Yamana Gold Inc.

Thank you all for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information and actual results could differ from the conclusions or projections in that forward-looking information, which include but are not limited to statements with respect to the estimation of mineral reserves and resources, the timing and amount of estimated future production, cost of production, capital expenditures, future metal prices, and the cost and timing of the development of new projects. For a complete discussion of the risks, uncertainties, and factors which may lead to actual financial results and performance being different from the estimates contained in the forward-looking statements, please refer to Yamana's press release issued yesterday announcing third quarter 2021 results, as well as the management's discussion and analysis for the same period and other regulatory filings in Canada and the United States. I would like to remind everyone that this conference call is being recorded and will be available for replay today at 12 p.m. Eastern Time. Replay information and the presentation slides accompanying this conference call and webcast are available on Yamena's website at yamena.com. I will now turn the call over to Mr. Daniel Racine, President and CEO.

Thank you, Operator. Thank you all for joining us and welcome to our third quarter 2021 conference call and webcast. Presenting with me today is Jason LeBlanc, our CFO. Yoann Bouchard, our Chief Operating Officer, Herardo Fernandez, Senior VP Corporate Development, and Henry Marsden, Senior VP Exploration, will be available to answer questions during the Q&A portion of the call. I will start, as always, with health and safety. Our total recordable injury rate was 0.68 for the first month of 2021. The health and safety of our employees always come first and is something we have always trying to improve. Since the beginning of the pandemic, we have taken quick action to limit the impact of COVID-19 on our operations and the communities in which we operate. We put in place across the company to minimize the spread of COVID-19. We are happy to report that we expect over 90% of our employees to be fully vaccinated before the end of the fourth quarter. During the third quarter, we completed human rights risk assessment at all our sites in line with the voluntary principles on security and human rights. We also approve a responsibility policy covering all aspects of health and safety and sustainable development. This is available to view on our website. Earlier this year, we introduced our climate strategy. In Q3, we performed workshops with each operation to establish roadmaps for each operation that described project cost and schedule. These actions will help ensure that its long-range GHG reduction efforts are supported by practical and operationally focused short, medium, and long-term action to achieve the targets. onto our third quarter results. Jason will review our quarter in more detail, but I want to spend a moment to recognize the strong performance of our mines delivered. Canadian Malartic, Jacobina, and El Pinyon all had standout quarters, and Cerro Moro also produced excellent results. In total, from our five operating mines, we achieved the second highest quarterly gold production ever in Q3, with record-breaking gold production expected in Q4. As previously guided, we mentioned production was weighted at 53% for the second half of the year, with the fourth quarter being the strongest quarter. We did better than planned in the first half of the year, so don't be surprised if we do the same in the second half. We are in a very good position, strong position to achieve or exceed our production guidance of 1 million geo-ounces. I will also mention that September was the lowest cost month of the quarter, and we expect this trend to continue to Q4, where we expect to deliver significantly lower costs. Before talking about the Odyssey project, let me congratulate our exploration team at the Canadian Malartic General Partnership. They have been awarded Discovery of the Year by the Quebec Mineral Exploration Association for East Goldie. What an important discovery for the underground mine, assuring multi-decades of production. We are very proud of them at Yamana. At Odyssey, development of the underground ramp continued to perform well. The head frame slip form pour started in September and 93 meter was completed October 19 in 21 days. Structural steel installation expected to start in November and being completed during Q4. Infill drilling from underground is defining the Odyssey internal zone which are not currently included in the life of mine plan but have potential to add underground production within the next five years. Exploration continues to deliver exciting results at Odyssey and something we will continue to provide updates on. Turning now to Jacobina and our exploration project, expansion project, which continues to exceed our expectations. The mine has delivered significant progress on the phase two expansion A new daily throughput of over 8,800 tonnes per day was achieved in September during a trial test to test the plant capacity. But the potential we see for Jacobina extends well beyond Phase 2. As we have mentioned in the past, we will advance work towards our Phase 3 expansion, but the true potential lies even beyond this. Jacobina is located in a mining jurisdiction with huge potential. It shares similar geology to the gold district in West and South Africa that hosts massive gold deposits. We are seeing the potential for the Jacobina Belt to become an entire gold mining district, which we own 100%. The Jacobina mine has produced over 2 million ounces and has over 8 million more ounces in mineral inventory, and this is all within a small portion of our land package, which is over 150 kilometres. In the future, Jacobina could very well be a complex of mines producing at a scale of over 400,000 ounces and continuing to be one of the lowest-cost mines in the Americas. At our Wazamak project, permitting and engineering are continuing to advance. And as you may have seen from our press release during the quarter, exploration is already beginning to deliver some exciting results, especially at the Wildcat target. The Wildcat Zone is located 300 meters south of the Wausau Shire. Initial step-out drilling has expanded the down-deep continuity of the known historic zones that are now included in the current mineral reserve or mineral resources, highlighting the potential for zones with higher grade to increase future production and extend mine life. Our planned infill and exploration drilling as the potential to generate additional mining mineral reserves that will sustain a 200,000 ounces production level for an extended period and support a strategic mine life of more than 15 years. I also want to take a moment to speak about MARA, another high-quality asset in our portfolio with huge potential. The project is one of the world's lowest capital intensity copper projects. and we are working to advance it. In the quarter, work progressed on the engineering design, drilling at site, and furthering studies and permitting. We are at a very important moment for this asset, and there are multiple paths forward, all of which deliver value for our shareholders. And that value is huge, as you can see on this slide. At $4 per pound, copper and $1,700 per ounces, MARA as an NPV of over $4 billion, and we own 56.25% of that. We will evaluate all possible avenues to deliver the most value to our controlling interests. The opportunity we have to deliver value from this project that is not currently captured in our share price is truly exciting. And I will now pass the call over to Jason who can go over our quarterly results in more detail.

Thank you, Daniel, and good morning, everyone. I'll now provide a brief overview of our third quarter results, as Daniel mentioned. We 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 the main adjusting item relating to our early note redemption premium. We also saw strong cash flows in the third quarter, with a step change increase quarter over quarter, which I'll come back to in more detail in a moment. But this profile of a strong third quarter is what we had expected at the start of the year. If you recall, at the beginning of the year, we guided that production would be weighted 47% to the first half and 53% to the back half of the year, and that the fourth quarter would be our strongest. Our results through nine months subtract this profile, and we expect Q4 production to exceed 270,000 GEO, which positions us to achieve our annual guidance of 1 million GEO production for the year. On costs, recall in the second quarter, we had indicated that we were seeing some inflationary pressures from certain consumables with an impact of approximately $20 per ounce above our planning assumptions at the start of the year. This is still our expectation. But with our planned ramp-up in sequential quarterly production, our unit costs have been decreasing since earlier this year. We really started seeing some of that better cost performance later in Q3. In September, we had meaningfully lower costs at several mines And to give some gauge of that on a consolidated basis, ASIC for September was about 10% lower than our average Q3 costs. We expect that trend to continue into Q4, where along with the increase in production, our ASIC for Q4 should be between 5% and 10% lower than our ASIC for Q3, which will translate to our strongest cash flows for the year. Moving on to results from our mines in a bit more detail. Canadian Malartic followed its exceptional second quarter with another strong quarter in Q3, benefiting from higher grade and recoveries compared to last year. Jackadena also followed its strong performance in Q2 with another solid quarter in Q3. Production in the quarter was close to the record-setting production established in Q2, with mill throughput above plan and with recovery and grade as expected. The mine is on track to sustain 7,500 tons per day of ore to the mill by the end of the year, which will support our path to the Phase 2 expansion at Jacobina. Cerro Moro also had an exceptional third quarter, with GEO production increasing 50% from the second quarter. More mining phases continue to be opened up in the quarter, with more mill feed coming from the higher-grade underground ore. This trend will continue in the fourth quarter, which is expected to be the strongest production of the year, with stable throughput, but at higher grades. With stronger production expected in Q4, Cerro Moro's costs are expected to be lower as well. Shifting over to operations in Chile. El Peñon delivered solid results, with GEO production increasing 19% quarter over quarter. Recall we had indicated El Peñon was one of the mines that would contribute to our back-end weighted production profile. The higher grade zones that contributed to that profile came into the mine sequencing during Q3, and we expect this will continue through the remainder of the year, with a further increase in silver production for Q4. At Minera, Florida, production was just under 22,000 ounces, but we are expecting a strong fourth quarter, both in terms of higher production and lower costs, and the mine is off to a great start so far in October. And on to our financial performance for the third quarter. We continue to generate robust cash flows, with cash flows from operating activities and cash flows from operating activities before working capital, increasing from the second quarter by 24% and 21%, respectively. We also generated great free cash flow during the quarter, which increased 59% to $81.6 million, up from Q2. There were some other notable events during the quarter. We further strengthened our financial position by repaying $720 million of existing debt and completing an offering of $500 million in senior notes due 2031, with a net impact reducing our gross debt by about $220 million. Aside from increasing our average tenor on debt, Our interest costs were reduced by approximately $20 million annually, which provides further flexibility for capital allocation. We also repurchased 3.3 million shares during the quarter since we initiated our share repurchase program. We will remain opportunistic with our NCIB and continue to use it as a further tool in delivering returns. But to wrap up, I want to come back to the strong Q4 we expect, with our highest production and lowest cost for the year. By extension, we'll see our strongest cash flow and free cash flow generation of the year as well. With that, I'll now turn the call back over to Daniel.