Fitch Ratings has withdrawn Yamana Gold Inc.'s Long-Term Issuer Default Rating (IDR) of 'BBB-' with a Stable Rating Outlook.

Fitch has also withdrawn the 'BBB-'ratings on the $750 million senior unsecured revolving credit facility and senior unsecured notes.

Pan American Silver Corp. acquired Yamana on March 31, 2023.

Fitch has chosen to withdraw the ratings of Yamana Gold for commercial reasons.

Key Rating Drivers

Key Rating Drivers do not apply as the ratings have been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Issuer Profile

Yamana Gold Inc. was a mid-tier producer of gold and silver, domiciled in Canada, with mines in Canada (33% of 2022 revenues), Chile (30%), Brazil (20%) and Argentina (18%). The company has been acquired by Pan American Silver Corp. following the sale by Yamana of its Canadian assets to Agnico Eagle Mines Limited.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

Following the withdrawal of ratings for Yamana Gold Fitch will no longer be providing the associated ESG Relevance Scores.

RATING ACTIONS

Entity / Debt

Rating

Prior

Yamana Gold Inc.

LT IDR

WD

Withdrawn

BBB-

senior unsecured

LT

WD

Withdrawn

BBB-

Page

of 1

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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