Pan American and Agnico Terminate the Gold Fields Transaction

(Pan American Silver, 8.Nov.2022) — Pan American Silver Corp. (TSX: PAAS) (Nasdaq: PAAS) and Agnico Eagle Mines Limited (TSX: AEM) (NYSE: AEM) announced that the arrangement agreement with Yamana Gold Inc. which Yamana entered into earlier today (the “Pan American-Agnico Arrangement Agreement“) has become effective upon the termination today by Gold Fields Limited of the arrangement agreement between Yamana and Gold Fields entered into on31 May 2022 (the “Gold Fields Arrangement Agreement“).

The Pan American-Agnico Arrangement Agreement remains the same as previously announced by Pan American and Agnico Eagle earlier today, 8 November 2022. A copy of the press release issued earlier today is available under the SEDAR profiles (www.sedar.com) of Pan American and Agnico Eagle.

The previously scheduled special meeting of Yamana shareholders for Monday 21 November 2022 under the Gold Fields Arrangement Agreement will be cancelled, and Yamana will pay a termination fee of US$300mn 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 shall fund US$150mn in cash to Yamana to pay a portion of such termination fee.

Pan American to host conference call and webcast

Pan American will discuss the transaction during its previously scheduled conference call and webcast in conjunction with the release of the company’s unaudited results for the third quarter of 2022. Details are as follows:

Toll-free in Canada and the U.S.: 1-800-319-4610
International: +1-604-638-5340
Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OACOqFfL

The presentation slides will be available at https://www.panamericansilver.com/investors/events-and-presentations/

An archive of the webcast will also be available for three months on Pan American’s website.

____________________