Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or the
“Company”) herein provides its updated mineral reserve and mineral
resource estimates as at December 31, 2022 highlighting the ongoing
sustainability of the Company's production platform. The Company’s
continued success in replacing mineral reserves is further
underscored by its strong 2022 operating results which, as
previously reported, exceeded annual guidance with full year
production of 1,005,770 gold equivalent ounces (“GEO”)(1) at an
all-in sustaining cost (“AISC”)(2) below $1,125 per GEO(1).
Following the overwhelming support of the
respective special resolutions of the shareholders of each of
Yamana and Pan American Silver Corp. (“Pan American”) on January
31, 2023, in connection with approving the acquisition by Pan
American of all of the issued and outstanding common shares of the
Company following the sale by Yamana of its Canadian assets,
including certain subsidiaries and partnerships which hold Yamana’s
interests in the Canadian Malartic mine, to Agnico Eagle Mines
Limited, all by way of a plan of arrangement under the Canada
Business Corporations Act (the “Proposed Transaction”), this news
release is anticipated to be Yamana’s final announcement covering
mineral reserve and mineral resource update matters. Further
details including tonnes, grade and assumptions are presented in
the full Mineral Reserves and Mineral Resources table below while
all Mineral Resources reported herein are exclusive of Mineral
Reserves. The Proposed Transaction is expected to close by the end
of the month.
Yamana also announces that it has filed its
consolidated fourth quarter and year-end 2022 financial results,
which are available under the Company’s profile on SEDAR at
www.sedar.com and on the Company’s website.
HIGHLIGHTS
- Track Record of Mineral
Reserves Replacement: On an aggregate basis across its
wholly-owned operations, the Company replaced gold mineral reserves
by 104% of depletion highlighting the sustainability and longevity
of its production platform.
- Continued Success of
Mineral Reserve Growth at Jacobina: Jacobina had another
year of mineral reserve and mineral resource growth, adding
approximately 35,000 ounces of gold mineral reserves, or 117% of
depletion. Gold mineral reserves have grown by 57% or more than 1
million ounces net of depletion over the past five years to 2.97
million ounces and mineral resources have increased by 80% over the
same period, as detailed below. The track record of growth in
mineral reserves and mineral resources at Jacobina underpins its
significant prospectivity and geological upside.
- Conversion of Inferred
Mineral Resources at Odyssey: At Odyssey, the ongoing
infill drilling program continues to increase the inventory of
indicated mineral resources to support the potential conversion of
mineral resources to mineral reserves. Indicated gold mineral
resources increased by over 3.81 million ounces to 6.17 million
ounces with total inferred resources at year end of 9.23 million
ounces (100% basis). Exploration drilling at the East Gouldie zone
of the Odyssey mine also continues to grow the mineralized
footprint with new intercepts to the west of the known mineral
resource envelope highlighting the generational nature of the
deposit.
- Fifth Consecutive Year of
Increasing Mineral Reserves at El Peñón: El Peñón achieved
a fifth consecutive year of adding mineral reserves in excess of
depletion, with mineral reserves growing 4% to 1.37 million GEO(1),
or by 123% of depletion, over the last year.
- Company-wide Mineral
Reserves and Mineral Resources Show Significant Scale: As
at December 31, 2022, the Company reports 13.8 million ounces of
gold mineral reserves and 112 million ounces of silver mineral
reserves, relatively unchanged from the prior year. Further, the
Company reports measured and indicated mineral resources of 17.1
million ounces of gold, 52 million ounces of silver, and 1.4
billion pounds of copper exclusive of mineral reserves, with
measured and indicated gold mineral resources up 18% from the prior
year. Inferred mineral resources contain 13.3 million ounces of
gold, 60 million ounces of silver, and 2.13 billion pounds of
copper. At the Company’s development projects, mineral reserves of
7.4 million ounces of gold, 57 million ounces of silver, and 6.7
billion pounds of copper represent significant upside potential
within the existing portfolio.
YEAR END MINERAL RESERVES AND MINERAL
RESOURCES SUMMARY
Canadian Malartic including Odyssey,
Canada (50%)
The Canadian Malartic & Barnat Open Pit saw
a decrease of approximately 263,000 ounces of gold in proven and
probable mineral reserves (reflecting the Company’s 50% interest)
driven primarily by depletion of 360,000 ounces of gold (50%
interest) as the Canadian Malartic pit enters into its final years
of operation and open pit mining transitions to the Barnat pit.
With initial production from the underground Odyssey mine at
Canadian Malartic having commenced earlier this month, an initial
small portion of the indicated mineral resources at the Odyssey
South deposit was converted to probable mineral reserves as at
December 31, 2022, adding 98,000 ounces of gold in mineral reserves
(50% interest). A substantial addition of mineral reserves is
expected at the Odyssey project at year-end 2023 with the
conversion of indicated mineral resources at the East Gouldie
deposit where continued conversion drilling success resulted in the
addition of 1.9 million ounces of gold in indicated mineral
resources (50% interest) during the year.
Figure 1: Change in Proven and Probable
Mineral Reserves at Canadian Malartic
(i) Adjustments for stockpile inventory
variation and optimizations
At the Odyssey project, underground development
remains on schedule with initial production and start of shaft
sinking expected in March 2023. With only 0.4 million ounces of
gold in indicated mineral resources and 6.9 million ounces of gold
in inferred mineral resources, or approximately 47% of the Odyssey
mineral resources included in the mine plan outlined in the March
2021 technical study on a 100% basis, there is significant upside
potential to a mine life already expected to last until at least
2039. Additionally, drilling continues to delineate the Odyssey
internal zones, which were not previously considered in the 2021
preliminary economic assessment mine plan. The Odyssey team is in
the process of optimizing the mine plan with these drilling
results, which is expected to result in higher gold production
during the construction period, further offsetting the initial
capital cost and optimizing the cash flow profile starting in
2023.
As previously reported, exploration drilling of
the East Gouldie Extension and parallel Titan zone indicate that a
corridor of mineralization extends at least 1.3 kilometres to the
east of East Gouldie and over an approximate 2,000 metre vertical
extent. The Company believes that the underground development will
support a significantly higher level of production than assumed in
the current mine plan with more production that could come from
further ramp development and from a possible second shaft at depth
where mineralization remains open in all directions.
Drilling demonstrates that the East Gouldie
deposit also extends significantly to the west of the mineral
resource envelope at significant grades and widths. Overall,
drilling indicates that the East Gouldie deposit extends more than
4 kilometres along strike, of which only approximately 1.5
kilometres is currently reported as mineral resources. Thirteen
drill rigs are currently active on the property, with five
underground drills in the Odyssey South and Internal zones and
eight surface drills focused on infilling and expanding the East
Gouldie mineralization.
Jacobina, Brazil
Jacobina had another successful year of
exploration, adding approximately 35,000 ounces of gold mineral
reserves net of depletion, with additions of 239,000 gold ounces
amounting to 117% of depletion. Gold mineral reserves have grown by
57% or more than 1 million ounces over the past five years to 2.97
million ounces. Mineral resources have increased by 80% over the
same period, with mineral resources, exclusive of mineral reserves,
increasing by 328,000 ounces of gold in measured and indicated
mineral resources and 30,000 ounces of gold in inferred mineral
resources versus the prior year. Mineral reserves average gold
grade is unchanged from the previous year at 2.18 g/t. Highlights
from 2022 include ongoing infill drilling success at João Belo Sul
and Morro do Vento and successful exploration drilling at the new
Morro do Vento Leste zone.
Figure 2: Change in Proven and Probable
Mineral Reserves at Jacobina
(i) Additions from infill drilling and new
mine
Cerro Moro, Argentina
At Cerro Moro, mineral reserves changed due to
2022 depletion and adjustments to the geological models, partly
offset by additions to the mineral reserves inventory from
successful infill and delineation drilling. While gold ounces added
by drilling covered annual depletion, an updated block model at
Verónica caused an overall decrease of approximately 11,000 gold
ounces. Depletion during 2022 was primarily from Zoe, a higher
grade silver deposit, resulting in an overall decline of
approximately 3.6 million silver ounces contained in mineral
reserves.
Figure 3: Change in Proven and Probable Mineral Reserves
at Cerro Moro
(i) Gold Equivalent Ounces (GEO) calculated
using mineral reserves metal price assumptions of $1,250 per ounce
of gold and $18 per ounce of silver, and metallurgical recoveries
of 94% for gold and 95% for silver.
El Peñón, Chile
Successful drilling at El Peñón resulted in the
operation achieving a fifth consecutive year of adding new mineral
reserves in excess of mining depletion, with mineral reserves
growing 28% to 1.37 million GEO(1) over that period. The
replacement of depletion maintains the El Peñón mine life at five
to six years. Infill drilling, mainly at the Pampa Campamento and
Martillo Flat veins, together with the conversion of underground
mineral resources to mineral reserves at Chiquilla Chica, which is
being reported for the first time, account for the replacement of
gold ounce depletion and the increase of silver ounces contained in
mineral reserves.
Figure 4: Change in Proven and Probable
Mineral Reserves at El Peñón
(i) Gold Equivalent Ounces (GEO) calculated
using mineral reserves metal price assumptions of $1,250 per ounce
of gold and $18 per ounce of silver, and metallurgical recoveries
of 95% for gold and 86% for silver.
Minera Florida, Chile
At Minera Florida, new mineral reserves replaced mining
depletion, extending the mine life. Gold ounces contained in
mineral resources and mineral reserves have increased across most
main zones with significant success at Maqui due to infill drilling
and inaugural mineral reserves added at the Cucaracha zone.
Figure 5: Change in Proven and Probable Mineral Reserves
at Minera Florida
(i) Adjustments for geomechanical study at the
Alhue Core zone which will be considered for future reserve
estimates
Wasamac, Canada
Wasamac mineral reserves and mineral resources were updated in
November 2022, with mineral reserves and mineral resources
increasing across all categories and by a total of 19% since
completion of the feasibility study in mid-2021. Mineral reserves
have increased by 260,000 ounces or 14%, while indicated mineral
resources and inferred mineral resources have increased by 4% and
76% respectively.
The growth in mineral reserves and mineral resources is the
result of infill drilling, the success of which has contributed to
an updated mineral resource model and stope designs, with the
average horizontal stope width increasing from 12.6 metres in 2021
to 13.6 metres in 2022.
The positive results support the expanded production plan at
9,000 tpd, with a gold production profile of 200,000 to 250,000
ounces per year compared to the LOM average of 169,000 ounces in
the 2021 feasibility study, while maintaining a mineral reserves
life of nearly 10 years.
Figure 6: Change in Proven and Probable Mineral Reserves
at Wasamac
MINERAL RESERVE AND MINERAL RESOURCE
ESTIMATES
Mineral Reserves (Proven and
Probable)The following table sets forth the Mineral
Reserve estimates for the Company’s mineral projects as at December
31, 2022.
|
Gold |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven and Probable |
|
Tonnes(000's) |
Grade(g/t) |
Containedoz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Containedoz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Containedoz. (000's) |
|
Canadian Malartic & Barnat Open Pit (50%) |
25,802 |
0.70 |
579 |
26,185 |
1.10 |
926 |
51,988 |
0.90 |
1,505 |
|
Odyssey Underground (50%) |
- |
- |
- |
1,379 |
2.22 |
98 |
1,379 |
2.22 |
98 |
|
Canadian Malartic Total (50%) |
25,802 |
0.70 |
579 |
27,564 |
1.16 |
1,025 |
53,366 |
0.93 |
1,603 |
|
Jacobina |
24,556 |
2.19 |
1,731 |
17,943 |
2.15 |
1,241 |
42,499 |
2.18 |
2,973 |
|
Cerro Moro |
343 |
9.25 |
102 |
1,495 |
7.15 |
344 |
1,838 |
7.55 |
446 |
|
El Peñón Ore |
1,069 |
5.43 |
187 |
4,890 |
4.59 |
722 |
5,959 |
4.74 |
909 |
|
El Peñón Stockpiles |
6 |
2.69 |
1 |
617 |
1.09 |
22 |
623 |
1.10 |
22 |
|
El Peñón Total |
1,075 |
5.42 |
187 |
5,507 |
4.20 |
744 |
6,582 |
4.40 |
931 |
|
Minera Florida Ore |
958 |
3.29 |
101 |
2,708 |
3.33 |
290 |
3,666 |
3.32 |
392 |
|
Minera Florida Tailings |
- |
- |
- |
1,375 |
0.87 |
38 |
1,375 |
0.87 |
38 |
|
Minera Florida Total |
958 |
3.29 |
101 |
4,082 |
2.50 |
328 |
5,041 |
2.65 |
430 |
|
Wasamac |
- |
- |
- |
26,835 |
2.51 |
2,170 |
26,835 |
2.51 |
2,170 |
|
Jeronimo (57%) |
6,350 |
3.91 |
798 |
2,331 |
3.79 |
284 |
8,681 |
3.88 |
1,082 |
|
MARA (56.25%) |
330,300 |
0.25 |
2,655 |
291,150 |
0.16 |
1,498 |
621,450 |
0.21 |
4,152 |
|
Total Gold Mineral Reserves |
389,385 |
0.49 |
6,153 |
376,907 |
0.63 |
7,634 |
766,292 |
0.56 |
13,787 |
|
|
|
|
|
|
|
|
|
|
|
|
Silver |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven and Probable |
|
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
|
Cerro Moro |
343 |
531.3 |
5,855 |
1,495 |
264.5 |
12,716 |
1,838 |
314.3 |
18,571 |
|
El Peñón Ore |
1,069 |
214.6 |
7,379 |
4,890 |
164.3 |
25,824 |
5,959 |
173.3 |
33,203 |
|
El Peñón Stockpiles |
6 |
116.3 |
23 |
617 |
19.0 |
376 |
623 |
19.9 |
399 |
|
El Peñón Total |
1,075 |
214.1 |
7,402 |
5,507 |
148.0 |
26,200 |
6,582 |
158.8 |
33,602 |
|
Minera Florida Ore |
958 |
17.6 |
542 |
2,708 |
23.4 |
2,037 |
3,666 |
21.9 |
2,580 |
|
Minera Florida Tailings |
- |
- |
- |
1,375 |
12.3 |
545 |
1,375 |
12.3 |
545 |
|
Minera Florida Total |
958 |
17.6 |
542 |
4,082 |
19.7 |
2,583 |
5,041 |
19.3 |
3,125 |
|
MARA (56.25%) |
330,300 |
3.0 |
32,070 |
291,150 |
2.6 |
24,618 |
621,450 |
2.8 |
56,689 |
|
Total Silver Mineral Reserves |
332,677 |
4.3 |
45,869 |
302,234 |
6.8 |
66,117 |
634,911 |
5.5 |
111,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven and Probable |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
MARA (56.25%) |
330,300 |
0.57 |
4,151 |
291,150 |
0.39 |
2,503 |
621,450 |
0.49 |
6,654 |
|
Total Copper Mineral Reserves |
330,300 |
0.57 |
4,151 |
291,150 |
0.39 |
2,503 |
621,450 |
0.49 |
6,654 |
|
|
|
|
|
|
|
|
|
|
|
|
Zinc |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven and Probable |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
Minera Florida Ore |
958 |
1.20 |
25 |
2,708 |
0.95 |
57 |
3,666 |
1.01 |
82 |
|
Minera Florida Tailings |
- |
- |
- |
1,375 |
0.59 |
18 |
1,375 |
0.59 |
18 |
|
Minera Florida Total |
958 |
1.20 |
25 |
4,082 |
0.83 |
74 |
5,041 |
0.90 |
100 |
|
Total Zinc Mineral Reserves |
958 |
1.20 |
25 |
4,082 |
0.83 |
74 |
5,041 |
0.90 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
Molybdenum |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven and Probable |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
MARA (56.25%) |
330,300 |
0.030 |
218 |
291,150 |
0.030 |
192 |
621,450 |
0.030 |
411 |
|
Total Molybdenum Mineral Reserves |
330,300 |
0.030 |
218 |
291,150 |
0.030 |
192 |
621,450 |
0.030 |
411 |
Mineral Resources (Measured, Indicated,
and Inferred)The following tables set forth the Mineral
Resource estimates for the Company’s mineral projects as at
December 31, 2022.
|
Gold |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured and Indicated |
|
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
|
Canadian Malartic, Barnat & other zones (50%) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Odyssey Underground (50%) |
- |
- |
- |
888 |
1.59 |
46 |
888 |
1.59 |
46 |
|
East Malartic Underground (50%) |
- |
- |
- |
6,107 |
1.96 |
385 |
6,107 |
1.96 |
385 |
|
East Gouldie Underground (50%) |
- |
- |
- |
25,105 |
3.29 |
2,652 |
25,105 |
3.29 |
2,652 |
|
Canadian Malartic Total (50%) |
- |
- |
- |
32,101 |
2.99 |
3,082 |
32,101 |
2.99 |
3,082 |
|
Jacobina |
34,221 |
2.35 |
2,587 |
20,845 |
2.31 |
1,548 |
55,066 |
2.34 |
4,136 |
|
Cerro Moro |
170 |
5.12 |
28 |
666 |
3.58 |
77 |
836 |
3.89 |
105 |
|
El Peñón Mine |
1,183 |
4.28 |
163 |
6,149 |
3.21 |
635 |
7,331 |
3.38 |
797 |
|
El Peñón Tailings |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
El Peñón Stockpiles |
- |
- |
- |
599 |
1.43 |
28 |
599 |
1.43 |
28 |
|
El Peñón Total |
1,183 |
4.28 |
163 |
6,748 |
3.05 |
662 |
7,930 |
3.24 |
825 |
|
Minera Florida |
2,729 |
4.32 |
379 |
6,238 |
3.84 |
769 |
8,968 |
3.98 |
1,149 |
|
Wasamac |
- |
- |
- |
6,034 |
1.75 |
339 |
6,034 |
1.75 |
339 |
|
Jeronimo (57%) |
772 |
3.77 |
94 |
385 |
3.69 |
46 |
1,157 |
3.74 |
139 |
|
Agua Rica (56.25%) |
30,150 |
0.13 |
126 |
116,044 |
0.11 |
411 |
146,194 |
0.11 |
537 |
|
Alumbrera (56.25%) |
65,297 |
0.31 |
660 |
5,154 |
0.29 |
48 |
70,451 |
0.31 |
708 |
|
MARA Total (56.25%) |
95,447 |
0.26 |
786 |
121,198 |
0.12 |
459 |
216,645 |
0.18 |
1,245 |
|
Arco Sul |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
La Pepa (80%) |
47,053 |
0.61 |
920 |
52,324 |
0.49 |
831 |
99,377 |
0.55 |
1,751 |
|
Lavra Velha |
- |
- |
- |
4,476 |
1.96 |
282 |
4,476 |
1.96 |
282 |
|
Monument Bay |
- |
- |
- |
36,581 |
1.52 |
1,787 |
36,581 |
1.52 |
1,787 |
|
Suyai |
- |
- |
- |
4,700 |
15.00 |
2,286 |
4,700 |
15.00 |
2,286 |
|
Total Gold M&I Mineral Resources |
181,574 |
0.85 |
4,957 |
292,297 |
1.29 |
12,170 |
473,871 |
1.12 |
17,126 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured and Indicated |
|
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
|
Cerro Moro |
170 |
185.3 |
1,010 |
666 |
244.9 |
5,245 |
836 |
232.8 |
6,255 |
|
El Peñón Mine |
1,183 |
145.3 |
5,523 |
6,149 |
105.9 |
20,940 |
7,331 |
112.3 |
26,463 |
|
El Peñón Tailings |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
El Peñón Stockpiles |
- |
- |
- |
599 |
32.9 |
633 |
599 |
32.9 |
633 |
|
El Peñón Total |
1,183 |
145.3 |
5,523 |
6,748 |
99.4 |
21,574 |
7,930 |
106.3 |
27,096 |
|
Minera Florida |
2,729 |
23.4 |
2,053 |
6,238 |
21.4 |
4,285 |
8,968 |
22.0 |
6,338 |
|
Agua Rica (56.25%) |
30,150 |
1.6 |
1,502 |
116,044 |
1.9 |
6,940 |
146,194 |
1.8 |
8,442 |
|
Alumbrera (56.25%) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
MARA Total (56.25%) |
30,150 |
1.6 |
1,502 |
116,044 |
1.9 |
6,940 |
146,194 |
1.8 |
8,442 |
|
Suyai |
- |
- |
- |
4,700 |
23.0 |
3,523 |
4,700 |
23.0 |
3,523 |
|
Total Silver M&I Mineral Resources |
34,231 |
9.2 |
10,089 |
134,396 |
9.6 |
41,566 |
168,627 |
9.5 |
51,654 |
|
|
|
|
|
|
|
|
|
|
|
|
Copper |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured and Indicated |
|
Tonnes(000's) |
Grade(%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade(%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade(%) |
Contained lbs (mm) |
|
Agua Rica (56.25%) |
30,150 |
0.22 |
146 |
116,044 |
0.30 |
767 |
146,194 |
0.28 |
914 |
|
Alumbrera (56.25%) |
65,297 |
0.31 |
445 |
5,154 |
0.21 |
24 |
70,451 |
0.30 |
469 |
|
MARA Total (56.25%) |
95,447 |
0.28 |
591 |
121,198 |
0.30 |
791 |
216,645 |
0.29 |
1,383 |
|
Total Copper M&I Mineral Resources |
95,447 |
0.28 |
591 |
121,198 |
0.30 |
791 |
216,645 |
0.29 |
1,383 |
|
|
|
|
|
|
|
|
|
|
|
|
Zinc |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured and Indicated |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
Minera Florida |
2,729 |
1.45 |
87 |
6,238 |
1.30 |
178 |
8,968 |
1.34 |
266 |
|
Total Zinc M&I Mineral Resources |
2,729 |
1.45 |
87 |
6,238 |
1.30 |
178 |
8,968 |
1.34 |
266 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Molybdenum |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured and Indicated |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
Agua Rica (56.25%) |
30,150 |
0.020 |
14 |
116,044 |
0.030 |
77 |
146,194 |
0.030 |
90 |
|
Alumbrera (56.25%) |
65,297 |
0.012 |
16 |
5,154 |
0.010 |
1 |
70,451 |
0.011 |
17 |
|
MARA Total (56.25%) |
95,447 |
0.014 |
30 |
121,198 |
0.029 |
78 |
216,645 |
0.022 |
107 |
|
Total Molybdenum M&I Mineral Resources |
95,447 |
0.014 |
30 |
121,198 |
0.029 |
78 |
216,645 |
0.022 |
107 |
|
Gold |
Inferred Mineral Resources |
|
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
|
Canadian Malartic, Barnat & other zones (50%) |
2,804 |
0.73 |
66 |
|
Odyssey Underground (50%) |
11,250 |
2.18 |
787 |
|
East Malartic Underground (50%) |
38,781 |
2.01 |
2,510 |
|
East Gouldie Underground (50%) |
16,189 |
2.54 |
1,320 |
|
Canadian Malartic Total (50%) |
69,025 |
2.11 |
4,682 |
|
Jacobina |
26,347 |
2.28 |
1,934 |
|
Cerro Moro |
1,095 |
5.98 |
210 |
|
El Peñón Mine |
4,714 |
3.72 |
564 |
|
El Peñón Tailings |
13,767 |
0.55 |
245 |
|
El Peñón Stockpiles |
- |
- |
- |
|
El Peñón Total |
18,480 |
1.36 |
808 |
|
Minera Florida |
4,224 |
4.63 |
629 |
|
Wasamac |
7,086 |
2.00 |
455 |
|
Jeronimo (57%) |
1,118 |
4.49 |
161 |
|
Agua Rica (56.25%) |
417,881 |
0.09 |
1,209 |
|
Alumbrera (56.25%) |
1,708 |
0.23 |
13 |
|
MARA Total (56.25%) |
419,590 |
0.09 |
1,222 |
|
Arco Sul |
6,203 |
3.08 |
615 |
|
La Pepa (80%) |
20,019 |
0.46 |
293 |
|
Lavra Velha |
4,745 |
1.56 |
238 |
|
Monument Bay |
41,946 |
1.32 |
1,781 |
|
Suyai |
900 |
9.90 |
274 |
|
Total Gold Inferred Mineral Resources |
620,778 |
0.67 |
13,302 |
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
Silver |
Inferred Mineral Resources |
|
Tonnes(000's) |
Grade(g/t) |
Contained oz. (000's) |
|
Cerro Moro |
1,095 |
144.2 |
5,076 |
|
El Peñón Mine |
4,714 |
143.3 |
21,722 |
|
El Peñón Tailings |
13,767 |
18.9 |
8,380 |
|
El Peñón Stockpiles |
- |
- |
- |
|
El Peñón Total |
18,480 |
50.7 |
30,103 |
|
Minera Florida |
4,224 |
18.4 |
2,494 |
|
Agua Rica (56.25%) |
417,881 |
1.6 |
21,765 |
|
Alumbrera (56.25%) |
- |
- |
- |
|
MARA Total (56.25%) |
417,881 |
1.6 |
21,765 |
|
Suyai |
900 |
21.0 |
575 |
|
Total Silver Inferred Mineral Resources |
442,580 |
4.2 |
60,013 |
|
|
|
|
|
|
Copper |
Inferred Mineral Resources |
|
Tonnes(000's) |
Grade(%) |
Contained lbs (mm) |
|
Agua Rica (56.25%) |
417,881 |
0.23 |
2,119 |
|
Alumbrera (56.25%) |
1,708 |
0.17 |
6 |
|
MARA Total (56.25%) |
419,590 |
0.23 |
2,125 |
|
Total Copper Inferred Mineral Resources |
419,590 |
0.23 |
2,125 |
|
|
|
|
|
|
Zinc |
Inferred Mineral Resources |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
Minera Florida |
4,224 |
1.27 |
118 |
|
Total Zinc Inferred Mineral Resources |
4,224 |
1.27 |
118 |
|
|
|
|
|
|
Molybdenum |
Inferred Mineral Resources |
|
Tonnes(000's) |
Grade (%) |
Contained lbs (mm) |
|
Agua Rica (56.25%) |
417,881 |
0.030 |
276 |
|
Alumbrera (56.25%) |
1,708 |
0.008 |
1 |
|
MARA Total (56.25%) |
419,590 |
0.030 |
277 |
|
Total Molybdenum Inferred Mineral Resources |
419,590 |
0.030 |
277 |
Mineral Reserve and Mineral Resource
Reporting Notes
|
1. Metal Price, Cut-off Grade, Metallurgical Recovery |
|
|
Mineral Reserves |
Mineral Resources |
|
Canadian Malartic
(50%) |
Price assumption: $1,300/oz goldIn-situ open pit cut-off grades
range from 0.40 to 0.43 g/t goldMetallurgical recoveries for gold
in open pit averaging 90.6%Underground mining cut-off grade after
dilution and mill recovery of 1.55 g/t goldMetallurgical recoveries
for gold in underground averaging 95.51% |
Price assumption: $1,667/oz goldCanadian Malartic, Barnat and
Western Porphyry cut-off grades range from 0.32 to 0.43 g/t gold
inside pitUnderground cut-off grade at Odyssey is 1.20 to 1.30 g/t
gold (stope optimized)Underground cut-off grade at East Malartic is
1.20 to 1.45 g/t gold (stope optimized)Underground cut-off grade at
East Gouldie is 1.15 to 1.30 g/t gold (stope optimized) |
|
|
|
|
|
Jacobina |
Price assumption: $1,250/oz gold Underground Mineral Reserves are
reported at variable cut-off grades by zone ranging from 0.92 g/t
gold to 1.01 g/t goldMetallurgical recovery is 96.2% |
Price assumption: $1,250/oz gold. Cut-off grades correspond to 75%
of the cut-off used to estimate the Mineral ReservesUnderground
Mineral Resources are reported at variable cut-off grades by zone
ranging from 0.69 g/t gold to 0.76 g/t goldReported within
optimized underground mining shapes with minimum mining width of
1.5 metres and considering internal waste and dilution |
|
|
|
|
|
Cerro Moro |
Price assumptions: $1,250/oz gold and $18.00/oz silverUnderground
NSR cut-off at $210.71/t and open pit NSR cut-off at
$124.72/tMetallurgical recoveries average 93% for gold and 91% for
silver |
Price assumptions: $1,250/oz gold and $18.00/oz silver. NSR cut-off
values correspond to 75% of Mineral Reserves cut-offUnderground NSR
cut-off at $158.04/t and open pit NSR cut-off at
$93.54/tConstrained in optimized stopes and pit shells |
|
|
|
|
|
El
Peñón |
Price assumptions: $1,250/oz gold, $18.00 silverUnderground cut-off
at $129.15/tLow grade stockpiles cut-off range from 0.88 to 0.96
g/t gold equivalentMetallurgical recoveries for underground ores
range from 84.39% to 96.12% for gold and from 68.76% to 91.03% for
silverMetallurgical recoveries for low grade stockpiles range from
88.0% to 95.2% for gold and from 80.8% to 83.0% for silver |
Price assumptions: $1,250/oz gold, $18.00/oz silverUnderground
cut-off at $96.86/t, which corresponds to 75% of the cut-off value
used to estimate the Mineral ReservesReported within optimized
underground mining shapes with minimum mining width of 0.6m and
0.3m dilution on both hanging wall and footwallTailings and
stockpiles reported at cut-offs of 0.50 g/t and 0.96 g/t gold
equivalent respectivelyMetallurgical recoveries for underground
ores range from 84.39% to 96.12% for gold and from 68.76% to 91.03%
for silverMetallurgical recoveries for tailings estimated to be 60%
for gold and 30% for silverMetallurgical recoveries for stockpiles
estimated to be 88.0% for gold and 80.8% for silver |
|
|
|
|
|
Minera
Florida |
Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb
zincUnderground cut-off at $92.07/tMetallurgical recoveries for
underground are 92.59% for gold, 0.0% to 71.0% for silver, and 0.0%
to 80.0% for zincTailings are reported at a cut-off of 0.99 g/t
gold equivalentMetallurgical recoveries for tailings are 75.0% for
gold |
Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb
zincUnderground Mineral Resources are estimated at a cut-off value
of $69.05/t, corresponding to 75% of the cut-off used to estimate
Mineral Reserves, for the Las Pataguas, PVS, Fantasma, Millenium
Norte, and Cucaracha zones which are constrained to underground
mining shapes. The remaining zones are reported unconstrained at a
NSR cut-off value of $92.07/t.Metallurgical recoveries of 92.59%
for gold, 0.0% to 71.0% for silver, and 0.0% to 80.0% for zinc |
|
|
|
|
Wasamac |
Price assumption: $1,250/oz gold using an exchange rate of
US$1.32:C$1.00Underground cut-off grade from 1.52 to 1.65 g/t gold
(stope optimized)Mineral Reserves consider average total mining
dilution of 11% and average mining recovery of 93% |
Price assumption: $1,250/oz gold. Cut-off grades correspond to 75%
of the cut-off used to estimate the Mineral ReservesUnderground
cut-off grades range from at 1.14 to 1.42 g/t goldMineral Resources
are reported fully diluted within conceptual mining shapes |
|
|
|
|
|
Jeronimo (57%) |
Price assumption:$900/oz goldCut-off grade at 2.0 g/t
goldMetallurgical recovery for gold is 86%. |
Cut-off grade at 2.0 g/t gold |
|
|
|
|
|
MARA: Agua Rica
(56.25%) |
Mineral Reserves are estimated using a variable metallurgical
recoveryAverage metallurgical recoveries of 86% Cu, 35% Au, 43% Ag,
and 44% Mo were consideredOpen pit Mineral Reserves are reported at
a variable cut-off value averaging $8.42/t, based on metal price
assumptions of $3.00/lb Cu, $1,250/oz Au, $18/oz Ag, and $11/lb Mo.
A LOM average open pit costs of $1.72/t moved, processing and
G&A cost of $6.70/t of run of mine processed. The strip ratio
of the Mineral Reserves is 1.7 with overall slope angles varying
from 39° to 45° depending on the geotechnical sector |
Mineral Resources are estimated using a variable metallurgical
recoveryLOM average metallurgical recoveries of 86% Cu, 35% Au, 43%
Ag, and 44% Mo were consideredMineral Resources are constrained by
an optimized pit shell based on metal price assumptions of $4.00/lb
Cu, $1,600/oz Au, $24/oz Ag, and $11/lb Mo. Open pit Mineral
Resources are reported at a variable cut-off value which averages
$8.42/t milled with overall slope angles varying from 39° to 45°
depending on the geotechnical sector |
|
|
|
|
|
MARA: Alumbrera
(56.25%) |
N/A |
Price assumptions: $1,300/oz gold, $2.83/lb copper. Alumbrera
deposit: Whittle pit shell cut-off at 0.22% copper equivalentBajo
El Durazno deposit: 0.2 g/t Au cut-off within pit shell |
|
|
|
|
|
Arco Sul |
N/A |
Price assumption: $1,250/oz goldUnderground cut-off grade at
2.00g/t, which corresponds to 75% of the cut-off that would be used
for Mineral ReservesMineral Resources reported within optimized
underground mining shapes |
|
|
|
|
|
La Pepa (80%) |
N/A |
Price assumption: $1,650/oz goldCut-off grade of 0.20 g/t gold for
oxides and 0.26 g/t gold for sulphides, inside optimized pit
envelope |
|
|
|
|
|
Lavra Velha |
N/A |
Price assumption: $1,650/oz goldMineral Resources are constrained
by an optimized pit shell with metallurgical recoveries of 90.0%
for oxide, 85.0% for mix and 60% for sulphide materialCut-off grade
of 0.25 g/t Au for oxide and mix material, and of 0.37 g/t Au for
sulphide material |
|
|
|
|
|
|
|
|
Monument Bay |
N/A |
Price Assumption: $1,200/oz goldCut-off grades are 0.4 g/t gold and
0.7 g/t gold for the open pits and 4.0 g/t gold for
underground |
|
|
|
|
|
Suyai |
N/A |
5.0 g/t gold cut-off inside mineralized wireframe modeling |
|
|
|
|
|
2. All Mineral Reserves and Mineral Resources have been estimated
in accordance with the standards of the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) and
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). |
|
3. All Mineral Resources are reported exclusive of Mineral
Reserves. |
|
4. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. |
|
5. Mineral Reserves and Mineral Resources are reported as of
December 31, 2022. |
|
6. For the qualified persons responsible for the Mineral Reserve
and Mineral Resource estimates at the Company’s material
properties, see the qualified persons list below: |
|
Property |
Qualified Persons for Mineral Reserves |
Qualified Persons for Mineral Resources |
|
Canadian Malartic |
Patrick Fiset, Eng., and Pierre-Olivier Richard, Eng., Canadian
Malartic GP |
Pascal Lehouiller, P. Geo, Canadian Malartic GP |
|
Jacobina |
Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc. |
Camila Passos, P. Geo, and Danilo Ribeiro dos Santos, MAusIMM CP
(Geo), Yamana Gold Inc. |
|
El Peñón |
Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining
Commission, Yamana Gold Inc. |
Marco Velásquez Corrales, Registered Member of the Chilean Mining
Commission, Yamana Gold Inc. |
Qualified Persons
Scientific and technical information contained
in this news release has been reviewed and approved by Sébastien
Bernier (P. Geo and Senior Director, Reserves and Resources).
Sébastien Bernier is an employee of Yamana Gold Inc. and a
"Qualified Person" as defined by NI 43-101. Data verification
related to certain scientific and technical information disclosed
herein in connection with Yamana’s material properties can be found
in the Company’s technical reports entitled “NI 43-101 Technical
Report, El Peñón Gold-Silver Mine, Antofagasta Region, Chile” and
dated effective December 31, 2020, “NI 43-101 Technical Report,
Jacobina Gold Mine, Bahia State, Brazil” and dated effective
December 31, 2019, “NI 43-101 Technical Report, Canadian Malartic
Mine, Quebec, Canada” and dated effective December 31, 2020,
“Technical Report on the Agua Rica Integrated Project, Catamarca
Province, Argentina” and dated effective June 30, 2019, “NI 43-101
Technical Report on the Wasamac Feasibility Study Update" and dated
effective July 16, 2021, “NI 43-101 Technical Report, Cerro Moro
Gold-Silver Mine, Santa Cruz Province, Argentina” and dated
effective December 31, 2021, and “NI 43-101 Technical Report,
Minera Florida Gold-Silver Mine, Metropolitan Region, Chile” and
dated effective December 31, 2021 available under the Company’s
profile on SEDAR at www.sedar.com and on the Company’s website.
About Yamana
Yamana Gold Inc. is a Canadian-based precious
metals producer with significant gold and silver production,
development stage properties, exploration properties, and land
positions throughout the Americas, including Canada, Brazil, Chile
and Argentina.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investor Relations
416-815-02201-888-809-0925Email: investor@yamana.com
FTI Consulting (UK Public Relations)Sara Powell
/ Ben Brewerton+44 7974 201 715223 / +44 203 727 1000
END NOTES
(1) GEO is calculated as the sum of gold ounces
and gold equivalent silver ounces using a ratio of 82.94 for the
year-ended December 31, 2022. GEO reserve calculations are based on
mineral reserves metal price assumptions of $1,250 per ounce of
gold and $18 per ounce of silver, and metallurgical recoveries
specific to the mine plan. Guidance GEO assumes gold ounces plus
the equivalent of silver ounces using a ratio of 72.00.(2) A
cautionary note regarding non-GAAP performance measures and their
respective reconciliations, as well as additional line items or
subtotals in financial statements is included in Section 12:
Non-GAAP Performance Measures and Additional Subtotals in Financial
Statements in the Company's MD&A for the three and twelve
months ended December 31, 2022, dated March 29, 2023, available
under the Company’s profile on SEDAR at www.sedar.com and on the
Company’s website.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This news release contains or incorporates by reference
“forward-looking statements” and “forward-looking information”
under applicable Canadian securities legislation and within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking information includes, but is not
limited to information with respect to expected timing for
completion of the Proposed Transaction, expectations for AISC,
information with respect to the Company’s strategy, plans,
expectations, beliefs, including future operating performance and
updates regarding mineral reserves and mineral resources.
Forward-looking statements are characterized by words such as
“plan", “expect”, “budget”, “target”, “project”, “intend”,
“believe”, “anticipate”, “estimate” and other similar words, or
statements that certain events or conditions “may” or “will” occur.
Forward-looking statements are based on the opinions, assumptions
and estimates of management considered reasonable at the date the
statements are made, and are inherently subject to a variety of
risks and uncertainties and other known and unknown factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors
include transaction risks, risks relating to the completion of the
Proposed Transaction on the timeline anticipated or at all, the
Company’s expectations in connection with the production and
exploration, development and expansion plans at the Company's
projects discussed herein being met, the impact of proposed
optimizations at the Company's projects, the impact of any variance
in the Company’s current plans made by Pan American and/or Agnico
Eagle Mines Limited post-closing of the Proposed Transaction,
changes in national and local government legislation, taxation,
controls or regulations and/or change in the administration of
laws, policies and practices, and the impact of general business
and economic conditions, global liquidity and credit availability
on the timing of cash flows and the values of assets and
liabilities based on projected future conditions, fluctuating metal
prices (such as gold, silver, copper and zinc), currency exchange
rates (such as the Canadian Dollar, the Brazilian Real, the Chilean
Peso and the Argentine Peso versus the United States Dollar), the
impact of inflation, possible variations in ore grade or recovery
rates, changes in the Company’s hedging program, changes in
accounting policies, changes in mineral resources and mineral
reserves, risks related to asset dispositions, risks related to
metal purchase agreements, risks related to acquisitions, changes
in project parametres as plans continue to be refined, changes in
project development, construction, production and commissioning
time frames, risks associated with infectious diseases, including
COVID-19, unanticipated costs and expenses, higher prices for fuel,
steel, power, labour and other consumables contributing to higher
costs and general risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated, unexpected
changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development
of new deposits, success of exploration activities, permitting
timelines, government regulation and the risk of government
expropriation or nationalization of mining operations, risks
related to relying on local advisors and consultants in foreign
jurisdictions, environmental risks, unanticipated reclamation
expenses, risks relating to joint venture operations, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of pending and outstanding litigation and labour
disputes, risks related to enforcing legal rights in foreign
jurisdictions, as well as those risk factors discussed or referred
to herein, in the management information circular in connection
with the Proposed Transaction and in the Company's Annual
Information Form filed with the securities regulatory authorities
in all provinces of Canada and available at www.sedar.com, and the
Company’s Annual Report on Form 40-F filed with the United States
Securities and Exchange Commission. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management’s estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not
to place undue reliance on forward-looking statements. The reader
is cautioned not to place undue reliance on forward-looking
statements. The forward-looking information contained herein is
presented for the purpose of assisting investors in understanding
the Company’s expected operational performance and results as at
and for the periods ended on the dates presented in the Company’s
plans and objectives and may not be appropriate for other
purposes.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL
RESOURCES
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ in certain material respects from the
disclosure requirements promulgated by the Securities and Exchange
Commission (the “SEC”). For example, the terms “mineral reserve”,
“proven mineral reserve”, “probable mineral reserve”, “mineral
resource”, “measured mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are Canadian mining terms
as defined in accordance with NI 43-101 and the CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as amended. These definitions differ from the
definitions in the disclosure requirements promulgated by the SEC.
Accordingly, information contained in this news release may not be
comparable to similar information made public by U.S. companies
reporting pursuant to SEC disclosure requirements.
Figures accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/29533fb9-89a7-45c7-98ed-2583583f8156
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b455d4d-646d-41eb-adf3-a0f52e43b154
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e6c8003-81da-40c3-bcdf-7cde58515cf5
https://www.globenewswire.com/NewsRoom/AttachmentNg/59230e2f-86cf-466b-a309-427f87eafeda
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce394a34-39a0-44b6-870a-f98fe6e58113
https://www.globenewswire.com/NewsRoom/AttachmentNg/a09179b2-fe55-442a-8e85-faed9f18690b
Yamana Gold (NYSE:AUY)
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から 12 2023 まで 12 2024
