2021 Third Quarter Results October 29, 2021 YAMANAGOLD TSX: YRI | NYSE: AUY | LSE: AUY CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to ...

Financial Data and Key Metrics Changes - Revenue in Q3 reached a record $460.3 million, with a realized price of $24.15 per ounce of silver and $1,782 per ounce of gold [5][6] - Net earnings were $20.2 million or $0.10 per share, impacted by non-cash mark-to-market losses of $25.3 million and income tax expense of $50.4 million [5][6] - Adjusted earnings were $37.8 million or $0.18 per share, with cash flow from operations of $157 million [6][17] Business Line Data and Key Metrics Changes - Silver production was 4.8 million ounces in Q3, with gold production at 142,600 ounces [7][9] - Silver segment cash costs were $11.92 per ounce, with all-in sustaining costs at $16.30 per ounce sold [11][12] - Gold segment cash costs were estimated between $825 to $925 per ounce, with all-in sustaining costs between $1,135 to $1,250 [15] Market Data and Key Metrics Changes - The company revised its 2021 guidance to produce 19 million to 20 million ounces of silver and 560,000 to 588,000 ounces of gold due to lower-than-expected grades and production [13][14] - Total available liquidity was $815 million, including $500 million under a credit facility and $315.4 million in cash and short-term investments [17] Company Strategy and Development Direction - The company is focusing on high-return projects and returning cash to shareholders through dividends, having increased dividends three times over the past 18 months [17] - Plans to expand the scope of the preliminary economic assessment for the La Colorada Skarn project due to exceptional drill results [18][19] - The company is exploring larger-scale mining methods, such as sub-level caving, to enhance production capabilities [56][59] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges from COVID-19, including labor shortages and cost inflation, but expects improvements in operating performance in Q4 [13][21] - The company anticipates a meaningful recovery in production and operational efficiency as COVID-related impacts diminish [21] - Management expressed optimism about the potential for M&A activity in the silver space, similar to trends seen in the gold sector [49][51] Other Important Information - The company announced a quarterly dividend of $0.10 per share and plans to evaluate future dividend levels based on growth project funding requirements [17][18] - The CFO, Rob Doyle, announced plans to retire effective March 31, 2022, with a succession plan in place [22] Q&A Session Summary Question: Impact of ventilation upgrades on costs at La Colorada - Management indicated that costs were impacted by ventilation upgrades and long-haul mining investments, with expectations for costs to ease in the coming quarters [25][28] Question: Guidance for 2022 and inflationary pressures - Management is currently budgeting for 2022 and expects to provide guidance in January, noting that inflationary pressures are primarily from labor and COVID-related costs [35][39] Question: Update on Dolores and inventory recognition - Management explained that inventory build-up at Dolores is due to construction delays, with expectations for recognition of production in 2022 [44][46] Question: M&A activity in the silver space - Management believes there will be consolidation in the industry, with a focus on finding strong targets for acquisition [49][51] Question: Timing for La Colorada Skarn project - Management stated that further drilling is needed to understand the resource better, and timing for the release of the current preliminary assessment is uncertain [109]

Management's Discussion and Analysis FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 Management Discussion and Analysis For the three and nine months ended September 30, 2021 and 2020 (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 This Management's Discussion and Analysis ("MD&A") is intended to help the reader understand the significant factors that influenc ...

Financial Data and Key Metrics Changes - The company recorded net earnings of $27 million or $0.03 per share, and on an adjusted basis, $69.7 million or $0.07 per share, with a significant increase in cash flows quarter-over-quarter [17][23] - Free cash flow increased by 59% to $81.6 million compared to Q2 [23] - The company expects Q4 production to exceed 270,000 GEO, positioning it to achieve its annual guidance of 1 million GEO production for the year [18] Business Line Data and Key Metrics Changes - Canadian Malartic continued strong performance with higher-grade and recoveries compared to last year [20] - Jacobina achieved significant progress on Phase 2 expansion, with a new daily throughput of over 8,800 tons per day [11] - Cerro Moro's GEO production increased by 50% from the second quarter, with expectations for continued strong performance in Q4 [21] - El Peñon saw a 19% increase in GEO production quarter-over-quarter [22] Market Data and Key Metrics Changes - The company reported that September was the lowest cost month of the quarter, with expectations for lower costs to continue into Q4 [19] - Inflationary pressures from consumables were noted, with an impact of approximately $20 per ounce above planning assumptions [18][30] Company Strategy and Development Direction - The company is focused on advancing its projects, including the Odyssey project and the Jacobina expansion, with a long-term vision for growth [10][12] - The company aims to maintain high inventory levels to mitigate supply chain disruptions and inflation impacts [66] - The MARA project is highlighted as a low capital intensity copper project with significant potential value [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance and noted that inflationary pressures are being managed effectively [18][30] - The company is optimistic about the future, with plans for further exploration and development updates expected in early 2022 [50][51] Other Important Information - The company has implemented a climate strategy and human rights risk assessments at all sites [6][8] - The company repaid $720 million of existing debt and completed a $500 million senior notes offering, reducing gross debt by about $220 million [23] Q&A Session Summary Question: Confirmation of ASIC reduction in Q4 - Management confirmed that ASIC is expected to be 5% to 10% lower quarter-over-quarter in Q4 [27] Question: Inflation impact on 2022 - Management indicated that inflation impacts will carry over into 2022, but efforts are being made to mitigate these effects [28][29] Question: Measures to mitigate inflation - The company has increased inventory and is reviewing contracts to manage costs effectively [30][31][32] Question: Value of Cerro Moro - Management discussed the potential value of the MARA project and the steps being taken to enhance its value [36][38][39] Question: London listing performance - Management acknowledged that establishing a presence in London is a long-term commitment and they are actively engaging with potential investors [42][43] Question: Inflationary pressures in 2022 - Management confirmed that inflationary pressures are expected to come from fuel and consumables, but they are well-positioned to manage these costs [46][48] Question: Future exploration updates - The next major updates are expected in February, including exploration results and project advancements [50][51] Question: Inventory management going into 2022 - The company plans to maintain high inventory levels for the foreseeable future [66] Question: Labor market pressures - Management reported no significant labor pressures at current operations, with successful recruitment efforts [70][71] Question: COVID-19 impact on employee availability - The company noted improved employee availability and vaccination rates, supporting strong operational performance [72] Question: Jacobina Phase 3 permitting - Management is optimistic about obtaining permits for Phase 3 and has requested permits for 10,000 tons per day [77] Question: Canadian Malartic investment strategy - Management confirmed that the balance sheet is strong, allowing for continued investment and shareholder returns [78][79]