development

Cerro Moro Argentina

Cerro Moro is a gold-silver development project located in Santa Cruz province of Argentina.  The property contains a number of high grade epithermal gold and silver veins, which are expected to be mined by a combination of open pit and underground mining.  The formal decision to proceed with construction was made in early 2015 and initial production is expected to begin in the second quarter of 2018.  In the first three years of production, annual production at Cerro Moro is expected to be 150,000 ounces of gold and 7.2 million ounces of silver.

Over the course of 2015, detailed engineering for the 1,000 tonne per day processing plant advanced as well as upgrading and extending the site access road, the conclusion of the locked-cycle metallurgical test work program, the placement of orders for various long-lead time items and the continuation of the first stage of the construction camp.  The 2016 work program envisages the prudent ramp-up of site construction activities, the continuation of detailed engineering and the advancement of underground mining in order to gain a better understanding of in-situ mining conditions.  Life of mine average annual production is expected to be 130,000 ounces gold and 6.4 million ounces of silver over an initial 6 year mine life.  The Cerro Moro project offers significant opportunities for the conversion of mineral resources* into mineral reserves and for further discoveries on the property.

* Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.

Agua Rica Argentina

Agua Rica is a low cost, large-scale copper, gold, silver and molybdenum deposit located in the province of Catamarca, Argentina. In March 2015, Yamana signed a Definitive Agreement with the provincial Government of Catamarca, Argentina, represented by the provincial mining company Catamarca Mineria y Energetica Sociedad del Estado ("CAMYEN"). The Agreement advances the Memorandum of Understanding announced in the fourth quarter of 2014, which set the groundwork for cooperation to consolidate important mining projects and prospective properties in the province, most notably the Agua Rica property and the Cerro Atajo prospect, to create the Catamarca mining district. The Agreement is the first of its kind between a provincial company and a private company in the Catamarca Province.

The signing of the Agreement provides the basis for further advancement of exploration and ultimately mining in the District. Yamana expects to use the existing workforce at Agua Rica to begin a planned exploration program in 2015 with a focus on Cerro Atajo.
In addition, a plan is being implemented to train the existing workforce in Catamarca to ensure local communities have the opportunity to benefit directly from planned economic activity in the District.

Download Press Release relating to Agua Rica dated December 9, 2014
Download RPM Independent Engineering Review of the Agua Rica Project dated December 9, 2014

* Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.

Suyai Argentina

Suyai is a high-grade gold-silver deposit in the Chubut province of Argentina with similarities to the deposits at El Peñón, Mercedes and Cerro Moro.

The plan being evaluated is a smaller scale underground operation with off-site processing or direct sale of a precious metals concentrate. The parameters of the current plan include an initial
capital investment of approximately $220 million, initial throughput of 1,150 tonnes per day with the ability to expand over time and expected annual production of approximately 150,000 GEO at costs consistent with the Yamana’s current cost structure.

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NON-GAAP INFORMATION

Yamana discloses certain non-GAAP measures including Cash costs per ounce of gold, Cash costs per ounce of silver, Co-product cash costs per ounce of gold, Co-product cash costs per ounce of silver, Co-product cash costs per pound of copper, All-in sustaining costs per ounce of gold, All-in sustaining costs per ounce of silver, All-in sustaining co-product costs per ounce of gold, and All-in sustaining co-product costs per ounce of silver to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS. The term IFRS and generally accepted accounting principles (“GAAP”) are used interchangeably. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP 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.

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