4		240.2
$500 million notes issued March 2012
Series B - 4.36% 8-year notes due March 2020 ($85 million)	—		56.2
Series C - 4.76% 10-year notes due March 2022 ($200 million)	190.5		190.3
Series D - 4.91% 12-year notes due March 2024 ($140 million)	135.4		135.3


	$	996.5	$	1,051.3
Revolving credit facility
Revolving credit facility (net of capitalized debt issuance costs)	(2.7)		(3.4)


Total debt (i)	$	993.8	$	1,047.9
Less: current portion of long-term debt (Note 26)	—		(56.2)
Long-term debt	$	993.8	$	991.7

(i)Balances are net of unamortized discounts and capitalized transaction costs of $8.0 million (2019: $10.1 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. In March 2020, the Company repaid the remaining outstanding balance on the B Series of the senior notes issued in March 2012, which became due. The Company's next repayment on the senior notes is not until March 2022.

Revolving Credit Facility

In July 2019, the Company extended the term of the revolving credit facility ("the Facility") from June 2023 to July 2024, under existing terms and conditions, and the maximum amount available under the Facility was reduced from $1.0 billion to $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. The Company drew down $200.0 million during the first quarter of 2020 as a precaution given the uncertainty associated with the COVID-19 pandemic, and repaid $100.0 million of this during the second quarter of 2020, and the remaining outstanding balance of $100.0 million during the fourth quarter of 2020.

Covenants

The senior notes and revolving credit facility are subject to various financial and general covenants. The principal covenants are tangible net worth of at least $2.3 billion; 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, 2020.

29. 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, 2020, the present value of the environmental rehabilitation provision relating to the Company's mining properties was estimated at $392.7 million (December 31, 2019: $220.4 million) using discount rates ranging between 0.08% and

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52.76% (December 31, 2019: 1.77% and 16.16%). The undiscounted value of these liabilities was $527.1 million (December 31, 2019: $272.0 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.


	2020		2019
Balance, beginning of year	$	220.4	$	250.3
Environmental rehabilitation provisions acquired during the year (Note 6)	85.7		—
Accretion expense included in finance costs	9.0		12.1
Revisions in estimates and obligations	82.4		25.9
Expenditures during the current year	(3.2)		(4.3)
Foreign exchange impact	(1.6)		(3.8)
Reclassified to liabilities relating to assets held for sale	—		(59.8)
Balance, end of year	$	392.7	$	220.4
Current (i)	$	29.2	$	5.7
Non-current	363.5		214.7
	$	392.7	$	220.4

(i)The current portion of the environmental rehabilitation provision is included in the current portion of Other Provisions and Liabilities. Refer to Note 27.

Regulatory authorities in certain jurisdictions require that security be provided to cover the estimated environmental rehabilitation obligations. As at December 31, 2020, the Company had outstanding letters of credit in the amount of $66.4 million (C$84.6 million) (December 31, 2019: $70.1 million (C$91.1 million)) representing guarantees for reclamation obligations and road construction relating to the Company's share of mining interest in Canadian Malartic, and $20.1 million (December 31, 2019: nil) and $13.7 million (December 31, 2019: $13.6 million) representing guarantees for reclamation obligations relating to the Company's Chilean mines and US properties, respectively. The Company's MARA Project also had outstanding bank guarantees for reclamation obligations totalling $55.6 million, for which an equivalent amount of cash collateral had been posted. These letters of credit are automatically extended for one year periods from their expiration dates.

30. 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, 2020 (2019: nil).


For the years ended December 31,	2020			2019
	Number of common shares			Number of common shares
Issued and outstanding - 952,620,947 common shares		Amount			Amount
(December 31, 2019 - 950,435,244 common shares):	(In thousands)	(In millions)		(In thousands)	(In millions)
Balance, beginning of year	950,435	$	7,639.9	949,342	$	7,636.4
Exercise of options and share appreciation rights	167	0.9		—	—
Issued on vesting of restricted share units	1,100	3.4		1,021	3.4
Dividend reinvestment plan (i)	70	0.5		77	0.2
Issuance of flow-through shares (ii)	1,000	5.3		—	—
Share cancellations and other adjustments (iii)	(151)	(1.1)		(5)	(0.1)
Balance, end of year	952,621	$	7,648.9	950,435	$	7,639.9

(i)The Company has a dividend reinvestment plan to provide holders of common shares a simple and convenient method to purchase additional common shares by electing to automatically reinvest all or any portion of cash dividends paid on common shares held by the plan participant without paying any brokerage commissions, administrative costs or other service charges. At December 31, 2020, a total of 6,713,636 shares have subscribed to the plan.

(ii)On July 3, 2020, the Company closed a flow-through financing for proceeds of $7.4 million (C$10.0 million) consisting of the issue and sale of 1,000,000 flow-through common shares at a price of C$10.00 per share. The proceeds were allocated between the offering of shares and the sale of tax benefits. The allocation was made based on the difference between the quoted price of the shares and the amount the investors paid for the shares, with a deferred flow-through premium liability recognized for the difference. Accordingly, the Company recorded share capital of $5.3 million (C$7.2 million) and a deferred flow-through premium liability of $2.0 million (C$2.7 million). The liability will be reversed and a tax recovery recognized upon filing of the appropriate renunciation forms with the Canadian taxation authorities for qualifying expenditures previously incurred. As at December 31, 2020, the Company had incurred $1.9 million of expenditures in relation to the financing; the Company has until December 31, 2021 to fulfil its obligation by incurring Canadian exploration eligible flow-through expenditures.

(iii)Includes the cancellation of 150,456 common shares that were not exchanged by holders of Osisko common shares pursuant to the terms of the Plan of Arrangement related to the acquisition of the Canadian Malartic mine in 2014. Holders of Osisko common shares were to exchange their shares for common shares of Yamana within a time period of six years following the closing of the transaction. As certain Osisko shareholders failed to surrender

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their certificates representing Osisko common shares by June 16, 2020, non-certificated positions representing 150,456 Yamana common shares were cancelled during the third quarter of 2020.

Dividends Paid and Declared


For the years ended December 31,	2020		2019
Dividends paid	$	53.0	$	23.7
Dividends declared in respect of the year	$	69.1	$	28.8
Dividend paid (per share)	$	0.06	$	0.03
Dividend declared in respect of the year (per share)	$	0.07	$	0.03

31. 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,	2020		2019
Expense related to equity-settled compensation plans	$	4.4	$	4.6
Expense related to cash-settled compensation plans	27.1		10.4
Total expense recognized as compensation expense	$	31.5	$	15.0


As at December 31,	2020		2019
Total carrying amount of liabilities for cash-settled arrangements (Note 26)	$	38.4	$	28.0

The following table summarizes the equity instruments outstanding related to share-based payments.


As at December 31, (In thousands)	2020	2019
Share options outstanding (i)(ii)(iii)	256	1,286
Restricted share units ("RSU") (iv)	2,494	2,448
Deferred share units ("DSU") (v)(vi)	4,751	4,881
Performance share units ("PSU") (vii)	2,119	2,274

(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 (2019: 24.9 million).

(ii)As at December 31, 2020, 256,348 share options with a weighted average exercise price of C$5.30 were outstanding and exercisable (December 31, 2019: 1,286,448 share options with a weighted exercise price of C$7.98 outstanding and exercisable).

(iii)During the year ended December 31, 2020, no share options were granted, 166,764 share options were exercised with a weighted average price of C$7.12 on the date of exercise, and 863,336 share options expired.

(iv)During the year ended December 31, 2020, the Company granted 1,229,957 RSUs with a weighted average grant date fair value of C$4.96 per RSU; a total of 1,099,890 RSUs vested and the Company credited $3.4 million (2019: $3.4 million) to share capital in respect of RSUs that vested during the year. There were a total of 83,535 RSUs cancelled during the year ended December 31, 2020.

(v)During the year ended December 31, 2020, the Company granted 222,973 DSUs and recorded an expense of $1.1 million, and 353,080 DSUs were settled.

(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 C7.26 per share. For the year ended December 31, 2020, the Company recorded a mark-to-market loss on DSUs of $7.6 million and a mark-to-market gain on the DSU hedge of $0.5 million.

(vii)During the year ended December 31, 2020, 1,110,446 PSU units were granted with an expiry date of December 31, 2022 and a fair value of C$10.87 per unit at December 31, 2020. There were payouts of 1,182,980 PSU units and cancellation of 82,392 PSU units during the year ended December 31, 2020.

32. NON-CONTROLLING INTERESTS


As at December 31,	2020		2019
Agua De La Falda S.A. (i)	$	18.7	$	18.7

Estelar Resources S.A. (ii)	16.0		16.0
Minera Agua Rica Alumbrera Ltd. (iii)	791.3		—
	$	826.0	$	34.7

(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.

(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 Cerro Moro, 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.

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(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. As at December 31, 2020, Minera Agua Rica Alumbrera Ltd. had current assets of $241.9 million, non-current assets of $1,867.7 million, current liabilities of $45.8 million and non-current liabilities of $383.3 million. Net loss (and therefore, net loss attributable to non-controlling interests) and cash flows for the 14 day period between completion of the integration transaction and December 31, 2020 were negligible. Refer to Note 6 for further details on the integration transaction.

33. 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 Notes 30 and 28, 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 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.

34. 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) Right-of-use assets


	Buildings		Vehicles		Machinery and Equipment		Total
Balance at December 31, 2019	$	7.1	$	13.5	$	22.7	$	43.3
Additions	7.6		2.2		0.6		10.4
Depreciation charge for the year	(1.3)		(10.3)		(9.2)		(20.8)

Balance at December 31, 2020	$	13.4	$	5.4	$	14.1	$	32.9


	Buildings		Vehicles		Machinery and Equipment		Total
Balance at January 1, 2019	$	5.3	$	17.0	$	19.2	$	41.5
Additions	2.9		8.0		15.3		26.2
Depreciation charge for the year	(1.1)		(7.0)		(9.1)		(17.2)
Net right-of-use assets reclassified to assets held for sale	—		(4.5)		(2.7)		(7.2)
Balance at December 31, 2019	$	7.1	$	13.5	$	22.7	$	43.3

(b) Lease liabilities


	2020		2019
Maturity analysis - contractual undiscounted cash flows
Less than one year	$	11.7	$	19.6
Two to three years	17.4		20.0
Four to five years	9.7		9.6
More than five years	15.2		1.6
Total undiscounted lease liabilities at December 31	$	54.0	$	50.8
Lease liabilities included in the balance sheet at December 31 (Note 26)	$	35.2	$	43.5
Current	$	12.9	$	15.5
Non-current	$	22.3	$	28.0

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	2020		2019
Depreciation expense on right-of-use assets	$	20.8	$	17.2
Interest expense on lease liabilities (Note 12)	$	3.5	$	4.4
Variable lease payments not included in the measurement of lease liabilities (i)	$	61.2	$	73.8
Expenses relating to short-term leases	$	13.7	$	32.9
Expenses relating to leases of low value assets, excluding short-term leases of low value assets	$	0.9	$	1.9

(i)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) Amounts recognized in the consolidated statement of cash flows


	2020		2019
Included within cash flows from operating activities	$	79.3	$	113.1
Included within cash flows used in financing activities	17.1		16.8
Total cash outflow for leases	$	96.4	$	129.9

35. COMMITMENTS AND CONTINGENCIES

In addition to entering into various operational commitments in the normal course of business, the Company had commitments of approximately $8.7 million at December 31, 2020 (December 31, 2019: $9.4 million) for construction activities at its sites and projects.

36. RELATED PARTY TRANSACTIONS

Related Parties and Transactions

The Company’s related parties include its subsidiaries, associates, 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, 2020 and 2019.

Compensation of Key Management Personnel

Key management personnel compensation comprises:


For the years ended December 31,	2020		2019
Short-term employee benefits (i)	$	14.5	$	14.2
Post-employment benefits	1.9		1.7

Termination benefits	—		3.4
Share-based payments (ii)	17.5		9.6
	$	33.9	$	28.9

(i)Short-term employee benefits include salaries, bonuses payable within 12 months of the balance sheet date and other annual employee benefits.

(ii)Relates to share option, RSU, DSU and PSU grants. Balances exclude the periodic fair value adjustment on the DSUs.

*************

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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:

1.I have reviewed this annual report on Form 40-F of Yamana Gold Inc.;

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;

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;

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:

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;

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;

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

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

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):

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

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.

Date: March 25, 2021

“Daniel Racine”

Name: Daniel Racine

Title: President and Chief Executive Officer

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:

1.I have reviewed this annual report on Form 40-F of Yamana Gold Inc.;

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;

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):

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.

Date: March 25, 2021

“Jason LeBlanc”

Name: Jason LeBlanc

Title: Senior Vice President, Finance

and Chief Financial Officer

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, 2019 (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:

(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

(ii) the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

“Daniel Racine”

Name: Daniel Racine

Title: President and Chief Executive Officer

Date: March 25, 2021

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

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:

(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

(ii) the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

“Jason LeBlanc”

Name: Jason LeBlanc

Title: Senior Vice President, Finance and Chief Financial Officer

Date: March 25, 2021

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. 333-237728 on Form F-10/A and to the use of our reports dated February 11, 2021 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, 2020.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

March 25, 2021

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, 2020 (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, 2020 (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. 333-237728).

By: /s/ "Eduardo de Souza Soares"

Name: Eduardo de Souza Soares, MAusIMM CP (Min)

March 25, 2021

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, 2020 (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.

By: /s/ "Renan Garcia Lopes"

Name: Renan Garcia Lopes, MAusIMM CP (Geo)

March 25, 2021

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, 2020 (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.

By: /s/ "Henry Marsden"

Name: Henry Marsden, P.Geo.

March 25, 2021

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, 2020 (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.

By: /s/ "Carlos Iturralde"

Name: Carlos Iturralde, P.Eng.

March 25, 2021

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, 2020 (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.

By: /s/ "Luis Vasquez"

Name: Luis Vasquez, P.Eng.

March 25, 2021

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, 2020 (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. 333-237728).

By: /s/ "Sébastien Bernier"

Name: Sébastien Bernier, P.Geo.

March 25, 2021

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, 2020 (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”), to the use of my name in connection with the mineral reserve estimate for the El Peñón Mine as at December 31, 2020 (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.

By: /s/ "Sergio Castro"

Name: Sergio Castro, Registered Member, Chilean Mining Commission

March 25, 2021

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, 2020 (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, 2020 (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.

By: /s/ "Marco Velásquez Corrales"

Name: Marco Velásquez Corrales, Registered Member, Chilean Mining Commission

March 25, 2021

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, 2020 (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, 2020 (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.

By: /s/ "Pascal Lehoullier"

Name: Pascal Lehouiller, P.Geo.

March 25, 2021

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, 2020 (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”), to the use of my name in connection with the mineral reserve estimate for the Canadian Malartic Mine as at December 31, 2020 (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.

By: /s/ "Guy Gagnon"

Name: Guy Gagnon, Eng.

March 25, 2021

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, 2020 (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.

By: /s/ "Sylvie Lampron"

Name: Sylvie Lampron, Eng.

March 25, 2021

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, 2020 (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.

By: /s/ "Nicole Houle"

Name: Nicole Houle, P.Geo.

March 25, 2021

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, 2020 (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.

By: /s/ "François Bouchard"

Name: François Bouchard, P.Geo.

March 25, 2021

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, 2020 (the “Form 40-F”), I, Dominic Chartier, 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, 2020 (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.

By: /s/ "Dominic Chartier"

Name: Dominic Chartier, P.Geo.

March 25, 2021

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, 2020 (the “Form 40-F”), I, Dr. Jean-François Ravenelle, 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, 2020 (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.

By: /s/ "Dr. Jean-François Ravenelle"

Name: Dr. Jean-François Ravenelle, P.Geo.

March 25, 2021