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.  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.

Cerro Moro Mine Development Animation

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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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