YAMANA GOLD INC. announced new exploration drilling results across its asset portfolio, underscoring its strategic outlook and efforts to meaningfully extend and expand its sustainable production platform. Exploration results at Canadian Malartic, Wasamac and Jacobina support strong organic growth in mineral reserves, mineral resources and production through successful brownfield exploration programs. Further success at El Peñón, Minera Florida and Cerro Moro is expected to significantly replace or reduce depletion due to mining, extending mine life, increasing sustainable production and enhancing asset value. The Company is also pleased to report that the strong operational performance seen throughout the nine month period ended September 30 continued in the month of October.

This overwhelmingly strong production performance significantly exceeded plan and positions the Company for a strong finish to the year, well within guidance expectations. The Company produced 88,739 gold equivalent ounces ("GEO")(1) in October, with gold production near a monthly high of the year at 79,472 ounces and silver production near a monthly high of the year at 796,573 ounces. With both gold and silver production coming in well ahead of plan, GEO(1) production in October was the second strongest monthly production so far this year.

The standout GEO(1) production also notably reflects a gold-to-silver ratio which is near an all-time high and significantly above that assumed in guidance. The results reflect continued operational strength at all of the Company's operations with standout performances at Canadian Malartic with 30,943 GEO(1) (50% attributable basis), El Peñón with 19,249 GEO(1) and Cerro Moro with 14,644 GEO(1). Infill drilling of the East Gouldie and Odyssey South deposits continues to meet or exceed the grade and width of the reported inferred mineral resource.

It is expected that a significant portion of the inferred mineral resources declared in 2021 will be converted by the end of 2022 into indicated mineral resources as a result of updating the mineral resource model with the new drill holes. These new indicated mineral resources will provide the basis for updated technical studies that will allow the definition of mineral reserves for the Odyssey underground project over the next few years. The Company expects the definition of mineral reserves for the Odyssey underground project to start at the end of 2022, supporting first gold production from Odyssey South in the first quarter of 2023.

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 flows 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 willsupport 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. New drilling demonstrates that the East Gouldie deposit also extends significantly to the west of the resource envelope at economically favourable 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.

Year to date, 68,541 metres of infill drilling at East Gouldie have been completed with ten to twelve drill rigs. Infill drilling continues to convert as expected with predictable wide zones at expected grades. Highlights include: MEX 21-219ZB with 9.68 g/t of gold (9.65 g/t of gold cut to 20 g/t) over an estimated true width of 30.90 metres, MEX21-224WAZ with 4.57 g/t of gold over an estimated true width of 50.70 metres and MEX 22-235Z with 6.18 g/t of gold over an estimated true width of 31.00 metres.

Infill drilling on the Odyssey South zone totals 32,300 metres to date with significant mineralization observed in internal higher grade zones including the following highlights: UGOD 16-075 with 6.80 g/t of gold (5.69 g/t of gold cut to 20 g/t) over an estimated true width of 21.84 metres and UGOD 16-071 with 15.31 g/t of gold (11.29 g/t of gold cut to 20 g/t) over an estimated true width of 5.70 metres. Exploration drilling on the East Gouldie corridor includes 12,405 metres of drilling year-to-date in 2022. Step out drilling west of the East Gouldie mineral resource has generated several positive new intercepts expanding the potential of the East Gouldie zone highlighted by hole MEX22-240 with 4.19 g/t of gold over an estimated true width of 12.80 metres at 1,331 metres depth in an area approximately 670 metres west of the current East Gouldie mineral resources.

Drilling through the remainder of 2022 and into 2023 will complete the mineral resource conversion of the core mineralized zone at East Gouldie, explore the up dip and western extensions of the known East Gouldie envelope and continue to convert mineral resources to indicated mineral resources at Odyssey South with infill drilling. To date all results support the planned underground Odyssey project with significant upside in extensions of the East Gouldie zone across a very large mineralized panel and in extensions and within internal higher grade zones in the advancing Odyssey South project. Notably, the Company also recently received the requisite mining lease from the Quebec Ministry of Natural Resources and Forestry and the Certificate of Authorization to commence underground mining.

As such, all required permits to commence gold production from the Odyssey mine have now been obtained. Wasamac mineral reserves and mineral resources have increased 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% (Table 3), while indicated mineral resources and inferred mineral resources have increased by 4% and 76% respectively (Table 4).

The growth in mineral reserves and mineral resources is the result of infill drilling, with 30,242 metres completed year-to-date, concluding the drill program for the year.