<SEC-DOCUMENT>0001104659-22-119912.txt : 20221117
<SEC-HEADER>0001104659-22-119912.hdr.sgml : 20221117
<ACCEPTANCE-DATETIME>20221117163347
ACCESSION NUMBER:		0001104659-22-119912
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221104
FILED AS OF DATE:		20221117
DATE AS OF CHANGE:		20221117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGNICO EAGLE MINES LTD
		CENTRAL INDEX KEY:			0000002809
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13422
		FILM NUMBER:		221398899

	BUSINESS ADDRESS:	
		STREET 1:		145 KING STREET EAST
		STREET 2:		SUITE 400
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2Y7
		BUSINESS PHONE:		4169471212

	MAIL ADDRESS:	
		STREET 1:		145 KING STREET EAST
		STREET 2:		SUITE 400
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2Y7
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2229998d3_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington</B></FONT><B>,
D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of November, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 001-13422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">AGNICO
EAGLE MINES LIMITED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145
King Street East, Suite&nbsp;400</FONT>, Toronto, Ontario M5C 2Y7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F. Form&nbsp;20-F&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101 (b)( 1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:
</B></FONT>Regulation S-T Rule&nbsp;101 (b)( 1) only permits the submission in paper of a Form&nbsp;6-K if submitted solely to provide
an attached annual report to security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101 (b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:
</B></FONT>Regulation S-T Rule&nbsp;101(b)(7)&nbsp;only permits the submission in paper of a Form&nbsp;6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules&nbsp;of
the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is not a press
release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if discussing a material
event, has already been the subject of a Form&nbsp;6-K submission or other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant by furnishing the information contained in this Form&nbsp;is also thereby furnishing the information
to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under the Securities Exchange Act of 1934. Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;No&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned
to the registrant in connection with Rule&nbsp;12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 87%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;Description</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Change Report dated November&nbsp;14, 2022</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2 </FONT></A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrangement Agreement dated November&nbsp;4, 2022 between Pan American Silver Corp., Agnico Eagle Mines Limited and Yamana Gold Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2229998d3_ex99-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Voting and Support Agreement</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><U>AGNICO EAGLE MINES LIMITED</U></TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: November&nbsp;17, 2022</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Chris Vollmershausen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris Vollmershausen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President, Legal, General Counsel&nbsp;&amp;
Corporate Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Exhibit&nbsp;Number&nbsp;99.1 submitted
with this Form&nbsp;6-K is hereby incorporated by reference into Agnico Eagle Mines Limited's Registration Statements on <A HREF="https://www.sec.gov/Archives/edgar/data/2809/000104746919006399/a2240119zf-10.htm" STYLE="-sec-extract: exhibit">Form F-10 (Reg. No. 333-234778)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/2809/000110465920110869/tm2031780d1_f3.htm" STYLE="-sec-extract: exhibit">Form&nbsp;F-3D (Reg. No.&nbsp;333-249203)</A> and Form&nbsp;S-8 (Reg. Nos. <A HREF="https://www.sec.gov/Archives/edgar/data/2809/000104746905028304/a2166022zs-8.htm" STYLE="-sec-extract: exhibit">333-130339</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/2809/000110465908042831/a08-17563_1s8.htm" STYLE="-sec-extract: exhibit">333-152004</A>).]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2229998d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;51-102F3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Material Change Report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 1</B></TD><TD><B>Name and Address of Company</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Agnico Eagle Mines Limited (&quot;<B>Agnico Eagle</B>&quot;)<BR>
145 King Street East, Suite&nbsp;400<BR>
Toronto, Ontario<BR>
M5C 2Y7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 2</B></TD><TD><B>Date of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">November&nbsp;4, 2022 and November&nbsp;8, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 3</B></TD><TD><B>News Release</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Joint news releases of Agnico Eagle and
Pan American Silver Corp. (&quot;<B>Pan American</B>&quot;) were disseminated on November&nbsp;4, 2022 and November&nbsp;8, 2022 via Canada
Newswire. The news releases were subsequently filed on SEDAR on November&nbsp;4, 2022 and November&nbsp;8, 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 4</B></TD><TD><B>Summary of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;4, 2022, Pan American
and Agnico Eagle delivered a definitive binding offer (the &quot;<B>Binding Offer</B>&quot;) to the board of directors of Yamana Gold
Inc. (&quot;<B>Yamana</B>&quot;), pursuant to which Pan American would acquire all of the issued and outstanding common shares of Yamana
(the &quot;<B>Yamana Shares</B>&quot;) and Yamana would sell certain subsidiaries and partnerships which hold Yamana's interests in its
Canadian assets to Agnico Eagle, including the Canadian Malartic mine (collectively, the &quot;<B>Canadian Assets</B>&quot;). The Binding
Offer contemplated the implementation of the foregoing transactions by way of a plan of arrangement (the &quot;<B>Arrangement</B>&quot;)
under the Canada Business Corporations Act (&quot;<B>CBCA</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Subsequently on November&nbsp;4, 2022,
Pan American and Agnico Eagle were informed that Yamana's board of directors (the &quot;<B>Yamana Board</B>&quot;) determined in good
faith, after consultation with Yamana's outside financial and legal advisors and upon the unanimous recommendation of the special committee
of independent directors of the Yamana Board (the &quot;<B>Yamana Special Committee</B>&quot;), that the Binding Offer constituted a &quot;Yamana
Superior Proposal&quot; as defined in the arrangement agreement dated May&nbsp;31, 2022 between Gold Fields Limited (&quot;<B>Gold Fields</B>&quot;)
and Yamana (the &quot;<B>Gold Fields Arrangement Agreement</B>&quot;) and that, in accordance with the terms of the Gold Fields Arrangement
Agreement, Yamana notified Gold Fields that the Yamana Board had determined that the Binding Offer constituted a Yamana Superior Proposal
and that the five business day matching period had commenced during which Gold Fields had the right, but not the obligation, to propose
to amend the terms of the Gold Fields Arrangement Agreement in order for the Binding Offer to cease to be a Yamana Superior Proposal (the
 &quot;<B>Matching Right</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;7, 2022, Gold Fields
waived its Matching Right. On November&nbsp;8, 2022, the Yamana Board changed its recommendation with respect to the transaction with
Gold Fields pursuant to the Gold Fields Arrangement Agreement (the &quot;<B>Gold Fields Transaction</B>&quot;) and Yamana executed and
delivered the arrangement agreement (the &quot;<B>Pan American-Agnico Arrangement Agreement</B>&quot;) providing for the Arrangement,
which constituted a &quot;Permitted Acquisition Agreement&quot; (as defined in the Gold Fields Arrangement Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The aggregate consideration under the
Arrangement consists of approximately 153.5 million common shares in the capital of Pan American (&quot;<B>Pan American Shares</B>&quot;),
US$1.0 billion in cash contributed by Agnico Eagle, and approximately 36 million common shares in the capital of Agnico Eagle (&quot;<B>Agnico
Eagle Shares</B>&quot;), subject to adjustment in accordance with the Arrangement. Subject to the terms and conditions of the Pan American-Agnico
Arrangement Agreement and the Arrangement, at the effective time of the Arrangement (the &quot;<B>Effective Time</B>&quot;), Pan American
will acquire all of the issued and outstanding Yamana Shares, Agnico Eagle will acquire the Canadian Assets and each Yamana Share will
be exchanged for US$1.0406 in cash, 0.1598 of a Pan American Share and 0.0376 of an Agnico Eagle Share (collectively, the &quot;<B>Consideration</B>&quot;),
for an aggregate value of US$5.02 per Yamana Share based on the closing price of each Pan American Share and Agnico Eagle Share on November&nbsp;3,
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;8, 2022, Gold Fields
terminated the Gold Fields Arrangement Agreement at which time the Pan American-Agnico Arrangement Agreement became automatically effective.
As a result of the termination of the Gold Fields Arrangement Agreement, the previously scheduled special meeting of Yamana shareholders
for Monday, November&nbsp;21, 2022 under the Gold Fields Arrangement Agreement was cancelled, and Yamana paid a termination fee of US$300
million to Gold Fields in accordance with the terms of the Gold Fields Arrangement Agreement. Pursuant to the terms of the Pan American-Agnico
Arrangement Agreement, Pan American funded US$150 million in cash to Yamana to pay a portion of such termination fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 5</B></TD><TD><B>Full Description of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Unless the context otherwise requires,
capitalized terms used and not defined in this material change report shall have the meanings attributed to them in the Pan American-Agnico
Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><U>Binding Offer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;4, 2022, Pan American
and Agnico Eagle delivered the Binding Offer to the Yamana Board, pursuant to which Pan American would acquire all of the issued and outstanding
Yamana Shares and Yamana would sell the Canadian Assets to Agnico Eagle. The Binding Offer contemplated the implementation of the foregoing
transactions by way of the Arrangement under the CBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Subsequently on November&nbsp;4, 2022,
Pan American and Agnico Eagle were informed that the Yamana Board determined in good faith, after consultation with Yamana's outside financial
and legal advisors and upon the unanimous recommendation of the Yamana Special Committee, that the Binding Offer constituted a &quot;Yamana
Superior Proposal&quot; as defined in the Gold Fields Arrangement Agreement and that, in accordance with the Gold Fields Arrangement Agreement,
Yamana notified Gold Fields that the Yamana Board had determined that the Binding Offer constituted a Yamana Superior Proposal and that
the Matching Right had been triggered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;7, 2022, Gold Fields
waived the Matching Right. On November&nbsp;8, 2022, the Yamana Board changed its recommendation with respect to the Gold Fields Transaction
and Yamana executed and delivered the Pan American-Agnico Arrangement Agreement providing for the Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
provided that until such time as the Gold Fields Arrangement Agreement had been terminated in accordance with its terms, all obligations
of Yamana contained in the Pan American-Agnico Arrangement Agreement would be effective only following the satisfaction of the condition
precedent that the &quot;Arrangement Resolution&quot; (as defined in the Gold Fields Arrangement Agreement) shall have failed to receive
the &quot;Yamana Shareholder Approval&quot; (as defined in the Gold Fields Arrangement Agreement) at the &quot;Yamana Meeting&quot; (as
defined in the Gold Fields Arrangement Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On November&nbsp;8, 2022, Gold Fields
terminated the Gold Fields Arrangement Agreement at which time the Pan American-Agnico Arrangement Agreement became automatically effective.
As a result of the termination of the Gold Fields Arrangement Agreement, the previously scheduled special meeting of Yamana shareholders
for Monday, November&nbsp;21, 2022 under the Gold Fields Arrangement Agreement was cancelled, and Yamana paid a termination fee of US$300
million to Gold Fields in accordance with the terms of the Gold Fields Arrangement Agreement. Pursuant to the terms of the Pan American-Agnico
Arrangement Agreement, Pan American funded US$150 million in cash to Yamana to pay a portion of such termination fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><U>Pan American-Agnico Arrangement Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Arrangement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Arrangement will be implemented in
accordance with the CBCA and is subject to approval by the Ontario Superior Court of Justice (Commercial List) (the &quot;<B>Court</B>&quot;),
the Yamana shareholders, the Pan American shareholders and certain other conditions as described in more detail below. Upon completion
of the Arrangement, Yamana will become a wholly-owned subsidiary of Pan American and Agnico Eagle will acquire the Canadian Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Consideration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The aggregate consideration under the
Arrangement consists of approximately 153.5 million Pan American Shares, US$1.0 billion in cash contributed by Agnico Eagle, and approximately
36 million Agnico Eagle Shares, subject to adjustment in accordance with the Arrangement. Subject to the terms and conditions of the Pan
American-Agnico Arrangement Agreement and the Arrangement, at the Effective Time, among other things, each Yamana Share will be exchanged
for the Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">No fractional Pan American Shares or Agnico
Eagle Shares will be issued under the Arrangement, and Yamana Shareholders will receive cash in lieu of any fractional Pan American Shares
or Agnico Eagle Shares. Any Yamana Shares in respect of which dissent rights have been properly exercised and not withdrawn pursuant to
Section&nbsp;190 of the CBCA will be deemed to be transferred and assigned to Yamana, but will not be entitled to the Consideration and
will, instead, be entitled to receive the fair value for their Yamana Shares in accordance with the provisions of the CBCA, as modified
by the Arrangement and the interim order of the Court (the &quot;<B>Interim Order</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In addition, on the terms and subject
to the conditions of the Pan American-Agnico Arrangement Agreement, at the Effective Time, each performance share unit of Yamana (each,
a &quot;<B>Yamana PSU</B>&quot;), each restricted stock unit of Yamana and each deferred share unit of a Yamana that is outstanding immediately
prior to the Effective Time will be transferred by the holder thereof to Yamana in exchange for a cash payment from Yamana equal to the
volume weighted average price of one Yamana Share on the Toronto Stock Exchange (&quot;<B>TSX</B>&quot;) during the five trading days
prior to the Effective Date, and in the case of the Yamana PSUs, multiplied by the applicable Multiplier (as defined in Yamana's performance
share unit plan), less any withholding required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Conditions to Completion of the Arrangement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Completion of the Arrangement is subject
to a number of conditions, including among others: (a)&nbsp;approval of the Arrangement (the &quot;<B>Arrangement Resolution</B>&quot;)
by not less than (i)&nbsp;66 2/3% of the Yamana shareholders who vote (in person or by proxy) at a special meeting of Yamana shareholders
(the &quot;<B>Yamana Meeting</B>&quot;); (b)&nbsp;approval of the issuance of Pan American Shares to be issued pursuant to the Arrangement
(the &quot;<B>Pan American Resolution</B>&quot;) by not less than a simple majority of the Pan American shareholders who vote (in person
or by proxy) at a special meeting (the &quot;<B>Pan American Meeting</B>&quot;) of Pan American shareholders; (c)&nbsp;the approval of
the Arrangement by the Court in form and substance acceptable to each of Pan American, Agnico Eagle and Yamana, acting reasonably; (d)&nbsp;the
receipt of certain required regulatory approvals under the Competition Act (Canada) and by the Mexican Federal Economic Competition Commission
(the &quot;<B>Key Regulatory Approvals</B>&quot;); (e)&nbsp;the approval for listing of the Pan American Shares to be issued pursuant
to the Arrangement by the TSX and Nasdaq Stock Market; (f)&nbsp;the approval for listing of the Agnico Eagle Shares to be issued pursuant
to the Arrangement by the TSX and the New York Stock Exchange (&quot;<B>NYSE</B>&quot;); (g)&nbsp;Yamana shareholders not having validly
exercised dissent rights in connection with the Arrangement with respect to more than 5% of the outstanding Yamana Shares; and (h)&nbsp;as
it relates to the Canadian Assets: (i)&nbsp;Yamana shall not have disposed or transferred any of the Canadian Assets, other than certain
permitted exceptions, (ii)&nbsp;Yamana shall have good title to the Canadian Assets, and the Canadian Assets shall be free and clear of
all liens, other than permitted liens, and (iii)&nbsp;there shall have been no breach or non-compliance by Yamana with its covenants,
representations or warranties in the Pan American-Agnico Arrangement Agreement that has resulted in, or is reasonably likely to result
in, a material adverse change in respect of the Canadian Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Representations, Warranties and Covenants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
contains customary representations, warranties and covenants by each of Pan American, Agnico Eagle and Yamana, including covenants regarding
the conduct of the businesses of Pan American and Yamana in the ordinary course during the period between the date of the Pan American-Agnico
Arrangement Agreement and the Effective Time and covenants to not engage in certain kinds of transactions or take certain actions during
such period, subject to certain other exceptions set out in the Pan American-Agnico Arrangement Agreement. In addition, each of Pan American,
Agnico Eagle and Yamana has agreed to use its commercially reasonable efforts to obtain all required regulatory approvals, including the
Key Regulatory Approvals. Further, Pan American and Yamana have agreed that three independent directors of Yamana, as identified by the
Nominating and Governance Committee of the Pan American board of directors, shall be appointed to the board of directors of Pan American
promptly following the Effective Time, and that Pan American will work cooperatively with Yamana to determine the integration of Yamana
management into the management team of Pan American on or prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Non-Solicitation and Right to Match</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Each of Pan American and Yamana is subject
to reciprocal non-solicitation restrictions on their ability to directly or indirectly solicit, initiate, knowingly encourage or otherwise
facilitate a Pan American Acquisition Proposal or Yamana Acquisition Proposal, respectively from any person. However, each of Yamana and
Pan American and their respective representatives may, prior to, in the case of Yamana, the approval of the Arrangement Resolution, and
in the case of Pan American, the approval of the Pan American Resolution, engage in or participate in discussions or negotiations with
third parties that submit an unsolicited bona fide written Yamana Acquisition Proposal or Pan American Acquisition Proposal, as applicable,
that such party's board of directors has determined in good faith, after consultation with its outside financial and legal advisors, constitutes
or would reasonably be expected to constitute a Yamana Superior Proposal or Pan American Superior Proposal, respectively, subject to the
satisfaction of certain conditions. Among other things, such a Yamana Acquisition Proposal or Pan American Acquisition Proposal, as applicable,
may not result from a breach of the non-solicitation provisions of the Pan American-Agnico Arrangement Agreement. Subject to certain limitations,
the board of directors of a party that receives a Yamana Superior Proposal or Pan American Acquisition Proposal, as applicable, may, following
the expiration of a five business day matching period, withdraw or change its recommendation in respect of the Arrangement in response
to such superior proposal and/or enter into an agreement in respect of such superior proposal. Notwithstanding any such change in recommendation
and/or entering into of an agreement to implement such superior proposal, unless the other party has terminated the Pan American-Agnico
Arrangement Agreement as a result, each party must cause its respective shareholder meeting to occur and submit to a vote of its shareholders
the Arrangement Resolution or the Pan American Resolution, as applicable, and shall not submit to a vote of its shareholders any Yamana
Acquisition Proposal or Pan American Acquisition Proposal, as applicable, other than the Arrangement Resolution or the Pan American Resolution,
as applicable, prior to the termination of the Pan American-Agnico Arrangement Agreement in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Shareholder Meetings and Timing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In accordance with the Pan American-Agnico
Arrangement Agreement, Yamana has agreed to make an application for the Interim Order. The Interim Order is expected to contain directions
with respect to the Arrangement and the calling and conduct of the Yamana Meeting. In addition, Pan American shall call and hold the Pan
American Meeting to obtain approval of the Pan American Resolution. Further information pertaining to the Arrangement will be contained
in the management information circular that Pan American will mail to its shareholders in connection with the Pan American Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">It is anticipated that the Yamana Meeting
and the Pan American Meeting will take place concurrently in January&nbsp;2023, and closing and completion of the Arrangement will occur
in the first quarter of 2023, subject to satisfaction of the conditions under the Pan American-Agnico Arrangement Agreement. The Pan American-Agnico
Arrangement Agreement provides that the outside date for completion of the Arrangement is April&nbsp;30, 2023 (the &quot;<B>Outside Date</B>&quot;),
which date can be unilaterally extended by any party for up to an additional 60 days in certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Following the completion of the Arrangement,
the Yamana Shares will be delisted from each of the TSX, NYSE and London Stock Exchange and Yamana will become a wholly-owned subsidiary
of Pan American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In the event that the Pan American-Agnico
Arrangement Agreement is terminated as a result of the failure to obtain Yamana shareholder approval, Yamana is required to pay Pan American
an expense reimbursement of US$40 million and in the event that the Pan American-Agnico Arrangement Agreement is terminated as a result
of the failure to obtain Pan American shareholder approval, Pan American is required to pay Yamana an expense reimbursement of US$40 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Voting and Support Agreements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In connection with the execution of the
Pan American-Agnico Arrangement Agreement, each of the respective directors and senior officers of Yamana, and each of the respective
directors, senior officers and certain significant shareholders of Pan American, entered into voting and support agreements (the &quot;<B>Voting
and Support Agreements</B>&quot;), pursuant to which, among other things, they agreed, in their capacities as security holders and not
in their capacities as directors or officers, to vote the shares held by them in favour of the Arrangement Resolution, in the case of
the directors and senior officers of Yamana, and the Pan American Resolution, in the case of the directors, senior officers and certain
significant shareholders of Pan American. The Voting and Support Agreements will terminate if, among other things, the Pan American-Agnico
Arrangement Agreement is terminated in accordance with its terms, the other party (or parties in the case of Yamana's Voting and Support
Agreements) effects a change to the terms of the Pan American-Agnico Arrangement Agreement that is materially adverse to the directors
and senior officers that are party to the Voting and Support Agreements without their consent or there is a change in recommendation by
the board of directors of the other party (or parties in the case of Yamana's Voting and Support Agreements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The directors and senior officers of Yamana
subject to Voting and Support Agreements collectively own, or exercise control or direction over Yamana Shares representing approximately
0.5% of the issued and outstanding Yamana Shares. The directors, senior officers and certain significant shareholders of Pan American
subject to Voting and Support Agreements collectively own, or exercise control or direction over Pan American Shares representing approximately
1.45% of the issued and outstanding Pan American Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
may be terminated prior to the Effective Time by mutual written agreement between the parties or by either of Pan American, Agnico Eagle
or Yamana if, subject to certain exceptions: (a)&nbsp;the Effective Time has not occurred on or before the Outside Date; (b)&nbsp;a final
and non-appealable law, order or enjoinment has been enacted, entered or promulgated following the execution of the Pan American-Agnico
Arrangement Agreement that remains in effect and makes the consummation of the Arrangement illegal or otherwise prohibits or enjoins the
parties from consummating the Arrangement; (c)&nbsp;Yamana shareholder approval of the Arrangement Resolution is not obtained at the Yamana
Meeting; or (d)&nbsp;Pan American shareholder approval of the Pan American Resolution is not obtained at the Pan American Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
may be terminated prior to the Effective Time by Pan American and Agnico Eagle if: (a)&nbsp;the Yamana board makes a Yamana Change in
Recommendation and/or Yamana or any of its subsidiaries accepts, approves, executes or enters into an agreement to implement a Yamana
Superior Proposal; (b)&nbsp;Yamana has breached its non-solicitation covenants contained in the Pan American-Agnico Arrangement Agreement
in any material respect; (c)&nbsp;a Yamana Material Adverse Effect has occurred which is incapable of being cured prior to the Outside
Date; (d)&nbsp;Yamana has breached any of its representations or warranties or failed to perform any covenants or agreements, which breach
or failure to perform would cause any condition relating to Yamana's representations, warranties or covenants not to be fulfilled and
such conditions are incapable of being satisfied by the Outside Date; or (e)&nbsp;may be terminated by Pan American only if, prior to
the Pan American Meeting, Pan American enters into a written agreement with respect to a Pan American Superior Proposal, provided that
Pan American is and has been in compliance with its non-solicitation covenants contained in the Pan American-Agnico Arrangement Agreement
and that prior to or concurrent with such termination the Pan American Termination Fee (defined below) is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
may be terminated prior to the Effective Time by Yamana if: (a)&nbsp;the Pan American board makes a Pan American Change in Recommendation
and/or Pan American or any of its subsidiaries accepts, approves, executes or enters into an agreement to implement a Pan American Superior
Proposal; (b)&nbsp;Pan American has breached its non-solicitation covenants contained in the Pan American-Agnico Arrangement Agreement
in any material respect; (c)&nbsp;a Pan American Material Adverse Effect or an Agnico Material Adverse Effect has occurred which is incapable
of being cured prior to the Outside Date; (d)&nbsp;Pan American or Agnico Eagle has breached any of its representations or warranties
or failed to perform any covenants or agreements, which breach or failure to perform would cause any condition relating to Pan American's
or Agnico Eagle's representations, warranties or covenants, as applicable, not to be fulfilled and such conditions are incapable of being
satisfied by the Outside Date; or (e)&nbsp;prior to the Yamana Meeting, Yamana enters into a written agreement with respect to a Yamana
Superior Proposal, provided that Yamana is and has been incompliance with its non-solicitation covenants contained in the Pan American-Agnico
Arrangement Agreement and that prior to or concurrent with such termination the Yamana Termination Fee (defined below) is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pan American-Agnico Arrangement Agreement
provides that, upon termination of the Pan American-Agnico Arrangement Agreement under certain circumstances, Pan American is entitled
to a termination fee of US$250 million (the &quot;<B>Yamana Termination Fee</B>&quot;) and Yamana is entitled to a termination fee of
US$375 million (the &quot;<B>Pan American Termination Fee</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">** ** ** ** **</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The above description of the Arrangement,
the Pan American-Agnico Arrangement Agreement, the Voting and Support Agreements and related matters is a summary only and does not purport
to be complete and is subject to, and qualified in its entirety by, the full text of the Pan American-Agnico Arrangement Agreement (including
the Plan of Arrangement attached thereto) and the Voting and Support Agreements. A copy of the Pan American-Agnico Arrangement Agreement
and the form of Yamana's Voting and Support Agreements have been filed on Agnico Eagle's SEDAR profile and are available for viewing
at <U>www.sedar.com</U>. The representations, warranties and covenants contained in the Pan American-Agnico Arrangement Agreement and
the Voting and Support Agreements were made only for purposes of each such agreement and as of specific dates, were solely for the benefit
of the parties to the Pan American-Agnico Arrangement Agreement and the Voting and Support Agreements, as applicable, may be subject
to limitations agreed upon by the parties thereto, including being qualified by confidential disclosures made for the purposes of allocating
contractual risk between the parties to the Pan American-Agnico Arrangement Agreement and the Voting and Support Agreements, as applicable,
instead of establishing these matters as facts and may be subject to standards of materiality applicable to the parties that differ from
those applicable to investors. Investors and securityholders should not rely on the representations, warranties and covenants or any
descriptions thereof as characterizations of the actual state of facts or condition of Pan American, Agnico Eagle or Yamana or any of
their subsidiaries or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 6</B></TD><TD><B>Reliance on subsection 7.1(2)&nbsp;of National Instrument 51-102</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 7</B></TD><TD><B>Omitted Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 8</B></TD><TD><B>Executive Officer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">For further information, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Chris Vollmershausen, Executive Vice President, Legal, General
Counsel&nbsp;&amp; Corporate Secretary at (416) 947-1212</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 9</B></TD><TD><B>Date of Report</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">November&nbsp;14, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cautionary Note Regarding Forward-Looking
Statements and Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Certain of the statements and information in
this material change report constitute &quot;forward-looking statements&quot; within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and &quot;forward-looking information&quot; within the meaning of applicable Canadian provincial securities
laws. Forward-looking statements and information can be identified by statements that certain actions, events or results &quot;could&quot;,
 &quot;may&quot;, &quot;should&quot;, &quot;will&quot; or &quot;would&quot; be taken, occur or achieved. All statements, other than statements
of historical fact, are forward-looking statements or information. Forward-looking statements or information in this material change report
relate to, among other things: the implementation and closing of the Arrangement; the timing of the Yamana Meeting and the Pan American
Meeting; the mailing and filing of the management information circular of Pan American; the approval of the Arrangement by Yamana shareholders;
the approval of the Arrangement by Pan American shareholders; the identification of three independent directors of Yamana to be appointed
to the Pan American board by the Nominating and Governance Committee of the Pan American board of directors; the regulatory and other
approvals and closing conditions to the Arrangement; the anticipated timing for closing the Arrangement; the anticipated delisting of
the Yamana Shares on the TSX, NYSE and London Stock Exchange; and the payment of any Yamana Termination Fee or Pan American Termination
Fee.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The forward-looking statements and information
contained in this material change report reflect Agnico Eagle's current views with respect to future events and are necessarily based
upon a number of assumptions that, while considered reasonable by Agnico Eagle, are inherently subject to significant operational, business,
economic and regulatory uncertainties and contingencies.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Agnico Eagle cautions the reader that forward-looking
statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments
to differ materially from those expressed or implied by such forward-looking statements or information contained in this material change
report and Agnico Eagle has made assumptions and estimates based on or related to many of these factors. Such risks, uncertainties and
other factors include, among others: the possibility that the Arrangement will not be completed in the expected timeframe or at all; the
failure to obtain shareholder approvals for the Arrangement in the expected timeframe or at all; pending or potential litigation associated
with the Arrangement or the Gold Fields Arrangement Agreement; and general economic, business and political conditions. Additional risks,
uncertainties and other factors are identified in Agnico Eagle's most recent form 40-F and Annual Information Form, and in its subsequent
quarterly report filings, which have been filed with the United States Securities and Exchange Commission and Canadian provincial securities
regulatory authorities, as applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Although Agnico Eagle has attempted to identify
important factors that could cause actual results to differ materially from those set out or implied by the forward-looking statements
and information, this list is not exhaustive and there may be other factors that cause results not to be as anticipated, estimated, described
or intended. Investors should use caution when considering, and should not place undue reliance on any, forward-looking statements and
information. Forward-looking statements and information are designed to help readers understand Agnico Eagle's current views in respect
of the Arrangement and related matters and may not be appropriate for other purposes. Agnico Eagle does not intend, nor does it assume
any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions,
future events or otherwise, except to the extent required by law.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This material change report does not constitute
(and may not be construed to be) a solicitation or offer by Agnico Eagle or its directors, officers, employees, representatives or agents
to buy or sell any securities of any person in any jurisdiction, or a solicitation of a proxy of any securityholder of any person in any
jurisdiction, in each case, within the meaning of applicable laws.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2229998d3_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Agnico
Eagle MINES limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Yamana
Gold Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARRANGEMENT
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOVEMBER</B></FONT><B>
4, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1 Interpretation</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B></B></FONT></TD>
    <TD STYLE="text-align: right"><B>2</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation not Affected by Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number and Gender</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date for any Action</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Knowledge</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliates and Subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Letters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2
The Arrangement</B></FONT></TD>
    <TD STYLE="text-align: right"><B>24</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Acquisition Agreement &ndash; Condition Precedent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrangement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pan American Approval</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yamana Approval</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Order</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yamana Meeting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pan American Meeting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yamana Circular</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pan American Circular</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final Order</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Court Proceedings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Securities Law Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrangement and Effective Date</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Consideration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Announcement and Shareholder Communications</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Consideration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3 Representations and Warranties of Yamana</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B></B></FONT></TD>
    <TD STYLE="text-align: right"><B>39</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4
Representations and Warranties of Pan American</B></FONT></TD>
    <TD STYLE="text-align: right"><B>39</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5 Representations and warranties of Agnico</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>40</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6 Covenants</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>40</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of Yamana Regarding the Conduct of Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of Pan American Regarding the Conduct of Business</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants Relating to the Consideration Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of Pan American and Agnico Regarding Blue-Sky Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Covenants of the Parties Relating to the Arrangement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants Relating to Yamana Employment Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory Approvals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Yamana Covenants Regarding Non-Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Pan American Covenants Regarding Non-Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access to Information; Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance and Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-Acquisition Reorganization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7 Conditions</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>67</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Conditions Precedent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Conditions Precedent to the Obligations of Pan American and Agnico</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Conditions Precedent to the Obligations of Yamana</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction of Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice and Cure Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frustration of Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8 Term, Termination, expenses, Amendment and Waiver</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>72</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold Fields Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9 General Provisions</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>79</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Injunctive Relief</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time of Essence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement, Binding Effect and Assignment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts, Execution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    A</FONT></TD>
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 87%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Plan of Arrangement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Arrangement Resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Pan American Resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    D</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Conveyance Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    3.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Yamana</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    4.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Pan American</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    5.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Agnico</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Arrangement
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">This <B>ARRANGEMENT AGREEMENT</B> is
made as of November&nbsp;4, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AMONG:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Pan
American Silver Corp.</B></FONT>, a corporation existing under the provincial laws of British Columbia (&ldquo;<B>Pan American</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Agnico
Eagle MINES LIMITED</B></FONT>, a corporation existing under the provincial laws of Ontario (&ldquo;<B>Agnico</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Yamana
Gold Inc</B></FONT><B>.</B>, a corporation existing under the federal laws of Canada (&ldquo;<B>Yamana</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RECITALS:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">As of
                                            the date hereof, Yamana and Gold Fields are parties to an arrangement agreement dated May&nbsp;31,
                                            2022 (the &ldquo;<B>Gold Fields Agreement</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">Pan American
                                            and Agnico jointly made a confidential, non-binding proposal, which Yamana&rsquo;s Board,
                                            after having received financial and legal advice and following the receipt and review of
                                            the unanimous recommendation from the Yamana Special Committee, determined would reasonably
                                            be expected to constitute a Yamana Superior Proposal (as defined in the Gold Fields Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify">The Parties
                                            desire to enter into this Agreement as a Permitted Acquisition Agreement (as defined in the
                                            Gold Fields Agreement) in accordance with the Gold Fields Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify">The effectiveness
                                            of this Agreement is subject to a condition precedent that the Arrangement Resolution (as
                                            defined in the Gold Fields Agreement) shall have failed to receive the Yamana Shareholder
                                            Approval (as defined in the Gold Fields Agreement) at the Yamana Meeting (as defined in the
                                            Gold Fields Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="text-align: justify">Pan American
                                            has provided evidence satisfactory to the Yamana Board of financing commitments sufficient
                                            to repay any obligations resulting from a change of control under Yamana&rsquo;s senior indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="text-align: justify">Subject
                                            only to the foregoing, pursuant to the Arrangement, Pan American proposes to directly or
                                            indirectly acquire all of the outstanding Yamana Shares and Agnico proposes to acquire the
                                            Canadian Assets and assume the Canadian Liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">G.</FONT></TD><TD STYLE="text-align: justify">The Yamana
                                            Board has unanimously determined, after having received financial and legal advice, and following
                                            the receipt and review of the unanimous recommendation from the Yamana Special Committee,
                                            that the Arrangement constitutes a Yamana Superior Proposal (as defined in the Gold Fields
                                            Agreement), is in the best interests of Yamana and has unanimously resolved, subject to the
                                            terms and conditions of this Agreement, to recommend that the Yamana Shareholders vote in
                                            favour of the Arrangement Resolution; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">H.</FONT></TD><TD STYLE="text-align: justify">The Pan
                                            American Board has unanimously determined, after having received financial and legal advice,
                                            that the Arrangement is in the best interests of Pan American and has unanimously resolved,
                                            subject to the terms and conditions of this Agreement, to recommend that the Pan American
                                            Shareholders vote in favour of the Pan American Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THEREFORE</B></FONT>,
the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Interpretation</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever used in this Agreement (including the
recitals), the following words and terms have the meanings set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Activation Time</B>&rdquo;
has the meaning given to it in Section&nbsp;2.1(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Advance Ruling Certificate</B>&rdquo;
means an advance ruling certificate issued by the Commissioner pursuant to Section&nbsp;102 of the Competition Act in respect of the
transactions contemplated by this Agreement, including the transactions contemplated by the Conveyance Agreement, such advance ruling
certificate having not been modified or withdrawn prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Board</B>&rdquo; means
the board of directors of Agnico as the same is constituted from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Material Adverse Effect</B>&rdquo;
means a Material Adverse Effect in relation to Agnico;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Material Contract</B>&rdquo;
means in respect of Agnico or any of its Subsidiaries any Contract: (a)&nbsp;that if terminated or modified or if it ceased to be in
effect, would reasonably be expected to have a Agnico Material Adverse Effect; (b)&nbsp;under which Agnico or any of its Subsidiaries
has directly or indirectly guaranteed any liabilities or obligations of a third party (other than ordinary course endorsements for collection)
in excess of US$150 million in the aggregate; (c)&nbsp;that is a lease, sublease, license or right of way or occupancy agreement for
real property which has a value in excess of US$150 million and that is material to the business or to an operation of Pan American and
its Subsidiaries, taken as a whole; (d)&nbsp;that provides for the establishment of, investment in or formation of any partnership or
joint venture with an arm&rsquo;s length Person in which the interest of Agnico or any of its Subsidiaries exceeds US$150 million (book
value); (e)&nbsp;relating to indebtedness for borrowed money, whether incurred, assumed, guaranteed or secured by any asset, with an
outstanding principal amount in excess of US$150 million; (f)&nbsp;under which Agnico or any of its Subsidiaries is obligated to make
or expects to receive payments in excess of US$150 million over the remaining term of the Contract; (g)&nbsp;that limits or restricts
Agnico or any of its affiliates from engaging in any line of business or in any geographic area, except for any such Contract entered
into in the normal course of business; (h)&nbsp;that is a collective bargaining agreement, a labour union contract or any other memorandum
of understanding or other agreement with a union; (i)&nbsp;that restricts Agnico from paying dividends or other distributions to its
shareholders; (j)&nbsp;that is a contractual royalty, production payment, net profits, earn-out, streaming agreement, metal pre-payment
or similar agreement that has a value in excess of US$150 million; (k)&nbsp;that relates to an acquisition or divestiture for value in
excess of US$150 million; or (l)&nbsp;that is a material agreement with a Governmental Entity, or an agreement with any first nation
or aboriginal group, or other organizations with authority to represent such groups;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Public Documents</B>&rdquo;
means all circulars, announcements, forms, reports, schedules, statements, certifications and other documents (including all exhibits
and other information incorporated therein, amendments and supplements thereto) released, distributed, issued, filed or furnished by
Agnico pursuant to Canadian Securities Laws and the U.S. Exchange Act since January&nbsp;1, 2020 and on or before the Business Day immediately
prior to the date hereof, which are publicly available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Share Consideration</B>&rdquo;
means 0.0376 of an Agnico Share for each Yamana Share (other than a Dissent Share), subject to any adjustment as contemplated by Section&nbsp;2.17;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Shareholders</B>&rdquo;
means the holders of Agnico Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Shares</B>&rdquo;
means the common shares in the authorized share capital of Agnico;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this arrangement agreement, including all schedules annexed hereto, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement</B>&rdquo; means
the arrangement of Yamana under Section&nbsp;192 of the CBCA on the terms and subject to the conditions set out in the Plan of Arrangement,
subject to any amendments or variations thereto made in accordance with the terms of this Agreement and the Plan of Arrangement or made
at the direction of the Court in the Interim Order or Final Order with the consent of Pan American and Yamana, each acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Resolution</B>&rdquo;
means the special resolution of Yamana Shareholders approving the Arrangement which is to be considered at the Yamana Meeting, substantially
in the form of Schedule B hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Articles of Arrangement</B>&rdquo;
means the articles of arrangement of Yamana to be filed in accordance with the CBCA evidencing the Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Asset Sale</B>&rdquo; has
the meaning given to it in the Conveyance Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Authorization</B>&rdquo;
means, with respect to any Person, any authorization, order, permit, approval, grant, licence, registration, consent, right (including
any prospecting or mining right), notification, condition, franchise, privilege, certificate, judgment, writ, injunction, award, determination,
direction, decision, decree, by-law, rule&nbsp;or regulation, of, from or required by any Governmental Entity having jurisdiction over
the Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Base Premium</B>&rdquo; has
the meaning given to it in Section&nbsp;6.11(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Breaching Party</B>&rdquo;
has the meaning given to it in Section&nbsp;7.5(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
any day, other than a Saturday, a Sunday or a statutory or civic holiday in the Provinces of Ontario or British Columbia or the State
of New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Assets</B>&rdquo;
has the meaning given to it in the Conveyance Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Liabilities</B>&rdquo;
has the meaning given to it in the Conveyance Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Authorities</B>&rdquo;
means the securities commission or other securities regulatory authority of each province and territory of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Laws</B>&rdquo;
means the Securities Act, together with all other applicable securities Laws, rules&nbsp;and regulations and published policies thereunder
or under the securities laws of any other province or territory of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Cash Consideration</B>&rdquo;
means US$1.0406 for each Yamana Share (other than a Dissent Share), subject to any adjustment as contemplated by Section&nbsp;2.17;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>CBCA</B>&rdquo; means the
<I>Canada Business Corporations Act</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Certificate of Arrangement</B>&rdquo;
means the certificate giving effect to the Arrangement issued by the Director pursuant to Section&nbsp;192(7)&nbsp;of the CBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Code</B>&rdquo; means the
U.S. <I>Internal Revenue Code of 1986</I>, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Commissioner</B>&rdquo; means
the Commissioner of Competition appointed under subsection&nbsp;7(1)&nbsp;of the Competition Act and includes any Person designated by
the Commissioner to act on his behalf;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Competition Act</B>&rdquo;
means the <I>Competition Act </I>(Canada) and the regulations promulgated thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Competition Act Approval</B>&rdquo;
means that, in connection with the transactions contemplated by this Agreement, including the transactions contemplated by the Conveyance
Agreement, either (a)&nbsp;the applicable waiting period under subsection&nbsp;123(1)&nbsp;of the Competition Act shall have expired
or been terminated in accordance with subsection&nbsp;123(2)&nbsp;of the Competition Act or the obligation to provide a pre-merger notification
in accordance with Part&nbsp;IX of the Competition Act shall have been waived in accordance with subsection&nbsp;113(c)&nbsp;of the Competition
Act, and the Commissioner shall have issued a No Action Letter; or (b)&nbsp;the Commissioner shall have issued an Advance Ruling Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Confidentiality Agreement</B>&rdquo;
means the confidentiality agreement among Pan American, Agnico and Yamana dated October&nbsp;24, 2022;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Consideration</B>&rdquo;
means the consideration to be received by the Yamana Shareholders (other than Dissenting Shareholders) for each Yamana Share consisting
of the Agnico Share Consideration, Pan American Share Consideration and Cash Consideration, subject to rounding in accordance with Section&nbsp;3.2
of the Plan of Arrangement, all in accordance with the Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Consideration Shares</B>&rdquo;
means the Pan American Share Consideration and the Agnico Share Consideration to be issued as Consideration pursuant to the Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Contract</B>&rdquo; means
any contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right
or obligation (written or oral) to which a Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound
or to which any of their respective properties or assets is subject;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Conveyance Agreement</B>&rdquo;
means the agreement between Yamana and Agnico to effect the sale, transfer and assumption, as applicable, of Canadian Assets and Canadian
Liabilities from Yamana to Agnico substantially in the form of Schedule D attached hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Court</B>&rdquo; means the
Ontario Superior Court of Justice (Commercial List);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>COVID-19</B>&rdquo; means
the coronavirus disease 2019 (commonly referred to as COVID-19), caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)
and/or any other virus or disease developing from or arising as a result of SARS-CoV-2 and/or COVID-19;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>COVID-19 Measures</B>&rdquo;
means commercially reasonable measures undertaken by Pan American or Yamana or any of their respective Subsidiaries to comply with any
quarantine, &ldquo;shelter in place&rdquo;, &ldquo;stay at home&rdquo;, workforce reduction, social distancing, curfew, shut down, closure,
sequester, travel restrictions or any other applicable Laws, or any other similar directives, guidelines or recommendations issued by
any Governmental Entity in connection with or in response to COVID-19;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>COVID-19 Returns</B>&rdquo;
means any and all returns, reports, records, calculations, declarations, elections, attestations, notices, forms, designations, filings
and statements filed or required to be filed, or required to be kept on file, in respect of any COVID-19 Subsidy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>COVID-19 Subsidy</B>&rdquo;
means the Canada Emergency Rent Subsidy, the Canada Emergency Wage Subsidy, and any other COVID-19 related direct or indirect wage, rent
or other subsidy or loan offered by a federal, provincial, territorial, state, local or foreign Governmental Entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means
any Person that Yamana may appoint to act as depositary for the Yamana Shares in relation to the Arrangement, with the approval of Pan
American, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Director</B>&rdquo; means
the Director appointed pursuant to Section&nbsp;260 of the CBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Disclosing Party</B>&rdquo;
has the meaning given to it in Section&nbsp;6.7(f);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent Rights</B>&rdquo;
has the meaning given to it in the Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent Shares</B>&rdquo;
means the Yamana Shares held by a Dissenting Shareholder and in respect of which the Dissenting Shareholder has validly exercised Dissent
Rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissenting Shareholders</B>&rdquo;
has the meaning given to it in the Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>EDGAR</B>&rdquo; means the
Electronic Data Gathering, Analysis and Retrieval system;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Date</B>&rdquo;
means the date upon which the Arrangement becomes effective, as set out in Section&nbsp;2.13, which will be the date shown in the Certificate
of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Time</B>&rdquo;
means the time on the Effective Date that the Arrangement becomes effective, as set out in the Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo;
means all applicable Laws relating to pollution or the protection or quality of the environment or to the Release of Hazardous Substances
to the environment and all Authorizations issued pursuant to such Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>FCA</B>&rdquo; means the
Financial Conduct Authority of the United Kingdom, in its capacity as the competent authority for the purposes of Part&nbsp;VI of FSMA
and the FSA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Order</B>&rdquo; means
the final order of the Court pursuant to Section&nbsp;192 of the CBCA, in form and substance acceptable to Pan American, Agnico and Yamana,
each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement,
approving the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of Pan American,
Agnico and Yamana, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn
or denied, as affirmed or as amended on appeal (provided that any such affirmation, amendment, modification, supplement or variation
is acceptable to Pan American, Agnico and Yamana, each acting reasonably);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>FSA</B>&rdquo; means the
UK Financial Services Act 2012, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>FSMA</B>&rdquo; means the
Financial Services and Markets Act 2000, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Furnishing Party</B>&rdquo;
has the meaning given to it in Section&nbsp;6.10(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Gold Fields</B>&rdquo; means
Gold Fields Limited, a public company registered in accordance with the laws of South Africa;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Gold Fields Agreement</B>&rdquo;
has the meaning given to it in the recitals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Governmental Entity</B>&rdquo;
means: (a)&nbsp;any multinational, federal, provincial, territorial, state, regional, municipal, local or other government, governmental
or public department, central bank, court, tribunal, arbitral body, commission, board, ministry, bureau or agency, domestic or foreign;
(b)&nbsp;any stock exchange, including the TSX, NYSE, LSE and Nasdaq; (c)&nbsp;any subdivision, agent, commission, board or authority
of any of the foregoing; or (d)&nbsp;any quasi-governmental or private body, including any tribunal, commission, regulatory agency or
self-regulatory organization, exercising any regulatory, antitrust/competition, foreign investment, expropriation or taxing authority
under or for the account of any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Hazardous Substances</B>&rdquo;
means any material or substance that is prohibited, listed, defined, designated or classified as dangerous, hazardous, radioactive, explosive,
corrosive, flammable, leachable, oxidizing, or toxic or a pollutant or a contaminant under or pursuant to any applicable Environmental
Laws, and including petroleum and all derivatives thereof or synthetic substitutes therefor (including polychlorinated biphenyls);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>HSR Act</B>&rdquo; means
the <I>Hart-Scott-Rodino Antitrust Improvement Act of 1976</I>, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IFRS</B>&rdquo; means generally
accepted accounting principles in Canada from time to time including, for the avoidance of doubt, the standards prescribed in Part&nbsp;I
of the CPA Canada Handbook - Accounting (International Financial Reporting Standards) as the same may be amended, supplemented or replaced
from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>including</B>&rdquo; means
including without limitation, and &ldquo;<B>include</B>&rdquo; and &ldquo;<B>includes</B>&rdquo; have a corresponding meaning;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interim Order</B>&rdquo;
means the interim order made after the application to the Court pursuant to subsection&nbsp;192 of the CBCA in form and substance acceptable
to Pan American, Agnico and Yamana, each acting reasonably, providing for, among other things, the calling and holding of the Yamana
Meeting, as the same may be amended, affirmed, modified, supplemented or varied by the Court with the consent of Pan American, Agnico
and Yamana, each acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Key Regulatory Approvals</B>&rdquo;
means the Competition Act Approval and the Mexican Competition Law Approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Law</B>&rdquo; or &ldquo;<B>Laws</B>&rdquo;
means all laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, ordinances,
judgments, injunctions, determinations, awards, decrees or other legally binding requirements, whether domestic or foreign, and the terms
and conditions of any Authorization of or from any Governmental Entity, and, for greater certainty, includes Canadian Securities Laws,
U.S. Securities Laws and UK Securities Laws and the term &ldquo;<B>applicable</B>&rdquo; with respect to such Laws and in a context that
refers to one or more Persons, means such Laws as are applicable to such Persons or its business, undertaking, assets, property or securities
and emanate from a Persons having jurisdiction over the Person or Persons or its or their business, undertaking, assets, property or
securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Liens</B>&rdquo; means any
hypothecs, mortgages, pledges, assignments, liens, charges, security interests, statutory or deemed trusts, encumbrances and adverse
rights or claims, other third party interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right
or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>LSE</B>&rdquo; means the
London Stock Exchange plc;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Adverse Effect</B>&rdquo;
means, in relation to a Party, any event, change, occurrence, effect or state of facts that, individually or in the aggregate with other
events, changes, occurrences, effects or states of facts is, or would reasonably be expected to be, material and adverse to the business,
results of operations or financial condition of such Party and its Subsidiaries taken as a whole; provided that no event, change, occurrence,
effect or state of facts shall be deemed to constitute, nor shall any of the foregoing be taken into account in determining whether there
has been a Material Adverse Effect, to the extent that such event, change, occurrence, effect or state of facts results from or arises
out of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">any
                                            change or development generally affecting the gold mining, silver mining or copper mining
                                            industries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any
                                            change or development in political conditions in Canada, the United States or other states
                                            or countries in which such Party has material operations or globally (including any act of
                                            terrorism or sabotage or any outbreak of hostilities or war or any escalation or worsening
                                            thereof) or any natural disaster;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any
                                            change in general economic, business or regulatory conditions or in financial, credit, currency
                                            or securities markets in Canada, the United States or other states or countries in which
                                            such Party has material operations or globally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">any
                                            change (on a current or forward basis) in the price of gold, silver or copper;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">any
                                            adoption, proposed implementation or change in applicable Law or any interpretation or application
                                            (or non-application) thereof by any Governmental Entity, or that result from any action taken
                                            for the purpose of complying with any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">any
                                            change in IFRS or changes in applicable regulatory accounting requirements applicable to
                                            the industries in which it conducts business, or that result from any action taken for the
                                            purpose of complying with any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the
                                            commencement or continuation of any epidemic, pandemic (including COVID-19) or other outbreak
                                            of illness or public health event, including the escalation or worsening thereof, and including
                                            any measures introduced by any Governmental Entity to address such epidemic, pandemic or
                                            other outbreak or public health event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the
                                            execution, announcement or performance of this Agreement or the consummation of the transactions
                                            contemplated herein (<I>provided </I>that this clause shall not apply to any representation
                                            or warranty in this Agreement to the extent the purpose of such representation or warranty
                                            is to expressly address the consequences resulting from the execution and delivery of this
                                            Agreement or the consummation of the transactions contemplated herein);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">compliance
                                            with the terms of, or the taking of any actions or omission to take any action expressly
                                            required by, this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">any
                                            actions taken (or omitted to be taken) which Pan American, Agnico or Yamana, as applicable,
                                            has requested or consented to in writing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">any
                                            failure by a Party to meet any analysts&rsquo; estimates or expectations in respect of revenue,
                                            earnings or other financial performance or results of operations for any period, or any failure
                                            by such Party or any of its Subsidiaries to meet any internal budgets, plans or forecasts
                                            of its revenues, earnings or other financial performance or results of operations (it being
                                            understood that the causes, facts or occurrences giving rise to or contributing to such failures
                                            may, if not otherwise excluded from the definition of Material Adverse Effect, constitute,
                                            or be taken into account in determining whether there has been or will be, a Material Adverse
                                            Effect);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify">any
                                            Proceedings made or brought by any of the current or former shareholders of such Party (on
                                            their own behalf or on behalf of such Party) against any Party or any of their directors
                                            or officers, arising out of this Agreement or the transactions contemplated hereby; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify">any
                                            change in the market price or trading volume of any securities of such Party (it being understood,
                                            without limiting the applicability of paragraphs (a)&nbsp;through (l), that the causes underlying
                                            such changes in market price or trading volume may, if not otherwise excluded from the definition
                                            of Material Adverse Effect, be taken into account in determining whether a Material Adverse
                                            Effect has occurred);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">provided, however, that: (i)&nbsp;to
the extent such effects directly or indirectly resulting from, arising out of, attributable to or related to the matters described in
the foregoing clauses&nbsp;(a), (b), (c), (d), (e), (f)&nbsp;or (g)&nbsp;disproportionately adversely affect such Person and its Subsidiaries,
taken as a whole, as compared to other companies operating in the industry in which such Party operates; and (ii)&nbsp;references in
this Agreement to dollar amounts are not intended to be and shall not be deemed to be illustrative or interpretative for purposes of
determining whether a Material Adverse Effect has occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>material fact</B>&rdquo;
and &ldquo;<B>material change</B>&rdquo; have the meanings given to them in the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Mexican Competition Law Approval</B>&rdquo;
means the approval, clearance, expiration or termination of a waiting period pursuant to which the transactions contemplated by this
Agreement, including the transactions contemplated by the Conveyance Agreement, would be deemed to be approved by the Mexican Federal
Economic Competition Commission (COFECE), under any Law of Mexico that is designed or intended to prohibit, restrict or regulate actions
having the purpose or effect of monopolization or restraint of trade or otherwise governing antitrust matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>MI 61-101</B>&rdquo; means
Multilateral Instrument 61-101 &ndash; <I>Protection of Minority Security Holders in Special Transactions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>misrepresentation</B>&rdquo;
has the meaning given to it in the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Nasdaq</B>&rdquo; means Nasdaq
Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NI 43-101</B>&rdquo; means
National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>No Action Letter</B>&rdquo;
means written confirmation from the Commissioner that he does not, at that time, intend to make an application under Section&nbsp;92
of the Competition Act in respect of any of the transactions contemplated by this Agreement, including the transactions contemplated
by the Conveyance Agreement, such written confirmation having not been modified or withdrawn prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NYSE</B>&rdquo; means The
New York Stock Exchange LLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Order</B>&rdquo; means all
judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations,
awards, or decrees of any Governmental Entity (in each case, whether temporary, preliminary or permanent);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>ordinary course of business</B>&rdquo;,
or any similar reference, means, with respect to an action taken by a Person, that such action is consistent with the past practices
of such Person, is commercially reasonable in the circumstances in which it is taken, and is taken in the ordinary course of the normal
day-to-day business and operations of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Outside Date</B>&rdquo; means
April&nbsp;30, 2023 or such later date as may be agreed to in writing by the Parties; provided that, if the Effective Date has not occurred
by April&nbsp;30, 2023 as a result of the failure to satisfy the condition set forth in Section&nbsp;7.1(g), then any Party may elect
by notice in writing delivered to the other Party by no later than 5:00 p.m.&nbsp;(Eastern time) on a date that is on or prior to such
date or, in the case of subsequent extensions, the date that is on or prior to the Outside Date, as previously extended, to extend the
Outside Date from time to time by a specified period of not less than five days and not more than 15 days, provided that in aggregate
such extensions shall not exceed 60 days from April&nbsp;30, 2023; provided further that, notwithstanding the foregoing, a Party shall
not be permitted to extend the Outside Date if the failure to satisfy any such condition is primarily the result of the breach by such
Party of its representations and warranties set forth in this Agreement or such Party&rsquo;s failure to comply with its covenants herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Acquisition
Proposal</B>&rdquo; means, other than the transactions contemplated by this Agreement, and other than any transaction involving only
Pan American and/or one or more of its wholly-owned Subsidiaries, any offer, proposal, expression of interest or inquiry from, or public
announcement of intention by, any Person or group (as defined in Section&nbsp;13(d)&nbsp;of the U.S. Exchange Act) of Persons (other
than Yamana or any affiliate of Yamana), whether or not in writing and whether or not delivered to Pan American Shareholders, relating
to: (a)&nbsp;any acquisition or purchase (or any lease, joint venture or any other arrangement having the same economic effect as an
acquisition or purchase), direct or indirect, through one or more transactions, of (i)&nbsp;the assets of Pan American and/or one or
more of its Subsidiaries that, individually or in the aggregate, constitute 20% or more of the consolidated assets of Pan American and
its Subsidiaries, taken as a whole, or which contribute 20% or more of the consolidated revenue of Pan American and its Subsidiaries,
taken as a whole (in each case, determined based upon the most recent publicly available consolidated financial statements of Pan American),
or (ii)&nbsp;20% or more of any voting or equity securities of Pan American or 20% or more of any voting or equity securities of any
one or more of Pan American&rsquo;s Subsidiaries that, individually or in the aggregate, contribute 20% or more of the consolidated revenues
or constitute 20% or more of the consolidated assets of Pan American and its Subsidiaries, taken as a whole (in each case, determined
based upon the most recent publicly available consolidated financial statements of Pan American); (b)&nbsp;any direct or indirect take-over
bid, tender offer, exchange offer, treasury issuance or other transaction that, if consummated, would result in such Person or group
(as defined in Section&nbsp;13(d)&nbsp;of the U.S. Exchange Act) of Persons beneficially owning 20% or more of any class of voting or
equity securities (and/or securities convertible into, or exchangeable or exercisable for voting or equity securities) of Pan American;
(c)&nbsp;a plan or scheme of arrangement, merger, amalgamation, consolidation, share exchange, share reclassification, business combination,
reorganization, recapitalization, liquidation, dissolution, winding up or other similar transaction or series of transactions involving
Pan American or any of its Subsidiaries that, individually or in the aggregate, constitute 20% or more of the consolidated assets of
Pan American and its Subsidiaries, taken as a whole, or which contribute 20% or more of the consolidated revenue of Pan American and
its Subsidiaries, taken as a whole (in each case, determined based upon the most recent publicly available consolidated financial statements
of Pan American); or (d)&nbsp;any other transaction, the consummation of which would reasonably be expected to impede, interfere with,
prevent or delay the transactions contemplated by this Agreement or the Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American and Agnico Response
Period</B>&rdquo; has the meaning given to it in Section&nbsp;6.8(f)(v);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Assets</B>&rdquo;
means all of the assets, properties, permits, rights or other privileges (whether contractual or otherwise) owned, leased or otherwise
used or held by Pan American and its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Board</B>&rdquo;
means the board of directors of Pan American as the same is constituted from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Board Recommendation</B>&rdquo;
has the meaning given to it in Section&nbsp;2.9(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Change in Recommendation</B>&rdquo;
has the meaning given to it in Section&nbsp;6.9(a)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Circular</B>&rdquo;
means, collectively, the notice of the Pan American Meeting and accompanying circular, including all schedules, appendices and exhibits
thereto and enclosures therewith, to be sent to Pan American Shareholders in connection with the Pan American Meeting, as amended, supplemented
or otherwise modified from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American CVRs</B>&rdquo;
means the Pan American contingent value rights, each having a term of 10 years and being exchangeable for 0.0497 of a Pan American Share
upon the first commercial shipment of concentrate from production at the Escobal mine to a smelter, refiner, or other processor or to
any purchaser, is loaded on or into containers, trucks, railway cars or other methods of transportation and crosses outbound the Escobal
mine site property boundary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Data Room</B>&rdquo;
means the material contained in the virtual data room established by Pan American as at 11:59 p.m.&nbsp;(Eastern time) on November&nbsp;3,
2022, the index of documents of which is appended to the Pan American Disclosure Letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Disclosure Letter</B>&rdquo;
means the confidential disclosure letter dated the date of this Agreement executed and delivered by Pan American to Yamana in connection
with the execution of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Long Term Incentive
Plan</B>&rdquo; means the Pan American Stock Option Plan and Compensation Share Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Material Adverse
Effect</B>&rdquo; means a Material Adverse Effect in relation to Pan American;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Pan
American Material Contract</B>&rdquo; </FONT>means in respect of Pan American or any of its Subsidiaries any Contract: (a)&nbsp;that
if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Pan American Material Adverse Effect;
(b)&nbsp;under which Pan American or any of its Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of
a third party (other than ordinary course endorsements for collection) in excess of US$30 million in the aggregate; (c)&nbsp;that is
a lease, sublease, license or right of way or occupancy agreement for real property which has a value in excess of US$30 million and
that is material to the business or to an operation of Pan American and its Subsidiaries, taken as a whole; (d)&nbsp;that provides for
the establishment of, investment in or formation of any partnership or joint venture with an arm&rsquo;s length Person in which the interest
of Pan American or any of its Subsidiaries exceeds US$30 million (book value); (e)&nbsp;relating to indebtedness for borrowed money,
whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount in excess of US$30 million; (f)&nbsp;under
which Pan American or any of its Subsidiaries is obligated to make or expects to receive payments in excess of US$30 million over the
remaining term of the Contract; (g)&nbsp;that limits or restricts Pan American or any of its affiliates from engaging in any line of
business or in any geographic area, except for any such Contract entered into in the normal course of business; (h)&nbsp;that is a collective
bargaining agreement, a labour union contract or any other memorandum of understanding or other agreement with a union; (i)&nbsp;that
restricts Pan American from paying dividends or other distributions to its shareholders; (j)&nbsp;that is a contractual royalty, production
payment, net profits, earn-out, streaming agreement, metal pre-payment or similar agreement that has a value in excess of US$30 million;
(k)&nbsp;that relates to an acquisition or divestiture for value in excess of US$30 million; or (l)&nbsp;that is a material agreement
with a Governmental Entity, or an agreement with any first nation or aboriginal group, or other organizations with authority to represent
such groups;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Meeting</B>&rdquo;
means the special meeting of Pan American Shareholders, including any adjournment or postponement thereof, to be called and held to consider
the Pan American Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Option</B>&rdquo;
means an option to acquire Pan American Shares granted pursuant to the Pan American Long Term Incentive Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Public Documents</B>&rdquo;
means all circulars, announcements, forms, reports, schedules, statements, certifications and other documents (including all exhibits
and other information incorporated therein, amendments and supplements thereto) released, distributed, issued, filed or furnished by
Pan American pursuant to Canadian Securities Laws and the U.S. Exchange Act since January&nbsp;1, 2020 and on or before the Business
Day immediately prior to the date hereof, which are publicly available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Resolution</B>&rdquo;
means an ordinary resolution of the Pan American Shareholders approving the issuance of the Pan American Share Consideration, substantially
in the form set out in Schedule C;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American RSU</B>&rdquo;
means a notional share unit that entitles the holder to either cash or Pan American Shares at the discretion of the Pan American Board
and vests over a three year period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Shareholder
Approval</B>&rdquo; means the approval of the Pan American Resolution by the requisite majority of Pan American Shareholders at the Pan
American Meeting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Shareholders</B>&rdquo;
means the holders of Pan American Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Share Consideration</B>&rdquo;
means 0.1598 of a Pan American Share for each Yamana Share (other than a Dissent Share), subject to any adjustment as contemplated by
Section&nbsp;2.17;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Shares</B>&rdquo;
means the common shares in the authorized share capital of Pan American;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Superior Proposal</B>&rdquo;
means an unsolicited <I>bona fide </I>written Pan American Acquisition Proposal from a Person or Persons who is or are, as at the date
of this Agreement, a party that deals at arm&rsquo;s length with Pan American, that complies with Securities Laws and is not obtained
in violation of this Agreement or any agreement between the Person making such Pan American Acquisition Proposal and Pan American, to
acquire 100% of the outstanding Pan American Shares (other than Pan American Shares beneficially owned by the Person or Persons making
such Pan American Acquisition Proposal) or all or substantially all of the assets of Pan American and its Subsidiaries on a consolidated
basis made after the date of this Agreement: (a)&nbsp;that is not subject to any financing condition and in respect of which adequate
arrangements have been made to ensure that the required funds will be available to effect payment in full; (b)&nbsp;that is not subject
to a due diligence and/or access condition; (c)&nbsp;that is reasonably capable of being consummated without undue delay, taking into
account all legal, financial, regulatory and other aspects of such Pan American Acquisition Proposal and the Person making such Pan American
Acquisition Proposal; and (d)&nbsp;in respect of which the Pan American Board determines in good faith, after consultation with its outside
financial and legal advisors, and after taking into account all the terms and conditions of such Pan American Acquisition Proposal and
all factors and matters considered appropriate in good faith by the Pan American Board, would, if consummated in accordance with its
terms (but not assuming away any risk of non- completion), result in a transaction that is more favourable, from a financial point of
view, to the Pan American Shareholders than the Arrangement (including any adjustment to the terms and conditions of the Arrangement
proposed by Yamana pursuant to Section&nbsp;6.9(h));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Support Agreements</B>&rdquo;
means the voting and support agreements entered into at the Activation Time (including all amendments thereto) between Yamana and the
Pan American Supporting Shareholders setting forth the terms and conditions upon which they agree to vote their Pan American Shares in
favour of the Pan American Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Supporting Shareholders</B>&rdquo;
means all of the directors and senior officers of Pan American that have entered into Pan American Support Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Termination
Fee</B>&rdquo; means US$375 million;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Termination
Fee Event</B>&rdquo; has the meaning given to it in Section&nbsp;8.3(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Parties</B>&rdquo; means
Yamana, Pan American and Agnico, and &ldquo;<B>Party</B>&rdquo; means any one of them, as the context requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Permitted Liens</B>&rdquo;
means any one or more of the following Liens:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Liens
                                            or deposits for Taxes which are not due or delinquent or which are being contested in good
                                            faith by appropriate proceedings; provided that the applicable Governmental Entities are
                                            prevented from taking collection action during the valid contest of such amounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the
                                            Lien of any judgment or award rendered or the Lien of any claim filed which is being contested
                                            in good faith by appropriate proceedings and as to which reserves are being maintained in
                                            accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Liens
                                            and charges incidental to construction or current operations including, without limitation,
                                            carrier&rsquo;s, warehousemen&rsquo;s, mechanics&rsquo;, materialmen&rsquo;s, repairmen&rsquo;s,
                                            contractors&rsquo;, workers&rsquo;, suppliers&rsquo;, subcontractors&rsquo;, construction
                                            and other like Liens arising by operation of applicable Law, which have not at such time
                                            been filed pursuant to law or which relate to obligations not due or delinquent or the validity
                                            of which are being contested in good faith by appropriate proceedings and as to which reserves
                                            are being maintained in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">municipal
                                            by-laws, regulations, ordinances, zoning laws, building or land use restrictions and other
                                            limitations as to the use of real property imposed by any Governmental Entity having jurisdiction
                                            over real property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">customary
                                            rights of general application reserved to or vested in any Governmental Entity to control
                                            or regulate any interest in the facilities or properties in or on which the Party or any
                                            of its Subsidiaries conduct their business; provided that such Liens, encumbrances, exceptions,
                                            agreements, restrictions, limitations, contracts and rights: (i)&nbsp;were not incurred in
                                            connection with any indebtedness; and (ii)&nbsp;do not or would not reasonably be expected
                                            to, individually or in the aggregate, have a material adverse effect on the value or materially
                                            impair or add material cost to the use of the subject property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Liens
                                            incurred, created and granted in the ordinary course of business to a utility, municipality
                                            or Governmental Entity in connection with operations conducted with respect to, in the case
                                            of Pan American or any of its Subsidiaries, the Pan American Assets and, in the case of Yamana
                                            or any of its Subsidiaries, the Yamana Assets; provided that such Liens are not filed or
                                            registered against title or relate to costs and expenses for which payment is not due or
                                            delinquent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">any
                                            minor encroachments by any structure located on, in the case of Pan American or any of its
                                            Subsidiaries, the Pan American Assets and, in the case of Yamana or any of its Subsidiaries,
                                            the Yamana Assets, onto any adjoining lands and any minor encroachment by any structure located
                                            on adjoining lands onto such assets; provided that such Liens do not materially adversely
                                            affect the use or value of such assets or otherwise materially impair business operations
                                            at the affected properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">easements,
                                            rights of way, restrictions, restrictive covenants, servitudes and similar rights in land
                                            including rights of way and servitudes for highways and other roads, railways, sewers, drains,
                                            gas and oil pipelines, gas and water mains, electric light, power, telephone, telegraph or
                                            cable television conduits, poles, wires and cables; provided that they: (i)&nbsp;have been
                                            complied with in all material respects and do not materially adversely impact the use or
                                            value of such property; and (ii)&nbsp;arise in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">any
                                            reservations, exceptions, limitations, provisos and conditions contained in the original
                                            grant or patent from any Governmental Entity (including the reservation of any mines and
                                            minerals in a Governmental Entity or in any other Person), as same may be varied by statute,
                                            together with any Liens arising from or as a result of any alleged defects or irregularities
                                            in the initial grant from the Governmental Entity; provided that they do not materially affect
                                            the use or value of the property subject thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">any
                                            Liens, other than those described above, that are: (i)&nbsp;registered, as of the date of
                                            this Agreement against title to real property in the applicable land registry offices; or
                                            (ii)&nbsp;registered, as of the date of this Agreement, against a Party, any of its Subsidiaries
                                            or their respective assets, in a public personal property registry or similar registry systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">any
                                            conditions and covenants imposed by such mining legislation and regulation as may be applicable
                                            to, in the case of Pan American or any of its Subsidiaries, the Pan American Assets and,
                                            in the case of Yamana or any of its Subsidiaries, the Yamana Assets; provided the same are
                                            complied with in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify">statutory
                                            Liens incurred or pledges or deposits made in the ordinary course of business to secure the
                                            performance of obligations of any Party under Environmental Laws to which any assets of such
                                            Party are subject;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify">undetermined
                                            or inchoate Liens and charges arising under Law which have not at the time been filed or
                                            registered in accordance with Law or for which written notice has not been duly given in
                                            accordance with Law or which, although filed or registered, relate to obligations not due
                                            or delinquent, including without limitation statutory Liens incurred, or pledges or deposits
                                            made, under applicable worker&rsquo;s compensation, employment insurance and other social
                                            security legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify">customary
                                            rights of set-off or combination of accounts with respect to ordinary course of business
                                            hedge arrangements, deposits and/or accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify">Liens
                                            on concentrates, minerals or the proceeds of sale of such concentrates or minerals arising
                                            or granted pursuant to a processing arrangement, in each case, entered into in the ordinary
                                            course of business and upon usual and arm&rsquo;s length market terms, securing the payment
                                            of the applicable Party&rsquo;s portion of the fees, costs and expenses attributable to the
                                            processing of such concentrates or minerals under any such processing arrangement; provided
                                            that: (i)&nbsp;such Liens relate to obligations which are at such time not past due or the
                                            validity of which are being contested in good faith by appropriate proceedings; and (ii)&nbsp;reserves
                                            are being maintained in accordance with IFRS against such Liens; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify">Liens
                                            securing capital lease obligations, and indebtedness assumed as part of, or issued or incurred
                                            to pay or provide funds to pay, all or a part of the purchase price of any equipment hereafter
                                            or previously acquired (for the avoidance of doubt such Liens shall only be permitted on
                                            the assets financed pursuant to the foregoing);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; includes
an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government (including
any Governmental Entity) or any other entity, whether or not having legal status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Plan of Arrangement</B>&rdquo;
means the plan of arrangement of Yamana, substantially in the form of Schedule A hereto, and any amendments or variations thereto made
in accordance with this Agreement and the Plan of Arrangement or upon the direction of the Court in the Final Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pre-Acquisition Reorganization</B>&rdquo;
has the meaning given to it in Section&nbsp;6.12(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Proceeding</B>&rdquo; means
any suit, claim, action, charge, complaint, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative
or appellate proceeding), hearing, audit, examination or investigation commenced, brought, conducted or heard by or before, any court
or other Governmental Entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Receiving Party</B>&rdquo;
has the meaning given to it in Section&nbsp;6.7(f);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Regulatory Approvals</B>&rdquo;
means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse, without objection, of
a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following
the giving of notice without an objection being made) of Governmental Entities required in relation to the consummation of the transactions
contemplated hereby, including the transactions contemplated by the Conveyance Agreement, and including the Key Regulatory Approvals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Release</B>&rdquo; means
any spill, leak, pumping, addition, pouring, emission, emptying, discharge, injection, escape, leaching, disposal, dumping, deposit,
spraying, burial, abandonment, incineration, seepage, placement or introduction of a Hazardous Substance into the environment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Representatives</B>&rdquo;
means, with respect to any Person, such Person&rsquo;s officers, directors, employees and other representatives acting on its behalf,
including any financial advisors, attorneys and accountants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>SEC</B>&rdquo; means the
United States Securities and Exchange Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Act</B>&rdquo;
means the <I>Securities Act </I>(Ontario) and the rules, regulations and published policies made thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Laws</B>&rdquo;
means collectively, Canadian Securities Laws, U.S. Securities Laws and UK Securities Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>SEDAR</B>&rdquo; means the
System for Electronic Document Analysis and Retrieval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Senior Employee</B>&rdquo;
means all employees of Yamana and its Subsidiaries holding a position of mine general manager, vice president or higher;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Statutory Plans</B>&rdquo;
means statutory benefit plans which a Party and any of its Subsidiaries are required to participate in or comply with, including any
benefit plan administered by any federal or provincial government and any benefit plans administered pursuant to applicable health, tax,
workplace safety insurance, and employment insurance legislation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax</B>&rdquo; or &ldquo;<B>Taxes</B>&rdquo;
means any taxes, duties, fees, premiums, assessments, imposts, levies, expansion fees and other charges of any kind whatsoever imposed
by any Governmental Entity, including all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental
Entity in respect thereof, and including, but not limited to, those levied on, or measured by, or referred to as, income, gross receipts,
profits, windfall, royalty, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, value-added, excise,
stamp, withholding, business, franchising, property, development, occupancy, employer health, payroll, employment, health, social services,
education and social security taxes, all surtaxes, all customs duties and import and export taxes, countervail and anti-dumping, all
licence, franchise and registration fees, any special COVID-19 tax relief (including, for greater certainty, any COVID-19 Subsidy) and
all employment insurance, health insurance and federal, state, provincial and other pension plan premiums or contributions imposed by
any Governmental Entity, and any transferee or secondary liability in respect of any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means
the <I>Income Tax Act </I>(Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Returns</B>&rdquo; means
returns, reports, declarations, elections, designations, notices, filings, forms, statements, COVID-19 Returns and other documents (whether
in tangible, electronic or other form) including any amendments, schedules, attachments, supplements, appendices and exhibits thereto,
in each case made, prepared, filed or required by a Governmental Entity to be made, prepared or filed by Law in respect of Taxes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Terminating Party</B>&rdquo;
has the meaning given to it in Section&nbsp;7.5(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Termination Fee</B>&rdquo;
means the Yamana Termination Fee or the Pan American Termination Fee, as context requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Termination Notice</B>&rdquo;
has the meaning given to it in Section&nbsp;7.5(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Third Party Beneficiaries</B>&rdquo;
has the meaning given to it in Section&nbsp;9.9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>TSX</B>&rdquo; means Toronto
Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK DTRs</B>&rdquo; means
the disclosure guidance and transparency rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK Listing Rules</B>&rdquo;
means the listing rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK MAR</B>&rdquo; means Regulation
(EU) No.596/2014 of the European Parliament and of the Council of 16 April&nbsp;2014 on market abuse, as applicable in the UK by virtue
of Section&nbsp;3 of the European Union (Withdrawal) Act 2018, as amended from time to time (including by the Market Abuse (Amendment)
(EU Exit) Regulations 2019 (SI 2019/310));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK Prospectus Regulation
Rules</B>&rdquo; means the prospectus regulation rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK Prospectus Regulation</B>&rdquo;
means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June&nbsp;2017 on the prospectus to be published
when securities are offered to the public or admitted to trading on a regulated market, as applicable in the UK by virtue of the European
Union (Withdrawal) Act 2018, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>UK
Securities Laws</B>&rdquo;</FONT> means the UK Prospectus Regulation, UK Prospectus Regulation Rules, the UK Listing Rules, UK MAR, the
UK DTRs, FSMA, the FSA and the Criminal Justice Act 2003 (each as amended from time to time) and all other applicable listing and disclosure
requirements to which Yamana is subject by virtue of the listing of the Yamana Shares on the standard segment of the Official List maintained
by the FCA and admission to trading of the Yamana Shares on the Main Market of the LSE;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>United Kingdom</B>&rdquo;
or &ldquo;<B>UK</B>&rdquo; means the United Kingdom of Great Britain and Northern Ireland;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>United States</B>&rdquo;
or &ldquo;<B>U.S.</B>&rdquo; means the United States of America, its territories and possessions, any State of the United States and
the District of Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Exchange Act</B>&rdquo;
means the U.S. <I>Securities Exchange Act of 1934</I>, as amended from time to time and the rules&nbsp;and regulations of the SEC promulgated
thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo;
means the U.S. <I>Securities Act of 1933</I>, as amended from time to time and the rules&nbsp;and regulations of the SEC promulgated
thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Laws</B>&rdquo;
means the U.S. Securities Act, the U.S. Exchange Act and all other applicable U.S. federal securities laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Acquisition Proposal</B>&rdquo;
means, other than the transactions contemplated by this Agreement and other than any transaction involving only Yamana and/or one or
more of its wholly-owned Subsidiaries, any offer, proposal, expression of interest or inquiry from, or public announcement of intention
by, any Person or group (as defined in Section&nbsp;13(d)&nbsp;of the U.S. Exchange Act) of Persons (other than Pan American or any affiliate
of Pan American), whether or not in writing and whether or not delivered to Yamana Shareholders, relating to: (a)&nbsp;any acquisition
or purchase (or any lease, joint venture or any other arrangement having the same economic effect as an acquisition or purchase), direct
or indirect, through one or more transactions, of (i)&nbsp;the assets of Yamana and/or one or more of its Subsidiaries that, individually
or in the aggregate, constitute 20% or more of the consolidated assets of Yamana and its Subsidiaries, taken as a whole, or which contribute
20% or more of the consolidated revenue of Yamana and its Subsidiaries, taken as a whole (in each case, determined based upon the most
recent publicly available consolidated financial statements of Yamana), or (ii)&nbsp;the Canadian Assets, or (iii)&nbsp;20% or more of
any voting or equity securities of Yamana or 20% or more of any voting or equity securities of any one or more of Yamana&rsquo;s Subsidiaries
that, individually or in the aggregate, contribute 20% or more of the consolidated revenues or constitute 20% or more of the consolidated
assets of Yamana and its Subsidiaries, taken as a whole (in each case, determined based upon the most recent publicly available consolidated
financial statements of Yamana); (b)&nbsp;any direct or indirect take-over bid, tender offer, exchange offer, treasury issuance or other
transaction that, if consummated, would result in such Person or group (as defined in Section&nbsp;13(d)&nbsp;of the U.S. Exchange Act)
of Persons beneficially owning 20% or more of any class of voting or equity securities (and/or securities convertible into, or exchangeable
or exercisable for voting or equity securities) of Yamana; (c)&nbsp;a plan of arrangement, merger, amalgamation, consolidation, share
exchange, share reclassification, business combination, reorganization, recapitalization, liquidation, dissolution, winding up or other
similar transaction or series of transactions involving (i)&nbsp;Yamana or any of its Subsidiaries that, individually or in the aggregate,
constitute 20% or more of the consolidated assets of Yamana and its Subsidiaries, taken as a whole, or which contribute 20% or more of
the consolidated revenue of Yamana and its Subsidiaries, taken as a whole (in each case, determined based upon the most recent publicly
available consolidated financial statements of Yamana), or (ii)&nbsp;the Canadian Assets, or (d)&nbsp;any other transaction, the consummation
of which would reasonably be expected to impede, interfere with, prevent or delay the transactions contemplated by this Agreement or
the Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Assets</B>&rdquo;
means all of the assets, properties, permits, rights or other privileges (whether contractual or otherwise) owned, leased or otherwise
used or held by Yamana and its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Benefit Plans</B>&rdquo;
means all health, welfare, supplemental unemployment benefit, bonus, profit sharing, option, insurance, incentive, incentive compensation,
deferred compensation, share purchase, share compensation, disability, pension or retirement income or savings plans or other employee
compensation arrangement or agreement or benefit plans, trust, funds, policies, programs, arrangements, agreements, practices, or other
Contracts, whether written or oral, which are maintained by or binding upon Yamana or any of its Subsidiaries for which Yamana or its
Subsidiaries could have any liability or contingent liability, or pursuant to which payments are made, or benefits are provided to, or
an entitlement to payments or benefits may arise with respect to any of its employees or former employees, directors or officers, individuals
working on contract with Yamana or other individuals providing services to Yamana of a kind normally provided by employees (or any spouses,
dependents, survivors or beneficiaries of any such Persons), excluding Statutory Plans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Board</B>&rdquo; means
the board of directors of Yamana as the same is constituted from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Board Recommendation</B>&rdquo;
has the meaning given to it in Section&nbsp;2.8(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Change in Recommendation</B>&rdquo;
has the meaning given to it in Section&nbsp;6.8(a)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Circular</B>&rdquo;
means the notice of the Yamana Meeting and accompanying management information circular, including all schedules, appendices and exhibits
thereto and enclosures therewith, to be sent to Yamana Shareholders in connection with the Yamana Meeting, as amended, supplemented or
otherwise modified from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Data Room</B>&rdquo;
means the material contained in the virtual data room established by Yamana as at 11:59 p.m.&nbsp;(Eastern time) on November&nbsp;3,
2022, the index of documents of which is appended to the Yamana Disclosure Letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Disclosure Letter</B>&rdquo;
means the confidential disclosure letter dated the date of this Agreement executed and delivered by Yamana to Pan American and Agnico
in connection with the execution of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana DSUs</B>&rdquo; means
deferred share units issued under the Yamana DSU Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana DSU Plan</B>&rdquo;
means Yamana&rsquo;s deferred share unit plan dated effective April&nbsp;2, 2008;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Equity Award Holders</B>&rdquo;
means the holders of Yamana PSUs, Yamana RSUs and Yamana DSUs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Equity Awards</B>&rdquo;
means the Yamana PSUs, Yamana RSUs and Yamana DSUs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Fairness Opinion</B>&rdquo;
has the meaning given to it in Section&nbsp;2.4(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana JV Entities</B>&rdquo;
means any corporations or entities in which Yamana or any of its Subsidiaries directly owns 20% or more of the outstanding shares or
equity interests and which is not otherwise a Subsidiary (and for greater certainty includes the Yamana Material JV Entities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Material Adverse Effect</B>&rdquo;
means a Material Adverse Effect in relation to Yamana;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Material Contract</B>&rdquo;
means in respect of Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities, any Contract: (a)&nbsp;that if terminated
or modified or if it ceased to be in effect, would reasonably be expected to have a Yamana Material Adverse Effect; (b)&nbsp;under which
Yamana, any of its Subsidiaries or any Yamana Material JV Entity has directly or indirectly guaranteed any liabilities or obligations
of a third party (other than ordinary course endorsements for collection) in excess of US$30 million in the aggregate; (c)&nbsp;that
is a lease, sublease, license or right of way or occupancy agreement for real property which has a value in excess of US$30 million and
that is material to the business or to an operation of Yamana and its Subsidiaries, taken as a whole; (d)&nbsp;that provides for the
establishment of, investment in or formation of any partnership or joint venture with an arm&rsquo;s length Person in which the interest
of Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities exceeds US$30 million (book value); (e)&nbsp;relating to
indebtedness for borrowed money, whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount
in excess of US$30 million; (f)&nbsp;under which Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities is obligated
to make or expects to receive payments in excess of US$30 million over the remaining term of the Contract; (g)&nbsp;that limits or restricts
Yamana, any of its affiliates or any of the Yamana Material JV Entities from engaging in any line of business or in any geographic area,
except for any such Contract entered into in the normal course of business; (h)&nbsp;that is a collective bargaining agreement, a labour
union contract or any other memorandum of understanding or other agreement with a union; (i)&nbsp;that restricts Yamana from paying dividends
or other distributions to its shareholders; (j)&nbsp;that is a contractual royalty, production payment, net profits, earn-out, streaming
agreement, metal pre-payment or similar agreement that has a value in excess of US$30 million; (k)&nbsp;that relates to an acquisition
or divestiture for value in excess of US$30 million; or (l)&nbsp;that is a material agreement with a Governmental Entity, or an agreement
with any first nation or aboriginal group, or other organizations with authority to represent such groups;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Material JV Entities</B>&rdquo;
means the Yamana JV Entities in respect of the Canadian Malartic mine and the MARA project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Meeting</B>&rdquo;
means the special meeting of Yamana Shareholders, including any adjournment or postponement thereof, to be called and held in accordance
with the Interim Order to consider the Arrangement Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Mineral Rights</B>&rdquo;
has the meaning given to it in Section&nbsp;(o)(ii)&nbsp;of Schedule 3.1 of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Options</B>&rdquo;
means options to purchase Yamana Shares granted under the Yamana Share Incentive Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana PSU Plan</B>&rdquo;
means Yamana&rsquo;s performance share unit plan dated effective January&nbsp;1, 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana PSUs</B>&rdquo; means
performance share units issued under the Yamana PSU Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Public Documents</B>&rdquo;
means all forms, reports, schedules, statements, certifications and other documents (including all exhibits and other information incorporated
therein, amendments and supplements thereto) filed or furnished by Yamana pursuant to Canadian Securities Laws, the U.S. Exchange Act
and the UK Securities Laws since January&nbsp;1, 2020 and on or before the Business Day immediately prior to the date hereof which are
publicly available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Response Period</B>&rdquo;
has the meaning given to it in Section&nbsp;6.9(f)(v);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana RSU Plan</B>&rdquo;
means Yamana&rsquo;s restricted share unit plan dated effective May&nbsp;14, 2008;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana RSUs</B>&rdquo; means
the restricted share units issued under the Yamana RSU Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Securityholders</B>&rdquo;
means Yamana Shareholders and Yamana Equity Award Holders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Senior Notes</B>&rdquo;
means collectively, (a)&nbsp;the 2.630% 10-year notes due August&nbsp;2031 in an aggregate principal amount of US$500 million and (b)&nbsp;the
4.625% 10-year notes due December&nbsp;2027 in an aggregate principal amount of US$300 million;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Shareholder Approval</B>&rdquo;
means the approval of the Arrangement Resolution by Yamana Shareholders at the Yamana Meeting in accordance with Section&nbsp;2.5;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Shareholders</B>&rdquo;
means the holders of Yamana Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Share Incentive Plan</B>&rdquo;
means Yamana&rsquo;s amended share incentive plan dated December&nbsp;16, 2010;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Shares</B>&rdquo;
means the common shares in the authorized share capital of Yamana;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Special Committee</B>&rdquo;
means the special committee of the Yamana Board currently composed of Jane Sadowsky (Chair), Richard Graff and Dino Titaro;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Superior Proposal</B>&rdquo;
means an unsolicited <I>bona fide </I>written Yamana Acquisition Proposal from a Person or Persons who is or are, as at the date of this
Agreement, a party that deals at arm&rsquo;s length with Yamana, that complies with Securities Laws and is not obtained in violation
of this Agreement or any agreement between the Person making such Yamana Acquisition Proposal and Yamana, to acquire 100% of the outstanding
Yamana Shares (other than Yamana Shares beneficially owned by the Person or Persons making such Yamana Acquisition Proposal) or all or
substantially all of the assets of Yamana and its Subsidiaries on a consolidated basis made after the date of this Agreement: (a)&nbsp;that
is not subject to any financing condition and in respect of which adequate arrangements have been made to ensure that the required funds
will be available to effect payment in full; (b)&nbsp;that is not subject to a due diligence and/or access condition; (c)&nbsp;that is
reasonably capable of being consummated without undue delay, taking into account all legal, financial, regulatory and other aspects of
such Yamana Acquisition Proposal and the Person making such Yamana Acquisition Proposal; and (d)&nbsp;in respect of which the Yamana
Board determines in good faith, after consultation with its outside financial and legal advisors, and after taking into account all the
terms and conditions of such Yamana Acquisition Proposal and all factors and matters considered appropriate in good faith by the Yamana
Board, would, if consummated in accordance with its terms (but not assuming away any risk of non-completion), result in a transaction
that is more favourable, from a financial point of view, to the Yamana Shareholders than the Arrangement (including any adjustment to
the terms and conditions of the Arrangement proposed by Pan American pursuant to Section&nbsp;6.8(h));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Support Agreements</B>&rdquo;
means the voting and support agreements entered into at the Activation Time (including all amendments thereto) among Pan American, Agnico
and the Yamana Supporting Shareholders setting forth the terms and conditions upon which they agree to vote their Yamana Shares in favour
of the Arrangement Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Supporting Shareholders</B>&rdquo;
means all of the directors and senior officers of Yamana that have entered into Yamana Support Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Termination Fee</B>&rdquo;
means US$250 million;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Termination Fee Event</B>&rdquo;
has the meaning given to it in Section&nbsp;8.3(a); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Term Loan</B>&rdquo;
means the US$750 million revolving credit facility maturing in August&nbsp;2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Interpretation
                                            not Affected by Headings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The division of this Agreement into Articles,
Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any
way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article,
Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule,
respectively, bearing that designation in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Number
                                            and Gender</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Agreement, unless the contrary intention
appears, words importing the singular include the plural and vice versa, and words importing gender shall include all genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Date
                                            for any Action</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the date on which any action is required to
be taken hereunder by a Party is not a Business Day, such action shall be required to be taken on the next succeeding day which is a
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated, all references in this
Agreement to sums of money are expressed in lawful money of the United States of America and &ldquo;US$&rdquo; refers to United States
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Accounting
                                            Matters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated, all accounting terms
used in this Agreement shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature in respect
of Pan American, Agnico or Yamana required to be made shall be made in accordance with IFRS consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Knowledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">In
                                            this Agreement, references to &ldquo;the knowledge of Yamana&rdquo; means the actual knowledge
                                            of any of the Executive Chairman, President and Chief Executive Officer, the Senior Vice
                                            President, Finance and Chief Financial Officer, the Senior Vice President and Chief Operating
                                            Officer and the Senior Vice President, General Counsel and Corporate Secretary of Yamana,
                                            and is deemed to include the knowledge that each would have if he or she had made reasonable
                                            inquiries (provided that no inquiries are required to be made of any Person that is not a
                                            Representative of Yamana or its Subsidiaries).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">In
                                            this Agreement, references to &ldquo;the knowledge of Pan American&rdquo; means the actual
                                            knowledge of any of the President and CEO, Chief Financial Officer, General Counsel, and
                                            Chief Operating Officer of Pan American, and is deemed to include the knowledge that each
                                            would have if he or she had made reasonable inquiries (provided that no inquiries are required
                                            to be made of any Person that is not a Representative of Pan American or its Subsidiaries).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">In
                                            this Agreement, references to &ldquo;the knowledge of Agnico&rdquo; means the actual knowledge
                                            of any of the President and CEO, Executive Vice President, Finance and Chief Financial Officer
                                            and Executive Vice President, Legal, General Counsel and Corporate Secretary of Agnico, and
                                            is deemed to include the knowledge that each would have if he or she had made reasonable
                                            inquiries (provided that no inquiries are required to be made of any Person that is not a
                                            Representative of Agnico or its Subsidiaries).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.8</B></FONT></TD><TD STYLE="text-align: justify"><B>Affiliates
                                            and Subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">a
                                            Person is an &ldquo;<B>affiliate</B>&rdquo; of another Person if one of them is a Subsidiary
                                            of the other or each one of them is controlled, directly or indirectly, by the same Person;
                                            provided that in no case shall an &ldquo;affiliate&rdquo; of Yamana or any of its Subsidiaries
                                            include the Yamana Material JV Entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">a
                                            &ldquo;<B>Subsidiary</B>&rdquo; means a Person that is controlled directly or indirectly
                                            by another Person and includes a Subsidiary of that Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">a
                                            Person is considered to &ldquo;control&rdquo; another Person if: (A)&nbsp;the first Person
                                            beneficially owns or directly or indirectly exercises control or direction over securities
                                            of the second Person carrying votes which, if exercised, would entitle the first Person to
                                            elect a majority of the directors of the second Person, unless that first Person holds the
                                            voting securities only to secure an obligation; (B)&nbsp;the second Person is a partnership,
                                            other than a limited partnership, and the first Person holds more than 50% of the interests
                                            of the partnership; or (C)&nbsp;the second Person is a limited partnership, and the general
                                            partner of the limited partnership is the first Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.9</B></FONT></TD><TD STYLE="text-align: justify"><B>Statutes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any reference to a statute refers to such statute
and all rules, resolutions and regulations made under it, as it or they may have been or may from time to time be amended or re-enacted,
unless stated otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.10</B></FONT></TD><TD STYLE="text-align: justify"><B>Disclosure
                                            Letters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Pan American Disclosure Letter and
the Yamana Disclosure Letter itself and all information contained in it is confidential information and may not be disclosed unless (i)&nbsp;it
is required to be disclosed pursuant to applicable Law unless such Law permits the Parties to refrain from disclosing the information
for confidentiality or other purposes or (ii)&nbsp;a Party needs to disclose it in order to enforce its rights under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.11</B></FONT></TD><TD STYLE="text-align: justify"><B>Schedules</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following Schedules are annexed to this Agreement
and are incorporated by reference into this Agreement and form a part hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    A</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Plan of Arrangement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    B</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Arrangement Resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    C</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Pan American Resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    D</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Conveyance Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    3.1</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Yamana</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    4.1</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Pan American</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    5.1</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of Agnico</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
The Arrangement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Permitted
                                            Acquisition Agreement &ndash; Condition Precedent</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding
                                            the execution and delivery of this Agreement by the Parties, with the sole exception of the
                                            obligation in Section&nbsp;2.15(a), which the Parties acknowledge and agree is required by
                                            Law, until such time as the Gold Fields Agreement has been terminated in accordance with
                                            its terms, all obligations of Yamana (other than confidentiality and standstill obligations)
                                            contained in this Agreement are effective only following the satisfaction of the condition
                                            precedent that the Arrangement Resolution (as defined in the Gold Fields Agreement) shall
                                            have failed to receive the Yamana Shareholder Approval (as defined in the Gold Fields Agreement)
                                            at the Yamana Meeting (as defined in the Gold Fields Agreement) (including any adjournments
                                            or postponements thereof) in accordance with the Interim Order (such time being referred
                                            to as the &ldquo;<B>Activation Time</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">It
                                            is the intention of the Parties that this Agreement shall constitute a Permitted Acquisition
                                            Agreement (as defined in the Gold Fields Agreement). Accordingly, other than as required
                                            by Law (including Section&nbsp;2.15(a)&nbsp;which the Parties acknowledge and agree is required
                                            by Law), nothing in this Agreement shall require or permit Yamana to take any steps in respect
                                            of the transactions contemplated hereby, including any filing or notice to any Governmental
                                            Entity, until the Activation Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Arrangement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American, Agnico and Yamana agree that the
Arrangement will be implemented in accordance with the terms and subject to the conditions contained in this Agreement and the Plan of
Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Pan
                                            American Approval</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American represents and warrants to Yamana
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Pan American Board has unanimously
                                            determined that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">this Agreement and the transactions contemplated
                                            hereby are in the best interests of Pan American; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">it will recommend that Pan American Shareholders
                                            vote in favour of the Pan American Resolution; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Pan American Board has received oral
                                            opinions to be subsequently confirmed in writing from BMO Nesbitt Burns Inc. and National
                                            Bank Financial,&nbsp;Inc., financial advisors to Pan American, that, as of the date of such
                                            opinions and subject to the assumptions, limitations and qualifications set out therein,
                                            the Pan American Share Consideration to be paid by Pan American pursuant to the Arrangement
                                            is fair, from a financial point of view, to Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Yamana
                                            Approval</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yamana represents and warrants to Pan American
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the
                                            Yamana Board, after receiving the unanimous recommendation of the Yamana Special Committee,
                                            has unanimously determined that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">this
                                            Agreement is a Yamana Superior Proposal (as defined in the Gold Fields Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the
                                            Arrangement and entry into of this Agreement are in the best interests of Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">it
                                            will recommend that Yamana Shareholders vote in favour of the Arrangement Resolution; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">each
                                            of the Yamana Special Committee and the Yamana Board has received an oral opinion to be subsequently
                                            confirmed in writing (the &ldquo;<B>Yamana Fairness Opinion</B>&rdquo;) from Scotia Capital
                                            Inc., the financial advisor to the Yamana Special Committee, that, as of the date of such
                                            opinion and subject to the assumptions, limitations and qualifications set out therein, the
                                            Consideration to be received by Yamana Shareholders pursuant to the Arrangement is fair,
                                            from a financial point of view, to Yamana Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Interim
                                            Order</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As soon as reasonably practicable after the Activation
Time, and no later than 35 Business Days thereafter, Yamana shall apply to the Court in a manner acceptable to Pan American, acting reasonably,
pursuant to Section&nbsp;192 of the CBCA and prepare, file and diligently pursue an application to the Court for the Interim Order, which
shall provide, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">for
                                            the class of Persons to whom notice is to be provided in respect of the Arrangement and the
                                            Yamana Meeting and for the manner in which such notice is to be provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">for
                                            the confirmation of the record date for the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">that
                                            the requisite approval for the Arrangement Resolution shall be (a)&nbsp;at least 66&frac23;%
                                            of the votes cast on the Arrangement Resolution by Yamana Shareholders present in person
                                            or represented by proxy and entitled to vote at the Yamana Meeting voting together as a single
                                            class; and (b)&nbsp;if applicable, at least a majority of the votes cast on the Arrangement
                                            Resolution by Yamana Shareholders present in person or represented by proxy and entitled
                                            to vote at the Yamana Meeting voting together as a single class, excluding for this purpose
                                            the votes attached to Yamana Shares held by Persons described in items (a)&nbsp;through (d)&nbsp;of
                                            Section&nbsp;8.1(2)&nbsp;of MI 61-101;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">that
                                            the Yamana Meeting may be adjourned or postponed from time to time by the Yamana Board subject
                                            to the terms of this Agreement without the need for additional approval of the Court;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">that
                                            the record date for Yamana Securityholders entitled to notice of, and for Yamana Shareholders
                                            entitled to vote at, the Yamana Meeting will not change in respect of any adjournment(s)&nbsp;or
                                            postponement(s)&nbsp;of the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">that,
                                            in all other respects, other than as ordered by the Court, the terms, conditions and restrictions
                                            of the constating documents of Yamana, including quorum requirements and other matters, shall
                                            apply in respect of the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">for
                                            the grant of the Dissent Rights to registered holders of Yamana Shares as set forth in the
                                            Plan of Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the
                                            Persons that are entitled to appear and be heard before the Court in accordance with the
                                            Notice of Application, the Interim Order and the <I>Rules&nbsp;of Civil Procedure</I>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">that
                                            it is the Parties&rsquo; intention to rely upon the exemption from the registration requirements
                                            of the U.S. Securities Act provided by Section&nbsp;3(a)(10)&nbsp;thereof with respect to
                                            the issuance of Consideration Shares to Yamana Shareholders pursuant to the Arrangement,
                                            subject to and conditioned on the Court&rsquo;s determination that the Arrangement is substantively
                                            and procedurally fair to Yamana Shareholders and based on the Court&rsquo;s approval of the
                                            Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">for
                                            the notice requirements with respect to the presentation of the application to the Court
                                            for the Final Order; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">for
                                            such other matters as Yamana, Pan American or Agnico may reasonably require, subject to obtaining
                                            the prior consent of the other Party, such consent not to be unreasonably withheld or delayed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Yamana
                                            Meeting</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of this Agreement and (except
in respect of Section&nbsp;2.6(b)) receipt of the Interim Order, Yamana shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">duly
                                            take all lawful action to call, give notice of, convene and conduct the Yamana Meeting in
                                            accordance with its constating documents, the Interim Order and applicable Laws to vote upon
                                            the Arrangement, and, provided that Pan American has complied with its obligations pursuant
                                            to Section&nbsp;2.8(d)&nbsp;and Agnico has complied with its obligations pursuant to Section&nbsp;2.8(e),
                                            Yamana shall schedule the Yamana Meeting on or before the date that is 45 days after the
                                            date of the Interim Order and shall consult and coordinate with Pan American and use its
                                            commercially reasonable efforts to schedule the Yamana Meeting on the same day and at the
                                            same time as the Pan American Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">in
                                            consultation with Pan American and Agnico, fix and publish the record date for the purposes
                                            of determining Yamana Shareholders entitled to receive notice of, and Yamana Shareholders
                                            entitled to vote at, the Yamana Meeting and give notice to Pan American and Agnico of the
                                            Yamana Meeting and use commercially reasonable efforts to set such record date as the same
                                            record date used for Pan American Shareholders in respect of the Pan American Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">allow
                                            Pan American&rsquo;s and Agnico&rsquo;s Representatives and legal counsel to attend the Yamana
                                            Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">not
                                            adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation
                                            of) the Yamana Meeting without Pan American&rsquo;s and Agnico&rsquo;s prior written consent,
                                            which consent shall not be unreasonably withheld, except:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">as
                                            required for quorum purposes (in which case the meeting shall be adjourned and not cancelled),
                                            by Law or by a Governmental Entity or by valid Yamana Shareholder action (which action is
                                            not solicited or proposed by Yamana, the Yamana Board or any of Yamana&rsquo;s Representatives
                                            and subject to compliance by Yamana with Section&nbsp;6.5(c));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">an adjournment or postponement in the event that the Pan American Meeting is adjourned or postponed to
ensure that the Yamana Meeting occurs on the same day and at the same time as the Pan American Meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">as otherwise expressly required or permitted under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">use commercially reasonable efforts to solicit proxies in favour of the Arrangement Resolution, including,
if so requested by Pan American and Agnico, using the services of dealers and proxy solicitation firms to solicit proxies in favour of
the approval of the Arrangement Resolution; provided that Yamana shall not be required to continue to solicit proxies including via such
proxy solicitation services firms if there has been a Yamana Change in Recommendation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">provide Pan American and Agnico with copies of or access to material information regarding the Yamana
Meeting generated by any dealer or proxy solicitation services firm engaged by Yamana, as reasonably requested from time to time by Pan
American and Agnico;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">promptly advise Pan American and Agnico as frequently as Pan American and Agnico may reasonably request,
and at least on a daily basis on each of the last ten Business Days prior to the date of the Yamana Meeting, as to the aggregate tally
of the proxies received by Yamana in respect of the Arrangement Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">promptly advise Pan American and Agnico of any written or oral communication from any Yamana Shareholder
in opposition to the Arrangement (except for non-substantive communications from any Yamana Shareholder that purports to hold less than
0.1% of Yamana Shares (provided that communications from such Yamana Shareholder are not substantive in the aggregate)), written notice
of dissent or purported exercise by any Yamana Shareholder of Dissent Rights received by Yamana in relation to the Arrangement and any
withdrawal of Dissent Rights received by Yamana and any written communications sent by or on behalf of Yamana to any Yamana Shareholder
exercising or purporting to exercise Dissent Rights in relation to the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">not make any payment or settlement offer, or agree to any payment or settlement prior to the Effective
Time with respect to Dissent Rights without the prior written consent of Pan American and Agnico;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">not change the record date for the Yamana Shareholders entitled to vote at the Yamana Meeting in connection
with any adjournment or postponement of the Yamana Meeting unless required by Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">at the reasonable request of Pan American and Agnico from time to time, promptly provide Pan American
and Agnico with a list (in both written and electronic form) of: (i)&nbsp;the registered Yamana Shareholders, together with their addresses
and respective holdings of Yamana Shares; (ii)&nbsp;the names and addresses and holdings of all Persons having rights issued by Yamana
to acquire Yamana Shares (including Yamana Equity Award Holders); and (iii)&nbsp;participants in book-based systems and non-objecting
beneficial owners of Yamana Shares, together with their addresses and respective holdings of Yamana Shares. Yamana shall from time to
time require that its registrar and transfer agent furnish Pan American and Agnico with such additional information, including updated
or additional lists of Yamana Shareholders and lists of holdings and other assistance as Pan American and Agnico may reasonably request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Pan American Meeting</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of this Agreement, Pan American
shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">duly take all lawful action to call, give notice of, convene and conduct the Pan American Meeting in accordance
with its constating documents and applicable Laws for the purpose of Pan American Shareholders voting upon the approval of the Pan American
Resolution and, provided that Yamana has complied with its obligations pursuant to Section&nbsp;2.9(e), Pan American shall schedule the
Pan American Meeting on or before the date that is 45 days after the date of the Interim Order and use its commercially reasonable efforts
to schedule the Pan American Meeting on the same day and at the same time as the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">in consultation with Yamana, but always in accordance with applicable Laws, fix and publish the record
date for the purposes of determining Pan American Shareholders entitled to receive notice of and vote at the Pan American Meeting and
give notice to Yamana of the Pan American Meeting and use commercially reasonable efforts to set such record date as the same record date
used for Yamana Shareholders in respect of the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">allow Yamana&rsquo;s and Agnico&rsquo;s Representatives and legal counsel to attend the Pan American Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">not adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation of)
the Pan American Meeting without Yamana&rsquo;s prior written consent, which consent shall not be unreasonably withheld, except:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">as required for quorum purposes (in which case the meeting shall be adjourned and not cancelled), by Law
or by a Governmental Entity or by valid Pan American Shareholder action (which action is not solicited or proposed by Pan American, the
Pan American Board or any of Pan American&rsquo;s Representatives) and subject to compliance by Pan American with Section&nbsp;6.5(c);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">an adjournment or postponement in the event that the Yamana Meeting is adjourned or postponed to ensure
that the Pan American Meeting occurs on the same day and at the same time as the Yamana Meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">as otherwise expressly required or permitted under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">use commercially reasonable efforts to solicit proxies in favour of the Pan American Resolution, including,
if so requested by Yamana, using the services of dealers and proxy solicitation firms to solicit proxies in favour of the approval of
the Pan American Resolution; provided that Pan American shall not be required to continue to solicit proxies including via such proxy
solicitation services firms if there has been a Pan American Change in Recommendation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">provide Yamana with copies of or access to material information regarding the Pan American Meeting generated
by any dealer or proxy solicitation services firm engaged by Pan American, as reasonably requested from time to time by Yamana;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">promptly advise Yamana as frequently as Yamana may reasonably request, and at least on a daily basis on
each of the last ten Business Days prior to the date of the Pan American Meeting, as to the aggregate tally of the proxies received by
Pan American in respect of the Pan American Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">promptly advise Yamana of any written or oral communication from any Pan American Shareholder in opposition
to the Pan American Resolution (except for non- substantive communications from any Pan American Shareholder that purports to hold less
than 0.1% of the Pan American Shares (provided that communications from such Pan American Shareholder are not substantive in the aggregate));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">not change the record date for the Pan American Shareholders entitled to vote at the Pan American Meeting
in connection with any adjournment or postponement of the Pan American Meeting unless required by Law or the Pan American constating documents;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">subject to compliance with applicable Laws, at the reasonable request of Yamana from time to time, promptly
provide Yamana with a list (in both written and electronic form) of: (i)&nbsp;the registered Pan American Shareholders, together with
their addresses and respective holdings of Pan American Shares; and (ii)&nbsp;the names and addresses and holdings of all Persons having
rights issued by Pan American to acquire Pan American Shares. Pan American shall from time to time require that its registrar and transfer
agent furnish Yamana with such additional information, including updated or additional lists of Pan American Shareholders and lists of
holdings and other assistance as Yamana may reasonably request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.8</B></FONT></TD><TD STYLE="text-align: justify"><B>Yamana Circular</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">As promptly as reasonably practicable following the Activation Time, Yamana shall prepare the Yamana Circular
together with any other documents required by applicable Laws in connection with the Yamana Meeting; and, as promptly as reasonably practicable
after obtaining the Interim Order, file the Yamana Circular in all jurisdictions where the same is required to be filed and mail the Yamana
Circular to each Yamana Securityholder and any other Person as required under applicable Laws and by the Interim Order, in each case,
so as to permit Yamana to comply with Section&nbsp;2.6(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Yamana shall use reasonable best efforts to ensure that the Yamana Circular complies in all material respects
with all applicable Laws and the Interim Order and shall contain sufficient detail to permit Yamana Shareholders to form a reasoned judgment
concerning the matters to be placed before them at the Yamana Meeting, and, without limiting the generality of the foregoing, shall ensure
that the Yamana Circular will not contain any misrepresentation (except that Yamana shall not be responsible for any information included
in the Yamana Circular relating to Pan American, Agnico or their affiliates and the Consideration Shares that was provided by Pan American
or by Agnico, as applicable, expressly for inclusion in the Yamana Circular pursuant to Section&nbsp;2.8(d)&nbsp;and Section&nbsp;2.8(e)).
The Yamana Circular shall also contain such information as may be required to allow Pan American and Yamana to rely upon the exemption
from registration provided by Section&nbsp;3(a)(10)&nbsp;of the U.S. Securities Act with respect to the issuance of the Consideration
Shares in exchange for Yamana Shares pursuant to the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">The Yamana Circular shall: (i)&nbsp;include a copy of the Yamana Fairness Opinion; (ii)&nbsp;state that
each of the Yamana Special Committee and the Yamana Board has received the Yamana Fairness Opinion, and, subject to the terms of this
Agreement, the Yamana Board has unanimously determined, after receiving legal and financial advice and the unanimous recommendation of
the Yamana Special Committee, that the Arrangement and entry into the Agreement are in the best interests of Yamana; (iii)&nbsp;subject
to the terms of this Agreement, contain the unanimous recommendation of the Yamana Board to Yamana Shareholders that they vote in favour
of the Arrangement Resolution (the &ldquo;<B>Yamana Board Recommendation</B>&rdquo;); and (iv)&nbsp;include statements that each of the
Yamana Supporting Shareholders has signed a Yamana Support Agreement, pursuant to which, and subject to the terms thereof, they have agreed
to, among other things, vote their Yamana Shares in favour of the Arrangement Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Pan American shall, and shall cause its officers and directors, to cooperate with Yamana in connection
with the preparation of the Yamana Circular, including promptly providing Yamana with all information regarding Pan American, its affiliates
and the Pan American Share Consideration, including any <I>pro forma </I>financial statements (provided that Yamana has provided the financial
information required for the same on a timely basis) and other information relating to Pan American following completion of the transactions
contemplated hereby, including the Asset Sale, as required by applicable Laws for inclusion in the Yamana Circular or in any amendments
or supplements to such Yamana Circular, and shall file reports pursuant to NI 43-101 on or prior to the date of filing of the Yamana Circular
in relation to Pan American&rsquo;s mineral properties that will be material properties of Pan American for purposes of that instrument
following the completion of the Arrangement. Pan American shall ensure that such information does not include any misrepresentation concerning
Pan American, its affiliates and the Pan American Share Consideration, and will indemnify Yamana for all claims, losses, costs and expenses
incurred by Yamana in respect of any such misrepresentation or alleged misrepresentation contained in any information regarding Pan American,
its affiliates and the Pan American Share Consideration included in the Yamana Circular that was provided by Pan American expressly for
inclusion in the Yamana Circular pursuant to this Section&nbsp;2.8(d).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Agnico shall, and shall cause its officers and directors, to cooperate with Yamana in connection with
the preparation of the Yamana Circular, including promptly providing Yamana with all information regarding Agnico, its affiliates and
the Agnico Share Consideration, including (if required by applicable Securities Laws) any <I>pro forma </I>financial statements (provided
that Yamana has provided the financial information required for the same on a timely basis) and other information relating to Agnico following
completion of the transactions contemplated hereby, as required by applicable Laws for inclusion in the Yamana Circular or in any amendments
or supplements to such Yamana Circular. Agnico shall ensure that such information does not include any misrepresentation concerning Agnico,
its affiliates and the Agnico Share Consideration, and will indemnify Yamana for all claims, losses, costs and expenses incurred by Yamana
in respect of any such misrepresentation or alleged misrepresentation contained in any information regarding Agnico, its affiliates and
the Agnico Share Consideration included in the Yamana Circular that was provided by Agnico expressly for inclusion in the Yamana Circular
pursuant to this Section&nbsp;2.8(e).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Each of Pan American, Agnico and Yamana shall use its commercially reasonable efforts to obtain any necessary
consents from any of their respective auditors and any other advisors and experts to the use of any financial, technical or other expert
information required to be included in the Yamana Circular and to the identification in the Yamana Circular of each such advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, prior to mailing the Yamana Circular (or any amendment or supplement thereto),
Yamana will (i)&nbsp;provide Agnico with a reasonable opportunity to review and comment on such document (including the proposed final
version of such document), and (ii)&nbsp;consider in good faith including in such document all comments reasonably and promptly proposed
by Agnico, provided that all information relating solely to Agnico included in the Yamana Circular must be in a form and content satisfactory
to Agnico, acting reasonably.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, prior to mailing the Yamana Circular (or any amendment or supplement thereto),
Yamana will (i)&nbsp;provide Pan American with a reasonable opportunity to review and comment on such document (including the proposed
final version of such document), and (ii)&nbsp;consider in good faith including in such document all comments reasonably and promptly
proposed by Pan American, provided that all information relating solely to Pan American included in the Yamana Circular must be in a form
and content satisfactory to Pan American, acting reasonably.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">If at any time prior to the Yamana Meeting, any information relating to Yamana, Pan American, Agnico or
any of their respective affiliates, officers or directors, should be discovered by a Party as being reasonably required to be set forth
in an amendment or supplement to the Yamana Circular, so that such document would not contain a misrepresentation, the Party which discovers
such information shall promptly notify each other Party and an appropriate amendment or supplement describing such information shall be
promptly filed with applicable Governmental Entities and, to the extent required by applicable Law or the Interim Order, disseminated
to the Yamana Securityholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">Yamana shall promptly advise Pan American and Agnico of any communication (written or oral) received by
Yamana from the TSX, NYSE, LSE, FCA, SEC, any of the Canadian Securities Authorities, or any other Governmental Entity in connection with
the Yamana Circular.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.9</B></FONT></TD><TD STYLE="text-align: justify"><B>Pan American Circular</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">As promptly as reasonably practicable following the Activation Time, Pan American shall prepare the Pan
American Circular together with any other documents required by applicable Laws in connection with the Pan American Meeting; and, as promptly
as reasonably practicable after the Activation Time, file the Pan American Circular in all jurisdictions where the same is required to
be filed and, as promptly as reasonably practicable, duly take all lawful action to distribute the Pan American Circular to each Pan American
Shareholder and any other Person as required under applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Pan American shall use reasonable best efforts to ensure that the Pan American Circular complies in all
material respects with all applicable Laws and shall contain sufficient detail to permit Pan American Shareholders to form a reasoned
judgment concerning the matters to be placed before them at the Pan American Meeting, and, without limiting the generality of the foregoing,
shall ensure that the Pan American Circular will not contain any misrepresentation (except that Pan American shall not be responsible
for any information included in the Pan American Circular relating to: (i)&nbsp;Yamana and its affiliates that was provided by Yamana
expressly for inclusion in the Pan American Circular pursuant to 2.9(e); or (ii)&nbsp;Agnico and its affiliates that was provided by Agnico).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">The Pan American Circular shall: (i)&nbsp;state that the Pan American Board has unanimously determined,
after receiving legal and financial advice, that the Arrangement and entry into this Agreement are in the best interests of Pan American;
(ii)&nbsp;subject to the terms of this Agreement, contain the unanimous recommendation of the Pan American Board to Pan American Shareholders
that they vote in favour of the Pan American Resolution (the &ldquo;<B>Pan American Board Recommendation</B>&rdquo;); and (iii)&nbsp;include
statements that each of the Pan American Supporting Shareholders has signed a Pan American Support Agreement, pursuant to which, and subject
to the terms thereof, they have agreed to, among other things, vote their Pan American Shares in favour of the Pan American Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">If at any time prior to the Pan American Meeting, any information relating to Pan American, Agnico or
Yamana, or any of their respective affiliates officers or directors, should be discovered by a Party as being reasonably required to be
set forth in an amendment or supplement to the Pan American Circular, so that such document would not include any misstatement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, the Party which discovers such information shall promptly notify the other Parties and an appropriate amendment
or supplement describing such information shall be promptly filed with applicable Governmental Entities and, to the extent required by
applicable Law, disseminated to the Pan American Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Yamana shall, and shall cause its officers and directors to, cooperate with Pan American in connection
with the preparation of the Pan American Circular, including promptly providing Pan American with all information regarding Yamana and
its affiliates, including any information required for the preparation by Pan American of <I>pro forma </I>financial statements, as required
by applicable Laws for inclusion in the Pan American Circular or in any amendments or supplements to such Pan American Circular. Yamana
shall ensure that such information does not include any misrepresentation concerning Yamana and its affiliates or contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they are made, not misleading, and will indemnify Pan American for all claims, losses, costs
and expenses incurred by Pan American in respect of any such misrepresentation, untrue statement or omission or alleged misrepresentation,
untrue statement or omission in any information regarding Yamana and its affiliates in the Pan American Circular that was provided by
Yamana expressly for inclusion in the Pan American Circular pursuant to this Section&nbsp;2.9(e). Yamana and Pan American shall also use
their commercially reasonable efforts to obtain any necessary consents from any of their respective auditors and any other advisors to
the use of any financial, technical or other expert information required to be included in the Pan American Circular and for the identification
in the Pan American Circular of each such advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Pan American shall promptly advise Yamana of any communication (written or oral) received by Pan American
from the Nasdaq, TSX, Canadian Securities Authorities, the SEC or any other Governmental Entity in connection with the Pan American Circular.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.10</B></FONT></TD><TD STYLE="text-align: justify"><B>Final Order</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If: (a)&nbsp;the Interim Order is obtained; (b)&nbsp;the
Arrangement Resolution is approved at the Yamana Meeting by Yamana Shareholders as provided for in the Interim Order and as required by
applicable Law; and (c)&nbsp;the Pan American Resolution is approved at the Pan American Meeting as required by applicable Law, Yamana
shall take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final
Order pursuant to Section&nbsp;192 of the CBCA as soon as reasonably practicable, but in any event not later than three Business Days
thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.11</B></FONT></TD><TD STYLE="text-align: justify"><B>Court Proceedings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of this Agreement, each of
Pan American and Agnico shall cooperate with and assist Yamana in seeking the Interim Order and the Final Order, including by providing
to Yamana, on a timely basis, any information reasonably required to be supplied by each of Pan American and Agnico, respectively, in
connection therewith. Yamana shall provide Pan American&rsquo;s and Agnico&rsquo;s legal counsel with reasonable opportunity to review
and comment upon drafts of all material to be filed with the Court in connection with the Arrangement, and will give reasonable consideration
to all such comments. Subject to applicable Law, Yamana shall not file any material with the Court in connection with the Arrangement
or serve any such material, and shall not agree to modify or amend materials so filed or served, except as contemplated by this Section&nbsp;2.11
or with Pan American&rsquo;s and Agnico&rsquo;s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed;
provided that, nothing herein shall require Pan American or Agnico to agree or consent to any increase in or variation in the form of
Consideration or other modification or amendment to such filed or served materials that expands or increases Pan American&rsquo;s or Agnico&rsquo;s
obligations, or diminishes or limits Pan American&rsquo;s or Agnico&rsquo;s rights, set forth in any such filed or served materials or
under this Agreement or the Arrangement. Yamana shall also provide to Pan American&rsquo;s and Agnico&rsquo;s legal counsel on a timely
basis, copies of any notice of appearance, evidence or other Court documents served on Yamana in respect of the application for the Interim
Order or the Final Order or any appeal therefrom and of any notice, whether written or oral, received by Yamana indicating any intention
to oppose the granting of the Interim Order or the Final Order or to appeal the Interim Order or the Final Order. Yamana shall ensure
that all materials filed with the Court in connection with the Arrangement are consistent with the terms of this Agreement and the Plan
of Arrangement. In addition, Yamana shall not object to Pan American&rsquo;s legal counsel or Agnico&rsquo;s legal counsel making such
submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate,
provided that Yamana is advised of the nature of any submissions prior to the hearing and such submissions are consistent in all material
respects with this Agreement and the Plan of Arrangement. Yamana shall also oppose any proposal from any party that the Final Order contain
any provision inconsistent with this Agreement, and, if at any time after the issuance of the Final Order and prior to the Effective Date,
Yamana is required by the terms of the Final Order or by Law to return to Court with respect to the Final Order, it shall do so after
notice to, and in consultation and cooperation with, Pan American and Agnico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.12</B></FONT></TD><TD STYLE="text-align: justify"><B>U.S. Securities Law Matters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties agree that the Arrangement will be
carried out with the intention that, and will use their commercially reasonable efforts to ensure that, all Consideration Shares issued
under the Arrangement will be issued by Pan American and Agnico in exchange for Yamana Shares pursuant to the Plan of Arrangement, whether
in the United States, Canada or any other country, in reliance on the exemption from the registration requirements of the U.S. Securities
Act provided by Section&nbsp;3(a)(10)&nbsp;thereof and applicable U.S. state securities laws in reliance upon similar exemptions under
applicable U.S. state securities laws. In order to ensure the availability of the exemption under Section&nbsp;3(a)(10)&nbsp;of the U.S.
Securities Act and to facilitate Pan American&rsquo;s and Agnico&rsquo;s compliance with other U.S. Securities Laws, the Parties agree
that the Arrangement will be carried out on the following basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Court will be asked to approve the procedural and substantive fairness of the terms and conditions
of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">prior to the issuance of the Interim Order, the Court will be advised of the intention of the Parties
to rely on the exemption provided by Section&nbsp;3(a)(10)&nbsp;of the U.S. Securities Act with respect to the issuance of Consideration
Shares to Yamana Shareholders pursuant to the Arrangement, based on the Court&rsquo;s approval of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">prior to the issuance of the Interim Order, Yamana will file with the Court a draft copy of the proposed
text of the Yamana Circular together with any other documents required by Law in connection with the Yamana Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the Court will be advised prior to the hearing that its approval of the Arrangement will be relied upon
as a determination that the Court has satisfied itself as to the procedural and substantive fairness of the terms and conditions of the
Arrangement to Yamana Shareholders pursuant to the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Yamana will ensure that each Yamana Shareholder and other Person entitled to receive Consideration Shares
pursuant to the Arrangement will be given adequate and appropriate notice advising them of their right to attend the hearing of the Court
to approve the procedural and substantive fairness of the terms and conditions of the Arrangement and providing them with sufficient information
necessary for them to exercise that right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">the Final Order will expressly state that the Arrangement is approved by the Court as being procedurally
and substantively fair to Yamana Shareholders pursuant to the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">Yamana shall request that the Final Order shall include a statement to substantially the following effect:
 &ldquo;This Order will serve as a basis of a claim to an exemption, pursuant to Section&nbsp;3(a)(10)&nbsp;of the United States Securities
Act of 1933, as amended, from the registration requirements otherwise imposed by that act, regarding the distribution of securities of
Pan American and Agnico, pursuant to the Plan of Arrangement;&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the Interim Order will specify that each Person entitled to receive Consideration Shares pursuant to the
Arrangement will have the right to appear before the Court at the hearing of the Court to give approval of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the Court will hold a hearing before approving the fairness of the terms and conditions of the Arrangement
and issuing the Final Order; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">all Consideration Shares issued to Persons in the United States will be registered or qualified under
the securities laws of each state, territory or possession of the United States in which any Person receiving Consideration Shares is
located, unless an exemption from such state securities law registration or qualification requirements is available. In addition, each
Person entitled to receive Consideration Shares will be advised that the Consideration Shares issued pursuant to the Arrangement have
not been registered under the U.S. Securities Act and will be issued by Pan American and Agnico in reliance on the exemption from registration
provided by Section&nbsp;3(a)(10)&nbsp;of the U.S. Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.13</B></FONT></TD><TD STYLE="text-align: justify"><B>Arrangement and Effective Date</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Arrangement shall become effective on the
date upon which Yamana and Pan American agree in writing as the Effective Date or, in the absence of such agreement, five Business Days
following the satisfaction or waiver of all conditions to completion of the Arrangement set out in Article&nbsp;7 (excluding any conditions
that, by their terms, cannot be satisfied until the Effective Date, but subject to the satisfaction or, where not prohibited, waiver of
those conditions as of the Effective Date by the applicable Party or Parties for whose benefit such conditions exist) and the Arrangement
(and the Articles of Arrangement) shall be effective at the Effective Time on the Effective Date and will have all of the effects provided
by applicable Law. The closing of the Arrangement will take place at the offices of Borden Ladner Gervais LLP on the Effective Date in
Vancouver, British Columbia at the Effective Time, or at such other time and place as may be agreed to by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.14</B></FONT></TD><TD STYLE="text-align: justify"><B>Payment of Consideration</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American and Agnico shall, following receipt
by Yamana of the Final Order and prior to the Effective Time, deposit in escrow with the Depositary (the terms and conditions of such
escrow to be satisfactory to the Parties, acting reasonably) sufficient cash and irrevocable treasury directions (subject to the occurrence
of the Effective Time) in respect of the Consideration Shares to satisfy the aggregate Consideration deliverable to Yamana Shareholders
and, in the case of Pan American only, sufficient cash equal to the Dissent and RSU Loan Amount to fund the Dissent and RSU Loan (each
as defined in the Plan of Arrangement), all pursuant to the Plan of Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.15</B></FONT></TD><TD STYLE="text-align: justify"><B>Announcement and Shareholder Communications</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Each Party acknowledges its obligation pursuant to applicable Securities Law to immediately issue and
file a news release and file a material change report with respect to the execution and delivery of this Agreement. Accordingly, in furtherance
of such requirement of Law, each Party shall issue a press release with respect to this Agreement as soon as practicable after its due
execution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Following the Activation Time, the Parties agree to cooperate in the preparation of presentations, if
any, to Pan American Shareholders, Agnico Shareholders and Yamana Shareholders regarding the transactions contemplated by this Agreement.
Each Party shall: (a)&nbsp;not issue any press release or otherwise make public statements with respect to this Agreement or the Arrangement
without the consent of the other Parties, which consent shall not be unreasonably withheld, conditioned or delayed; and (b)&nbsp;not make
any filing with any Governmental Entity with respect to this Agreement or the Arrangement without the consent of the other Parties, which
consent shall not be unreasonably withheld, conditioned or delayed. Each Party shall enable the other Parties to review and comment on
all such press releases prior to the release thereof and shall enable the other Parties to review and comment on such filings prior to
the filing thereof (other than with respect to confidential information contained in such filing); provided, however, that the foregoing
shall be subject to each such Party&rsquo;s overriding obligation to make any disclosure or filing in accordance with applicable Laws,
including U.S. Securities Laws and UK Securities Laws, and if such disclosure or filing is required and the other Parties have not reviewed
or commented on the disclosure or filing, the Party making such disclosure or filing shall (and in the case of Agnico, Pan American shall
require Agnico to) use commercially reasonable efforts to give prior oral or written notice to the other Parties, and if such prior notice
is not possible, to give such notice immediately following the making of such disclosure or filing. For the avoidance of doubt, the foregoing
shall not prevent the Parties from making internal announcements to employees and having discussions with shareholders and financial analysts
and other stakeholders so long as the content of such statements and announcements are consistent with and limited in all material respects
to the content contained in the most recent press releases, public disclosures or public statements made by the Parties. Notwithstanding
the foregoing, the provisions of this Section&nbsp;2.15 related to the approval or contents of filings with Governmental Entities will
not apply with respect to filings in connection with the Regulatory Approvals, the Yamana Circular, the Pan American Circular, the Interim
Order or the Final Order which are governed by other sections of this Agreement. The restrictions set forth in this Section&nbsp;2.15
shall not apply to (x)&nbsp;any release or public statement in connection with any dispute regarding this Agreement or the transactions
contemplated hereby; or (y)&nbsp;a Pan American Change in Recommendation or a Yamana Change in Recommendation, as applicable, or any action
taken pursuant thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties consent to this Agreement and forms
of each of the Pan American Support Agreements and the Yamana Support Agreements being filed on SEDAR and EDGAR, as applicable, subject
to any redactions permitted under Securities Laws that are agreed to between the Parties acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.16</B></FONT></TD><TD STYLE="text-align: justify"><B>Withholding Taxes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Party, any of its affiliates and the Depositary,
as applicable, shall be entitled to deduct and withhold, or direct any other Person to deduct and withhold on their behalf, from any amounts
otherwise payable, issuable or otherwise deliverable to any Yamana Shareholders (including in their capacity as former Yamana Equity Award
Holders), Yamana Equity Award Holders and any other Person under the Plan of Arrangement such amounts as are required to be deducted and
withheld from such amounts under any provision of applicable Law in respect of Taxes. To the extent any such amounts are so deducted and
withheld, such amounts shall be treated for all purposes under this Agreement and the Plan of Arrangement as having been paid to the Person
in respect of which such deduction and withholding was made. Each Party and the Depositary, as applicable, is hereby authorized to sell
or otherwise dispose of, on behalf of such Person, such portion of any share or other security deliverable to such Person as is necessary
to provide sufficient funds to the applicable Party or the Depositary, as the case may be, to enable it to comply with such deduction
or withholding requirement and the applicable Party or the Depositary, as the case may be, shall notify such Person thereof and remit
the applicable portion of the net proceeds of such sale to the appropriate taxing authority and, if applicable, any portion of such net
proceeds that is not required to be so remitted shall be paid to such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.17</B></FONT></TD><TD STYLE="text-align: justify"><B>Adjustment of Consideration</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything in this Agreement to the contrary, if, between the date of this Agreement and
the Effective Time, the issued and outstanding Pan American Shares shall have been changed into a different number of shares by reason
of any sub-division, split or consolidation (or similar process) of the issued and outstanding Pan American Shares, then the Pan American
Shares to be paid per Yamana Share shall be appropriately adjusted to provide to Yamana Shareholders the same economic effect as contemplated
by this Agreement and the Arrangement prior to such action and as so adjusted shall, from and after the date of such event, be the Pan
American Shares to be paid per Yamana Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything in this Agreement to the contrary, if, between the date of this Agreement and
the Effective Time, the issued and outstanding Agnico Shares shall have been changed into a different number of shares by reason of any
sub-division, split or consolidation (or similar process) of the issued and outstanding Agnico Shares, then the Agnico Shares to be paid
per Yamana Share shall be appropriately adjusted to provide to Yamana Shareholders the same economic effect as contemplated by this Agreement
and the Arrangement prior to such action and as so adjusted shall, from and after the date of such event, be the Agnico Shares to be paid
per Yamana Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">If on or after the date hereof, Yamana declares, sets aside or pays any dividend or other distribution
to the Yamana Shareholders of record as of a time prior to the Effective Time, except for Yamana&rsquo;s current regular quarterly dividend
paid to Yamana Shareholders in the ordinary course, Pan American shall make such adjustments to the Consideration as it determines acting
in good faith to be necessary to restore the original agreement of the Parties in the circumstances. For greater certainty, if Yamana
takes any of the actions referred to above, the aggregate Consideration to be paid by Pan American and Agnico shall be decreased by an
equivalent amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Representations and Warranties of Yamana</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth in the Yamana Public Documents
(excluding any disclosures in the Yamana Public Documents under the heading &ldquo;Risk Factors&rdquo; or &ldquo;Forward-Looking Information&rdquo;
and any other disclosures contained in such documents that are predictive, cautionary or forward-looking in nature) or the Yamana Disclosure
Letter (which disclosure shall apply against any representations or warranties to which it is reasonably apparent it should relate), Yamana
hereby represents and warrants to Pan American and Agnico the representations and warranties set forth in Schedule 3.1 hereto and acknowledges
that Pan American and Agnico are relying upon such representations and warranties in connection with the entering into of this Agreement
and the carrying out of the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Disclaimer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American and Agnico agree and acknowledge
that, except as set forth in this Agreement, Yamana makes no representation or warranty, express or implied, at law or in equity, with
respect to Yamana, its businesses, its past, current or future financial condition or its assets, liabilities or operations, or its past,
current or future profitability, performance or cash flows, individually or in the aggregate, and any such other representations or warranties
are hereby expressly disclaimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Survival of Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The representations and warranties of Yamana contained
in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective
Time and the date on which this Agreement is terminated in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Representations and Warranties of Pan American</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth in the Pan American Public
Documents (excluding any disclosures in the Pan American Public Documents under the heading &ldquo;Risk Factors&rdquo; or &ldquo;Forward-Looking
Statements&rdquo; and any other disclosures contained in such documents that are predictive, cautionary or forward- looking in nature)
or the Pan American Disclosure Letter (which disclosure shall apply against any representations or warranties to which it is reasonably
apparent it should relate), Pan American hereby represents and warrants to Yamana the representations and warranties set forth in Schedule
4.1 hereto and acknowledges that Yamana is relying upon such representations and warranties in connection with the entering into of this
Agreement and the carrying out of the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Disclaimer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yamana agrees and acknowledges that, except as
set forth in this Agreement, Pan American makes no representation or warranty, express or implied, at law or in equity, with respect to
Pan American, its businesses, its past, current or future financial condition or its assets, liabilities or operations, or its past, current
or future profitability, performance or cash flows, individually or in the aggregate, and any such other representations or warranties
are hereby expressly disclaimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Survival of Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The representations and warranties of Pan American
contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the
Effective Time and the date on which this Agreement is terminated in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Representations and warranties of Agnico</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth in the Agnico Public Documents
(excluding any disclosures in the Agnico Public Documents under the heading &ldquo;Risk Factors&rdquo; or &ldquo;Forward-Looking Statements&rdquo;
and any other disclosures contained in such documents that are predictive, cautionary or forward- looking in nature), Agnico hereby represents
and warrants to Yamana the representations and warranties set forth in Schedule 5.1, hereto and acknowledges that Yamana is relying upon
such representations and warranties in connection with the entering into of this Agreement and the carrying out of the transactions contemplated
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Disclaimer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yamana agrees and acknowledges that, except as
set forth in this Agreement, Agnico makes no representation or warranty, express or implied, at law or in equity, with respect to Agnico,
its businesses, its past, current or future financial condition or its assets, liabilities or operations, or its past, current or future
profitability, performance or cash flows, individually or in the aggregate, and any such other representations or warranties are hereby
expressly disclaimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Survival of Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The representations and warranties of Agnico contained
in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective
Time and the date on which this Agreement is terminated in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Covenants</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants of Yamana Regarding the Conduct of Business</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yamana covenants and agrees that during the period
from the Activation Time until the earlier of the Effective Date and the time that this Agreement is terminated in accordance with its
terms, except as set out in Section&nbsp;6.1 of the Yamana Disclosure Letter, as expressly required by this Agreement or expressly permitted
by this Section&nbsp;6.1, including without limitation pursuant to any Pre-Acquisition Reorganization, as required by applicable Law or
a Governmental Entity, as required to comply with or implement any COVID-19 Measures, or unless Pan American and Agnico shall otherwise
agree in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Yamana shall and shall cause each of its Subsidiaries to: (i)&nbsp;in all material respects conduct its
and their respective businesses only in, and not take any action except in, the ordinary course of business; and (ii)&nbsp;use commercially
reasonable efforts to preserve intact its and their present business organization, goodwill, business relationships and assets and to
keep available the services of its and their officers and employees as a group;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">without limiting the generality of Section&nbsp;6.1(a), Yamana shall not, and shall cause each of its
Subsidiaries not to, during the period from the Activation Time until the earlier of the Effective Time and the time that this Agreement
is terminated in accordance with its terms, directly or indirectly:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">amend or propose to amend its articles, by-laws or other constating documents, including partnership agreements,
or those of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">declare, set aside or pay any dividend or other distribution (whether in cash, securities or property
or any combination thereof) in respect of any Yamana Shares, except for (A)&nbsp;regular quarterly dividends to Yamana Shareholders in
the ordinary course consistent with past practice and (B)&nbsp;any such action solely between or among Yamana and its Subsidiaries or
between or among Subsidiaries of Yamana;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">incur any indebtedness to fund, directly or indirectly the payment of any dividend or other distribution
in respect of any Yamana Shares other than in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">except as set forth in Section&nbsp;6.1(b)(iv)&nbsp;of the Yamana Disclosure Letter, issue, sell, grant,
award, pledge, dispose of or otherwise encumber or agree to issue, sell, grant, award, pledge, dispose of or otherwise encumber any Yamana
Shares or other equity or voting interests or any options, stock appreciation rights, warrants, calls, conversion or exchange privileges
or rights of any kind to acquire (whether on exchange, exercise, conversion or otherwise) any Yamana Shares or other equity or voting
interests or other securities or any shares of its Subsidiaries (including, for greater certainty, Yamana Options, Yamana RSUs, Yamana
DSUs, Yamana PSUs and the Canadian Assets), other than pursuant to the exercise or settlement (as applicable) of Yamana Options, Yamana
RSUs, Yamana DSUs and Yamana PSUs that are outstanding as of the date of this Agreement in accordance with their terms (as such terms
are disclosed in the Yamana Public Documents);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">sub-divide, split, combine or reclassify any outstanding Yamana Shares or the securities of any of its
Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">redeem, purchase or otherwise acquire or offer to purchase or otherwise acquire Yamana Shares or other
securities of Yamana or any securities of its Subsidiaries other than purchases of Yamana Shares in satisfaction of the payment of the
exercise price or tax withholdings upon the exercise or vesting of outstanding Yamana Equity Awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">amend the terms of any securities of Yamana or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">adopt or propose a plan of liquidation or resolutions providing for the liquidation or dissolution of
Yamana or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">reorganize, amalgamate or merge Yamana or its Subsidiaries with any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify">except as set forth in Section&nbsp;6.1(b)(x)&nbsp;of the Yamana Disclosure Letter, sell, pledge, lease,
dispose of, mortgage, licence, encumber or otherwise transfer or agree to sell, pledge, lease, dispose of, mortgage, licence, encumber
or otherwise transfer any assets of Yamana or any of its Subsidiaries or any interest in any assets of Yamana or any of its Subsidiaries
(including, without limitation, the Canadian Assets and any Yamana Mineral Rights), other than (A)&nbsp;sales and dispositions of raw
materials, obsolete or surplus equipment, mine output and other inventories, in each case only if in the ordinary course of business,
(B)&nbsp;Permitted Liens, (C)&nbsp;encumbrances and Liens that are incurred in the ordinary course of business, (D)&nbsp;sales of securities
of Persons held for investment purposes, other than Subsidiaries or Yamana JV Entities, or (E)&nbsp;sales of assets that do not exceed,
individually or in the aggregate, a fair market value of US$30 million; provided that exclusions (C)&nbsp;through (E)&nbsp;shall not apply
to, and not be permitted for, the Canadian Assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify">acquire (by merger, consolidation, acquisition of stock or assets or otherwise) or agree to acquire, directly
or indirectly, in one transaction or in a series of related transactions, any Person, or, other than investments required by existing
Contracts to which a Yamana JV Entity is a party or bound, make any investment or agree to make any investment, directly or indirectly,
in one transaction or in a series of related transactions, either by purchase of shares or securities, contributions of capital (other
than to wholly-owned Subsidiaries), property transfer or purchase of any property or assets of any other Person, other than such investments
in securities that do not exceed in the aggregate US$10 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify">incur any capital expenditures or enter into any agreement obligating Yamana or its Subsidiaries to provide
for future capital expenditures other than (A)&nbsp;capital expenditures forming part of the budget for the 2022 fiscal year that has
been approved by the Yamana Board in the ordinary course of business and disclosed to Pan American, or (B)&nbsp;capital expenditures that
do not exceed, individually or in the aggregate, a fair market value of US$30 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify">make any changes in financial accounting methods, principles, policies or practices, except as required,
in each case, by IFRS or by applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: justify">reduce the stated capital of the shares of Yamana or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xv)</FONT></TD><TD STYLE="text-align: justify">(A)&nbsp;incur any indebtedness for borrowed money or guarantee any such indebtedness of another Person,
issue or sell any debt securities or warrants or other rights to acquire any debt securities of Yamana or any of its Subsidiaries, guarantee
any debt securities of another Person, enter into any &ldquo;keep well&rdquo; or other agreement to maintain any financial statement condition
of another Person or enter into any arrangement having the economic effect of any of the foregoing, except for (x)&nbsp;borrowings under
the Yamana Term Loan in effect as of the date of this Agreement in the ordinary course of business or (y)&nbsp;letters of credit, reclamation
bonds, financial assurances or other guarantees in respect of environmental or other obligations otherwise permitted to be incurred, or
not prohibited, under this Agreement, or (z)&nbsp;borrowings under facilities entered into between two wholly-owned Subsidiaries of Yamana,
or (B)&nbsp;make any loans, advances (other than any advances to employees in the ordinary course of business) or capital contributions
to, or investments in, any other Person, other than to any joint venture of Yamana or any of its Subsidiaries in the ordinary course of
business or to Yamana or any of its Subsidiaries or in connection with sale-leaseback transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)</FONT></TD><TD STYLE="text-align: justify">pay, discharge, settle, satisfy, compromise, waive, assign or release any claims, rights, liabilities
or obligations (including any litigation, proceeding or investigation by any Governmental Entity) other than:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">the payment, discharge or satisfaction, in the ordinary course of business, of liabilities reflected or
reserved against in Yamana&rsquo;s financial statements (or in those of any of its Subsidiaries) or incurred in the ordinary course of
business; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">payment of any fees related to the Arrangement or the Gold Fields Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvii)</FONT></TD><TD STYLE="text-align: justify">enter into any agreement that, if entered into prior to the date hereof, would have been a Yamana Material
Contract, or modify, amend in any material respect, transfer or terminate any Yamana Material Contract other than the Gold Fields Agreement,
or waive, release, or assign any material rights or claims thereto or thereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xviii)</FONT></TD><TD STYLE="text-align: justify">enter into or terminate any interest rate, currency, equity or commodity swaps, hedges, derivatives, forward
sales contracts or other financial instruments or like transaction, other than in the ordinary course of business consistent with Yamana
financial risk management policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xix)</FONT></TD><TD STYLE="text-align: justify">materially change the business carried on by Yamana and its Subsidiaries, as a whole (or the Canadian
Assets, as a whole);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xx)</FONT></TD><TD STYLE="text-align: justify">except as required by the terms of the Yamana Benefit Plans in effect on the date of this Agreement; or
as disclosed in Section&nbsp;6.1(b)(xx)&nbsp;of the Yamana Disclosure Letter: (A)&nbsp;grant, accelerate, or increase any severance, change
of control or termination pay to (or amend any existing arrangement relating to the foregoing with) any director, officer or employee
of Yamana or any of its Subsidiaries; (B)&nbsp;grant, accelerate, or increase any payment, bonus, award (equity or otherwise) or other
benefits payable to, or for the benefit of, any director, officer or employee of Yamana or any of its Subsidiaries; (C)&nbsp;increase
the coverage, contributions, funding requirements or benefits available under any Yamana Benefit Plan or create any new plan which would
be considered to be a Yamana Benefit Plan once created; (D)&nbsp;increase compensation (in any form), bonus levels or other benefits payable
to any director, officer, employee or consultant of Yamana or any of its Subsidiaries, or grant any general increase in the rate of wages,
salaries, bonuses or other remuneration, except for base salary increases for employees (other than Senior Employees) in the ordinary
course of business; (E)&nbsp;make any material determination under any Yamana Benefit Plan that is not in the ordinary course of business;
(F)&nbsp;establish, adopt, enter into, amend or terminate any collective bargaining agreement or Yamana Benefit Plan; or (G)&nbsp;take
or propose any action to effect any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xxi)</FONT></TD><TD STYLE="text-align: justify">terminate the employment of any Senior Employee, except for cause or hire any Senior Employee; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xxii)</FONT></TD><TD STYLE="text-align: justify">take any action or fail to take any action which action or failure to act would reasonably be expected
to cause any Governmental Entities to institute proceedings for the suspension of, or the revocation or limitation of rights under, any
material Authorizations necessary to conduct its businesses as now conducted, and use its commercially reasonable efforts to maintain
such Authorizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Yamana shall use all commercially reasonable efforts to cause its current insurance (or re-insurance)
policies maintained by Yamana or any of its Subsidiaries not to be cancelled or terminated or any of the coverage thereunder to lapse,
unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by insurance and reinsurance companies
of nationally recognized standing providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies
for substantially similar premiums are in full force and effect; provided that, subject to Section&nbsp;6.11(a), neither Yamana nor any
of its Subsidiaries shall obtain or renew any insurance (or re-insurance) policy for a term exceeding 12 months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Yamana and each of its Subsidiaries shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">not take any action inconsistent with past practice relating to the filing of any Tax Return or the withholding,
collecting, remitting and payment of any Tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">not take any action outside of the ordinary course of business that is reasonably likely to reduce the
capital or non-capital losses of Yamana for purposes of the Tax Act, or reduce the adjusted cost base of the Canadian Assets for purposes
of the Tax Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">not amend any Tax Return or change any of its methods of reporting income, deductions or accounting for
Tax purposes from those employed in the preparation of its Tax Returns for the taxation year ended December&nbsp;31, 2021, except as may
be required by applicable Laws (as determined in good faith consultation with Pan American);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">not make, change or revoke any material election relating to Taxes, other than any election that has yet
to be made in respect of any event or circumstance occurring prior to the date of this Agreement and which will be made in a manner consistent
with the past practice of Yamana and its Subsidiaries, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">other than as set out in Section&nbsp;6.1(d)(v)&nbsp;of the Yamana Disclosure Letter, not enter into any
Tax sharing, Tax allocation, Tax related waiver or Tax indemnification agreement, or consent to any extension or waiver of the limitation
period applicable to any claim or assessment in respect of Taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">other than as set out in Section&nbsp;6.1(d)(vi)&nbsp;of the Yamana Disclosure Letter not settle (or offer
to settle) any material Tax claim, audit, proceeding or re- assessment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">not make a request for a Tax ruling to any Governmental Entity; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">keep Pan American and Agnico reasonably informed, on a current basis, of any events, discussions, notices
or changes with respect to any Tax investigation (other than ordinary course communications which could not reasonably be expected to
be material to Yamana and its Subsidiaries, taken as a whole); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Yamana shall not authorize, agree to, propose, enter into or modify any Contract to do any of the matters
prohibited by the other subsections of this Section&nbsp;6.1 or resolve to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants of Pan American Regarding the Conduct of Business</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American covenants and agrees that during
the period from the Activation Time until the earlier of the Effective Date and the time that this Agreement is terminated in accordance
with its terms, except as set out in Section&nbsp;6.2 of the Pan American Disclosure Letter, as expressly required by this Agreement or
expressly permitted by this Section&nbsp;6.2, as required by applicable Law or a Governmental Entity, as required to comply with, or implement
any COVID-19 Measures, or unless Yamana shall otherwise agree in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Pan American shall and shall cause each of its Subsidiaries to: (i)&nbsp;in all material respects conduct
its and their respective businesses only in, and not take any action except in, the ordinary course of business; and (ii)&nbsp;use commercially
reasonable efforts to preserve intact its and their present business organization, goodwill, business relationships and assets and to
keep available the services of their officers and employees as a group;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">without limiting the generality of Section&nbsp;6.2(a), Pan American shall not, and shall cause each of
its Subsidiaries not to, during the period from the Activation Time until the earlier of the Effective Time and the time that this Agreement
is terminated in accordance with its terms, directly or indirectly:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">amend or propose to amend Pan American&rsquo;s articles, notice of articles or other constating documents;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">declare, set aside or pay any dividend or other distribution (whether in cash, securities or property
or any combination thereof) in respect of any Pan American Shares, except for (A)&nbsp;regular dividends to Pan American Shareholders
in the ordinary course consistent with past practice and (B)&nbsp;any such action solely between or among Pan American and its Subsidiaries
or between or among Subsidiaries of Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">issue, sell, grant, award, pledge, dispose of or otherwise encumber or agree to issue, sell, grant, award,
pledge, dispose of or otherwise encumber any Pan American Shares or other equity or voting interests or any options, stock appreciation
rights, warrants, calls, conversion or exchange privileges or rights of any kind to acquire (whether on exchange, exercise, conversion
or otherwise) any Pan American Shares or other equity or voting interests or other securities or any shares of its Subsidiaries (including,
for greater certainty, Pan American equity awards or any other equity based awards), other than (A)&nbsp;pursuant to the exercise of Pan
American equity awards in accordance with their terms (as such terms are disclosed in the Pan American Public Documents), (B)&nbsp;grants
of Pan American equity awards in the ordinary course of business, and (C)&nbsp;any such action solely between or among Pan American and
its Subsidiaries or between or among Subsidiaries of Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">sub-divide, split, combine or reclassify any outstanding Pan American Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">redeem, purchase or otherwise acquire or offer to purchase or otherwise acquire Pan American Shares or
other securities of Pan American, other than (A)&nbsp;ordinary course purchases of Pan American Shares made in the public markets and
at the prevailing market price, and (B)&nbsp;purchases of Pan American Shares in satisfaction of the payment of the exercise price or
tax withholdings upon the exercise or vesting of Pan American equity awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">amend the terms of any securities of Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">adopt or propose a plan of liquidation, business rescue or winding up (or analogous proceedings) or resolutions
providing for the liquidation, business rescue, winding up (or analogous proceedings) or dissolution of Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">reorganize, amalgamate or merge Pan American with any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">make any changes in financial accounting methods, principles, policies or practices, except as required,
in each case, by IFRS or by applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify">reduce the stated capital of the Pan American Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify">acquire (by merger, consolidation, acquisition of securities or assets or otherwise) or agree to acquire,
directly or indirectly, in one transaction or in a series of related transactions, any Person, or, other than investments required by
existing Contracts to which Pan American is a party or bound, make any investment or agree to make any investment, directly or indirectly,
in one transaction or in a series of related transactions, either by purchase of shares or securities, contributions of capital (other
than to wholly-owned Subsidiaries), property transfer or purchase of any property or assets of any other Person, other than:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">for consideration less than US$30 million individually or US$300 million in the aggregate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">acquisitions in the ordinary course of business; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">transactions between two or more wholly-owned Subsidiaries of Pan American or between of Pan American
and one or more such wholly- owned Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify">sell, pledge, lease, dispose of, mortgage, licence, encumber or otherwise transfer or agree to sell, pledge,
lease, dispose of, mortgage, licence, encumber or otherwise transfer any material assets of Pan American or any of its Subsidiaries or
any interest in any assets of Pan American or any of its Subsidiaries, other than (A)&nbsp;in the ordinary course of business, and (B)&nbsp;any
such action solely between or among Pan American and its Subsidiaries or between or among Subsidiaries of Pan American; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify">materially change the business carried on by Pan American and its Subsidiaries, taken as a whole; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Pan American shall not authorize, agree to, propose, enter into or modify any Contract to do any of the
matters prohibited by the other subsections of this Section&nbsp;6.2 or resolve to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Prior to the Effective Time, the Nominating and Governance Committee of the Pan American Board shall identify
three directors of Yamana to be appointed to the Pan American Board (the &ldquo;<B>Board Appointees</B>&rdquo;) promptly following the
Effective Time; provided that all three individuals are: (i)&nbsp;members of the Yamana Board as of the date of this Agreement; (ii)&nbsp;eligible
to be directors of Pan American pursuant to applicable Laws; and (iii)&nbsp;&ldquo;independent&rdquo; with respect to both Yamana and
Pan American, as such term is defined in Section&nbsp;1.4 of National Instrument 52-110 &ndash; <I>Audit Committees</I>. Pan American
shall take and cause to be taken such commercially reasonable actions as are necessary to ensure that, promptly following the Effective
Time, the Pan American Board includes the Board Appointees, including by increasing the size of the board and by facilitating the resignation
of one existing member of the Pan American Board (the &ldquo;<B>Resigning Appointee</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Following the Effective Time, Pan American shall use commercially reasonable efforts to submit an ordinary
resolution to Pan American Shareholders at the next annual general meeting of Pan American Shareholders to increase the size of the Pan
American Board to eleven directors, and management of Pan American shall recommend to the Pan American Shareholders that such ordinary
resolution be approved. Pan American shall include the Board Appointees and the Resigning Appointee on the management slate of directors
to be elected at such annual general meeting and shall take commercially reasonable actions, including soliciting proxies in favour of
their election to the Pan American Board, to have such Board Appointees and Resigning Appointee elected to the Pan American Board at such
annual general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Pan American will work cooperatively with Yamana to determine the integration of Yamana management into
the management team of Pan American on or prior to the Effective Time. Pan American will establish a transitionary integration period
in which the Toronto office employees of Yamana will support Pan American to integrate and manage the business and operations of Yamana.
Those at a Senior Vice President level and below at Yamana will be approached to continue to support the management of the business during
this transitionary period and longer, as may be determined by Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants Relating to the Consideration Shares</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Pan American shall apply for and use its reasonable best efforts to obtain approval of the listing for
trading on the Nasdaq and TSX by the Effective Time of Pan American Shares issuable pursuant to the Arrangement, subject to official notice
of issuance. Yamana shall use its reasonable best efforts to cooperate with Pan American in connection with the foregoing, including by
providing information reasonably requested by Pan American in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Agnico shall apply for and obtain approval of the listing for trading on the NYSE and TSX by the Effective
Time of Agnico Shares issuable pursuant to the Arrangement, subject to official notice of issuance. Yamana shall use its reasonable best
efforts to cooperate with Agnico in connection with the foregoing, including by providing information reasonably requested by Pan American
in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants of Pan American and Agnico Regarding Blue-Sky Laws</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Pan American shall use its commercially reasonable efforts to ensure that the Pan American Share Consideration
shall, at the Effective Time, either be registered or qualified under all applicable U.S. state securities laws, or exempt from such registration
and qualification requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Agnico shall use its commercially reasonable efforts to ensure that the Agnico Share Consideration shall,
at the Effective Time, either be registered or qualified under all applicable U.S. state securities laws, or exempt from such registration
and qualification requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Mutual Covenants of the Parties Relating to the Arrangement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Parties covenants and agrees that,
other than in connection with obtaining the Regulatory Approvals, which approvals shall be governed by the provisions of Section&nbsp;6.7,
subject to the terms and conditions of this Agreement, during that period from the Activation Time until the earlier of the Effective
Time and the time that this Agreement is terminated in accordance with its terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">it shall use its commercially reasonable efforts to, and shall cause its Subsidiaries to use all commercially
reasonable efforts to, satisfy (or cause the satisfaction of) the conditions precedent to its obligations hereunder as set forth in Article&nbsp;7
to the extent the same is within its control and to take, or cause to be taken, all other action and to do, or cause to be done, all other
things necessary, proper or advisable under all applicable Laws to complete the Arrangement, including using its commercially reasonable
efforts to promptly: (i)&nbsp;obtain all necessary waivers, consents and approvals required to be obtained by it from parties to Yamana
Material Contracts or Pan American Material Contracts, as the case may be; (ii)&nbsp;obtain all necessary and material Authorizations
as are required to be obtained by it or any of its Subsidiaries under applicable Laws; (iii)&nbsp;fulfill all conditions and satisfy all
provisions of this Agreement and the Arrangement, including delivery of the certificates of their respective officers contemplated by
Sections&nbsp;7.2(a), 7.2(b), 7.2(d), 7.3(a), 7.3(b), 7.3(c), 7.3(d), 7.3(e)&nbsp;and 7.3(f); and (iv)&nbsp;co-operate with the other
Party in connection with the performance by it and its Subsidiaries of their obligations hereunder;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">it shall not take any action, shall refrain from taking any action, and shall not permit any action to
be taken or not taken, which is inconsistent with this Agreement or which would reasonably be expected to, individually or in the aggregate,
prevent, materially impede or materially delay the consummation of the Arrangement or the other transactions contemplated herein including,
for the avoidance of doubt, the taking of any action (including any discussions or negotiation) or the entering into of any transaction,
including any merger, acquisition, joint venture, disposition, lease or contract that would reasonably be expected to prevent, delay or
impede the obtaining of, or increase the risk of not obtaining, any Regulatory Approval or otherwise prevent, delay or impede the consummation
of the transactions contemplated by this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">it shall use commercially reasonable efforts to: (i)&nbsp;defend all lawsuits or other legal, regulatory
or other Proceedings against itself or any of its Subsidiaries challenging or affecting this Agreement or the consummation of the transactions
contemplated hereby; (ii)&nbsp;appeal, overturn or have lifted or rescinded any injunction or restraining order or other order, including
Orders, relating to itself or any of its Subsidiaries which may materially adversely affect the ability of the Parties to consummate the
Arrangement; and (iii)&nbsp;appeal or overturn or otherwise have lifted or rendered non- applicable in respect of the Arrangement, any
Law that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins Yamana, Pan American or Agnico from consummating
the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">it shall carry out the terms of the Interim Order and Final Order applicable to it and use commercially
reasonable efforts to comply promptly with all requirements which applicable Laws may impose on it or its Subsidiaries or affiliates with
respect to the transactions contemplated hereby; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">it shall consider and approve any amendments to the Plan of Arrangement that are reasonably requested
by another Party prior to Interim Order which are reasonably expected to improve the tax efficiency of the Plan of Arrangement to U.S.
resident shareholders of Yamana, provided that no Party shall be required to approve any amendment unless, in the opinion of the Party
acting reasonably, such amendment:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">cannot reasonably be expected to result in any Taxes being imposed on, or any adverse Tax consequences
to, Yamana, Agnico, Pan American or to the non-U.S. resident Yamana Shareholders that are incrementally greater than the Taxes to such
party in connection with the consummation of the Arrangement in the absence of any such amendment;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">is not prejudicial to Yamana, Pan American, Agnico or their respective Subsidiaries, or to their respective
securityholders in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">does not require Yamana, Pan American or Agnico to obtain the approval of their securityholders or proceed
absent any required consent of any third party (including any Regulatory Approval);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">does not result in any material breach of any Yamana Material Contract, Pan American Material Contract
or Agnico Material Contract, Regulatory Approval or any of Yamana&rsquo;s Pan American&rsquo;s or Agnico&rsquo;s respective organizational
documents or applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">does not unreasonably interfere with Yamana&rsquo;s, Pan American&rsquo;s or Agnico&rsquo;s material operations
prior to the Effective Time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">does not require Yamana, Pan American, Agnico or their respective Subsidiaries to contravene any Contract,
Regulatory Approval or applicable Laws, or their respective organizational documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">can be completed prior to the Effective Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">does not impair the ability of Yamana, Pan American and Agnico to consummate, and will not prevent or
materially delay the consummation of, the Arrangement, and would not reasonably be expected to prevent any Person from making a Yamana
Superior Proposal or a Pan American Superior Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants Relating to Yamana Employment Matters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">The Parties acknowledge and agree that the outstanding Yamana Equity Awards shall be treated in accordance
with the provisions of the Plan of Arrangement. Prior to the Effective Date and conditional upon the Effective Time having occurred, Yamana
shall, in form and substance satisfactory to Pan American, amend if necessary for greater certainty the Yamana PSU Plan and any grant
agreements pursuant thereto and take all other steps necessary or desirable to give effect to, upon the Effective Time, the modifications
to the Yamana PSU Plan necessary to reflect that Pan American is the successor to Yamana under the Yamana PSU Plan pursuant to its terms
and to reflect that any payments to be made on the redemption or settlement of the Yamana PSUs will be calculated by reference to the
Pan American Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">The Parties acknowledge that the Arrangement will result in a &ldquo;change in control&rdquo; (or a term
of similar import) for purposes of the Yamana Benefit Plans and Yamana&rsquo;s executives&rsquo; and employees&rsquo; employment agreements.
After the Effective Time:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American covenants and agrees to cause Yamana and its Subsidiaries (other than Subsidiaries comprising
the Canadian Assets) and any successor to Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico covenants and agrees in respect of any Subsidiaries comprising the Canadian Assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to honour and comply in all material respects
with the terms of all existing employment, indemnification, change in control, change of control, severance, termination or other compensation
arrangements and employment and severance obligations of Yamana or any of its Subsidiaries that were entered into prior to the date of
the Gold Fields Agreement or as disclosed in Section&nbsp;6.6(b)&nbsp;of the Yamana Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Regulatory Approvals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">In respect of the Competition Act Approval,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">within ten Business Days after the Activation Time or such other date as the Parties may reasonably agree,
Pan American shall file with the Commissioner a submission requesting an Advance Ruling Certificate or, in the alternative, a No Action
Letter; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">if an Advance Ruling Certificate or No Action Letter shall not have been obtained within 16 days following
filing of Pan American&rsquo;s submission, Pan American or Yamana may at any time thereafter, acting reasonably, notify the other Party
that it intends to file a notification pursuant to subsection 114(1)&nbsp;of the Competition Act, in which case Pan American and Yamana
shall each file their respective notifications pursuant to subsection 114(1)&nbsp;of the Competition Act, and Agnico shall file its respective
notification pursuant to subsection 114(1)&nbsp;of the Competition Act, as promptly as practicable but in any event within ten Business
Days following the date Pan American or Yamana, as applicable, notified the other Party of its intention to file a notification.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">The Parties shall, and shall cause their respective Subsidiaries, as applicable, to, file, as promptly
as practicable after the Activation Time, any other filings or notifications under any other applicable federal, provincial, state or
foreign Law required to obtain any other Regulatory Approvals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">All filing fees (including any Taxes thereon) in respect of any filing made to any Governmental Entity
in respect of any Regulatory Approvals shall be shared by Pan American, Agnico and Yamana equally.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">The Parties shall use their commercially reasonable efforts to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">obtain the Regulatory Approvals at the earliest possible date. For greater certainty, but without limiting
the generality of the foregoing, the Parties shall request that the Regulatory Approvals be processed by the applicable Governmental Entity
on an expedited basis and, to the extent that a public hearing is held, the Parties shall request the earliest possible hearing date for
the consideration of the Regulatory Approvals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">respond promptly to any request for additional information or documentary materials made by any Governmental
Entity in connection with the Regulatory Approvals; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">make such further filings as may be necessary, proper or advisable in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">With respect to obtaining the Regulatory Approvals, each of the Parties shall cooperate with one another
and shall provide such assistance as each other Party may reasonably request in connection with obtaining the Regulatory Approvals. Each
Party shall keep the other Parties reasonably informed as to the progress of obtaining the Regulatory Approvals. In particular:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">no Party shall extend or consent to any extension of any applicable waiting or review period or enter
into any agreement with a Governmental Entity to not consummate the transactions contemplated by this Agreement, except upon the prior
written consent of the other Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the Parties shall exchange drafts of all submissions, correspondence, filings, presentations, applications,
plans, consent agreements and other documents to be made or submitted to or filed with any Governmental Entity in respect of the transactions
contemplated by this Agreement, will consider in good faith any suggestions made by each other Party and its counsel and will provide
each other Party and its counsel with final copies of all such submissions, correspondence, filings, presentations, applications, plans,
consent agreements and other documents, and all pre-existing business records or other documents, submitted to or filed with any Governmental
Entity in respect of the transactions contemplated by this Agreement; provided, however, that, subject to Section&nbsp;6.7(f), information
indicated by a Party to be competitively sensitive shall be provided on an external counsel-only basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">each Party will keep the other Parties and their respective counsel fully apprised of all written (including
email) and oral communications and all meetings with any Governmental Entity and their staff in respect of the Regulatory Approvals, and
will not participate in such communications or meetings without giving each other Party, and their respective counsel the opportunity
to participate therein; provided, however, that, subject to Section&nbsp;6.7(f), where competitively sensitive information may be discussed
or communicated, the external legal counsel of each other Party shall be provided with any such communications or information on an external
counsel-only basis and shall have the right to participate in any such meetings on an external counsel-only basis; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">each Party shall make available its Representatives, on the reasonable request of a Party and its counsel,
to assist in obtaining the Regulatory Approvals, including by (i)&nbsp;making introductions to, and arranging meetings with, key stakeholders
and leaders of Governmental Entities and participating in those meetings, (ii)&nbsp;providing strategic input, including on any materials
prepared for obtaining the Regulatory Approvals, and (iii)&nbsp;responding promptly to requests for support, documents, information, comments
or input where reasonably requested in connection with the Regulatory Approvals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">With respect to Sections&nbsp;6.7(e)(ii)&nbsp;and (iii)&nbsp;above, where a Party (in this Section&nbsp;6.7
only, the &ldquo;<B>Disclosing Party</B>&rdquo;) provides any submissions, communications, information, correspondence, filings, presentations,
applications, plans, consent agreements or other documents to another Party (the &ldquo;<B>Receiving Party</B>&rdquo;) on an external
counsel-only basis, the Disclosing Party shall also provide the Receiving Party with a redacted version of any such submissions, communications,
information, correspondence, filings, presentations, applications, plans, consent agreements or other documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">None of the Parties shall enter into any transaction, investment, agreement, arrangement or joint venture
or take any other action, the effect of which would reasonably be expected to make obtaining the Regulatory Approvals materially more
difficult or challenging, or reasonably be expected to materially delay the obtaining of the Regulatory Approvals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">The Parties shall use (and shall cause their respective Subsidiaries to use) their respective commercially
reasonable efforts to take or cause to be taken all actions necessary or advisable on their respective parts to consummate the transactions
contemplated by this Agreement as promptly as practicable after the Activation Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.8</B></FONT></TD><TD STYLE="text-align: justify"><B>Certain Yamana Covenants Regarding Non-Solicitation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Except as otherwise expressly provided in this Section&nbsp;6.8, Yamana shall not, and Yamana shall cause
its Subsidiaries and its and their respective directors, officers, and employees, and shall use its reasonable best efforts to cause its
other Representatives, not to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">solicit, assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
confidential information or entering into any form of agreement, arrangement or understanding (other than a confidentiality agreement
pursuant to Section&nbsp;6.8(e))) any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead
to a Yamana Acquisition Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">enter into, engage in, continue or otherwise participate in any discussions or negotiations with any Person
(other than Pan American, Agnico and their respective Subsidiaries or affiliates) in respect of any inquiry, proposal or offer that constitutes
or would reasonably be expected to constitute or lead to a Yamana Acquisition Proposal, it being acknowledged and agreed that, provided
Yamana is then in compliance with its obligations under this Section&nbsp;6.8, Yamana may (A)&nbsp;advise any Person of the restrictions
of this Agreement, (B)&nbsp;advise a Person who has submitted a written Yamana Acquisition Proposal of the conclusion (without further
communication) that its Yamana Acquisition Proposal does not constitute a Yamana Superior Proposal or (C)&nbsp;communicate with any Person
solely for the purposes of clarifying the terms of any inquiry, proposal or offer made by such Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement in
principle, agreement, arrangement or undertaking relating to any Yamana Acquisition Proposal (other than a confidentiality agreement pursuant
to Section&nbsp;6.8(e));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">(A)&nbsp;(1)&nbsp;fail to make, or withdraw, amend, modify or qualify, in a manner adverse to Pan American
or Agnico or fail to publicly reaffirm (without qualification) the Yamana Board Recommendation, or its recommendation of the Arrangement
within five Business Days (and in any case prior to the third Business Day prior to the date of the Yamana Meeting) after having been
requested in writing by Pan American or Agnico to do so (acting reasonably), or (2)&nbsp;accept, approve, endorse or recommend a Yamana
Acquisition Proposal (or publicly propose to do so), or (3)&nbsp;take no position or a neutral position with respect to a Yamana Acquisition
Proposal for more than five Business Days (or beyond the third Business Day prior to the date of the Yamana Meeting, if such date is sooner)
after the public announcement of such Yamana Acquisition Proposal; or (B)&nbsp;resolve or propose to take any of the foregoing actions
((A)&nbsp;or (B)&nbsp;each a &ldquo;<B>Yamana Change in Recommendation</B>&rdquo;); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">make any public announcement or take any other action inconsistent with the Yamana Board Recommendation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Yamana shall, and shall cause its Subsidiaries and Representatives to, immediately cease any existing
solicitation, discussions, negotiations or other activities commenced prior to the Activation Time with any Person (other than Pan American,
Agnico, or their respective Subsidiaries or affiliates) conducted by Yamana or any of its Subsidiaries or Representatives with respect
to any inquiry, proposal or offer that constitutes, or would reasonably be expected to constitute or lead to, a Yamana Acquisition Proposal,
and, in connection therewith, Yamana will discontinue access to and disclosure of its and its Subsidiaries&rsquo; confidential information
(and not allow access to or disclosure of any such confidential information, or any data room, virtual or otherwise) and shall as soon
as possible after the Activation Time, and in any event within two Business Days of the Activation Time, request, and use its commercially
reasonable efforts to exercise all rights it has (or cause its Subsidiaries to exercise any rights that they have) to require the return
or destruction of all confidential information regarding Yamana and its Subsidiaries previously provided in connection therewith to any
Person other than Pan American to the extent such information has not already been returned or destroyed and use commercially reasonable
efforts to ensure that such obligations are fulfilled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Yamana represents and warrants as of the date of this Agreement that, in the year prior to the date of
this Agreement, neither Yamana nor any of its Subsidiaries has waived any standstill, confidentiality, non-disclosure, business purpose,
use or similar agreement or restriction to which Yamana or any of its Subsidiaries is a Party. Yamana covenants and agrees that (i)&nbsp;it
shall enforce each standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Yamana
or any of its Subsidiaries is a party, and (ii)&nbsp;neither Yamana nor any of its Subsidiaries nor any of their respective Representatives
has (within the last 12 months) or will, without the prior written consent of Pan American and Agnico (which may be withheld or delayed
in each of Pan American&rsquo;s and Agnico&rsquo;s sole and absolute discretion), release any Person from, or waive, amend, suspend or
otherwise modify such Person&rsquo;s obligations respecting Yamana, or any of its Subsidiaries, under any standstill, confidentiality,
non-disclosure, business purpose, use or similar agreement or restriction to which Yamana or any of its Subsidiaries is a party; provided,
however, that the Parties acknowledge and agree that the automatic termination or release of any such standstill, confidentiality, non-disclosure,
business purpose, use or similar agreement or restriction in accordance with its terms shall not be a breach of this Section&nbsp;6.8(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Yamana shall as soon as practicable, and in any event within 24 hours, notify Pan American and Agnico
(orally at first and then in writing, in each case within 24 hours) if it receives or otherwise becomes aware of any inquiry, proposal
or offer that constitutes or would reasonably be expected to constitute or lead to a Yamana Acquisition Proposal, of such Yamana Acquisition
Proposal, inquiry, proposal or offer, including the identity of the Person making such Yamana Acquisition Proposal, inquiry, proposal
or offer and the material terms and conditions thereof and copies of all material or substantive documents received in respect of, from
or on behalf of any such Person. Yamana shall keep Pan American and Agnico promptly and fully informed of the material developments and
discussions and negotiations with respect to such Yamana Acquisition Proposal, inquiry, proposal or offer, including any material changes,
modifications or other amendments thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Agreement, if at any time following the Activation Time, and
prior to the Yamana Shareholder Approval having been obtained, Yamana receives a request for material non-public information or to enter
into discussions, from a Person that proposes to Yamana an unsolicited <I>bona fide </I>written Yamana Acquisition Proposal that did not
result from a breach of this Section&nbsp;6.8 (and which has not been withdrawn) and the Yamana Board determines, in good faith after
consultation with its outside financial and legal advisors, that such Yamana Acquisition Proposal constitutes or would reasonably be expected
to constitute a Yamana Superior Proposal (disregarding, for the purposes of such determination, any due diligence or access condition
to which such Yamana Acquisition Proposal is subject), then, and only in such case, Yamana may (x)&nbsp;enter into, participate in, facilitate
and maintain discussions or negotiations with, and otherwise cooperate with or assist, the Person making such Yamana Acquisition Proposal,
and (y)&nbsp;provide the Person making such Yamana Acquisition Proposal with, or access to, confidential information regarding Yamana
and its Subsidiaries, but only to the extent that Pan American and Agnico had previously been, or is concurrently, provided with, or access
to, the same information, if, and only if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">prior to participating in any discussions or negotiations with such Person or providing such Person with,
or access to, confidential information regarding Yamana and its Subsidiaries: (A)&nbsp;Yamana promptly delivers a written notice to Pan
American and Agnico stating its intention to participate in such discussions or negotiations and to provide such Person with, or access
to, confidential information regarding Yamana and its Subsidiaries, which notice shall include confirmation of the determination by the
Yamana Board that such Yamana Acquisition Proposal constitutes or would reasonably be expected to constitute a Yamana Superior Proposal;
and (B)&nbsp;Yamana has entered into a confidentiality and standstill agreement on terms no less favourable in aggregate to Yamana than
the Confidentiality Agreement and a true, complete and final executed copy of such agreement is provided to Pan American and Agnico; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Yamana has been, and continues to be, in compliance with this Section&nbsp;6.8.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Agreement, Yamana may make a Yamana Change in Recommendation
and/or approve, accept or enter into an agreement to implement a Yamana Superior Proposal, if and only if all of the following conditions
are satisfied:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the Yamana Board has determined that the Yamana Acquisition Proposal constitutes a Yamana Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the Yamana Shareholder Approval has not been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Yamana has been, and continues to be, in compliance with this Section&nbsp;6.8 in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Yamana has provided Pan American and Agnico with: (A)&nbsp;a notice in writing that the Yamana Board has
determined that there is a Yamana Superior Proposal; (B)&nbsp;confirmation of the determination by the Yamana Board of the value or range
of values in financial terms that the Yamana Board, in consultation with its financial advisors, has determined should be ascribed to
any non-cash consideration offered under such Yamana Superior Proposal; (C)&nbsp;confirmation of the intention of Yamana to enter into
a definitive agreement with respect to such Yamana Superior Proposal, if applicable; and (D)&nbsp;a copy of the proposed definitive agreement
for the Yamana Superior Proposal and all supporting materials (including any financing documents supplied to Yamana in connection therewith);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">at least five Business Days (the &ldquo;<B>Pan American and Agnico Response Period</B>&rdquo;) shall have
elapsed from the date Pan American and Agnico received the notice and documentation referred to in Section&nbsp;6.8(f)(iv)&nbsp;from Yamana;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">during any Pan American and Agnico Response Period, Pan American and Agnico had the opportunity (but not
the obligation), in accordance with Section&nbsp;6.8(h), to offer to amend this Agreement and the Arrangement in order for such Yamana
Acquisition Proposal to cease to be a Yamana Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">if Pan American and Agnico have proposed to amend the terms of the Arrangement in accordance with Section&nbsp;6.8,
the Yamana Board shall have determined, in good faith, after consultation with its outside financial and legal advisors, that the Yamana
Acquisition Proposal remains a Yamana Superior Proposal compared to the proposed amendment to the terms of the Arrangement by Pan American
and Agnico, if applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">prior to or concurrently with entering into a definitive agreement with respect to such Yamana Superior
Proposal, Yamana terminates this Agreement pursuant to Section&nbsp;8.2(a)(iv)(F)&nbsp;and pays the Yamana Termination Fee pursuant to
Section&nbsp;8.3(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">For greater certainty, notwithstanding any Yamana Change in Recommendation in accordance with Section&nbsp;6.8(f),
unless this Agreement has been terminated in accordance with its terms, Yamana shall cause the Yamana Meeting to occur and the Arrangement
Resolution to be put to the Yamana Shareholders thereat for consideration in accordance with this Agreement, and Yamana shall not, except
as required by applicable Law, submit to a vote of its shareholders any Yamana Acquisition Proposal other than the Arrangement Resolution
prior to the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">Yamana acknowledges and agrees that, during the Pan American and Agnico Response Period or such longer
period as Yamana may approve for such purpose, Pan American and Agnico shall have the opportunity, but not the obligation, to propose
to amend the terms of this Agreement, including an increase in, or modification of, the Consideration. The Yamana Board will review any
such proposal to determine in good faith whether Pan American&rsquo;s and Agnico&rsquo;s proposal to amend this Agreement would result
in the Yamana Acquisition Proposal ceasing to be a Yamana Superior Proposal. If the Yamana Board determines that the Yamana Acquisition
Proposal is not a Yamana Superior Proposal as compared to the proposed amendments to the terms of this Agreement, it will promptly advise
Pan American and Agnico and enter into an amended agreement with Pan American and Agnico reflecting such proposed amendments. If the Yamana
Board continues to believe in good faith, after consultation with its financial advisors and outside legal counsel, that such Yamana Acquisition
Proposal remains a Yamana Superior Proposal and therefore rejects Pan American&rsquo;s and Agnico&rsquo;s offer to amend this Agreement
and the Arrangement, if any, Yamana may, subject to compliance with the other provisions hereof, make a Yamana Change in Recommendation
and/or enter into an agreement to implement a Yamana Superior Proposal. Each successive modification of any Yamana Acquisition Proposal
that results in an increase in, or modification of, the consideration (or value of such consideration) to be received by the Yamana Shareholders
or other material terms or conditions thereof shall constitute a new Yamana Acquisition Proposal for the purposes of this Section&nbsp;6.8
and Pan American and Agnico shall be afforded a new Pan American and Agnico Response Period in respect of each such Yamana Acquisition
Proposal from the date on which Pan American and Agnico received the notice and documentation referred to in Section&nbsp;6.8(f)(iv)&nbsp;in
respect of such new Yamana Superior Proposal from Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Yamana Board shall promptly reaffirm the Yamana Board Recommendation by press release after any Yamana
Acquisition Proposal which is determined to not be a Yamana Superior Proposal is publicly announced or the Yamana Board determines that
a proposed amendment to the terms of this Agreement as contemplated under Section&nbsp;6.8(h)&nbsp;would result in a Yamana Acquisition
Proposal no longer being a Yamana Superior Proposal. Yamana shall provide Pan American and Agnico and their outside legal counsel with
a reasonable opportunity to review the form and content of any such press release and shall give reasonable consideration to such comments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">In circumstances where Yamana provides Pan American and Agnico with notice of a Yamana Superior Proposal
and all documentation contemplated by Section&nbsp;6.8(f)(iv)&nbsp;on a date that is less than seven Business Days prior to the Yamana
Meeting, Yamana may, or if and as requested by Pan American and Agnico, Yamana shall, either proceed with or postpone the Yamana Meeting
to a date that is not more than seven Business Days after the scheduled date of such Yamana Meeting, as directed by Pan American and Agnico,
provided, however, that the Yamana Meeting shall not be adjourned or postponed to a date later than the seventh Business Day prior to
the Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">Without limiting the generality of the foregoing, Yamana shall advise its Subsidiaries and its Representatives
of the prohibitions set out in this Section&nbsp;6.8 and any violation of the restrictions set forth in this Section&nbsp;6.8 by Yamana,
its Subsidiaries or Representatives is deemed to be a breach of this Section&nbsp;6.8 by Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.9</B></FONT></TD><TD STYLE="text-align: justify"><B>Certain Pan American Covenants Regarding Non-Solicitation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Except as otherwise expressly provided in this Section&nbsp;6.9, Pan American shall not, and Pan American
shall cause its Subsidiaries and its and their respective directors, officers and employees, and shall use its reasonable best efforts
to cause its other Representatives, not to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">solicit, assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
confidential information or entering into any form of agreement, arrangement or understanding (other than a confidentiality agreement
pursuant to Section&nbsp;6.9(e))) any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead
to a Pan American Acquisition Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">enter into, engage in, continue or otherwise participate in any discussions or negotiations with any Person
(other than Yamana, Agnico and their respective Subsidiaries or affiliates) in respect of any inquiry, proposal or offer that constitutes
or would reasonably be expected to constitute or lead to a Pan American Acquisition Proposal, it being acknowledged and agreed that, provided
Pan American is then in compliance with its obligations under this Section&nbsp;6.9, Pan American may (A)&nbsp;advise any Person of the
restrictions of this Agreement, (B)&nbsp;advise a Person who has submitted a written Pan American Acquisition Proposal of the conclusion
(without further communication) that its Pan American Acquisition Proposal does not constitute a Pan American Superior Proposal or (C)&nbsp;communicate
with any Person solely for the purposes of clarifying the terms of any inquiry, proposal or offer made by such Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement in
principle, agreement, arrangement or undertaking relating to any Pan American Acquisition Proposal (other than a confidentiality agreement
pursuant to Section&nbsp;6.9(e));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">(A)&nbsp;(1)&nbsp;fail to make, or withdraw, amend, modify or qualify, in a manner adverse to Yamana or
fail to publicly reaffirm (without qualification) the Pan American Board Recommendation within five Business Days (and in any case prior
to the third Business Day prior to the date of the Pan American Meeting) after having been requested in writing by Yamana to do so (acting
reasonably), or (2)&nbsp;accept, approve, endorse or recommend a Pan American Acquisition Proposal (or publicly propose to do so), or
(3)&nbsp;take no position or a neutral position with respect to a Pan American Acquisition Proposal for more than five Business Days (or
beyond the third Business Day prior to the date of the Pan American Meeting, if such date is sooner) after the public announcement of
such Pan American Acquisition Proposal; or (B)&nbsp;resolve or propose to take any of the foregoing actions ((A)&nbsp;or (B)&nbsp;each
a &ldquo;<B>Pan American Change in Recommendation</B>&rdquo;); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">make any public announcement or take any other action inconsistent with the Pan American Board Recommendation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Pan American shall, and shall cause its Subsidiaries and Representatives to, immediately cease any existing
solicitation, discussions, negotiations or other activities commenced prior to the Activation Time with any Person (other than Yamana,
Agnico and their respective Subsidiaries or affiliates) conducted by Pan American or any of its Subsidiaries or Representatives with respect
to any inquiry, proposal or offer that constitutes, or would reasonably be expected to constitute or lead to, a Pan American Acquisition
Proposal, and, in connection therewith, Pan American will discontinue access to and disclosure of its and its Subsidiaries&rsquo; confidential
information (and not allow access to or disclosure of any such confidential information, or any data room, virtual or otherwise) and shall
as soon as possible after the Activation Time, and in any event within two Business Days of the Activation Time, request, and use its
commercially reasonable efforts to exercise all rights it has (or cause its Subsidiaries to exercise any rights that they have) to require
the return or destruction of all confidential information regarding Pan American and its Subsidiaries previously provided in connection
therewith to any Person other than Yamana and Agnico to the extent such information has not already been returned or destroyed and use
commercially reasonable efforts to ensure that such obligations are fulfilled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Pan American represents and warrants as of the date of this Agreement that, in the year prior to the date
of this Agreement, neither Pan American nor any of its Subsidiaries has waived any standstill, confidentiality, non-disclosure, business
purpose, use or similar agreement or restriction to which Pan American or any of its Subsidiaries is a Party. Pan American covenants and
agrees that (i)&nbsp;it shall enforce each standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or
restriction to which Pan American or any of its Subsidiaries is a party, and (ii)&nbsp;neither Pan American nor any of its Subsidiaries
nor any of their respective Representatives has (within the last 12 months) or will, without the prior written consent of Yamana (which
may be withheld or delayed in Yamana&rsquo;s sole and absolute discretion), release any Person from, or waive, amend, suspend or otherwise
modify such Person&rsquo;s obligations respecting Pan American, or any of its Subsidiaries, under any standstill, confidentiality, non-disclosure,
business purpose, use or similar agreement or restriction to which Pan American or any of its Subsidiaries is a party; provided, however,
that the Parties acknowledge and agree that the automatic termination or release of any such standstill, confidentiality, non- disclosure,
business purpose, use or similar agreement or restriction in accordance with its terms shall not be a breach of this Section&nbsp;6.9(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Pan American shall as soon as practicable, and in any event within 24 hours, notify Yamana (orally at
first and then in writing, in each case within 24 hours) if it receives or otherwise becomes aware of any inquiry, proposal or offer that
constitutes or would reasonably be expected to constitute or lead to a Pan American Acquisition Proposal, of such Pan American Acquisition
Proposal, inquiry, proposal or offer, including the identity of the Person making such Pan American Acquisition Proposal, inquiry, proposal
or offer and the material terms and conditions thereof and copies of all material or substantive documents received in respect of, from
or on behalf of any such Person. Pan American shall keep Yamana promptly and fully informed of the material developments and discussions
and negotiations with respect to such Pan American Acquisition Proposal, inquiry, proposal or offer, including any material changes, modifications
or other amendments thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Agreement, if at any time following the Activation Time, and
prior to the Pan American Shareholder Approval having been obtained, Pan American receives a request for material non-public information
or to enter into discussions, from a Person that proposes to Pan American an unsolicited <I>bona fide </I>written Pan American Acquisition
Proposal that did not result from a breach of this Section&nbsp;6.9 (and which has not been withdrawn) and the Pan American Board determines,
in good faith after consultation with its outside financial and legal advisors, that such Pan American Acquisition Proposal constitutes
or would reasonably be expected to constitute a Pan American Superior Proposal (disregarding, for the purposes of such determination,
any due diligence or access condition to which such Pan American Acquisition Proposal is subject), then, and only in such case, Pan American
may (x)&nbsp;enter into, participate in, facilitate and maintain discussions or negotiations with, and otherwise cooperate with or assist
the Person making such Pan American Acquisition Proposal, and (y)&nbsp;provide the Person making such Pan American Acquisition Proposal
with, or access to, confidential information regarding Pan American and its Subsidiaries, but only to the extent that Yamana had previously
been, or is concurrently, provided with, or access to, the same information, if, and only if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">prior to participating in any discussions or negotiations with such Person or providing such Person with,
or access to, confidential information regarding Pan American and its Subsidiaries: (A)&nbsp;Pan American promptly delivers a written
notice to Yamana stating its intention to participate in such discussions or negotiations and to provide such Person with, or access to,
confidential information regarding Pan American and its Subsidiaries, which notice shall include confirmation of the determination by
the Pan American Board that such Pan American Acquisition Proposal constitutes or would reasonably be expected to constitute a Pan American
Superior Proposal; and (B)&nbsp;Pan American has entered into a confidentiality and standstill agreement on terms no less favourable in
aggregate to Pan American than the Confidentiality Agreement and a true, complete and final executed copy of such agreement is provided
to Yamana; and (ii)&nbsp;Pan American has been, and continues to be, in compliance with this Section&nbsp;6.9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provisions of this Agreement, Pan American may make a Pan American Change in
Recommendation and/or approve, accept or enter into an agreement to implement a Pan American Superior Proposal if and only if all of the
following conditions are satisfied:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the Pan American Board has determined that the Pan American Acquisition Proposal constitutes a Pan American
Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the Pan American Shareholder Approval has not been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Pan American has been, and continues to be, in compliance with this Section&nbsp;6.9 in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Pan American has provided Yamana with: (A)&nbsp;a notice in writing that the Pan American Board has determined
that there is a Pan American Superior Proposal; (B)&nbsp;confirmation of the determination by the Pan American Board of the value or range
of values in financial terms that the Pan American Board, in consultation with its financial advisors, has determined should be ascribed
to any non-cash consideration offered under such Pan American Superior Proposal; (C)&nbsp;confirmation of the intention of Pan American
to enter into a definitive agreement with respect to such Pan American Superior Proposal, if applicable; and (D)&nbsp;a copy of the proposed
definitive agreement for the Pan American Superior Proposal and all supporting materials (including any financing documents supplied to
Pan American in connection therewith);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">at least five Business Days (the &ldquo;<B>Yamana Response Period</B>&rdquo;) shall have elapsed from
the date Yamana received the notice and documentation referred to in Section&nbsp;6.9(f)(iv)&nbsp;from Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">during any Yamana Response Period, Yamana had the opportunity (but not the obligation), in accordance
with 6.9(h), to offer to amend this Agreement and the Arrangement in order for such Pan American Acquisition Proposal to cease to be a
Pan American Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">if Yamana has proposed to amend the terms of the Arrangement in accordance with Section&nbsp;6.9(h), the
Pan American Board shall have determined, in good faith, after consultation with its outside financial and legal advisors, that the Pan
American Acquisition Proposal remains a Pan American Superior Proposal compared to the proposed amendment to the terms of the Arrangement
by Yamana, if applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">prior to or concurrently with entering into a definitive agreement in respect of such Pan American Superior
Proposal, Pan American terminates this Agreement pursuant to Section&nbsp;8.2(a)(v)&nbsp;and pays the Pan American Termination Fee pursuant
to Section&nbsp;8.3(b)(iii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">For greater certainty, notwithstanding any Pan American Change in Recommendation in accordance with Section&nbsp;6.9(f),
unless this Agreement has been terminated in accordance with its terms, Pan American shall cause the Pan American Meeting to occur and
the Pan American Resolution to be put to the Pan American Shareholders thereat for consideration in accordance with this Agreement, and
Pan American shall not, except as required by applicable Law, submit to a vote of its shareholders any Pan American Acquisition Proposal
other than the Pan American Resolution prior to the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">Pan American acknowledges and agrees that, during the Yamana Response Period or such longer period as
Pan American may approve for such purpose, Yamana shall have the opportunity, but not the obligation, to propose to amend the terms of
this Agreement, including a modification of the Consideration. The Pan American Board will review any such proposal to determine in good
faith whether Yamana&rsquo;s proposal to amend this Agreement would result in the Pan American Acquisition Proposal ceasing to be a Pan
American Superior Proposal. If the Pan American Board determines that the Pan American Acquisition Proposal is not a Pan American Superior
Proposal as compared to the proposed amendments to the terms of this Agreement, it will promptly advise Yamana and enter into an amended
agreement with Yamana reflecting such proposed amendments. If the Pan American Board continues to believe in good faith, after consultation
with its financial advisors and outside legal counsel, that such Pan American Acquisition Proposal remains a Pan American Superior Proposal
and therefore rejects Yamana&rsquo;s offer to amend this Agreement and the Arrangement, if any, Pan American may, subject to compliance
with the other provisions hereof, make a Pan American Change in Recommendation and/or enter into an agreement to implement a Pan American
Superior Proposal. Each successive modification of any Pan American Acquisition Proposal that results in an increase in, or modification
of, the consideration (or value of such consideration) to be received by the Pan American Shareholders or other material terms or conditions
thereof shall constitute a new Pan American Acquisition Proposal for the purposes of this Section&nbsp;6.9 and Yamana shall be afforded
a new Yamana Response Period in respect of each such Pan American Acquisition Proposal from the date on which Yamana received the notice
and documentation referred to in Section&nbsp;6.9(f)(iv)&nbsp;in respect of such new Pan American Superior Proposal from Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Pan American Board shall promptly reaffirm the Pan American Board Recommendation by press release
after any Pan American Acquisition Proposal which is determined to not be a Pan American Superior Proposal is publicly announced or the
Pan American Board determines that a proposed amendment to the terms of this Agreement as contemplated under Section&nbsp;6.9(h)&nbsp;would
result in a Pan American Acquisition Proposal no longer being a Pan American Superior Proposal. Pan American shall provide Yamana and
its outside legal counsel with a reasonable opportunity to review the form and content of any such press release and shall give reasonable
consideration to such comments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">In circumstances where Pan American provides Yamana with notice of a Pan American Superior Proposal and
all documentation contemplated by Section&nbsp;6.9(f)(iv)&nbsp;on a date that is less than seven Business Days prior to the Pan American
Meeting, Pan American may, or if and as requested by Yamana, Pan American shall, either proceed with or postpone the Pan American Meeting
to a date that is not more than seven Business Days after the scheduled date of such Pan American Meeting, as directed by Yamana, provided,
however, that the Pan American Meeting shall not be adjourned or postponed to a date later than the seventh Business Day prior to the
Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">Without limiting the generality of the foregoing, Pan American shall advise its Subsidiaries and its Representatives
of the prohibitions set out in this Section&nbsp;6.9 and any violation of the restrictions set forth in this Section&nbsp;6.9 by Pan American,
its Subsidiaries or Representatives is deemed to be a breach of this Section&nbsp;6.9 by Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.10</B></FONT></TD><TD STYLE="text-align: justify"><B>Access to Information; Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">From the Activation Time until the earlier of the Effective Time and the termination of this Agreement
pursuant to its terms, subject to compliance with applicable Laws, each of Pan American, Agnico and Yamana shall, and shall cause its
Representatives to, afford to the other Parties and their respective representatives such access as the other Parties may reasonably require
at all reasonable times, to its officers, employees, agents, properties, books, records and contracts, and shall furnish each other Party
with all data and information as it may reasonably request; provided that the Party furnishing data or information (the &ldquo;<B>Furnishing
Party</B>&rdquo;) shall not be required to (or to cause any of the Furnishing Party&rsquo;s Subsidiaries to) afford such access or furnish
such information to the extent that the Furnishing Party believes, in its reasonable good faith judgment, that doing so would (i)&nbsp;result
in the loss of attorney-client, work product or other privilege, (ii)&nbsp;result in the disclosure of any trade secrets of third parties
or violate any obligations of the Furnishing Party or any of the Furnishing Party&rsquo;s Subsidiaries with respect to confidentiality
to any third party, or otherwise breach, contravene or violate any such effective Contract to which the Furnishing Party or any Subsidiary
of the Furnishing Party is a party or (iii)&nbsp;breach, contravene or violate any applicable Law; <I>provided </I>that the Furnishing
Party shall use its reasonable best efforts to cause such information to be provided in a manner that would not violate the foregoing,
and provided that nothing in this section shall limit the obligations contained in this Section&nbsp;6.10.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Pan American, Agnico and Yamana acknowledge and agree that information furnished pursuant to this Section&nbsp;6.10&nbsp;shall
be subject to the terms and conditions of the Confidentiality Agreement. Any such investigation by a Party and its representatives shall
not mitigate, diminish or affect the representations and warranties of the other Party contained in this Agreement or any document or
certificate given pursuant hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.11</B></FONT></TD><TD STYLE="text-align: justify"><B>Insurance and Indemnification</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Prior to the Effective Time, Yamana shall purchase customary &ldquo;tail&rdquo; policies of directors&rsquo;
and officers&rsquo; liability insurance from a reputable and financially sound insurance carrier and containing terms and conditions no
less favourable in the aggregate to the protection provided by the policies maintained by Yamana and its Subsidiaries which are in effect
immediately prior to the Effective Date and providing protection in respect of claims arising from facts or events which occurred on or
prior to the Effective Time, and after the Effective Time:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American will and will cause Yamana and its Subsidiaries (other than Subsidiaries comprising the Canadian
Assets) and any successor to Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico will and will cause any Subsidiaries comprising the Canadian Assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to maintain such &ldquo;tail&rdquo; policies
in effect without any reduction in scope or coverage for six years from the Effective Time; provided, that Pan American, Agnico and the
Subsidiaries shall not be required to pay any amounts in respect of such coverage prior to the Effective Time and provided further that
the cost of such policies shall not exceed 300% (the &ldquo;<B>Base Premium</B>&rdquo;) of Yamana&rsquo;s current annual aggregate premium
for policies currently maintained by Yamana or its Subsidiaries; provided further, however, that if such insurance can only be obtained
at a premium in excess of the Base Premium, Yamana may purchase the most advantageous policies of directors&rsquo; and officers&rsquo;
liability insurance reasonably available for an annual premium in excess of the Base Premium, and after the Effective Time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American shall cause Yamana and its Subsidiaries (other than Subsidiaries comprising the Canadian
Assets) and any successor to Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico shall and shall cause any Subsidiaries comprising the Canadian Assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to maintain such coverage for six years
from the Effective Date. From and after the Effective Time, Pan American, Agnico and Yamana, as applicable, agree not to take any action
to terminate such directors&rsquo; and officers&rsquo; liability insurance or materially adversely affect the rights of Yamana&rsquo;s
present and former directors and officers thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">After the Effective Time, Pan American will and will cause Yamana and its Subsidiaries (other than Subsidiaries
comprising the interests purchased by Agnico pursuant to the Asset Sale) and any successor to Yamana, and Agnico will and will cause any
Subsidiaries comprising the interests purchased by Agnico pursuant to the Asset Sale, to honour all rights to indemnification or exculpation
now existing in favour of present and former employees, officers and directors of Yamana and its Subsidiaries under Law and under the
articles or other constating documents of Yamana and/or its Subsidiaries or under any agreement or contract of any indemnified Person
with Yamana or with any of its Subsidiaries, and acknowledges that such rights shall survive the completion of the Plan of Arrangement,
and, to the extent within the control of Pan American, Pan American shall ensure that the same shall not be amended, repealed or otherwise
modified in any manner that would adversely affect any right thereunder of any such indemnified Person and shall continue in full force
and effect in accordance with their terms for a period of not less than six years from the Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">If Pan American, Agnico, Yamana or any of its Subsidiaries or any of their respective successors or assigns
(x)&nbsp;consolidates with or merges into any other Person and is not a continuing or surviving corporation or entity of such consolidation
or merger, or (y)&nbsp;transfers all or substantially all of its properties and assets to any Person, then after the Effective Time:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American shall cause Yamana and its Subsidiaries (other than Subsidiaries comprising the Canadian
Assets) and any successor to Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico shall and shall cause any Subsidiaries comprising the Canadian Assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to ensure that any such successor or assign
(including, as applicable, any acquirer of substantially all of the properties and assets of Pan American, Agnico, Yamana or any of its
Subsidiaries or any of their respective successors or assigns, as applicable) assumes all of the obligations set forth in this Section&nbsp;6.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">The provisions of this Section&nbsp;6.11 are intended for the benefit of, and shall be enforceable by,
each insured or indemnified Person, his or her heirs and his or her legal representatives and, for such purpose, Yamana hereby confirms
that it is acting as trustee on their behalf, and agrees to enforce the provisions of this Section&nbsp;6.11&nbsp;on their behalf. Furthermore,
this Section&nbsp;6.11&nbsp;shall survive the termination of this Agreement as a result of the occurrence of the Effective Date for a
period of six years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.12</B></FONT></TD><TD STYLE="text-align: justify"><B>Pre-Acquisition Reorganization</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Subject to Section&nbsp;6.12(b), Yamana agrees that, upon request of Pan American and Agnico, Yamana shall
use its commercially reasonable efforts to (i)&nbsp;perform such reorganizations of its corporate structure, capital structure, business,
operations and assets or such other transactions as Pan American and Agnico may request prior to the Effective Date, acting reasonably
(each a &ldquo;<B>Pre-Acquisition Reorganization</B>&rdquo;), and the Plan of Arrangement, if required, shall be modified accordingly,
and (ii)&nbsp;cooperate with Pan American and Agnico and their advisors to determine the nature of the Pre-Acquisition Reorganizations
that might be undertaken and the manner in which they would most effectively be undertaken.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Yamana and its Subsidiaries will not be obligated to participate in any Pre-Acquisition Reorganization
under Section&nbsp;6.12(a)&nbsp;unless such Pre-Acquisition Reorganization, in the opinion of Yamana, acting reasonably:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">cannot reasonably be expected to result in any Taxes being imposed on, or any adverse Tax consequences
to the Yamana Shareholders incrementally greater than the Taxes to such party in connection with the consummation of the Arrangement in
the absence of any Pre-Acquisition Reorganization;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">is not prejudicial to Yamana and its Subsidiaries, taken as a whole, or Yamana Securityholders in any
material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">does not require Yamana to obtain the approval of Yamana Securityholders or proceed absent any required
consent of any third party (including any Regulatory Approval);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">does not result in any material breach by Yamana or any of its Subsidiaries of any Yamana Material Contract,
Regulatory Approval or their respective organizational documents or applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">does not unreasonably interfere with Yamana&rsquo;s material operations prior to the Effective Time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">does not require Yamana or its Subsidiaries to contravene any Contract, Regulatory Approval or applicable
Laws, or their respective organizational documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">can be completed prior to the Effective Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">does not impair the ability of Yamana to consummate, and will not prevent or materially delay the consummation
of, the Arrangement, and would not reasonably be expected to prevent any Person from making a Yamana Superior Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Pan American and Agnico must provide written notice to Yamana of any proposed Pre- Acquisition Reorganization
in reasonable written detail at least 15 Business Days prior to the Effective Date. Upon receipt of such notice, the Parties shall work
cooperatively and use their best efforts to prepare prior to the Effective Time all documentation necessary and do such other acts and
things as are necessary to give effect to such Pre-Acquisition Reorganization, including any amendment to this Agreement or the Plan of
Arrangement, and shall seek to the extent practicable to have any such Pre-Acquisition Reorganization made effective not later than the
last moment of the Business Day ending immediately prior to the Effective Date (but after each of Pan American and Agnico has waived or
confirmed that all of the conditions set out in Section&nbsp;7.1 and Section&nbsp;7.2 have been satisfied, other than any such conditions
that by their terms can only be satisfied on the Effective Date).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Unless the Arrangement is not completed due to a breach by Yamana of the terms and conditions of this
Agreement or in circumstances that would give rise to the payment by Yamana of a Yamana Termination Fee, each of Pan American and Agnico
agrees that it shall jointly and severally (i)&nbsp;be responsible for all reasonable costs and expenses associated with any Pre-Acquisition
Reorganization, including professional fees, disbursements, expenses and Taxes, to be carried out at its request and (ii)&nbsp;indemnify
and save harmless Yamana and its Subsidiaries and their respective Representatives from and against any and all liabilities, losses, damages,
Taxes, claims, costs, expenses, interest awards, judgments and penalties suffered or incurred by any of them in connection with or as
a result of any such Pre-Acquisition Reorganization (including in respect of any unwinding, reversal, modification or termination of a
Pre-Acquisition Reorganization) and that any Pre-Acquisition Reorganization will not be considered in determining whether a representation
or warranty of Yamana under this Agreement has been breached (including where any such Pre-Acquisition Reorganization requires the consent
of any third party under a Contract). If the Arrangement is not completed (other than due to a breach by Yamana of the terms and conditions
of this Agreement or in circumstances that would give rise to the payment by Yamana of a Yamana Termination Fee), Pan American and Agnico
shall reimburse Yamana forthwith for all reasonable fees and expenses (including any professional fees and expenses and Taxes) incurred
by Yamana in considering or effecting all or any part of the Pre-Acquisition Reorganization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Each of Pan American and Agnico agrees that any Pre-Acquisition Reorganization will not be considered
in determining whether a representation or warranty of Yamana under this Agreement has been breached (including where any such Pre-Acquisition
Reorganization requires the consent of any third party under a Contract).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Conditions</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Mutual Conditions Precedent</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The respective obligations of the Parties to complete
the Arrangement are subject to the fulfillment of each of the following conditions precedent on or before the Effective Time, each of
which may only be waived, in whole or in part, with the mutual consent of the Parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Arrangement Resolution shall have been duly approved by Yamana Shareholders at the Yamana Meeting
in accordance with the Interim Order and applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the Pan American Resolution shall have been duly approved at the Pan American Meeting in accordance with
applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Interim Order and the Final Order shall each have been obtained on terms consistent with this Agreement
and in form and substance acceptable to each of Pan American, Agnico and Yamana, acting reasonably, and shall not have been set aside
or modified in a manner unacceptable to Pan American, Agnico or Yamana, each acting reasonably, on appeal or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">no Governmental Entity shall have enacted, issued, promulgated, enforced or entered any Order or Law which
is then in effect and has the effect of making the Arrangement illegal or otherwise preventing or prohibiting consummation of the Arrangement,
including, for certainty, the transactions contemplated under the Conveyance Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">the Pan American Shares to be issued pursuant to the Arrangement shall, subject to customary conditions,
have been approved for listing on the Nasdaq and TSX;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">the Agnico Shares to be issued pursuant to the Arrangement shall, subject to customary conditions, have
been approved for listing on the NYSE and TSX;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">all of the Key Regulatory Approvals shall have been obtained; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the Consideration Shares to be issued pursuant to the Arrangement shall be exempt from the registration
requirements of the U.S. Securities Act pursuant to Section&nbsp;3(a)(10)&nbsp;thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Additional Conditions Precedent to the Obligations of Pan American and Agnico</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligation of Pan American and Agnico to complete
the Arrangement is subject to the fulfillment of each of the following additional conditions precedent on or before the Effective Time
(each of which is for the exclusive benefit of Pan American and Agnico and may be waived by Pan American and Agnico (or solely in the
case of Agnico as it relates to the condition in Section&nbsp;7.2(f)), in whole or in part at any time, each in its sole discretion, without
prejudice to any other rights which Pan American and Agnico may have):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the representations and warranties of Yamana set forth in: (i)&nbsp;Sections&nbsp;(a)&nbsp;[<I>Organization
and Qualification</I>], (b)&nbsp;[Authority Relative to this Agreement], (w)(ii)&nbsp;[<I>Absence of Certain Changes or Events &ndash;
No Yamana Material Adverse Effect</I>] and (nn) [<I>Canadian Assets</I>] of Schedule 3.1 shall be true and correct in all respects as
of the date of this Agreement, and as of the Effective Time as if made as at and as of such time; (ii)&nbsp;the representations and warranties
of Yamana set forth in Sections&nbsp;(d)(i)&nbsp;[<I>Subsidiaries</I>] and (g)&nbsp;[<I>Capitalization</I>] of Schedule 3.1 shall be true
and correct in all respects (except for de minimis inaccuracies) as of the date of this Agreement, and as of the Effective Time as if
made as at and as of such time; and (iii)&nbsp;all other representations and warranties of Yamana set forth in this Agreement shall be
true and correct (x)&nbsp;in all respects as of the date of this Agreement, and (y)&nbsp;in all respects as of the Effective Time as if
made at and as of such time (disregarding for purposes of this clause&nbsp;(iii)(y)&nbsp;of this Section&nbsp;7.2(a)&nbsp;any materiality
or Yamana Material Adverse Effect qualification contained in any such representation or warranty); except that any representation and
warranty in each of the foregoing clauses&nbsp;(i), (ii)&nbsp;and (iii)&nbsp;that by its terms speaks specifically as of the date of this
Agreement or another date shall be true and correct in all respects as of such date, and except in the case of the foregoing clause&nbsp;(iii)(y)&nbsp;where
the failure to be so true and correct in all respects, individually and in the aggregate, does not constitute a Yamana Material Adverse
Effect, and Yamana shall have provided to Pan American and Agnico a certificate of two senior officers of Yamana certifying (on Yamana&rsquo;s
behalf and without personal liability) the foregoing dated the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Yamana shall have complied in all material respects with its covenants herein and Yamana shall have provided
to Pan American and Agnico a certificate of two senior officers of Yamana certifying (on Yamana&rsquo;s behalf and without personal liability)
compliance with such covenants dated the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">there shall not be pending or threatened in writing any proceeding by any Governmental Entity or any other
Person that the Pan American Board and the Agnico Board have determined in good faith, in consultation with their outside legal advisors,
is reasonably likely to result in an imposition of material limitations on the ability of Pan American or Agnico, as applicable, to complete
the Arrangement or the Asset Sale, as applicable, or acquire or hold, or exercise full rights of ownership of, any Yamana Shares or the
Canadian Assets, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">since the date of this Agreement, there shall not have occurred, or have been disclosed to the public
(if previously undisclosed to the public), any Yamana Material Adverse Effect that has not been cured, and Yamana shall have provided
to Pan American and Agnico a certificate of two senior officers of Yamana to that effect (on Yamana&rsquo;s behalf and without personal
liability);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Dissent Rights shall not have been exercised (or, if exercised, shall not remain unwithdrawn) with respect
to more than 5% of the issued and outstanding Yamana Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">as it relates to the Canadian Assets: (i)&nbsp;except as set forth in Section&nbsp;6.1(b)(x)&nbsp;of the
Yamana Disclosure Letter, Yamana shall not have, leased, disposed of, licensed, or otherwise transferred or agreed to sell, lease, dispose
of, license or otherwise transfer any of the Canadian Assets, other than (A)&nbsp;sales and dispositions of raw materials, obsolete or
surplus equipment, mine output and other inventories, in each case only the ordinary course of business, or (B)&nbsp;Permitted Liens;
(ii)&nbsp;Yamana shall have good title to the Canadian Assets, and the Canadian Assets shall be free and clear of all Liens, other than
Permitted Liens; and (iii)&nbsp;there shall have been no breach or non-compliance by Yamana with its covenants, representations or warranties
in this Agreement that has resulted in, or is reasonably likely to result in, a material adverse change in respect of the Canadian Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Additional Conditions Precedent to the Obligations of Yamana</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligation of Yamana to complete the Arrangement
is subject to the fulfillment of each of the following additional conditions precedent on or before the Effective Time (each of which
is for the exclusive benefit of Yamana and may be waived by Yamana, in whole or in part at any time, in its sole discretion, without prejudice
to any other rights which Yamana may have):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the representations and warranties of Pan American set forth in (i)&nbsp;Sections&nbsp;(a)&nbsp;[<I>Organization
and Qualification</I>], (b)&nbsp;[Authority Relative to this Agreement] and (t)&nbsp;[<I>Absence of Certain Changes or Events &ndash;
No Pan American Material Adverse Effect</I>] of Schedule 4.1, shall be true and correct in all respects as of the date of this Agreement,
and as of the Effective Time as if made as at and as of such time; (ii)&nbsp;the representations and warranties of Pan American set forth
in Section&nbsp;(g)&nbsp;[<I>Capitalization</I>] of Schedule 4.1 shall be true and correct in all respects (except for de minimis inaccuracies)
as of the date of this Agreement, and as of the Effective Time as if made as at and as of such time; and (iii)&nbsp;all other representations
and warranties of Pan American set forth in this Agreement shall be true and correct (x)&nbsp;in all respects as of the date of this Agreement,
and (y)&nbsp;in all respects as of the Effective Time as if made at and as of such time (disregarding for purposes of this clause&nbsp;(iii)(y)&nbsp;of
this Section&nbsp;7.3(a)&nbsp;any materiality or Pan American Material Adverse Effect qualification contained in any such representation
or warranty); except that any representation and warranty in each of the foregoing clauses&nbsp;(i), (ii)&nbsp;and (iii)&nbsp;that by
its terms speaks specifically as of the date of this Agreement or another date shall be true and correct in all respects as of such date,
and except in the case of the foregoing clause&nbsp;(iii)(y)&nbsp;where the failure to be so true and correct in all respects, individually
and in the aggregate, does not constitute a Pan American Material Adverse Effect, and Pan American shall have provided to Yamana a certificate
of two senior officers of Pan American certifying (on Pan American&rsquo;s behalf and without personal liability) the foregoing dated
the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the representations and warranties of Agnico set forth in (i)&nbsp;Sections (a)&nbsp; [<I>Organization
and Qualification</I>], (b)<B>&nbsp;</B>[<I>Authority Relative to this Agreement</I>] and (k)&nbsp;[<I>Absence of Certain Changes or Events
 &ndash; No Agnico Material Adverse Effect</I>] of Schedule 5.1 shall be true and correct in all respects as of the date of this Agreement,
and as of the Effective Time as if made as at and as of such time; (ii)&nbsp;the representations and warranties of Agnico set forth in
Section&nbsp;(e)&nbsp;[<I>Capitalization</I>] of Schedule 5.1 shall be true and correct in all respects (except for de minimis inaccuracies)
as of the date of this Agreement, and as of the Effective Time as if made as at and as of such time; and (iii)&nbsp;all other representations
and warranties of Agnico set forth in this Agreement shall be true and correct (x)&nbsp;in all respects as of the date of this Agreement,
and (y)&nbsp;in all respects as of the Effective Time as if made at and as of such time (disregarding for purposes of this clause&nbsp;(iii)(y)&nbsp;of
this Section&nbsp;7.3(b)&nbsp;any materiality or Pan American Material Adverse Effect qualification contained in any such representation
or warranty); except that any representation and warranty in each of the foregoing clauses&nbsp;(i), (ii)&nbsp;and (iii)&nbsp;that by
its terms speaks specifically as of the date of this Agreement or another date shall be true and correct in all respects as of such date,
and except in the case of the foregoing clause&nbsp;(iii)(y)&nbsp;where the failure to be so true and correct in all respects, individually
and in the aggregate, does not constitute a Agnico Material Adverse Effect, and Agnico shall have provided to Yamana a certificate of
two senior officers of Agnico certifying (on Agnico&rsquo;s behalf and without personal liability) the foregoing dated the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Pan American shall have complied in all respects with its covenants in Section&nbsp;2.14 [<I>Payment of
Consideration</I>] and in all material respects with its other covenants herein and Pan American shall have provided to Yamana a certificate
of two senior officers of Pan American certifying (on Pan American&rsquo;s behalf and without personal liability) compliance with such
covenants dated the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Agnico shall have complied in all respects with its covenants in Section&nbsp;2.14 [<I>Payment of Consideration</I>]
and in all material respects with its other covenants herein and Agnico shall have provided to Yamana a certificate of two senior officers
of Agnico certifying (on Pan American&rsquo;s behalf and without personal liability) compliance with such covenants dated the Effective
Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">since the date of this Agreement, there shall not have occurred, or have been disclosed to the public
(if previously undisclosed to the public) any Pan American Material Adverse Effect that has not been cured, and Pan American shall have
provided to Yamana a certificate of two senior officers of Pan American to that effect (on Pan American&rsquo;s behalf and without personal
liability); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">since the date of this Agreement, there shall not have occurred, or have been disclosed to the public
(if previously undisclosed to the public) any Agnico Material Adverse Effect that has not been cured, and Agnico shall have provided to
Yamana a certificate of two senior officers of Agnico to that effect (on Agnico&rsquo;s behalf and without personal liability).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Satisfaction of Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conditions precedent set out in Section&nbsp;7.1,
Section&nbsp;7.2 and Section&nbsp;7.3 shall be conclusively deemed to have been satisfied, waived or released at the Effective Time. For
greater certainty, and notwithstanding the terms of any escrow arrangement entered into between the Parties and the Depositary, the cash
and Consideration Shares held in escrow by the Depositary pursuant to Section&nbsp;2.14 hereof shall be released from escrow at the Effective
Time without any further act or formality required on the part of any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Notice and Cure Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Each Party will give prompt notice to the other Party of the occurrence or failure to occur (in either
case, actual, anticipated, contemplated or, to the knowledge of such Party, threatened), at any time from the Activation Time until the
Effective Date, of any event or state of facts which occurrence or failure would, or would reasonably be likely to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">cause any of the representations or warranties of a Party contained herein to be untrue, misleading or
inaccurate in any material respect on the date hereof or at the Effective Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with
or satisfied by a Party prior to or at the Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Notification provided under this Section&nbsp;7.5 will not affect the representations, warranties, covenants,
conditions, agreements or obligations of the Parties (or remedies with respect thereto) or the conditions to the obligations of the Parties
under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Pan American and Agnico may not elect to exercise their right to terminate this Agreement pursuant to
Section&nbsp;8.2(a)(iii)(D)&nbsp;[<I>Breach of Representations, Warranties or Covenants by Yamana</I>] and Yamana may not elect to exercise
its right to terminate this Agreement pursuant to Section&nbsp;8.2(a)(iv)(E)&nbsp;[<I>Breach of Representations, Warranties or Covenants
by Pan American or Agnico</I>], unless the Party seeking to terminate this Agreement (the &ldquo;<B>Terminating Party</B>&rdquo;) has
delivered a written notice (&ldquo;<B>Termination Notice</B>&rdquo;) to the other Party (the &ldquo;<B>Breaching Party</B>&rdquo;) specifying
in reasonable detail all breaches of covenants, representations and warranties or other matters which the Terminating Party asserts as
the basis for termination. After delivering a Termination Notice, if the Breaching Party is proceeding diligently to cure such matter
and such matter is capable of being cured prior to the Outside Date, the Terminating Party may not exercise such termination right until
the earlier of: (i)&nbsp;the Outside Date; and (ii)&nbsp;the date that is ten Business Days following receipt of such Termination Notice
by the Breaching Party, if such matter has not been cured by such date; provided that if any matter is not capable of being cured by the
Outside Date, the Terminating Party may immediately exercise the applicable termination right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Frustration of Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Party may rely on the failure of any condition
set forth in Section&nbsp;7.1, Section&nbsp;7.2 or Section&nbsp;7.3, as applicable, to be satisfied if such failure was caused by such
Party&rsquo;s breach in any material respect of any provision of this Agreement or failure in any material respect to use the standard
of efforts required from such Party to consummate the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Term, Termination, expenses, Amendment and Waiver</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Term</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be effective from the Activation
Time until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">This Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">may be terminated at any time prior to the Effective Time by mutual written agreement of Yamana, Pan American
and Agnico;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">may be terminated at any time prior to the Effective Time by any of Yamana, Pan American or Agnico, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">the Effective Time shall not have occurred on or before the Outside Date, except that the right to terminate
this Agreement under this Section&nbsp;8.2(a)(ii)(A)&nbsp;shall not be available to any Party whose failure to fulfill any of its obligations
or breach of any of its representations and warranties under this Agreement has been the cause of, or resulted in, the failure of the
Effective Time to occur by the Outside Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">after the date hereof, there shall be enacted or made any applicable Law or Order that remains in effect
and that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins Yamana, Pan American or Agnico from consummating
the Arrangement and such Law, Order or enjoinment shall have become final and non-appealable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">the Yamana Shareholder Approval shall not have been obtained at the Yamana Meeting except that the right
to terminate this Agreement under this Section&nbsp;8.2(a)(ii)(C)&nbsp;shall not be available to any Party whose failure to fulfill any
of its obligations or breach of any of its representations and warranties under this Agreement has been the cause of, or resulted in,
the failure to receive the Yamana Shareholder Approval; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">the Pan American Resolution shall not have been duly approved at the Pan American Meeting except that
the right to terminate this Agreement under this Section&nbsp;8.2(a)(ii)(D)&nbsp;shall not be available to any Party whose failure to
fulfill any of its obligations or breach of any of its representations and warranties under this Agreement has been the cause of, or resulted
in, the failure to receive the approval from Pan American Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">may be terminated at any time prior to the Effective Time by Pan American and Agnico, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">a Yamana Change in Recommendation occurs and/or Yamana or any of its Subsidiaries accepts, approves, executes
or enters into an agreement to implement a Yamana Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">Yamana shall have breached Section&nbsp;6.8 in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">a Yamana Material Adverse Effect has occurred which is incapable of being cured prior to the Outside Date;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of Yamana set forth in this Agreement shall have occurred that would cause the conditions set forth in Section&nbsp;7.2(a), Section&nbsp;7.2(b)&nbsp;or
Section&nbsp;7.2(f)&nbsp;not to be satisfied, and such conditions are incapable of being satisfied by the Outside Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">may be terminated at any time prior to the Effective Time by Yamana, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">a Pan American Change in Recommendation occurs and/or Pan American or any of its Subsidiaries accepts,
approves, executes or enters into an agreement to implement a Pan American Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">Pan American shall have breached Section&nbsp;6.9 in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">a Pan American Material Adverse Effect has occurred which is incapable of being cured prior to the Outside
Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">an Agnico Material Adverse Effect has occurred which is incapable of being cured prior to the Outside
Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(E)</FONT></TD><TD STYLE="text-align: justify">a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of Pan American or Agnico set forth in this Agreement shall have occurred that would cause the conditions set forth in Section&nbsp;7.3(a),Section&nbsp;7.3(b),
Section&nbsp;7.3(c)&nbsp;or Section&nbsp;7.3(d)&nbsp;not to be satisfied, and such conditions are incapable of being satisfied by the
Outside Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(F)</FONT></TD><TD STYLE="text-align: justify">prior to the Yamana Shareholder Approval, the entry into by Yamana of, or the Yamana Board authorizes
Yamana to enter into, a written agreement (other than a confidentiality agreement pursuant to Section&nbsp;6.8(e)) with respect to a Yamana
Superior Proposal in accordance with Section&nbsp;6.8(f), provided that Yamana is and has been in compliance with Section&nbsp;6.8 and
that prior to or concurrent with such termination Yamana pays the Yamana Termination Fee in accordance with Section&nbsp;8.3(a);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">may be terminated at any time prior to the Effective Time by Pan American, if prior to the Pan American
Shareholder Approval, the entry into by Pan American of, or the Pan American Board authorizes Pan American to enter into, a written agreement
(other than a confidentiality agreement pursuant to Section&nbsp;6.9(e)) with respect to a Pan American Superior Proposal in accordance
with Section&nbsp;6.9(f), provided that Pan American is and has been in compliance with Section&nbsp;6.9 and that prior to or concurrent
with such termination Pan American pays the Pan American Termination Fee in accordance with Section&nbsp;8.3(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">shall terminate automatically without any further act of any Party if the Arrangement Resolution (as defined
in the Gold Fields Agreement) shall have received the Yamana Shareholder Approval (as defined in the Gold Fields Agreement) at the Yamana
Meeting (as defined in the Gold Fields Agreement) in accordance with the Interim Order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">The Party desiring to terminate this Agreement pursuant to this Section&nbsp;8.2 (other than pursuant
to Section&nbsp;8.2(a)(i)) shall give written notice of such termination to the other Party, specifying in reasonable detail the basis
for such Party&rsquo;s exercise of its termination right. For certainty, no such written notice shall be required in respect of any termination
pursuant to Section&nbsp;8.2(a)(vi).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">If this Agreement is terminated pursuant to Section&nbsp;8.1 or Section&nbsp;8.2, this Agreement shall
become void and be of no further force or effect without liability of any Party (or any shareholder, director, officer, employee, agent,
consultant or Representative of such Party) to any other Party hereto, except that: (i)&nbsp;in the event of termination under Section&nbsp;8.1
as a result of the Effective Time occurring, the provisions of this Section&nbsp;8.2(c)&nbsp;and Sections&nbsp;6.11, 6.12, 9.2 and 9.9
and all related definitions set forth in Section&nbsp;1.1 shall survive for a period of six years thereafter and Section&nbsp;2.16 will
survive indefinitely; (ii)&nbsp;in the event of termination under Section&nbsp;8.2 (other than 8.2(a)(vi)), the provisions of this Section&nbsp;8.2(c)&nbsp;and
Sections&nbsp;6.10(b), 8.3, and 9.2, 9.3, 9.5, 9.6 and 9.8 and all related definitions set forth in Section&nbsp;1.1 and the provisions
of the Confidentiality Agreement shall survive any termination hereof pursuant to Section&nbsp;8.2 and Section&nbsp;2.16 will survive
indefinitely; and (iii)&nbsp;no Party shall be relieved or released from any liabilities or damages arising out of its willful breach
of any provision of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Termination Fees</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">For the purposes of this Agreement, &ldquo;<B>Yamana Termination Fee Event</B>&rdquo; means the termination
of this Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">by Pan American and Agnico pursuant to Section&nbsp;8.2(a)(iii)(A)&nbsp;[<I>Yamana Change in Recommendation</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">by Pan American and Agnico pursuant to Section&nbsp;8.2(a)(iii)(B)&nbsp;[<I>Yamana Material Breach of
Non- Solicitation Provisions</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">by Yamana, pursuant to Section&nbsp;8.2(a)(iv)(F)&nbsp;[<I>To enter into a Yamana Superior Proposal</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">by any Party pursuant to Section&nbsp;8.2(a)(ii)(C)&nbsp;[<I>Failure to Obtain the Yamana Shareholder
Approval</I>] following a Yamana Change in Recommendation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">by any Party pursuant to Section&nbsp;8.2(a)(ii)(A)&nbsp;[<I>Effective Time Not Occurring Prior to the
Outside Date</I>] or Section&nbsp;8.2(a)(ii)(C)&nbsp;[<I>Failure to Obtain the Yamana Shareholder Approval</I>] or by Pan American and
Agnico pursuant to Section&nbsp;8.2(a)(iii)(D)&nbsp;[<I>Breach of Representations, Warranties or Covenants by Yamana</I>], but only if,
in these termination events, (x)&nbsp;prior to such termination, a <I>bona fide </I>Yamana Acquisition Proposal shall have been made and
publicly announced by any Person (other than Pan American and its affiliates) and such Yamana Acquisition Proposal is not withdrawn at
least five Business Days prior to the date of the Yamana Meeting and (y)&nbsp;within 12 months following the date of such termination,
(A)&nbsp;Yamana or one or more of its Subsidiaries enters into a Contract (other than a confidentiality agreement) in respect of a Yamana
Acquisition Proposal (whether or not such Yamana Acquisition Proposal is the same Yamana Acquisition Proposal referred to in clause&nbsp;(x)&nbsp;above)
and such Yamana Acquisition Proposal is later consummated (whether or not within 12 months after such termination) or (B)&nbsp;a Yamana
Acquisition Proposal shall have been consummated (whether or not such Yamana Acquisition Proposal is the same Yamana Acquisition Proposal
referred to in clause&nbsp;(x)&nbsp;above), provided that for purposes of this Section&nbsp;8.3(a)(v), the term &ldquo;Yamana Acquisition
Proposal&rdquo; shall have the meaning ascribed to such term in Section&nbsp;1.1 except that a reference to &ldquo;20 per cent&rdquo;
therein shall be deemed to be a reference to &ldquo;50 per cent&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If a Yamana Termination Fee Event occurs,
Yamana shall pay the Yamana Termination Fee to Pan American, by wire transfer of immediately available funds, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">if the Yamana Termination Fee is payable pursuant to Section&nbsp;8.3(a)(i), the Yamana Termination Fee
shall be payable within two Business Days following such termination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">if the Yamana Termination Fee is payable pursuant to Section&nbsp;8.3(a)(ii), the Yamana Termination Fee
shall be payable within two Business Days following such termination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">if the Yamana Termination Fee is payable pursuant to Section&nbsp;8.3(a)(iii), the Yamana Termination
Fee shall be payable prior to or concurrently with the occurrence of such Yamana Termination Fee Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">if the Yamana Termination Fee is payable pursuant to Section&nbsp;8.3(a)(iv), the Yamana Termination Fee
shall be payable (i)&nbsp;if Yamana terminates this Agreement concurrently with such termination and (ii)&nbsp;if Pan American and Agnico
terminate this Agreement, within two Business Days following such termination; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(E)</FONT></TD><TD STYLE="text-align: justify">if the Yamana Termination Fee is payable pursuant to Section&nbsp;8.3(a)(v), the Yamana Termination Fee
shall be payable concurrently upon the consummation of the Yamana Acquisition Proposal referred to therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">For the purposes of this Agreement, &ldquo;<B>Pan American Termination Fee Event</B>&rdquo; means the
termination of this Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">by Yamana pursuant to Section&nbsp;8.2(a)(iv)(A)&nbsp;[<I>Pan American Change in Recommendation</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">by Yamana pursuant to Section&nbsp;8.2(a)(iv)(B)&nbsp;[<I>Pan American Material Breach of Non-Solicitation
Provisions</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">by Pan American pursuant to Section&nbsp;8.2(a)(v)&nbsp;[<I>To enter into a Pan American Superior Proposal</I>];</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">by any Party pursuant to Section&nbsp;8.2(a)(ii)(D)&nbsp;[<I>Failure to Obtain the Pan American Shareholder
Approval</I>] following a Pan American Change in Recommendation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">by any Party pursuant to Section&nbsp;8.2(a)(ii)(A)&nbsp;[<I>Effective Time Not Occurring Prior to the
Outside Date</I>] or Section&nbsp;8.2(a)(ii)(D)&nbsp;[<I>Failure to Obtain the Pan American Shareholder Approval</I>] or by Yamana pursuant
to Section&nbsp;8.2(a)(iv)(E)&nbsp;[<I>Breach of Representations, Warranties or Covenants by Pan American or Agnico</I>], but only if,
in these termination events, (x)&nbsp;prior to such termination, a <I>bona fide </I>Pan American Acquisition Proposal shall have been
made and publicly announced by any Person (other than Yamana and its affiliates) and such Pan American Acquisition Proposal not withdrawn
at least five Business Days prior to the date of the Pan American Meeting and (y)&nbsp;within 12 months following the date of such termination,
(A)&nbsp;Pan American or one or more of its Subsidiaries enters into a Contract (other than a confidentiality agreement) in respect of
a Pan American Acquisition Proposal (whether or not such Pan American Acquisition Proposal is the same Pan American Acquisition Proposal
referred to in clause&nbsp;(x)&nbsp;above) and such Pan American Acquisition Proposal is later consummated (whether or not within 12 months
after such termination) or (B)&nbsp;a Pan American Acquisition Proposal shall have been consummated (whether or not such Pan American
Acquisition Proposal is the same Pan American Acquisition Proposal referred to in clause&nbsp;(x)&nbsp;above), provided that for purposes
of this Section&nbsp;8.3(b)(v), the term &ldquo;Pan American Acquisition Proposal&rdquo; shall have the meaning ascribed to such term
in Section&nbsp;1.1 except that a reference to &ldquo;20 per cent&rdquo; therein shall be deemed to be a reference to &ldquo;50 per cent&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If a Pan American Termination Fee Event
occurs, Pan American and/or Agnico, jointly and severally, except pursuant to Section&nbsp;8.3(b)(iii), which shall be the sole obligation
of Pan American, shall pay the Pan American Termination Fee to Yamana, by wire transfer of immediately available funds, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">if the Pan American Termination Fee is payable pursuant to Section&nbsp;8.3(b)(i), the Pan American Termination
Fee shall be payable within two Business Days following such termination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">if the Pan American Termination Fee is payable pursuant to Section&nbsp;8.3(b)(ii), the Pan American Termination
Fee shall be payable within two Business Days following such termination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">if the Pan American Termination Fee is payable pursuant to Section&nbsp;8.3(b)(iii), the Pan American
Termination Fee shall be payable prior to or concurrently with the occurrence of such Pan American Termination Fee Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">if the Pan American Termination Fee is payable pursuant to Section&nbsp;8.3(b)(iv), the Pan American Termination
Fee shall be payable (i)&nbsp;if Pan American terminates this Agreement concurrently with such termination and (ii)&nbsp;if Yamana terminates
this Agreement, within two Business Days following such termination; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(E)</FONT></TD><TD STYLE="text-align: justify">if the Pan American Termination Fee is payable pursuant to Section&nbsp;8.3(b)(v), the Pan American Termination
Fee shall be payable concurrently upon the consummation of the Yamana Acquisition Proposal referred to therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">The Parties acknowledge that all of the payment amounts set out in this Section&nbsp;8.3 are payments
of liquidated damages which are a genuine pre-estimate of the damages which the other Party entitled to such damages will suffer or incur
as a result of the event giving rise to such payment and the resultant termination of this Agreement and are not penalties. Each Party
irrevocably waives any right it may have to raise as a defence that any such liquidated damages are excessive or punitive. For greater
certainty, each Party agrees that, upon any termination of this Agreement under circumstances where Yamana or Pan American is entitled
to a Termination Fee and such Termination Fee is paid in full, Yamana or Pan American, as the case may be, shall be precluded from any
other remedy against the other Party at Law or in equity or otherwise (including, without limitation, an order for damages, specific performance,
or injunctive relief), and shall not seek to obtain any recovery, judgment, or damages of any kind, including consequential, indirect,
or punitive damages, against the other Party or any of its Subsidiaries or any of their respective directors, officers, employees, partners,
managers, members, shareholders or affiliates or their respective representatives in connection with this Agreement or the transactions
contemplated hereby, provided that the foregoing limitation shall not apply in the event of fraud or wilful breach of this Agreement by
a Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Except as otherwise provided herein, all fees, costs and expenses incurred in connection with this Agreement
and the Plan of Arrangement shall be paid by the Party incurring such fees, costs or expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">If this Agreement is terminated by any Party pursuant to Section&nbsp;8.2(a)(ii)(C)[<I>Failure to Obtain
Yamana Shareholder Approval</I>], then Yamana shall pay Pan American an expense reimbursement payment of US$40 million by wire transfer
in immediately available funds; provided that in no event shall Yamana be required to pay under Section&nbsp;8.3 and under this Section&nbsp;8.4(b)&nbsp;in
aggregate, an amount in excess of the Yamana Termination Fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">If this Agreement is terminated by any Party pursuant to Section&nbsp;8.2(a)(ii)(D)&nbsp;[<I>Failure to
Obtain the Pan American Shareholder Approval</I>], then Pan American shall pay Yamana an expense reimbursement payment of US$40 million
by wire transfer in immediately available funds; provided that in no event shall Pan American and/or Agnico be required to pay under Section&nbsp;8.3
and Pan American under this Section&nbsp;8.4(c)&nbsp;in aggregate, an amount in excess of the Pan American Termination Fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Gold Fields Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Immediately following the Activation Time, if any, Yamana shall (i)&nbsp;promptly terminate the Gold Fields
Agreement, and (ii)&nbsp;pay, in accordance with the terms of the Gold Fields Agreement, the Yamana Termination Fee (as defined in the
Gold Fields Agreement) to Gold Fields.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">In the event that the Yamana Termination Fee (as defined in the Gold Fields Agreement) is payable by Yamana,
Pan American shall fund US$150,000,000 in cash to Yamana on such date as such fee becomes payable, to pay a portion of the Yamana Termination
Fee (as defined in the Gold Fields Agreement) pursuant to Section&nbsp;8.5(a). Yamana shall be solely responsible for funding the remaining
US$150,000,000 portion of the Yamana Termination Fee (as defined in the Gold Fields Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Amendment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the Interim Order,
the Plan of Arrangement and applicable Laws, and provided that no such amendment has the effect of causing this Agreement to no longer
constitute a Permitted Acquisition Agreement (as defined in the Gold Fields Agreement), this Agreement and the Plan of Arrangement may,
at any time and from time to time before or after the holding of the Yamana Meeting but not later than the Effective Time, be amended
by mutual written agreement of the Parties, without further notice to or authorization on the part of Yamana Shareholders, and any such
amendment may without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">change the time for performance of any of the obligations or acts of the Parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered
pursuant hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">waive compliance with or modify any of the covenants herein contained and waive or modify performance
of any of the obligations of the Parties; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">waive compliance with or modify any mutual conditions precedent herein contained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Waiver</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Party may: (a)&nbsp;extend the time for the
performance of any of the obligations or acts of the other Party; (b)&nbsp;waive compliance, except as provided herein, with any of the
other Party&rsquo;s agreements or the fulfilment of any conditions to its own obligations contained herein; or (c)&nbsp;waive inaccuracies
in any of the other Party&rsquo;s representations or warranties contained herein or in any document delivered by the other Party; provided,
however, that any such extension or waiver shall only be valid if (i)&nbsp;it does not cause this Agreement to no longer constitute a
Permitted Acquisition Agreement (as defined in the Gold Fields Agreement); and (ii)&nbsp;it is set forth in an instrument in writing signed
on behalf of such Party and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived.
A Party&rsquo;s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or
partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other
right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
General Provisions</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices and other communications given or
made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered,
provided that it is delivered on a Business Day prior to 5:00 p.m.&nbsp;local time in the place of delivery or receipt. However, if notice
is delivered after 5:00 p.m.&nbsp;local time or if such day is not a Business Day then the notice shall be deemed to have been given and
received on the next Business Day. Notice shall be sufficiently given if delivered (either in Person or by courier), or if transmitted
by email (with confirmation of transmission) to the Parties at the following addresses (or at such other addresses as shall be specified
by any Party by notice to the other given in accordance with these provisions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">if to Pan American:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Pan American Silver Corp.<BR>
</FONT>1440 &ndash; 625 Howe Street<BR>
Vancouver, British Columbia<BR>
V6C 2T6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Christopher Lemon, General Counsel</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy to (which shall not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Borden Ladner Gervais LLP<BR>
Waterfront Centre<BR>
200 Burrard Street, Suite&nbsp;1200<BR>
Vancouver, British Columbia<BR>
V7X 1T2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Fred R. Pletcher</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">222 Bay Street, Suite&nbsp;1750</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Toronto, Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Ryan J. Dzierniejko
and June&nbsp;Dipchand</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">if to Yamana:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Yamana Gold Inc.<BR>
Royal Bank Plaza, North Tower<BR>
200 Bay Street, Suite&nbsp;2200<BR>
Toronto, Ontario<BR>
M5J 2J3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Sofia
Tsakos, SVP, General Counsel and Corporate Security</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with a copy to (which shall not constitute
notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Cassels Brock&nbsp;&amp; Blackwell LLP Suite&nbsp;2100, Scotia
Plaza<BR>
40 King Street West<BR>
Toronto, Ontario<BR>
M5H 3C2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Mark
Bennett and Jamie Litchen</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP<BR>
1285 Avenue of the Americas<BR>
New York, NY<BR>
10019-6064</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Adam
Givertz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">if to Agnico:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Agnico Eagle Mines Limited<BR>
145 King Street East, Suite&nbsp;400<BR>
Toronto, Ontario<BR>
M5C 2Y7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Christopher Vollmershausen, Executive Vice President, Legal, General Counsel and Corporate Secretary</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with a copy to (which shall not constitute
notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Davies Ward Phillips&nbsp;&amp; Vineberg LLP<BR>
155 Wellington Street West, 37<SUP>th</SUP> Floor<BR>
Toronto, Ontario<BR>
M5V 3J7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%">Patricia
Olasker and Aaron Atkinson</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> [Personal Information Redacted]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties hereby irrevocably authorize and appoint
the above-noted recipients of notice as their agents for service of any proceedings in relation to any matter arising out of or in connection
with this Agreement and service on such service agent, which may be made in the same manner as any notice is to be provided, shall be
deemed to be service on the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be governed, including as
to validity, interpretation and effect, by the Laws of the Province of Ontario and the Laws of Canada applicable therein. Each of the
Parties hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters
arising under and in relation to this Agreement and the Arrangement and waives any defences to the maintenance of an action in the Courts
of the Province of Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Injunctive Relief</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Section&nbsp;8.3(c), the Parties agree
that irreparable harm would occur for which money damages would not be an adequate remedy at Law in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the Parties agree
that, in the event of any breach or threatened breach of this Agreement by a Party, the non-breaching Party will be entitled, without
the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance, and the
Parties shall not object to the granting of injunctive or other equitable relief on the basis that there exists an adequate remedy at
law. Subject to Section&nbsp;8.3(c), such remedies will not be the exclusive remedies for any breach of this Agreement but will be in
addition to all other remedies available at Law or equity to each of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Time of Essence</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time shall be of the essence in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Entire Agreement, Binding Effect and Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement (including the exhibits and schedules
hereto) and the Confidentiality Agreement constitute the entire agreement, and supersede all other prior agreements, understandings, negotiations
and discussions, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof (other
than in respect of the Asset Sale) and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon
any Person other than the Parties any rights or remedies hereunder. This Agreement shall be binding upon and shall enure to the benefit
of the Parties and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder may be assigned by any of the Parties without the prior written consent of the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.6</B></FONT></TD><TD STYLE="text-align: justify"><B>No Personal Liability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No director or officer of Pan American or Agnico
shall have any personal liability whatsoever to Yamana under this Agreement, or any other document delivered in connection with the transactions
contemplated hereby on behalf of Pan American or Agnico, respectively. No director or officer of Yamana shall have any personal liability
whatsoever to Pan American or Agnico under this Agreement, or any other document delivered in connection with the transactions contemplated
hereby on behalf of Yamana.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Severability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule&nbsp;or Law or public policy, that provision will be severed from this
Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.8</B></FONT></TD><TD STYLE="text-align: justify"><B>Waiver of Jury Trial</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Party hereto (on behalf of itself and any
of its affiliates, directors, officers, employees, agents and representatives) hereby waives, to the fullest extent permitted by applicable
Laws, any right it may have to a trial by jury in respect of any suit, action or other proceeding arising out of this Agreement or the
transactions contemplated hereby or the actions of the Parties in the negotiation, administration, performance and enforcement of this
Agreement. Each Party hereto (a)&nbsp;certifies that no representative, agent or attorney of any other Party has represented, expressly
or otherwise, that such Party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver and (b)&nbsp;acknowledges
that it and the other Parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waiver and certifications
in this Section&nbsp;9.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.9</B></FONT></TD><TD STYLE="text-align: justify"><B>Third Party Beneficiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of Sections&nbsp;6.6 and 6.11 are:
(i)&nbsp;intended for the benefit of all present and former directors and officers of Yamana and its Subsidiaries, as and to the extent
applicable in accordance with their terms, and shall be enforceable by each of such Persons and his or her heirs, executors administrators
and other legal representatives (collectively, the &ldquo;<B>Third Party Beneficiaries</B>&rdquo;) and Yamana shall hold the rights and
benefits of Sections&nbsp;6.6 and 6.11 in trust for and on behalf of the Third Party Beneficiaries and Yamana hereby accepts such trust
and agrees to hold the benefit of and enforce performance of such covenants on behalf of the Third Party Beneficiaries; and (ii)&nbsp;in
addition to, and not in substitution for, any other rights that the Third Party Beneficiaries may have by contract or otherwise. Except
as provided in this Section&nbsp;9.9, this Agreement shall not confer any rights or remedies upon any Person other than the Parties and
their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.10</B></FONT></TD><TD STYLE="text-align: justify"><B>Counterparts, Execution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and
such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IN WITNESS WHEREOF
</B></FONT>the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Pan American Silver Corp.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Michael Steinmann&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Steinmann</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Agnico Eagle MINES limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Ammar Al-Joundi&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ammar Al-Joundi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Yamana Gold Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Peter Marrone&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Marrone</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairman</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page Arrangement
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
A<BR>
Form&nbsp;of Plan of Arrangement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF ARRANGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNDER
SECTION&nbsp;192 OF THE<BR>
<I>CANADA BUSINESS CORPORATIONS ACT</I><BR>
IN RESPECT OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>YAMANA
GOLD INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Interpretation</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, whenever used in this
Plan of Arrangement, capitalized terms used but not otherwise defined shall have the respective meanings specified in the Arrangement
Agreement and the following words and terms have the meanings set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>affiliate</B>&rdquo; has the
meaning given to it in National Instrument 45-106 &ndash; <I>Prospectus Exemptions </I>under Canadian Securities Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico</B>&rdquo; means Agnico
Eagle Mines Limited, a corporation existing under the provincial laws of Ontario;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Payment Shares</B>&rdquo;
means the aggregate number of whole Agnico Shares to be delivered to Yamana Shareholders in accordance with Section&nbsp;3.1(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Share Consideration</B>&rdquo;
means 0.0376 of an Agnico Share for each Yamana Share (other than a Dissent Share) , subject to any adjustment as contemplated by Section&nbsp;2.17
of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Share Value</B>&rdquo;
means US$42.30, subject to any adjustment as contemplated by Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Shares</B>&rdquo; means
the common shares in the authorized share capital of Agnico;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement</B>&rdquo; means
the arrangement of Yamana under Section&nbsp;192 of the CBCA on the terms and subject to the conditions set out in this Plan of Arrangement,
subject to any amendments or variations thereto made in accordance with the terms of the Arrangement Agreement and this Plan of Arrangement
or made at the direction of the Court in the Interim Order or Final Order with the consent of Pan American, Agnico and Yamana, each acting
reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Agreement</B>&rdquo;
means the arrangement agreement dated November&nbsp;4, 2022, among Yamana, Agnico and Pan American to which this Plan of Arrangement is
attached as Schedule A, including all schedules annexed thereto, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Resolution</B>&rdquo;
means the special resolution of Yamana Shareholders approving the Arrangement which is to be considered at the Yamana Meeting, substantially
in the form of Schedule B to the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Authorization</B>&rdquo; means,
with respect to any Person, any authorization, order, permit, approval, grant, licence, registration, consent, right, notification, condition,
franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decision, decree, by-law, rule&nbsp;or
regulation, of, from or required by any Governmental Entity having jurisdiction over the Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
any day, other than a Saturday, a Sunday or a statutory or civic holiday in the Provinces of Ontario or British Columbia or the State
of New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Assets</B>&rdquo;
has the meaning given thereto in the Conveyance Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Liabilities</B>&rdquo;
has the meaning given thereto in the Conveyance Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Laws</B>&rdquo;
means the Securities Act, together with all other applicable securities Laws, rules&nbsp;and regulations and published policies thereunder
or under the securities laws of any other province or territory of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Cash
Consideration</B>&rdquo; means US$</FONT>1.0406 for each Yamana Share (other than a Dissent Share), subject to any adjustment as contemplated
by Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>CBCA</B>&rdquo; means the
<I>Canada Business Corporations Act</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Certificate of Arrangement</B>&rdquo;
means the certificate giving effect to the Arrangement issued by the Director pursuant to Section&nbsp;192(7)&nbsp;of the CBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Class&nbsp;A Shares</B>&rdquo;
means the unlimited number of Class&nbsp;A common shares of Yamana which are to be created in accordance with this Plan of Arrangement
and which shall have attached thereto the right to two votes per share at all meetings of Yamana Shareholders, the right to dividends
as and when declared by the directors of Yamana, and the right to participate in the remaining assets of Yamana upon a winding up of Yamana;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Consideration</B>&rdquo; means
the consideration to be received by the Yamana Shareholders (other than Dissenting Shareholders) for each Yamana Share consisting of the
Agnico Share Consideration, Pan American Share Consideration and Cash Consideration, subject to rounding in accordance with Section&nbsp;3.2,
all in accordance with the Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Conveyance Agreement</B>&rdquo;
means the agreement between Yamana and Agnico to effect the sale, transfer and assumption, as applicable, of Canadian Assets and Canadian
Liabilities from Yamana to Agnico, substantially in the form attached as Schedule D to the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Court</B>&rdquo; means the
Ontario Superior Court of Justice (Commercial List);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means
any Person that Yamana may appoint to act as depositary for the Yamana Shares in relation to the Arrangement, with the approval of Pan
American, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Director</B>&rdquo; means
the Director appointed pursuant to Section&nbsp;260 of the CBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent Amount</B>&rdquo;
means US$2.5947 multiplied by the number of Dissent Shares transferred to Yamana in accordance with Section&nbsp;3.1(a), rounded down
to the nearest cent, subject to any adjustment as contemplated by Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent and RSU Loan</B>&rdquo;
has the meaning set forth in Section&nbsp;3.1(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent and RSU Loan Amount</B>&rdquo;
means an amount equal to the sum of: (a)&nbsp;the amount to be paid in respect of all Yamana RSUs that are outstanding at the Effective
Time in accordance with Section&nbsp;3.1(f); and (b)&nbsp;the amount to be paid to Dissenting Shareholders in accordance with Article&nbsp;4
minus the Dissent Amount, subject to any adjustment as contemplated by Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent Rights</B>&rdquo;
has the meaning set forth in Section&nbsp;4.1(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissenting Shareholder</B>&rdquo;
means a registered Yamana Shareholder who has validly exercised a Dissent Right and has not withdrawn or been deemed to have withdrawn
such exercise of Dissent Rights, but only in respect of Yamana Shares in respect of which Dissent Rights are validly exercised by such
Yamana Shareholder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Dissent Shares</B>&rdquo;
means Yamana Shares held by a Dissenting Shareholder and in respect of which the Dissenting Shareholder has validly exercised Dissent
Rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Date</B>&rdquo;
means the date upon which the Arrangement becomes effective, as set out in Section&nbsp;2.13 of the Arrangement Agreement, which shall
be the date shown in the Certificate of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Time</B>&rdquo;
means 12:01 a.m.&nbsp;(Eastern time) on the Effective Date or such other time as agreed to by Pan American, Agnico and Yamana in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Order</B>&rdquo; means
the final order of the Court pursuant to Section&nbsp;192 of the CBCA, in form and substance acceptable to Pan American, Agnico and Yamana,
each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, approving
the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of Pan American, Agnico
and Yamana, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or
denied, as affirmed or as amended on appeal (provided that any such affirmation, amendment, modification, supplement or variation is acceptable
to Pan American, Agnico and Yamana, each acting reasonably);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Proscription Date</B>&rdquo;
has the meaning set forth in Section&nbsp;5.5;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Fractional Share Amount</B>&rdquo;
means the cash paid to Yamana Shareholders in lieu of fractional Agnico Shares in accordance with Section&nbsp;3.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Governmental Entity</B>&rdquo;
means: (a)&nbsp;any multinational, federal, provincial, territorial, state, regional, municipal, local or other government, governmental
or public department, central bank, court, tribunal, arbitral body, commission, board, ministry, bureau or agency, domestic or foreign;
(b)&nbsp;any stock exchange, including the TSX, NYSE, LSE and Nasdaq; (c)&nbsp;any subdivision, agent, commission, board or authority
of any of the foregoing; or (d)&nbsp;any quasi-governmental or private body, including any tribunal, commission, regulatory agency or
self-regulatory organization, exercising any regulatory, antitrust/competition, foreign investment, expropriation or taxing authority
under or for the account of any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interim Order</B>&rdquo; means
the interim order made after the application to the Court pursuant to subsection 192 of the CBCA in form and substance acceptable to Pan
American, Agnico and Yamana, each acting reasonably, providing for, among other things, the calling and holding of the Yamana Meeting,
as the same may be amended, affirmed, modified, supplemented or varied by the Court with the consent of Pan American, Agnico and Yamana,
each acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Law</B>&rdquo; or &ldquo;<B>Laws</B>&rdquo;
means all laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, ordinances,
judgments, injunctions, determinations, awards, decrees or other legally binding requirements, whether domestic or foreign, and the terms
and conditions of any Authorization of or from any Governmental Entity, and, for greater certainty, includes Canadian Securities Laws,
U.S. Securities Laws and UK Securities Laws and the term &ldquo;<B>applicable</B>&rdquo; with respect to such Laws and in a context that
refers to one or more Persons, means such Laws as are applicable to such Persons or its business, undertaking, assets, property or securities
and emanate from a Persons having jurisdiction over the Person or Persons or its or their business, undertaking, assets, property or securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Letter of Transmittal</B>&rdquo;
means the Letter of Transmittal, in a form reasonably satisfactory to Pan American and Agnico, to be delivered by Yamana to registered
Yamana Shareholders providing for the delivery of the Yamana Shares to the Depositary and for the payment of the Consideration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Liens</B>&rdquo; means any
hypothecs, mortgages, pledges, assignments, liens, charges, security interests, statutory or deemed trusts, encumbrances and adverse rights
or claims, other third party interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or
privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>LSE</B>&rdquo; means the London
Stock Exchange plc;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Nasdaq</B>&rdquo; means Nasdaq
Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NYSE</B>&rdquo; means The
New York Stock Exchange LLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American</B>&rdquo; means
Pan American Silver Corp., a corporation existing under the provincial laws of British Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Share Consideration</B>&rdquo;
means 0.1598 of a Pan American Share for each Yamana Share (other than a Dissent Share), subject to any adjustment as contemplated by
Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Share Value</B>&rdquo;
means US$15.45, subject to any adjustment as contemplated by Section&nbsp;2.17 of the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Shares</B>&rdquo;
means the common shares in the authorized share capital of Pan American;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; includes
an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government (including
any Governmental Entity) or any other entity, whether or not having legal status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Plan of Arrangement</B>&rdquo;
means this plan of arrangement and any amendments or variations hereto made in accordance with Section&nbsp;8.6 of the Arrangement Agreement
and this plan of arrangement or upon the direction of the Court in the Final Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Act</B>&rdquo;
means the <I>Securities Act </I>(Ontario) and the rules, regulations and published policies made thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the
<I>Income Tax Act </I>(Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto
Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK DTRs</B>&rdquo; means the
disclosure guidance and transparency rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK Listing Rules</B>&rdquo;
means the listing rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK MAR</B>&rdquo; means Regulation
(EU) No.596/2014 of the European Parliament and of the Council of 16 April&nbsp;2014 on market abuse, as applicable in the UK by virtue
of Section&nbsp;3 of the European Union (Withdrawal) Act 2018, as amended from time to time (including by the Market Abuse (Amendment)
(EU Exit) Regulations 2019 (SI 2019/310));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>UK
Prospectus Regulation</B>&rdquo; means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June&nbsp;2017 on
the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, as applicable in
the UK by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>UK Prospectus Regulation Rules</B>&rdquo;
means the prospectus regulation rules&nbsp;made by the FCA under Section&nbsp;73A of FSMA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>UK
Securities Laws</B>&rdquo; means the UK Prospectus Regulation, UK Prospectus Regulation Rules, the UK Listing Rules, UK MAR, the UK DTRs,
FSMA, the FSA and the Criminal Justice Act 2003 (each as amended from time to time) and all other applicable listing and disclosure requirements
to which Yamana is subject by virtue of the listing of the Yamana Shares </FONT>on the standard segment of the Official List maintained
by the FCA and admission to trading of the Yamana Shares on on the Main Market of the LSE;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>United States</B>&rdquo; or
 &ldquo;<B>U.S.</B>&rdquo; means the United States of America, its territories and possessions, any State of the United States and the
District of Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Exchange Act</B>&rdquo;
means the <I>U.S. Securities Exchange Act of 1934</I>, as amended from time to time and the rules&nbsp;and regulations of the SEC promulgated
thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo;
means the <I>U.S. Securities Act of 1933, </I>as amended from time to time and the rules&nbsp;and regulations of the SEC promulgated thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Laws</B>&rdquo;
means the U.S. Securities Act, the U.S. Exchange Act and all other applicable U.S. federal securities laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana</B>&rdquo; means Yamana
Gold Inc., a corporation existing under the federal laws of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana DSUs</B>&rdquo; means
deferred share units issued under Yamana&rsquo;s deferred share unit plan dated effective April&nbsp;2, 2008;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Equity Award Holders</B>&rdquo;
means the holders of Yamana PSUs, Yamana RSUs and Yamana DSUs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Meeting</B>&rdquo;
means the special meeting of Yamana Shareholders, including any adjournment or postponement thereof, to be called and held in accordance
with the Interim Order to consider the Arrangement Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana PSU Plan</B>&rdquo;
means Yamana&rsquo;s performance share unit plan dated effective January&nbsp;1, 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana PSUs</B>&rdquo; means
performance share units issued under the Yamana PSU Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana RSU Plan</B>&rdquo;
means Yamana&rsquo;s restricted share unit plan dated effective May&nbsp;14, 2008;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana RSUs</B>&rdquo; means
the restricted share units issued under the Yamana RSU Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Securityholders</B>&rdquo;
means Yamana Shareholders and Yamana Equity Award Holders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Shareholders</B>&rdquo;
means the holders of Yamana Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Shares</B>&rdquo; means
the common shares in the authorized share capital of Yamana.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Words and phrases used herein that are defined
in the Arrangement Agreement and not defined herein shall have the same meaning herein as in the Arrangement Agreement, unless the context
otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Interpretation Not Affected by Headings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The division of this Plan of Arrangement into
Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect
in any way the meaning or interpretation of this Plan of Arrangement. Unless the contrary intention appears, references in this Plan of
Arrangement to an Article, Section, subsection or paragraph by number or letter or both refer to the Article, Section, subsection or paragraph,
respectively, bearing that designation in this Plan of Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Number and Gender</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Plan of Arrangement, unless the contrary
intention appears, words importing the singular include the plural and vice versa, and words importing gender shall include all genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Date for any Action</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the date on which any action is required to
be taken hereunder is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated, all references in this
Plan of Arrangement to sums of money are expressed in lawful money of the United States. As used herein, &ldquo;<B>US$</B>&rdquo; refers
to United States dollars, and &ldquo;<B>C$</B>&rdquo; refers to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.6</B></FONT></TD><TD STYLE="text-align: justify"><B>Statutes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any reference to a statute refers to such statute
and all rules, resolutions and regulations made under it, as it or they may have been or may from time to time be amended or re-enacted,
unless stated otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Effect of Arrangement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Arrangement Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan of Arrangement is made pursuant to and
subject to the provisions of and forms a part of the Arrangement Agreement. If there is any inconsistency or conflict between the provisions
of this Plan of Arrangement and the provisions of the Arrangement Agreement, the provisions of this Plan of Arrangement shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Binding Effect</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Effective Time, this Plan of Arrangement
and the Arrangement shall become effective and be binding upon Pan American, Agnico, Yamana, the Depositary, and all registered and beneficial
Yamana Securityholders, including Dissenting Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Arrangement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Arrangement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commencing at the Effective Time, in five minute
increments each of the following events shall occur and shall be deemed to occur consecutively in the following order, except where noted,
without any further authorization, act or formality:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Pan American shall lend to Yamana on a non-interest bearing demand basis, an amount equal to the Dissent
and RSU Loan Amount (the &ldquo;<B>Dissent and RSU Loan</B>&rdquo;), and each Dissent Share held by a Dissenting Shareholder shall be,
and shall be deemed to be, transferred and assigned by the holder thereof (free and clear of all Liens) to Yamana for a debt claim against
Yamana for the amount therefor determined under Article&nbsp;4, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the name of such Dissenting Shareholder shall be removed from the register of Yamana Shareholders maintained
by or on behalf of Yamana and such Dissent Share shall be cancelled and cease to be outstanding, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">such Dissenting Shareholder shall cease to be the holder of such Dissent Share or to have any rights as
a Yamana Shareholder other than the right to be paid the fair value for such Dissent Share as set out in Article&nbsp;4;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the transactions contemplated by the Conveyance Agreement shall become effective and pursuant thereto,
Yamana shall assign and transfer to Agnico, and Agnico shall accept, a 100% legal and beneficial interest in, and good and marketable
title to, all Canadian Assets, free and clear of all Liens other than Permitted Liens, and as consideration for the Canadian Assets, Agnico
shall assume the Canadian Liabilities, issue the Agnico Payment Shares, and pay cash equal to the aggregate of the Cash Consideration
multiplied by the number of Yamana Shares (other than Dissent Shares), the Fractional Share Amount and the Dissent Amount to Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Yamana shall be, and shall be deemed to be, the holder of the Agnico Shares so issued (free and clear
of all Liens) and the register of shareholders of Agnico maintained by or on behalf of Agnico shall be, and shall be deemed to be, revised
accordingly, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico shall add an amount to the stated capital in respect of the Agnico Shares equal to the aggregate
Agnico Share Value multiplied by the number of Agnico Payment Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">in the course of a reorganization of Yamana&rsquo;s share capital in accordance with section 86 of the
Tax Act, the authorized share capital of Yamana shall be amended by the creation of an unlimited number of Class&nbsp;A Shares, and immediately
thereafter each Yamana Share held by a Yamana Shareholder (other than a Dissenting Shareholder) shall be exchanged for:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">one Class&nbsp;A Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the Agnico Share Consideration delivered by Yamana; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">an amount of cash delivered by Yamana equal to the Cash Consideration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">in connection with the reorganization of the share capital and the share exchanges in Section&nbsp;3.1(c),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">each Yamana Shareholder shall cease to be, and shall be deemed to cease to be, the holder of each such
Yamana Share and the name of such Yamana Shareholder shall be, and shall be deemed to be, removed from the register of Yamana Shareholders
maintained by or on behalf of Yamana,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the Yamana Shares exchanged shall be cancelled and the stated capital in respect of the Yamana Shares
shall be nil,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Yamana shall cease to be, and shall be deemed to cease to be, the holder of the Agnico Shares and the
name of Yamana shall be, and shall be deemed to be, removed from the register of shareholders of Agnico maintained by or on behalf of
Agnico,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Yamana shall, and shall be deemed to have executed and delivered all consents, releases, assignments and
waivers, statutory or otherwise, required to transfer and assign each such Agnico Share,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">each Yamana Shareholder shall be deemed to be the holder of the Class&nbsp;A Shares for which the Yamana
Shareholder&rsquo;s Yamana Shares were exchanged in accordance with Section&nbsp;3.1(c)&nbsp;(in each case, free and clear of any Liens)
and such Yamana Shareholder shall be, and shall be deemed to be, entered in the register of Yamana Shareholders maintained by or on behalf
of Yamana, as the holder of such Class&nbsp;A Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">each Yamana Shareholder shall be deemed to be the holder of the Agnico Shares for which the Yamana Shareholder&rsquo;s
Yamana Shares were exchanged in accordance with Section&nbsp;3.1(c)&nbsp;(in each case, free and clear of any Liens) and such Yamana Shareholder
shall be, and shall be deemed to be, entered in the register of shareholders of Agnico maintained by or on behalf of Agnico, as the holder
of such Agnico Shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">there shall be added to the stated capital in respect of the Class&nbsp;A Shares an amount equal to the
Pan American Share Value multiplied by the number of Pan American Shares that the Yamana Shareholders are entitled to receive pursuant
to Section&nbsp;3.1(e);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">each Class&nbsp;A Share shall be transferred to Pan American (free and clear of any Liens) in exchange
for the Pan American Share Consideration delivered by Pan American, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the holders of the Class&nbsp;A Shares shall cease to be, and shall be deemed to cease to be, the holder
of each such Class&nbsp;A Share and the name of such holder shall be, and shall be deemed to be, removed from the register of Yamana Shareholders
maintained by or on behalf of Yamana,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the holders of the Class&nbsp;A Shares shall, and shall be deemed to have executed and delivered all consents,
releases, assignments and waivers, statutory or otherwise, required to transfer and assign each such Class&nbsp;A Share,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Pan American shall be, and shall be deemed to be, the holder of the Class&nbsp;A Shares (free and clear
of all Liens) and the register of Yamana Shareholders maintained by or on behalf of Yamana shall be, and shall be deemed to be, revised
accordingly,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">the holders of the Class&nbsp;A Shares shall be, and shall be deemed to be, the holders of the Pan American
Shares so issued (free and clear of all Liens) and the register of shareholders of Pan American maintained by or on behalf of Pan American
shall be, and shall be deemed to be, revised accordingly, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">Pan American shall add an amount to its share capital in respect of the Pan American Shares equal to the
aggregate Pan American Share Value multiplied by the number of Pan American Shares so issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">each Yamana RSU (whether vested or unvested) that is outstanding immediately prior to the Effective Time
shall vest in accordance with the terms of the Yamana RSU Plan and shall be, and shall be deemed to be, transferred by the holder thereof
to Yamana in exchange for a cash payment from Yamana equal to the volume weighted average trading price of one Yamana Share on the TSX
during the five trading days ending on the last trading day prior to the Effective Date less any withholding required by applicable Law
using the remaining funds from the Dissent and RSU Loan not paid to Dissenting Shareholders in accordance with Section&nbsp;3.1(a), and
each such Yamana RSU shall be immediately cancelled, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the holders of such Yamana RSUs shall cease to be holders thereof and to have any rights as holders of
such Yamana RSUs, other than the right to receive the consideration to which they are entitled under this Section&nbsp;3.1(f),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">such holders&rsquo; names shall be, and shall be deemed to be, removed from the register of Yamana RSUs
maintained by or on behalf of Yamana, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">all agreements relating to the Yamana RSUs shall be terminated and shall be of no further force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">each Yamana PSU that is outstanding immediately prior to the Effective Time shall be, and shall be deemed
to be, transferred by the holder thereof to Yamana in exchange for a cash payment from Yamana equal to the volume weighted average trading
price of one Yamana Share on the TSX during the five trading days ending on the last trading day prior to the Effective Date multiplied
by the applicable Multiplier (as defined in the Yamana PSU Plan), to be determined on the Effective Date, less any withholding required
by applicable Law, and each such Yamana PSU shall be immediately cancelled and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the holders of such Yamana PSU shall cease to be holders thereof and to have any rights as holders of
such Yamana PSUs, other than the right to receive the consideration to which they are entitled under this Section&nbsp;3.1(g),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">such holders&rsquo; names shall be, and shall be deemed to be, removed from the register of Yamana PSUs
maintained by or on behalf of Yamana, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">all agreements relating to the Yamana PSUs shall be terminated and shall be of no further force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">each Yamana DSU that is outstanding immediately prior to the Effective Time shall be, and shall be deemed
to be, transferred by the holder thereof to Yamana in exchange for a cash payment from Yamana equal to the volume weighted average trading
price of one Yamana Share on the TSX during the five trading days ending on the last trading day prior to the Effective Date, less any
withholding required by applicable Law and each such Yamana DSU shall be immediately cancelled and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the holders of such Yamana DSUs shall cease to be holders thereof and to have any rights as holders of
such Yamana DSUs, other than the right to receive the consideration to which they are entitled under this Section&nbsp;3.1(h),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">such holders&rsquo; names shall be, and shall be deemed to be, removed from the register of Yamana DSUs
maintained by or on behalf of Yamana, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">all agreements relating to the Yamana DSUs shall be terminated and shall be of no further force and effect;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the authorized share capital of Yamana shall be amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">eliminating the Yamana Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">changing the identifying name of the issued and unissued Class&nbsp;A Shares from &ldquo;Class&nbsp;A
common shares&rdquo; to &ldquo;common shares&rdquo; and amending the special rights and restrictions attached to those shares to provide
the holders thereof with one vote in respect of each share held,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">and the articles
of Yamana shall be deemed to be amended accordingly; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">Pan American shall make, and shall be deemed to have made, a capital contribution to Yamana by capitalizing
the Dissent and RSU Loan, and the Dissent and RSU Loan shall be, and shall be deemed to be, cancelled and extinguished.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The events provided for in this Section&nbsp;3.1
shall be deemed to occur on the Effective Date, notwithstanding that certain procedures related thereto may not be completed until after
the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Fractional Shares and Cash</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Yamana Shareholders may be entitled to a fraction of a Class&nbsp;A Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">In no event shall the aggregate number of Pan American Shares or Agnico Shares issuable to a Yamana Shareholder
include a fraction of a share. To the extent that a fraction of a Pan American Share or Agnico Share would otherwise be issuable to a
Yamana Shareholder, the number of Pan American Shares or Agnico Shares to be received by such Yamana Shareholder shall be rounded down
to the nearest whole number. In lieu of any such fraction of a Pan American Share, each Yamana Shareholder shall receive a cash payment
from Pan American equal the value of such fraction calculated by ascribing the Pan American Share Value to each whole Pan American Share.
In lieu of any such fraction of an Agnico Share, each Yamana Shareholder shall receive a cash payment from Yamana equal the value of such
fraction calculated by ascribing the Agnico Share Value to each whole Agnico Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">In any case where the total cash payable to a particular Yamana Shareholder by each of Pan American or
Yamana under the Arrangement would, but for this provision, include a fraction of a cent, the consideration payable shall be rounded down
to the nearest whole cent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Dissent Rights</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Dissent Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">In connection with the Arrangement, each registered Yamana Shareholder may exercise rights of dissent
(&ldquo;<B>Dissent Rights</B>&rdquo;) with respect to the Yamana Shares held by such Yamana Shareholder pursuant to Section&nbsp;190 of
the CBCA, as modified by the Interim Order, the Final Order and this Section&nbsp;4.1(a); provided that, notwithstanding Part&nbsp;XV
of the CBCA, the written notice of intent to exercise the right to demand the purchase of Yamana Shares contemplated by Section&nbsp;190(7)&nbsp;of
the CBCA must be received by Yamana not later than 4:00 p.m.&nbsp;(Eastern time) two Business Days immediately preceding the date of the
Yamana Meeting, and provided that such notice of intent must otherwise comply with the requirements of the CBCA. Dissenting Shareholders
who are:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">ultimately entitled to be paid by Yamana the fair value for their Dissent Shares (A)&nbsp;shall be deemed
to not to have participated in the transactions in Article&nbsp;3 (other than Section&nbsp;3.1(a)), (B)&nbsp;shall be deemed to have transferred
and assigned such Dissent Shares (free and clear of any Liens) to Yamana in accordance with Section&nbsp;3.1(a), (C)&nbsp;shall be entitled
to be paid the fair value of such Dissent Shares by Yamana, which fair value, notwithstanding anything to the contrary contained in the
CBCA, shall be determined as of the close of business on the Business Day before the Arrangement Resolution was adopted at the Yamana
Meeting and (D)&nbsp;shall not be entitled to any other payment or consideration, including any payment that would be payable under the
Arrangement had such holders not exercised their Dissent Rights in respect of such Yamana Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">ultimately not entitled, for any reason, to be paid by Yamana the fair value for their Dissent Shares,
shall be deemed to have participated in the Arrangement in respect of those Yamana Shares on the same basis as a non-dissenting Yamana
Shareholder and shall be entitled to receive only the Consideration contemplated by Section&nbsp;3.1 that such Dissenting Shareholder
would have received pursuant to the Arrangement if such Dissenting Shareholder had not exercised their Dissent Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">In no circumstances shall Pan American, Agnico, Yamana or any other Person be required to recognize a
Person exercising Dissent Rights unless such Person is the registered holder of Yamana Shares in respect of which Dissent Rights are purported
to be exercised.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">In no circumstances shall Pan American, Agnico, Yamana or any other Person be required to recognize a
Dissenting Shareholder as a registered or beneficial owner of Yamana Shares or any interest therein (other than the rights set out in
this Section&nbsp;4.1) at or after the Effective Time, and as at the Effective Time the names of such Dissenting Shareholders shall be
deleted from the central securities register of Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">For greater certainty, in addition to any other restrictions in the Interim Order and under Section&nbsp;190
of the CBCA, none of the following shall be entitled to exercise Dissent Rights: (i)&nbsp;Yamana Shareholders who vote or have instructed
a proxyholder to vote such Yamana Shares in favour of the Arrangement Resolution (but only in respect of such Yamana Shares); (ii)&nbsp;holders
of Yamana RSUs, Yamana PSUs and Yamana DSUs; and (iii)&nbsp;any other Person who is not a registered holder of Yamana Shares as of the
record date for the Yamana Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Delivery of Consideration</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Certificates and Payments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Following receipt of the Final Order and on the Business Day immediately prior to the Effective Date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American shall deliver or cause to be delivered to the Depositary in escrow the Pan American Shares
and cash equal to the Dissent and RSU Loan Amount and such additional cash to be paid to Yamana Shareholders in lieu of fractional Pan
American Shares in accordance with Section&nbsp;3.2, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Agnico shall deliver or cause to be delivered to the Depositary in escrow the Agnico Shares and cash equal
to the aggregate of the Cash Consideration multiplied by the number of Yamana Shares (other than Dissent Shares), the Fractional Share
Amount and the Dissent Amount,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to satisfy the aggregate Consideration
payable to the Yamana Shareholders, which Pan American Shares, Agnico Shares and cash shall be held by the Depositary as agent and nominee
for such former Yamana Shareholders for distribution to such former Yamana Shareholders in accordance with the provisions of this Article&nbsp;5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Upon surrender to the Depositary for cancellation of a certificate (if any) which immediately prior to
the Effective Time represented outstanding Yamana Shares that were exchanged pursuant to Section&nbsp;3.1(c), together with a duly completed
and executed Letter of Transmittal and any such additional documents and instruments as the Depositary may reasonably require, the registered
holder of the Yamana Shares represented by such surrendered certificate shall be entitled to receive in exchange therefor, and the Depositary
shall deliver to such Yamana Shareholder the Consideration that such Yamana Shareholder has the right to receive under the Arrangement,
less any amounts withheld pursuant to Section&nbsp;5.3, and any certificate so surrendered shall forthwith be cancelled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">After the completion of the Arrangement and until surrendered for cancellation as contemplated by Section&nbsp;5.1(b),
each certificate that immediately prior to the Effective Time represented one or more Yamana Shares (other than Yamana Shares held by
a Dissenting Shareholder) shall be deemed at all times to represent only the right to receive in exchange therefor the Consideration that
the holder of such certificate is entitled to receive in accordance with Section&nbsp;3.1, less any amounts withheld pursuant to Section&nbsp;5.3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">On the Effective Date, Yamana shall pay the amounts to be paid to the holders of Yamana RSUs, Yamana PSUs
and Yamana DSUs in accordance with Sections 3.1(f), 3.1(g)&nbsp;and 3.1(h), respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.2</B></FONT></TD><TD STYLE="text-align: justify"><B>Lost Certificates</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event any certificate which immediately
prior to the Effective Time represented one or more outstanding Yamana Shares that were exchanged pursuant to Section&nbsp;3.1(c)&nbsp;shall
have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such certificate to be lost,
stolen or destroyed, the Depositary shall issue in exchange for such lost, stolen or destroyed certificate, the Consideration deliverable
in accordance with such holder&rsquo;s duly completed and executed Letter of Transmittal. When authorizing such payment in exchange for
any lost, stolen or destroyed certificate, the Person to whom such Consideration is to be delivered shall as a condition precedent to
the delivery of such Consideration, give a bond satisfactory to Pan American and the Depositary (acting reasonably) in such sum as Pan
American may direct, or otherwise indemnify Pan American and Yamana in a manner satisfactory to Pan American and Yamana, acting reasonably,
against any claim that may be made against Pan American and Yamana with respect to the certificate alleged to have been lost, stolen or
destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Withholding Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American, Yamana, Agnico, any of their affiliates
and the Depositary, as applicable, shall be entitled to deduct and withhold, or direct any other Person to deduct and withhold on their
behalf, from any amounts otherwise payable, issuable or otherwise deliverable to any Yamana Securityholders and/or any other Person under
this Plan of Arrangement such amounts as are required or entitled to be deducted and withheld from such amounts under any provision of
the Tax Act, the United States <I>Internal Revenue Code of 1986 </I>or any provision of any applicable Law. To the extent any such amounts
are so deducted and withheld, such amounts shall be treated for all purposes under this Plan of Arrangement as having been paid to the
Person in respect of which such deduction and withholding was made. To the extent that the amount so required to be deducted or withheld
from any amounts payable, issuable or otherwise deliverable to a Person under this Plan of Arrangement exceeds the amount of cash otherwise
payable to such Person, Pan American, Yamana, Agnico, any of their affiliates and the Depositary are hereby authorized to sell or otherwise
dispose, or direct any other Person to sell or otherwise dispose, of such portion of the non-cash consideration or non-cash amounts payable,
issuable or otherwise deliverable hereunder to such Person as is necessary to provide sufficient funds to Pan American, Yamana, Agnico,
any of their affiliates and the Depositary, as the case may be, to enable them to comply with such deduction or withholding requirement
and Pan American, Yamana, Agnico, any of their affiliates and the Depositary, as applicable, shall notify the relevant Person of such
sale or other disposition and remit to such Person any unapplied balance of the net proceeds of such sale or other disposition (after
deduction for (a)&nbsp;the amounts required to satisfy the required withholding under this Plan of Arrangement in respect of such Person,
(b)&nbsp;reasonable commissions payable to the broker, and (c)&nbsp;other reasonable costs and expenses).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.4</B></FONT></TD><TD STYLE="text-align: justify"><B>Distributions with respect to Unsurrendered Share Certificates</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No dividend or other distribution declared or
made after the Effective Time with respect to Pan American Shares or Agnico Shares with a record date after the Effective Time shall be
delivered to the holder of any unsurrendered certificate that, immediately prior to the Effective Time, represented outstanding Yamana
Shares unless and until the holder of such certificate shall have complied with the provisions of Section&nbsp;5.1 or Section&nbsp;5.2.
Subject to applicable Law and to Section&nbsp;5.3, at the time of such compliance, there shall, in addition to the delivery of Consideration
to which such holder is thereby entitled, be delivered to such holder, without interest, the amount of the dividend or other distribution
with a record date after the Effective Time theretofore paid with respect to such Pan American Shares or Agnico Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.5</B></FONT></TD><TD STYLE="text-align: justify"><B>Limitation and Proscription</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that a former Yamana Shareholder
shall not have complied with the provisions of Section&nbsp;5.1 or Section&nbsp;5.2 on or before the date that is six years after the
Effective Date (the &ldquo;<B>Final Proscription Date</B>&rdquo;), then the Consideration that such former Yamana Shareholder was entitled
to receive shall be automatically cancelled without any repayment of capital in respect thereof and the Consideration to which such former
Yamana Shareholder was entitled, shall be delivered to Pan American by the Depositary and the Pan American Shares and Agnico Shares forming
part of the Consideration shall be deemed to be cancelled, and the interest of the former Yamana Shareholder in such Pan American Shares
or Agnico Shares (and any dividend or other distribution referred to in Section&nbsp;5.4) to which it was entitled shall be terminated
as of such Final Proscription Date, and the certificates (if any) formerly representing Yamana Shares shall cease to represent a right
or claim of any kind or nature as of such Final Proscription Date. Any payment made by way of cheque by the Depositary pursuant to this
Plan of Arrangement that has not been deposited or has been returned to the Depositary or that otherwise remains unclaimed, in each case,
on or before the Final Proscription Date shall cease to represent a right or claim of any kind or nature and the right of any Yamana Shareholder
to receive the Consideration for Yamana Shares pursuant to this Plan of Arrangement shall terminate and be deemed to be surrendered and
forfeited to Pan American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.6</B></FONT></TD><TD STYLE="text-align: justify"><B>No Liens</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any exchange or transfer of securities pursuant
to this Plan of Arrangement shall be free and clear of any Liens or other claims of third parties of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.7</B></FONT></TD><TD STYLE="text-align: justify"><B>Paramountcy</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From and after the Effective Time: (a)&nbsp;this
Plan of Arrangement shall take precedence and priority over any and all Yamana Shares issued prior to the Effective Time; (b)&nbsp;the
rights and obligations of the Yamana Securityholders (other than Pan American, Agnico or any of their respective affiliates), and of Yamana,
Pan American, Agnico, the Depositary and any transfer agent or other depositary in relation thereto, shall be solely as provided for in
this Plan of Arrangement and the Arrangement Agreement; and (c)&nbsp;all actions, causes of action, claims or proceedings (actual or contingent
and whether or not previously asserted) based on or in any way relating to any Yamana Shares, Yamana RSUs, Yamana PSUs and Yamana DSUs
shall be deemed to have been settled, compromised, released and determined without liability except as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Amendments</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Amendments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Pan American, Yamana and Agnico reserve the right to amend, modify and/or supplement this Plan of Arrangement
at any time and from time to time prior to the Effective Time, provided that any such amendment, modification or supplement must be agreed
to in writing by each of Pan American, Yamana and Agnico and filed with the Court, and, if made following the Yamana Meeting, then: (i)&nbsp;approved
by the Court; and (ii)&nbsp;if the Court directs, approved by the Yamana Shareholders and communicated to the Yamana Securityholders if
and as required by the Court, and in either case in the manner required by the Court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Subject to the provisions of the Interim Order, any amendment, modification or supplement to this Plan
of Arrangement, if agreed to by Pan American, Yamana and Agnico, may be proposed by Pan American, Yamana and Agnico at any time prior
to or at the Yamana Meeting, with or without any other prior notice or communication, and if so proposed and accepted by the Persons voting
at the Yamana Meeting shall become part of this Plan of Arrangement for all purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Any amendment, modification or supplement to this Plan of Arrangement that is approved or directed by
the Court following the Yamana Meeting shall be effective only if it is agreed to in writing by each of Pan American, Yamana and Agnico
and, if required by the Court, by some or all of the Yamana Shareholders voting in the manner directed by the Court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Any amendment, modification or supplement to this Plan of Arrangement may be made by Pan American, Yamana
and Agnico without the approval of or communication to the Court or the Yamana Securityholders, provided that it concerns a matter which,
in the reasonable opinion of Pan American, Yamana and Agnico is of an administrative or ministerial nature required to better give effect
to the implementation of this Plan of Arrangement and is not materially adverse to the financial or economic interests of any of the Yamana
Securityholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the Arrangement
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Further Assurances</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding that the transactions and events
set out in this Plan of Arrangement shall occur and shall be deemed to occur in the order set out in this Plan of Arrangement without
any further act or formality, each of the parties to the Arrangement Agreement shall make, do and execute, or cause to be made, done and
executed, all such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any
of them in order further to document or evidence any of the transactions or events set out in this Plan of Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
B<BR>
Form&nbsp;of Arrangement Resolution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BE IT RESOLVED THAT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The arrangement (the &ldquo;<B>Arrangement</B>&rdquo;)
under Section&nbsp;192 of the <I>Canada Business Corporations Act </I>(the &ldquo;<B>CBCA</B>&rdquo;) involving Yamana Gold Inc. (&ldquo;<B>Yamana</B>&rdquo;),
pursuant to the arrangement agreement among Yamana, Pan American Silver Corp. and Agnico Eagle Mines Limited dated November&nbsp;4, 2022,
as it may be modified, supplemented or amended from time to time in accordance with its terms (the &ldquo;<B>Arrangement Agreement</B>&rdquo;),
as more particularly described and set forth in the management information circular of Yamana dated </FONT><B><FONT STYLE="font-family: Wingdings">&#108;</FONT></B> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
 &ldquo;<B>Circular</B>&rdquo;), and all transactions contemplated thereby, are hereby authorized, approved and adopted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify">The plan of arrangement of Yamana, as it has been or may be modified, supplemented or amended in accordance
with the Arrangement Agreement and its terms (the &ldquo;<B>Plan of Arrangement</B>&rdquo;), the full text of which is set out as Schedule
 &ldquo;A&rdquo; to the Circular, is hereby authorized, approved and adopted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify">The: (a)&nbsp;Arrangement Agreement and all the transactions contemplated therein, (b)&nbsp;actions of
the directors of Yamana in approving the Arrangement and the Arrangement Agreement, and (c)&nbsp;actions of the directors and officers
of Yamana in executing and delivering the Arrangement Agreement and any modifications, supplements or amendments thereto, and causing
the performance by Yamana of its obligations thereunder, are hereby ratified and approved.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify">Yamana is hereby authorized to apply for a final order from the Ontario Superior Court of Justice (Commercial
List) (the &ldquo;<B>Court</B>&rdquo;) to approve the Arrangement on the terms set forth in the Arrangement Agreement and the Plan of
Arrangement (as they may be, or may have been, modified, supplemented or amended).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding that this resolution has been passed (and the Arrangement adopted) by the holders of common
shares of Yamana (the &ldquo;<B>Yamana Shareholders</B>&rdquo;) entitled to vote thereon or that the Arrangement has been approved by
the Court, the directors of Yamana are hereby authorized and empowered, without further notice to or approval of the Yamana Shareholders:
(a)&nbsp;to amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted by their terms, and
(b)&nbsp;subject to the terms of the Arrangement Agreement, not to proceed with the Arrangement and any related transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify">Any officer or director of Yamana is hereby authorized and directed, for and on behalf of Yamana, to execute
or cause to be executed and to deliver or cause to be delivered, whether under the corporate seal of Yamana or otherwise, for filing with
the Director under the CBCA, articles of arrangement and all such other documents and instruments and to perform or cause to be performed
all such other acts and things as, in such person&rsquo;s opinion, may be necessary or desirable to give full force and effect to the
foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery
of any such other document or instrument or the doing of any such other act or thing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
C<BR>
Form&nbsp;of Pan American Resolution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BE IT RESOLVED THAT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of common shares (&ldquo;<B>Pan American Shares</B>&rdquo;) of Pan American Corp. (&ldquo;Pan American&rdquo;) understand and,
pursuant to the rules&nbsp;of the Toronto Stock Exchange, approve the issuance of up to </FONT><FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#108;</FONT></B></FONT>
Pan American Shares to former shareholders of Yamana Gold Inc. (&ldquo;<B>Yamana</B>&rdquo;) in accordance with the arrangement described
in the management information circular of Pan American dated <FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#108;</FONT></B></FONT> (the &ldquo;<B>Circular</B>&rdquo;),
the arrangement agreement among Pan American, Agnico Mines Limited and Yamana dated November&nbsp;4, 2022 (the &ldquo;<B>Arrangement Agreement</B>&rdquo;),
and the related plan of arrangement (the &ldquo;<B>Plan of Arrangement</B>&rdquo;), the full text of which is set out in Appendix <FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#108;</FONT></B></FONT>
to the Circular, representing approximately <FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#108;</FONT></B></FONT> of the currently outstanding Pan American
Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
that this resolution has been passed by the shareholders of Pan American, the directors of Pan American are hereby authorized and empowered,
without further notice to, or approval of, the shareholders of Pan American:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to amend the Arrangement Agreement or the Plan of Arrangement to the extent permitted by the Arrangement
Agreement or the Plan of Arrangement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">subject to the terms of the Arrangement Agreement, not to proceed with the Arrangement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
officer or director of Pan American is hereby authorized and directed for and on behalf of Pan American to execute and deliver, whether
under corporate seal of Pan American or not, all such agreements, forms waivers, notices, certificates, confirmations and other documents
and instruments and to do or cause to be done all such other acts and things as in the opinion of such director or officer may be necessary,
desirable or useful for the purpose of giving effect to these resolutions, the Arrangement Agreement and the completion of the Plan of
Arrangement in accordance with the terms of the Arrangement Agreement, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all actions required to be taken by or on behalf of Pan American, and all necessary filings and obtaining
the necessary approvals, consents and acceptances of appropriate regulatory authorities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the signing of the certificates, consents and other documents or declarations required under the Arrangement
Agreement or otherwise to be entered into by Pan American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such determination to be conclusively evidenced
by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
D<BR>
Form&nbsp;of Conveyance Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>Form&nbsp;Redacted</B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
3.1<BR>
Representations and Warranties of Yamana</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this schedule, capitalized terms have
the meanings ascribed thereto in the Arrangement Agreement to which this schedule is appended, and the following terms have the following
meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Indigenous Claim</B>&rdquo;
means any and all claims (whether or not proven) by any Person to or in respect of (a)&nbsp;rights, title or interests of any Indigenous
groups by virtue of its status as an Indigenous group; (b)&nbsp;treaty rights; or (c)&nbsp;specific or comprehensive claims being considered
by Crown-Indigenous Relations and Northern Affairs Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo;
means anything that is or may be protected by any intellectual property rights in any jurisdiction such as, but not limited to works (including
software), performances, trade secrets, inventions (whether patentable or not), improvements to such inventions, industrial designs, mask
work and integrated circuit topographies, trade- marks, trade names, business names, corporate names, domain names, website names and
world wide web addresses, whether or not they may also be protected, at any given time, as a trade secret or confidential information,
including proprietary and non-public business information, know-how, methods, processes, designs, technology, technical data, schematics,
models, simulations and documentation relating to any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Restricted Party</B>&rdquo;
means a Person that is: (i)&nbsp;listed on, or owned or (directly or indirectly) controlled by a Person listed on, or acting on behalf
of a Person listed on, any Sanctions List, (ii)&nbsp;located in, incorporated under the laws of, or owned or (directly or indirectly)
controlled by, or acting on behalf of, a Person located in or organized under the laws of a country or territory that is the target of
Sanctions, or (iii)&nbsp;otherwise a target of Sanctions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions</B>&rdquo; means
the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i)&nbsp;the United
States government; (ii)&nbsp;the United Nations; (iii)&nbsp;the European Union (iv)&nbsp;the United Kingdom; (v)&nbsp;Canada or (vi)&nbsp;the
respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets
Control of the US Department of Treasury (&ldquo;<B>OFAC</B>&rdquo;), the United States Department of State, Global Affairs Canada, and
Her Majesty&rsquo;s Treasury (&ldquo;<B>HMT</B>&rdquo;) or any other relevant sanctions authority (together, the &ldquo;<B>Sanctions Authorities</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions List</B>&rdquo;
means the &ldquo;Specially Designated Nationals and Blocked Persons&rdquo; list maintained by OFAC, the &ldquo;Consolidated Canadian Autonomous
Sanctions List&rdquo;, the &ldquo;Consolidated List of Financial Sanctions Targets&rdquo; and the &ldquo;Investment Ban List&rdquo; maintained
by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Annual Financial Statements</B>&rdquo;
means the audited consolidated financial statements for Yamana as of and for each of the fiscal years ended on December&nbsp;31, 2021
and December&nbsp;31, 2020 (including any notes or schedules thereto and the auditor&rsquo;s report thereon);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Balance Sheet</B>&rdquo;
has the meaning given to it in Section&nbsp;(m)&nbsp;of this Schedule 3.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Financial Statements</B>&rdquo;
means, together, the Yamana Annual Financial Statements and the Yamana Interim Financial Statements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Interim Financial Statements</B>&rdquo;
means the interim unaudited condensed consolidated financial statements for Yamana for the nine months ended September&nbsp;30, 2022 and
September&nbsp;30, 2021 (including any notes or schedules thereto);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Material Properties</B>&rdquo;
has the meaning given to it in Section&nbsp;(r)(i)&nbsp;of this Schedule 3.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Material Subsidiaries</B>&rdquo;
means Minera Yamana Inc., Minera Yamana Chile SpA, Minera Meridian Ltda., Yamana International Holdings B.V., Yamana Jacobina Holdings
BV, Jacobina Minera&ccedil;&atilde;o e Comerci&oacute; Ltda.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Mineral Rights</B>&rdquo;
has the meaning given to it in Section&nbsp;(o)(ii)&nbsp;of this Schedule 3.1; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Yamana Real Property Interests</B>&rdquo;
has the meaning given to it in Section&nbsp;(o)(i)&nbsp;of this Schedule 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Organization and Qualification</U>. Yamana and each of the Yamana Material Subsidiaries and, to the
knowledge of Yamana, the Yamana Material JV Entities is a corporation duly incorporated or an entity duly created and validly existing
under all applicable Laws of its jurisdiction of incorporation, continuance or creation and has all corporate power and capacity to own
its assets and conduct its business as now owned and conducted. Yamana, each of the Yamana Material Subsidiaries and, to the knowledge
of Yamana, each of the Yamana Material JV Entities is duly qualified to carry on business and is in good standing in each jurisdiction
in which its assets and properties, owned, leased, licensed or otherwise held, or the nature of its activities, makes such qualification
necessary, except where the failure to be so registered or in good standing would not, individually or in the aggregate, have a Yamana
Material Adverse Effect. Except as set forth in Section&nbsp;3.1(a)&nbsp;of the Yamana Disclosure Letter, true and complete copies of
the constating documents of Yamana and each of the Yamana Material Subsidiaries and, to the extent in the possession of Yamana, each of
the Yamana Material JV Entities have been disclosed in the Yamana Data Room, and no action has been taken to amend or supersede such constating
documents of Yamana and each of the Yamana Material Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Authority Relative to this Agreement</U>. Yamana has the requisite corporate power and authority to
enter into this Agreement and the agreements and other documents to be entered into by it hereunder and, subject to obtaining the Interim
Order, the Final Order and the Yamana Shareholder Approval, to perform its obligations hereunder and thereunder. The execution and delivery
and performance of this Agreement, the Arrangement and the agreements and other documents to be entered into by it hereunder and the consummation
by Yamana of the transactions contemplated hereunder and thereunder have been duly authorized by the Yamana Board and no other corporate
proceedings on the part of Yamana are necessary to authorize this Agreement and the agreements and other documents to be entered into
by it hereunder or the consummation of the Arrangement, other than obtaining the Interim Order, the Final Order, approval of the Yamana
Circular by the Yamana Board and the Yamana Shareholder Approval. This Agreement has been duly executed and delivered by Yamana and constitutes
a valid and binding obligation of Yamana, enforceable by Pan American against Yamana in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency and other applicable Laws affecting the enforcement of creditors&rsquo; rights generally
and subject to the qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><U>No Conflict; Required Filings and Consent</U>. Except as set forth in Section&nbsp;3.1(c)&nbsp;of the
Yamana Disclosure Letter, and other than in connection with any Pre-Acquisition Reorganization, the execution and delivery by Yamana of
this Agreement and the performance by it of its obligations hereunder and the completion of the Arrangement and the other transactions
contemplated hereby do not and will not (or would not with the giving of notice, the lapse of time or both, or the happening of any other
event or condition):</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">violate, conflict with or result in a breach of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">any provision of the memorandum of incorporation, articles, by-laws or other constating documents or partnership
agreements of Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV Entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">any Yamana Material Contract or Authorization to which Yamana or any of its Subsidiaries or, to the knowledge
of Yamana, any of the Yamana Material JV Entities is a party or by which Yamana or any of its Subsidiaries is bound, except as would not,
individually or in the aggregate, have a Yamana Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">any Law to which Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material
JV Entities is subject or by which Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV Entities
is bound, subject to receipt of the Regulatory Approvals and except as would not, individually or in the aggregate, have a Yamana Material
Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the
termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Yamana is entitled,
under any Yamana Material Contract or Authorization to which Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of
the Yamana Material JV Entities is a party, except as would not, individually or in the aggregate, have a Yamana Material Adverse Effect;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">give rise to any rights of first refusal or rights of first offer, trigger any change of control provision
or any restriction or limitation, or require any consent or other action by any Person under, any Yamana Material Contract or Authorization,
or result in the imposition of any Lien upon any of Yamana&rsquo;s assets or the assets of any of the Yamana&rsquo;s Subsidiaries or,
to the knowledge of Yamana, any of the Yamana Material JV Entities except as would not, individually or in the aggregate, have a Yamana
Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Regulatory Approvals,
such filings and approvals required by the applicable rules&nbsp;and policies of the TSX, the NYSE, the LSE and/or the FCA, the Interim
Order and the Final Order, no Authorization of, or other action by or in respect of, or filing, recording, registering or publication
with, or notification to, any Governmental Entity is necessary on the part of Yamana or any of its Subsidiaries or the Yamana Material
JV Entities for the consummation by Yamana of its obligations in connection with the Arrangement under this Agreement or for the completion
of the Arrangement, except for such Authorizations and filings as to which the failure to obtain or make would not, individually or in
the aggregate, have a Yamana Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><U>Subsidiaries</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Yamana has no material Subsidiaries other than the Yamana Material Subsidiaries. None of the Yamana Material
Subsidiaries or, to the knowledge of Yamana, the Yamana Material JV Entities is currently prohibited, directly or indirectly, from paying
any dividends to Yamana, from making any other distribution on such Yamana Material Subsidiary&rsquo;s or Yamana Material JV Entity&rsquo;s
capital stock, from repaying to Yamana any loans or advances to such Yamana Material Subsidiary or Yamana Material JV Entity from Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">The following information with respect to each Yamana Material Subsidiary and each Yamana Material JV
Entity is accurately set out, as at the date thereof, in Section&nbsp;3.1(d)(ii)) of the Yamana Disclosure Letter: (i)&nbsp;its name;
(ii)&nbsp;Yamana&rsquo;s percentage equity ownership of it; and (iii)&nbsp;its jurisdiction of incorporation, organization or formation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Yamana is, directly or indirectly, the registered and beneficial owner of (A)&nbsp;with respect to each
Yamana Material Subsidiary, all of its issued and outstanding securities, and (B)&nbsp;with respect to each Yamana Material JV Entity,
the ownership percentage set forth in the Yamana Public Documents, in each case free and clear of all Liens (other than Permitted Liens),
and all of the issued and outstanding securities of the Yamana Material Subsidiaries and, to the knowledge of Yamana, the Yamana Material
JV Entities have been duly and validly authorized and issued, are fully paid, and if such entity is a corporation, are non-assessable.
No securities of the Yamana Material Subsidiaries or, to the knowledge of Yamana, the Yamana Material JV Entities have been issued in
violation of any Law or pre-emptive or similar rights. There are no outstanding options, rights, entitlements, understandings or commitments
(contingent or otherwise) regarding the right to acquire any securities or other ownership interests in any of the Yamana Material Subsidiaries
or to the knowledge of Yamana, the Yamana Material JV Entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Compliance with Laws and Constating Documents</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The operations of Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities
have been since January&nbsp;1, 2020 and are now being conducted in material compliance with all Laws of each jurisdiction, the Laws of
which have been and are now applicable to the operations of Yamana, of any of its Subsidiaries and of any Yamana JV Entities, and none
of Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana JV Entities has received any notice of any alleged
violation of any such Laws, other than non-compliance or violations which have not had and would not reasonably be expected to, individually
or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Yamana or any of its Subsidiaries or the Yamana JV Entities is in conflict with, or in default
under or in violation of its articles or by-laws or equivalent organizational documents except for such violation or default which would
not, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Authorizations</U>. Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities
have obtained all Authorizations necessary for the ownership, operation and use of the assets of Yamana, its Subsidiaries and the Yamana
JV Entities or otherwise in connection with carrying on the business and operations of Yamana, its Subsidiaries and the Yamana JV Entities
in compliance with all applicable Laws, except where the failure to have any such Authorization would not, individually or in the aggregate,
have a Yamana Material Adverse Effect. Such Authorizations are in full force and effect in accordance with their terms. Yamana and its
Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities have fully complied with and are in compliance with all such Authorizations,
except, in each case, for such non- compliance which would not, individually or in the aggregate, have a Yamana Material Adverse Effect.
There is no action, investigation or proceeding pending or, to the knowledge of Yamana threatened, regarding any such Authorizations,
which if successful would, individually or in the aggregate, have a Yamana Material Adverse Effect. None of Yamana or any of its Subsidiaries
or, to the knowledge of Yamana, any of the Yamana JV Entities or any of their respective officers or directors, has received any notice,
whether written or oral, of revocation or non-renewal or material amendments of any such Authorizations, or of any intention of any Person
to revoke or refuse to renew or to materially amend any of such Authorizations, except in each case, for revocations, non-renewals or
amendments which would not, individually or in the aggregate, have a Yamana Material Adverse Effect, and all Authorizations of Yamana
and its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities continue to be effective in order for Yamana, its Subsidiaries
and the Yamana JV Entities to continue to conduct their respective businesses as they are currently being conducted. To the knowledge
of Yamana, no Person other than Yamana or a wholly-owned Subsidiary thereof owns or has any proprietary, financial or other interest (direct
or indirect) in any Authorizations of Yamana or its wholly-owned Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Capitalization</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The authorized share capital of Yamana consists of an unlimited number of Yamana Shares. As of October&nbsp;27,
2022 there are outstanding (A)&nbsp;961,003,000 Yamana Shares issued and outstanding; and (B)&nbsp;Yamana RSUs that will result in the
issuance of up to 2,453,000 Yamana Shares upon the vesting thereof. In addition, as of October&nbsp;17, 2022 there are (A)&nbsp;no Yamana
Options outstanding; (B)&nbsp;3,365,751 Yamana PSUs outstanding, and (C)&nbsp;5,363,146 Yamana DSUs outstanding. All outstanding Yamana
Shares have been, and all Yamana Shares issuable upon the exercise or vesting of rights under the Yamana RSUs in accordance with their
terms have been duly authorized and, upon issuance, will be, validly issued as fully paid and non-assessable shares of Yamana and are
not and will not be, as applicable, subject to or issued in violation of, any pre-emptive rights. Except as set out herein and in Section&nbsp;3.1(g)(i)&nbsp;of
the Yamana Disclosure Letter, there are no issued, outstanding or authorized options, warrants, conversion privileges, calls, or pre-emptive,
redemption, repurchase, stock appreciation or other rights, shareholder rights plans, agreements, arrangements, commitments or obligations
of Yamana, any of its Subsidiaries or any of the Yamana JV Entities to issue or sell any shares in the capital of Yamana or shares, partnership
interests or other equity interests of any of its Subsidiaries or securities or obligations of any kind convertible into, exchangeable
for or otherwise carrying the right or obligation to acquire or subscribe for any shares in the capital of Yamana or shares, partnership
interests or other equity interests of any of its Subsidiaries or the value of which is based on the value of the securities of Yamana
or any of its Subsidiaries, and other than the Yamana Share Incentive Plan, there are no equity or security based compensation arrangements
maintained by Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Section&nbsp;3.1(g)(ii)&nbsp;of the Yamana Disclosure Letter sets forth a schedule, as of the date hereof
and to the extent applicable, of all outstanding grants to holders of Yamana RSUs, Yamana DSUs, and Yamana PSUs and the number, exercise
price, date of grant, expiration dates, vesting schedules, performance criteria and whether vesting or exercise may be accelerated as
a result, either alone or together with another event or occurrence, of the Arrangement, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">As of the date hereof, there are no outstanding obligations of Yamana or any of its Subsidiaries or, to
the knowledge of Yamana, any of the Yamana Material JV Entities, to repurchase, redeem or otherwise acquire any Yamana Shares or any shares
of, or partnership interests or other equity interests in, any of its Subsidiaries or the Yamana Material JV Entities, or qualify securities
for public distribution in Canada or elsewhere, or with respect to the voting or disposition of any securities of Yamana, any of its Subsidiaries
or any of the Yamana Material JV Entities. No Subsidiary of Yamana nor, to the knowledge of Yamana, any of the Yamana JV Entities owns
any Yamana Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">All outstanding securities of Yamana have been issued in material compliance with all applicable Laws
and any pre-emptive or similar rights applicable to them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">The Yamana Share Incentive Plan and the issuance of securities under such plans (including all outstanding
Yamana RSUs, Yamana DSUs, Yamana PSUs) have been recorded on Yamana&rsquo;s financial statements in accordance with IFRS, and no such
grants involved any &ldquo;back dating,&rdquo; &ldquo;forward dating,&rdquo; &ldquo;spring loading&rdquo; or similar practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">Except for (A)&nbsp;the Yamana Senior Notes, (B)&nbsp;intercompany loans between two or more Subsidiaries
of Yamana or between of Yamana and one or more its Subsidiaries, (C)&nbsp;as disclosed in the Yamana Financial Statements, or (D)&nbsp;as
set forth in Section&nbsp;3.1(g)(vi)&nbsp;of the Yamana Disclosure Letter, there are no issued, outstanding or authorized bonds, debentures
or other evidences of indebtedness of Yamana, its Subsidiaries or, to the knowledge of Yamana, the Yamana JV Entities or any other agreements,
arrangements, instruments or commitments of any kind outstanding giving any Person, directly or indirectly, the right to vote (or that
are convertible or exercisable for securities having the right to vote) with Yamana Shareholders on any matter, and the Yamana Term Loan
is currently undrawn.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">As of the date hereof, all dividends or distributions on securities of Yamana that have been declared
or authorized have been paid in full.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">No securities of Yamana are owned by any of its Subsidiaries or any Yamana JV Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Shareholder and Similar Agreements</U>. Except as set forth in Section&nbsp;3.1(h)&nbsp;of the Yamana
Disclosure Letter, neither Yamana nor any of its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana JV Entities is party
to any shareholder, pooling, voting trust or other similar agreement or arrangement relating to the issued and outstanding shares in the
capital of Yamana, any of its Subsidiaries or any of the Yamana JV Entities or pursuant to which any Person may have any right or claim
in connection with any existing or past equity interest in Yamana, any of its Subsidiaries or any of the Yamana JV Entities, and Yamana
has not adopted a shareholder rights plan or any other similar plan or agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Reporting Issuer Status and Stock Exchange Compliance</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">As of the date hereof, Yamana is a reporting issuer (or the equivalent) not in default under Canadian
Securities Laws in each of the provinces and territories of Canada, and is in material compliance with all applicable Canadian Securities
Laws therein. There is no Order delisting, suspending or cease trading any securities of Yamana. The Yamana Shares are listed and posted
for trading on the TSX and are listed on the NYSE and the LSE, and are not listed on any market other than the TSX, the NYSE and the LSE,
and Yamana is in compliance in all material respects with the applicable listing and corporate governance rules&nbsp;and regulations of
the TSX, the NYSE and the LSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Yamana has not taken any action to cease to be a reporting issuer in any province or territory nor has
Yamana received notification from the Ontario Securities Commission, as principal regulator, or any other applicable securities commissions
or securities regulatory authority of a province or territory of Canada seeking to revoke Yamana&rsquo;s reporting issuer status. No delisting,
suspension of trading or cease trade or other order or restriction with respect to any securities of Yamana is pending, in effect, has
been threatened, or to the knowledge of Yamana, is expected to be implemented or undertaken, and Yamana is not subject to any formal or
informal review, enquiry, investigation or other proceeding relating to any such order or restriction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><U>U.S. Securities Law Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Yamana Shares are registered pursuant to Section&nbsp;12(b)&nbsp;of the U.S. Exchange Act and Yamana
is in material compliance with its reporting obligations as a &ldquo;foreign private issuer&rdquo;, as defined in Rule&nbsp;3b-4 under
the U.S. Exchange Act, pursuant to Section&nbsp;13 of the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Other than the Yamana Shares, Yamana does not have any class of equity securities registered under the
U.S. Exchange Act, nor is Yamana currently subject to any reporting obligation pursuant to Section&nbsp;15(d)&nbsp;of the U.S. Exchange
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Yamana is not an investment company registered or required to be registered under the U.S. <I>Investment
Company Act of 1940</I>, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Yamana is not, has not been since January&nbsp;1, 2020 and on the Effective Date will not be, a &ldquo;shell
company&rdquo; (as defined in Rule&nbsp;405 under the U.S. Securities Act).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><U>Reports</U>. Since January&nbsp;1, 2020, Yamana has timely filed or furnished, as applicable, all Yamana
Public Documents that Yamana is required to file or furnish under Canadian Securities Laws and U.S. Securities Laws, other than such documents
that the failure to file or furnish would, individually or in the aggregate, not have a Yamana Material Adverse Effect. Yamana Public
Documents, at the time filed, (i)&nbsp;did not contain any misrepresentation, (ii)&nbsp;did not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and (iii)&nbsp;complied in all material respects with the requirements of applicable Canadian
Securities Laws and U.S. Securities Laws. Any amendments to the Yamana Public Documents required to be made have been filed on a timely
basis with the applicable Governmental Entity. Yamana has not filed any confidential material change report with any Governmental Entity
which at the date hereof remains confidential or any other confidential filings filed under Canadian Securities Laws or with any Governmental
Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><U>Financial Statements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Yamana Financial Statements (including the related management&rsquo;s discussion and analysis) have
been, and all financial statements of Yamana (including any notes thereto and related management&rsquo;s discussion and analysis) which
are publicly disseminated by Yamana in respect of any subsequent periods prior to the Effective Date will be, prepared in accordance with
IFRS applied on a basis consistent with prior periods (except where IFRS has changed and new accounting standards become effective for
the subsequent period) and all applicable Laws and present fairly, in all material respects, the assets, liabilities (whether accrued,
absolute, contingent or otherwise), consolidated financial position and its financial performance of Yamana and its Subsidiaries as of
the respective dates thereof and their results of operations and cash flows for the respective periods covered thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">There are no off-balance sheet transactions, arrangements, obligations (including contingent obligations)
or other relationships of Yamana or any of its Subsidiaries or, to the knowledge of Yamana, the Yamana Material JV Entities with unconsolidated
entities or other Persons which are not reflected in the Yamana Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">The financial books, records and accounts of Yamana and each of its Subsidiaries: (A)&nbsp;have been maintained,
in all material respects, in accordance with IFRS; and (B)&nbsp;accurately and fairly reflect the basis for Yamana&rsquo;s financial statements
in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The management of Yamana has established and maintains a system of disclosure controls and procedures
(as such term is defined in National Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>)
designed to provide reasonable assurance that information required to be disclosed by Yamana in its annual filings, interim filings or
other reports filed or submitted by it under the applicable Laws imposed by Governmental Entities is recorded, processed, summarized and
reported within the time periods specified by such Laws imposed by such Governmental Entities. Such disclosure controls and procedures
include controls and procedures designed to ensure that information required to be disclosed by Yamana in its annual filings, interim
filings or other reports filed or submitted under the applicable Laws imposed by Governmental Entities is accumulated and communicated
to Yamana&rsquo;s management, including its chief executive officer and chief financial officer (or Persons performing similar functions),
as appropriate to allow timely decisions regarding required disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">Yamana maintains internal control over financial reporting (as such term is defined in National Instrument
52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>). Such internal control over financial
reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with IFRS and includes policies and procedures that (A)&nbsp;pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Yamana and its Subsidiaries,
(B)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with IFRS, and that receipts and expenditures of Yamana and its Subsidiaries are being made only with authorizations of management and
directors of Yamana and its Subsidiaries, and (C)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the assets of Yamana or its Subsidiaries that could have a material effect on its financial statements.
To the knowledge of Yamana, as of the date of this Agreement (x)&nbsp;there are no material weaknesses in the design and implementation
or maintenance of internal controls over financial reporting of Yamana that are reasonably likely to adversely affect the ability of Yamana
to record, process, summarize and report financial information; and (y)&nbsp;there is no fraud, whether or not material, that involves
management or other employees who have a significant role in the internal control over financial reporting of Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, any of its Subsidiaries nor any of the respective directors, officers, employees, auditors,
accountants or representatives of any of the foregoing, has received or otherwise had or obtained knowledge of any material complaint,
allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or
methods of Yamana or any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation,
assertion, or claim that Yamana or any of its Subsidiaries has engaged in questionable accounting or auditing practices, which has not
been resolved to the satisfaction of the audit committee of the Yamana Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><U>Undisclosed Liabilities</U>. Other than as disclosed in Section&nbsp;3.1(m)&nbsp;of the Yamana Disclosure
Letter, none of Yamana nor any of its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana Material JV Entities, has any material
liabilities or obligations of any nature, whether or not accrued, contingent, absolute, determined, determinable or otherwise, except
for (i)&nbsp;liabilities and obligations that are specifically presented on the unaudited condensed consolidated balance sheet of Yamana
as of September&nbsp;30, 2022 (the &ldquo;<B>Yamana Balance Sheet</B>&rdquo;) or disclosed in the notes thereto, (ii)&nbsp;those incurred
in the ordinary course of business since the date of the Yamana Balance Sheet and consistent with past practice and (iii)&nbsp;those incurred
in connection with the execution of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><U>Sarbanes-Oxley Compliance</U>. Each of the principal executive officer and the principal financial
officer of Yamana (or each former principal executive officer and each former principal financial officer of Yamana, as applicable) has
made all certifications required by Rule&nbsp;13a-14 or 15d-14 under the U.S. Exchange Act and Sections&nbsp;302 and 906 of the Sarbanes-Oxley
Act with respect to the Yamana Public Documents, and the statements contained in such certifications were true and accurate in all material
respects as of the dates made in such Yamana Public Documents. For purposes of this Agreement, &ldquo;principal executive officer&rdquo;
and &ldquo;principal financial officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley Act. Neither Yamana nor
any of its Subsidiaries has outstanding (nor has arranged or modified since the enactment of the Sarbanes-Oxley Act) any &ldquo;extensions
of credit&rdquo; (within the meaning of Section&nbsp;402 of the Sarbanes-Oxley Act) to directors or executive officers (as defined in
Rule&nbsp;3b-7 under the U.S. Exchange Act) of Yamana or any of its Subsidiaries. Yamana is in material compliance with all applicable
provisions of the Sarbanes-Oxley Act and the applicable listing and corporate governance rules&nbsp;of the NYSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><U>Title</U>. Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">have good and sufficient title to their real property interests, including fee simple estate of and in
real property, leases, easements, rights of way, permits or licenses from landowners or authorities permitting the use of land by Yamana,
its Subsidiaries or the Yamana JV Entities, as applicable, necessary to permit the operation of Yamana&rsquo;s business as presently owned
and conducted in all material respects (collectively, &ldquo;<B>Yamana Real Property Interests</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">hold their mineral concession, claims, leases, licenses, permits, access rights and other rights and interests
necessary to explore for, develop, mine, produce, process or refine, minerals, concentrates or ores for development purposes on their
properties (collectively, the &ldquo;<B>Yamana Mineral Rights</B>&rdquo;), free and clear of all Liens (other than Permitted Liens).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify"><U>No Defaults under Leases and Agreements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">None of Yamana nor any of its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana Material
JV Entities has received notice of any default under any of the leases and other title and operating documents or any other agreement
or instrument pertaining to the Yamana Real Property Interests or the Yamana Mineral Rights to which Yamana, any of its Subsidiaries or
any of the Yamana Material JV Entities is a party or by or to which Yamana or any such assets are bound or subject, except to the extent
that such defaults have not had and would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse
Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">(A)&nbsp;Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities are
in good standing under all, and are not in default under any, and (B)&nbsp;there is no existing condition, circumstance or matter which
constitutes or which, with the passage of time or the giving of notice or both, would constitute a default under any, leases and other
title and operating documents or any other agreements and instruments pertaining to the Yamana Real Property Interests and the Yamana
Mineral Rights to which it is a party or by or to which it or such assets are bound or subject and, to the knowledge of Yamana, all such
leases, title and operating documents and other agreements and instruments are in good standing and in full force and effect and none
of the counterparties to such leases, title and operating documents and other agreements and instruments is in default thereunder except
to the extent that such defaults have not had and would not reasonably be expected to, individually or in the aggregate, have a Yamana
Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><U>Expropriation</U>. No properties or assets of Yamana or its Subsidiaries or, to the knowledge of Yamana,
the Yamana JV Entities, subject to the Yamana Real Property Interests or the Yamana Mineral Rights has been taken or appropriated by any
Governmental Entity, nor has any notice or proceeding in respect thereof been given or commenced, nor, to the knowledge of Yamana, is
there any intent or proposal to give any such notice or to commence any such proceeding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify"><U>Yamana Mineral Reserves and Resources</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Jacobina mining complex, the El Penon mine and the Canadian Malartic mine are the only material properties
of Yamana for the purposes of NI 43-101 (the &ldquo;<B>Yamana Material Properties</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Each of the technical reports relating to the Yamana Material Properties filed pursuant to NI 43-101 complied
in all material respects with the requirements of NI 43-101 at the respective time of filing thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">The estimates of mineral reserves and mineral resources for the Yamana Material Properties were prepared,
in all material respects, in accordance with sound mining, engineering, geoscience and other applicable industry standards and practices,
and in accordance with applicable Laws, including the requirements of NI 43-101. There has been no material reduction in the aggregate
amount of estimated mineral resources or mineral reserves of Yamana from the amounts set forth in the Yamana Public Documents, other than
as a result of production activities in the ordinary course. All information regarding the Yamana Material Properties, including all drill
results, technical reports and studies, that are required to be disclosed at Law, have been disclosed in the Yamana Public Documents on
or before the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT></TD><TD STYLE="text-align: justify"><U>Royalties and Rentals Paid</U>. All rentals, royalties (whether statutory or contractual), overriding
royalty interests, production payments, net profits, earn- outs, streaming agreements, metal pre-payment or similar agreements, interest
burdens, payments and obligations (including, without limitation, streaming, pre- payment and similar arrangements) due and payable, or
performable, as the case may be, on or prior to the date hereof under, with respect to, or on account of, any direct or indirect assets
of Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities, have been: (i)&nbsp;duly paid; (ii)&nbsp;duly
performed; or (iii)&nbsp;provided for prior to the date hereof, except to the extent that such non- payment, non-performance or non-provision
would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT></TD><TD STYLE="text-align: justify"><U>Environmental Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities have been
since January&nbsp;1, 2020 and are in compliance with all Environmental Laws, except such non-compliance that has not had and would not
reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">There have been no Releases in violation of Environmental Laws within the current or prior ownership,
possession or control of either of Yamana, its Subsidiaries or, to the knowledge of Yamana, the Yamana Material JV Entities, that would
reasonably be expected to result in a claim, notice, complaint, penalty, prosecution or any other judicial or administrative proceeding
arising out of any Environmental Laws against Yamana, any of its Subsidiaries or, to the knowledge of Yamana, any Yamana Material JV Entities,
that have not had, or would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">There are no pending claims, notices, complaints, penalties, prosecutions or any other judicial or administrative
proceedings issued against Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV Entities arising
out of any Environmental Laws, except for any such claims that have not had and would not reasonably be expected to, individually or in
the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">To the knowledge of Yamana, there has not been: (A)&nbsp;any written Order that remains outstanding which
relates to Environmental Laws that would reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect;
or (B)&nbsp;any written demand or notice that remains outstanding with respect to a material breach of any Environmental Law in each case
applicable to Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities, except as has not had and would not reasonably
be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT></TD><TD STYLE="text-align: justify"><U>Intellectual Property</U>. Yamana and its Subsidiaries have sufficient rights to use or otherwise exploit
the Intellectual Property necessary to carry on the business now operated by them and there is no proceeding pending or, to the knowledge
of Yamana, threatened by any Person challenging Yamana&rsquo;s or its Subsidiaries&rsquo; rights in or to such intellectual property which
is used for the conduct of the business as currently carried on as set forth in the Yamana Public Documents, except as has not had and
would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect. To the knowledge of Yamana,
the conduct of the business as currently carried on as set forth in the Yamana Public Documents, including the use of Intellectual Property,
does not infringe upon Intellectual Property of any Person in any material respect except as has not had and would not reasonably be expected
to, individually or in the aggregate, have a Yamana Material Adverse Effect. To the knowledge of Yamana, no Person is currently infringing
upon any of the Intellectual Property owned by Yamana or its Subsidiaries in any material respect except as has not had and would not
reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Except as set forth in Section&nbsp;3.1(v)(i)&nbsp;of the Yamana Disclosure Letter or as contemplated
by this Agreement or the Plan of Arrangement, the execution, delivery and performance of this Agreement and the consummation of the Arrangement
will not (A)&nbsp;result in any payment (including bonus, golden parachute, retirement, severance, unemployment compensation, or other
benefit) becoming due or payable to any of the Yamana directors, officers or employees or result in a director or officers having an entitlement
to such payments upon termination or resignation, (B)&nbsp;increase the compensation or benefits otherwise payable to any Yamana directors,
officers or employees or (C)&nbsp;result in (1)&nbsp;the acceleration of the time of payment, (2)&nbsp;funding or (3)&nbsp;vesting of
any benefits or entitlements otherwise available pursuant to any Yamana Benefit Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Except as set forth in Section&nbsp;3.1(v)(ii)&nbsp;of the Yamana Disclosure Letter, none of Yamana, any
of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV Entities (A)&nbsp;is a party to any collective bargaining
agreement with respect to any Yamana employees or any contract with any employee association, or (B)&nbsp;is subject to any application
for certification or, to the knowledge of Yamana, threatened or apparent union-organizing campaigns for employees not covered under a
collective bargaining agreement and no trade union, council of trade unions, employee bargaining agency or affiliated bargaining agent
holds bargaining rights with respect to any employees of Yamana by way of certification, interim certification, voluntary recognition
or succession rights. Except as disclosed in the Yamana Public Documents, there is no labour strike, dispute, work slowdown or stoppage&nbsp;pending
or involving, or to the knowledge of Yamana threatened against Yamana, any of its Subsidiaries or, to the knowledge of Yamana, any of
the Yamana Material JV Entities, and no such event has occurred within the last two years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV
Entities are, or have been, engaged in any unfair labour practice and no unfair labour practice complaint, grievance or arbitration proceeding
is pending or, to the knowledge of Yamana, threatened against Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">No trade union has applied to have Yamana, any of its Subsidiaries or, to the knowledge of Yamana, any
of the Yamana Material JV Entities declared a common or related employer pursuant to the Labour Relations Code (Ontario) or any similar
legislation in any jurisdiction in which Yamana, any of its Subsidiaries or any of the Yamana Material JV Entities carries on business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, any of its Subsidiaries or, to the knowledge of Yamana, any of the Yamana Material JV
Entities is subject to any current, pending or, to the knowledge of Yamana, threatened claim, complaint or proceeding for wrongful dismissal,
constructive dismissal or any other tort claim relating to employment or termination of employment of employees or independent contractors,
or under any applicable Law with respect to employment and labour, except for routine claims for benefits, except as has not had and would
not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities have been
since January&nbsp;1, 2020 and are in material compliance with all terms and conditions of employment and all applicable Laws with respect
to employment and labour, including employment and labour standards, occupational health and safety, workers&rsquo; compensation, human
rights, labour relations and privacy and there are no current, pending, or, to the knowledge of Yamana, threatened, material proceedings
before any court, board or tribunal with respect to any of the areas listed herein, or otherwise has not had and would not reasonably
be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">Pan American has been provided with true and complete copies of all material Yamana Benefit Plans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT></TD><TD STYLE="text-align: justify"><U>Absence of Certain Changes or Events</U>. Except as disclosed in Schedule 3.1(w)&nbsp;of the Yamana
Disclosure Letter, since January&nbsp;1, 2020: (i)&nbsp;Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana Material
JV Entities, have operated their respective businesses only in the ordinary course of business; (ii)&nbsp;there has not been any Yamana
Material Adverse Effect; and (iii)&nbsp;Yamana and its Subsidiaries have not taken or failed to take any action which, if taken after
the date of this Agreement, would constitute a breach of Section&nbsp;6.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><U>Litigation</U>. There is no Proceeding against or involving Yamana or any of its Subsidiaries or, to
the knowledge of Yamana, any of the Yamana JV Entities or any of their respective properties or assets pending or, to the knowledge of
Yamana, threatened and, to the knowledge of Yamana, no event has occurred which would reasonably be expected to give rise to any Proceeding,
in each case which, if adversely determined, would reasonably be expected to have a Yamana Material Adverse Effect or would significantly
impede the ability of Yamana to consummate the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT></TD><TD STYLE="text-align: justify"><U>Taxes</U>. Except as disclosed in Section&nbsp;3.1(y)&nbsp;of the Yamana Disclosure Letter:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has duly and
in a timely manner made or prepared all material Tax Returns required to be made or prepared by it, and duly and in a timely manner filed
all material Tax Returns required to be filed by it with the appropriate Governmental Entity, and all such Tax Returns were complete and
correct in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has paid all
Taxes, including instalments on account of Taxes for the current year required by applicable Law, which are due and payable by it whether
or not assessed by the appropriate Governmental Entity and Yamana has provided adequate accruals in accordance with IFRS in the most recently
published financial statements of Yamana for any Taxes of Yamana, each of its Subsidiaries and, to the knowledge of Yamana, each of the
Yamana JV Entities for the period covered by such financial statements that have not been paid whether or not shown as being due on any
Tax Returns, except in each case where the failure to do so would not reasonably be expected to individually or in the aggregate, have
a Yamana Material Adverse Effect. Except as would not reasonably be expected to individually or in the aggregate, have a Yamana Material
Adverse Effect since such publication date, no liability in respect of Taxes not reflected in such statements or otherwise provided for
has been assessed, proposed to be assessed, incurred or accrued, other than in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">all deficiencies for Taxes asserted or assessed against any of Yamana, its Subsidiaries, and, to the knowledge
of Yamana, the Yamana JV Entities have been paid in full, accrued on the books of Yamana or finally settled, except to the extent that
any such deficiencies would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has duly and
timely withheld all Taxes required by Law to be withheld by it in connection with any amounts paid or owing to any employee, independent
contractor, supplier, creditor, shareholder, non- resident or other third party (including Taxes required to be withheld by it in respect
of any amount paid or credited or deemed to be paid or credited by it to or for the benefit of any Person) and has duly and timely remitted
to the appropriate Governmental Entity such Taxes or other amounts required by Law to be remitted by it, except where the failure to do
so would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has duly and
timely collected all amounts on account of any sales, use or transfer Taxes, including, without limitation, goods and services, harmonized
sales, provincial and territorial sales taxes and state and local taxes, required by Law to be collected by it and has duly and timely
remitted to the appropriate Governmental Entity such amounts required by Law to be remitted by it, except where the failure to do so would
not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">none of Yamana, its Subsidiaries, nor, to the knowledge of Yamana, any of the Yamana JV Entities has in
place with a Governmental Entity any agreement or extension of time for which to file any material Tax Returns or pay any material amount
of Tax, by way of assessment or otherwise, and no such entity has an extension or waiver of a statute of limitation relating to any material
amount of Tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">there are no proceedings, investigations, audits or claims now pending in writing against Yamana, any
of its Subsidiaries, or, to the knowledge of Yamana, the Yamana JV Entities in respect of any Taxes and there are no matters under discussion,
audit or appeal with any Governmental Entity relating to Taxes, except to the extent that any of the foregoing would not reasonably be
expected to, individually or in the aggregate, have a Yamana Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">none of Yamana nor any of its Subsidiaries has received any COVID-19 Subsidy amounts to which it was not
entitled. None of Yamana nor any of its Subsidiaries has deferred any payroll tax obligations as permitted under applicable COVID-19 related
measures enacted, promulgated or offered as an administrative relief by a Governmental Entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">for the purposes of the Tax Act and any other relevant Tax purposes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">Yamana is a &ldquo;taxable Canadian corporation&rdquo; and is resident in Canada and is not resident in
any other country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">each of Yamana&rsquo;s Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities is resident
in the jurisdiction (or country of which such jurisdiction is a political subdivision) in which it was formed or continued, and is not
resident in any other country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">to the knowledge of Yamana, none of Yamana, any of its Subsidiaries, nor, to the knowledge of Yamana,
any of the Yamana JV Entities (1)&nbsp;has a permanent establishment, or (2)&nbsp;is engaged in trade or business (or comparable non-U.S.
standard in any jurisdiction outside of the United States), in either case, in a jurisdiction other than its country of organization;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD STYLE="text-align: justify">no written claim has been made by any Governmental Entity in a jurisdiction where Yamana, any of its Subsidiaries
or, to the knowledge of Yamana, any of the Yamana JV Entities does not file Tax Returns that such entity is or may be subject to Tax by
that jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify">none of Yamana, its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana JV Entities is a &ldquo;United
States person&rdquo; within the meaning of Section&nbsp;7701(a)(30) of the Code. None of Yamana, its Subsidiaries nor, to the knowledge
of Yamana, any of the Yamana JV Entities is a &ldquo;surrogate foreign corporation&rdquo; within the meaning of Section&nbsp;7874(a)(2)(B)&nbsp;of
the Code or is treated as a U.S. corporation under Section&nbsp;7874(b)&nbsp;of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify">none of Yamana, its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana JV Entities is a &ldquo;controlled
foreign corporation&rdquo; within the meaning of Section&nbsp;957(a)&nbsp;of the Code determined without regard to the repeal of Section&nbsp;958(b)(4)&nbsp;of
the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify">none of Yamana, nor, to the knowledge of Yamana, any of its Subsidiaries nor the Yamana JV Entities has
made an election pursuant to Section&nbsp;897(i)&nbsp;of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify">since January&nbsp;1, 2020, none of Yamana, its Subsidiaries nor, to the knowledge of Yamana, any of the
Yamana JV Entities has been the &ldquo;distributing corporation&rdquo; or a &ldquo;controlled corporation&rdquo;, in each case, within
the meaning of Section&nbsp;355 of the Code, with respect to a transaction that was intended to be governed in whole or in part by Section&nbsp;355
of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: justify">none of Yamana, its Subsidiaries nor, to the knowledge of Yamana, any of the Yamana JV Entities is a party
to any agreement, understanding or arrangement relating to the allocation or sharing of Taxes (excluding customary commercial agreements
entered into in the ordinary course of business the primary subject of which is not Taxes);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xv)</FONT></TD><TD STYLE="text-align: justify">there are no Liens for Taxes upon any properties or assets of Yamana, any of its Subsidiaries or, to the
knowledge of Yamana, any of the Yamana JV Entities (other than Liens (A)&nbsp;relating to Taxes not yet due and payable and for which
adequate reserves have been recorded on the most recent balance sheet included in the Yamana Annual Financial Statements and (B)&nbsp;which
would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)</FONT></TD><TD STYLE="text-align: justify">each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has not, and
has never been deemed to have for purposes of the Tax Act or any other Tax Law, entered into any transactions or arrangements with Persons
with whom they do not deal at arm&rsquo;s length (within the meaning of the Tax Act) other than for consideration equal to fair market
value. For all transactions between Yamana or any of its Subsidiaries or the Yamana JV Entities, on the one hand, and any non- resident
Person with whom Yamana, any of its Subsidiaries or any of the Yamana JV Entities was not dealing at arm&rsquo;s length for the purposes
of the Tax Act, on the other hand, Yamana, its Subsidiaries or, to the knowledge of Yamana, the Yamana JV Entities, as the case may be,
has made or obtained records or documents that satisfy the requirements of paragraphs 247(4)(a)&nbsp;to (c)&nbsp;of the Tax Act. Each
of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities has complied in all respects with all applicable Tax
Laws with respect to transfer pricing except where the failure to do so would not reasonably be expected to, individually or in the aggregate,
have a Yamana Material Adverse Effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvii)</FONT></TD><TD STYLE="text-align: justify">there are no circumstances existing which could result in the application of Section&nbsp;17, Section&nbsp;78,
Section&nbsp;79, or Sections&nbsp;80 to 80.04 of the Tax Act (or any equivalent provision of the taxation legislation of any province
or any other jurisdiction) to each of Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xviii)</FONT></TD><TD STYLE="text-align: justify">Schedule 3.1(y)(xviii)&nbsp;of the Yamana Disclosure Letter includes Yamana&rsquo;s reasonable estimate
of the adjusted cost base of its interests in Canadian Malartic General Partnership, the shares and indebtedness of Canadian Malartic
Corporation and the shares of Yamana Quebec Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xix)</FONT></TD><TD STYLE="text-align: justify">Schedule 3.1(y)(xix)of the Yamana Disclosure Letter includes a complete and accurate list of its Canadian
capital and non-capital losses of Yamana;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xx)</FONT></TD><TD STYLE="text-align: justify">the tax attributes of the assets of Yamana and each of its Subsidiaries and the amount of the tax loss
carry-forwards of Yamana and each of its Subsidiaries are accurately reflected in all material respects in the Tax Returns of Yamana and
each of its Subsidiaries, as applicable, and have not materially and adversely changed since the date of such Tax Returns; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xxi)</FONT></TD><TD STYLE="text-align: justify">Schedule 3.1(y)(xxi)&nbsp;of the Yamana Disclosure Letter includes a complete and accurate list of certain
specific Tax attributes of Yamana and its Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT></TD><TD STYLE="text-align: justify"><U>Books and Records</U>. The corporate records and minute books of Yamana and its Subsidiaries and, to
the knowledge of Yamana, the Yamana Material JV Entities are currently maintained in accordance with applicable Laws and are complete
and accurate in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><U>Insurance</U>. Policies of insurance are in force naming Yamana, a Subsidiary of Yamana or, to the
knowledge of Yamana, a Yamana Material JV Entity as an insured that adequately cover all risks as are customarily covered by businesses
in the industry in which Yamana, its Subsidiaries and the Yamana Material JV Entities operate, and Yamana, its Subsidiaries and, to the
knowledge of Yamana, the Yamana Material JV Entities are in compliance in all material respects with all requirements with respect to
such policies. Yamana has disclosed in the Yamana Data Room, a summary listing of all such policies that are material to Yamana (including
additional details pertaining to the directors&rsquo;&nbsp;&amp; officers&rsquo; liability policy). All such policies shall remain in
full force and effect (subject to taking into account insurance market conditions and offerings and industry practices) and will not be
cancelled or otherwise terminated as a result of the transactions contemplated herein. None of Yamana, its Subsidiaries nor, to the knowledge
of Yamana, the Yamana Material JV Entities has failed to promptly give any notice or present any material claim under such policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Arm&rsquo;s Length Transactions</U>. Other than as disclosed in the Yamana Public Documents and
other than employment or compensation agreements entered into in the ordinary course of business, no director, officer, employee or agent
of, or independent contractor to, Yamana, any of its Subsidiaries, or holder of record or beneficial owner of 5% or more of the Yamana
Shares, or associate or affiliate of any such officer, director or beneficial owner, is a party to, or beneficiary of, any loan, guarantee,
Contract, arrangement or understanding or other transactions with Yamana or any of its Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT></TD><TD STYLE="text-align: justify"><U>Benefit Plans</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Each Yamana Benefit Plan has been established, registered, amended, funded, administered, and invested
in all material respects in accordance with its terms and applicable Laws in all material respects and in accordance with their terms,
the terms of the material documents that support such Yamana Benefit Plans and the terms of agreements between Yamana and its Subsidiaries
on the one hand and the employees (present and former) who are members of, or beneficiaries under, such Yamana Benefit Plans, on the other
hand in all material respects, and any contributions required to be made under each Yamana Benefit Plan, as of the date hereof, have been
timely made in accordance with the terms of such Yamana Benefit Plan and applicable Laws, and all obligations in respect of each Yamana
Benefit Plan have been properly accrued and reflected in the Yamana Annual Financial Statements. All employer and employee payments, contributions
and premiums required to be remitted, paid to or in respect of each Yamana Benefit Plan have been paid or remitted in a timely fashion
in accordance with its terms and all Laws in all material respects. To the knowledge of Yamana, there are no investigations by a Governmental
Entity or material claims (other than routine claims for payment of benefits) pending or threatened involving any Yamana Benefit Plan
or its assets, and no facts exist which would reasonably be expected to give rise to any such investigation order or material claim (other
than routine claims for payment of benefits).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Except as would not reasonably be expected to, individually or in the aggregate, have a Yamana Material
Adverse Effect, (A)&nbsp;all current obligations of Yamana regarding the Yamana Benefit Plans have been satisfied and (B)&nbsp;all contributions,
premiums or Taxes required to be made or paid by Yamana by applicable Laws or under the terms of each Yamana Benefit Plan have been made
in a timely fashion in accordance with applicable Laws and the terms of such Yamana Benefit Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Other than as disclosed in Section&nbsp;3.1(cc) of the Yamana Disclosure Letter, there are no pension
or retirement income plans of Yamana or any of its Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The costs of funding the Yamana Benefit Plans are, in all material respects, reflected in the Yamana Financial
Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">No event has occurred respecting any Yamana Benefit Plan which would entitle a Person (without the consent
of Yamana) to wind-up or terminate any Yamana Benefit Plan in whole or in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">To the knowledge of Yamana, there has been no amendment to, announcement by Yamana, any of its Subsidiaries
or any of the Yamana Material JV Entities relating to or change in employee participation, coverage, or benefits provided under, any Yamana
Benefit Plan which would increase materially the expense of maintaining such plan above the level of the expense incurred therefor for
the most recent fiscal year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">There are no unfunded liabilities in respect of any Yamana Benefit Plan which provides pension benefits,
superannuation benefits or retirement savings, including any &ldquo;registered pension plans&rdquo; as that term is defined in the Tax
Act, or any supplemental pension plans (including going concern unfunded liabilities, solvency deficiencies or wind-up deficiencies, where
applicable).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">No liabilities or obligations under any of the Yamana Benefit Plans in respect of any employees on disability
would reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">None of the Yamana Benefit Plans, or any insurance contract relating thereto, require or permit a retroactive
increase in premiums or payments on termination of the Yamana Benefit Plan or any insurance contract relating thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify">All material data necessary to administer each material Yamana Benefit Plan is in the possession or control
of Yamana or its agents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT></TD><TD STYLE="text-align: justify"><U>Restrictions on Business Activities</U>. Except as disclosed in Schedule 3.1(dd) of the Yamana Disclosure
Letter, there is no Yamana Material Contract or Order binding upon Yamana or any of its Subsidiaries or, to the knowledge of Yamana, any
of the Yamana Material JV Entities that has or could reasonably be expected to have the effect of prohibiting, restricting or materially
impairing any business practice of Yamana, any of its Subsidiaries or any of the Yamana JV Entities or the conduct of business by Yamana,
any of its Subsidiaries or any of the Yamana Material JV Entities as currently conducted (including following the transaction contemplated
by this Agreement) other than Yamana Material Contracts or Orders which have not had and would not reasonably be expected to, individually
or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT></TD><TD STYLE="text-align: justify"><U>Material Contracts</U>. True and complete copies of the Yamana Material Contracts (other than those
to which the Yamana Material JV Entities are parties) have been disclosed in the Yamana Data Room and, to the knowledge of Yamana, true
and complete copies of the Yamana Material Contracts to which the Yamana Material JV Entities are parties have been disclosed in the Yamana
Data Room.&nbsp;Yamana and its Subsidiaries and, to the knowledge of Yamana, the Yamana Material JV Entities, have performed in all material
respects all of the respective obligations required to be performed by them under the Yamana Material Contracts and none of Yamana, or
any of its Subsidiaries or, to the knowledge of Yamana, the Yamana Material JV Entities, is in material breach or default under any Yamana
Material Contract to which it is a party or bound. To the knowledge of Yamana, there is no material breach or default under any such Yamana
Material Contract by any other party thereto. All Yamana Material Contracts are legal, valid, binding and in full force and effect and
are enforceable by Yamana (or a Subsidiary of Yamana, as the case may be) in accordance with their respective terms (subject to bankruptcy,
insolvency and other applicable Laws affecting creditors&rsquo; rights generally, and to general principles of equity). Yamana has not
received any written or, to the knowledge of Yamana, other notice that any party to a Yamana Material Contract intends to cancel, terminate
or otherwise modify or not renew its relationship with Yamana or any of its Subsidiaries, and, to the knowledge of Yamana, no such action
has been threatened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ff)</FONT></TD><TD STYLE="text-align: justify"><U>Anti-Corruption</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, its Subsidiaries nor, to the knowledge of Yamana, the Yamana JV Entities, nor any of their
directors, officers, employees, agents or representatives has, directly or indirectly, offered, promised, agreed, paid, authorized, given
or taken any act in furtherance of any such offer, promise, agreement, payment or authorization on behalf of Yamana, its Subsidiaries
or the Yamana JV Entities, anything of value, directly or indirectly, to any official of a Governmental Entity, any political party or
official thereof or any candidate for political office, for the purpose of any of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">influencing any action or decision of such Person in such Person&rsquo;s official capacity, including
a decision to fail to perform such Person&rsquo;s official function in order to obtain or retain an advantage in the course of business;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">inducing such Person to use such Person&rsquo;s influence with any Governmental Entity to affect or influence
any act or decision of such Governmental Entity to assist Yamana, one of its Subsidiaries or one of the Yamana JV Entities in obtaining
or retaining business for, with, or directing business to, any Person or otherwise to obtain or retain an advantage in the course of business;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">to assist Yamana, one of its Subsidiaries or one of the Yamana JV Entities in obtaining or retaining business
for, with, or directing business to, any Person whether through a bribe, rebate, payoff, influence payment, kickback or illegal or improper
payment,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">other than such actions which have not
had and would not reasonably be expected to, individually or in the aggregate, have a Yamana Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, its Subsidiaries nor, to the knowledge of Yamana, the Yamana JV Entities, nor any of their
directors, officers, employees, agents or representatives has taken any action that is inconsistent with or prohibited by or would cause
Yamana, one of its Subsidiaries or one of the Yamana JV Entities to be in violation of the substantive prohibitions or requirements of
the <I>Corruption of Foreign Public Officials Act </I>(Canada), the <I>Foreign Corrupt Practices Act of 1977 </I>(United States) or any
similar legislation prohibiting corruption, bribery and money laundering in any jurisdiction in which it conducts its business and to
which it is subject and all contracts and arrangements between Yamana, one of its Subsidiaries or one of the Yamana JV Entities and any
other Person are in compliance with such laws, other than such actions which have not had and would not reasonably be expected to, individually
or in the aggregate, have a Yamana Material Adverse Effect. Since January&nbsp;1, 2020, Yamana, its Subsidiaries and, to the knowledge
of Yamana, the Yamana JV Entities have maintained policies and procedures applicable to it and their respective directors, officers, employees,
agents and representatives in place in respect thereof as are appropriate to prevent and detect violations of laws prohibiting corruption,
bribery and money laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, its Subsidiaries nor, to the knowledge of Yamana, the Yamana JV Entities nor any of its
directors, officers, employees, agents or representatives has (A)&nbsp;conducted or initiated any review, audit or internal investigation
to determine whether, or has concluded that, Yamana, one of its Subsidiaries or one of the Yamana JV Entities or any of their respective
directors, officers, employees, agents or representatives has violated any Laws prohibiting corruption, bribery or money laundering or
committed any wrongdoing thereunder, or (B)&nbsp;made a voluntary, directed or involuntary disclosure to any Governmental Entity responsible
for enforcing anti- corruption, anti-bribery and money laundering Laws, in each case with respect to any alleged act or omission arising
under or relating to non- compliance with any such Laws, or received any notice, request or citation from any Person alleging non-compliance
with any such Laws, other than such actions which have not had and would not reasonably be expected to, individually or in the aggregate,
have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana JV Entities have maintained systems
of internal controls intended to ensure compliance with the <I>Corruption of Foreign Public Officials Act </I>(Canada), the <I>Foreign
Corrupt Practices Act of 1977 </I>(United States) or any similar legislation prohibiting corruption, bribery and money laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT></TD><TD STYLE="text-align: justify"><U>Sanctions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Neither Yamana, nor any of its Subsidiaries or joint ventures, nor any of their respective directors,
officers or employees nor, to the knowledge of Yamana, any agents or Persons acting on any of their behalf: (A)&nbsp;is a Restricted Party;
or (B)&nbsp;has received written notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect
to Sanctions by any Sanctions Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Yamana, any of its Subsidiaries nor, to the knowledge of the Yamana, any director, officer, employee
or agent of Yamana or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are: (A)&nbsp;the subject/target
of any Sanctions, or (B)&nbsp;located, organized or resident in a country or territory that is the subject of Sanctions, including Crimea,
Cuba,&nbsp;Iran, North Korea, and Syria).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Yamana, its Subsidiaries and their respective directors, officers and employees and, to the knowledge
of Yamana, the agents of Yamana and its Subsidiaries are in compliance with all applicable Sanctions in all material respects. Yamana
and its Subsidiaries have instituted and maintain policies and procedures designed to ensure compliance with applicable Sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Yamana represents and covenants that for the past three years, neither Yamana nor any of its Subsidiaries
nor, to the knowledge of Yamana, any director, officer, employee or agent of Yamana has knowingly engaged in, or is now knowingly engaged
in, or will engage in, any dealings or transactions with a Restricted Party or in violation of Sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(hh)</FONT></TD><TD STYLE="text-align: justify"><U>Indigenous Claims</U>. None of Yamana, its Subsidiaries nor, to the knowledge of Yamana, the Yamana
Material JV Entities, has received any written notice of an Indigenous Claim, which relates to either the Yamana Real Property Interests
or the Yamana Mineral Rights or to their respective operations and businesses except for such Indigenous Claims that would not, individually
or in the aggregate, have a Yamana Material Adverse Effect. There are no ongoing or outstanding negotiations with any Indigenous group
concerning an impact benefit or other material agreement between an Indigenous group and Yamana, its Subsidiaries, or any of the Yamana
Material JV Entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Community Groups</U>. To the knowledge of Yamana:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">no authorized legal representative of any community in the vicinity of any of the Yamana Material Properties
has communicated in writing to Yamana or any of its Subsidiaries a requirement that (A)&nbsp;the consent of such community be obtained
as a condition to continued operation of any such properties or (B)&nbsp;a material increase in the compensation payments payable by Yamana
or any of its Subsidiaries under any community development or social framework or similar agreements as a condition to the continued operation
of such properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">other than as disclosed in Section&nbsp;3.1(ii)&nbsp;of the Yamana Disclosure Letter, no dispute exists
or is threatened in writing between community groups and Yamana, its Subsidiaries and, to the knowledge of Yamana, the Yamana Material
JV Entities with respect to their respective businesses, assets and operations, except for such disputes that would not, individually
or in the aggregate, have a Yamana Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT></TD><TD STYLE="text-align: justify"><U>Brokers; Expenses</U>. Except for the fees to be paid to Canaccord Genuity Corp., Stifel Nicolaus Canada
Inc. and Scotia Capital Inc., pursuant to their respective engagement letters with Yamana, true and complete copies of which have been
provided to Pan American, none of Yamana, any of its Subsidiaries, nor any of their respective officers, directors or employees has employed
any broker, finder, investment banker, financial advisor or other Person or incurred any liability for any brokerage fees, commissions,
finder&rsquo;s fees, financial advisory fees or other similar fees in connection with the transactions contemplated by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(kk)</FONT></TD><TD STYLE="text-align: justify"><U>Fairness Opinions</U>. As of the date hereof:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Yamana Special Committee and the Yamana Board have received the Yamana Fairness Opinion to the effect
that as of the date of the Yamana Fairness Opinion, subject to the assumptions and limitations set out therein, the Consideration to be
received by Yamana Shareholders pursuant to the Arrangement is fair from a financial point of view to Yamana Shareholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Yamana has been authorized by Scotia Capital Inc. to permit inclusion of the Yamana Fairness Opinion and
references thereto in the Yamana Circular, subject to its review and approval thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ll)</FONT></TD><TD STYLE="text-align: justify"><U>No &ldquo;Collateral Benefit&rdquo;</U>. To the knowledge of Yamana, no related party of Yamana (within
the meaning of MI 61-101) together with its associated entities, beneficially owns or exercises control or direction over 1% or more of
the outstanding Yamana Shares, except for related parties who will not receive a &ldquo;collateral benefit&rdquo; (within the meaning
of such instrument) as a consequence of the transactions contemplated by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(mm)</FONT></TD><TD STYLE="text-align: justify"><U>HSR Act</U>. Yamana and its Subsidiaries do not hold, and will not hold at the closing of the Arrangement,
assets located in the United States with a value that exceeds US$101 million and Yamana and its Subsidiaries did not generate sales in
or into the United States, the sum of which exceeded US$101 million during Yamana&rsquo;s most recent fiscal year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(nn)</FONT></TD><TD STYLE="text-align: justify"><U>Canadian Assets</U>. Yamana is the sole registered and beneficial owner of, and has good and marketable
title to, all Canadian Assets, free and clear of all Liens other than Permitted Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(oo)</FONT></TD><TD STYLE="text-align: justify"><U>Gold Fields Agreement</U>. As of the date hereof, the Gold Fields Agreement has not been amended and
Yamana has complied with all of the terms and conditions of the Gold Fields Agreement, has performed all of the obligations required to
be performed by it thereunder and is not in breach of such agreement or in default thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(pp)</FONT></TD><TD STYLE="text-align: justify"><U>Permitted Acquisition Agreement</U>. Yamana has provided Gold Fields with: (A)&nbsp;a notice in writing
that the Yamana Board has determined that this Agreement constitutes a Yamana Superior Proposal (as defined in the Gold Fields Agreement);
(B)&nbsp;confirmation of the determination by the Yamana Board of the value or range of values in financial terms that the Yamana Board,
in consultation with its financial advisors, has determined should be ascribed to any non-cash consideration offered under this Agreement;
(C)&nbsp;confirmation of the intention of Yamana to enter into this Agreement as a Permitted Acquisition Agreement (as defined in the
Gold Fields Agreement); and (D)&nbsp;a copy of this Agreement and all supporting materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
4.1<BR>
Representations and Warranties of Pan American</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this schedule, capitalized terms have
the meanings ascribed thereto in the Arrangement Agreement to which this schedule is appended, and the following terms have the following
meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Annual Financial
Statements</B>&rdquo; means the audited consolidated financial statements for Pan American as of and for each of the fiscal years ended
on December&nbsp;31, 2020 and December&nbsp;31, 2021 (including the notes thereto and the auditor&rsquo;s report thereon);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Balance Sheet</B>&rdquo;
has the meaning given to it in Section&nbsp;(m)&nbsp;of this Schedule 4.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Material Properties</B>&rdquo;
has the meaning given to it in Schedule&nbsp;4.1(r)(i)&nbsp;of the Pan American Disclosure Letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Material Subsidiaries</B>&rdquo;
means the entities listed as Pan American Material Subsidiaries in Schedule&nbsp;4.1(d)(ii)&nbsp;of the Pan American Disclosure Letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Mineral Rights</B>&rdquo;
has the meaning given to it in Section&nbsp;(o)(ii)&nbsp;of this Schedule 4.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Real Property
Interests</B>&rdquo; has the meaning given to it in Section&nbsp;(o)(i)&nbsp;of this Schedule 4.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Pan American Shareholder Approval</B>&rdquo;
means the approval of the Pan American Resolution by Pan American Shareholders at the Pan American Meeting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Restricted Party</B>&rdquo;
means a Person that is: (i)&nbsp;&nbsp;listed on, or owned or controlled (directly or indirectly) by a Person listed on, or acting on
behalf of a Person listed on, any Sanctions List, (ii)&nbsp;located in, incorporated under the laws of, or owned or (directly or indirectly)
controlled by, or acting on behalf of, a Person located in or organized under the laws of a country or territory that is the target of
Sanctions, or (iii)&nbsp;otherwise a target of Sanctions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions</B>&rdquo; means
the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i)&nbsp;the United
States government; (ii)&nbsp;the United Nations; (iii)&nbsp;the European Union (iv)&nbsp;the United Kingdom; (v)&nbsp;Canada or (vi)&nbsp;the
respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets
Control of the U.S. Department of Treasury (&ldquo;<B>OFAC</B>&rdquo;), the United States Department of State, Global Affairs Canada
and Her Majesty&rsquo;s Treasury (&ldquo;<B>HMT</B>&rdquo;) or any other relevant sanctions authority (together the &ldquo;<B>Sanctions
Authorities</B>&rdquo;);&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions List</B>&rdquo;
means the &ldquo;Specially Designated Nationals and Blocked Persons&rdquo; list maintained by OFAC, the &ldquo;Consolidated Canadian Autonomous
Sanctions List&rdquo;, the &ldquo;Consolidated List of Financial Sanctions Targets&rdquo; and the &ldquo;Investment Ban List&rdquo; maintained
by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Organization and Qualification</U>. Pan American and each of the Pan American Material Subsidiaries
is a corporation duly incorporated or an entity duly created and validly existing under all applicable Laws of its jurisdiction of incorporation,
continuance or creation and has all corporate power and capacity to own its assets and conduct its business as now owned and conducted.
Pan American and each of the Pan American Material Subsidiaries is duly qualified to carry on business and is in good standing in each
jurisdiction in which its assets and properties, owned, leased, licensed or otherwise held, or the nature of its activities, makes such
qualification necessary, except where the failure to be so registered or in good standing would not, individually or in the aggregate,
have a Pan American Material Adverse Effect. True and complete copies of the constating documents of Pan American have been disclosed
in the Pan American Data Room, and no action has been taken to amend or supersede such constating documents of Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Authority Relative to this Agreement</U>. Pan American has the requisite corporate power and authority
to enter into this Agreement and the agreements and other documents to be entered into by it hereunder and, subject to obtaining Pan American
Shareholder Approval, to perform its obligations hereunder and thereunder. The execution and delivery and performance of this Agreement,
the Arrangement and the agreements and other documents to be entered into by Pan American hereunder and the consummation by Pan American
of the transactions contemplated hereunder and thereunder have been duly authorized by the Pan American Board, and no other corporate
proceedings on the part of Pan American are necessary to authorize this Agreement and the agreements and other documents to be entered
into by it hereunder or the consummation of the Arrangement, other than obtaining approval of the Pan American Circular by the Pan American
Board and the Pan American Shareholder Approval. This Agreement has been duly executed and delivered by Pan American and constitutes a
valid and binding obligation of Pan American, enforceable by Yamana against Pan American in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency and other applicable Laws affecting the enforcement of creditors&rsquo; rights generally
and subject to the qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><U>No Conflict; Required Filings and Consent</U>. Except as set forth in Schedule 4.1(c)&nbsp;of the Pan
American Disclosure Letter, the execution and delivery by Pan American of this Agreement and the performance by it of its obligations
hereunder and the completion of the Arrangement and the other transactions contemplated hereby do not and will not (or would not with
the giving of notice, the lapse of time or both, or the happening of any other event or condition):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">violate, conflict with or result in a breach or default of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">any provision of the articles, by-laws or other constating documents or partnership agreements of Pan
American or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">any Pan American Material Contract or Authorization to which Pan American or any of its Subsidiaries is
a party or by which Pan American or any of its Subsidiaries is bound, except as would not, individually or in the aggregate, have a Pan
American Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">any Law to which Pan American or any of its Subsidiaries is subject or by which Pan American or any of
its Subsidiaries is bound, subject to receipt of the Regulatory Approvals and except as would not, individually or in the aggregate, have
a Pan American Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the
termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Pan American is
entitled, under any Pan American Material Contract or Authorization to which Pan American or any of its Subsidiaries is a party, except
as would not, individually or in the aggregate, have a Pan American Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">give rise to any rights of first refusal or rights of first offer, trigger any change of control provision
or any restriction or limitation, or require any consent or other action by any Person, under any Pan American Material Contract or Authorization,
or result in the imposition of any Lien upon any of Pan American&rsquo;s assets or the assets of any of Pan American&rsquo;s Subsidiaries
except as would not, individually or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Regulatory Approvals,
such filings and approvals required by the applicable rules&nbsp;and policies of the TSX and the Nasdaq, the Interim Order and the Final
Order, no Authorization of, or other action by or in respect of, or filing, recording, registering or publication with, or notification
to, any Governmental Entity is necessary on the part of Pan American or any of its Subsidiaries for the consummation by Pan American of
its obligations in connection with the Arrangement under this Agreement or for the completion of the Arrangement, except for such Authorizations
and filings as to which the failure to obtain or make would not, individually or in the aggregate, have a Pan American Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><U>Subsidiaries</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Pan American has no material Subsidiaries other than the Pan American Material Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Except as set forth in Schedule 4.1(d)(ii)&nbsp;of the Pan American Disclosure Letter, Pan American is,
directly or indirectly, the registered and beneficial owner of with respect to each Pan American Material Subsidiary, all of its issued
and outstanding securities, in each case free and clear of all Liens (other than Permitted Liens), and all of the issued and outstanding
securities of the Pan American Material Subsidiaries have been duly and validly authorized and issued, are fully paid, and if such entity
is a corporation, are non-assessable. No securities of the Pan American Material Subsidiaries have been issued in violation of any Law
or pre-emptive or similar rights. There are no outstanding options, rights, entitlements, understandings or commitments (contingent or
otherwise) regarding the right to acquire any securities or other ownership interests in any of the Pan American Material Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Compliance with Laws and Constating Documents</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The operations of Pan American and its Subsidiaries have been since January&nbsp;1, 2020 and are now being
conducted in material compliance with all Laws of each jurisdiction, the Laws of which have been and are now applicable to the operations
of Pan American, of any of its Subsidiaries, and none of Pan American or any of its Subsidiaries has received any notice of any alleged
violation of any such Laws, other than non-compliance or violations which have not had and would not reasonably be expected to, individually
or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Pan American or any of its Subsidiaries is in conflict with, or in default under or in violation
of its articles or by-laws or equivalent organizational documents except for such violation or default which would not, individually or
in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Authorizations</U>. Except as set forth in Schedule 4.1(f)&nbsp;of the Pan American Disclosure Letter,
Pan American and its Subsidiaries have obtained all material Authorizations necessary for the ownership, operation and use of the assets
of Pan American or its Subsidiaries or otherwise in connection with carrying on the business and operations of Pan American and its Subsidiaries
in compliance with all applicable Laws, except where the failure to have any such Authorization would not, individually or in the aggregate,
have a Pan American Material Adverse Effect. Such Authorizations are in full force and effect in accordance with their terms. Pan American
and its Subsidiaries have fully complied with and are in compliance with all such Authorizations. There is no action, investigation or
proceeding pending or, to the knowledge of Pan American threatened, regarding any such Authorizations, which if successful would, individually
or in the aggregate, have a Pan American Material Adverse Effect. None of Pan American or any of its Subsidiaries or any of their respective
officers or directors, has received any notice, whether written or oral, of revocation or non-renewal or material amendments of any such
Authorizations, or of any intention of any Person to revoke or refuse to renew or to materially amend any of such Authorizations, except
in each case, for revocations, non-renewals or amendments which would not, individually or in the aggregate, have a Pan American Material
Adverse Effect, and all Authorizations of Pan American and its Subsidiaries continue to be effective in order for Pan American and its
Subsidiaries to continue to conduct their respective businesses as they are currently being conducted. To the knowledge of Pan American,
no Person other than Pan American or a wholly owned Subsidiary thereof owns or has any proprietary, financial or other interest (direct
or indirect) in any Authorizations of Pan American or its wholly owned Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Capitalization</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The authorized share capital of Pan American consists of 400,000,000 Pan American Shares. As of the date
of this Agreement there are: (A)&nbsp;210,538,209 Pan American Shares validly issued and outstanding as fully paid and non-assessable
shares of Pan American, and (B)&nbsp;(1)&nbsp;313,883,990 Pan American CVRs convertible into 15,600,034 Pan American Shares; (2)&nbsp;416,826
Pan American RSUs; and (3)&nbsp;202,666 Pan American Options. All Pan American Shares have been, and all Pan American Shares issuable
upon the vesting or exercise of securities convertible into Pan American Shares in accordance with their terms have been duly authorized
and, upon issuance, will be, validly issued as fully paid and non-assessable shares of Pan American and are not and will not be, as applicable,
subject to or issued in violation of, any pre-emptive rights. Except as disclosed above, and as set forth in Schedule 4.1(g)&nbsp;of the
Pan American Disclosure Letter, as of the date of this Agreement, there are no issued, outstanding or authorized options, warrants, conversion
privileges, calls, or pre-emptive, redemption, repurchase, stock appreciation or other rights, shareholder rights plans, agreements, arrangements,
commitments or obligations of Pan American or any of its Subsidiaries to issue or sell any shares in the capital of Pan American or shares,
partnership interests or other equity interests of any of its Subsidiaries or securities or obligations of any kind convertible into,
exchangeable for or otherwise carrying the right or obligation to acquire or subscribed for any shares in the authorized share structure
of Pan American or shares, partnership interests or other equity interests of any of its Subsidiaries or the value of which is based on
the value of the securities of Pan American or any of its Subsidiaries, and other than the Pan American Long Term Incentive Plan, there
are no equity or security based compensation arrangements maintained by Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">All outstanding securities of Pan American have been issued in material compliance with all applicable
Laws and any pre-emptive or similar rights applicable to them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">There are no issued, outstanding or authorized bonds, debentures or other evidences of indebtedness of
Pan American or its Subsidiaries or any other agreements, arrangements, instruments or commitments of any kind outstanding giving any
Person, directly or indirectly, the right to vote (or that are convertible or exercisable for securities having the right to vote) with
Pan American Shareholders on any matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The Pan American Share Consideration to be issued at the Effective Time will be duly authorized and validly
issued by Pan American as fully paid and non-assessable shares of Pan American, free and clear of all Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Shareholder and Similar Agreements</U>. Except as set forth in Schedule 4.1(h)&nbsp;of the Pan American
Disclosure Letter, neither Pan American nor any of its Subsidiaries is party to any shareholder, pooling, voting trust or other similar
agreement or arrangement relating to the issued and outstanding shares in the capital of Pan American or any of its Subsidiaries or pursuant
to which any Person may have any right or claim in connection with any existing or past equity interest in Pan American or any of its
Subsidiaries, and Pan American has not adopted a shareholder rights plan or any other similar plan or agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Stock Exchange Compliance</U>. There is no Order delisting, suspending or cease trading any securities
of Pan American. The Pan American Shares are listed for trading on the TSX and the Nasdaq. The Pan American Shares are not listed on any
exchange other than the TSX and Nasdaq, and Pan American is in compliance in all material respects with the applicable listing rules&nbsp;and
regulations of the TSX and the Nasdaq.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><U>U.S. Securities Law Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Pan American Shares are registered pursuant to Section&nbsp;12(b)&nbsp;of the U.S. Exchange Act and
Pan American is in material compliance with its reporting obligations as a &ldquo;foreign private issuer&rdquo;, as defined in Rule&nbsp;3b-4
under the U.S. Exchange Act, pursuant to Section&nbsp;13 of the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Other than the Pan American Shares and the Pan American CVRs, Pan American does not have any class of
equity securities registered under the U.S. Exchange Act, nor is Pan American currently subject to any reporting obligation pursuant to
Section&nbsp;15(d)&nbsp;of the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Pan American is not an investment company registered or required to be registered under the U.S. <I>Investment
Company Act of 1940</I>, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><U>Reports</U>. Since January&nbsp;1, 2020, Pan American has timely filed or furnished, as applicable,
all Pan American Public Documents that Pan American is required to file or furnish under Canadian Securities Laws and U.S. Securities
Laws, other than such documents that the failure to file or furnish would, individually or in the aggregate, not have a Pan American Material
Adverse Effect. Pan American Public Documents, at the time filed, (i)&nbsp;did not contain any material misrepresentation, (ii)&nbsp;did
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading and (iii)&nbsp;complied in all material
respects with the requirements of applicable Canadian Securities Laws and U.S. Securities Laws. Any amendments to the Pan American Public
Documents required to be made have been filed on a timely basis with the applicable Governmental Entity. Pan American has not filed any
confidential material change report with any Governmental Entity which at the date hereof remains confidential or any other confidential
filings filed under Canadian Securities Laws or with any Governmental Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><U>Financial Statements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Pan American Annual Financial Statements (including the related management&rsquo;s discussion and
analysis) have been, and all financial statements of Pan American (including any notes thereto and related management&rsquo;s discussion
and analysis) which are publicly disseminated by Pan American in respect of any subsequent periods prior to the Effective Date will be,
prepared in accordance with IFRS applied on a basis consistent with prior periods (except where IFRS has changed and new accounting standards
become effective for the subsequent period) and all applicable Laws and present fairly, in all material respects, the assets, liabilities
(whether accrued, absolute, contingent or otherwise), consolidated financial position and its financial performance of Pan American and
its Subsidiaries as of the respective dates thereof and their results of operations and cash flows for the respective periods covered
thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Except as set forth in Schedule 4.1(l)&nbsp;of the Pan American Disclosure Letter, there are no off-balance
sheet transactions, arrangements, obligations (including contingent obligations) or other relationships of Pan American or any of its
Subsidiaries with unconsolidated entities or other Persons which are not reflected in the Pan American Annual Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">The financial books, records and accounts of Pan American and each of its Subsidiaries: (A)&nbsp;have
been maintained, in all material respects, in accordance with IFRS; and (B)&nbsp;accurately and fairly reflect the basis for Pan American&rsquo;s
financial statements in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The management of Pan American has established and maintains a system of disclosure controls and procedures
(as such term is defined in National Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>)
designed to provide reasonable assurance that information required to be disclosed by Pan American in its annual filings, interim filings
or other reports filed or submitted by it under the applicable Laws imposed by Governmental Entities is recorded, processed, summarized
and reported within the time periods specified by such Laws imposed by such Governmental Entities. Such disclosure controls and procedures
include controls and procedures designed to ensure that information required to be disclosed by Pan American in its annual filings, interim
filings or other reports filed or submitted under the applicable Laws imposed by Governmental Entities is accumulated and communicated
to Pan American&rsquo;s management, including its chief executive officer and chief financial officer (or Persons performing similar functions),
as appropriate to allow timely decisions regarding required disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">Pan American maintains internal control over financial reporting (as such term is defined in National
Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>). Such internal control over
financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS and includes policies and procedures that (A)&nbsp;pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Pan
American and its Subsidiaries, (B)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with IFRS, and that receipts and expenditures of Pan American and its Subsidiaries are being made
only with authorizations of management and directors of Pan American and its Subsidiaries, and (C)&nbsp;provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Pan American or its Subsidiaries that
could have a material effect on its financial statements. To the knowledge of Pan American, as of the date of this Agreement (x)&nbsp;there
are no material weaknesses in the design and implementation or maintenance of internal controls over financial reporting of Pan American
that are reasonably likely to adversely affect the ability of Pan American to record, process, summarize and report financial information;
and (y)&nbsp;there is no fraud, whether or not material, that involves management or other employees who have a significant role in the
internal control over financial reporting of Pan American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">Except as set forth in Schedule 4.1(l)&nbsp;of the Pan American Disclosure Letter, none of Pan American,
any of its Subsidiaries, nor any of the respective directors, officers, employees, auditors, accountants or representatives of any of
the foregoing, has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion, or claim, whether
written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods of Pan American or any of its Subsidiaries
or their respective internal accounting controls, including any material complaint, allegation, assertion, or claim that Pan American
or any of its Subsidiaries has engaged in questionable accounting or auditing practices, which has not been resolved to the satisfaction
of the audit committee of the Pan American Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><U>Undisclosed Liabilities</U>. Except as set forth in Schedule 4.1(m)&nbsp;of the Pan American Disclosure
Letter, none of Pan American nor any of its Subsidiaries has any material liabilities or obligations of any nature, whether or not accrued,
contingent, absolute, determined, determinable or otherwise, except for (i)&nbsp;liabilities and obligations that are specifically presented
on the audited condensed consolidated balance sheet of Pan American as of December&nbsp;31, 2021 (the &ldquo;<B>Pan American Balance Sheet</B>&rdquo;)
or disclosed in the notes thereto, (ii)&nbsp;those incurred in the ordinary course of business since the date of the Pan American Balance
Sheet and consistent with past practice and (iii)&nbsp;those incurred in connection with the execution of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><U>Sarbanes-Oxley Compliance</U>. Each of the principal executive officer and the principal financial
officer of Pan American (or each former principal executive officer and each former principal financial officer of Pan American, as applicable)
has made all certifications required by Rule&nbsp;13a-14 or 15d-14 under the U.S. Exchange Act and Sections&nbsp;302 and 906 of the Sarbanes-Oxley
Act with respect to the Pan American Annual Financial Statements and the statements contained in such certifications were true and accurate
in all material respects as of the dates made in such Pan American Annual Financial Statements. For purposes of this Agreement, &ldquo;principal
executive officer&rdquo; and &ldquo;principal financial officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley
Act. Neither Pan American nor any of its Subsidiaries has outstanding (nor has arranged or modified since the enactment of the Sarbanes-Oxley
Act) any &ldquo;extensions of credit&rdquo; (within the meaning of Section&nbsp;402 of the Sarbanes-Oxley Act) to directors or executive
officers (as defined in Rule&nbsp;3b-7 under the U.S. Exchange Act) of Pan American or any of its Subsidiaries. Pan American is in material
compliance with all applicable provisions of the Sarbanes-Oxley Act and the applicable listing rules&nbsp;of the Nasdaq.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><U>Title</U>. Except as set forth in Schedule 4.1(o)&nbsp;of the Pan American Disclosure Letter, Pan American
and its Subsidiaries:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">have good and sufficient title to their real property interests, including fee simple estate of and in
real property, leases, easements, rights of way, permits or licenses from landowners or authorities permitting the use of land by Pan
American and its Subsidiaries, as applicable, necessary to permit the operation of Pan American&rsquo;s business as presently owned and
conducted in all material respects (collectively, &ldquo;<B>Pan American Real Property Interests</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">hold their mineral concession, claims, leases, licenses, permits, access rights and other rights and interests
necessary to explore for, develop, mine, produce, process or refine, minerals, concentrates or ores for development purposes on their
properties (collectively, the &ldquo;<B>Pan American Mineral Rights</B>&rdquo;), free and clear of all Liens (other than Permitted Liens).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify"><U>No Defaults under Leases and Agreements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">None of Pan American nor any of its Subsidiaries has received notice of any default under any of the leases
and other title and operating documents or any other agreement or instrument pertaining to the Pan American Real Property Interests or
the Pan American Mineral Rights to which Pan American or any of its Subsidiaries is a party or by or to which Pan American or any such
assets are bound or subject, except to the extent that such defaults have not had and would not reasonably be expected to, individually
or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">(A)&nbsp;Pan American and its Subsidiaries are in good standing under all, and are not in default under
any, and (B)&nbsp;there is no existing condition, circumstance or matter which constitutes or which, with the passage of time or the giving
of notice or both, would constitute a default under any, leases and other title and operating documents or any other agreements and instruments
pertaining to the Pan American Real Property Interests and the Pan American Mineral Rights to which it is a party or by or to which it
or such assets are bound or subject and, to the knowledge of Pan American, all such leases, title and operating documents and other agreements
and instruments are in good standing and in full force and effect and none of the counterparties to such leases, title and operating documents
and other agreements and instruments is in default thereunder except to the extent that such defaults have not had and would not reasonably
be expected to, individually or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><U>Expropriation</U>. No properties or assets of Pan American or its Subsidiaries subject to the Pan American
Real Property Interests or the Pan American Mineral Rights has been taken or appropriated by any Governmental Entity, nor has any notice
or proceeding in respect thereof been given or commenced, nor, to the knowledge of Pan American, is there any intent or proposal to give
any such notice or to commence any such proceeding, except as would not reasonably be expected to, individually or in the aggregate, have
a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify"><U>Pan American Mineral Reserves and Resources</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Pan American Material Properties are the only material properties of Pan American for the purposes
of NI 43-101.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Each of the technical reports relating to the Pan American Material Properties filed pursuant to NI 43-101
complied in all material respects with the requirements of NI 43-101 at the respective time of filing thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">The estimates of mineral reserves and mineral resources for the Pan American Material Properties were
prepared, in all material respects, in accordance with sound mining, engineering, geoscience and other applicable industry standards and
practices, and in accordance with applicable Laws, including the requirements of NI 43-101. There has been no material reduction in the
aggregate amount of estimated mineral resources or mineral reserves of Pan American from the amounts set forth in the Pan American Public
Documents, other than as a result of production activities in the ordinary course. Except as set forth in Schedule 4.1(r)&nbsp;of the
Pan American Disclosure Letter, all material information regarding the Pan American Material Properties, including all drill results,
technical reports and studies, that are required to be disclosed at Law, have been disclosed in the Pan American Public Documents on or
before the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT></TD><TD STYLE="text-align: justify"><U>Royalties and Rentals Paid</U>. All rentals, royalties, overriding royalty interests, production payments,
net profits, interest burdens, payments and obligations due and payable, or performable, as the case may be, on or prior to the date hereof
under, with respect to, or on account of, any direct or indirect assets of Pan American and its Subsidiaries have been: (i)&nbsp;duly
paid; (ii)&nbsp;duly performed; or (iii)&nbsp;provided for prior to the date hereof, except to the extent that such non-payment, non-performance
or non-provision would not reasonably be expected to, individually or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT></TD><TD STYLE="text-align: justify"><U>Absence of Certain Changes or Events</U>. Since December&nbsp;31, 2021: (i)&nbsp;Pan American and its
Subsidiaries have operated their respective businesses only in the ordinary course of business; (ii)&nbsp;there has not been any Pan American
Material Adverse Effect; and (iii)&nbsp;Pan American and its Subsidiaries have not taken or failed to take any action which, if taken
after the date of this Agreement, would constitute a breach of Section&nbsp;6.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT></TD><TD STYLE="text-align: justify"><U>Litigation</U>. Except as set forth in Schedule 4.1(u)&nbsp;of the Pan American Disclosure Letter,
there is no Proceeding against or involving Pan American or any of its Subsidiaries or any of their respective properties or assets pending
or, to the knowledge of Pan American, threatened and, to the knowledge of Pan American, no event has occurred which would reasonably be
expected to give rise to any Proceeding, in each case which, if adversely determined, would reasonably be expected to have a Pan American
Material Adverse Effect or would prevent, significantly impede or materially delay the ability of Pan American to consummate the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><U>Environmental</U>. Except as has not had and would not reasonably be expected to, individually or in
the aggregate, have a Pan American Material Adverse Effect, the operations of Pan American and each of its Subsidiaries are in compliance
in all material respects with Environmental Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Matters</U>. Except as set forth in Section&nbsp;4.1(w)&nbsp;of the Pan American Disclosure
Letter or otherwise disclosed in the Pan American Public Documents, there is no labour strike, dispute, work slowdown or stoppage&nbsp;pending
or involving, or to the knowledge of Pan American threatened against Pan American or any of its Subsidiaries and no such event has occurred
within the last two years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><U>Ownership of Yamana Shares</U>. None of Pan American nor any of its Subsidiaries or affiliates or any
Person acting jointly or in concert with them in respect of the transactions contemplated by this Agreement beneficially owns or exercises
control or direction over any securities of Yamana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT></TD><TD STYLE="text-align: justify"><U>Taxes</U>. Except as disclosed in Section&nbsp;4.1(y)&nbsp;of the Pan American Disclosure Letter:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">each of Pan American and its Subsidiaries has duly and in a timely manner made or prepared all material
Tax Returns required to be made or prepared by it, and duly and in a timely manner filed all material Tax Returns required to be filed
by it with the appropriate Governmental Entity, and all such Tax Returns were complete and correct in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">each of Pan American and its Subsidiaries has paid all Taxes, including instalments on account of Taxes
for the current year required by applicable Law, which are due and payable by it whether or not assessed by the appropriate Governmental
Entity and Pan American has provided adequate accruals in accordance with IFRS in the most recently published financial statements of
Pan American for any Taxes of Pan American and each of its Subsidiaries for the period covered by such financial statements that have
not been paid whether or not shown as being due on any Tax Returns, except in each case where the failure to do so would not reasonably
be expected to, individually or in the aggregate, have a Pan American Material Adverse Effect. Except as would not reasonably be expected
to, individually or in the aggregate, have a Pan American Material Adverse Effect since such publication date, no liability in respect
of Taxes not reflected in such statements or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued, other
than in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">each of Pan American and its Subsidiaries has duly and timely withheld all Taxes required by Law to be
withheld by it (including Taxes required to be withheld by it in respect of any amount paid or credited or deemed to be paid or credited
by it to or for the benefit of any Person) and has duly and timely remitted to the appropriate Governmental Entity such Taxes or other
amounts required by Law to be remitted by it, except where the failure to do so would not reasonably be expected to, individually or in
the aggregate, have a Pan American Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">each of Pan American and its Subsidiaries has duly and timely collected all amounts on account of any
sales, use or transfer Taxes, including, without limitation, goods and services, harmonized sales, provincial and territorial sales taxes
and state and local taxes, required by Law to be collected by it and has duly and timely remitted to the appropriate Governmental Entity
such amounts required by Law to be remitted by it, except where the failure to do so would not reasonably be expected to, individually
or in the aggregate, have a Pan American Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">there are no material proceedings, investigations, audits or claims now pending in writing against Pan
American or any of its Subsidiaries in respect of any Taxes and there are no matters under discussion, audit or appeal with any Governmental
Entity relating to Taxes, except to the extent that any of the foregoing would not reasonably be expected to, individually or in the aggregate,
have a Pan American Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">neither Pan American nor any of its Subsidiaries has been the &ldquo;distributing corporation&rdquo; or
a &ldquo;controlled corporation&rdquo;, in each case, within the meaning of Section&nbsp;355 of the Code, with respect to a transaction
that was intended to be governed in whole or in part by Section&nbsp;355 of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">there are no Liens for Taxes upon any properties or assets of Pan American or any of its Subsidiaries
(other than Liens (A)&nbsp;relating to Taxes not yet due and payable and for which adequate reserves have been recorded on the most recent
balance sheet included in the Pan American Annual Financial Statements and (B)&nbsp;&nbsp;which would not reasonably be expected to, individually
or in the aggregate, have a Pan American Material Adverse Effect);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">for the purposes of the Tax Act and any other relevant Tax purposes, Pan American and each of its Subsidiaries
is resident in the jurisdiction (or country of which such jurisdiction is a political subdivision) in which it was formed or continued,
and is not resident in any other country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">Pan American is a &ldquo;taxable Canadian corporation&rdquo; as defined in the Tax Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify">for purposes of the Tax Act and for any other relevant Tax purposes, Pan American is resident in Canada
and is not resident in any other country.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT></TD><TD STYLE="text-align: justify"><U>Books and Records</U>. The corporate records and minute books of Pan American and its Subsidiaries
are currently maintained in accordance with applicable Laws and are complete and accurate in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><U>Insurance</U>. Pan American and its Subsidiaries have in place reasonable and prudent insurance policies
that adequately cover all risks as are customarily covered by businesses in the industry in which Pan American and its Subsidiaries operate,
and Pan American and its Subsidiaries are in compliance in all material respects with all requirements with respect to such policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Arm&rsquo;s Length Transactions</U>. Other than as disclosed in the Pan American Public Documents
and other than employment or compensation agreements entered into in the ordinary course of business, no director, officer, employee or
agent of, or independent contractor to, Pan American, any of its Subsidiaries, or holder of record or beneficial owner of 5% or more of
the Pan American Shares, or associate or affiliate of any such officer, director or beneficial owner, is a party to, or beneficiary of,
any loan, guarantee, Contract, arrangement or understanding or other transactions with Pan American or any of its Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT></TD><TD STYLE="text-align: justify"><U>Restrictions on Business Activities</U>. There is no Pan American Material Contract or Order binding
upon Pan American or any of its Subsidiaries that has or could reasonably be expected to have the effect of prohibiting, restricting or
materially impairing any business practice of Pan American or any of its Subsidiaries or the conduct of business by Pan American, any
of its Subsidiaries as currently conducted (including following the transaction contemplated by this Agreement) other than Pan American
Material Contracts or Orders which have not had and would not reasonably be expected to, individually or in the aggregate, have a Pan
American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT></TD><TD STYLE="text-align: justify"><U>Material Contracts</U>. Except as set forth in Schedule 4.1(dd) of the Pan American Disclosure Letter,
true and complete copies of the Pan American Material Contracts have been disclosed in the Pan American Data Room or are part of the Pan
American Public Documents. Pan American and its Subsidiaries have performed in all material respects all of the respective obligations
required to be performed by them under the Pan American Material Contracts and none of Pan American, any of its Subsidiaries is in material
breach or default under any Pan American Material Contract to which it is a party or bound. To the knowledge of Pan American, there is
no material breach or default under any such Pan American Material Contract by any other party thereto. All Pan American Material Contracts
are legal, valid, binding and in full force and effect and are enforceable by Pan American (or a Subsidiary of Pan American, as the case
may be) in accordance with their respective terms (subject to bankruptcy, insolvency and other applicable Laws affecting creditors&rsquo;
rights generally, and to general principles of equity). Pan American has not received any written or, to the knowledge of Pan American,
other notice that any party to a Pan American Material Contract intends to cancel, terminate or otherwise modify or not renew its relationship
with Pan American or any of its Subsidiaries, and, to the knowledge of Pan American, no such action has been threatened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT></TD><TD STYLE="text-align: justify"><U>Anti-Corruption.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">None of Pan American nor its Subsidiaries, nor any of their directors, officers, employees, agents or
representatives has, directly or indirectly, offered, promised, agreed, paid, authorized, given or taken any act in furtherance of any
such offer, promise, agreement, payment or authorization on behalf of Pan American or its Subsidiaries, anything of value, directly or
indirectly, to any official of a Governmental Entity, any political party or official thereof or any candidate for political office, for
the purpose of any of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">influencing any action or decision of such Person in such Person&rsquo;s official capacity, including
a decision to fail to perform such Person&rsquo;s official function in order to obtain or retain an advantage in the course of business;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">inducing such Person to use such Person&rsquo;s influence with any Governmental Entity to affect or influence
any act or decision of such Governmental Entity to assist Pan American or one of its Subsidiaries in obtaining or retaining business for,
with, or directing business to, any Person or otherwise to obtain or retain an advantage in the course of business; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">to assist Pan American or one of its Subsidiaries in obtaining or retaining business for, with, or directing
business to, any Person, whether through a bribe, rebate, payoff, influence payment, kickback or illegal or improper payment,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">other than such actions which have not
had and would not reasonably be expected to, individually or in the aggregate, have a Pan American Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Pan American nor its Subsidiaries, nor any of their directors, officers, employees, agents or
representatives has taken any action that is inconsistent with or prohibited by or would cause Pan American or one of its Subsidiaries
to be in violation of the substantive prohibitions or requirements of the <I>Foreign Corrupt Practices Act of 1977</I> (United States)
or any similar legislation prohibiting corruption, bribery and money laundering in any jurisdiction in which it conducts its business
and to which it is subject and all contracts and arrangements between Pan American or one of its Subsidiaries and any other Person are
in compliance with such laws, other than such actions which have not had and would not reasonably be expected to, individually or in the
aggregate, have a Pan American Material Adverse Effect. Since January&nbsp;1, 2020, Pan American and its Subsidiaries have maintained
policies and procedures applicable to it and their respective directors, officers, employees, agents and representatives in place in respect
thereof as are appropriate to prevent and detect violations of laws prohibiting corruption, bribery and money laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">None of Pan American nor its Subsidiaries, nor any of their directors, officers, employees, agents or
representatives has (A)&nbsp;conducted or initiated any review, audit or internal investigation to determine whether, or has concluded
that, Pan American or one of its Subsidiaries or any of their respective directors, officers, employees, agents or representatives has
violated any Laws prohibiting corruption, bribery or money laundering or committed any wrongdoing thereunder, or (B)&nbsp;made a voluntary,
directed or involuntary disclosure to any Governmental Entity responsible for enforcing anti- corruption, anti-bribery and money laundering
Laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance with any such Laws, or received
any notice, request or citation from any Person alleging non-compliance with any such Laws, other than such actions which have not had
and would not reasonably be expected to, individually or in the aggregate, have a Pan American Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Pan American and its Subsidiaries have maintained systems of internal controls intended to ensure compliance
with the <I>Foreign Corrupt Practices Act of 1977</I> (United States) or any similar legislation prohibiting corruption, bribery and money
laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ff)</FONT></TD><TD STYLE="text-align: justify"><U>Sanctions.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Neither Pan American, nor any of its Subsidiaries or joint ventures, nor any of their respective directors,
officers or employees nor, to the knowledge of Pan American, any agents or Persons acting on any of their behalf: (A)&nbsp;is a Restricted
Party; or (B)&nbsp;has received written notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to Sanctions by any Sanctions Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Pan American, any of its Subsidiaries nor, to the knowledge of the Pan American, any director,
officer, employee or agent of Pan American or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are:
(A)&nbsp;the subject/target of any Sanctions, or (B)&nbsp;located, organized or resident in a country or territory that is the subject
of Sanctions, including Crimea, Cuba,&nbsp;Iran, North Korea, and Syria.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Pan American represents and covenants that for the past three years, neither Pan American nor any of its
Subsidiaries nor, to the knowledge of Pan American, any director, officer, employee or agent of Pan American has knowingly engaged in,
or is now knowingly engaged in, or will engage in, any dealings or transactions with a Restricted Party or in violation of Sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT></TD><TD STYLE="text-align: justify"><U>Brokers; Expenses</U>. Except for the fees to be paid to BMO Nesbitt Burns Inc., GenCap Mining Advisory
Ltd. and National Bank Financial,&nbsp;Inc. pursuant to their engagement letters with Pan American, true and complete copies of which
have been provided to Yamana, none of Pan American nor any of its Subsidiaries nor any of their respective officers, directors or employees
has employed any broker, finder, investment banker, financial advisor or other Person or incurred any liability for any brokerage fees,
commissions, finder&rsquo;s fees, financial advisory fees or other similar fees in connection with the transactions contemplated by this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(hh)</FONT></TD><TD STYLE="text-align: justify"><U>Freely Tradeable Shares</U>. The Pan American Share Consideration to be issued pursuant to the Arrangement
shall be registered or qualified for distribution, or exempt from or not subject to any requirement for registration or qualification
for distribution, under Canadian Securities Laws, U.S. federal securities laws and the state securities Laws of each U.S. state where
holders entitled to receive such shares are located. Such securities shall not be &ldquo;restricted securities&rdquo; within the meaning
of Rule&nbsp;144 under the U.S. Securities Act, and shall not be subject to any &ldquo;hold period&rdquo; resale restrictions under National
Instrument 45-102 &ndash; <I>Resale of Securities </I>of the Canadian Securities Authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Investment Canada Act</U>. Pan American is not a non-Canadian within the meaning of the <I>Investment
Canada Act</I> (Canada).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT></TD><TD STYLE="text-align: justify"><U>Indicative Credit Rating and Financing Commitments</U>. Pan American has received an indicative credit
rating of BBB- stable from S&amp;P Global Ratings and Baa3 from Moody&rsquo;s and has received financing commitments from Canadian chartered
banks which, with funds available under Pan American&rsquo;s credit facilities, are sufficient to repay any obligations resulting from
a change of control under the Yamana Senior Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
5.1<BR>
Representations and Warranties of Agnico</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this schedule, capitalized terms have
the meanings ascribed thereto in the Arrangement Agreement to which this schedule is appended, and the following terms have the following
meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Annual Financial Statements</B>&rdquo;
means the audited consolidated financial statements for Agnico as of and for each of the fiscal years ended on December&nbsp;31, 2020
and December&nbsp;31, 2021 (including the notes thereto and the auditor&rsquo;s report thereon);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Balance Sheet</B>&rdquo;
has the meaning given to it in Section&nbsp;(k)&nbsp;of this Schedule 5.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Data Room</B>&rdquo;
means the material contained in the virtual data room established by Agnico as at 11:59 p.m.&nbsp;(Eastern time) on November&nbsp;2, 2022;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Incentive Share Purchase
Plan</B>&rdquo; means the incentive share purchase plan of Agnico; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Agnico Options</B>&rdquo;
means options to purchase Agnico Shares granted under the stock option plan in respect of Agnico;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Organization and Qualification</U>. Agnico is a corporation duly incorporated and validly existing
under all applicable Laws of its jurisdiction of incorporation, and has all corporate power and capacity to own its assets and conduct
its business as now owned and conducted. Agnico is duly qualified to carry on business and is in good standing in each jurisdiction in
which its assets and properties, owned, leased, licensed or otherwise held, or the nature of its activities, makes such qualification
necessary, except where the failure to be so registered or in good standing would not, individually or in the aggregate, have an Agnico
Material Adverse Effect. True and complete copies of the constating documents of Agnico have been disclosed in the Agnico Data Room, and
no action has been taken to amend or supersede such constating documents of Agnico.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Authority Relative to this Agreement</U>. Agnico has the requisite corporate power and authority to
enter into this Agreement and the agreements and other documents to be entered into by it hereunder and to perform its obligations hereunder
and thereunder. The execution and delivery and performance of this Agreement, the Arrangement and the agreements and other documents to
be entered into by Agnico hereunder and the consummation by Agnico of the transactions contemplated hereunder and thereunder have been
duly authorized by the Agnico Board, and no other corporate proceedings on the part of Agnico are necessary to authorize this Agreement
and the agreements and other documents to be entered into by it hereunder or the consummation of the Arrangement. This Agreement has been
duly executed and delivered by Agnico and constitutes a valid and binding obligation of Agnico, enforceable against Agnico in accordance
with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency and other applicable Laws affecting the enforcement
of creditors&rsquo; rights generally and subject to the qualification that equitable remedies may be granted only in the discretion of
a court of competent jurisdiction. A vote of the shareholders of Agnico is not required in connection with this Agreement or the transactions
contemplated by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><U>No Conflict; Required Filings and Consent</U>. The execution and delivery by Agnico of this Agreement
and the performance by it of its obligations hereunder and the completion of the Arrangement and the other transactions contemplated hereby
do not and will not (or would not with the giving of notice, the lapse of time or both, or the happening of any other event or condition):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">violate, conflict with or result in a breach or default of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">any provision of the articles of incorporation, by-laws or other organizational documents of Agnico, except
as would not, individually or in the aggregate, have a Agnico Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">any Agnico Material Contract to which Agnico or any of its Subsidiaries is bound, except as would not,
individually or in the aggregate, have a Agnico Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">any Law to which Agnico or any of its Subsidiaries is subject or by which Agnico or any of its Subsidiaries
is bound, subject to receipt of the Regulatory Approvals and except as would not, individually or in the aggregate, have a Agnico Material
Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the
termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Agnico is entitled,
under any Agnico Material Contract or Authorization to which Agnico or any of its Subsidiaries is a party, except as would not, individually
or in the aggregate, have a Agnico Material Adverse Effect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">give rise to any rights of first refusal or rights of first offer, trigger any change of control provision
or any restriction or limitation, or require any consent or other action by any Person, under any Agnico Material Contract, or result
in the imposition of any Lien upon any of Agnico&rsquo;s assets or the assets of any of Agnico&rsquo;s Subsidiaries except as would not,
individually or in the aggregate, have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Other than the Regulatory Approvals, such
filings and approvals required by the applicable rules&nbsp;and policies of the TSX and the NYSE, the Interim Order and the Final Order,
no Authorization of, or other action by or in respect of, or filing, recording, registering or publication with, or notification to, any
Governmental Entity is necessary on the part of Agnico or any of its Subsidiaries for the consummation by Agnico of its obligations in
connection with the Arrangement under this Agreement or for the completion of the Arrangement, except for such Authorizations and filings
as to which the failure to obtain or make would not, individually or in the aggregate, have a Agnico Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><U>Available Funds</U>. Agnico has, and will have at the Effective Time, sufficient available funds to
consummate the Arrangement and pay the aggregate Cash Consideration on the terms and subject to the conditions set forth herein and in
the Plan of Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Compliance with Laws and Constating Documents</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The operations of Agnico and its Subsidiaries have been since January&nbsp;1, 2020 and are now being conducted
in material compliance with all Laws of each jurisdiction, the Laws of which have been and are now applicable to the operations of Agnico,
of any of its Subsidiaries, and none of Agnico or any of its Subsidiaries has received any notice of any alleged violation of any such
Laws, other than non-compliance or violations which have not had and would not reasonably be expected to, individually or in the aggregate,
have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Agnico or any of its Subsidiaries is in conflict with, or in default under or in violation of
its articles or by-laws or equivalent organizational documents except for such violation or default which would not, individually or in
the aggregate, have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Capitalization</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The authorized share capital of Agnico consists of an unlimited number of Agnico Shares. As of the date
of this Agreement there are: (1)&nbsp;455,938,401 Agnico Shares validly issued and outstanding as fully paid and non-assessable shares
of Agnico; and (2)&nbsp;5,431,192 Agnico Options. All Agnico Shares have been, and all Agnico Shares issuable upon the vesting or exercise
of securities convertible into Agnico Shares in accordance with their terms have been duly authorized and, upon issuance, will be, validly
issued as fully paid and non-assessable shares of Agnico and are not and will not be, as applicable, subject to or issued in violation
of, any pre-emptive rights. Except as disclosed above, as of the date of this Agreement, there are no issued, outstanding or authorized
options, warrants, conversion privileges, calls, or pre-emptive, redemption, repurchase, stock appreciation or other rights, shareholder
rights plans, agreements, arrangements, commitments or obligations of Agnico or any of its Subsidiaries to issue or sell any shares in
the capital of Agnico or shares, partnership interests or other equity interests of any of its Subsidiaries or securities or obligations
of any kind convertible into, exchangeable for or otherwise carrying the right or obligation to acquire or subscribe for any shares in
the authorized share structure of Agnico or shares, partnership interests or other equity interests of any of its Subsidiaries or the
value of which is based on the value of the securities of Agnico or any of its Subsidiaries, and other than the Agnico Incentive Share
Purchase Plan and the Agnico Option Plan, there are no equity or security based compensation arrangements maintained by Agnico.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">All outstanding securities of Agnico have been issued in material compliance with all applicable Laws
and any pre-emptive or similar rights applicable to them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">There are no issued, outstanding or authorized bonds, debentures or other evidences of indebtedness of
Agnico or its Subsidiaries or any other agreements, arrangements, instruments or commitments of any kind outstanding giving any Person,
directly or indirectly, the right to vote (or that are convertible or exercisable for securities having the right to vote) with Agnico
Shareholders on any matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The Agnico Share Consideration to be issued at the Effective Time will be duly authorized and validly
issued by Agnico as fully paid and non-assessable shares of Agnico, free and clear of all Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Stock Exchange Compliance</U>. There is no Order delisting, suspending or cease trading any securities
of Agnico. The Agnico Shares are listed for trading on the TSX and the NYSE. The Agnico Shares are not listed on any exchange other than
the TSX and NYSE, and Agnico is in compliance in all material respects with the applicable listing rules&nbsp;and regulations of the TSX
and the NYSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><U>U.S. Securities Law Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Agnico Shares are registered pursuant to Section&nbsp;12(b)&nbsp;of the U.S. Exchange Act and Agnico
is in material compliance with its reporting obligations as a &ldquo;foreign private issuer&rdquo;, as defined in Rule&nbsp;3b-4 under
the U.S. Exchange Act, pursuant to Section&nbsp;13 of the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Other than the Agnico Shares and the Agnico CVRs, Agnico does not have any class of equity securities
registered under the U.S. Exchange Act, nor is Agnico currently subject to any reporting obligation pursuant to Section&nbsp;15(d)&nbsp;of
the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Agnico is not an investment company registered or required to be registered under the U.S. <I>Investment
Company Act of 1940</I>, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Reports</U>. Since January&nbsp;1, 2020, Agnico has timely filed or furnished, as applicable, all Agnico
Public Documents that Agnico is required to file or furnish under Canadian Securities Laws and U.S. Securities Laws, other than such documents
that the failure to file or furnish would, individually or in the aggregate, not have a Agnico Material Adverse Effect. Agnico Public
Documents, at the time filed, (i)&nbsp;did not contain any material misrepresentation, (ii)&nbsp;did not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading and (iii)&nbsp;complied in all material respects with the requirements
of applicable Canadian Securities Laws and U.S. Securities Laws. Any amendments to the Agnico Public Documents required to be made have
been filed on a timely basis with the applicable Governmental Entity. Agnico has not filed any confidential material change report with
any Governmental Entity which at the date hereof remains confidential or any other confidential filings filed under Canadian Securities
Laws or with any Governmental Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><U>Financial Statements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The Agnico Annual Financial Statements (including the related management&rsquo;s discussion and analysis)
have been, and all financial statements of Agnico (including any notes thereto and related management&rsquo;s discussion and analysis)
which are publicly disseminated by Agnico in respect of any subsequent periods prior to the Effective Date will be, prepared in accordance
with IFRS applied on a basis consistent with prior periods (except where IFRS has changed and new accounting standards become effective
for the subsequent period) and all applicable Laws and present fairly, in all material respects, the assets, liabilities (whether accrued,
absolute, contingent or otherwise), consolidated financial position and its financial performance of Agnico and its Subsidiaries as of
the respective dates thereof and their results of operations and cash flows for the respective periods covered thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">There are no off-balance sheet transactions, arrangements, obligations (including contingent obligations)
or other relationships of Agnico or any of its Subsidiaries with unconsolidated entities or other Persons which are not reflected in the
Agnico Annual Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">The financial books, records and accounts of Agnico and each of its Subsidiaries: (A)&nbsp;have been maintained,
in all material respects, in accordance with IFRS; and (B)&nbsp;accurately and fairly reflect the basis for Agnico&rsquo;s financial statements
in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">The management of Agnico has established and maintains a system of disclosure controls and procedures
(as such term is defined in National Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>)
designed to provide reasonable assurance that information required to be disclosed by Agnico in its annual filings, interim filings or
other reports filed or submitted by it under the applicable Laws imposed by Governmental Entities is recorded, processed, summarized and
reported within the time periods specified by such Laws imposed by such Governmental Entities. Such disclosure controls and procedures
include controls and procedures designed to ensure that information required to be disclosed by Agnico in its annual filings, interim
filings or other reports filed or submitted under the applicable Laws imposed by Governmental Entities is accumulated and communicated
to Agnico&rsquo;s management, including its chief executive officer and chief financial officer (or Persons performing similar functions),
as appropriate to allow timely decisions regarding required disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">Agnico maintains internal control over financial reporting (as such term is defined in National Instrument
52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>). Such internal control over financial
reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with IFRS and includes policies and procedures that (A)&nbsp;pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Agnico and its Subsidiaries,
(B)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with IFRS, and that receipts and expenditures of Agnico and its Subsidiaries are being made only with authorizations of management and
directors of Agnico and its Subsidiaries, and (C)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the assets of Agnico or its Subsidiaries that could have a material effect on its financial statements.
To the knowledge of Agnico, as of the date of this Agreement (x)&nbsp;there are no material weaknesses in the design and implementation
or maintenance of internal controls over financial reporting of Agnico that are reasonably likely to adversely affect the ability of Agnico
to record, process, summarize and report financial information; and (y)&nbsp;there is no fraud, whether or not material, that involves
management or other employees who have a significant role in the internal control over financial reporting of Agnico.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">None of Agnico, any of its Subsidiaries, nor any of the respective directors, officers, employees, auditors,
accountants or representatives of any of the foregoing, has received or otherwise had or obtained knowledge of any material complaint,
allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or
methods of Agnico or any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation,
assertion, or claim that Agnico or any of its Subsidiaries has engaged in questionable accounting or auditing practices, which has not
been resolved to the satisfaction of the audit committee of the Agnico Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><U>Undisclosed Liabilities</U>. None of Agnico nor any of its Subsidiaries has any material liabilities
or obligations of any nature, whether or not accrued, contingent, absolute, determined, determinable or otherwise, except for (i)&nbsp;liabilities
and obligations that are specifically presented on the audited condensed consolidated balance sheet of Agnico as of December&nbsp;31,
2021 (the &ldquo;<B>Agnico Balance Sheet</B>&rdquo;) or disclosed in the notes thereto, (ii)&nbsp;those incurred in the ordinary course
of business since the date of the Agnico Balance Sheet and consistent with past practice and (iii)&nbsp;those incurred in connection with
the execution of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><U>Absence of Certain Changes or Events</U>. Since December&nbsp;31, 2021 there has not been any Agnico
Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><U>Taxes</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Each of Agnico and its Subsidiaries has duly and in a timely manner made or prepared all material Tax
Returns required to be made or prepared by it, and duly and in a timely manner filed all material Tax Returns required to be filed by
it with the appropriate Governmental Entity, and all such Tax Returns were complete and correct in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">Each of Agnico and its Subsidiaries has paid all Taxes, including instalments on account of Taxes for
the current year required by applicable Law, which are due and payable by it whether or not assessed by the appropriate Governmental Entity
and Agnico has provided adequate accruals in accordance with IFRS in the most recently published financial statements of Agnico for any
Taxes of Agnico and each of its Subsidiaries for the period covered by such financial statements that have not been paid whether or not
shown as being due on any Tax Returns, except in each case where the failure to do so would not reasonably be expected to, individually
or in the aggregate, have a Agnico Material Adverse Effect. Except as would not reasonably be expected to, individually or in the aggregate,
have a Agnico Material Adverse Effect since such publication date, no liability in respect of Taxes not reflected in such statements or
otherwise provided for has been assessed, proposed to be assessed, incurred or accrued, other than in the ordinary course of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">Each of Agnico and its Subsidiaries has duly and timely withheld all Taxes required by Law to be withheld
by it in connection with any amounts paid or owing to any employee, independent contractor, supplier, creditor, shareholder, non- resident
or other third party (including Taxes required to be withheld by it in respect of any amount paid or credited or deemed to be paid or
credited by it to or for the benefit of any Person) and has duly and timely remitted to the appropriate Governmental Entity such Taxes
or other amounts required by Law to be remitted by it, except where the failure to do so would not reasonably be expected to, individually
or in the aggregate, have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Each of Agnico and its Subsidiaries has duly and timely collected all amounts on account of any sales,
use or transfer Taxes, including, without limitation, goods and services, harmonized sales, provincial and territorial sales taxes and
state and local taxes, required by Law to be collected by it and has duly and timely remitted to the appropriate Governmental Entity such
amounts required by Law to be remitted by it, except where the failure to do so would not reasonably be expected to, individually or in
the aggregate, have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">There are no material proceedings, investigations, audits or claims now pending in writing against Agnico
or any of its Subsidiaries in respect of any Taxes and there are no matters under discussion, audit or appeal with any Governmental Entity
relating to Taxes, except to the extent that any of the foregoing would not reasonably be expected to, individually or in the aggregate,
have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">Neither Agnico nor any of its Subsidiaries has been the &ldquo;distributing corporation&rdquo; or a &ldquo;controlled
corporation&rdquo;, in each case, within the meaning of Section&nbsp;355 of the Code, with respect to a transaction that was intended
to be governed in whole or in part by Section&nbsp;355 of the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">There are no Liens for Taxes upon any properties or assets of Agnico or any of its Subsidiaries (other
than Liens (A)&nbsp;relating to Taxes not yet due and payable and for which adequate reserves have been recorded on the most recent balance
sheet included in the Agnico Annual Financial Statements and (B)&nbsp;&nbsp;which would not reasonably be expected to, individually or
in the aggregate, have a Agnico Material Adverse Effect).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">For the purposes of the Tax Act and any other relevant Tax purposes, Agnico and each of its Subsidiaries
is resident in the jurisdiction (or country of which such jurisdiction is a political subdivision) in which it was formed or continued,
and is not resident in any other country.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">For purposes of the Tax Act and for any other relevant Tax purposes, Agnico is resident in Canada and
is not resident in any other country.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><U>Litigation</U>. There is no Proceeding against or involving Agnico or any of its Subsidiaries or any
of their respective properties or assets pending or, to the knowledge of Agnico, threatened and, to the knowledge of Agnico, no event
has occurred which would reasonably be expected to give rise to any Proceeding, in each case which, if adversely determined, would reasonably
be expected to have a Agnico Material Adverse Effect or would significantly impede the ability of Agnico to consummate the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><U>Anti-Corruption.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">None of Agnico nor its Subsidiaries, nor any of their directors, officers, employees, agents or representatives
has, directly or indirectly, offered, promised, agreed, paid, authorized, given or taken any act in furtherance of any such offer, promise,
agreement, payment or authorization on behalf of Agnico or its Subsidiaries, anything of value, directly or indirectly, to any official
of a Governmental Entity, any political party or official thereof or any candidate for political office, for the purpose of any of the
following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">influencing any action or decision of such Person in such Person&rsquo;s official capacity, including
a decision to fail to perform such Person&rsquo;s official function in order to obtain or retain an advantage in the course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">inducing such Person to use such Person&rsquo;s influence with any Governmental Entity to affect or influence
any act or decision of such Governmental Entity to assist Agnico or one of its Subsidiaries in obtaining or retaining business for, with,
or directing business to, any Person or otherwise to obtain or retain an advantage in the course of business; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">to assist Agnico or one of its Subsidiaries in obtaining or retaining business for, with, or directing
business to, any Person, whether through a bribe, rebate, payoff, influence payment, kickback or illegal or improper payment,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">other than such actions which have not
had and would not reasonably be expected to, individually or in the aggregate, have a Agnico Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">None of Agnico nor its Subsidiaries, nor any of their directors, officers, employees, agents or representatives
has taken any action that is inconsistent with or prohibited by or would cause Agnico or one of its Subsidiaries to be in violation of
the substantive prohibitions or requirements of the <I>Foreign Corrupt Practices Act of 1977</I> (United States) or any similar legislation
prohibiting corruption, bribery and money laundering in any jurisdiction in which it conducts its business and to which it is subject
and all contracts and arrangements between Agnico or one of its Subsidiaries and any other Person are in compliance with such laws, other
than such actions which have not had and would not reasonably be expected to, individually or in the aggregate, have a Agnico Material
Adverse Effect. Since January&nbsp;1, 2020, Agnico and its Subsidiaries have maintained policies and procedures applicable to it and their
respective directors, officers, employees, agents and representatives in place in respect thereof as are appropriate to prevent and detect
violations of laws prohibiting corruption, bribery and money laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">None of Agnico nor its Subsidiaries, nor any of their directors, officers, employees, agents or representatives
has (A)&nbsp;conducted or initiated any review, audit or internal investigation to determine whether, or has concluded that, Agnico or
one of its Subsidiaries or any of their respective directors, officers, employees, agents or representatives has violated any Laws prohibiting
corruption, bribery or money laundering or committed any wrongdoing thereunder, or (B)&nbsp;made a voluntary, directed or involuntary
disclosure to any Governmental Entity responsible for enforcing anti- corruption, anti-bribery and money laundering Laws, in each case
with respect to any alleged act or omission arising under or relating to non- compliance with any such Laws, or received any notice, request
or citation from any Person alleging non-compliance with any such Laws, other than such actions which have not had and would not reasonably
be expected to, individually or in the aggregate, have a Agnico Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">Agnico and its Subsidiaries have maintained systems of internal controls intended to ensure compliance
with the <I>Foreign Corrupt Practices Act of 1977</I> (United States) or any similar legislation prohibiting corruption, bribery and money
laundering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify"><U>Freely Tradeable Shares</U>. The Agnico Share Consideration to be issued pursuant to the Arrangement
shall be registered or qualified for distribution, or exempt from or not subject to any requirement for registration or qualification
for distribution, under Canadian Securities Laws, U.S. federal securities laws and the state securities Laws of each U.S. state where
holders entitled to receive such shares are located. Such securities shall not be &ldquo;restricted securities&rdquo; within the meaning
of Rule&nbsp;144 under the U.S. Securities Act, and shall not be subject to any &ldquo;hold period&rdquo; resale restrictions under National
Instrument 45-102 &ndash; <I>Resale of Securities </I>of the Canadian Securities Authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><U>Investment Canada Act</U>. Agnico is not a non-Canadian within the meaning of the <I>Investment Canada
Act</I> (Canada).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.3
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<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;8, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">TO:</TD><TD>Pan American Silver Corp. (&ldquo;<B>Pan American</B>&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>AND:</TD><TD>Agnico Eagle Mines Limited (&ldquo;<B>Agnico</B>&rdquo;)</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(together, the &ldquo;<B>Acquirors</B>&rdquo;)</TD></TR>
                                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Re: Voting and Support Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BACKGROUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, &#9679; (the &ldquo;<B>Holder</B>&rdquo;),
understands that (a)&nbsp;the Acquirors and Yamana Gold Inc. (the &ldquo;<B>Company</B>&rdquo;) entered into an arrangement agreement
dated as of November&nbsp;4, 2022 (the &ldquo;<B>Arrangement Agreement</B>&rdquo;) contemplating among other things, subject to the terms
thereof, the acquisition by Pan American, of all of the issued and outstanding common shares of the Company (&ldquo;<B>Yamana Shares</B>&rdquo;)
pursuant to a plan of arrangement under the provisions of the <I>Canada Business Corporations Act</I>; (b)&nbsp;the board of directors
of the Company has determined that the Arrangement Agreement constitutes a Yamana Superior Proposal as defined under the arrangement agreement
between Gold Fields Limited and the Company dated May&nbsp;31, 2022; and (c)&nbsp;the Activation Time (as defined in the Arrangement Agreement)
has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used in this letter agreement
not otherwise defined herein shall have the respective meanings given to them in the Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holder is the beneficial owner of, or exercises
control or direction over, the number of Yamana Shares (the &ldquo;<B>Holder Shares</B>&rdquo;), Yamana PSUs (the &ldquo;<B>Holder PSUs</B>&rdquo;),
Yamana RSUs (the &ldquo;<B>Holder RSUs</B>&rdquo;) and Yamana DSUs (the &ldquo;<B>Holder DSUs</B>&rdquo;), as applicable, set out in Appendix
A hereto. The Holder Shares, Holder PSUs, Holder RSUs and Holder DSUs, together with any other securities of the Company directly or indirectly
acquired by or issued to the Holder during the term of this letter agreement, are collectively referred to herein as the &ldquo;<B>Holder
Securities</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE HOLDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holder hereby covenants and agrees, in his/her/its
capacity as securityholder and not in any capacity as an officer or director of the Company, from the date hereof until the termination
of this letter agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">at any meeting of shareholders of the Company to be held to consider the Arrangement Resolution (including
the Yamana Meeting) or any of the other transactions contemplated by the Arrangement Agreement, or any adjournment or postponement thereof
or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting) with respect
to the Arrangement or any transactions contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted
as present for purposes of establishing quorum and to vote or to cause to be voted (and not withdraw any proxies or change the Holder&rsquo;s
vote in respect thereof) the Holder Shares and any other Holder Securities entitled to be voted in respect of such matter, if any (a)&nbsp;in
favour of the approval, consent, ratification and adoption of the Arrangement Resolution and any other matter necessary for the consummation
of the Arrangement, and (b)&nbsp;against any resolution, action, proposal, transaction or agreement proposed by any other Person, that
could reasonably be expected to adversely affect or reduce the likelihood of the successful completion of the Arrangement or delay or
interfere with the completion of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">no later than ten Business Days prior to the Yamana Meeting, to deliver or to cause to be delivered to
the Company&rsquo;s transfer agent duly executed proxies or voting information forms, as applicable, in respect of all of the Holder Securities
which the Holder is entitled to vote (a)&nbsp;instructing the holder thereof to vote (i)&nbsp;in favour of the Arrangement Resolution
and any other matter necessary for the consummation of the Arrangement, and (ii)&nbsp;against any matter that could reasonably be expected
to adversely affect or reduce the likelihood of the successful completion of the Arrangement or delay or interfere with the completion
of the Arrangement, and (b)&nbsp;naming those individuals as may be designated by the Company in the management information circular prepared
in connection with the meeting of shareholders of the Company at which the Arrangement Resolution will be voted on;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">not to exercise any rights to dissent or rights of appraisal in connection with the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">not to take any other action of any kind, including voting or not voting any of the Holder Securities,
that would reasonably be expected to preclude, delay or interfere with the completion of the Arrangement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">not to, directly or indirectly, sell, transfer, pledge or assign or agree to sell, transfer, pledge or
assign any of the Holder Securities or any interest therein without the Acquirors&rsquo; prior written consent, other than (i)&nbsp;pursuant
to the Arrangement or any other transactions contemplated by the Arrangement Agreement, and (ii)&nbsp;with respect to the sale of any
Yamana Shares issued upon vesting of the Holder RSUs that vest prior to the completion of the Arrangement in order to satisfy any tax
liabilities that arise in connection therewith; provided that nothing contained herein shall prohibit the Holder from exercising any rights
under the Holder Securities to acquire Yamana Shares (which Yamana Shares will be subject to the terms of this letter agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holder hereby represents and warrants to each
of the Acquirors, and acknowledges that each of the Acquirors are relying on such representations and warranties in connection with entering
into this letter agreement and the Arrangement Agreement, that: (a)&nbsp;the Holder has the legal capacity to enter into and perform his/her/its
obligations under this letter agreement; (b)&nbsp;the Holder is, and on the record date of the Yamana Meeting will be, the beneficial
owner of, or exercise control or direction over, the Holder Securities, with good title thereto free and clear of any and all Liens; (c)&nbsp;the
Holder has the sole and exclusive right to vote (if applicable) and sell all of the Holder Securities, and, other than pursuant to this
letter agreement, none of the Holder Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote pooling
or other agreement with respect to the right to vote, call meetings of shareholders or give consents or approvals of any kind; (d)&nbsp;except
for the Arrangement Agreement, no Person has any agreement or option, or any right or privilege (whether by law, pre-emptive or contractual)
capable of becoming an agreement or option for the purchase, acquisition or transfer from the Holder of any of the Holder Securities or
any interest therein or right thereto; (e)&nbsp;the only securities of the Company beneficially owned by the Holder and/or over which
the Holder exercises control, directly or indirectly, on the date hereof are the Holder Securities set forth in Appendix A hereto; (f)&nbsp;this
letter agreement has been duly executed and delivered by the Holder and is a valid and binding agreement, enforceable against the Holder
in accordance with its terms, subject to bankruptcy, insolvency and other similar Laws affecting creditor rights generally and to principles
of equity; and (g)&nbsp;the execution and delivery by the Holder of this letter agreement and the performance by the Holder of his/her/its
obligations hereunder do not constitute a violation or breach of or default under, or conflict with, any contract, commitment, agreement,
understanding or arrangement of any kind to which the Holder is or will be a party and by which the Holder is or will be bound at the
time of such performance. The representations and warranties of the Holder set forth in this paragraph shall not survive the completion
of the Arrangement and will expire and be terminated on the earlier of the Effective Time and the date on which this letter agreement
is terminated in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holder acknowledges that he/she/it (a)&nbsp;has
read this letter agreement in its entirety, understands it and agrees to be bound by its terms and conditions, (b)&nbsp;has been granted
the opportunity to ask questions of, and to receive answers from, the Company&rsquo;s legal counsel concerning the terms and conditions
of this letter agreement, (c)&nbsp;has been advised to seek independent legal advice with respect to the execution and delivery of this
letter agreement and has received such advice or has, without undue influence, elected to waive the benefit of any such advice, and (d)&nbsp;is
entering into this letter agreement voluntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>REPRESENTATIONS, WARRANTIES AND AGREEMENTS
OF PAN AMERICAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pan American hereby represents and warrants to
the Holder, and acknowledges that the Holder is relying on such representations and warranties in connection with entering into this letter
agreement, that: (a)&nbsp;Pan American is validly existing under the laws of the Province of British Columbia and has all necessary corporate
power and capacity to execute and deliver this letter agreement and to perform its obligations hereunder, and the execution and delivery
of this letter agreement by Pan American and the consummation of the transactions contemplated hereby have been duly authorized by all
necessary corporate action on the part of Pan American; (b)&nbsp;this letter agreement has been duly executed and delivered by Pan American
and is a valid and binding agreement, enforceable against Pan American in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditor rights generally and to principles of equity; and (c)&nbsp;the execution and delivery by Pan
American of this letter agreement and the performance by Pan American of its obligations hereunder will not constitute a violation or
breach of or default under, or conflict with, any constating documents of Pan American or any contract, commitment, agreement, understanding
or arrangement of any kind to which Pan American is or will be a party and by which Pan American is or will be bound at the time of such
performance. The representations and warranties of Pan American set forth in this paragraph shall not survive the completion of the Arrangement
and will expire and be terminated on the earlier of the Effective Time and the date on which this letter agreement is terminated in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of this letter
agreement, Pan American hereby agrees and acknowledges that the Holder is bound hereunder solely in its capacity as a securityholder of
the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his/her/its capacity as a director,
officer or employee of the Company (if the Holder holds such office). Without limiting the foregoing, Pan American acknowledges and agrees
that: (a)&nbsp;action taken by the Holder in his/her/its capacity as a director, officer or employee of the Company shall not be a violation
of this letter agreement; and (b)&nbsp;nothing in this letter agreement shall prevent the Holder from serving as, or fulfilling his/her/its
fiduciary duties as, a director or officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>REPRESENTATIONS, WARRANTIES AND AGREEMENTS
OF AGNICO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agnico hereby represents and warrants to the Holder,
and acknowledges that the Holder is relying on such representations and warranties in connection with entering into this letter agreement,
that: (a)&nbsp;Agnico is validly existing under the laws of the Province of Ontario and has all necessary corporate power and capacity
to execute and deliver this letter agreement and to perform its obligations hereunder, and the execution and delivery of this letter agreement
by Agnico and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on
the part of Agnico; (b)&nbsp;this letter agreement has been duly executed and delivered by Agnico and is a valid and binding agreement,
enforceable against Agnico in accordance with its terms, subject to bankruptcy, insolvency and other similar Laws affecting creditor rights
generally and to principles of equity; and (c)&nbsp;the execution and delivery by Agnico of this letter agreement and the performance
by Agnico of its obligations hereunder will not constitute a violation or breach of or default under, or conflict with, any constating
documents of Agnico or any contract, commitment, agreement, understanding or arrangement of any kind to which Agnico is or will be a party
and by which Agnico is or will be bound at the time of such performance. The representations and warranties of Agnico set forth in this
paragraph shall not survive the completion of the Arrangement and will expire and be terminated on the earlier of the Effective Time and
the date on which this letter agreement is terminated in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of this letter
agreement, Agnico hereby agrees and acknowledges that the Holder is bound hereunder solely in its capacity as a securityholder of the
Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his/her/its capacity as a director, officer
or employee of the Company (if the Holder holds such office). Without limiting the foregoing, Agnico acknowledges and agrees that: (a)&nbsp;action
taken by the Holder in his/her/its capacity as a director, officer or employee of the Company shall not be a violation of this letter
agreement; and (b)&nbsp;nothing in this letter agreement shall prevent the Holder from serving as, or fulfilling his/her/its fiduciary
duties as, a director or officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GENERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties agree that the details of this letter
agreement may be described in any press release, material change report, information circular or other disclosure document or communication
prepared by the Company or either of the Acquirors in connection with the Arrangement and further agree to this letter agreement being
made publicly available, including by filing on SEDAR and EDGAR and by any filings made under the securities laws of Canada, the United
States, or any state thereof (including disclosure of each party&rsquo;s identity, ownership of Holder Securities and the nature of the
parties&rsquo; commitments, arrangements and understandings under this letter agreement and any other information required by applicable
Laws), in accordance with applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement shall automatically terminate
and be of no further force or effect only upon the earliest of (a)&nbsp;the written agreement of the Holder and each of the Acquirors,
(b)&nbsp;the termination of the Arrangement Agreement in accordance with its terms, and (c)&nbsp;the Effective Time. This letter agreement
may also be terminated by the Holder upon written notice to the Acquirors (a)&nbsp;if either of the Acquirors decreases the amount of
the Consideration set out in the Arrangement Agreement or otherwise varies the terms of the Arrangement Agreement in a manner that is
materially adverse to the Holder, in either case without the Holder&rsquo;s consent or (b)&nbsp;in the event of a Yamana Change in Recommendation.
If this letter agreement is terminated in accordance with its terms, this letter agreement shall become void and be of no further force
or effect and the Holder shall be entitled to withdraw any form of proxy or power of attorney which it may have given with respect of
the Holder Securities, without liability of either party; provided that the foregoing shall not relieve either party from any liability
for any wilful, intentional or fraudulent breach of its respective obligations under this Agreement arising prior to such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement shall be governed by the
laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties agree to pay their own respective
costs and expenses incurred in connection with this letter agreement and all documents and instruments executed or prepared hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement shall be binding upon the
Acquirors and the Holder and upon their respective heirs, legal representatives, successors and permitted assigns (as applicable), provided
that none of the parties may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this
letter agreement without the prior written consent of the other parties, except that each of the Acquirors may assign, delegate or otherwise
transfer any of its rights, interests or obligations under this letter to an affiliate of the assigning Acquiror, without reducing such
assigning Acquiror&rsquo;s obligations hereunder. Any provision of this letter agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by each of the parties, and in the case of a waiver, by the
party or parties against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties acknowledge and agree that irreparable
damage may occur in the event any of the provisions of this letter agreement are not performed in accordance with their specific terms
or otherwise are breached or violated. Accordingly, the parties agree that, without posting bond or other undertaking, the parties will
be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this letter agreement and to enforce
by specific performance this letter agreement and the terms and provisions hereof in any claim (whether at law or in equity, whether civil
or criminal), cause of action (whether in contract, tort or otherwise), hearing, charge, complaint, demand or notice to, from, by or before
any Governmental Entity having jurisdiction over the parties and the matter, in addition to any other remedy to which a party may be entitled,
at law or in equity, and the parties hereby waive any and all defences which could exist in their favour in connection with such enforcement
and waive any requirement for security or the posting of any bond in connection with such enforcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any term or other provision of this letter
agreement is invalid, illegal or incapable of being enforced by any rule&nbsp;or Law or public policy, that provision will be severed
from this letter agreement and all other conditions and provisions of this letter agreement shall nevertheless remain in full force and
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between the parties
with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement may be executed in any number
of counterparts (including counterparts by facsimile or electronic mail) and all such counterparts taken together shall be deemed to constitute
one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic
copy of this letter agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and
binding agreement between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing is in accordance with your understanding
and is agreed to by you, please signify your acceptance by executing this letter agreement where indicated below and returning the same
to the Holder, upon which this letter agreement as so accepted shall constitute an agreement between us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%"></TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 48%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and agreed on as of the date first appearing above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAN AMERICAN SILVER CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>AGNICO
    EAGLE MINES LIMITED</B></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX A &ndash; HOLDER SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border: Black 1pt solid; width: 34%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Holder (as appearing <BR>
on the first page&nbsp;of this letter)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address and e-mail of Holder</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number(s)&nbsp;and type(s)&nbsp;of<BR>
 Holder Securities held, directly<BR>
 or indirectly, by the Holder</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9679; Holder Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9679; Holder PSUs</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9679; Holder RSUs</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9679; Holder DSUs</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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