Cerro Moro Site Visit

March 3, 2018
 Cautionary Note Regarding Forward-Looking Statements

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the
Company’s strategy, plans or future financial or operating performance, the outcome of the legal matters involving the damages assessment and any related enforcement proceedings. 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 the Company’s
expectations in connection with the expected 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, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, the impact of the proposed new mining
law in Brazil 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, copper, silver and zinc), currency exchange rates (such as 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, risk related to non-core asset
dispositions, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and
commissioning time frames, risk related to joint venture operations, the possibility of project cost overruns or 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 time lines, government
regulation and the risk of government expropriation or nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and
timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’s current and annual Management’s Discussion and Analysis and the 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 forward-looking information contained herein is presented for
the purpose of assisting investors in understanding the Company’s expected financial and 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 presentation uses the terms “Mineral Resource”, “Measured Mineral
Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by National Instrument 43-101. However, these terms are not defined terms under Industry Guide 7
and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these
categories will ever be converted into Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-
feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a
Mineral Resource is permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does not constitute “Mineral Reserves” by Commission
standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this news release may not be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder. Marco Valencia, Mineral Resources Director for
Yamana Gold Inc. has reviewed and confirmed the scientific and technical information related to the properties contained within this presentation and serves as the Qualified Person as defined in National Instrument
43-101. He has also reviewed and verified that the technical information related to these properties contained in this presentation is accurate.

The Company has included certain non-GAAP financial measures, which the Company believes that together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate
the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by
other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP
financial measures included in this presentation include: co-product cash costs per ounce of gold produced, co-product cash costs per ounce of silver produced, co-product cash costs per pound of copper produced, all-
in sustaining co-product costs per ounce of gold produced, all-in sustaining co-product costs per ounce of silver produced, all-in sustaining co-product costs per pound of copper produced, adjusted earnings or loss,
adjusted earnings or loss per share, adjusted operating cash flows, net debt, net free cash flow, and average realized price per ounce of gold sold, average realized price per ounce of silver sold, average realized price
per pound of copper sold. Please refer to section 13 of the Company’s third quarter MD&A filed on SEDAR for a detailed discussion of the usefulness of the non-GAAP measures. The terms “EBITDA” and “EBITDA
Margin” do not have a standardized meaning prescribed by IFRS, and therefore the Company’s definitions are unlikely to be comparable to similar measures presented by other companies. The Company believes that in
addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. In particular, management uses these
measures for internal valuation for the period and to assist with planning and forecasting of future operations. The presentation of EBITDA and EBITDA Margin is not meant to be a substitute for the information
presented in accordance with IFRS.

The information presented herein was approved by management of Yamana Gold on March 2, 2018.

All amounts are expressed in United States dollars unless otherwise indicated. 2
Senior Management Team

Mr. Racine joined Yamana in May 2014. From August 2012 until March 2014,
Mr. Racine was President and Chief Operating Officer of Brigus Gold Corp.
Prior to joining Brigus, Mr. Racine was Senior Vice President, Mining of
Agnico-Eagle Mines Limited where he was responsible for Agnico-Eagle's
global mining operations. Mr. Racine joined Agnico-Eagle as a junior Mining
Engineer in 1988 taking on progressively senior roles throughout his tenure,
Daniel Racine including LaRonde Mine Manager, Vice-President Operations Manager, and
EVP, COO Senior Vice President Operations. Mr. Racine holds a Bachelor of Mining
Engineering degree from Laval University. He is a registered engineer with
L'Ordre des Ingenieurs du Quebec, a professional engineer with Professional
Engineers Ontario and a member of the Ontario Society of Professional
Engineers.

Mr. Murphy joined Yamana in September 2014 as Senior Vice President,

Technical Services. Prior to joining Yamana, Mr. Murphy held the position of
Vice President Projects, Copper Division at Anglo American Corporation
since 2010. Mr. Murphy first joined Anglo American Corporation in 1987 as a
junior engineer and he progressed through increasingly senior positions
across various divisions in numerous operational and technical capacities on
Barry Murphy both open pit and underground mines throughout the organization. From
SVP, Technical 2000 until 2002, Mr. Murphy held management positions at engineering and
construction services firms Hatch and Murray & Roberts – Cementation
Services Limited. Mr. Murphy holds a Bachelor of Science in Mechanical Engineering
from the University of Witwatersrand, Johannesburg and a Bachelor of
Commerce from the University of South Africa. He is a certified Professional
Engineer with the Engineering Council of South Africa and a Project
Management Professional with the Project Management Institute.
3
Senior Management Team

Mr. Fernandez has been with the Company since 2000, having worked
in several positions in mine operations, mine planning and project
development. Most recently, Mr. Fernandez played a pivotal role in
leading Mercedes into production as its Project Manager/General

Gerardo
Manager. Mr. Fernandez holds a Masters of Business Administration
from Morrison University in Reno, Nevada and degrees in Civil Mining
Fernandez Engineering and Engineering from the University of Chile.
SVP, Operations

Mr. Marsden has over 30 years of exploration experience, including

over 20 years as a consulting geologist working with a variety of
clients and focusing on field exploration work. He also played a key
role in the discovery and advancement of several deposits including
Rio Blanco and Pico Machay in Peru, and the Timmins West gold
deposit in Timmins, Ontario where he was responsible for the first
Henry Marsden mineral resource which ultimately lead to mine construction.
SVP, Exploration

4
 Barry Murphy
SVP, Technical Services

5
Cerro Moro Project
Project Highlights To Date

2015
 Feasibility Study & Detailed Engineering commenced
 Early site infrastructure installed (preliminary construction camp, RO plant)
2016
 Detailed Engineering progressed to ~85%
 Execution readiness achieved - key service contracts in place, construction camp
installed
 Strategic contracts and long lead orders placed (structural steel fabrication &
installation, mechanical installation, leach tanks fabrication and construction)
2017
 Concrete and structural steel installation complete. Mechanical discipline
completed in the main process plant areas
 Piping and electrical activities progressed according to plan and instrumentation
contractor fully mobilized
 Commissioning crew mobilized, with pre-commissioning of the crushing/screening
system and ore bin feed conveyor complete. Commissioning initiated on crushing
plant, ore storage conveyor and reverse osmosis plant
 Power plant partially installed with 4MVA of medium voltage power available for
commissioning at year end 6
Cerro Moro Project
2018 Highlights to date & Remaining focus

Q1 2018
 Shift from construction to commissioning, with remaining electrical and
instrumentation installation staged to suit the commissioning plan.
 Key focus on system and subsystem pre-commissioning/commissioning.
 Advance Open Pit mining operation
 Stockpiling of 1,5 months (45 kt approx.) of feed material from OP and UG mining
operations

Q2 2018
 Operating business unit established, with staffing and systems in place
 Plant start-up - introducing ore into the system in Q2 2018
 Plant ramp-up in line with the plan
 First dore to be poured

7
 Cerro Moro Project
Right Time in Cycle and Tailored for Argentina

• Local team and EPCM contractor experience in

Argentina

• Robust upfront estimate and schedule

(productivity) planning
• Regionally specific market knowledge (supply
chain, contractors, unions, service providers)

• Fit-for-Purpose Design

• Design well advanced before start of field

activities
• Plant sized to suit to mineral resource size
• Modular design to reduce construction duration
• Significant underground development prior to
start-up

• Executing project in a “down” cycle

• Commercial and schedule opportunities

8
Cerro Moro Project
Right Time in Cycle and Tailored for Argentina

• Project management including project

controls

• System setup to ensure accurate

cash/financial tracking in a high inflationary
and FX impacted environment
• Improved project reporting (dashboards) set a
new benchmark for projects going forward

• Importation & customs management

• Simplified design to reduce importation delay
• Stream-lining the importation process
• Argentina office support

• Union and stake holder management

• Union agreement signed before start of
construction
• Community and social programs developed

9
Gerardo Fernandez
SVP, Operations

1
Cerro Moro - Management Team

• Mining engineer, over 30 years of experience

Jorge Sanguin • GM Cerro Vanguardia & President, Argentina for
General Manager Anglo Ashanti; Pan American Silver, others
• Underground and open pit experience

• Mining engineer, over 15 years of experience

Claudio Hernandez • Geotechnical Manager, Yamana Gold Southern
Technical Services Operations
• Anglo American, Antofagasta, Consulting
Manager • Underground and open pit experience

• Licensed in mining technology, specialist in mineral

Walter Pizarro processing, over 15 years of experience in start up
Plant Manager and operation of process plants of gold - silver
• Anglogold Ashanti, Barrick, Pan American Silver

• Geologist, over 20 years of experience

Juan Di Caro • Extorre, Exeter
Exploration
Chief Geologist

2
Location and Regional Context

CERRO NEGRO

CERRO VANGUARDIA
MANANTIAL ESPEJO

Population 16,000

3
HSEC
Safety

LTI Rolling – Cerro Moro

0.60
0.50
0.40
0.30
0.20
0.10
0.00

Jul-17
Jan-17

May-17

Jan-18
Nov-16

Nov-17
Dec-16

Apr-17

Dec-17
Sep-17
Aug-17
Oct-16

Feb-17

Jun-17

Oct-17
Mar-17

LTIFR (3 Mo) LTIFR (12 Mo)

LTI Current Focus

• Management System
Date Quantity Company • Critical Procedures
• Start-up
May 16/17 1 Milicic • Operation
• Workforce Training
Aug 21/17 1 MD Drilling
• Leadership on the field
4
HSEC
Environment & Social

Environment

• All permits granted for Construction and Operation

• Update of EIA in 2018

Social Responsibility

• Santa Cruz and Puerto Deseado focus of CSR initiatives

• Hiring Commitments 70/30 (Local/Non-local)
• Buying Local – “Compre local”
• Social Programs aligned with Company Strategy
 Cerro Moro
Life-of-Mine (LOM) Vision

Cash Extend
Production HSEC
Generation Mine Life
Short Term: Target AISC(1) Improve Consolidate a
commissioning $600-$700/oz production strong safety
and stabilization profile and culture and
Increase site reinforce
of the operation extend mine
automation sustainability
life
Medium Term focus
Ramp-up
Target: Strategic Target
technology in UG One Team
to add 1.0M
mines
130 koz Au/year GEO to mineral
One Goal
7,000 koz Ag/year inventory
Zero

1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42017. 6
 Cerro Moro
Key Operating Aspects

Mining

• Multiple selective open pits – contract mining

• Five underground mines Bench & Fill – owner mining
• Escondidas and Zoe Mines with highest metal content

Processing

• 2-stage crushing (2,000 tpd capacity)

• 1,000 tpd Flotation and Cyanidation Plant
• 48 hours residence time
• Gravity and Merrill-Crowe
• Target recoveries 95% gold, 93% silver
• 5-year average feed grades > 11 gpt Au; > 640 gpt Ag

7
 Cerro Moro
Site Layout
NINI NORTH 1
NINI NORTH 2 GABRIELA NORTH

PATRICIA GABRIELA SOUTH

NINI CENTRAL
LOMA
DEBORAH
ESCONDIDA
FW NINI SOUTH

ESC W
ESC C
WAREHOUSE
ESC E
CARLA
CARLITA
TRUCKSHOP ROMPAD
MAGAZINE MARTINA VERONICA
PLANT
ZOE

CAMP
STORE 1 km
GASOIL
TAILING DAMP 8
 LOM Plan
5-Year Mine Sequence

2018 2019 2020 2021 2022

Mine
13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72

UNDERGROUND
Escondida Far West
Zoe
Escondida Central
Escondida West
Martina

OPEN PIT

Optimized Sequence
Escondida Central
Escondida West

Balanced Activity Level and

Zoe

Metal Output for Gold and Silver

Carla
Carlita
Patricia
Nini South (4)
Nini North 2
Nini Central (3)
Nini North 1
Loma
Deborah
Gabriela 3
Gabriela 2
Gabriela 1

UG Development
9
General Layout
Open Pit – Priority for Grade and Proximity

10
 Open Pits
Quick Access to High Grade, Low Cost Ore

Patricia
Escondida West Au 7.6 gpt
Nini Central
Au 15.6 gpt Loma Ag 414 gpt
Au 3.1 gpt
Ag 472 gpt Au 7.4 gpt Ag 353 gpt
Ag 423.5 gpt
Escondida
Central
Au 18.6 gpt
Ag 462 gpt

Nini Sur
Au 7.0 gpt
Ag 197 gpt

High Grade Selective Open Pit

Experienced Staff and
Operators

• 15 Pits in the LOM Plan – Escondida and Zoe main sources of gold and silver
• 50 to 60 degree slope angles
• Bench Height: 10 m
• Ore excavated in 5 m benches for selectivity
11
 Open Pits
Typical Open Pit Sequence

3. Remaining
Waste
Extraction

2. Selective
Ore Blasting
and Extraction

1. Initial Waste
Extraction
Pre-split and buffer
zone

• Separated and controlled blasting for ore, with pre-split and buffer zones
• Owner team and contractor with experience in selective open pit mining in Santa Cruz
• Dilution target 40 cm per side
12
Underground Mines
Layout

Escondida Far West

Au 16.9 gpt
Ag 879 gpt

Escondida West
Au 12.8 gpt Zoe
Ag 583 gpt Au 11.2 gpt
Ag 890 gpt

Escondida Central
Au 15.1 gpt
Ag 308 gpt

13
 Underground Mines
Known and Reliable Mining Method

Access

Level
8 to 12 m
Production Bench Height
Drilling

Level
Rock
Stope Fill
CRF
Level

Bench and Fill Mining Method with CRF and RF to ensure ore selectivity and reduced
dilution of grade (estimated at 20%) - Bench strength at local and regional operations
14
Underground Mines
Escondida Far West Early Mine Development

Sill Pilar

Development started in 2016 – bulk samples, detail

engineering, model confirmation

First high grade panel development completed (Sill Pilar)

Training platform and ramp-up `

EFW Mine Early Development

Engineering Input and High Prepared Reserves
15
 Focus on Delineation Drilling and Grade Control
Build Core Skills Early in the Project

Open Pit
• Delineation Drilling to 10x10m
• Trenching, mapping and sampling
• Staff experienced with methods and grade control

Underground
• Drilling 20x20m in EFW to 30x30 in other zones
• Strategic drilling to detail ‘Black Silica HG zones’
• Drifting between 2016 and 2017 in ore zones
• Grade control procedures training at EP and applied on site

General
• Advanced operational geotechnical and geo-metallurgy models
• Near 400,000 meters of drilling since beginning of project,
with 86% core drill holes providing excellent base information

16
 Underground Mine
Main Equipment
Boomer S2C – Simba S7C - Boltec S7
• Production Drilling Rigs new design for
increased productivity and reliability

• Jumbo, Boltec and Simba share components

and maintenance procedures
LHD ST1030 6yd3
• RCS 5 controls for easier operator training and
improved productivity – IDEAward

• Technological platform to build on: digital

drilling pattern, operator assistance, semi-
LHD ST7 3.5yd3 automatic

• Conventional trucks with ejector bucket,

successful application in Mercedes and Penon

Volvo FMX 460 • Remote monitoring of conditions (Certiq) for

improved fleet management

• Owner Maintenance, with Brands technical

Support on site
17
 OP/UG Blend and UG Development
Smooth Underground Ramp-up

Underground and Open Pit Ore Feed per Year

400,000 14,000
12,000
Ore Production (t)

300,000 10,000
8,000
200,000
6,000
100,000 4,000
2,000
0 0
2018 2019 2020 2021 2022
OP Ore UG Ore Dev (m)

2017 LOM Drift LOM Access LOM Ramp LOM Bench

KPI m/month m/month m/month m/month Units/month
Cerro Moro 29-34 30-40 45 45-60 3-6
El Penon 45 50-75 50-100 6
Gualcamayo 50 50 50 NA

18
 Processing Facility
Overview

Ore Bin
Mill Building Warehouse
MC and Refinery

CCDs

Primary & Secondary Flotation Building Laboratory

Crushing

Leaching Circuit
Reagents Storage

ROM Pad

Gen-Sets

Robust Flowsheet and Compact Layout

Conventional Unit Operations Similar to EP and MF
19
Processing
Simplified Process Flow Diagram

Crushing
Leaching Circuit

CCD Circuit

Grinding
Merrill - Crowe

Gravity

Tailings Facility Refinery

Flotation

Regrind and Intense

Leaching

20
Cerro Moro Project
Pre-commissioning / Commissioning Overview

Legend:
01
Initiated
Jan 2018
Feb 2018
02 Mar 2018

11 07 v 1.
2.
Power plant
Crushing
3. Fine ore storage
4. Grinding & flash
06 04 flotation
5. Laboratory/Ore
Control
6. Leaching
03
05 7.
8.
Flotation
Merrill crowe
9. CCD’s
10. Gold room
11. Reagents
10 12. Detox & tails

09 Basic approach going

12 forward:
08
1. Focus for Feb’18:
Dry commissioning in
a sequence as
indicated, is the
Crushing
2. Focus for March‘18:
Wet commissioning
through 5 integrated
Water Tests
21
 Operational Readiness
Hiring and Training

Hiring Curve • First years of operation with a team of

600 experienced miners and plant operators in key
500 positions
Number of Employees

400
• In house training program and custom modules
contracted with Performance Associates from
300

200
AZ,USA progressing according to plan
100

0 • Mine equipment training with vendor, simulator

and on the field training with instructors
Dec-17

Apr-18

Jun-18

Aug-18

Dec-18
Nov-17

May-18

Nov-18
Sep-17

Jan-18
Feb-18
Mar-18

Jul-18

Sep-18
Oct-17

Oct-18

Plan Actual

Master Schedule 2017 2018

Area Training 7 8 9 10 11 12 1 2 3 4 5 6 7
Laboratory Internal

Plant Internal & External

Maintenance Internal & External

External
Simulator
Mine
Vendor
On the Job 22
Cerro Moro
Operational Readiness

Area Example Progress

HSE Readiness Strategy, Systems 90%
Mine Operations Readiness Equipment, Contracts, Procedures 90%
Plant Operations Readiness Procedures, Balances, Ramp-up 93%
Maintenance Readiness Spares, Strategy, Planning, Tools 85%
Systems Readiness ERP, IT, Planning, Reporting 90%
Organizational Readiness Staffing, Training, Policies, Union 85%
Supply Chain Readiness Contracts, Logistics, Strategies 85%
Support Readiness Ancillaries, Services, Procedures 90%
Risk Management HAZOP, Others 100%

23
 Automation and Technology
Strategy

• Deliberate decision to de-risk project execution

• First things first

• Core competences for narrow vein mining
• Operational Readiness
• Digital Maturity

• Strong platform to build onto:

• Increased Plant Automation
• UG Mine Equipment Tracking
• Personnel Tracking
• Maintenance Optimization
• Remote Control Mine Services

• Testing and development at Peñón and Jacobina,

bring to Cerro Moro at the right time and as
matured technologies

24
 Operating Outlook
Cerro Moro

Production Guidance Cost Co-Product

AISC(1)
Guidance Cash Cost(1)
Production 2018 2019 2020
$510/oz Au $650/oz Au
Gold (k oz) 85 125 130 2018
$7.10/oz Ag $9.15/oz Ag
Silver (m oz) 3.75 6.0 8.3

Capital Spending Guidance

2018 (Gold in 000 oz) (Silver in Million oz)
150 10.0
Construction Capital $61M

Sustaining Capital $21M 8.0

100
Total Exploration Budget $9M 6.0

4.0
50

Balanced Production Plan 2.0

Low AISC and Robust Cash 0 0.0

Generation 2018 2019 2020
Gold Silver LOM Avg Gold LOM Avg Ag

25
1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42017.
 5-Year Strategic Production Profile Gold
Exploration Opportunity

140,000

120,000

100,000

80,000
Gold Ounces

60,000

40,000

20,000

0
2018 2019 2020 2021 2022
Gold Ounces 2018 Infill

26
 5-Year Strategic Production Profile Silver
Exploration Opportunity

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000
Silver Ounces

4,000,000

3,000,000

2,000,000

1,000,000

0
2018 2019 2020 2021 2022
Silver Ounces 2018 Infill

27
Site Layout
Overall Field Visit
NINI NORTH 1
GABRIELA NORTH
NINI NORTH 2
N

PATRICIA
GABRIELA SOUTH
NINI CENTRAL
LOMA

DEBORAH
NINI SOUTH
2. ESCONDIDA FW

3. ESCONDIDA W

ESC E
CARLA

` 1. OVERLOOK CARLITA

MARTINA
VERONICA
4. PLANT ZOE

CAMP
1 km

TAILING DAMN
Henry Marsden
SVP, Exploration

1
Exploration Presentation Agenda

A. Introduction: Geology/Mineralization Controls

B. Exploration Strategy

C. 2017 Exploration Program and Results

D. 2018 Exploration Plans

E. Long Term Future – Comparison to El Peñón

2
Deseado Massif Geology
A World Class District

* As Per S&P Global Market

Intelligence

>7.6 mm Oz’s of gold produced to date with remaining Reserves of > 8.2 mm Oz’s* 3
Cerro Moro Geology
Escondida-Zoe is a 1.4 M GEO (0.7 M oz Au) Structure

4
Cerro Moro Geology Model

Bahía Laura Escondida Horst Moro Carolline Domes Lala

Dave Caller_2014 North border Horst Moro with 2015 drilling

5
Cerro Moro Geology

Key Features:
• 170 Ma pulse grey silica Au-Ag with Mo-As
• East-West Extensional Veins- High grade

6
Exploration Strategy

1. Replace production in Core Mine

2. Discover new 1 M GEO structure in Near Mine/District
3. Add incremental high grade trucking ore in District

Ref Size KOz AuEq % Ideal

1 >200 30
2 50-200 50
3 <50 20

Ref Distance Definition Ideal %

Core Mine Mine plan 60
Near Mine 10 km around 30
Distrital 30 km around 10

7
Exploration Budget 2018

Infill program objectives:

Maintain Mineral Reserves with minimum 4 years production (600 K Oz)

• Add 120 K GEO M&I in 2018
• Require 12,000 m ($3M )
• Target (Veronica, Martina**, Silvia, Esperanza Splays; Michelle*)

Exploration program objectives:

Add 1 M GEO inferred Mineral Resource
• Define Resources Veronica, Esperanza Splay, GNW
• Explore for new 1st order structures ( Escondida, Zoe Southeast, La Henrriete
Fault)
• Explore North Extension Escondida (Hochschild agreement)
• Explore and discover new “Core & Near Mine” targets with scout drilling
• Advance with geophysical targeting
• Aggressive soil sample program in “Core Mine” and “Near Mine”
• 23,000 m – $6M (target to add an initial 150 K GEO)
8
Summary of 2017 Cerro Moro Exploration Program

PROSPECTS Holes Meters Distance Size %

Veronica 54 11382.75 Core Mine 2 55.94%
Barbara Sur 4 426 Core Mine 3 2.09%
Esp-Carla Channel 7 1150.9 Core Mine 1 5.66%
Esp-Splays 13 1381.4 Core Mine 3 6.79%
FMD_Concep Target 7 936.7 Core Mine 2 4.60%
Gabriela-Moro Gap 10 1827.4 Near Mine 1 8.98%
Filon Moro Ext 2 562.4 Near Mine 3 2.76%
Escondida FW
(Deep) 2 895 Core Mine 1 4.40%
Escondida South 2 259 Near Mine 1 1.27%
Esperanza Parallel 3 270 Core Mine 3 1.33%
Zoe (deep) 1 548 Core Mine 1 2.69%
La Henriette 4 709 Distrital 1 3.48%

TOTAL 109 20348.55 100.00%

3.48% Distance
Distance from Mine Plant Definition Ideal % Real % 13.02%
Core Mine Mine plan 60 83.50% Core Mine
Near Mine 5 Km around 30 13.02% Near Mine
Distrital 30 km around 10 3.48%
Distrital
83.5%

9
Targets 2017
~20,350 Metres

EFW (Deep)

Carla Esperanza Channel

(New) FMD

Barbara South
Veronica
c Positive targets
Zoe (Deep) No Positive targets 10
Verónica Prospect

Veronica Structure- Conceptual Model

1.7 km

11
 Verónica-Barbara Sur Intersection

Near surface high Au-Ag grades in black silica breccia, Escondida mineralization style

MD2381

Disc hole

Veronica

Martina
240 mts

MD2381: From 75 m; 12.8 m @ 35.09 ppm Au/ 1856.6 ppm Ag / 63.1 AuEq66.4
Includes: 1.20 m @ 359 ppm Au/ 18195 ppm Ag/ 633 AuEq66.4 12
Verónica Prospect: Geological Model

13
 Verónica Long Section
740 m

W Extentional Shoot E

Potential zone

14
Esperanza Splay Discovery

PLANT
ZOE
Near surface
Mineral Resources
(from surface to
around 60 m).
Small ore shoot
< 20,000 estimated
Oz AuEq

Plan is to test E-W

extension (dash
line)

15
Esperanza Splay Long Section

W E

Tonnes 55,424 SG (ton/m3) 2.61

Au Oz 13,123 True width m (avg) 1.50
Au grade g/t (avg) 6.25
Ag Oz 345,652
Ag grade g/t (avg) 111.6
AuEq Oz 18,329

Mineral Resources 2017

AuEq grade ppm (avg) 7.94
16
GNW
Gabriela Style Target: 2 Km Underexplored Area

MD2260

17
2018 Exploration Drilling Plan 2018 Q1

18
Soil and Terraspec Sampling Program

• Over +2000 soil samples focused in Core Mine and Near Mine (Michelle border)
• Surface sampling and mapping in Core Mine, Near Mine (Michelle); La Negrita Block
• La Henriette + Olivia; Bella Vista South
19
 DISTRITAL MORO: BAHIA LAURA BLOCK

BAHIA LAURA BLOCK:

 62,500 Has
 Yamana-Fomicruz J.V.
 Primary Target: To define NW
fault on the Horst Block
 Secondary Targets: dome
related mineraliz, NE struct, etc
 Fence drilling
 To get landowners permissions
Julia Trench: 1.3 m @ 22.8 ppm Au

Large Mo-As anomalism

Interpreted
Horst Block Rhy Dome related NW mineraliz trend
UD001: 17.5 m @ 4.53 ppm Au

Naty Trench: 10.7 m

@ 3.58 ppm Au
Basament
outcrops

Julia: visible gold

20
CERRO MORO CONSOLIDATED LAND

LAND CONCESSIONS Surface (has)

CORE MINE 8700
Distrital Mosquito 31500
Distrital Bahia Laura 62500
Distrital La Negrita 14200
Distrital Los Panchos 168000
284,900
21
El Peñón
Exploration History – Vein Discovery

YEAR OF INITIAL N Angosta

MINERAL RESOURCE
DEVELOPMENT

1993
1998
Bonanza
2002
2003

EL PEÑÓN
2004
Ventura
2005
Esmeralda
Paloma
2006
M. Flat

2007 Borde W

2010 C.Martillo
Al Este 10 km
2012 Q.Colorada

Vista N.
2013 Diablada

2014
Dorada
Angelina

2015 Orito Norte

Dorada W

FORTUNA Q.Orito Sorpresa NW

Providencia
Playa

Fortuna Este Orito Sur

Dominador

Fortuna

22
El Peñón
Exploration History – Drill Metres

NARROW STR.
VETAS NWS
DORADA W
Colorada

BONANZA

VENTURA
DORADA

AB.OESTE
PALOMA-
ALESTE
Cerro Moro today

Total metres drilled: Cerro Moro Average metres/year:

2,953,252 metres 412,000 m 146,429m
160,294 146,757

Mts 106,886 158,172 184,041 123,338 125,844 166,098

23
Exploration Potential: Another El Peñón?

24