Toronto - On Monday 30th, May, 2022, South Africa-based Gold Fields Ltd. (NYSE: GFI) agreed to buy Yamana Gold Inc. (TSXV: YRI) in an all-stock deal that values Yamana at $6.7 billion USD. If the deal is approved, Gold Fields Ltd. shareholders will end up with 61% of the combined $15.6 billion USD company, and Yamana Gold Inc. shareholders will hold the remaining 39%.

Gold Fields Ltd. (NYSE: GFI) is paying a 34% premium to the weighted average share price of Yamana Gold Inc. (TSXV: YRI) shares calculated over the 10 trading days immediately preceding the transaction. Gold Fields Ltd. shares fell 11% on the news as investors considered these payment terms. Yamana Gold Inc. shareholders are set to receive 0.6 of a Gold Fields Ltd. share. The Transaction implies a valuation for Yamana Gold Inc. of US$6.7 billion and represents a premium of 33.8% to the 10-day Volume-Weighted Average Price ('VWAP') of Yamana Gold Inc.'s shares, calculated at US$ 5.20 on Friday, May 27th, 2022.

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