JACOBINA MINE TOUR · BEM VINDOS. 4 Introduction Peter Marrone Executive Chairman Jacobina Mine...

JACOBINAMINE TOUR

October 2019

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicableCanadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect tothe Company's strategy, plans or future exploration, development, operational performance and base case life of mine plan at Jacobina; expanded long term production and free cash flow generation fromJacobina; expected new resources at higher than life-of-mine grades; improvement in mineral reserve and reserve grades; the implementation of Phase 1 expansion and the completion of the pre-feasibilitystudy for the Phase 2 expansion in the first quarter of 2020; and new mineral reserves and mineral resources continuing to significantly exceed production depletion. Forward-looking statements arecharacterized 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 avariety 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 factorsinclude the receipt of certain regulatory approvals and consent in connection with the Company’s expectations in connection with the production and exploration, development and expansion plans at theCompany'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/orchanges in the administration or 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 ofassets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian real, the Chilean peso, and theArgentine 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 inmineral resources and mineral reserves, risks related to asset disposition, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to berefined, changes in project development, construction, production and commissioning time frames, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumablescontributing 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, success of exploration activities, permitting timelines, governmentregulation 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, unanticipatedreclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending and outstanding litigation and labourdisputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securitiesregulatory 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. Althoughthe 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 factorsthat 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 eventscould 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 oropinions 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 presentedfor 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 plansand objectives and may not be appropriate for other purposes.

The Company has included certain non-GAAP financial measures and additional line items or subtotals, which the Company believes that together with measures determined in accordance with IFRS, provideinvestors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they maynot 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 ofperformance prepared in accordance with IFRS. The non-GAAP financial measures included in this presentation include: Free cash flow, net debt to EBITDA, cash costs per gold equivalent ounce sold, all-insustaining costs per gold equivalent ounce sold. Please refer to section 11 of the Company’s current annual Management’s Discussion and Analysis, which is filed on SEDAR and include a detailed discussion ofthe usefulness of the non-GAAP measures. Please refer to section 10 of the Company’s current first quarter 2019 Management’s Discussion and Analysis, which is filed on SEDAR and include a detailed discussionof 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 thisinformation 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, Geology and Mineral Resources). Sébastien Bernier 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.

The information presented herein was approved by management of Yamana Gold on September 24, 2019.

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

CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS

2Jacobina Mine Tour October 2019

WELCOME

BEM VINDOS

4

Introduction

Peter Marrone

Executive Chairman

Jacobina Mine Tour October 2019

Introduction Welcome to Jacobina

Jacobina Mine Tour October 2019 5

Introduction

to Jacobina

Introduction

to our People

• Tenure of ownership: Acquired in 2006

• Recent positive changes have been years in the making

• Jacobina has always had the potential to be a 200,000+ ounce

producer

• Daniel Racine, President and Chief Executive Officer

• Jason LeBlanc, SVP Finance and Chief Financial Officer

• Yohann Bouchard, SVP Operations

• Ross Gallinger, SVP Health Safety and Sustainable Development

• Henry Marsden SVP, Exploration

• Luke Buchanan, VP Technical Services

• Sandro Magalhães, General Manager Jacobina

Introduction Key Themes and What’s Next for Jacobina


Themes

What’s Next

• Geological interpretation and familiarization

• Exploring for higher grades to improve reserve grade

• Improved geological modelling, infill and delineation drilling

• Recovery improvement

• Maintaining better protocol on health, safety and environment

• How to mine efficiently and effectively

• Efficient development plans

• Investment in underground infrastructure

• Extending mine life – Significant exploration potential supported by

drilling, which could extend the mine life up to 20 years

• Increasing throughput – Evaluating an increase of 7,500 - 8,500 tpd

• Further improvements to grade – Clear opportunities for higher

average feed grade. New mineral resources being drilled are higher

than the average mineral reserves grade.

7

Where We’veCome From

Daniel Racine

President and Chief Executive Officer



Where We’ve Come FromTimeline

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

Gold Production, oz

“Just-in-time” development

85 m / ‘000 oz

Entering mines with

more complex geology

Throttle back

production

150 m / ‘000 oz

Aggressive delineation drilling

and development

122 m / ‘000 oz

2006-2008

Developing new mines

2009-2012

Four mines in production

2013-2014

Mine reset

2015 – 2017

Growth

2018 – 2020

Optimization

After reducing production, Yamana made the decision to aggressively invest in

delineation drilling and development to realize the long term potential of Jacobina


Where We’ve Come FromInfill And Delineation Drilling

In 2013/2014 Yamana made the decision to reduce production to undertake infill

drilling and rebuild the mining inventory through investment in mine development

0

10

20

30

40

50

60

70

80

Pre-Yamana 1973-2005 (184 km) Yamana 2006-2014 (364 km) Yamana 2015-2019 (324 km)

João Belo

Moro do

Vento

Canavieiras

Sul

Canavieiras

Central /

Norte

Serra do CorregoMorro do Cuscuz

Wide, continuous reefs allowed for mining with

a relatively wide spacing between drillholesDelineation drilling to

confirm mine plans

Growing Mineral Resources

and Mineral Reserves

in m


The improved geological modelling process based on additional information provides

an accurate representation of the reefs, essential for mine planning and operations

in relatively more complex zones of the mine

Where We’ve Come FromDrilling Spacing and Geological Modelling

2013

100m

2016

• Wide drill spacing was sufficient for resource

definition based on history

• Simple mineralization wireframes based on

hand-drawn sections

• Tight drill spacing and mine workings data

• Modelling of lithological reefs and post

mineralization faults to guide mineralization

domains in Leapfrog Geo software

Canavieiras Sul Cross Section


Where We’ve Come FromUnderground Development

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

Total Underground Development Metres

Since 2015, Yamana has invested in underground infrastructure and development to

access additional working areas, increase mining flexibility, and recognize the reefs

12

Exploration

Henry Marsden

SVP Exploration


13

ExplorationStyle Of Mineralization


The Jacobina style of mineralization is very continuous at a macro level.

All deposits are still open along strike and down dip

Basement

Quartzite

Conglomerate

Ultramafic Dyke

Typical Cross Section. Looking North Exposure of Reefs at Morro do Vento

Reefs can be followed along strike for hundreds of

metres, and in some cases kilometres50 to 70

degree dip

1.5 to 25 m

width

Continuous

down dip

ExplorationGold Deposits with Similar Mineralization

14

Witwatersrand

More than 1.5 billion ounces produced

Explored since 1850

Tarkwa-Damang

More than 6 million ounces produced

Explored since 1880

Jacobina

2.13 million ounces produced

More than 6 million ounces Mineral Resources and Mineral Reserves(1)

Explored since 1973

All deposits open for extension

Africa

South

America


Jacobina Deposit Type, 39%

Orogenic, 29%

High Sulphidation Epithermal,

3%

Low Sulphidation Epithermal,

6%Porphyry,

16%

Sediment-Hosted, 5%

Others, 2%

1. As of June 30, 2019. Refer to the Mineral Reserves and Mineral Resources Estimate, including further details on tonnes and grade, on slide 15 and 16.

15

TonnesGold Grade

g/t

Contained Gold

Ounces(1)

Measured 28,781,000 2.38 2,203,000

Indicated 13,086,000 2.59 1,089,000

Measured + Indicated 41,867,000 2.45 3,292,000

Inferred 11,998,000 2.58 995,000

ExplorationMineral Resources as of June 30, 2019

• Mineral Resources have been validated by Reno Pressacco, M. Sc. (A), P. Geo., RPA Inc. Principal Geologist and a Qualified Person as defined by National Instrument 43-101

• CIM (2014) definitions were followed for Mineral Resources

• Mineral Resources are estimated at a cut-off grade of 1.0 g/t Au based on a long-term gold price of $1,500 per ounce, an average operating cost of $45.20/tonne and a metallurgical recovery of 96.0%

• A minimum mining width of 1.5m was used and results are reported diluted

• High composite values were cut using separate top cut values for each deposit and their influence restricted within 3m of the composite

• Mineral Resources are reported exclusive of Mineral Reserves

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Jacobina Mine Tour October 2019 1. Totals may not add correctly due to rounding

16

TonnesGold Grade

g/t

Contained Gold

Ounces(1)

Proven 19,415,000 2.39 1,489,000

Probable 10,173,000 2.41 790,000

Proven + Probable 29,588,000 2.40 2,279,000

ExplorationMineral Reserves as of June 30, 2019

• Mineral Reserves have been validated by Scott Ladd, P. Eng., RPA Inc. Principal Mining Engineer and a Qualified Person as defined by National Instrument 43-101

• CIM (2014) definitions were followed for Mineral Reserves

• A variable cut-off grades by zone, ranging from 1.12 g/t Au to 1.30 g/t Au, were used for reporting Mineral Reserves

• Mineral Reserves are estimated using an average long-term gold price of $1,250 per ounce, variable operating costs by zone of between $42.60/tonne and $49.52/tonne

• A minimum mining width of 3.0m was used

• Bulk densities vary from 2.59 t/m3 and 2.68 t/m3

• Mineral Reserves are stated at a mill feed reference point and include for diluting material and mining losses

Jacobina Mine Tour October 2019 1. Totals may not add correctly due to rounding

171. As of June 30, 2019. Refer to the Mineral Reserves Estimate, including further details on tonnes and grade, on slide 16.

2. 617 koz of new Mineral Reserves added since YE 2017 compared to depletion of 230 koz over the same period

ExplorationMineral Reserves Evolution

2.3 MozGold Mineral Reserves,

as of June 30, 2019(1)

268%Rate of replacement of

Mineral Reserves

depletion(2)

617 kozNew gold Mineral

Reserves added since the

end of 2017


18

2.28

2.34

2.40

2.20

2.25

2.30

2.35

2.40

2.45

Dec 2017 Dec 2018 Jun 2019

Tonnes Gold

Grade

Contained

Gold Ounces

YE2018 27,855,000 2.34 2,099,000

Depletion -1,098,000 2.26 -80,000

Additions 2,831,000 2.86 260,000

MY2019 29,588,000 2.40 2,279,000

ExplorationQuality of New Mineral Reserves

Changes in Mineral Reserves Dec 2018 to Jun 2019


New Mineral Reserves are significantly higher grade than the reserves being depleted

Increase in Average Reserves Grade, g/t

New Mineral Reserves are the result of infill

drilling, contributing 36% of the new Mineral

Reserve ounces, and the remaining 64% as a

result of modelling additional reefs

Yamana has 80,000 ha of exploration concessions along a 150 km North-South trend

19

ExplorationExploration Concessions


98% of all drilling since 1973 has been within the 11 km long mining district

City of

Jacobina

Jacobina

Mine

Jacobina Norte

Exploration Pindobaçu

150 km

11 km15 km

20

ExplorationExploration Potential


João Belo Sul

0 1,250 2,500 m

João Belo LesteMorro do

Vento

South

extension

Canavieiras

South extension

Morro do Vento Leste

Morro da

Viuva

Lagartixa

Jacobina Mine. Plan View

João Belo Mine

Morro do Vento Mine

Serra do Corrego

Canavieiras Mine

Extensions of current mines and development of new discoveries provide several

opportunities for adding higher grade Mineral Reserves close to existing infrastructure

21

ExplorationExploration Potential


Drilling from previous years has defined the plunge of higher grade zones and

supported new zones such as Joao Belo Sul and extensions into the East Block

S N

João Belo Sul

Morro do Vento Leste

João Belo Leste

João Belo

(LMPC Reef)Morro do Vento

(Main Reef) Morro do Cuscuz

(Basal Reef)

Serra do Corrego

(LU Reef)

Canavieiras Sul

(LU Reef)Canavieiras

Central/Norte

NMAP

VIEW

Morro

Viuva

WEST BLOCK

EAST BLOCK

Jacobina Mine. Longsection View Looking West


Canavieiras Mine – LU Reef. Looking West

1,000m

500m

ExplorationCanavieiras(1)

CANEX31: 6.43m @ 6.92 g/t

CANEX43: 7.19m @ 9.13 g/t

CANEX29: 14.54m @ 5.24 g/t

CANEX29: 4.5m @ 3.86 g/t

CANEX24: 8.24m @ 5.19 g/t

CANEX20: 12.33m @ 3.09 g/t

CANEX20: 7.54m @ 7.69 g/t

CANEX21: 5.4m @ 14.01 g/t

CANEX23: 1.87m @ 9.42 g/t

CANEX33: 2.16m @ 25.66 g/t

CANEX34: 2.50m @ 10.00 g/t

CANEX35: 6.91m @ 11.40 g/t

CANEX36: 4.64m @ 9.16 g/t

CANEX37: 4.49m @ 11.55 g/t

0m

CANEX19: 2.0m @ 41.70 g/t

CANEX19: 3.72m @ 4.97 g/t

Canavieiras Sul Canavieiras Central Canavieiras Norte

The re-interpretation of Canavieiras thrust faults provides new exploration targets

along strike and opens exploration potential for further fault repetitions

1. Selected for intervals greater than 2.5 g/t Au over diluted width of 3 metres. For additional details and complete drill results, refer to the

Company’s website at www.yamana.com/English/portfolio/producing-mines/jacobina/default.aspx.


Morro do Vento Mine – Main Reef. Looking West

ExplorationMorro do Vento(1)

800m

400m

200m

MVT1617: 3.42m @ 8.93 g/t

MVTEX25: 7.10m @ 2.81 g/t

MVTEX26: 16.66m @ 2.33 g/t

MVTEX28: 4.5m @ 5.24 g/t

MVT1635: 2.98m @ 3.78 g/t

600m

MVT1624: 3.75m @ 4.57 g/t

MVT1626: 3.34m @ 5.90 g/t

MVT1628: 3.11m @ 8.78 g/t

2019 drilling has returned excellent results down dip in the Main Reef

A recent hole also shows that the Main Reef remains open along strike to the south




João Belo. LMPC Reef. Looking West

ExplorationJoão Belo

João Belo Sul

500m

1,000m

Potential New Mineral Resources

Delineation 1.2 km

João Belo Mine

2019 drilling has delineated higher grade zones along the SW plunge of João Belo

Drilling at João Belo Sul has identified a high grade shoot with a similar SW plunge

JBEX009: 7.66m @ 3.17 g/t incl.: 3.95m @ 5.14 g/t

JBA2286: 15.04m @ 3.02 g/t

incl.: 6.32m @ 5.25 g/t

JBEX008: 1.21m @ 3.08 g/t




ExplorationBrazilian Greenfield Jacobina Norte

Barrocão – Serra Branca trend is the north

extension of the Jacobina mine, 15 km along

strike. Conglomerates from Serra do Córrego

Formation (similar to Jacobina mine) are exposed

on surface for sampling and drilling

Surface samples of conglomerates return gold

grades above 0.5 g/t, with some samples above

10 g/t

Drilling has commenced in the Serra Branca -

Pingadeira Region with positive intersections.

Results are currently under review

ExplorationJacobina Exploration Strategy

Presentation Title Here 261. See Cautionary Note Regarding Forward Looking Information.

1. Replace depletion and grow reserve base through conversion of inferred resources (995,000 ounces

at 2.58 g/t of gold). Focus on higher grade parts of inventory to provide new fully diluted proven

and probable mineral reserves at 2.8 g/t gold.

2. Grow inferred inventory through conversion of potential mineral envelope. Conversion will target

areas with grade > 3 g/t gold to grow higher grade inferred base.

3. Develop long-term inventory through exploration on untested targets (e.g. Joao Belo Leste).

4. Develop an independent project, Jacobina Norte, targeting to develop a stand alone > 1 million

ounce resource located north of the town of Jacobina exploring the known 15 km strike of

mineralized reefs.

Jacobina Norte

Gold hosted in conglomerate

reefs, similar to Jacobina mine.

Continuous 15 km long trend

with positive drilling intercepts

Lavra Velha

Advanced exploration project

300 km from Jacobina.

543 koz Inferred open pit

mineral resources with heap

leach potential

Guaranta

Borborema

Monte do Carmo

Ivolandia

ExplorationBrazilian Greenfield Exploration Projects

Mara Rosa

Yamana kept Mara Rosa after

the sale of Chapada.

Similar hosting sequence to the

Chapada and Posse deposits,

with Au and Cu-Au targets


28

Health, Safety,Environment & Community

Sandro Magalhães

General Manager Jacobina


The Jacobina mine is located in a mining-friendly jurisdiction and in close

proximity to infrastructure, services, and a skilled mining workforce

Health, Safety, Environment & CommunityLocation

29

Bahia

Brazil

Jacobina

Air Strip

City of Jacobina

Population 80,000

Highway to

Salvador

(340 km)

Processing Plant

and Offices

10 km from

the City of

Jacobina

N


Health, Safety, Environment & CommunityZero is Possible

30

ZeroLost time injuries in 2019

ZeroSignificant environmental

incidents in 2019

ZeroSignificant community incidents

in 2019


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2015 2016 2017 2018 2019YTD

Total Recordable Injury Rate

31

Health, Safety, Environment & CommunityHealth and Safety Indicators

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2015 2016 2017 2018 2019YTD

Lost Time Injury Frequency Rate

The improvement in injury reduction is largely a result of moving from

“policing” to improving individual or team responsibility for safety


32

Health, Safety, Environment & CommunityWater Management


Jacobina has implemented several initiatives over the past few years to reduce

consumption of freshwater and eliminate water discharged off the site

Evaporators are used to control the water

level in the tailings storage facility

508

365 405 376

0

500

1,000

1,500

2,000

2,500

2016 2017 2018 2019 YTD

Freshwater Withdrawal from Cuia Dam, m3/d

Withdrawal Permitted


Health, Safety, Environment & CommunityTailings Storage Facility

The closure plan of the old center line tailings

storage facility (TSF 1) was permitted in 2014.

Cover is scheduled to be completed in Q3 2020

Tailings storage facilities have come under increased scrutiny after the Brumadinho

dam failure. Intensive government reviews have been conducted without issues

An emergency response exercise was conducted

in February 2019 with excellent participation

from the local communities

341. The SLO Index is a tool developed by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia and is the mining

industry’s first systematic effort to measure a company’s level of social license

Health, Safety, Environment & CommunitySocial License to Operate (SLO)

3.84 4.08

0

1

2

3

4

5

2017 2018

SLO Index(1)


4.08SLO Index(1)

Jacobina has a high level of acceptance and trust from our communities

Before After

6%

Improvement

in one year

House Renovation ProgramCommunity Integration Day


Health, Safety, Environment & CommunityLicenses and Permits

Jacobina has all the required

licenses and permits to

operate according to the life-

of-mine plan

The current permit allows for

a maximum average processing

rate of 7,500 tpd

The tailings storage facility is

permitted to the final design

elevation. Only deforestation

permits are required for each

phase

36

Operations

Sandro Magalhães




OperationsWorkforce and Leadership Team

Jacobina has a skilled and experienced workforce with low employee turnover

2,269Total headcount,

including 920 contractors

General Manager

Manager,

Maintenance

Manager, Plant &

Technical Services

Manager,

Exploration

Manager, Finance

& Cost Control

ProjectsHSEC &

Communications

Security & Services

Operational

Excellence

Human Resources

Laboratory

Manager, Mining

100%Brazilian workforce, with 87%

from Bahia State

53 yearsCombined experience working at

Jacobina of the six managers, in

roles of increasing responsibility

38

OperationsUnderground Mining Complex

All Mineral Reserves are located in operating mines, close to existing infrastructure

Independent accesses and services allows for mining flexibility and high production

João Belo

589 kozMorro do Vento

513 koz

Morro do

Cuscuz

98 koz

Canavieiras

South

496 koz

Serra do

Córrego

106 koz

Canavieiras

North/Central

477 koz


Gold

Mineral

Reserves(1)


39

OperationsMine Design Optimization


Mine designs have been optimized to maximize mining recovery (reduce ore

left behind in pillars) and reduce waste development metres

• Two ramps

• Sill pillar every second level

• Single ramp

• Sill pillar every third level and staggered rib

pillars

Before After

Example Mine Design Optimization. Morro do Vento Sul. Looking East


Jacobina has a skilled technical team producing

high-quality block models, mine design and mine plans

OperationsMining Sequence

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

41

OperationsMining Inventories(1)

19 Mt of Proven Mineral

Reserves, equivalent to 8 years

of production

100,000 tSurface stockpile

3.3 MtPrepared Mineral Reserves,

ready to drill-and-blast

12.1 MtMineral Reserves with ramp

access complete


19.4 Mt66%

10.2 Mt34%

Mineral Reserves Classifications

Proven

Probable

A high proportion of proven Mineral Reserves, a surface ore stockpile, and

significant underground inventories provide confidence and flexibility


42

OperationsMobile Mining Equipment


8 × Sandvik 517/514 LHD 7 × Sandvik DL 420/421 LH Drill

6 × Normet Scaler36 × Trucks (Contractor)

10 × Sandvik DD 321/421 Jumbo

8 × Volvo L120 Loaders

The Jacobina mobile equipment fleet is in excellent condition,

with many of the units purchased within the past two years

43

OperationsUnderground Development

0

500

1,000

1,500

2,000

Jun18

Jul18

Aug18

Sep18

Oct18

Nov18

Dec18

Jan19

Feb19

Mar19

Apr19

May19

Jun19

Jul19

Horizontal Development Meters

Contractor

Yamana


Jacobina has a fleet of new equipment and skilled operators capable of

developing more than 1,800 m/month at a unit cost of around $2,000/m

100%

of development

performed by Yamana

$2,049per meter, average unit cost

of development in Q2 2019

7New Sandvik Boomers

purchased in early 2019

44

OperationsMining Innovation and Technology


• Personnel tracking

• Face utilization analytics

• Evacuation notification

• Man-down emergency

Equipment

• Integrated fleet management

• Visibility and management of

underground equipment

• Improved safety, increased

efficiency, and reduced

downtime

• Ventilation-on-demand

• Gas and temperature

monitoring

• Faster re-entry after blasting

• Fans switched off when area

is unoccupied to reduce

power costs

People Workplace

CO

PPM

TEM

P ˚

C

Jacobina is constantly implementing proven technologies to

increase productivity, reduce costs, and improve safety

45

OperationsReconciliation

26%

21%

18%

16%

14% 14%

0%

5%

10%

15%

20%

25%

30%

2014 2015 2016 2017 2018 2019 YTD

Stope External Dilution(1)

Actual Target < 15%

86% 86%

93% 93% 94% 93%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2014 2015 2016 2017 2018 2019 YTD

Mining Extraction Factor(2)

Actual Target > 92%

Jacobina is achieving lower dilution and higher mining

recovery than the Mineral Reserves assumptions

Jacobina Mine Tour October 20191. Hangingwall and footwall overbreak as a proportion of total tonnes

2. Proportion of designed tonnes that are mined and fed to the plant

46

OperationsMine Production and Plant Throughput

3,8904,059

4,940

5,5005,735

6,016 6,046

6,505

3,888 4,025

4,939

5,4205,577

5,9346,194

6,407

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2014 2015 2016 2017 2018 2019 Q1 2019 Q2 2019 Q3 E

Mining and Processing Rates, tpd

Mined Processed


In Q3, the underground mine produced at a rate of more than 6,500 tpd

and the processing plant produced at almost 6,500 tpd

OperationsProcessing Flowsheet (after Phase 1)

The Jacobina processing plant is performing well and has

opportunities for expansion without significant capex


TQ-06

Primary

Crusher

Gold

Bullion Tailings

Storage

Facility

Crushed Ore

Stockpile Silo 2

Silo 1

Mill 1

Mill 2

Secondary

Crusher

Tertiary

Crusher

Trash

Screen

Gravity

Conc.

E-Cat

Thickener

Process

Water Leach

Tanks

Leach

Tanks

CIP

Tanks

Gravity

Conc.

Induction

Kilns

Electro-

winning

Cells

Elution

Column

Acacia

Reactor

Fine

Carbon

Screen

Tailings

Pumping

Station

47

OperationsPlant Changes for Phase 1 Optimization


Trash

Screen

Gravity

Conc.CIP

Tanks

Gravity

Conc.

Induction

Kilns

Fine

Carbon

Screen

New Equipment Installed

New Equipment Not Yet Installed

Woodgrove APC System (Installed)

48

49

OperationsProcessing Phase 1 Optimization


6,500 tpd

A 12% Increase

in throughput

$5.3MMid-2020Scheduled

Commissioning

Capex, of which

$1.6M already spent(1,2)

Phase 1 optimization is on track to be completed

ahead of schedule and under budget

$326MSustaining capital

over LOM(1,2)

1. Assumes production of 13 years from Mineral Reserves only.

2. Capital projections assume a foreign exchange rate of BRL/USD 3.60 from 2020 onwards.

50

OperationsGold Metallurgical Recovery

92.9%

94.5%

95.7%

96.3% 96.3%

97.1%

90%

91%

92%

93%

94%

95%

96%

97%

98%

2014 2015 2016 2017 2018 2019YTD

Gold Metallurgical Recovery


Jacobina has increased gold recovery each year through analysis and initiatives

Plant improvements will ensure that the current level of recovery is sustainable

• The occurrence of gold at Jacobina and the

absence of deleterious elements allows

Jacobina to achieve relatively high recoveries

• Starting in 2015, a dedicated Jacobina

geometallurgy team was established to

undertake analysis and coordinate between

mine geology and the plant on a daily basis to

optimize blending and plant operation

• Gold metallurgical recoveries have increased

year-over-year, despite significant increases in

mill throughput over the same period

• Additional gravity concentrators and CIP tanks

are included in Phase 1 to maintain an overall

gold recovery of 96% to 97% as we continue

increasing plant throughput and gold feed

grade

The downstream TSF is constructed and operated according to industry best practice


OperationsTailings Storage Facility Design & Operation

Third-party reviews confirm the

safe operation of the TSF and

have provided suggestions for

continuous improvement

Downstream

Construction

Geomembrane

Liner

52

OperationsOperational Excellence & Innovation


Jacobina is operating within a strong culture of Operational Excellence

04 Certified Black Belts

42 Certified Green Belts

81 PDCA Leaders

Select projects have

been recognized by an

important Brazilian

mining magazine for

three consecutive years

8 Kaizen leaders from all

Jacobina departments

Hosted regional events

with other mines and OEMs

53

OperationsOperational Excellence Dashboard


Project benefits are measurable and validated by the Jacobina controller

Operations2019 Full Year Forecast Highlights(1)

54

152 kozGold production

18,600mUnderground development

2.2 MtOre processed

890 $/GEO(2)

All-in Sustaining Cost(3)

Jacobina Mine Tour October 20191. See Cautionary Note Regarding Forward Looking Information.2. Yamana reports costs on a gold equivalent ounce basis; Jacobina produces only gold. Therefore for Jacobina, gold equivalent ounces are equal to gold ounces.3. A non-GAAP measure, additional line item or subtotal. A reconciliation of the IFRS measure to the non-GAAP measure can be found at www.yamana.com/Q22019.

55

Base Case

Life of Mine Plan

Sandro Magalhães



Base Case Life of Mine Plan(1)

Highlights

56

1. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario included in the NI 43-101 Jacobina

Technical Report to be filed on SEDAR.

2. 13 years of Mineral Reserves plus an additional 3 years of converted Inferred Mineral Resources.

3. Average annual gold production between 2021 and 2031.

6,500 tpdProcessing rate (Phase 1)

2,800 kozTotal gold production, of

which 77% is Mineral Reserves

16 yearMine life(2) with significant

potential to extend

181 koz/yearSustainable gold production(3)


Successful conversion of Mineral Resources to Mineral Reserves over the

past few years has provided the confidence to include the highest

quality Inferred Resources in the latter part of the LOM

57

0.0

0.5

1.0

1.5

2.0

2.5

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Ore Tonnes Mined, Mt

Mineral Reserves Inferred Mineral Resources


Mining and Processing Profiles

Jacobina has a detailed mining and development plan to provide consistent

plant feed at 6,500 tpd while maintaining current inventory levels


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

g/ttpd Plant Feed

Tonnes Processed Feed Grade

1. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario

included in the NI 43-101 Jacobina Technical Report to be filed on SEDAR.

0

20

40

60

80

100

120

140

160

180

200

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Gold Production, koz

58


Gold Production Profile

Jacobina is ramping up to a sustainable production rate of approximately

180 koz per year at a throughput of 6,500 tpd with current reserves grades

Jacobina Mine Tour October 20191. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario


0

5

10

15

20

25

30

35

40

45

50

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

)

591. See Cautionary Note Regarding Forward Looking Information. Base Case Life of Mine scenario is an extension of the Mineral Reserves LOM scenario


2. Combined capacities of underflow and overflow. Assumed densities of 1.15 t/m3 for overflow and 1.5 t/m3 for underflow


Tailings Storage Facility Capacity

Phase 4

Crest: 605 m elev.

Remaining Capacity(1):

5.4 Mm3 (6.8 Mt)

Phase 5

Crest: 620 m elev.

Capacity(1):

9.5 Mm3 (12.1 Mt)

Phase 6

Crest: 630 m elev.

Capacity(1):

8.5 Mm3 (10.9 Mt)

Mineral Reserves

29.6 MtAvailable TSF

Capacity

Approx. 42 Mt

Phase 7

Crest: 640 m elev.

Capacity(2):

9.8 Mm3 (12.3 Mt)

Cumulative Tonnes Processed, Mt


The designed and permitted TSF has sufficient capacity

for all mineral reserves plus an additional 12 Mt of ore

Base Case LOM

38.4 Mt

60

The Beginning of What’s Next for Jacobina

Sandro Magalhães



The new mineral resources

currently being drilled are

typically higher grade than the

average Mineral Reserves grade.

New Mineral Reserves added in

the first half of 2019 averaged

more than 2.8 g/t gold.

Clear opportunities for higher

average feed grade.

Higher

Feed Grade

with new zones up to 3 g/t

61

The Beginning of What’s Next for Jacobina(1)

Opportunities Not Incorporated into LOM


The Base Case LOM Plan is

based on Mineral Reserves and

Inferred Mineral Resources.

Jacobina has significant

exploration potential, supported

by drilling, which could extend

the mine life up to 20 years.

Extended

Mine Life

Up to 20 years

Increased

Throughput

Up To 7,500 to 8,500 tpd

The maximum processing rate

in the LOM Plan is 6,500 tpd.

The Jacobina mine and plant

are already achieving

approximately 6,500 tpd.

Studies are underway to

increase throughput to

between 7,500 and 8,500 tpd.

1. See Cautionary Note Regarding Forward Looking Information.



Mine Life Scenarios

0

50

100

150

200

Gold Production Profiles, koz

0

50

100

150

200

0

50

100

150

200

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

Mineral Reserves Inferred Mineral Resources Exploration Potential

Reserves Only Scenario

• 13 year solid foundation

• Scenario to be included in the upcoming

NI 43-101 Technical Report

Base Case

• Includes conversion of Inferred Mineral

Resources within MSO shapes using the

same dilution and gold price assumptions

as Mineral Reserves

• Complete LOM development designs and

mining sequence

Upside Case - Exploration Potential

• Extensions of existing reefs and the new

sectors of Morro do Vento Leste and João

Belo Sul

• All exploration potential is supported by

drill holes and geological envelopes



Jacobina has a significant base of high-quality Inferred Mineral

Resources and exploration potential close to infrastructure, and a

plan to convert these targets to Mineral Reserves


Targets For Conversion

Morro do Vento

Extension and Leste

João Belo

South Extension

Canavieiras

Central

Extension

João Belo

Norte Extension

Canavieiras

Sul

Extension

Serra do Corrego

Extension

Mineral Reserves

Inferred Mineral Resources included in plan

Exploration potential included in plan

Planned drill holes (exploratory and infill)


PHASE 2 PLANT EXPANSION STRATEGY

7,500 to 8,500 tpd

processing rate

Maintain 96% to 97%

gold metallurgical

recovery

Minimize Capital

Expenditure



The Next Step

0

50,000

100,000

150,000

200,000

250,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Jacobina Gold Production, oz

The next step for Jacobina, the Phase 2 expansion, has a

target gold production of 200 to 225 koz per year

2018 – 2020

Optimization

2021 – 2023

Expansion



Jacobina is a long-life, low-risk

operation with significant

upside & exploration potential

that will continue to provide

value to shareholders and the

communities in which we

operate

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