Yamana Gold Inc. announced Jacobina Phase 2 Commissioning and Phased Expansion Update. The Phase 2 expansion at Jacobina continued to successfully ramp-up during the quarter, with the mine achieving a sustained throughput rate of over 8,400 tpd in June. Yamana expects the throughput objective of 8,500 tpd to be achieved in July, establishing Jacobina's sustainable production profile at 230,000 ounces of gold per year.

The Company's phased expansion strategy at Jacobina is well advanced and the Company anticipates that the low-cost operation will have a strategic mine life exceeding at least two decades, taking mineral reserves and high-conviction mineral resources into consideration. With the Phase 2 expansion delivered ahead of schedule, the Company is now pursuing the Phase 3 expansion to 10,000 tpd through continued incremental debottlenecking. With the permit to expand to 10,000 tpd already in hand, Phase 3 is expected to increase gold production to approximately 270,000 ounces per year by 2025 with a modest incremental capital expenditure of $20 million to $30 million.

A comprehensive plan for the Phase 4 expansion, which envisages throughput of up to 15,000 tpd and gold production in excess of 350,000 ounces per year, is also well underway as is the evaluation of further strategic options related to Jacobina and the significant exploration potential that is present along the prolific Jacobina Greenstone Belt, which hosts the mine. Jacobina is a complex of underground mines with a common plant and now, in addition to local exploration, from which the Company has been successful at new discoveries and developing newer mines in the complex, the Company is advancing a broader regional exploration effort initially north of the current mine complex although more broadly across a more than 110 kilometre greenstone belt north of Jacobina with comparable geology. Board Approved Wasamac Bulk Sample Program: The Company continues to advance preparations for its board-approved bulk sample program at its wholly-owned Wasamac project in the Abitibi-Témiscamingue Region of Québec, Canada.

The initiative would allow construction to commence on the ramp, enabling earlier access to the deposit to increase the level of confidence in metallurgical and geotechnical variables and optimize the processing flow sheet and mining sequence. Construction of surface facilities to support the ramp development activity and associated environmental requirements would also be advanced. With a high level of continuity and regular geometry, combined with a relatively simple structural setting and average mineralized widths of 13 metres, Wasamac is well positioned for high-production and low-cost underground mining methods given the project's low level of geological risk and favourable geological environment.

Infill drilling results since mid-2021 confirm or exceed expected grades and widths. Similarly, the metallurgical and geomechanical assumptions used in the feasibility study are based on rigorous lab testing from drill hole samples. Bulk sampling and industrial-scale tests will build on these results, enabling development of production-ready models for the grade, recovery, and geotechnical aspects of the project, to support the first three years of production.

Additionally, the bulk sample program will allow the Company to capture opportunities to optimize the processing performance by testing multiple flowsheet options and confirm stope stability parameters to optimize stope dimensions, backfilling strategy and mining sequence while contributing to ensuring a safe working environment. The accelerated development of the ramp will also establish drilling platforms to perform both delineation and exploration drilling at Wasamac main zones, Wildcat and potential new zones from underground. Preparation of the documentation for the bulk sample permits is underway and scheduled for submission in the third quarter of 2022, with the approval process expected to take less than 6 months.