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]