Mines and Money Keynote Address: How do ESG factors fit into corporate goals, operational optimizations and improvements and M&A

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ESG

HOW IT FITS INTO CORPORATE GOALS,

OPERATIONAL OPTIMIZATIONS AND

IMPROVEMENTS AND M&A

CAUTIONARY NOTE

REGARDING FORWARD LOOKING STATEMENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: this presentation 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 1995Forward-looking information includes, but is not limited to, information with respect to the Company's strategy, plans or future financial or operating performance, guidance on expected production, costs and capital spending, growth objectives including the 10-year outlook, further growth opportunities and the timing and funding thereof, continued advancements at Jacobina (including the phased expansions and the expected timing thereof), Canadian Malartic (including the development of the Odyssey project and expected timing of shaft sinking and commencement of production), Cerro Moro (including the phased expansion), El Peñón, Minera Florida and Minera Agua Rica Alumbrera (MARA), the advancement of development projects including the Wasamac project's development and the funding and timing thereof, the Lavra Velha heap leach prospect and potential costs, production and timing thereof, future share price performance, future gold, silver and copper price performance, valuations, plans and objectives for future exploration, the potential for future growth to mineral resources and mineral reserves, and information with respect to the planned business combination transaction with Agnico Eagle Mines Ltd. and Pan American Silver Corp (the "Transaction") including the terms, timing for shareholders meetings and closing, pro forma portfolio and estimates of future production and upside potential, estimates of future costs applicable to sales and all-in sustaining costs, estimates of future production growth, climate-related statements including GHG estimates and ESG improvements, targets and metrics, expectations regarding future exploration and the development, growth and potential of the combined operations including, without limitation, project returns, capital costs, capital intensity, expectations of future dividends and returns to shareholders, management integration and expectations of future free cash flow generation, cost savings, liquidity, and balance sheet strength. 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, 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, risks associated with Pan American's and Yamana's ability to obtain the requisite shareholder approval of the Transaction; risks associated with not the timing for completion of the Transaction, including the risk that the conditions to the Transaction are not satisfied on a timely basis or at all and the failure of the Transaction to close for any other reason; the risk that a consent or authorization that may be required for the Transaction is not obtained or is obtained subject to conditions that are not anticipated; risks relating to Pan American's and Yamana's business and future performance including, without limitation, volatility in the price of gold and other metals, currency fluctuations, operational risks, supply chain shortages, rising inflation, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and country risk, community relations, increased regulation of environmental and sustainability matters, the impact of climate change on Agnico Eagle, Pan American and Yamana's operations, conflict resolution governmental regulation and judicial outcomes, the inherent risks and uncertainty associated with financial or other projections; the risk that the Combined Group is unsuccessful in promptly and effectively integrating the business of Pan American and Yamana, the risk of unanticipated difficulties or expenditures relating to the Transaction, the risk of unexpected responses of business partners and retention as a result of the announcement and pendency of the Transaction; potential volatility in the price of the Agnico Eagle or Pan American due to the Transaction; the anticipated size of the markets and continued demand for Agnico Eagle, Pan American and Yamana's resources and the impact of competitive responses to the announcement of the Transaction, and the diversion of management time on Transaction and related issues, 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. 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.

Non-GAAP Measures:

The Company has included certain non-GAAP financial performance measures and ratios, 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 performance 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 performance measures included in this presentation include: adjusted earnings, net free cash flows, free cash flows before dividends and debt repayments, cash costs per gold equivalent ounce sold, all-insustaining costs (AISC) per gold equivalent ounce sold. Reconciliations and descriptions associated with the above financial performance measures can be found in section 11 of the Company's Management's Discussion and Analysis for the quarter ended September 30, 2022 and the press release entitled "Yamana Gold Reports Third Quarter 2022 Results; Strong Production at Canadian Malartic and Jacobina Highlights the Company's Growing Sustainable Production Platform and Exceptional Execution Across Entire Asset Portfolio" dated October 27, 2022 as filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov which includes a detailed discussion of the usefulness of the non-GAAP measures. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance. In particular, management uses these measures for internal valuation for the period and to assist with planning and forecasting of future operations.

Qualified Persons

Scientific and technical information contained in this presentation has been reviewed and approved by Sébastien Bernier (Senior Director, Reserves and 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 Data verification related to certain scientific and technical information disclosed herein in connection with Yamana's material properties can be found in the Company's technical reports entitled "NI 43-101 Technical Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile" and dated effective December 31, 2020, "NI 43-101 Technical Report, Jacobina Gold Mine, Bahia State, Brazil" and dated effective December 31, 2019, "NI 43-101 Technical Report, Canadian Malartic Mine, Quebec, Canada" and dated effective December 31, 2020, "Technical Report on the Agua Rica Integrated Project, Catamarca Province, Argentina" and dated effective June 30, 2019, "NI 43-101 Technical Report on the Wasamac Feasibility Study Update" and dated effective July 16, 2021, "NI 43-101 Technical Report, Cerro Moro Gold-Silver Mine, Santa Cruz Province, Argentina" and dated effective December 31, 2021, and "NI 43-101 Technical Report, Minera Florida Gold-Silver Mine, Metropolitan Region, Chile" and dated effective December 31, 2021 available under the Company's profile on SEDAR at www.sedar.com and on the Company's website. The information presented herein was approved by management of Yamana Gold on November 25, 2022.

All amounts are expressed in United States dollars unless otherwise indicated.

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RESOURCING TOMORROW

Mining Plays a Central Role in Society

Mining is instrumental to the global economy and the local communities in which mining companies operate

Green Transition

Mining is integral to the technologies underlying and supporting the green energy transition - the question shouldn't be whether mining should occur but how we best resource tomorrow

Responsible Mining

Given its central role, developing responsible and robust environmental, social and governance policies and practices is essential in today's mining industry as companies seek to earn their privilege to operate

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YAMANA GOLD PORTFOLIO OVERVIEW(1)

We are a precious metals company primarily focused on gold but with exposure to green metals including silver and copper

Revenue by Metal(2)

12%	NORTH	SOUTH
AMERICA	AMERICA

						Jacobina Belt
	Abitibi-Témiscamingue
88%		Atacama-
Silver Gold			Alhué
			Districts
		MARA (56.25%)
Production platform of +1M gold equivalent ounces(3) at low all-in
sustaining costs(4)

• YTD GEO(3) production of ~741koz at an AISC(4) of $1,105 per GEO(3)

─ Sequential step-up in sustainable production to at least 1.5 million	Suyai
GEO(3), representing a minimum 50 per cent production growth at
a lower AISC(4), and more than 50% cash flow growth, within the
Company's 10-year outlook period				Deseado Massif
1.	See Cautionary Note Regarding Forward-Looking Information	Operation	Projects
2.	Based on 2021A sales						4
3.	GEO assumes gold ounces plus the gold equivalent of silver ounces. GEO calculations for actuals are based on an average market gold to silver price ratio for the relevant period of 72.55 for the year-ended December 31, 2021, 83.42 for
	the nine months ended September 30, 2022 and a ratio of 72.00 for guidance periods

4. A non-GAAP financial performance measure. Please refer to section 11 of the Company's Management's Discussion and Analysis for the quarter ended September 30, 2022 as filed on SEDAR at www.sedar.com, EDGAR and incorporated by reference to this presentation. The most directly comparable GAAP metric is cost of sales

RESPONSIBLE GROWTH
TO 1.5 MILLION GEO(2) WITH FURTHER UPSIDE(1)
								DISCIPLINED GROWTH STRATEGY
							2.75 to 3.1
							Million GEO(2,3)	• Near term growth to 1.25M GEO(2) from
								recently completed and ongoing projects:
								Jacobina Phase 2, Odyssey and Wasamac
								• Modest net expansionary capital
								requirements over the guidance period to
							1.8 to 2.1	support planned growth to 1.5M GEO(2)
							Million GEO(2)	• Progressing studies for advanced projects
								targeting 1.4M to 1.55M GEO(2) at Jacobina,
						1.4 to 1.55		El Peñón, Minera Florida and Lavra Velha
						Million GEO(2)		• These are incremental investments at
					1.2 to 1.25
					200		existing operations, and we expect
					Million GEO(2)
			1.06	(2)	157			progressive increases in cash flows as
1 Million GEO	(2)	Million GEO	350 to 400		projects come on line sequentially
ARGENTINA	169		157		334			FURTHER GROWTH OPPORTUNITIES
CHILE	318		334		230	350 to 400		• Potential upside to support a long-term
BRAZIL	195		230					production platform of more than 1.8 million
					GEO(2) per year
					500 to 550	500 to 550
			340
CANADA	320						• Optionality of strategic assets
	2022 Guidance	2024 Guidance	Addition of	Advanced	Longer-term strategic upside
					Wasamac	Projects

1. See Cautionary Note Regarding Forward-Looking Information

2.	GEO assumes gold ounces plus the gold equivalent of silver ounces using a ratio of 72.00:1	5
3.	For representation purposes, long-term strategic upside includes 313Mlbs of CuEq from MARA which would generate roughly the same revenue as 750K GEO based on attributable 56.25% of average annual production over the first 10 years;

Copper equivalent metal includes copper with gold, molybdenum, and silver converted to copper-equivalent metal 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 consistent with assumptions from the MARA PFS(B). Approximate revenue based on long-term consensus copper and gold prices