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YAMANAGOLD NEWS RELEASE YAMANA GOLD REPORTS STRONG THIRD QUARTER 2021 RESULTS WITH A STEP CHANGE INCREASE IN CASH FLOWS , STANDOUT QUARTERS FROM CANADIAN MALARTIC , JACOBINA , EL PEÑÓN AND AN EXCEPTIONAL QUARTER FROM CERRO MORO TORONTO , October 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 third quarter of 2021. With strong results from operations , the Company remains well positioned to achieve guidance for the year of 1,000,000 gold equivalent ounces ( " GEO " ) ( 2 ) , underpinned by momentum at Canadian Malartic , Jacobina and El Peñón , as well as a strong fourth quarter performance expected at El Peñón and Cerro Moro , as previously guided . THIRD QUARTER HIGHLIGHTS Financial Results - Strong Cash Flows , Increase to Mine Operating Earnings • • • • Net earnings ( 3 ) were $ 27.0 million or $ 0.03 per share basic and diluted . Adjusted net earnings ( 1 , 3 ) were $ 69.7 million or $ 0.07 per share basic and diluted . Mine operating earnings were $ 154.0 million and increased quarter - over - quarter by 8 % . Cash flows from operating activities were $ 190.6 million and cash flows from operating activities before net change in working capital were $ 202.9 million , representing sharp increases from second quarter results of 24 % and 21 % respectively . Free cash flow before dividends and debt repayments ( 1 ) was $ 81.6 million and increased 59 % quarter - over- quarter . Cash and cash equivalents totalled $ 460.2 million ( 8 ) and the Company has $ 750.0 million in available credit . ( In millions of United States Dollars ) Net Free Cash Flow ( 1 ) Three months ended September 30 2021 2020 139.2 $ 185.5 81.6 Free Cash Flow before Dividends and Debt Repayments ( 1 ) 156.9 Operating Results - Standout Quarters from Canadian Malartic , Jacobina and El Peñón , Exceptional Quarter from Cerro Moro • As previously guided , production is weighted at 53 % for the second half of the year , with the fourth quarter being the strongest quarter , expected to exceed 270,000 GEO ( 2 ) produced . Consequently , with a strong third quarter , the Company remains well positioned to achieve guidance for the year of 1,000,000 GEO ( ² ) , underpinned by the momentum at Canadian Malartic , Jacobina and El Peñón , as well as a strong fourth quarter performance expected at El Peñón and Cerro Moro . GEO ( 2 ) production was 256,464 , including 225,556 ounces of gold , and 2.27 million ounces of silver . This marks the second highest all - time GEO ( 2 ) production total for Yamana mines ( 4 ) , on the back of exceptional gold production . The Company expects record - breaking GEO ( 2 ) production in the fourth quarter , as gold is expected to reach an all - time quarterly high . ( All amounts are expressed in United States Dollars unless otherwise indicated . ) ( See end notes on at end of press release ) Page | 1