CANADIAN MALARTIC TOUR

Daniel Racine

President and CEO

Yamana Gold

June 19th, 2019

Cautionary NoteRegarding Forward-looking Statements

Canadian Malartic Tour 2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to the sale of the Chapada mine “The Chapada Sale Transaction” and anticipated timing of the closing of the Chapada Sale Transaction and the expected impact on the Company’s operations as a result of the Chapada Sale Transaction, the dividend increases, the repayment of debt, leverage ratios, expected benefits of the integration agreement information with respect to the Company’s strategy, plans or future financial or operating performance, continued advancements at Jacobina, Canadian Malartic, Cerro Moro, El Peñón, Minera Florida and Agua Rica, expected production and costs, future work and drilling programs, anticipated timing for the pre-feasibility and feasibility studies for the Agua Rica / Alumbrera integrated project and the potential for future additions to mineral resources and mineral reserves. 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 receipt of certain regulatory approvals and consent in connection with the completion of the Sale Transaction, the satisfaction of closing conditions, 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, changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration or 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, 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, risks related to asset disposition, 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, 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 and 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 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 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.

The Company has included certain non-GAAP financial measures and additional line items or subtotals, 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: Free cash flow, net debt to EBITDA, co-product cash costs per ounce of gold and silver produced, co-product cash costs per pound of copper produced, all-in sustaining co-product costs per ounce of gold and silver produced, all-in sustaining by-product costs per ounce of gold and silver produced and all-in sustaining co-product costs per pound of copper produced. Please refer to section 11 of the Company’s current annual Management’s Discussion and Analysis, which is filed on SEDAR and includes a detailed discussion of the usefulness of the non-GAAP measures. 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.

Qualified Persons

Scientific and technical information contained in this presentation has been reviewed and approved by Sébastien Bernier (Senior Director, Geology and Mineral Resources). Sébastien Bernier is an employee of Yamana Gold Inc. and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects. 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 Annual Information Form dated March 28, 2019, available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website.

The information presented herein was approved by management of Yamana Gold on June 17, 2019.

All amounts are expressed in United States dollars unless otherwise indicated.

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Introduction Daniel Racine - President and CEO

RESPECT – QUALITY - CONSISTENCY - SUSTAINABILITY

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Canada

BrazilJacobina

El Peñón

Canadian Malartic

Minera Florida

Cerro Moro

Producing Operations

Chile

Argentina

IntroductionYamana Gold

15%

34%28%

23%

Brazil CanadaChile Argentina

Revenue

by Country(2)

85%

15%

Gold Silver

Revenue

by Metal(2)

Production platform of 1 million gold-

equivalent ounces(1) and growing

High quality portfolio with long

life assets

Track Record of Consistency

Diversified by Jurisdiction and

Metal

Strong Balance Sheet and Financial

Flexibility

Increased Shareholder Returns

1. Gold equivalent ounces (“GEO”) include gold plus silver at a ratio of 82.5:1 for the 2019-2021 guidance period.2. Estimated 2020 run rate for revenue contribution by metal and by country.

Canadian Malartic Tour

Canadian Malartic Tour 5

Canadian Malartic General Partnership (CMGP)

Corporate Structure

CMGP is a distinct business unit managed

by a highly competent team focused on

best practices, innovation and safety

The equal partnership provides guidance

and overview to CMGP

The structure allows for information

sharing and communication between

partners and CMGP for efficient decision

making

The partnership provides expertize upon

request from the operator

Management Committee

Yamana Gold Agnico Eagle

Jason LeBlanc Yvon Sylvestre

Richard Campbell Alain Blackburn

Gerardo Fernandez Mathew Cook

Ross Gallinger Chris Vollmershausen

Serge Blais, General Manager

Yohann Bouchard, SVP Operations YRI

Christian Provencher, VP Canada AEM

Henry Marsden, SVP Exploration YRI

Guy Gosselin, VP Exploration AEM

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CMGP was created June 2014

An equal 50% - 50% ownership by YRI and AEM

CMGP built trust among all stakeholders through focusing on the safety of our employees, respect for the environment and contributions to the community

Delivering results with consistency to create value for all stakeholders

Canadian Malartic Tour

Canadian Malartic General PartnershipHistory

560 572 570 585 600 633 650697 660

Guidance (100% Basis) Results (100% Basis)

2015 2016 2017 2018 2019E

Gold

Ounces

in 0

00’s

CMGP

Annually Increasing Production(1)

1. See Cautionary Note Regarding Forward-Looking Information.

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Canadian Malartic Mine Operations

Canadian Malartic Tour

Canadian Malartic Mine

A proven mine management team

A long life asset

significant exploration potential

high quality land package

Robust block model

Low strip ratio 1.07 in Q1

0.0

1.0

2.0

3.0

2012 2013 2014 2015 2016 2017 2018 2019

Annual Combined Frequencies 2019 Objective

Lost Time Injury Frequency Rate

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• CMGP WAS CREATED IN JUNE 2014

• 50-50 OWNERSHIP BY YRI AND AEM

• BUILD TRUST WITH STAKEHOLDERS

• DELIVERING WITH CONSISTENCY

Odyssey and East Malartic

Potential to provide new sources of ore with underground mining

Ore could be fed to the existing mill, displacing a portion of the

lower grade open pit ore

Mill can be right-sized to accommodate underground throughput

Rand Malartic property

Acquired Q1 2019, located immediately east of Odyssey

Exploration is testing the eastern extension of the Odyssey project

for possible continuity onto the Rand Malartic property and for

near-surface potential

Canadian Malartic MineNear-Term Opportunities(1)

Canadian Malartic Tour1. See Cautionary Note Regarding Forward-Looking Information.

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• CMGP WAS CREATED IN JUNE 2014

• 50-50 OWNERSHIP BY YRI AND AEM

• BUILD TRUST WITH STAKEHOLDERS

• DELIVERING WITH CONSISTENCY

Odyssey ProjectStrong Fit with Yamana’s Expertise

Canadian Malartic Tour

YAMANA’S JACOBINA OPERATION IS PRESENTING MANY SIMILARITIES WITH THE

ODYSSEY PROJECT.

JACOBINA IS A RAMP ACCESS OPERATION WITH MILLING RATE OF 6,000 TPD

GRADING 2.30 G/T AU WITH RECOVERY RATE OF 97.6%(1).

1. Based on Q1 2019 results

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Jacobina

Located in Bahia state, northeast Brazil

A complex of underground mines with a carbon-in-pulp processing plant

Mining Method

Sublevel Longhole Stoping (SLS)

Ramp access to the mineralized zones allows for a high degree of flexibility

Jacobina Case Study Parallels to Odyssey

Geology and Mineralization

Gold mineralization is hosted almost entirely within quartz pebble conglomerates

Gold-bearing reefs range from 1.5m to 25m in width and can be followed along strike for hundreds of metres, in some cases for kilometres

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1. As of December 31, 2018, further details including tonnes, grade and assumptions are presented in the Company’s press release issued on February 14, 2019.

2. Measured and indicated mineral resources are exclusive of Proven and Probable mineral reserves.

3. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

4. Based on 2018 year end mineral reserves and 2018 production results

Mineral Reserves and Mineral Resources

Large mineral reserve base with reserve life index of over 14 years(4)

In 2018, gold mineral reserves increased by 11% over mining depletion and gold grades increased for both mineral reserves and mineral resources(1)

Exploration Targeting Higher Grade Resources

The 2018 exploration program identified and defined high-grade mineralization close to current infrastructure

In 2019, exploration to focus on supporting the planned expansion and targeting new mineral resources at a grade of 3.0 g/t or better

High quality exploration targets

JacobinaMineral Reserves and Mineral Resources

2018 Grade Increases(1,2,3)

Jacobina 2018 Year End Mineral Reserves

and Mineral Resources(1,2,3)

Tonnes

(000’s)

Grade

(g/t)

Gold

(M oz)

Proven and Probable

Mineral Reserves27,855 2.34 2.1

Measured and indicated

Mineral Resources40,710 2.47 3.2

Inferred Mineral

Resources12,145 2.58 1.0

2.28 2.24 2.152.34

2.472.58

Proven and ProbableMineral Reserves

Measured andIndicated Mineral

Resources

Inferred MineralResources

2017 2018

Canadian Malartic Tour 121. Production target for Phase 2 based on 8,500 tpd assumes 2018 mineral reserve grade and 96% recovery. Production target for Phase 2 based on

8,000 tpd assumes a 7% increase to 2018 mineral reserves and 96% recovery.

2. See Cautionary Note Regarding Forward-Looking Information.

Phase 1 (6,500 tpd)

Mill optimization to sustain 6,500 tpd and deliver 165k to 170k oz per year

Phase 1A (6,500 tpd with grade improvements)

Reserve grades expected to improve, providing further gold production following the mill optimization

Phase 2 (>8,000 tpd)

Mill expansion to sustain 8,000 - 8,500 tpd, delivering production of over 225k ozper year(1) is being evaluated

JacobinaPhased Expansion Plan(2)

PHASED EXPANSION PLAN DEVELOPED TO INCREASE PRODUCTION BEYOND 150K OZ/YEAR

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1. Production target for Phase 2 based on 8,500 tpd assumes 2018 mineral reserve grade and 96% recovery. Production target for Phase 2 based on 8,000 tpd assumes a 7% increase to 2018 mineral reserves and 96% recovery.

2. Includes mining, processing and G&A costs per tonne milled.3. See Cautionary Note Regarding Forward-Looking Information.

JacobinaTrack Record of Operational Performance

7697

120136 145 145

165 to 170

225

2014 2015 2016 2017 2018 2019E Phase1 Phase2

Track Record of Production Increases(3)

Gold

, k o

z

(1)

2014 2015 2016 2017 2018

Costs 12% Lower Since 2014

Operational Improvements Have Resulted in Significant Cost Reductions

Cost

per

tonne m

ille

d,

$/t(

2)

Canadian Malartic Tour 141. See Cautionary Note Regarding Forward-Looking Information.

Additional Upcoming Catalysts:

Agua Rica pre-feasibility – completed mid-2019

Agua Rica feasibility study with updated mineral reserves, production and cost estimates - completed mid-2020

Closing of the Chapada transaction - early Q3

Updated guidance – early Q3

Repayment of revolver – early Q3

Further updates on opportunities at Jacobina, Canadian Malartic and Cerro Moro –throughout 2019

CatalystsUpcoming Dates(1)

Jacobina - Upcoming dates:

July 2019 Jacobina update on phased expansion plan

Q3 2019 Jacobina mine tour

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Thanks

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Investor Relations

200 Bay Street, Suite 2200

Toronto, Ontario

M5J 2J3

416-815-0220/1-888-809-0925

investor@yamana.com

www.yamana.com