Yamana Announces Termination of the Gold Fields Transaction and Confirms Activation of the Agnico - Pan American Arrangement Agreement

YAMANA GOLD INC. (TSX: YRI, NYSE: AUY, LSE: AUY) ("Yamana" or the "Company") is pleased to announce that the arrangement agreement with Agnico Eagle Mines Limited ("Agnico") and Pan American Silver Corp. ("Pan American") entered into on November 4, 2022 (the "Agnico Pan American Arrangement Agreement") has become effective upon the termination today by Gold Fields Limited ("Gold Fields") of the arrangement agreement between the Company and Gold Fields entered into on May 31, 2022 (the "Gold Fields Arrangement Agreement"). The terms of the Agnico - Pan American Arrangement Agreement remain the same as previously announced by the Company earlier today, November 8, 2022. A copy of the earlier November 8, 2022 press release is available on the Company's website at www.yamana.com and under the Company's SEDAR profile at www.sedar.com .

The previously scheduled special meeting of Yamana shareholders for Monday, November 21, 2022 under the Gold Fields Arrangement Agreement will be cancelled, and Yamana will pay a termination fee of US$300 million to Gold Fields in accordance with the Gold Fields Arrangement Agreement. Pursuant to the terms of the Agnico – Pan American Arrangement Agreement, Pan American shall pay US$150 million in cash of such termination fee.

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 7974 201 715 / +44 203 727 1000

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 Agnico – Pan American Transaction. 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 transaction risks, risks relating to the completion of the transaction Agnico and Pan American, including receipt of all necessary regulatory, court and securityholder approvals in connection with the transaction with Agnico and Pan American, 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.



Primary Logo

News Provided by GlobeNewswire via QuoteMedia

YRI:CA,AUY
The Conversation (0)
Clem Chambers, gold bars.

Clem Chambers: Gold's Top Driver Now, Silver's Coming Boom Phase

Clem Chambers, CEO of aNewFN.com, shares his outlook for gold and silver.

He also shares his thoughts on the broader US economy.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less
Hand labeled "BRICS" cutting paper money with scissors.

How Would a New BRICS Currency Affect the US Dollar?

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

A BRICS currency was a topic at the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known as the "Unit," as an alternative to the US dollar.

At the 2024 BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the "weaponization" of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

"We are not refusing, not fighting the dollar, but if they don't let us work with it, what can we do? We then have to look for other alternatives, which is happening," he stated.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Keep reading...Show less
Metal Bank

Executing WA Gold Strategy

Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) advises that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including MBK shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.

Keep reading...Show less
Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Brightstar Resources (BTR:AU) has announced Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Download the PDF here.

Jaime Carrasco, gold bars.

Jaime Carrasco: Gold, Silver, Miners — Where to Focus in Monetary Storm

Jaime Carrasco, senior portfolio manager and senior financial advisor at Harbourfront Wealth, shares his thoughts on gold and silver, saying it's important to keep the big picture in mind.

"In a nutshell, we're going back to ... sound money — money not backed by the word of a politician and bankers, but by something sound like gold, which (has been) money for 4,000 years," he said.

Keep reading...Show less

Latest Press Releases

Related News

×