Yamana Gold Repurchases an Initial 1,736,776 Common Shares Under Its Share Repurchase Program for Approximately C$10 Million

YAMANA GOLD INC. ("Yamana" or "the Company") (TSX:YRI; NYSE:AUY; LSE: AUY) today announced that it has repurchased an initial 1,736,776 common shares outstanding for approximately C$10 million under the Company's normal course issuer bid as part of its share repurchase program for up to 5% of the outstanding shares. The Company has not established any formulae or price ranges under its normal course issuer bid as it plans to be selective and opportunistic in relation to share repurchases intending to enter market when permitted and at times when the trading range of its shares do not reflect the underlying value. The Company is committed to further increasing shareholder returns through its capital returns program, and additional share repurchases will be determined based on market conditions, share price, and best use of available cash, in addition to further considerations. Common shares that are purchased under the normal course issuer bid will be cancelled. For further details of the Company's normal course issuer bid, see the news release dated July 29, 2021, available at www.yamana.com .

The Company believes that the market price of its common shares does not currently represent their full value and growth prospects and views purchases of common shares as an attractive investment comparable to its investments in its portfolio of exploration and development stage assets. The share repurchases are a further component of the Company's capital returns program, which also includes cash returns through the Company's dividends, which have cumulatively increased by 500% since the second quarter of 2019.

With the Company's recently completed $500 million 10-year unsecured senior notes offering and redemption of existing notes, which significantly reduced aggregate outstanding debt while increasing tenor and lowering interest carrying costs, the Company has further increased its financial resilience and flexibility—one of the Company's three equally-weighted capital allocation priorities. This allows the Company to more effectively and fully pursue its other two capital allocation priorities: the exploration, development and expansion of priority, low capital cost growth projects, and support and further increase returns of capital to shareholders. Lower interest carrying costs in the approximate amount of $21.6 million annually add to already robust cash flows, contribute to the increase of cash balances and thereby support capital costs and amounts available for dividends and share repurchases.

The Company has high return organic growth projects, including the Jacobina Phase 2 expansion, the Wasamac project and the Odyssey underground project at Canadian Malartic, which the Company intends to fully fund with cash on hand and free cash flow generation. The Company is also advancing the development of the MARA copper-gold project with average annual production of 556 million pounds of copper equivalent in the first 10 years and 469 million pounds of copper equivalent production life of mine over an initial mine life of 28 years.

The Company will continue to take a balanced approach to capital allocation, underpinned by its strong financial position, lower debt service requirements, and significantly improved debt and tenor profile.

Exploration Update Planned for September

The Company will be providing an update on exploration progress at its existing mines as well as an update on its generative exploration program in early-to-mid September.

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. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com

FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7931 765 223 / +44 203 727 1000

Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900

Berenberg (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800

Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888

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 the Company's strategy, plans or future financial or operating performance, results of feasibility studies, repayment of debt or 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 Yamana's purchases under its normal course issuer bid, recently completed notes offering, the Company's dividend, funding capital allocation priorities, 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 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 parameters 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 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.

(All amounts are expressed in United States Dollars unless otherwise indicated.)