Common use of Transaction Overview Clause in Contracts

Transaction Overview. The Agreement provides the Parties with a path to a full integration of the Agua Rica project and the Alumbrera mine technically and legally. The ownership of the Parties upon the consummation of the integration structure is set forth below: Yamana 56.25% Glencore 25.00% Goldcorp 18.75% In respect of the contribution of the Parties, Yamana will contribute its current 100% interest in the Agua Rica project and its 12.5% interest in Alumbrera, while Glencore and Goldcorp will contribute their respective 50% and 37.5% interests in Alumbrera. Full integration is expected to occur with the filing of the full feasibility study and EIA. The integration transaction structure will be determined based on the final construction financing plan, which may include completing a business transaction or other monetization event involving one or more third parties with respect to the Integration Project, and which may include a going public transaction. During this period the Parties will further advance the technical work to facilitate the permitting and dialogue with communities and stakeholders, perform confirmatory due diligence, finalize binding agreements with government stakeholders and finalize the legal integration structure. Qualified Persons Scientific and technical information contained in this press release has been reviewed and approved by ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (Senior Director, Geology and Mineral Resources). ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is an employee of Yamana Gold Inc. and a "Qualified Person" (“QP”) as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mineral Reserve Statement, Agua Rica Project Proven Mineral Reserves Tonnes Grade Contained (000's) (g/t) oz. (000's) Probable Mineral Reserves Tonnes Grade Contained (000's) (g/t) oz. (000's) Total Tonnes (000's) Proven Grade (g/t) & Probable Contained oz. (000's) Gold 384,871 0.25 3,080 524,055 0.21 3,479 908,926 0.22 6,559 Silver 384,871 3.7 46,176 524,055 3.3 56,070 908,926 3.5 102,246 Tonnes (000's) Grade (%) Contained lbs (mm) Tonnes (000's) Grade (%) Contained lbs (mm) Tonnes (000's) Grade (%) Contained lbs (mm) Copper 384,871 0.56 4,779 524,055 0.43 5,011 908,926 0.49 9,790 Moly 384,871 0.033 279 524,055 0.030 350 908,926 0.031 629 Mineral Resource Statement, Agua Rica Project Measured Mineral Resources Tonnes Grade Contained (000's) (g/t) oz. (000's) Indicated Mineral Resources Tonnes Grade Contained (000's) (g/t) oz. (000's) Total Measured & Indicated Tonnes Grade Contained (000's) (g/t) oz. (000's) Gold 27,081 0.14 120 173,917 0.14 776 200,998 0.14 896 Silver 27,081 2.4 2,042 173,917 2.9 16,158 200,998 2.8 18,200 Tonnes (000's) Grade (%) Contained lbs (mm) Tonnes (000's) Grade (%) Contained lbs (mm) Tonnes (000's) Grade (%) Contained lbs (mm) Copper 27,081 0.45 266 173,917 0.38 1,447 200,998 0.39 1,714 Moly 27,081 0.049 29 173,917 0.▇▇▇ ▇▇▇ ▇▇▇,998 0.039 172 Inferred Mineral Resources Tonnes Grade Contained (000's) (g/t) oz. (000's) Gold 642,110 0.12 2,444 Silver 642,110 2.3 48,124 Tonnes (000's) Grade (%) Contained lbs (mm) Copper 642,110 0.34 4,853 Molybdenum 642,110 0.034 480 Mineral Reserve and Mineral Resource Reporting Notes 1. Metal Price, Cut-off Grade, Metallurgical Recovery: Mineral Reserves Mineral Resources Cut-off grade at 0.2% copper Price assumption: $1,000/oz gold, $2.25/lb copper, $17.00/oz silver and $12.00/lb molybdenum Metallurgical recoveries are 84.9% for copper, 52.7% for gold, 67.6% for silver, 65.9% for zinc and 68.0% for molybdenum