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Exploration is the lifeblood of mining through the discovery of new ounces. The Company’s exploration programs continue to deliver on the discovery of mineral resources and mineral reserves.

In 2018 the Company’s exploration program at the Yamana mines (excluding those assets sold in 2018) successfully replaced gold mineral reserves, while increasing resources in the M&I and Inferred categories. Copper also saw significant increases in the mineral resource categories.

Exploration on the most prospective properties is a key to unlocking and creating value for shareholders. The 2018 exploration program focused on finding higher quality ounces, improving mine grade, infill drilling to replace production by upgrading existing mineral resources and exploring the Yamana property portfolio for new exploration targets.

2018 Exploration Highlights*

  • Chapada: Gold and copper mineral reserves increased by 6% and 7% respectively, over prior year, representing a significant overall improvement over depletion in 2018. 2018 mineral reserve increased by adding gold and copper at Sucupira and Baru as well as oxide oz’s at Suruca while increasing resources at Corpo Sul and Santa Cruz
  • El Peñón: In 2018, mineral reserves increased by 5% for gold and 6% for silver, increasing over depletion in 2018. In addition, inferred resource numbers were maintained through the discovery of significant new secondary veins in the core mine.
  • Canadian Malartic: Gold mineral reserves reflect depletion associated with 2018 production. Additional drilling at East Malartic and Odyssey contributed to the increase in M&I oz’s. Exploration programs are ongoing to evaluate zones along the Canadian Malartic trend, including the Odyssey, East Malartic, Midway and East Amphi zones. These opportunities have the potential to provide new sources of ore for the Canadian Malartic mill.
  • Cerro Moro: Gold mineral reserves increases were offset by depletion associated with the 2018 production at the site. 2018 resulted in the addition of new reserves at the Veronica vein as well as sectors in the Escondida FE and FW. Several new mineralized zones have been identified in the core mine and regionally will be a point of focus moving forward.
  • Jacobina: Replaced production depletion in 2018 and increased gold mineral reserves by 11%, significantly higher than 2017. Importantly, gold grades in the mineral reserve and mineral resource have trended higher, which was a strategic objective of the 2018 drill program. With these impressive results, Jacobina succeeded at adding over 800,000 inferred mineral resources.
  • Minera Florida: For 2018, total gold mineral reserves reflect depletion associated with 2018 production and an updated block model. The year was highlighted by adding new reserves and resource in the core mine adjacent mine infrastructure, especially on the PV Sur and Fantasma zones.

$78.5M total exploration spend in 2018**


* 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.

** Excludes Gualcamayo, which was sold in Q4 2018.


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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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