Cerro Moro Site VisitMarch 3, 2018

Cautionary Note Regarding Forward-Looking Statements

2

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 andapplicable 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 theCompany’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 arecharacterized 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 anduncertainties 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’sexpectations 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 theCompany’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 mininglaw 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 assetdispositions, 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 andcommissioning 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 consumablescontributing 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, governmentregulation and the risk of government expropriation or nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage andtiming 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 AnnualInformation 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 andExchange 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 andfuture 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, assumptionsor 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 forthe 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 andobjectives 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 MineralResource”, “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 7and 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 thesecategories 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 cannotbe 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 aMineral 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 Commissionstandards 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. companiessubject 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 forYamana 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 Instrument43-101. 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.

Senior Management Team

Daniel RacineEVP, COO

Barry MurphySVP, Technical

Services

3

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, including LaRonde Mine Manager, Vice-President Operations Manager, and 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 both open pit and underground mines throughout the organization. From 2000 until 2002, Mr. Murphy held management positions at engineering and construction services firms Hatch and Murray & Roberts – Cementation 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.

Senior Management Team

Gerardo Fernandez

SVP, Operations

Henry MarsdenSVP, Exploration

4

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

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 mineral resource which ultimately lead to mine construction.

5

Barry MurphySVP, Technical Services

6

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

Cerro Moro ProjectProject Highlights To Date

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

operationsQ2 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 Project2018 Highlights to date & Remaining focus

8

• 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

Cerro Moro ProjectRight Time in Cycle and Tailored for Argentina

9

• 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

Cerro Moro ProjectRight Time in Cycle and Tailored for Argentina

1

Gerardo Fernandez SVP, Operations

Cerro Moro - Management Team

2

Jorge SanguinGeneral Manager• Mining engineer, over 30 years of experience• GM Cerro Vanguardia & President, Argentina for

Anglo Ashanti; Pan American Silver, others• Underground and open pit experience

Claudio HernandezTechnical Services

Manager

• Mining engineer, over 15 years of experience• Geotechnical Manager, Yamana Gold Southern

Operations• Anglo American, Antofagasta, Consulting• Underground and open pit experience

Walter PizarroPlant Manager

• Licensed in mining technology, specialist in mineral processing, over 15 years of experience in start up and operation of process plants of gold - silver

• Anglogold Ashanti, Barrick, Pan American Silver

Juan Di CaroExploration

Chief Geologist

• Geologist, over 20 years of experience• Extorre, Exeter

Location and Regional Context

3

Population 16,000

CERRO VANGUARDIA

CERRO NEGRO

MANANTIAL ESPEJO

HSECSafety

LTI Rolling – Cerro Moro

LTIDate Quantity CompanyMay 16/17 1 MilicicAug 21/17 1 MD Drilling

Current Focus• Management System• Critical Procedures

• Start-up• Operation

• Workforce Training• Leadership on the field

0.000.100.200.300.400.500.60

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-1

7Apr

-17Ma

y-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

LTIFR (3 Mo) LTIFR (12 Mo)

4

HSECEnvironment & SocialEnvironment• 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

6

Production Cash Generation

Extend Mine Life

Short Term: commissioning

and stabilization of the operation

Medium Term Target:

130 koz Au/year7,000 koz Ag/year

Target AISC(1)$600-$700/ozIncrease site automation Ramp-up

technology in UG mines

Improve production profile and

extend mine life

Strategic Target to add 1.0M

GEO to mineral inventory

H S E CConsolidate a strong safety culture and reinforce

sustainability focus

One TeamOne Goal

Zero

Cerro MoroLife-of-Mine (LOM) Vision

1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42017.

Cerro MoroKey Operating Aspects

Mining• Multiple selective open pits – contract mining• Five underground mines Bench & Fill – owner mining• Escondidas and Zoe Mines with highest metal contentProcessing• 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 MoroSite Layout

8

NINI NORTH 1

NINI CENTRAL

NINI SOUTH

GABRIELA NORTH

DEBORAH

ZOE

CARLITAMARTINA

ESC CESC W

ESCONDIDA FW

LOMAPATRICIA

PLANT

CAMP

TAILING DAMP

N

1 km

GABRIELA SOUTH

TRUCKSHOP

GASOILSTORE

NINI NORTH 2

MAGAZINE

CARLAESC EWAREHOUSE

ROMPAD

8

VERONICA

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 72UNDERGROUNDEscondida Far WestZoeEscondida CentralEscondida WestMartina

OPEN PITEscondida CentralEscondida WestZoeCarlaCarlita PatriciaNini South (4)Nini North 2Nini Central (3)Nini North 1Loma Deborah Gabriela 3Gabriela 2Gabriela 1

UG Development

2021 2022Mine 2018 2019 2020

LOM Plan5-Year Mine Sequence

9

Optimized SequenceBalanced Activity Level and Metal Output for Gold and Silver

General LayoutOpen Pit – Priority for Grade and Proximity

10

11

Open PitsQuick Access to High Grade, Low Cost Ore

• 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

High Grade Selective Open PitExperienced Staff and Operators

EscondidaCentral

Au 18.6 gptAg 462 gpt

Escondida WestAu 15.6 gptAg 472 gpt Loma

Au 7.4 gptAg 423.5 gpt

PatriciaAu 7.6 gptAg 414 gpt Nini Central

Au 3.1 gptAg 353 gpt

Nini SurAu 7.0 gptAg 197 gpt

Open PitsTypical Open Pit Sequence

12

• 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

1. Initial Waste Extraction

Pre-split and buffer zone

2. Selective Ore Blasting

and Extraction

3. Remaining Waste

Extraction

13

Underground MinesLayout

Escondida Far WestAu 16.9 gptAg 879 gpt

Escondida WestAu 12.8 gptAg 583 gpt

Escondida CentralAu 15.1 gptAg 308 gpt

ZoeAu 11.2 gptAg 890 gpt

Underground MinesKnown and Reliable Mining Method

14

Level

LevelRockFill

CRF

Access

ProductionDrilling

Stope

8 to 12 m Bench Height

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

Level

Underground MinesEscondida Far West Early Mine Development

15

Sill Pilar

Development started in 2016 – bulk samples, detail engineering, model confirmationFirst high grade panel development completed (Sill Pilar)Training platform and ramp-up `

EFW Mine Early DevelopmentEngineering Input and High Prepared Reserves

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

Focus on Delineation Drilling and Grade ControlBuild Core Skills Early in the Project

17

Underground MineMain Equipment

• Production Drilling Rigs new design for increased productivity and reliability

• Jumbo, Boltec and Simba share components and maintenance procedures

• RCS 5 controls for easier operator training and improved productivity – IDEAward

• Technological platform to build on: digital drilling pattern, operator assistance, semi-automatic

• Conventional trucks with ejector bucket, successful application in Mercedes and Penon

• Remote monitoring of conditions (Certiq) for improved fleet management

• Owner Maintenance, with Brands technical Support on site

Boomer S2C – Simba S7C - Boltec S7

LHD ST1030 6yd3

LHD ST7 3.5yd3

Volvo FMX 460

18

OP/UG Blend and UG DevelopmentSmooth Underground Ramp-up

KPI2017

m/monthLOM Driftm/month

LOM Accessm/month

LOM Rampm/month

LOM BenchUnits/month

Cerro Moro 29-34 30-40 45 45-60 3-6El Penon 45 50-75 50-100 6Gualcamayo 50 50 50 NA

02,0004,0006,0008,00010,00012,00014,000

0100,000200,000300,000400,000

2018 2019 2020 2021 2022

Ore Pr

oductio

n (t)

OP Ore UG Ore Dev (m)

Underground and Open Pit Ore Feed per Year

Processing FacilityOverview

19

Mill Building

Flotation Building

Leaching Circuit

CCDs

MC and Refinery

ROM Pad

Warehouse

Laboratory

Ore Bin

Gen-Sets

Robust Flowsheet and Compact LayoutConventional Unit Operations Similar to EP and MF

Primary & Secondary Crushing

Reagents Storage

20

ProcessingSimplified Process Flow Diagram

Crushing

Grinding

Flotation

Leaching Circuit

CCD Circuit

Gravity

Regrind and Intense Leaching

Merrill - Crowe

RefineryTailings Facility

21

Cerro Moro ProjectPre-commissioning / Commissioning Overview

01

v02

03

040607

0809

10

11

Legend:Initiated

1. Power plant2. Crushing3. Fine ore storage4. Grinding & flash

flotation5. Laboratory/Ore

Control6. Leaching7. Flotation8. Merrill crowe9. CCD’s10. Gold room11. Reagents12. Detox & tails

Jan 2018Feb 2018Mar 2018

05

12 Basic approach going forward: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

22

Operational ReadinessHiring and Training

0100200300400500600

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18 Apr-18

May-1

8Jun

-18 Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Number

of Em

ployee

s

Hiring Curve

Plan Actual

• First years of operation with a team of experienced miners and plant operators in key positions

• In house training program and custom modules contracted with Performance Associates from AZ,USA progressing according to plan

• Mine equipment training with vendor, simulator and on the field training with instructors

Master Schedule 2017 2018Area Training 7 8 9 10 11 12 1 2 3 4 5 6 7

Laboratory InternalPlant Internal & External

Maintenance Internal & External

MineExternalSimulatorVendor

On the Job

23

Cerro MoroOperational ReadinessArea Example ProgressHSE 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%

24

Automation and TechnologyStrategy• 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

Capital Spending Guidance2018

Construction Capital $61MSustaining Capital $21MTotal Exploration Budget $9M

25

Cost Guidance

Co-Product Cash Cost(1) AISC(1)

2018 $510/oz Au$7.10/oz Ag

$650/oz Au$9.15/oz Ag

Production GuidanceProduction 2018 2019 2020Gold (k oz)Silver (m oz)

853.75

1256.0

1308.3

1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42017.

Operating OutlookCerro Moro

Balanced Production PlanLow AISC and Robust Cash Generation 0.0

2.0

4.0

6.0

8.0

10.0

0

50

100

150

2018 2019 2020

(Silver in Million oz)(Gold in 000 oz)

Gold Silver LOM Avg Gold LOM Avg Ag

5-Year Strategic Production Profile GoldExploration Opportunity

26

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2018 2019 2020 2021 2022

Gold O

unces

Gold Ounces 2018 Infill

5-Year Strategic Production Profile SilverExploration Opportunity

27

01,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0008,000,0009,000,000

2018 2019 2020 2021 2022

Silver O

unces

Silver Ounces 2018 Infill

Site LayoutOverall Field Visit

NINI NORTH 1

NINI CENTRAL

NINI SOUTH

GABRIELA NORTH

DEBORAH

ZOE

CARLITAMARTINA

LOMAPATRICIA

CAMP

TAILING DAMN

N

1 km

GABRIELA SOUTH

NINI NORTH 2

CARLAESC E`̀

4. PLANT

1. OVERLOOK

2. ESCONDIDA FW3. ESCONDIDA W

VERONICA

1

Henry MarsdenSVP, Exploration

2

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

3

Deseado Massif GeologyA World Class District

>7.6 mm Oz’s of gold produced to date with remaining Reserves of > 8.2 mm Oz’s*

* As Per S&P Global Market Intelligence

4

Cerro Moro GeologyEscondida-Zoe is a 1.4 M GEO (0.7 M oz Au) Structure

5

Cerro Moro Geology Model

EscondidaBahía Laura Horst Moro Carolline Domes

Dave Caller_2014 North border Horst Moro with 2015 drilling

Lala

6

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

7

Exploration Strategy

1. Replace production in Core Mine2. Discover new 1 M GEO structure in Near Mine/District3. Add incremental high grade trucking ore in District

7

Ref Distance Definition Ideal % Core Mine Mine plan 60Near Mine 10 km around 30Distrital 30 km around 10

Ref Size KOz AuEq % Ideal1 >200 302 50-200 503 <50 20

8

Exploration Budget 2018

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*)

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)

Infill program objectives:

Exploration program objectives:

9

Summary of 2017 Cerro Moro Exploration ProgramPROSPECTS 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%

Distance from Mine Plant Definition Ideal % Real %Core Mine Mine plan 60 83.50%Near Mine 5 Km around 30 13.02%

Distrital 30 km around 10 3.48%83.5%

13.02%3.48% Distance

Core MineNear MineDistrital

10

Targets 2017

10

N

~20,350 Metres

c

Carla Esperanza Channel(New) FMD

VeronicaBarbara South

EFW (Deep)

Zoe (Deep)Positive targetsNo Positive targets

11

Verónica Prospect

Veronica Structure- Conceptual Model

1.7 km

12

Verónica-Barbara Sur Intersection

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

Veronica

Martina240 mts

Disc hole

MD2381

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

Verónica Prospect: Geological Model

13

Extentional ShootW E

Potential zone

740 m

Verónica Long Section

14

15

Esperanza Splay Discovery

Near surfaceMineral Resources(from surface to around 60 m).Small ore shoot< 20,000 estimatedOz AuEq

Plan is to test E-W extension (dashline)

ZOEPLANT

16

Tonnes 55,424 SG (ton/m3) 2.61Au Oz 13,123 True width m (avg) 1.50Au grade g/t (avg) 6.25Ag Oz 345,652Ag grade g/t (avg) 111.6AuEq Oz 18,329AuEq grade ppm (avg) 7.94

W E

Mineral Resources 2017

Esperanza Splay Long Section

17

GNWGabriela Style Target: 2 Km Underexplored Area

MD2260

18

2018 Exploration Drilling Plan 2018 Q1

19

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

20

DISTRITAL MORO: BAHIA LAURA BLOCKBAHIA 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

Rhy Dome related NW mineraliz trendUD001: 17.5 m @ 4.53 ppm Au

Julia Trench: 1.3 m @ 22.8 ppm Au

Basamentoutcrops

Naty Trench: 10.7 m @ 3.58 ppm Au

Julia: visible gold

InterpretedHorst Block

Large Mo-As anomalism

21

CERRO MORO CONSOLIDATED LAND

LAND CONCESSIONS Surface (has)CORE MINE 8700Distrital Mosquito 31500Distrital Bahia Laura 62500Distrital La Negrita 14200Distrital Los Panchos 168000284,900

22

El Peñón Exploration History – Vein Discovery

YEAR OF INITIAL MINERAL RESOURCE DEVELOPMENT1993199820022003200420052006

Al Este

EL PEÑÓN

FortunaDominador

M. Flat

C.Martillo

Dorada

Providencia

Q.ColoradaVista N.

DiabladaAngelina

Orito Norte

Q.Orito

Playa

Orito Sur

FORTUNA

Angosta

Bonanza

Esmeralda

2007

NW

201020122013

Borde W

20142015

Ventura

Paloma

Dorada W

Fortuna Este

Sorpresa

N

10 km

El Peñón Exploration History – Drill Metres

23

Colora

da

DORAD

AALE

STE

BONANZ

A

DORAD

A W

VETAS N

WSVEN

TURA

PALOM

A-AB.

OESTE

Total metres drilled: 2,953,252 metres

Mts 106,886 158,172

160,294

184,041 123,338 125,844

146,757

166,098

Average metres/year: 146,429m

NARROW

STR.

E

Cerro Moro 412,000 m

Cerro Moro today

24

Exploration Potential: Another El Peñón?