An anonymous director reports

YAMANA GOLD EXCEEDS 2018 PRODUCTION GUIDANCE AT COSTS IN LINE WITH EXPECTATIONS

Yamana Gold Inc.'s fourth quarter and full-year production results for 2018 exceeded production guidance for all metals.

Fourth quarter and 2018 operational highlights:

• Strong production momentum continued into the fourth quarter and for the full year of 2018. Fourth quarter and full-year 2018 production results from Yamana's six mines are presented in the associated tables.

Yamana mines (1) (excluding       Fourth quarter 2018         Full-year 2018 2018 full-year
Gualcamayo)                    preliminary production preliminary production       guidance

GEO (2) production (oz)                       310,400              1,041,300      1,013,000
Gold production (oz)                          270,200                940,600        920,000
Silver production (m oz)                        3.265                  8.023           7.55
Copper production (m lb)                         39.0                  129.0          125.0
              

• Gold-equivalent-ounce (2) production from Yamana mines (1) for the fourth quarter was 310,400, including 270,200 ounces of gold and 3.26 million ounces of silver. Total Yamana gold production (3) (including Gualcamayo) was 292,500 ounces. The company also produced 39.0 million pounds of copper with the Chapada mine delivering on a strong fourth quarter.
• Full-year gold and copper production from Yamana mines exceeded the higher guidance levels set in October of last year while full-year silver production exceeded the lower guidance provided at that time. Original guidance set in February, 2018, was for 900,000 ounces of gold, 120 million pounds of copper and 8.15 million ounces of silver.

All amounts are expressed in U.S. dollars unless otherwise indicated.

(1) Yamana mines include Chapada, El Penon, Canadian Malartic, Jacobina, Cerro Moro and Jacobina.

(2) Gold equivalent ounces include gold plus silver at a ratio of 81.3:1, 79.6:1 and 72:1 for the fourth quarter of 2018, full year of 2018 and full-year 2018 guidance per guidance provided in press release on Feb. 15, 2018, respectively.

(3) Total Yamana production includes attributable production from Gualcamayo.

Mine by mine                      Fourth quarter 2018          Full-year 2018
                               preliminary production  preliminary production
Gold (oz)
Chapada                                        40,800                 121,000
El Penon                                       38,000                 151,900
Canadian Malartic (50%)                        84,700                 348,600
Jacobina                                       37,100                 144,700
Cerro Moro                                     45,100                  92,800
Minera Florida                                 24,500                  81,600
Yamana mines (1)                              270,200                 940,600
Gualcamayo (attributable)                      22,300                  92,300
Total Yamana (3)                              292,500               1,032,900
Silver (oz) 
El Penon                                    1,187,000               3,904,000
Cerro Moro                                  2,078,000               4,119,000
Yamana mines (1)                            3,265,000               8,023,000
Copper (m lb)
Chapada                                          39.0                   129.0

(1) Includes production on a pro rata basis for the fourth quarter and 
full year of 2018 as the sale of Gualcamayo closed on Dec. 14, 2018.

• Production for all metals was delivered at costs in line with or better than guidance for the full year.
• More detailed information relating to production and costs along with financial results, mineral reserve and mineral resource estimates, and guidance for 2019 to 2021 will be provided on Feb. 14, 2019.
• Also in the fourth quarter of 2018, the company completed the previously announced sale of the Gualcamayo mine in Argentina to Mineros SA. The company received consideration with a total value of approximately $85-million, which includes cash proceeds of $30-million, $30-million in additional payments related to the advancement of the Deep carbonates project, and royalties related to metal production at Gualcamayo and the Deep carbonates project. The consideration received offers significant upside in the case of new oxide discoveries, higher gold prices and/or development of the Deep carbonates project, thereby preserving considerable optionality. The transaction also includes an option for Mineros to acquire up to a 51-per-cent interest in the La Pepa project in Chile.

World Gold Council cost reporting

The company also announces that it has adopted the standard for reporting all-in sustaining costs (AISC) presented by the World Gold Council (WGC). Yamana, along with other companies, worked with the WGC to create a standard for AISC reporting that is expected to result in a consistent reporting of costs for all WGC member companies that adopt the standard. The company is implementing this change effective for reporting periods after Jan. 1, 2019.

Gold equivalent disclosure

Throughout 2018, the company provided gold-equivalent-ounce production and cost metrics that were in addition to detailed information relating to both gold and silver production and costs. Beginning with 2019 guidance and continuing with subsequent financial and operating results reports, Yamana will use gold-equivalent-ounce metrics for the company's primary operational statistics.

In order to maintain transparency, the company will continue to provide detailed operational key performance indicators for gold and silver production as part of its quarterly disclosures within the management discussion and analysis reports filed on SEDAR and EDGAR.

Fourth quarter and full-year 2018 financial results release

The company will release its complete fourth quarter and full-year 2018 operational and financial results after market close on Thursday, Feb. 14, 2019, followed by a conference call and webcast on Friday, Feb. 15, 2019, at 9 a.m. Eastern Time.

Fourth quarter and full-year 2018 conference call details:

Toll-free (North America):  1-800-273-9672

Toronto local and international:  416-340-2216

Conference call replay toll-free (North America):  1-800-408-3053

Toronto local and international:  905-694-9451

Pass code:  6784586

The conference call replay will be available from 12 p.m. Eastern Time on Feb. 15, 2019, until 11:59 p.m. ET on March 1, 2019.

About Yamana Gold Inc.

Yamana is a Canada-based gold producer with significant gold-production-stage and gold-development-stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.

We seek Safe Harbor.