TIDMAUY
RNS Number : 8168U
Yamana Gold Inc.
30 March 2023
Yamana Gold Reports Updated Mineral Reserves and Mineral
Resources highlighting the sustainability of its production
platform
TORONTO, March 29, 2023 -- Yamana Gold Inc. (TSX:YRI; NYSE:AUY;
LSE:AUY) ("Yamana" or the "Company") herein provides its updated
mineral reserve and mineral resource estimates as at December 31,
2022 highlighting the ongoing sustainability of the Company's
production platform. The Company's continued success in replacing
mineral reserves is further underscored by its strong 2022
operating results which, as previously reported, exceeded annual
guidance with full year production of 1,005,770 gold equivalent
ounces ("GEO")(1) at an all-in sustaining cost ("AISC")(2) below
$1,125 per GEO(1) .
Following the overwhelming support of the respective special
resolutions of the shareholders of each of Yamana and Pan American
Silver Corp. ("Pan American") on January 31, 2023, in connection
with approving the acquisition by Pan American of all of the issued
and outstanding common shares of the Company 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 Eagle Mines Limited, all by way of a plan of
arrangement under the Canada Business Corporations Act (the
"Proposed Transaction"), this news release is anticipated to be
Yamana's final announcement covering mineral reserve and mineral
resource update matters. Further details including tonnes, grade
and assumptions are presented in the full Mineral Reserves and
Mineral Resources table below while all Mineral Resources reported
herein are exclusive of Mineral Reserves. The Proposed Transaction
is expected to close by the end of the month.
Yamana also announces that it has filed its consolidated fourth
quarter and year-end 2022 financial results, which are available
under the Company's profile on SEDAR at www.sedar.com and on the
Company's website.
HIGHLIGHTS
-- Track Record of Mineral Reserves Replacement: On an aggregate
basis across its wholly-owned operations, the Company replaced gold
mineral reserves by 104% of depletion highlighting the
sustainability and longevity of its production platform.
-- Continued Success of Mineral Reserve Growth at Jacobina:
Jacobina had another year of mineral reserve and mineral resource
growth, adding approximately 35,000 ounces of gold mineral
reserves, or 117% of depletion. Gold mineral reserves have grown by
57% or more than 1 million ounces net of depletion over the past
five years to 2.97 million ounces and mineral resources have
increased by 80% over the same period, as detailed below. The track
record of growth in mineral reserves and mineral resources at
Jacobina underpins its significant prospectivity and geological
upside.
-- Conversion of Inferred Mineral Resources at Odyssey: At
Odyssey, the ongoing infill drilling program continues to increase
the inventory of indicated mineral resources to support the
potential conversion of mineral resources to mineral reserves.
Indicated gold mineral resources increased by over 3.81 million
ounces to 6.17 million ounces with total inferred resources at year
end of 9.23 million ounces (100% basis). Exploration drilling at
the East Gouldie zone of the Odyssey mine also continues to grow
the mineralized footprint with new intercepts to the west of the
known mineral resource envelope highlighting the generational
nature of the deposit.
-- Fifth Consecutive Year of Increasing Mineral Reserves at El
Peñón: El Peñón achieved a fifth consecutive year of adding mineral
reserves in excess of depletion, with mineral reserves growing 4%
to 1.37 million GEO(1) , or by 123% of depletion, over the last
year.
-- Company-wide Mineral Reserves and Mineral Resources Show
Significant Scale: As at December 31, 2022, the Company reports
13.8 million ounces of gold mineral reserves and 112 million ounces
of silver mineral reserves, relatively unchanged from the prior
year. Further, the Company reports measured and indicated mineral
resources of 17.1 million ounces of gold, 52 million ounces of
silver, and 1.4 billion pounds of copper exclusive of mineral
reserves, with measured and indicated gold mineral resources up 18%
from the prior year. Inferred mineral resources contain 13.3
million ounces of gold, 60 million ounces of silver, and 2.13
billion pounds of copper. At the Company's development projects,
mineral reserves of 7.4 million ounces of gold, 57 million ounces
of silver, and 6.7 billion pounds of copper represent significant
upside potential within the existing portfolio.
YEAR MINERAL RESERVES AND MINERAL RESOURCES SUMMARY
Canadian Malartic including Odyssey, Canada (50%)
The Canadian Malartic & Barnat Open Pit saw a decrease of
approximately 263,000 ounces of gold in proven and probable mineral
reserves (reflecting the Company's 50% interest) driven primarily
by depletion of 360,000 ounces of gold (50% interest) as the
Canadian Malartic pit enters into its final years of operation and
open pit mining transitions to the Barnat pit. With initial
production from the underground Odyssey mine at Canadian Malartic
having commenced earlier this month, an initial small portion of
the indicated mineral resources at the Odyssey South deposit was
converted to probable mineral reserves as at December 31, 2022,
adding 98,000 ounces of gold in mineral reserves (50% interest). A
substantial addition of mineral reserves is expected at the Odyssey
project at year-end 2023 with the conversion of indicated mineral
resources at the East Gouldie deposit where continued conversion
drilling success resulted in the addition of 1.9 million ounces of
gold in indicated mineral resources (50% interest) during the
year.
Figure 1: Change in Proven and Probable Mineral Reserves at
Canadian Malartic
(i) Adjustments for stockpile inventory variation and optimizations
At the Odyssey project, underground development remains on
schedule with initial production and start of shaft sinking
expected in March 2023. With only 0.4 million ounces of gold in
indicated mineral resources and 6.9 million ounces of gold in
inferred mineral resources, or approximately 47% of the Odyssey
mineral resources included in the mine plan outlined in the March
2021 technical study on a 100% basis, there is significant upside
potential to a mine life already expected to last until at least
2039. Additionally, drilling continues to delineate the Odyssey
internal zones, which were not previously considered in the 2021
preliminary economic assessment mine plan. The Odyssey team is in
the process of optimizing the mine plan with these drilling
results, which is expected to result in higher gold production
during the construction period, further offsetting the initial
capital cost and optimizing the cash flow profile starting in
2023.
As previously reported, exploration drilling of the East Gouldie
Extension and parallel Titan zone indicate that a corridor of
mineralization extends at least 1.3 kilometres to the east of East
Gouldie and over an approximate 2,000 metre vertical extent. The
Company believes that the underground development will support a
significantly higher level of production than assumed in the
current mine plan with more production that could come from further
ramp development and from a possible second shaft at depth where
mineralization remains open in all directions.
Drilling demonstrates that the East Gouldie deposit also extends
significantly to the west of the mineral resource envelope at
significant grades and widths. Overall, drilling indicates that the
East Gouldie deposit extends more than 4 kilometres along strike,
of which only approximately 1.5 kilometres is currently reported as
mineral resources. Thirteen drill rigs are currently active on the
property, with five underground drills in the Odyssey South and
Internal zones and eight surface drills focused on infilling and
expanding the East Gouldie mineralization.
Jacobina, Brazil
Jacobina had another successful year of exploration, adding
approximately 35,000 ounces of gold mineral reserves net of
depletion, with additions of 239,000 gold ounces amounting to 117%
of depletion. Gold mineral reserves have grown by 57% or more than
1 million ounces over the past five years to 2.97 million ounces.
Mineral resources have increased by 80% over the same period, with
mineral resources, exclusive of mineral reserves, increasing by
328,000 ounces of gold in measured and indicated mineral resources
and 30,000 ounces of gold in inferred mineral resources versus the
prior year. Mineral reserves average gold grade is unchanged from
the previous year at 2.18 g/t. Highlights from 2022 include ongoing
infill drilling success at João Belo Sul and Morro do Vento and
successful exploration drilling at the new Morro do Vento Leste
zone.
Figure 2: Change in Proven and Probable Mineral Reserves at
Jacobina
(i) Additions from infill drilling and new mine
Cerro Moro, Argentina
At Cerro Moro, mineral reserves changed due to 2022 depletion
and adjustments to the geological models, partly offset by
additions to the mineral reserves inventory from successful infill
and delineation drilling. While gold ounces added by drilling
covered annual depletion, an updated block model at Verónica caused
an overall decrease of approximately 11,000 gold ounces. Depletion
during 2022 was primarily from Zoe, a higher grade silver deposit,
resulting in an overall decline of approximately 3.6 million silver
ounces contained in mineral reserves.
Figure 3: Change in Proven and Probable Mineral Reserves at
Cerro Moro
(i) Gold Equivalent Ounces (GEO) calculated using mineral
reserves metal price assumptions of $1,250 per ounce of gold and
$18 per ounce of silver, and metallurgical recoveries of 94% for
gold and 95% for silver.
El Peñón, Chile
Successful drilling at El Peñón resulted in the operation
achieving a fifth consecutive year of adding new mineral reserves
in excess of mining depletion, with mineral reserves growing 28% to
1.37 million GEO(1) over that period. The replacement of depletion
maintains the El Peñón mine life at five to six years. Infill
drilling, mainly at the Pampa Campamento and Martillo Flat veins,
together with the conversion of underground mineral resources to
mineral reserves at Chiquilla Chica, which is being reported for
the first time, account for the replacement of gold ounce depletion
and the increase of silver ounces contained in mineral
reserves.
Figure 4: Change in Proven and Probable Mineral Reserves at El
Peñón
(i) Gold Equivalent Ounces (GEO) calculated using mineral
reserves metal price assumptions of $1,250 per ounce of gold and
$18 per ounce of silver, and metallurgical recoveries of 95% for
gold and 86% for silver.
Minera Florida, Chile
At Minera Florida, new mineral reserves replaced mining
depletion, extending the mine life. Gold ounces contained in
mineral resources and mineral reserves have increased across most
main zones with significant success at Maqui due to infill drilling
and inaugural mineral reserves added at the Cucaracha zone.
Figure 5: Change in Proven and Probable Mineral Reserves at
Minera Florida
(i) Adjustments for geomechanical study at the Alhue Core zone
which will be considered for future reserve estimates
Wasamac, Canada
Wasamac mineral reserves and mineral resources were updated in
November 2022, with mineral reserves and mineral resources
increasing across all categories and by a total of 19% since
completion of the feasibility study in mid-2021. Mineral reserves
have increased by 260,000 ounces or 14%, while indicated mineral
resources and inferred mineral resources have increased by 4% and
76% respectively.
The growth in mineral reserves and mineral resources is the
result of infill drilling, the success of which has contributed to
an updated mineral resource model and stope designs, with the
average horizontal stope width increasing from 12.6 metres in 2021
to 13.6 metres in 2022.
The positive results support the expanded production plan at
9,000 tpd, with a gold production profile of 200,000 to 250,000
ounces per year compared to the LOM average of 169,000 ounces in
the 2021 feasibility study, while maintaining a mineral reserves
life of nearly 10 years.
Figure 6: Change in Proven and Probable Mineral Reserves at
Wasamac
MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for
the Company's mineral projects as at December 31, 2022.
Gold Proven Mineral Reserves Probable Mineral Total - Proven and
Reserves Probable
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (g/t) oz. (000's) (g/t) oz.
(000's) (000's) (000's)
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Canadian Malartic
& Barnat Open
Pit (50%) 25,802 0.70 579 26,185 1.10 926 51,988 0.90 1,505
Odyssey
Underground
(50%) - - - 1,379 2.22 98 1,379 2.22 98
Canadian Malartic
Total (50%) 25,802 0.70 579 27,564 1.16 1,025 53,366 0.93 1,603
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Jacobina 24,556 2.19 1,731 17,943 2.15 1,241 42,499 2.18 2,973
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Cerro Moro 343 9.25 102 1,495 7.15 344 1,838 7.55 446
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
El
Peñón
Ore 1,069 5.43 187 4,890 4.59 722 5,959 4.74 909
El
Peñón
Stockpiles 6 2.69 1 617 1.09 22 623 1.10 22
El Peñón
Total 1,075 5.42 187 5,507 4.20 744 6,582 4.40 931
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Minera Florida
Ore 958 3.29 101 2,708 3.33 290 3,666 3.32 392
Minera Florida
Tailings - - - 1,375 0.87 38 1,375 0.87 38
Minera Florida
Total 958 3.29 101 4,082 2.50 328 5,041 2.65 430
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Wasamac - - - 26,835 2.51 2,170 26,835 2.51 2,170
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Jeronimo (57%) 6,350 3.91 798 2,331 3.79 284 8,681 3.88 1,082
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
MARA (56.25%) 330,300 0.25 2,655 291,150 0.16 1,498 621,450 0.21 4,152
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Total Gold
Mineral Reserves 389,385 0.49 6,153 376,907 0.63 7,634 766,292 0.56 13,787
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Silver Proven Mineral Reserves Probable Mineral Total - Proven and
Reserves Probable
------------------------------- ------------------------------- -------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (g/t) oz. (000's) (g/t) oz.
(000's) (000's) (000's)
----------- ----------- -----------
Cerro Moro 343 531.3 5,855 1,495 264.5 12,716 1,838 314.3 18,571
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
El
Peñón
Ore 1,069 214.6 7,379 4,890 164.3 25,824 5,959 173.3 33,203
El
Peñón
Stockpiles 6 116.3 23 617 19.0 376 623 19.9 399
El Peñón
Total 1,075 214.1 7,402 5,507 148.0 26,200 6,582 158.8 33,602
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Minera Florida
Ore 958 17.6 542 2,708 23.4 2,037 3,666 21.9 2,580
Minera Florida
Tailings - - - 1,375 12.3 545 1,375 12.3 545
Minera Florida
Total 958 17.6 542 4,082 19.7 2,583 5,041 19.3 3,125
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
MARA (56.25%) 330,300 3.0 32,070 291,150 2.6 24,618 621,450 2.8 56,689
Total Silver
Mineral Reserves 332,677 4.3 45,869 302,234 6.8 66,117 634,911 5.5 111,987
--------- ------- --------- ------- --------- -------
Copper Proven Mineral Reserves Probable Mineral Total - Proven and
Reserves Probable
------------------------------- ------------------------------- -------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (000's) (%) lbs (000's) (%) lbs
(mm) (mm) (mm)
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
MARA (56.25%) 330,300 0.57 4,151 291,150 0.39 2,503 621,450 0.49 6,654
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Total Copper
Mineral Reserves 330,300 0.57 4,151 291,150 0.39 2,503 621,450 0.49 6,654
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Zinc Proven Mineral Reserves Probable Mineral Total - Proven and
Reserves Probable
------------------------------- ------------------------------- -------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (000's) (%) lbs (000's) (%) lbs
(mm) (mm) (mm)
--------- ------- --------- ------- ----------- --------- ------- -----------
Minera Florida
Ore 958 1.20 25 2,708 0.95 57 3,666 1.01 82
Minera Florida
Tailings - - - 1,375 0.59 18 1,375 0.59 18
Minera Florida
Total 958 1.20 25 4,082 0.83 74 5,041 0.90 100
Total Zinc
Mineral Reserves 958 1.20 25 4,082 0.83 74 5,041 0.90 100
--------- ------- --------- ------- --------- -------
Molybdenum Proven Mineral Reserves Probable Mineral Total - Proven and
Reserves Probable
------------------------------- ------------------------------- -------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (000's) (%) lbs (000's) (%) lbs
(mm) (mm) (mm)
--------- ------- --------- ------- ----------- --------- ------- -----------
MARA (56.25%) 330,300 0.030 218 291,150 0.030 192 621,450 0.030 411
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Total Molybdenum
Mineral Reserves 330,300 0.030 218 291,150 0.030 192 621,450 0.030 411
--------- ------- ----------- --------- ------- ----------- --------- ------- -----------
Mineral Resources (Measured, Indicated, and Inferred)
The following tables set forth the Mineral Resource estimates
for the Company's mineral projects as at December 31, 2022.
Gold Measured Mineral Indicated Mineral Total - Measured
Resources Resources and Indicated
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (g/t) oz. (000's) (g/t) oz.
(000's) (000's) (000's)
-------- ------- --------- ------- ----------- --------- ------- -----------
Canadian - - - - - - - - -
Malartic,
Barnat & other
zones (50%)
Odyssey
Underground
(50%) - - - 888 1.59 46 888 1.59 46
East Malartic
Underground
(50%) - - - 6,107 1.96 385 6,107 1.96 385
East Gouldie
Underground
(50%) - - - 25,105 3.29 2,652 25,105 3.29 2,652
Canadian Malartic
Total (50%) - - - 32,101 2.99 3,082 32,101 2.99 3,082
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Jacobina 34,221 2.35 2,587 20,845 2.31 1,548 55,066 2.34 4,136
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Cerro Moro 170 5.12 28 666 3.58 77 836 3.89 105
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
El
Peñón
Mine 1,183 4.28 163 6,149 3.21 635 7,331 3.38 797
El - - - - - - - - -
Peñón
Tailings
El
Peñón
Stockpiles - - - 599 1.43 28 599 1.43 28
El Peñón
Total 1,183 4.28 163 6,748 3.05 662 7,930 3.24 825
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Minera Florida 2,729 4.32 379 6,238 3.84 769 8,968 3.98 1,149
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Wasamac - - - 6,034 1.75 339 6,034 1.75 339
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Jeronimo (57%) 772 3.77 94 385 3.69 46 1,157 3.74 139
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Agua Rica
(56.25%) 30,150 0.13 126 116,044 0.11 411 146,194 0.11 537
Alumbrera
(56.25%) 65,297 0.31 660 5,154 0.29 48 70,451 0.31 708
MARA Total
(56.25%) 95,447 0.26 786 121,198 0.12 459 216,645 0.18 1,245
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Arco Sul - - - - - - - - -
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
La Pepa (80%) 47,053 0.61 920 52,324 0.49 831 99,377 0.55 1,751
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Lavra Velha - - - 4,476 1.96 282 4,476 1.96 282
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Monument Bay - - - 36,581 1.52 1,787 36,581 1.52 1,787
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Suyai - - - 4,700 15.00 2,286 4,700 15.00 2,286
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Total Gold
M&I Mineral
Resources 181,574 0.85 4,957 292,297 1.29 12,170 473,871 1.12 17,126
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Silver Measured Mineral Indicated Mineral Total - Measured
Resources Resources and Indicated
----------------------------- ------------------------------- -------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (g/t) oz. (000's) (g/t) oz.
(000's) (000's) (000's)
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Cerro Moro 170 185.3 1,010 666 244.9 5,245 836 232.8 6,255
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
El
Peñón
Mine 1,183 145.3 5,523 6,149 105.9 20,940 7,331 112.3 26,463
El - - - - - - - - -
Peñón
Tailings
El
Peñón
Stockpiles - - - 599 32.9 633 599 32.9 633
El Peñón
Total 1,183 145.3 5,523 6,748 99.4 21,574 7,930 106.3 27,096
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Minera Florida 2,729 23.4 2,053 6,238 21.4 4,285 8,968 22.0 6,338
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Agua Rica
(56.25%) 30,150 1.6 1,502 116,044 1.9 6,940 146,194 1.8 8,442
Alumbrera - - - - - - - - -
(56.25%)
MARA Total
(56.25%) 30,150 1.6 1,502 116,044 1.9 6,940 146,194 1.8 8,442
-------- ------- ---------- --------- ------- ----------- --------- ------- -----------
Suyai - - - 4,700 23.0 3,523 4,700 23.0 3,523
Total Silver
M&I Mineral
Resources 34,231 9.2 10,089 134,396 9.6 41,566 168,627 9.5 51,654
-------- ------- --------- ------- --------- -------
Copper Measured Mineral Indicated Mineral Total - Measured
Resources Resources and Indicated
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs
(mm)
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Agua Rica (56.25%) 30,150 0.22 146 116,044 0.30 767 146,194 0.28 914
Alumbrera (56.25%) 65,297 0.31 445 5,154 0.21 24 70,451 0.30 469
MARA Total
(56.25%) 95,447 0.28 591 121,198 0.30 791 216,645 0.29 1,383
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Total Copper
M&I Mineral
Resources 95,447 0.28 591 121,198 0.30 791 216,645 0.29 1,383
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Zinc Measured Mineral Indicated Mineral Total - Measured
Resources Resources and Indicated
------------------------------ ------------------------------ ------------------------------
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs
(mm)
--------- ------- --------- ------ ----------- --------- ------ -----------
Minera Florida 2,729 1.45 87 6,238 1.30 178 8,968 1.34 266
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Total Zinc
M&I Mineral
Resources 2,729 1.45 87 6,238 1.30 178 8,968 1.34 266
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Molybdenum Measured Mineral Indicated Mineral Total - Measured
Resources Resources and Indicated
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs
(mm)
--------- ------- --------- ------ ----------- --------- ------ -----------
Agua Rica (56.25%) 30,150 0.020 14 116,044 0.030 77 146,194 0.030 90
Alumbrera (56.25%) 65,297 0.012 16 5,154 0.010 1 70,451 0.011 17
MARA Total
(56.25%) 95,447 0.014 30 121,198 0.029 78 216,645 0.022 107
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Total Molybdenum
M&I Mineral
Resources 95,447 0.014 30 121,198 0.029 78 216,645 0.022 107
--------- ------- ---------- --------- ------ ----------- --------- ------ -----------
Gold Inferred Mineral
Resources
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
--------- ------- -------------
Canadian Malartic,
Barnat & other zones
(50%) 2,804 0.73 66
Odyssey Underground
(50%) 11,250 2.18 787
East Malartic Underground
(50%) 38,781 2.01 2,510
East Gouldie Underground
(50%) 16,189 2.54 1,320
Canadian Malartic
Total (50%) 69,025 2.11 4,682
--------- ------- -------------
Jacobina 26,347 2.28 1,934
--------- ------- -------------
Cerro Moro 1,095 5.98 210
--------- ------- -------------
El Peñón
Mine 4,714 3.72 564
El Peñón
Tailings 13,767 0.55 245
El Peñón - - -
Stockpiles
El Peñón
Total 18,480 1.36 808
--------- ------- -------------
Minera Florida 4,224 4.63 629
--------- ------- -------------
Wasamac 7,086 2.00 455
--------- ------- -------------
Jeronimo (57%) 1,118 4.49 161
--------- ------- -------------
Agua Rica (56.25%) 417,881 0.09 1,209
Alumbrera (56.25%) 1,708 0.23 13
MARA Total (56.25%) 419,590 0.09 1,222
--------- ------- -------------
Arco Sul 6,203 3.08 615
--------- ------- -------------
La Pepa (80%) 20,019 0.46 293
--------- ------- -------------
Lavra Velha 4,745 1.56 238
--------- ------- -------------
Monument Bay 41,946 1.32 1,781
--------- ------- -------------
Suyai 900 9.90 274
--------- ------- -------------
Total Gold Inferred
Mineral Resources 620,778 0.67 13,302
--------- ------- -------------
Silver Inferred Mineral
Resources
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
--------- ------- -------------
Cerro Moro 1,095 144.2 5,076
--------- ------- -------------
El Peñón
Mine 4,714 143.3 21,722
El Peñón
Tailings 13,767 18.9 8,380
El Peñón - - -
Stockpiles
El Peñón
Total 18,480 50.7 30,103
--------- ------- -------------
Minera Florida 4,224 18.4 2,494
--------- ------- -------------
Agua Rica (56.25%) 417,881 1.6 21,765
Alumbrera (56.25%) - - -
MARA Total (56.25%) 417,881 1.6 21,765
--------- ------- -------------
Suyai 900 21.0 575
Total Silver Inferred
Mineral Resources 442,580 4.2 60,013
--------- -------
Copper Inferred Mineral
Resources
Tonnes Grade Contained
(000's) (%) lbs (mm)
--------- -------
Agua Rica (56.25%) 417,881 0.23 2,119
Alumbrera (56.25%) 1,708 0.17 6
MARA Total (56.25%) 419,590 0.23 2,125
--------- ------- -------------
Total Copper Inferred
Mineral Resources 419,590 0.23 2,125
--------- ------- -------------
Zinc Inferred Mineral
Resources
Tonnes Grade Contained
(000's) (%) lbs (mm)
--------- -------
Minera Florida 4,224 1.27 118
--------- ------- -------------
Total Zinc Inferred
Mineral Resources 4,224 1.27 118
--------- ------- -------------
Molybdenum Inferred Mineral
Resources
---------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
--------- ------- -------------
Agua Rica (56.25%) 417,881 0.030 276
Alumbrera (56.25%) 1,708 0.008 1
MARA Total (56.25%) 419,590 0.030 277
--------- ------- -------------
Total Molybdenum
Inferred Mineral Resources 419,590 0.030 277
--------- ------- -------------
Mineral Reserve and Mineral Resource Reporting Notes
1. Metal Price, Cut-off Grade, Metallurgical Recovery
Mineral Reserves Mineral Resources
--------------------- ---------------------------------------- --------------------------------------------
Canadian Price assumption: $1,300/oz Price assumption: $1,667/oz gold
Malartic gold Canadian Malartic, Barnat and Western
(50%) In-situ open pit cut-off grades Porphyry cut-off grades range from
range from 0.40 to 0.43 g/t 0.32 to 0.43 g/t gold inside pit
gold Underground cut-off grade at Odyssey
Metallurgical recoveries for is 1.20 to 1.30 g/t gold (stope
gold in open pit averaging optimized)
90.6% Underground cut-off grade at East
Underground mining cut-off Malartic is 1.20 to 1.45 g/t gold
grade after dilution and mill (stope optimized)
recovery of 1.55 g/t gold Underground cut-off grade at East
Metallurgical recoveries for Gouldie is 1.15 to 1.30 g/t gold
gold in underground averaging (stope optimized)
95.51%
Jacobina Price assumption: $1,250/oz Price assumption: $1,250/oz gold.
gold Cut-off grades correspond to 75%
Underground Mineral Reserves of the cut-off used to estimate
are reported at variable cut-off the Mineral Reserves
grades by zone ranging from Underground Mineral Resources are
0.92 g/t gold to 1.01 g/t gold reported at variable cut-off grades
Metallurgical recovery is 96.2% by zone ranging from 0.69 g/t gold
to 0.76 g/t gold
Reported within optimized underground
mining shapes with minimum mining
width of 1.5 metres and considering
internal waste and dilution
Cerro Moro Price assumptions: $1,250/oz Price assumptions: $1,250/oz gold
gold and $18.00/oz silver and $18.00/oz silver. NSR cut-off
Underground NSR cut-off at values correspond to 75% of Mineral
$210.71/t and open pit NSR Reserves cut-off
cut-off at $124.72/t Underground NSR cut-off at $158.04/t
Metallurgical recoveries average and open pit NSR cut-off at $93.54/t
93% for gold and 91% for silver Constrained in optimized stopes
and pit shells
El Peñón Price assumptions: $1,250/oz Price assumptions: $1,250/oz gold,
gold, $18.00 silver $18.00/oz silver
Underground cut-off at $129.15/t Underground cut-off at $96.86/t,
Low grade stockpiles cut-off which corresponds to 75% of the
range from 0.88 to 0.96 g/t cut-off value used to estimate
gold equivalent the Mineral Reserves
Metallurgical recoveries for Reported within optimized underground
underground ores range from mining shapes with minimum mining
84.39% to 96.12% for gold and width of 0.6m and 0.3m dilution
from 68.76% to 91.03% for silver on both hanging wall and footwall
Metallurgical recoveries for Tailings and stockpiles reported
low grade stockpiles range at cut-offs of 0.50 g/t and 0.96
from 88.0% to 95.2% for gold g/t gold equivalent respectively
and from 80.8% to 83.0% for Metallurgical recoveries for underground
silver ores range from 84.39% to 96.12%
for gold and from 68.76% to 91.03%
for silver
Metallurgical recoveries for tailings
estimated to be 60% for gold and
30% for silver
Metallurgical recoveries for stockpiles
estimated to be 88.0% for gold
and 80.8% for silver
Minera Price assumptions: $1,250/oz Price assumptions: $1,250/oz gold,
Florida gold, $18.00/oz silver and $18.00/oz silver and $1.25/lb zinc
$1.25/lb zinc Underground Mineral Resources are
Underground cut-off at $92.07/t estimated at a cut-off value of
Metallurgical recoveries for $69.05/t, corresponding to 75%
underground are 92.59% for of the cut-off used to estimate
gold, 0.0% to 71.0% for silver, Mineral Reserves, for the Las Pataguas,
and 0.0% to 80.0% for zinc PVS, Fantasma, Millenium Norte,
Tailings are reported at a and Cucaracha zones which are constrained
cut-off of 0.99 g/t gold equivalent to underground mining shapes. The
Metallurgical recoveries for remaining zones are reported unconstrained
tailings are 75.0% for gold at a NSR cut-off value of $92.07/t.
Metallurgical recoveries of 92.59%
for gold, 0.0% to 71.0% for silver,
and 0.0% to 80.0% for zinc
Wasamac Price assumption: $1,250/oz Price assumption: $1,250/oz gold.
gold using an exchange rate Cut-off grades correspond to 75%
of US$1.32:C$1.00 of the cut-off used to estimate
Underground cut-off grade from the Mineral Reserves
1.52 to 1.65 g/t gold (stope Underground cut-off grades range
optimized) from at 1.14 to 1.42 g/t gold
Mineral Reserves consider average Mineral Resources are reported
total mining dilution of 11% fully diluted within conceptual
and average mining recovery mining shapes
of 93%
Jeronimo Price assumption:$900/oz gold Cut-off grade at 2.0 g/t gold
(57%) Cut-off grade at 2.0 g/t gold
Metallurgical recovery for
gold is 86%.
MARA: Agua Mineral Reserves are estimated Mineral Resources are estimated
Rica (56.25%) using a variable metallurgical using a variable metallurgical
recovery recovery
Average metallurgical recoveries LOM average metallurgical recoveries
of 86% Cu, 35% Au, 43% Ag, of 86% Cu, 35% Au, 43% Ag, and
and 44% Mo were considered 44% Mo were considered
Open pit Mineral Reserves are Mineral Resources are constrained
reported at a variable cut-off by an optimized pit shell based
value averaging $8.42/t, based on metal price assumptions of $4.00/lb
on metal price assumptions Cu, $1,600/oz Au, $24/oz Ag, and
of $3.00/lb Cu, $1,250/oz Au, $11/lb Mo. Open pit Mineral Resources
$18/oz Ag, and $11/lb Mo. A are reported at a variable cut-off
LOM average open pit costs value which averages $8.42/t milled
of $1.72/t moved, processing with overall slope angles varying
and G&A cost of $6.70/t of from 39deg to 45deg depending on
run of mine processed. The the geotechnical sector
strip ratio of the Mineral
Reserves is 1.7 with overall
slope angles varying from 39deg
to 45deg depending on the geotechnical
sector
MARA: Alumbrera N/A Price assumptions: $1,300/oz gold,
(56.25%) $2.83/lb copper.
Alumbrera deposit: Whittle pit
shell cut-off at 0.22% copper equivalent
Bajo El Durazno deposit: 0.2 g/t
Au cut-off within pit shell
Arco Sul N/A Price assumption: $1,250/oz gold
Underground cut-off grade at 2.00g/t,
which corresponds to 75% of the
cut-off that would be used for
Mineral Reserves
Mineral Resources reported within
optimized underground mining shapes
La Pepa N/A Price assumption: $1,650/oz gold
(80%) Cut-off grade of 0.20 g/t gold
for oxides and 0.26 g/t gold for
sulphides, inside optimized pit
envelope
Lavra Velha N/A Price assumption: $1,650/oz gold
Mineral Resources are constrained
by an optimized pit shell with
metallurgical recoveries of 90.0%
for oxide, 85.0% for mix and 60%
for sulphide material
Cut-off grade of 0.25 g/t Au for
oxide and mix material, and of
0.37 g/t Au for sulphide material
Monument N/A Price Assumption: $1,200/oz gold
Bay Cut-off grades are 0.4 g/t gold
and 0.7 g/t gold for the open pits
and 4.0 g/t gold for underground
Suyai N/A 5.0 g/t gold cut-off inside mineralized
wireframe modeling
2. All Mineral Reserves and Mineral Resources have been estimated in accordance
with the standards of the Canadian Institute of Mining, Metallurgy and
Petroleum (" CIM ") and National Instrument 43-101 - Standards of Disclosure
for Mineral Projects (" NI 43-101 ").
3. All Mineral Resources are reported exclusive of Mineral Reserves.
4. Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability.
5. Mineral Reserves and Mineral Resources are reported as of December
31, 2022.
6. For the qualified persons responsible for the Mineral Reserve and Mineral
Resource estimates at the Company's material properties, see the qualified
persons list below:
Property Qualified Persons for Mineral Qualified Persons for Mineral
Reserves Resources
------------------- ------------------------------------------ --------------------------------------------
Canadian Patrick Fiset, Eng., and Pierre-Olivier Pascal Lehouiller, P. Geo, Canadian
Malartic Richard, Eng., Canadian Malartic Malartic GP
GP
------------------- ------------------------------------------ --------------------------------------------
Jacobina Eduardo de Souza Soares, MAusIMM Camila Passos, P. Geo, and Danilo
CP (Min), Yamana Gold Inc. Ribeiro dos Santos, MAusIMM CP
(Geo), Yamana Gold Inc.
------------------- ------------------------------------------ --------------------------------------------
El Peñón Jimmy Avendaño Gonzalez, Marco Velásquez Corrales,
Registered Member of the Chilean Registered Member of the Chilean
Mining Commission, Yamana Gold Mining Commission, Yamana Gold
Inc. Inc.
Qualified Persons
Scientific and technical information contained in this news
release has been reviewed and approved by Sébastien Bernier (P. Geo
and Senior Director, Reserves and Resources). Sébastien Bernier is
an employee of Yamana Gold Inc. and a "Qualified Person" as defined
by NI 43-101. 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.
About Yamana
Yamana Gold Inc. is a Canadian-based precious metals producer
with significant gold and silver production, development stage
properties, exploration properties, and land positions throughout
the Americas, including Canada, Brazil, Chile and Argentina.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7974 201 715223 / +44 203 727 1000
NOTES
(1) GEO is calculated as the sum of gold ounces and gold
equivalent silver ounces using a ratio of 82.94 for the year-ended
December 31, 2022. GEO reserve calculations are based on mineral
reserves metal price assumptions of $1,250 per ounce of gold and
$18 per ounce of silver, and metallurgical recoveries specific to
the mine plan. Guidance GEO assumes gold ounces plus the equivalent
of silver ounces using a ratio of 72.00.
(2) A cautionary note regarding non-GAAP performance measures
and their respective reconciliations, as well as additional line
items or subtotals in financial statements is included in Section
12: Non-GAAP Performance Measures and Additional Subtotals in
Financial Statements in the Company's MD&A for the three and
twelve months ended December 31, 2022, dated March 29, 2023,
available under the Company's profile on SEDAR at www.sedar.com and
on the Company's website.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release 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 1995.
Forward-looking information includes, but is not limited to
information with respect to expected timing for completion of the
Proposed Transaction, expectations for AISC, information with
respect to the Company's strategy, plans, expectations, beliefs,
including future operating performance and updates regarding
mineral reserves and mineral resources. 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 transaction
risks, risks relating to the completion of the Proposed Transaction
on the timeline anticipated or at all, 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, the impact of any variance in the Company's current plans
made by Pan American and/or Agnico Eagle Mines Limited post-closing
of the Proposed Transaction, 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 parametres 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, success of exploration activities, 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, as well as those risk factors discussed or referred
to herein, in the management information circular in connection
with the Proposed Transaction 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 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 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.
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES
OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES
This news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ in certain material respects from the disclosure
requirements promulgated by the Securities and Exchange Commission
(the "SEC"). For example, the terms "mineral reserve", "proven
mineral reserve", "probable mineral reserve", "mineral resource",
"measured mineral resource", "indicated mineral resource" and
"inferred mineral resource" are Canadian mining terms as defined in
accordance with NI 43-101 and the CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended. These definitions differ from the definitions in the
disclosure requirements promulgated by the SEC. Accordingly,
information contained in this news release may not be comparable to
similar information made public by U.S. companies reporting
pursuant to SEC disclosure requirements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
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