Pan American Silver Corp. (NYSE:PAAS) Q3 2022 Earnings Conference Call November 10, 2022 11:00 AM ET Company Participants Siren Fisekci - Vice President, Investor Relations Michael Steinmann - President and Chief Executive Officer Steve Busby - Chief Operating Officer Ignacio Couturier - Chief Financial Officer Conference Call Participants Cosmos Chiu - CIBC Lawson Winder - Bank of America Securities Craig Hutchison - TD Securities Operator Thank you for standing by. This is the conference operator. Welcome ...

Q3 2022 Financial Results - Pan American Silver reported an adjusted net loss of $2.8 million, or $0.01 per share[16] - The company generated $54.4 million in net cash from operating activities[16] - As of September 30, 2022, Pan American Silver's total available liquidity was $653.1 million, including $153.1 million in cash and cash equivalents and a $500 million revolving credit facility[70] Production and Guidance - Silver production for Q3 2022 was 4.5 million ounces[16] - Gold production for Q3 2022 was 128,800 ounces[16] - The company reaffirmed its gold production guidance for 2022, while revising silver production expectations to between 18.0 and 18.5 million ounces[16, 75] Yamana Gold Acquisition - Pan American Silver and Agnico Eagle Mines Limited made an offer to acquire Yamana Gold for a total consideration of $4.8 billion, or $5.02 per Yamana share[18, 20] - The transaction consideration includes $1.0 billion in cash funded by Agnico Eagle, approximately 36.1 million Agnico Eagle shares, and approximately 153.5 million Pan American shares[21] - The acquisition is expected to increase Pan American's annual silver production by approximately 9.5 million ounces (+59%) and annual gold production by approximately 550,000 ounces (+104%)[33] Financial Position and Strategy - The company declared a dividend of $0.10 per common share[16] - Pan American Silver has generated $1.8 billion in free cash flow since 2010, returning $644 million to shareholders and investing $698 million in expansions[73]

Management's Discussion and Analysis FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 Management Discussion and Analysis For the three and nine months ended September 30, 2022 and 2021 (tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, per share amounts, and per ounce amounts, unless otherwise noted) TABLE OF CONTENTS | Introduction | | 2 | | --- | --- | --- | | Core Business | and Strategy | 3 | | Q3 2022 Highlights | | 4 | | Environmental, | Social, and Gov ...

Yamana Gold Inc. (AUY) Gold Forum Americas / XPL-DEV 2022 Conference September 20, 2022 10:00 AM ET Company Participants Peter Marrone - Executive Chairman Conference Call Participants Peter Marrone Great, thank you very much. So let me begin by saying what you know, which is we're in the midst of a, in process on a business combination, but to provide context and underpin the value that has been ascribed to the deal, first I'll provide a summary of our assets and the assessment of value that our board went ...

Company Overview - Yamana Gold is a precious metals company primarily focused on gold, with exposure to silver and copper[6] - The company targets a production platform of over 1 million gold equivalent ounces at low all-in sustaining costs[6] - Yamana Gold had a 1H22 gold equivalent ounce (GEO) production of approximately 500,000 at an AISC of $1,084 per GEO[6] - The company anticipates a sequential increase in sustainable production to at least 1.5 million GEO, representing a minimum 50% production growth[6] Key Projects and Production - Canadian Malartic is projected to have an attributable production platform of 320,000-340,000 ounces per annum at all-in sustaining costs of $1,030/oz[9] - Wasamac's annual gold production is projected to average 169,000 ounces over an initial 10-year mine life with an AISC of $828/oz[16] - Jacobina has a production platform of 230,000 ounces per year at an AISC of ~$760/oz after the Phase 2 expansion to 8,500 tpd[20] - El Peñón has a production platform of 220,000 GEO with AISC at $885/GEO[28] - Cerro Moro has a base case production platform of 150,000 to 165,000 GEO per year[36] MARA Project - The MARA project pre-feasibility study highlights an NPV8% of >$3 billion at a copper price of $3.50/lb and gold price of $1,600/oz on a 100% basis[40] - MARA has a processing capacity of +115,000 tpd and production of 556 Mlbs CuEq for the first 10 years, with an AISC of $1.44/lb CuEq[40] Gold Fields Transaction - Gold Fields made an all-share offer for Yamana Gold at an exchange ratio of 0.6 Gold Fields shares for each Yamana share, implying a valuation of US$6.7 billion[46] - Yamana shareholders will own approximately 39% of the combined group[46]

Pan American Silver Corporation (NYSE:PAAS) Q2 2022 Results Conference Call August 11, 2022 11:00 AM ET Company Participants Siren Fisekci - Vice President, Investor Relations and Corporate Communications Michael Steinmann - President and CEO Ignacio Couturier - CFO Steve Busby - COO Sean McAleer - Senior Vice President & MD-Guatemala Chris Emerson - Vice President, Business Development & Geology Conference Call Participants Cosmos Chiu - CIBC Trevor Turnbull - Scotiabank Lawson Winder - Bank of America Sec ...

Management's Discussion and Analysis FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 Management Discussion and Analysis For the three and six months ended June 30, 2022 and 2021 (tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, per share amounts, and per ounce amounts, unless otherwise noted) TABLE OF CONTENTS | Introduction | | 2 | | --- | --- | --- | | Core Business | and Strategy | 3 | | Q2 2022 | Highlights | 4 | | Environmental, | Social, and Governance | 6 ...

| --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | 2022 SECOND | | | | | | | | | | | | | | QUARTER RESULTS | | | | | | | JULY 29, 2022 | | | | | | | TSX: YRI \| NYSE: AUY \| LSE: AUY | | | | | | CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: contains or incorporates by reference "forward-looking statements" and "forward-looking information" ...

Summary of Yamana Gold Inc. Conference Call Company Overview - **Company**: Yamana Gold Inc. (AUY) - **Event**: Bank of America 2022 Global Metals, Mining and Steel Conference Call - **Date**: May 18, 2022 - **Participants**: Daniel Racine (President, CEO & Director), Lawson Winder (Bank of America) Key Points Company Performance - Yamana Gold is performing exceptionally well, with all mines exceeding expectations and a strong Q1 performance. The forecast for Q2 is also positive, aiming for 1 million ounces of gold equivalent (GEO) production, with a growth target of 3% for the following years [3][4][5] - The company has maintained a pristine balance sheet and is actively buying back shares, indicating strong financial health and commitment to shareholder returns [4][29] Cost Management - Despite industry-wide cost inflation, Yamana has effectively controlled costs through operational excellence initiatives, involving teams at all levels to optimize performance and efficiency [5][6][7] - The company has increased its inventory to four months, which has mitigated the impact of rising fuel costs, with the overall cost increase projected to be a maximum of 3% for the year [7][8] Growth Outlook - Yamana aims to reach 1.5 million ounces of production within 10 years, with immediate targets of 1.25 million ounces achievable through the Wasamac project and ongoing improvements at Jacobina and Canadian Malartic [11][12][13] - The company is confident in its ability to convert resources into reserves, particularly at Canadian Malartic, which has shown significant resource growth [12][13] Exploration Success - The exploration strategy has been revitalized, leading to increased resource discovery without significantly increasing costs. The use of AI in exploration has enhanced efficiency [15][17] - Successful exploration at Jacobina and Canadian Malartic has contributed to the company's growth, with a focus on drilling and resource conversion [16][17] Asset Development - **Wasamac**: Acquired last year, showing promising exploration results and a feasibility study indicating potential production of 200,000 ounces per year. The focus is currently on permitting and environmental assessments [19][20][22] - **MARA**: A copper/gold asset in Argentina, with a prefeasibility study indicating potential production of 556 million pounds of copper per year. The mill is already built, and the company is finalizing environmental assessments [23][24][25] Capital Allocation - Yamana has a low gross and net debt, aiming for a net debt to EBITDA ratio below 1. The company has increased dividends by 500% since mid-2019 and is considering further increases [29][30] - The capital allocation strategy includes a mix of dividends, project investments, and share buybacks, with a focus on low capital risk projects [28][30] Additional Insights - The company is leveraging its strong financial position to enhance shareholder returns while maintaining a balanced approach to capital allocation [29][30] - The operational excellence initiatives and strategic exploration efforts are key drivers of Yamana's success in a challenging market environment [6][15]

Financial Data and Key Metrics Changes - In Q1 2022, revenue was $439.9 million, with net earnings of $76.8 million or $0.36 per share, including a one-time $44.6 million fair value adjustment for the interest in Maverix [9] - Adjusted earnings were $32 million or $0.15 per share, with cash flow from operations totaling $68.8 million [9] - The company reported net cash of $224.8 million and announced a dividend of $0.12 per common share for Q1 [9] Business Line Data and Key Metrics Changes - Silver production was 4.6 million ounces, with all-in sustaining costs at $13.41 per ounce and cash costs at $10.23 per ounce [5] - Gold production reached 131,000 ounces, with all-in sustaining costs at $1,502 per ounce and cash costs at $1,069 per ounce [8] - The silver segment benefited from higher byproduct metal prices, while the gold segment faced challenges due to lower mine grades and a significant NRV inventory adjustment [5][8] Market Data and Key Metrics Changes - The company experienced inflationary pressures, particularly for diesel and consumables, impacting overall costs [4] - The Omicron variant initially reduced workforce deployment but was largely managed, allowing for a return to normal operations [4][17] Company Strategy and Development Direction - The company is focused on achieving production guidance for 2022, with expectations weighted towards the second half of the year [4] - Growth projects include significant drilling at La Colorada Skarn, with over 100,000 meters completed since the last resource estimate [10] - The company is evaluating alternative opportunities for Morococha, including monetization and joint ventures [7] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to normal workforce levels and operational improvements despite ongoing inflationary pressures [4][17] - The company is closely monitoring global inflation and will adjust cost estimates as necessary [4] - The management highlighted the importance of engineering work to define mining methods for future resource updates [20] Other Important Information - The company released its 2021 Sustainability Report, outlining goals to reduce GHG emissions by at least 30% by 2030 [11] - The consultation process for the Escobal project is ongoing, with multiple meetings planned [11][16] Q&A Session Summary Question: Update on Escobal consultation process - Management indicated that there is no set number of meetings and expressed encouragement about the current schedule of meetings [16] Question: Lead time for recommencing operations - Management stated that a few months would be needed to return to production, with ongoing care and maintenance ensuring readiness [18] Question: Focus of resource update for La Colorada Skarn - Management confirmed that the resource update will focus on both upgrading inferred resources and adding to them with step-out drilling [20] Question: Factors contributing to costs at Dolores - Management identified lower grade ores and COVID-related inefficiencies as the main drivers of increased costs at Dolores [24][25] Question: Strategic intention for La Arena 2 - Management noted that La Arena 2 is gaining interest due to its potential as a copper-gold porphyry project, with ongoing exploration and resource updates planned [27][28]