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YAMANAGOLD NEWS RELEASE YAMANA GOLD REPORTS STRONG FIRST QUARTER 2021 PRODUCTION RESULTS AND CASH FLOWS ; CANADIAN MALARTIC AND MINERA FLORIDA POST STANDOUT QUARTERS ; JACOBINA ACHIEVES ALL - TIME MONTHLY HIGH PRODUCTION IN MARCH ; ADOPTS COMPREHENSIVE TAILINGS MANAGEMENT STRATEGY AT JACOBINA THAT INCLUDES HYDRAULIC BACKFILL ; IDENTIFIES POTENTIALLY SIGNIFICANT EXTENSION TO EAST GOULDIE ZONE TORONTO , ONTARIO , April 28 , 2021 - YAMANA GOLD INC . ( TSX : YRI ; NYSE : AUY ; LSE : AUY ) ( " Yamana " or " the Company " ) is herein reporting its financial and operational results for the first quarter of 2021 . FIRST QUARTER HIGHLIGHTS Financial Results - Strong Earnings and Cash Flows Further Strengthening Cash Balances and Balance Sheet • • • • Net earnings ( 4 ) of $ 54.7 million or $ 0.06 per share basic and diluted compares well to net earnings ( 4 ) of $ 45.0 million or $ 0.05 per share basic and diluted a year earlier . Adjusted net earnings ( 2,4 ) were $ 67.2 million or $ 0.07 per share basic and diluted compared to adjusted net earnings ( 24 ) of $ 47.2 million or $ 0.05 per share basic and diluted a year earlier . Cash flows from operating activities were $ 160.2 million and net free cash flow ( 2 ) was $ 123.5 million , in line or above the averages of the preceding three quarters , further demonstrating the strength and resilience of the cash flow generation capacity of the Company . Cash flows from operating activities before net change in working capital ( 2 ) were $ 183.4 million , and free cash flow before dividends and debt repayments ( 2 ) was $ 76.0 million . As at March 31 , 2021 , the Company had cash and cash equivalents of $ 678.1 million , and available credit of $ 750.0 million , for total available liquidity of approximately $ 1.4 billion . Cash balances include $ 222.8 million available for utilization by the MARA Project . The remainder of cash and cash equivalents of $ 455.3 million , along with further liquidity and incoming cash flows , is more than sufficient to fully manage the Company's business and available for the Company's capital allocation objectives . The Company's quarterly dividend rate of $ 0.02625 per share ( annual $ 0.105 per share ) is 110 % higher than the same quarter in 2020 and 425 % than the same quarter in 2019 . Three months ended March 31 ( In millions of United States Dollars ) Net Free Cash Flow ( 2 ) Free Cash Flow before Dividends and Debt Repayments ( 2 ) Decrease in Net Debt ( 2 ) 2021 2020 123.5 $ 91.1 76.0 $ 38.9 26.6 $ 20.0 Production Results - Standout Quarters from Canadian Malartic and Minera Florida • Gold equivalent ounce ( " GEO " ) ( 1 ) production was 231,988 GEO ) , including gold production of 201,117 ounces and silver production of 2.13 million ounces , both in line with plan . Canadian Malartic and Minera Florida had standout quarters , producing 89,550 ounces and 20,818 ounces of gold , respectively , both above plan . ( All amounts are expressed in United States Dollars unless otherwise indicated . ) ( See end notes on page 19 ) Page | 1