Potential Acquisition of Yamana Gold by Pan American Silver and Agnico Eagle Mines Ltd.

On November 8, 2022, Yamana Gold confirmed the activation of the arrangement agreement with Agnico Eagle Mines Ltd. (Agnico) and Pan American Silver, and at the same time announced the termination of the pending transaction with Gold Fields.

Pursuant to the announcement, the shareholders’ vote scheduled to be held on November 21 has been cancelled and Yamana Gold will pay a termination fee of US$300 million to Gold Fields, in accordance with the terms of the arrangement agreement with that company.

The board of directors of Yamana Gold has unanimously determined in good faith, after consultation with its outside financial and legal advisors, and upon the unanimous recommendation of the special committee of independent directors of the Board, that the Agnico - Pan American Transaction is a “Yamana Superior Proposal” in accordance with the terms of Gold Fields Arrangement Agreement. As a result, the Canadian Malartic Partnership and the Wasamac Underground Mining Project would be fully owned by Agnico Eagle.

A copy of the press release issued on November 8, 2022 is available for viewing on the Company's website at http://www.yamana.com and under the Company's profile on SEDAR (www.sedar.com).

The acquisition process will continue in the coming weeks. The Wasamac underground mining project team will be communicating regularly on this matter and remains available at all times to answer your questions.

By phone: 1 833 510-0330

By SMS: 833-510-0330

By email: wasamac@yamana.com

At the Community Relations Office, 14 rue d'Évain, Rouyn-Noranda, J0Z 1Y0