NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

24 March 2023

PLAN OF ARRANGEMENT

among

YAMANA GOLD INC. ("Yamana")

and

PAN AMERICAN SILVER CORP. ("Pan American")

and

AGNICO EAGLE MINES LIMITED ("Agnico")

HALT IN DEALINGS IN YAMANA DEPOSITARY INTERESTS

Yamana announces that in connection with the plan of arrangement (the "Arrangement") under section 192 of the Canada Business Corporations Act (the "CBCA"), pursuant to which Pan American will acquire 100% of the outstanding common shares of Yamana ("Yamana Shares"), including those underlying the depositary interests of Yamana (the "Yamana Depositary Interests"), immediately following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana's interests in the Canadian Malartic mine, to Agnico, all in exchange for, US$1.0406 in cash from Agnico, 0.1598 of a Pan American Share and 0.0376 of an Agnico Share for each Yamana Share held, which was previously approved by the shareholders of Yamana and subsequently by the Ontario Superior Court of Justice (Commercial List) through the issuance of its final order on 6 February 2023, applications have been made to the FCA and the LSE in relation to the cancellation of (i) the admission of Yamana Depositary Interests to the premium listing segment of the Official List and (ii) the admission to trading of the Yamana Depositary Interests on Main Market of the LSE for listed securities.

Trading in Yamana Depositary Interests on the main market of the LSE have been halted with effect from close of trading today. The record date shall be 28 March 2023.

The filing of the Articles of Arrangement with the Director under the CBCA and receipt of the Certificate of Arrangement giving effect to the Arrangement, issued by the Director pursuant to Section 192(7) of the CBCA, is expected to occur as of 12:01 a.m. (Toronto time) on 31 March 2023, at which point the Arrangement will be Effective.  Accordingly, it is expected that the listing of Yamana Depositary Interests on the premium listing segment of the Official List and trading in the Yamana Depositary Interests on the Main Market of the LSE will be cancelled with effect from 8.00 a.m. on 3 April 2023.

Unless otherwise stated, all references to times in this announcement are to London time.

Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the management information circular dated 20 December 2022, and published in Canada on 28 December 2022 in connection with the Arrangement.

FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
+1 416-815-0220
1-888-809-0925
Email: investor@yamana.com

FTI Consulting Inc. (UK Public Relations)
Sara Powell / Ben Brewerton
+44 203 727 1000
Email: Yamana.gold@fticonsulting.com