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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 2019, the Company’s exploration program successfully replaced gold mineral reserve depletion on a consolidated basis, excluding assets sold. Measured and indicated gold mineral resources also increased year over year, while inferred mineral resources showed a substantial 27% increase from year-end 2018. For the latest exploration updates at the Company's producing mines, please see the exploration section on our site pages under the producing mines tab.

Exploration on the most prospective properties is a key to unlocking and creating value for shareholders. The 2019 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 as well as several joint venture opportunities. At the Agua Rica project in Argentina, proven and probable gold mineral reserves increased by 13% to 7.4 million ounces, while proven and probable copper mineral reserves increased from year end 2018 by 21% to 11.8 billion pounds. Mineral resources decreased marginally on the conversion of ounces to mineral reserve.


  • Yamana believes that it is important to invest prudently and responsibly today to lay the foundation for the Yamana mines of tomorrow. To that end, a generative exploration program is in progress to advance several highly prospective opportunities in the Company's existing portfolio. The key objectives of the program are as follows:
    • Target the Company’s most advanced exploration projects while retaining the flexibility to prioritize other projects in the portfolio as and when merited by drill results.
    • Advance one or more projects to an inferred mineral resource of at least 1.5 million ounces of gold within the next three years.
    • On a long-term basis, advance at least one project to a mineral inventory that is large enough to support a mine with annual gold production of approximately 150,000 ounces for at least eight years.
    • Advance both gold-only and copper-gold projects and, in the latter case, consider joint venture agreements aimed at increasing mineral resource and advancing the project to development while Yamana maintains an economic interest in the project.
    For additional details, please see the Company press release issued February 20, 2020 titled: ‘Yamana Gold Provides Update on its Generative Exploration Program.’

    Download a PDF of detailed drill hole results at Lavra Velha
    Download a PDF of detailed drill hole results for the São Francisco target
    Download a PDF of detailed drill hole results at Ivolandia
    Download a PDF of detailed drill hole results at Domain


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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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